HBL Reports Strong Growth in Q1 2024: Consolidated Profit Before Tax Up by 40% (Rs. 15 Billion)

hbl head office

HBL, a bank, shared its financial results for the first quarter of 2024. They made a profit of Rs. 30.1 billion before tax, which is 40% more than the same time last year. After taking out taxes, the profit was Rs. 15.0 billion, up from Rs. 13.3 billion last year.

The bank also decided to pay a dividend to its shareholders. They’ll get Rs. 4 for each share they own, which is 40% of the share’s value.

For every share, the bank earned Rs. 10.37 in Q1 2024, up from Rs. 9.00 in Q1 2023.

HBL’s total assets were Rs. 5.5 trillion, and they received deposits totaling Rs. 4.4 trillion. People in Pakistan put more than Rs. 220 billion into the bank, making it reach Rs. 3.7 trillion in domestic deposits. The money people keep in their current accounts grew the most it has in five years during this quarter. However, the bank loaned out less money than before, reaching Rs. 1.75 trillion, as not many people wanted to borrow money. But, their consumer business did well and made Rs. 130 billion.

The bank made more money from interest, even though interest rates fell. They also earned more from international business because they got more money from other countries. In total, they earned Rs. 60.5 billion from interest.

HBL also made a lot of money from fees, which grew by 27%. This added up to Rs. 11.9 billion. Most of this came from their credit card business. They earned a total of Rs. 80.7 billion in revenue, which is 25% more than before.

Even though prices kept going up, the bank managed its money well. They spent less on running the bank compared to how much they made. They kept enough money in reserve to cover any problems. Their plan for the future includes focusing more on different kinds of customers and their needs.

Apart from these financial numbers, HBL also talked about its business growth. More people are using their mobile and internet banking services. They launched a special card for freelancers and IT workers to help them with international transactions. Their business in managing sales transactions for shops also grew. They also opened a new service for farmers called HBL Zarai Services Limited. They loaned more money to small and medium-sized businesses than ever before. They also started new banking services for women and kept growing their international business.

HBL is happy with how things are going and is working hard to make sure it keeps growing.