HBL H1 2026: the filing in plain English
HBL's 4 August filing shows a bigger balance sheet, almost flat half-year profit, stronger fee income and a second Rs 6 interim dividend. This is a factual summary, not a rating.
Executive summary
Executive Summary
01HBL's consolidated total assets reached Rs 8.05tn at 30 June 2026, up 4.4% from December 2025. Deposits grew 6.7%, while advances grew 3.2%.
02For the first half, total income rose 2.7%. Profit after tax was almost unchanged at Rs 34.54bn, up 0.3%, and earnings per share moved from Rs 23.44 to Rs 23.51.
03The income mix changed. Fee and commission income rose 15.6%, operating expenses rose 6.5%, and credit loss allowances and write-offs rose 15.0%.
04The board recommended a second interim cash dividend of Rs 6 per share. That is in addition to the Rs 6 interim dividend already paid for 2026.
+4.4% vs Dec 2025
+6.7% vs Dec 2025
+0.3% year on year
Rs 23.44 in H1 2025
Read this first
The basis of comparison
- Basis
- Consolidated, unaudited figures from HBL's results announcement.
- Units
- The filing reports rupees in thousands. Tijarat converts large values to billions or trillions for readability.
- Comparison
- Balance-sheet figures compare 30 June 2026 with 31 December 2025. Income figures compare H1 2026 with H1 2025.
Finding
The balance sheet grew faster than advances
Deposits added about Rs 373.9bn in six months. Advances added about Rs 65.7bn, while investments added about Rs 343.9bn.
That gap is visible in the growth rates: deposits rose 6.7%, advances rose 3.2%, and investments rose 8.2%. The filing does not, by itself, explain the full asset-allocation decision behind those movements.
Net assets ended the period at Rs 485.7bn, slightly below Rs 488.6bn in December. Total equity attributable to HBL's equity holders was Rs 484.0bn.
| Line item | Jun 2026 | Dec 2025 | Change |
|---|---|---|---|
| Total assets | 8,049.0 | 7,708.1 | +4.4% |
| Deposits and other accounts | 5,919.9 | 5,546.0 | +6.7% |
| Advances | 2,142.5 | 2,076.8 | +3.2% |
| Investments | 4,530.2 | 4,186.2 | +8.2% |
| Net assets | 485.7 | 488.6 | -0.6% |
Finding
Profit barely moved, but the mix changed
Total income was Rs 186.9bn, up 2.7%. Higher operating costs and credit-loss charges limited the movement in pre-tax profit.
Net mark-up income rose 1.9% and fee and commission income rose 15.6%. Gains on securities fell to Rs 3.1bn from Rs 9.4bn, while dividend income and foreign-exchange income were higher than the same period last year.
Profit before tax fell 3.0% to Rs 73.1bn. Tax expense was 5.7% lower, leaving profit after tax almost flat at Rs 34.54bn.
| Line item | H1 2026 | H1 2025 | Change |
|---|---|---|---|
| Net mark-up income | 140.3 | 137.6 | +1.9% |
| Fee and commission income | 25.8 | 22.3 | +15.6% |
| Total income | 186.9 | 181.9 | +2.7% |
| Operating expenses | 106.9 | 100.4 | +6.5% |
| Credit loss allowance and write-offs | 5.3 | 4.6 | +15.0% |
| Profit before tax | 73.1 | 75.3 | -3.0% |
| Profit after tax | 34.54 | 34.45 | +0.3% |
| Earnings per share | Rs 23.51 | Rs 23.44 | +0.3% |
Finding
The board added a second Rs 6 interim dividend
The new Rs 6 per-share entitlement is in addition to the Rs 6 interim dividend already paid for 2026.
The filing says eligible names must appear in the register of members on 13 August 2026. HBL's share transfer books are scheduled to close on 17 and 18 August 2026.
A dividend is a company distribution, not a guaranteed return. The share price can adjust around an entitlement, and taxes or other rules may affect what a shareholder receives.
Next checks
Questions the next source should answer
- How did the performing and non-performing loan mix change during the half year?
- Which businesses drove the increase in fee and commission income?
- What sits behind the higher credit loss allowance and write-offs?
- How did capital adequacy and the current-account deposit mix move?
Limits
Caveats and assumptions
- This note uses the condensed results announcement dated 4 August 2026. The complete quarterly report and its notes remain the authority.
- The figures are consolidated and unaudited. They can differ from the standardized, unconsolidated figures shown on data portals.
- Percentage changes are Tijarat calculations from the reported figures and may differ slightly because of rounding.
- This note contains no valuation, rating, target price, forecast, trading signal or recommendation.
Official record
Sources
- 01Habib Bank Limited via Pakistan Stock ExchangeAnnouncement of financial results for the half year ended 30 June 2026 ↗
4 August 2026. Primary filing. Balance sheet, income statement and dividend announcement.
- 02Pakistan Stock ExchangeHBL company page and filing register ↗
Accessed 5 August 2026. Official filing index and standardized market information.
Investment in securities market is subject to market risks.
Read all the related documents carefully before investing. This note is for education and does not consider your objectives, finances or risk tolerance.