BANK AL HABIB LIMITED CONTENTS | |
Corporate Information | 2 |
Directors' Review | 4 |
Unconsolidated Condensed Interim Statement of Financial Position | 6 |
Unconsolidated Condensed Interim Statement of Profit and Loss Account | 7 |
Unconsolidated Condensed Interim Statement of Comprehensive Income | 8 |
Unconsolidated Condensed Interim Statement of Changes in Equity | 9 |
Unconsolidated Condensed Interim Cash Flow Statement | 10 |
Notes to the Unconsolidated Condensed Interim Financial Statements | 11 |
Consolidated Financial Statements | 51 |
1
CORPORATE INFORMATION | ||
Board of | Abbas D. Habib | Chairman |
Directors | Adnan Afridi | |
Anwar Haji Karim | ||
Arshad Nasar | ||
Farhana Mowjee Khan | ||
Javed Iqbal* | ||
Mohammad Rafiquddin Mehkari | ||
Murtaza H. Habib | Executive Director | |
Qumail R. Habib | ||
Syed Mazhar Abbas | ||
Mansoor Ali Khan | Chief Executive | |
Audit Committee | Mohammad Rafiquddin Mehkari | Chairman |
Anwar Haji Karim | Member | |
Arshad Nasar | Member | |
Farhana Mowjee Khan | Member | |
Syed Mazhar Abbas | Member | |
Human Resource & | Arshad Nasar | Chairman |
Remuneration | Abbas D. Habib | Member |
Committee | Farhana Mowjee Khan | Member |
Murtaza H. Habib | Member | |
Syed Mazhar Abbas | Member | |
Credit Risk | Syed Mazhar Abbas | Chairman |
Management | Arshad Nasar | Member |
Committee | Mohammad Rafiquddin Mehkari | Member |
Murtaza H. Habib | Member | |
Qumail R. Habib | Member | |
Risk Management | Adnan Afridi | Chairman |
Committee | Anwar Haji Karim | Member |
Farhana Mowjee Khan | Member | |
Mohammad Rafiquddin Mehkari | Member | |
Qumail R. Habib | Member | |
IT Committee | Abbas D. Habib | Chairman |
Arshad Nasar | Member | |
Javed Iqbal* | Member | |
Qumail R. Habib | Member | |
Mansoor Ali Khan | Member | |
IFRS 9 | Arshad Nasar | Chairman |
Committee | Farhana Mowjee Khan | Member |
Qumail R. Habib | Member | |
Company | ||
Secretary | Mohammad Taqi Lakhani |
* Mr. Javed Iqbal resigned in April 2024.
2
Chief Financial | |
Officer | Ashar Husain |
Statutory | KPMG Taseer Hadi & Co. |
Auditors | Chartered Accountants |
Legal | LMA Ebrahim Hosain |
Advisor | Barristers, Advocates & Corporate Legal Consultants |
Registered | 126-C, Old Bahawalpur Road, |
Office | Multan |
Principal | 2nd Floor, Mackinnons Building, |
Office | I.I. Chundrigar Road, |
Karachi | |
Share | CDC Share Registrar Services Limited |
Registrar | CDC House 99-B,Block-B, S.M.C.H.S. |
Main Shahrah-e-Faisal,Karachi-74400. | |
Website | www.bankalhabib.com |
3
DIRECTORS' REVIEW
It is our pleasure to present the un-audited financial statements of Bank AL Habib Limited along ZLWKWKHXQDXGLWHGFRQVROLGDWHGILQDQFLDOVWDWHPHQWVRI%DQN$/+DELE/LPLWHGDQGWKH%DQN·V Subsidiaries AL Habib Capital Markets (Private) Limited, AL Habib Asset Management Limited, and AL Habib Exchange Company (Private) Limited for the quarter ended March 31, 2024.
By the Grace of Allah, we are pleased to inform you that the "AL Habib Exchange Company (Private) Limited" (a wholly-owned subsidiary of the Bank) has commenced its operations from March 26, 2024.
Alhamdolillah, during the period under review, the performance of the Bank continued to be satisfactory. The deposits increased to Rs. 2,087.6 billion as compared to Rs. 1,934 billion on December 31, 2023. In the same period, advances decreased to Rs. 809.8 billion from Rs. 869.5 billion, while investments increased to Rs. 1,598.8 billion from Rs. 1,503.9 billion. The pre-tax profit of the Bank for the quarter ended March 31, 2024, was Rs. 19.19 billion as compared to Rs. 16.56 billion during the corresponding period last year. The profit after tax for the quarter ended March 31, 2024, was Rs. 10.01 billion compared with Rs. 10.54 billion during 2023.
