Habib Bank Limited (HBL) cash flow statement

Operating activities generated Rs 1.31 tn of cash in FY2025 (Jan – Dec 2025). Capital expenditure was Rs 33.7 bn. Dividends paid to shareholders came to Rs 26.6 bn. Overall, cash increased by Rs 102.8 bn.

HBL cash flow statement (annual) (Rs bn)
Rs bn	FY2025 Jan – Dec 2025	FY2024 * Jan – Dec 2024	FY2023 Jan – Dec 2023	FY2022 * Jan – Dec 2022	FY2021 * Jan – Dec 2021	FY2020 Jan – Dec 2020	FY2019 * Jan – Dec 2019	FY2018 * Jan – Dec 2018	FY2017 * Jan – Dec 2017	FY2016 * Jan – Dec 2016	FY2015 * Jan – Dec 2015	FY2014 * Jan – Dec 2014	FY2013 * Jan – Dec 2013	FY2012 * Jan – Dec 2012	FY2011 Jan – Dec 2011	FY2010 * Jan – Dec 2010	FY2009 * Jan – Dec 2009	FY2008 * Jan – Dec 2008	FY2007 * Jan – Dec 2007	FY2006 Jan – Dec 2006
Net cash from operating activities	1,310.9	(177.3)	632.8	(96.7)	161.1	571.4	(63.6)	5.1	11.6	155.6	107.1	98.4	119.5	247.7	204.9	54.5	102.4	(10.1)	54.1	(2.9)
Capital expenditure	(33.7)	(30.3)	(22.6)	(27.1)	(16.6)	(8.7)	(7.5)	(12.3)	(19.7)	(4.2)	(5.8)	(4.3)	(3.7)	(4.3)	(4.6)	(1.0)	(1.9)	(2.7)	(3.1)	(1.7)
Net cash from investing activities	(1,557.2)	(49.1)	(425.9)	(210.2)	48.1	(699.1)	291.7	(90.1)	(36.1)	(76.2)	(297.6)	(69.0)	(27.3)	(341.7)	(162.4)	(38.0)	(79.6)	37.9	(58.2)	(0.5)
Dividends paid	(26.6)	(25.3)	(12.4)	(8.5)	(10.9)	(3.7)	(7.6)	(5.5)	(15.2)	(21.0)	(22.8)	(12.2)	(12.8)	(8.7)	(9.8)	(5.5)	(4.2)	(2.7)	(1.4)	(0.7)
Net cash from financing activities	353.5	133.7	59.8	138.8	(135.2)	150.7	(141.4)	120.2	50.6	(2.7)	195.7	(19.3)	(104.6)	148.5	(10.8)	(17.6)	1.5	(14.8)	4.3	20.8
Net change in cash	102.8	(113.3)	273.3	(145.2)	83.1	28.1	99.5	58.4	13.8	71.6	8.9	4.5	(1.7)	62.7	33.5	(0.9)	30.8	20.4	2.5	17.4

HBL cash flow statement — year-on-year change (Rs mn)
Rs mn	FY2025 Jan – Dec 2025	FY2024 * Jan – Dec 2024	FY2023 Jan – Dec 2023	FY2022 * Jan – Dec 2022	FY2021 * Jan – Dec 2021	FY2020 Jan – Dec 2020	FY2019 * Jan – Dec 2019	FY2018 * Jan – Dec 2018	FY2017 * Jan – Dec 2017	FY2016 * Jan – Dec 2016	FY2015 * Jan – Dec 2015	FY2014 * Jan – Dec 2014	FY2013 * Jan – Dec 2013	FY2012 * Jan – Dec 2012	FY2011 Jan – Dec 2011	FY2010 * Jan – Dec 2010	FY2009 * Jan – Dec 2009	FY2008 * Jan – Dec 2008	FY2007 * Jan – Dec 2007	FY2006 Jan – Dec 2006
