March 30, 2023, Karachi – The 17th Annual General Meeting of the members of House Building Finance Company Limited was held at HBFC Head Office on Thursday. The meeting was attended by members of the Board of Directors, Institution’s senior management, shareholders and statutory auditors.

During the annual general meeting, a brief presentation on institution’s financial performance was given to the shareholders. The participants were apprised that during the year 2022, institution’s Balance Sheet grew by 42% and reached the level of PKR 37.3 billion.

During 2022,the institution’s income increased to 3.28 billion from 2.38 billion in FY’21 showing a strong increase of 38%. The institution’s operating profit grew to 1.65 billion showing an increase of 92% from FY’21.

With prudent resource management, branch restructuring and strong focus on marketing and business growth, the institution has been able to post profit before tax of PKR 1.91 billion. Accordingly, the institution posted profit after tax of PKR 1.48 billion. Earnings per Share (EPS) for the year 2022 was PKR 0.76 per share against PKR 0.49 per share in the year 2021.

The institution’s fresh disbursements of mortgage loans during the year crossed the milestone of PKR 5 billion for the first time showing a growth of 19% over the last year. Despite an extremely challenging operating environment, there was an absolute reduction in the institution’s NPLs. The infection ratio as of December 31, 2022 was 17%, down from 21.0% at the beginning of the year. There has been a decrease of 970 million in the NPL portfolio in the last two years.

Shareholders were also apprised that keeping in view the current macroeconomic environment, a cautious business approach will be followed. The focus of the institution will remain on developing institutional capacity for accelerated growth.

Audited Financial Statements and other agenda items were unanimously approved by the shareholders.