Bank Al-Habib’s profits inch up by 5% in 1HCY22

MG News | August 24, 2022 at 02:48 PM GMT+05:00

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August 24, 2022 (MLN): Bank Al-Habib Limited (BAHL) has posted a consolidated net profit of Rs9.6 billion (EPS: Rs8.63) during 1HCY22, i.e., 5% higher than the net profits of Rs9.1bn (EPS: Rs8.21) recorded in the same period of the calendar year 2021.

This subdued growth in profitability is due to higher taxation, however, net interest income (NII) and notable growth in non-funded income (NFI) supported the bottom line.

Going by the financial results, the bank’s interest income went up by 39.5% YoY while interest expenses surged by around 54.2% YoY, hence BAHL’s net interest income (NII) stood at Rs34bn, witnessing a jump of 24.7% YoY owing to a repricing of assets at higher rate amid an increase in the policy rate.

While non-funded income (NFI) of the bank observed a 62% YoY increase to Rs10.2bn due to a 32% increase in fee and commission income, around 3x YoY upsurge in foreign exchange income coupled with capital gains on securities of Rs167mn, up by 11.6 times YoY during the said period.

On the provision side, the bank reported a provision of Rs654mn in 1HCY22 when compared to a reversal of Rs28mn reported in 1HCY21, restricting its bottom line.

On the tax front, the effective tax rate stood at 48% from 37% in 1HCY21.

Consolidated Profit and Loss Account for the half year ended June 30, 2022 (Rupees in '000)
	Jun-22	Jun-21	% Change
Mark-up/return/interest earned	76,820,349	55,062,074	39.52%
Mark-up/return/interest expensed	(42,641,644)	(27,655,595)	54.19%
Net mark-up/return/interest income	34,178,705	27,406,479	24.71%
NON-MARK-UP/INTEREST INCOME
Fee and commission income	5,852,910	4,436,173	31.94%
Dividend income	259,904	162,802	59.64%
Foreign exchange income	3,108,743	1,049,000	196.35%
Income/(loss) from derivatives	-	-	-
Gain on securities - net	167,110	14,339	1065.42%
Share of profit from associates	363,659	139,074	161.49%
Other income	427,615	467,698	-8.57%
Total non-mark-up/interest income	10,179,941	6,269,086	62.38%
Total Income	44,358,646	33,675,565	31.72%
NON-MARK-UP/INTEREST EXPENSES
Operating expenses	(24,915,032)	(18,940,345)	31.54%
Worker’s welfare fund	(385,165)	(297,272)	29.57%
Other charges	(797)	(2,078)	-61.65%
Total non-mark-up/interest expenses	(25,300,994)	(19,239,695)	31.50%
Profit before provisions	19,057,652	14,435,870	32.02%
(Provisions)/ reversals and write offs - net	(654,507)	28,230	-
Extra-ordinary / unusual items	-	-
Profit before taxation	18,403,145	14,464,100	27.23%
Taxation	(8,811,543)	(5,329,090)	65.35%
Profit after taxation	9,591,602	9,135,010	5.00%
Earnings per share - Basic and Diluted (in Rupees)	8.63	8.21	5.12%

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