Net cash from operating activities	—	-128.0%	—	-160.1%	-71.8%	—	-1,337.3%	-55.8%	-92.5%	+45.2%	+8.8%	-17.6%	-51.8%	+20.9%	+276.0%	-46.8%	—	-118.6%	—	—
Capital expenditure	+11.4%	+33.9%	-16.6%	+63.6%	+89.5%	+17.4%	-39.2%	-37.8%	+375.0%	-28.0%	+33.9%	+15.4%	-12.9%	-7.7%	+365.5%	-48.8%	-26.8%	-13.0%	+84.1%	—
Net cash from investing activities	—	—	—	-537.5%	—	-339.7%	—	—	—	—	—	—	—	—	—	—	-309.9%	—	—	—
Dividends paid	+5.3%	+104.4%	+45.5%	-21.8%	+196.2%	-51.7%	+37.2%	-63.5%	-27.9%	-7.7%	+86.7%	-5.1%	+47.1%	-10.9%	+78.3%	+31.7%	+52.9%	+97.7%	+99.8%	—
Net cash from financing activities	+164.4%	+123.7%	-56.9%	—	-189.7%	—	-217.7%	+137.4%	—	-101.4%	—	—	-170.5%	—	—	-1,292.3%	—	-445.5%	-79.4%	—
Net change in cash	—	-141.5%	—	-274.8%	+195.5%	-71.7%	+70.5%	+323.1%	-80.8%	+708.1%	+96.4%	—	-102.8%	+87.3%	—	-102.8%	+50.9%	+711.3%	-85.6%	—

Change against the previous fiscal year; shown when the earlier figure is positive.

Figures in Pakistani rupees as reported by the company; costs and cash outflows in brackets; "—" = not reported. * Figures in this period do not fully reconcile in the source data (hover the * for details). Updated 15 Oct 2026.

All reported line items 63

HBL cash flow statement — all reported line items (Rs bn)
Rs bn	FY2025 Jan – Dec 2025	FY2024 Jan – Dec 2024	FY2023 Jan – Dec 2023	FY2022 Jan – Dec 2022	FY2021 Jan – Dec 2021	FY2020 Jan – Dec 2020	FY2019 Jan – Dec 2019	FY2018 Jan – Dec 2018	FY2017 Jan – Dec 2017	FY2016 Jan – Dec 2016	FY2015 Jan – Dec 2015	FY2014 Jan – Dec 2014	FY2013 Jan – Dec 2013	FY2012 Jan – Dec 2012	FY2011 Jan – Dec 2011	FY2010 Jan – Dec 2010	FY2009 Jan – Dec 2009	FY2008 Jan – Dec 2008	FY2007 Jan – Dec 2007	FY2006 Jan – Dec 2006
Profit/(Loss) - Starting Line - Cash Flow	148.1	120.3	113.6	77.0	62.0	53.0	28.9	21.6	53.2	56.5	60.3	48.5	36.1	34.9	34.3	27.0	21.4	16.9	15.1	18.8
Non-cash Items & Reconciliation Adjustments - Cash Flow	27.8	30.6	29.0	24.2	21.2	25.3	11.0	2.1	1.9	0.7	(7.0)	(1.4)	(1.6)	5.2	6.8	8.2	10.7	10.5	6.5	2.8
Equity Income/(Loss) in Net Earnings - Cash Flow - to Reconcile	(6.5)	(4.8)	(4.4)	(3.0)	(2.6)	(3.0)	(3.5)	(2.7)	(2.1)	(3.8)	(3.4)	—	—	—	—	—	—	—	—	—
Other Non-Cash Items & Reconciliation Adjustments - Cash Flow - to Reconcile	2.8	14.0	7.6	3.9	6.1	6.1	1.4	(3.9)	(1.1)	0.3	(0.1)	(3.4)	(2.4)	(1.8)	(1.0)	0.9	(0.3)	0.3	(2.5)	(0.9)