Alhamdolillah, the Bank has successfully implemented International Financial Reporting Standards (IFRS) 9 in accordance with the requirements of the State Bank of Pakistan. As a result of this implementation, the impact on equity (net of tax) amounted to Rs. 3.57 billion.
The Board of Directors, in its meeting held on April 25, 2024, has declared an interim cash dividend of 35%, i.e., Rs. 3.50 per share for the quarter ended March 31, 2024.
By the Grace of Allah, the Bank now has a network of 1,139 offices, comprising 1,106 branches, 29 sub-branches, and 4 Representative Offices. Our branch network includes 223 Islamic Banking Branches and 2 Overseas Branches. Continuing with our branch expansion policy, the Bank intends to open more branches during the year 2024.
Alhamdolillah, Pakistan Credit Rating Agency Limited (PACRA) has maintained the Bank's long term entity and short term entity ratings at AAA (Triple A) and A1+ (A One plus), respectively. This long term credit rating AAA (Triple A) denotes the highest credit quality with the lowest expectation of credit risk, and indicates exceptionally strong capacity for timely payment of financial commitments.
The ratings of our unsecured, subordinated Term Finance Certificates (TFCs) are AAA (Triple A) for TFC-2018,TFC-2021 and TFC-2022, and AA+ (Double A plus) for TFC-2017 (perpetual) and TFC-2022 (perpetual). These ratings denote a very low expectation of credit risk emanating from a very strong capacity for timely payment of financial commitments. Further, the TFC-2022 & the TFC-2022 (perpetual) issued in 2022, were listed on Pakistan Stock Exchange (PSX) pursuant to Chapter 5C of PSX Rule Book.
We wish to thank our customers, for their continued trust and support, local & foreign correspondents for their confidence and cooperation, and the State Bank of Pakistan for their guidance. We also thank all our staff members for their sincerity, dedication, and hard work.
Mansoor Ali Khan | Abbas D. Habib |
Chief Executive | Chairman |
Board of Directors |
Karachi: April 25, 2024
4
5
UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2024
Note |
ASSETS |
(Un-audited) | (Audited) |
31 March | 31 December |
2024 | 2023 |
(Rupees in '000)
Cash and balances with treasury banks | 6 |
Balances with other banks | 7 |
Lendings to financial institutions | 8 |
Investments | 9 |
Advances | 10 |
Property and equipment | 11 |
Right-of-use assets | 12 |
Intangible assets | 13 |
Deferred tax assets | 14 |
Other assets | 15 |
Total Assets | |
LIABILITIES | |
Bills payable | 17 |
Borrowings | 18 |
Deposits and other accounts | 19 |
Lease liabilities | 20 |
Subordinated debt | 21 |
Deferred tax liabilities | 22 |
Other liabilities |
Total Liabilities
NET ASSETS
REPRESENTED BY
178,256,802
5,180,234
6,963,360
1,598,777,632
809,780,062
69,590,875
12,669,549
71,933
8,153,328
185,609,659
2,875,053,434
26,009,715
465,310,850
2,087,565,048
15,406,861
29,984,200
-00123,924,369
2,748,201,043
126,852,391
141,815,998
6,580,672
1,649,716
1,503,895,348
869,458,809
67,602,830
11,969,724
124,462
1,792,112
136,130,442
2,741,020,113
48,083,103
477,438,034
1,934,036,510
14,633,878
29,985,200
-000110,236,595
2,614,413,320
126,606,793
Share capital | 11,114,254 | 11,114,254 | ||
Reserves | 23 | 29,081,532 | 28,184,872 | |
Surplus on revaluation of assets | 14,164,534 | 14,712,038 | ||
Unappropriated profit | 72,492,071 | 72,595,629 | ||
126,852,391 | 126,606,793 | |||
CONTINGENCIES AND COMMITMENTS | 24 | |||
The annexed notes 1 to 43 form an integral part of these unconsolidated condensed interim financial statements.
