By Hamid Mahmood ISLAMABAD, June 06 (INP-WealthPK): Habib Bank Limited (HBL), the country's largest financial institution, has in the first quarter (Jan-March) of 2022 reported a consolidated profit before tax of Rs14.6 billion and a profit after tax of Rs8.6 billion – both higher than the same time the previous year. Earnings per share grew from Rs5.68 in the first quarter of 2021 to Rs5.78 in the first quarter of 2022. The bank's earnings before tax climbed by 18% on a normalized basis, owing to the ongoing solid performance across all business sectors. The State Bank of Pakistan approved Habib Bank Limited's application for an equity infusion of Rs1.4 billion in its wholly-owned subsidiary, HBL Asset Management Limited (AML), according to banks filing to the exchange. HBL-AML is the largest commercial bank in Pakistan and is a wholly-owned subsidiary of HBL. The firm was established as a public limited company in February 2006 under the Companies Ordinance 1984. The Securities and Exchange Commission of Pakistan (SECP) granted it an investment advisory and asset management license in April 2006. The firm launched its first fund in 2007 and has since established a track record of robust and steady growth. HBL-AML is one of the country's major private fund management organizations, with retail and corporate clients around the country. In 2016, HBL-AML purchased PICIC Asset Management Company Limited, which was afterwards merged into HBL Asset Management Limited. The bank continues to lend to all sectors of the economy in support of the country's development; its loan portfolio expanded by 4% to Rs1.6 trillion in December 2021, with broad-based growth across industries from corporate to agriculture, with the latter hitting a new high of Rs41 billion. HBL's market-leading consumer segment increased its book by 8% to over Rs110 billion. HBL Microfinance Bank has remained the top microfinance supplier of home loans, which increased by 40% to Rs15 billion, while overall microfinance lending increased by 12% to Rs64 billion. The bank's total revenue climbed by 15% to Rs46.6 billion in the first quarter of 2021, owing to strong growth across all income sources. The average balance sheet expanded by Rs450 billion as total average deposits climbed by 14%. Net interest income increased by 12% to Rs36.3 billion as a result of this. The Pakistani economy is being buffeted by a range of factors, some of which are temporary and others may prove to be more fundamental. Pakistan's effect is extensive, influencing the foreign account, inflation, and fiscal deficit. Oil prices were already high on the eve of the conflict, and the medium-term trend is expected to be upward. Wheat prices are currently 50% higher than last year, and the expected imports of nearly 3 million tonnes would exacerbate the country's current account deficit. HBL continues to work with the government on all fronts of the economy. The bank recently named it the "Champion Bank for Balochistan" in order to lead the banking industry and improve agricultural lending and financial inclusion in the province. HBL agricultural initiatives continue to reshape Pakistan's rural economy, and in 2022, they will be mainstreamed. The bank continues to be a thought leader in ESG activities, making significant progress in environmental protection and announcing a net-zero objective by 2030.