Depreciation, Depletion & Amortization including Impairment - Cash Flow - to Reconcile	19.8	18.2	16.4	13.6	11.4	10.6	9.3	3.5	4.0	3.5	3.1	2.4	1.8	1.5	1.5	—	1.7	1.6	1.2	1.0
Depreciation & Depletion - Property, Plant & Equipment - Cash Flow - to Reconcile	17.0	15.5	14.1	11.8	10.4	9.8	8.7	3.2	3.3	3.1	2.6	2.0	1.5	1.4	1.4	—	1.7	1.6	1.2	1.0
Amortization - Intangible Assets & Deferred Charges - Cash Flow - to Reconcile	2.8	2.7	2.2	1.9	1.1	0.8	0.5	0.3	0.7	0.5	0.5	0.5	0.3	0.1	0.0	—	—	—	—	—
Loan Loss Provision including Impairment - Increase/(Decrease) - Cash Flow	14.7	20.6	13.5	5.9	7.6	12.1	3.4	2.0	0.5	0.5	4.9	1.7	1.6	7.2	6.7	7.6	8.8	6.9	8.2	2.9
Impairment - Financial Fixed Assets - Operating - Cash Flow - to Reconcile	(1.9)	(1.7)	(0.2)	3.9	(1.3)	(0.3)	0.6	3.3	0.6	0.2	(0.4)	(0.1)	(0.2)	(0.5)	0.2	(0.0)	0.3	1.9	(0.1)	(0.0)
Assets Sale - Gain/(Loss) - Cash Flow - to Reconcile	(2.2)	(14.4)	(3.8)	(0.0)	(0.1)	(0.1)	(0.1)	(0.1)	(0.0)	(0.1)	(11.1)	(2.1)	(2.4)	(1.3)	(0.5)	(0.3)	0.1	(0.2)	(0.4)	(0.1)
Property, Plant & Equipment including Intangible Assets - Gain/(Loss) - Cash Flow	(2.2)	(14.4)	(3.8)	(0.0)	(0.1)	(0.1)	(0.1)	(0.1)	(0.0)	(0.1)	(0.0)	(0.0)	(0.1)	0.0	(0.0)	(0.0)	(0.0)	(0.0)	(0.1)	(0.1)
Financial Assets - Unrealized Gain/(Loss) - Cash Flow - to Reconcile	1.2	(1.3)	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Income Taxes - Paid/(Reimbursed) - Cash Flow	103.0	95.3	51.2	32.1	26.2	14.6	(2.8)	22.2	27.3	27.3	22.5	14.4	14.0	13.2	12.3	9.8	13.0	11.6	6.8	8.8
Investment Securities - Gain/(Loss) - Cash Flow	—	—	—	—	—	—	—	—	—	—	(11.0)	(2.0)	(2.3)	(1.4)	(0.5)	(0.3)	0.2	(0.2)	(0.3)	(0.0)
Interest & Dividends - Received - Total - Cash Flow	3.5	3.1	2.3	1.7	0.7	0.5	0.6	1.0	1.3	1.2	1.7	1.0	0.7	0.5	0.4	0.4	0.3	0.2	0.5	0.7
Cash Flow from Operating Activities before Changes in Working Capital	76.5	58.8	93.7	70.8	57.8	64.3	43.2	2.5	29.1	31.1	32.5	33.6	21.3	27.4	29.3	25.8	19.3	16.1	15.3	13.6
Working Capital - Increase/(Decrease) - Cash Flow	1,234.4	(236.0)	539.0	(167.6)	103.3	507.2	(106.8)	2.6	(17.5)	124.4	74.7	64.8	98.2	220.3	175.6	28.7	83.1	(26.1)	38.8	(16.5)
Other Assets - Decrease/(Increase) - Cash Flow	(103.9)	98.9	(262.6)	111.4	(107.3)	149.3	(305.1)	57.4	(34.4)	0.8	32.5	(30.5)	(12.8)	(36.3)	(10.6)	5.7	(1.1)	(6.4)	(7.2)	(1.9)