MANSOOR ALI KHAN | ASHAR HUSAIN | ||
Chief Executive | Chief Financial Officer | ||
MOHAMMAD RAFIQUDDIN MEHKARI | FARHANA MOWJEE KHAN | ABBAS D. HABIB | |
Director | Director | Chairman |
6
UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF PROFIT AND LOSS ACCOUNT (UN-AUDITED) FOR THE THREE MONTHS PERIOD ENDED 31 MARCH 2024
Note |
Three months period ended
31 March 31 March
20242023
(Rupees in '000)
Mark-up / return / interest earned | 26 |
Mark-up / return / interest expensed | 27 |
Net mark-up / interest income | |
NON MARK-UP / INTEREST INCOME | |
Fee and commission income | 28 |
Dividend income | |
Foreign exchange income | |
Income / (loss) from derivatives | |
Gain on securities - net | 29 |
Net gains / (loss) on derecognition of financial assets | |
measured at amortised cost | |
Other income | 30 |
Total non mark-up / interest income | |
Total income | |
NON MARK-UP / INTEREST EXPENSES | |
Operating expenses | 31 |
Workers welfare fund | |
Other charges | 32 |
Total non mark-up / interest expenses | |
Profit before credit loss allowance | |
Credit loss allowance / provisions / reversals | |
and write offs - net | 33 |
PROFIT BEFORE TAXATION | |
Taxation | 34 |
PROFIT AFTER TAXATION |
119,092,380
(82,249,060)
36,843,320
4,117,493
302,962
2,487,925
-00
220,512
-00
463,065
7,591,957
44,435,277
(17,824,936)
(420,948)
(126,218)
(18,372,102)
26,063,175
(6,875,132)
19,188,043
(9,176,966)
10,011,077
74,805,175
(50,180,608)
24,624,567
3,019,268
313,364
2,698,027
-0024,515
-00247,150
6,302,324
30,926,891
(14,984,150)
(337,899)
(70)
(15,322,119)
15,604,772
952,285
16,557,057
(6,017,723)
10,539,334
Basic and diluted earnings per share | 35 |
(Rupees)
9.019.48
The annexed notes 1 to 43 form an integral part of these unconsolidated condensed interim financial statements.
MANSOOR ALI KHAN | ASHAR HUSAIN | ||
Chief Executive | Chief Financial Officer | ||
MOHAMMAD RAFIQUDDIN MEHKARI | FARHANA MOWJEE KHAN | ABBAS D. HABIB | |
Director | Director | Chairman |
7
UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UN-AUDITED) FOR THE THREE MONTHS PERIOD ENDED 31 MARCH 2024
Profit after taxation for the period
Other comprehensive income
Items that may be reclassified to profit and loss account in subsequent periods
Three months period ended
31 March 31 March
20242023
(Rupees in '000)
10,011,077 10,539,334
Effect of translation of net investment in foreign branches
Movement in surplus on revaluation of debt investments through FVOCI - net of tax
Movement in deficit on revaluation of available for sale investments - net of tax
Items that will not be reclassified to profit and loss account in subsequent periods
Movement in surplus on revaluation of equity investments through FVOCI-net of tax
Loss on sale of equity investments-FVOCI
Movement in surplus on revaluation of property and equipment - net of tax
Movement in surplus on revaluation of non-banking assets - net of tax
Total comprehensive income
(104,448 )
919,660
-00
815,212
(595,275)
(826,620)
-00
(31,013)
(1,452,908)
9,373,381
271,346
-00
(8,602,637)
(8,331,291)
-00
-00
(134,018)
-00
(134,018)
2,074,025
The annexed notes 1 to 43 form an integral part of these unconsolidated condensed interim financial statements.
