In a meeting of Habib Metropolitan Bank's Board of Directors, held on February 22, the financial results of the Bank for the year ended December 31, 2016 were approved. A 30 percent cash dividend of Rs 3 was declared for the year 2016. The Bank posted a profit before tax of Rs 10.33 billion for the year 2016. Total assets amounted to Rs 526.6 billion, while deposits increased to over Rs 430 billion and gross advances increased to Rs 160 billion.

Return on Equity and Assets marked at 17.41 percent and 1.2 percent, respectively. The profitable financial performance led HabibMetro Bank to record an annualized earning per share of Rs 5.84. Net equity stood at Rs 37.2 billion with capital adequacy marking at a comfortable 18.21 percent. This demonstrated a financial robustness that was further validated by the Pakistan Credit Rating Agency (PACRA) assigning premium credit ratings of AA+ and A1+ credit ratings to HabibMetro Bank for the 16th consecutive year. In recognition of the Bank's role in facilitating regional trade, HabibMetro Bank was also awarded as Asian Development Bank's "Leading Partner in Pakistan" for the 2nd consecutive year in 2016, in addition to the "Leading SME Trade Bank" award.

HabibMetro continues to expand its footprint across Pakistan, with 31 branches being added to its network in 2016. The Bank now operates with a growing network of 307 branches in 87 cities across Pakistan, with an aim to further enhance its branch outreach in 2017. HabibMetro Bank is a subsidiary of Habib Bank AG Zurich, a multi-national banking group that enjoys a financial presence in 9 countries across four continents.-PR

Copyright Business Recorder, 2017