Lending & Deposits - Due from Banks - Long-Term - Decrease/(Increase) - Cash Flow	(163.5)	4.3	166.0	(160.9)	(63.6)	15.1	6.0	(17.4)	(0.9)	(15.7)	(10.0)	1.0	(10.4)	16.8	(11.2)	(25.0)	0.8	(4.6)	4.9	5.7
Investment Securities - Decrease/(Increase) - Operating - Cash Flow	—	—	(0.3)	0.1	(0.1)	(0.0)	0.1	(0.0)	0.1	0.0	(0.0)	(0.1)	0.0	(0.0)	0.0	(0.0)	(0.0)	0.0	—	(13.4)
Loans - Customer - Decrease/(Increase) - Cash Flow	343.9	(651.1)	(92.3)	(281.4)	(291.2)	(68.6)	(89.9)	(230.9)	(103.5)	(105.0)	(32.7)	(33.3)	(65.5)	(49.7)	(4.3)	(12.7)	(7.1)	(81.1)	(41.0)	(35.4)
Other Liabilities - Increase/(Decrease) -Total - Cash Flow	(17.9)	83.9	55.2	75.8	13.8	18.6	(18.2)	55.2	8.3	3.4	2.3	4.4	0.6	8.3	15.5	(3.9)	4.9	0.1	9.9	1.9
Deposits - Increase/(Decrease) - Total - Cash Flow	1,175.6	228.0	673.0	87.3	551.6	392.8	300.3	138.4	113.0	240.9	82.6	123.3	186.3	281.3	186.3	64.6	85.7	65.8	72.2	26.6
Net Cash Flow from Operating Activities	1,310.9	(177.3)	632.8	(96.7)	161.1	571.4	(63.6)	5.1	11.6	155.6	107.1	98.4	119.5	247.7	204.9	54.5	102.4	(10.1)	54.1	(2.9)
Capital Expenditures - Net - Cash Flow	33.2	29.7	22.3	27.0	16.2	8.5	5.4	12.2	19.6	4.1	5.7	4.1	3.6	4.0	4.5	0.9	1.8	2.6	3.0	1.5
Property, Plant & Equipment - Purchased/(Sold) - Net - Cash Flow	25.1	24.4	16.9	19.4	13.2	6.6	4.0	10.7	18.8	4.1	5.7	4.1	3.6	3.8	2.9	0.9	1.8	2.6	3.0	1.5
Property, Plant & Equipment - Purchased - Cash Flow	25.6	25.0	17.2	19.5	13.6	6.8	6.0	10.8	18.9	4.2	5.8	4.3	3.7	4.1	3.1	1.0	1.9	2.7	3.1	1.7
Property, Plant & Equipment Sold - Cash Flow	0.5	0.6	0.3	0.1	0.3	0.3	2.0	0.1	0.1	0.1	0.1	0.2	0.1	0.3	0.2	0.1	0.1	0.1	0.1	0.2
Intangible Assets - Purchased/(Sold) - Net - Total - Cash Flow	8.1	5.3	5.4	7.6	3.0	1.9	1.4	1.5	0.8	—	—	—	—	0.2	1.5	0.0	—	—	—	—
Intangible Assets - Purchased/Acquired - Cash Flow	8.1	5.3	5.4	7.6	3.0	1.9	1.4	1.5	0.8	—	—	—	—	0.2	1.5	0.0	—	—	—	—
Capital Expenditures - Total	33.7	30.3	22.6	27.1	16.6	8.7	7.5	12.3	19.7	4.2	5.8	4.3	3.7	4.3	4.6	1.0	1.9	2.7	3.1	1.7
Acquisition & Disposals of Business - Assets - Sold/(Acquired) - Net - Cash Flow	—	—	—	—	—	—	—	—	—	(3.2)	0.2	—	—	—	—	—	—	—	—	—
Investments excluding Loans - Decrease/(Increase) - Cash Flow	(1,529.5)	(14.6)	(413.7)	(182.6)	59.7	(694.6)	288.8	(89.5)	(17.8)	(66.0)	(291.7)	(62.2)	(25.6)	(342.7)	(158.6)	(37.3)	(80.4)	37.4	(56.4)	0.6