MANSOOR ALI KHAN | ASHAR HUSAIN | ||
Chief Executive | Chief Financial Officer | ||
MOHAMMAD RAFIQUDDIN MEHKARI | FARHANA MOWJEE KHAN | ABBAS D. HABIB | |
Director | Director | Chairman |
8
UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY
FOR THE THREE MONTHS PERIOD ENDED 31 MARCH 2024
Revenue Reserves | Surplus / (deficit) on revaluation of |
Balance as at 01 January 2023 - audited
Comprehensive income for the three months period ended 31 March 2023:
Share
Capital
11,114,254
Statutory
Reserve
19,168,074
Foreign
Currency
Translation
Reserve
4,556,840
Special | General | Investments | Property & | Unappropriated | ||
Reserve | Reserve | Equipment / | Profit | |||
Non Banking | ||||||
(Rupees in '000) | Assets | |||||
126,500 | 540,000 | (5,627,570 ) | 6,525,255 | 58,838,598 |
Total
95,241,951
Profit after taxation for the quarter ended 31 March 2023
Other comprehensive income
Transfer to statutory reserve
Transfer from surplus on revaluation of assets to unappropriated profit-net of tax
Transaction with owners, recorded directly in equity
Final cash dividend (Rs. 7.0 per share) - December 2022
Balance as at 31 March 2023-unaudited
Comprehensive income for the nine months period ended 31 December 2023: Profit after taxation for the nine months period ended 31 December 2023
Other comprehensive income
Transfer to statutory reserve
Transfer from surplus on revaluation of assets to unappropriated profit-net of tax
Transaction with owners, recorded directly in equity
Interim cash dividend (Rs. 4.5 per share) - June 2023
Interim cash dividend (Rs. 4.5 per share) - September 2023
Balance as at 31 December 2023-audited
Effect of adoption of IFRS 9 (net of tax)
Profit after taxation for the quarter ended 31 March 2024
Other comprehensive income for the quarter ended 31 March 2024 - net of tax Effect of translation of net investment in foreign branches
Movement in surplus on revaluation of investments in debt instruments - net of tax Movement in surplus on revaluation of investments in equity instruments - net of tax Loss on sale of equity investments - FVOCI
Movement in surplus on revaluation of non-banking assets - net of tax
Total other comprehensive income - net of tax Transfer to statutory reserve
Transfer from surplus on revaluation of assets to unappropriated profit - net of tax
Transaction with owners, recorded directly in equity
Final cash dividend (Rs. 5.0 per share) - December 2023
Balance as at 31 March 2024-unaudited
-00
-00
-00
-00
-00
-00
11,114,254
-00
-00
-00
-00
-00
-00
-00
-00
11,114,254
-00
-00
-00
-00
-00
-00
-00
-00
-00
-00
-00
11,114,254
-00
-00
-00
1,053,933
-00
-00
20,222,007
-00
-00
-00
2,478,005
-00
-00
-00
-00
22,700,012
-00
-00
-00
-00
-00
-00
-00
-001,001,108
-00
-00
23,701,120
-00271,346
271,346
-00
-00
-00
4,828,186
-00(9,826)
(9,826)
-00
-00
-00
-00
-00
4,818,360
-00
-00
(104,448)
-00
-00
-00
-00
(104,448)
-00
-00
-00
4,713,912
-00
-00
-00
-00
-00
-00
126,500
-00
-00
-00
-00
-00
-00
-00
-00
126,500
-00
-00
-00
-00
-00
-00
-00
-00
-00
-00
-00
126,500
-00
-00
-00
-00
-00
-00
540,000
-00
-00
-00
-00
-00
-00
-00
-00
540,000
-00
-00
-00
-00
-00
-00
-00
-00
-00
-00
-00
540,000
-00(8,602,637 )
(8,602,637 )
-00
-00
-00
(14,230,207 )
-0015,360,234
15,360,234
-00
-00
-00
-00
-00
1,130,027
(785,105)
-00
-00919,660 (595,275 )
-00
-00
324,385
-00
-00
-00
669,307
-00(134,018)
(134,018)
-00(18,946)
-00
6,372,291
-007,363,050
7,363,050
-00(153,330)
-00
-00
-00
13,582,011
-00
-00
-00
-00
-00
-00(31,013)
(31,013)
-00(55,771)
-00
13,495,227
10,539,334
-00
10,539,334
(1,053,933 )
18,946
(7,779,978 )
60,562,967
24,780,041
(419,872 )
24,360,169
(2,478,005 )
153,330
(5,001,416 )
(5,001,416 )
(10,002,832 )
72,595,629
(2,785,551)
10,011,077
-00
-00
-00(826,620 )
-00
(826,620 )
(1,001,108 )
55,771
(5,557,127 )
72,492,071
10,539,334
(8,465,309)
2,074,025
-00
-00
(7,779,978 )
89,535,998
24,780,041
22,293,586
47,073,627
-00
-00
(5,001,416)
(5,001,416)
(10,002,832)
126,606,793
(3,570,656)
10,011,077
(104,448)
919,660
(595,275)
(826,620)
(31,013)
(637,696)
-00
-00
(5,557,127 )
126,852,391
The annexed notes 1 to 43 form an integral part of these unconsolidated condensed interim financial statements.
MANSOOR ALI KHAN | ASHAR HUSAIN | |
Chief Executive | Chief Financial Officer | |
MOHAMMAD RAFIQUDDIN MEHKARI | FARHANA MOWJEE KHAN | ABBAS D. HABIB |
Director | Director | Chairman |
9
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Bank AL Habib Limited published this content on 29 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 April 2024 10:17:23 UTC.
