Double Show

Nov 24, 2007 (LBO) – After tax profits of Habib Bank in Sri Lanka almost doubled to 118 million rupees for the nine months ended September 2007, published company statements showed. The bank, a branch of the largest bank in Pakistan, posted an income of 285 million rupees for the three quarters ended September, up 74 percent from 164.4 million during the same period last year.

Growth in interest income came largely from higher income from loans and advances. Total interest income from loans and advances increased to 151.6 million rupees from 51 million.

The bank’s deposit base had grown 24 percent to 1.52 billion rupees from 1.22 billion rupees.

Total borrowings, all from abroad, dropped significantly to eight million rupees, from 288 million during the same period.

Habib Bank’s total assets stood at 3.1 billion rupees as at end-September 2007.

The bank’s total capital adequacy was 66.51 percent as a percentage of risk weighted assets.

Its total non performing loans increased to 123 million from 113.8 million rupees.

The gross non-performing loan ratio was 5.08 percent in the period compared with 4.95 percent last year.

Habib Bank has a