Investment Securities - Unclassified - Sold/(Purchased) - Net - Total - Cash Flow	(1,529.5)	(14.6)	(413.7)	(182.6)	59.7	(694.6)	288.8	(89.5)	(17.8)	(66.0)	(291.7)	(62.2)	(25.6)	(342.7)	(158.6)	(37.3)	(80.4)	37.4	(56.4)	0.6
Investments - Associated Companies & Joint Ventures - Sold/(Purchased) - Cash Flow	0.8	(2.0)	(0.5)	(2.8)	(0.9)	1.6	2.1	0.9	(2.4)	(0.6)	—	—	—	—	—	—	—	—	—	—
Other Investing Cash Flow - Decrease/(Increase)	4.8	(2.8)	10.5	2.3	5.5	2.4	6.3	10.7	3.8	(2.4)	(0.5)	(2.7)	1.9	5.0	0.7	0.2	2.6	3.0	1.2	0.4
Net Cash Flow from Investing Activities	(1,557.2)	(49.1)	(425.9)	(210.2)	48.1	(699.1)	291.7	(90.1)	(36.1)	(76.2)	(297.6)	(69.0)	(27.3)	(341.7)	(162.4)	(38.0)	(79.6)	37.9	(58.2)	(0.5)
Dividends Paid - Cash - Total - Cash Flow	26.6	25.3	12.4	8.5	10.9	3.7	7.6	5.5	15.2	21.0	22.8	12.2	12.8	8.7	9.8	5.5	4.2	2.7	1.4	0.7
Dividends - Common - Cash Paid	26.6	25.3	12.4	8.5	10.9	3.7	7.6	5.5	15.2	21.0	22.8	12.2	12.8	8.7	9.8	5.5	4.2	2.7	1.4	0.7
Minority Interests & Joint Ventures - Net - Cash Flow	—	—	0.0	0.0	0.1	0.1	0.2	0.2	(0.3)	(0.2)	(0.0)	(0.1)	0.1	0.1	0.0	(0.0)	0.1	(0.0)	0.0	—
Debt - Long-Term & Short-Term - Issuance/(Retirement) - Total - Cash Flow	380.1	159.0	72.1	147.2	(124.5)	154.3	(134.0)	125.5	66.1	18.5	218.5	(6.9)	(91.9)	157.1	(1.0)	(12.1)	5.6	(12.0)	5.7	21.5
Debt - Issued/(Reduced) - Long-Term & Short-Term - Cash Flow	389.1	168.9	82.1	154.0	(117.8)	161.9	(128.7)	125.5	66.1	18.5	208.5	(6.9)	(91.9)	157.1	(1.0)	(12.1)	5.6	(12.0)	2.6	21.5
Debt - Issued - Long-Term & Short-Term - Cash Flow	389.1	168.9	82.1	154.0	—	161.9	12.4	125.5	66.1	—	—	—	—	—	—	—	—	—	—	—
Debt - Reduced - Long-Term & Short-Term - Cash Flow	—	—	—	0.0	117.8	0.0	141.1	0.0	0.0	—	—	6.9	91.9	—	—	—	—	—	—	—
Debt - Issued/Reduced - Long-Term - Cash Flow	(9.0)	(9.9)	(10.0)	(6.8)	(6.6)	(7.6)	(5.3)	—	—	(0.0)	10.0	—	—	—	—	—	—	—	3.1	0.0
Lease liabilities - Issued/(Reduced) - Cash Flow	(6.5)	(5.8)	(5.7)	(4.9)	(5.1)	(4.8)	(5.3)	—	—	—	—	—	—	—	—	—	—	—	—	—
Debt - Reduced - Long-Term - Cash Flow	9.0	9.9	10.0	6.8	6.6	7.6	5.3	—	—	—	—	—	—	—	—	—	—	—	—	—
Lease liabilities - Reduced - Cash flow represents cash outflow due to the repayment of lease liability/debt of the company. It includes finance leases, capitalized lease, and hire-purchase agreement. Applicable to all industries. If Lease liability issue	6.5	5.8	5.7	4.9	5.1	4.8	5.3	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Financing Cash Flow - Increase/(Decrease)	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	(0.0)	(0.0)	(0.0)	—
