The HBL Board met on February 20, 2009 at Karachi and announced its results for the year 2008, which show a strong growth in all areas. Deposit growth for the year has been 12.5% and the net asset growth of the bank has been 19% over 2007. HBL’s consolidated Pre-tax profit for 2008 is Rs. 22.03 billion and the profit after tax is Rs. 15.61 billion, which translates into an earning per share of Rs. 20.47. As per the circular of the SBP (BSD 4 of 2009), wherein the regulators have encouraged banks to record full impairment, the bank has complied and in this regard 100% of impairment loss to the investments held by the bank have been routed through the profit and loss account.
The Chairman of HBL, Mr. Sultan Ali Allana presided over the Board meeting and said that the bank’s performance, despite the difficult conditions both globally and in Pakistan, is very encouraging. The bank will continue to focus and invest in technology, branch upgrades and human resources in order to deliver a higher standard of services to its customers.
The Bank announced a final cash dividend of Rs. 5.50 per share (55%) and bonus shares of 20%.
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