HBL partners with Diamond Trust Bank (DTB) and launches the China Coverage Department to serve Chinese enterprises operating in the East African Market.
HBL, the largest Bank in Pakistan and China is HBL’s second home market. It is the only Pakistani bank to have branches in China and only one of the three banks from South Asia and MENA region to offer end-to-end RMB intermediation.
Diamond Trust Bank Kenya Limited (DTB) is a leading regional bank listed on the Nairobi Securities Exchange (NSE) with presence in four East African countries. An affiliate of the Aga Khan Development Network (AKDN), DTB has operated in East Africa for more than 70 years.
HBL has been instrumental in supporting business flows between China and South Asian Countries. This partnership with DTB, will further the Bank’s ability to extend this capability for the China Business to Africa. DTB is working with HBL to introduce a wide range of products to cater to the needs of the market including direct RMB remittances from Kenyan Shilling, RMB-based trade products including guarantees, imports and exports and financing financial products.
The announcement was made at a dinner hosted by DTB in honour of its Chinese clients in Kenya.
Speaking at the event, Sultan Ali Allana, Chairman – HBL, said, “HBL is uniquely positioned with its China coverage desk with a branch presence in Urumqi and a branch presence in Beijing. HBL employs Chinese staff to better facilitate our clients across the world. DTB is our affiliate bank and through them, our clients are able to transact between East Africa and China. We look forward to playing a leading role in facilitating regional trade and creating opportunities for our valued clients throughout HBL’s international network.”
Linus Gitahi, Chairman – DTB Kenya, acknowledged that the move is set to boost the country’s economic development by acting as a vehicle for investment, infrastructure development, and trade.
Commenting on the occasion, Linus Gitahi said, “China is one of Kenya’s biggest trading partners and we are proud to play our role in unlocking the growth opportunities between these two nations. We welcome all Chinese enterprises and nationals to visit our vast network of DTB branches across East Africa for a variety of banking solutions, including direct funds transfer to China and other International destinations.”
“#HBL is an institution with a soul. We connect people, cultures and are part of the National fabric. We aim to promote diversity and bring forth the beautiful things that the country has to offer.” Sultan Ali Allana, Chairman – HBL. #HBLArt @Aishakhalid72 @akdn pic.twitter.com/XWv8mQ6uEy
— HBL (@HBLPak) November 27, 2021
HBL’s strong Q3 2021 performance: Profits rise to Rs. 46.4 billion!
HBL declared in October a consolidated profit before tax of Rs 46.4 billion for 9M’21, a growth of 8% over the same period last year. Profit after tax increased to Rs 27.0 billion, with earnings per share increasing to Rs 18.21 in 9M’21 compared to Rs 17.17 in 9M’20. The Bank declared an Interim Cash Dividend for the third quarter ended September 30, 2021, at Rs 1.75/- per share i.e. 17.5%. This is in addition to the Interim Cash Dividend already paid at Rs 3.5/- per share i.e. 35%.
HBL has the industry’s largest balance sheet which further increased to Rs 4.1 trillion, in the nine months of 2021. This was achieved by continued strong growth in deposits, which increased by more than Rs 330 billion (12%) during 2021 to Rs 3.2 trillion; the Bank’s industry-leading current account book exceeded Rs 1.1 trillion.
With HBL ready and willing to lend in support of economic growth, domestic advances continued to increase, rising by 9.0% over Dec’20 and surpassing Rs 1.1 trillion. HBL’s flagship consumer assets have continued their strong, well-managed growth and crossed Rs 95 billion in the current quarter. With international franchises on a growth trajectory, HBL’s total advances increased by 12% over Dec’20, to Rs 1.4 trillion.