Net Cash Flow from Financing Activities	353.5	133.7	59.8	138.8	(135.2)	150.7	(141.4)	120.2	50.6	(2.7)	195.7	(19.3)	(104.6)	148.5	(10.8)	(17.6)	1.5	(14.8)	4.3	20.8
Non-Classified Cash Flows	—	—	—	—	—	—	—	0.0	(23.7)	—	—	—	—	—	—	—	—	—	—	—
Foreign Exchange Effects - Cash Flow	(4.4)	(20.7)	6.7	22.9	9.2	5.1	12.7	23.1	11.3	(5.0)	3.7	(5.6)	10.7	8.2	1.8	0.3	6.4	7.3	2.3	—
Net Change in Cash - Total	102.8	(113.3)	273.3	(145.2)	83.1	28.1	99.5	58.4	13.8	71.6	8.9	4.5	(1.7)	62.7	33.5	(0.9)	30.8	20.4	2.5	17.4
Net Cash from Continuing Operations	102.8	(113.3)	273.3	(145.2)	83.1	28.1	99.5	58.4	37.5	71.6	8.9	4.5	(1.7)	62.7	33.5	(0.9)	30.8	20.4	2.5	17.4
Net Cash - Beginning Balance	515.9	624.9	330.9	482.7	422.6	403.7	309.4	263.7	273.1	212.8	198.9	198.5	194.5	142.5	117.3	119.9	89.5	75.5	80.0	61.4
Net Cash - Ending Balance	618.7	511.5	604.1	337.5	505.7	431.8	408.8	322.1	286.8	284.4	207.7	203.0	192.8	205.2	150.7	119.1	120.2	95.9	82.5	82.3
Income Taxes - Paid/(Reimbursed) - Cash Flow - Supplemental	103.0	95.3	51.2	32.1	26.2	14.6	(2.8)	22.2	27.3	27.3	22.5	14.4	14.0	13.2	12.3	9.8	13.0	11.6	6.8	8.8
Interest & Dividends - Received - Cash Flow - Supplemental	3.5	3.1	2.3	1.7	0.7	0.5	0.6	1.0	1.3	1.2	1.7	1.0	0.7	0.5	0.4	0.4	0.3	0.2	0.5	0.7
CF from Optg Activities before Change in WC & Int Payments	76.5	58.8	93.7	70.8	57.8	64.3	43.2	2.5	29.1	31.1	32.5	33.6	21.3	27.4	29.3	25.8	19.3	16.1	15.3	13.6
Depreciation, Depletion & Amortization - Cash Flow	19.8	18.2	16.4	13.6	11.4	10.6	9.3	3.5	4.0	3.5	3.1	2.4	1.8	1.5	1.5	—	1.7	1.6	1.2	1.0
Free Cash Flow to Equity	1,657.8	(48.0)	682.6	23.5	20.4	717.2	(203.0)	118.5	58.0	170.0	319.9	87.4	24.0	400.8	199.4	41.5	106.2	(24.6)	56.9	17.1
Free Cash Flow Net of Dividends	1,250.6	(232.8)	597.8	(132.3)	133.6	559.0	(78.6)	(12.7)	(23.3)	130.4	78.6	81.9	102.9	234.7	190.4	48.0	96.3	(15.4)	49.7	(5.3)
Free Cash Flow	1,277.2	(207.5)	610.2	(123.8)	144.5	562.7	(71.0)	(7.1)	(8.1)	151.4	101.4	94.1	115.7	243.4	200.3	53.5	100.5	(12.7)	51.0	(4.6)

Every line the company reported, in the original order and wording, without regrouping or signs changed.