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Amid variable interest rates, the Habib Bank Limited reported a net profit of Rs11 billion or Rs7.53 per share for the quarter ending June 2020, which is 13.8 times of Rs750 million or Rs0.44 per share it earned in the same quarter of the previous year, the company’s financial results revealed Friday.

The largest bank of the country saw its net interest income (NII) increase by 44% to Rs35 billion between April and June 2020, compared to Rs24 billion for the same quarter of the previous year.

ISLAMABAD, Feb 26: Pakistan on Thursday handed over its second largest bank - Habib Bank Limited (HBL) - to Aga Khan Fund for Economic Development (AKFED) against a two-phased Rs22.409 billion highest bid for 51 per cent shares along with management control received in December last year.

Secretary Privatization Ahmed Waqar and Sultan Allana signed the transfer of management agreement on behalf of the Privatization Commission and AKFED respectively. Finance Minister, Shaukat Aziz and Privatization Minister Abdul Hafeez Shaikh witnessed the signing ceremony.

ISLAMABAD: The Aga Khan Fund for Economic Development (AKFED) on Monday gave the highest bid of Rs 22.409 billion ($389 million) for acquiring 51 per cent strategic stake in Habib Bank Limited (HBL). It was the biggest transaction in the history of Pakistan.

(AKDN reports below)