Apna Microfinance Bank leaps from losses to profits: Earnings Report
MG News | August 31, 2018 at 02:45 PM GMT+05:00
Apna Microfinance Bank Limited performed remarkably during the half year period ended on June 30th 2018, as reflected in the Profit and Loss Account issued by the company on August 31st 2018.
The company conducted its Board of Directors meeting on the same day, where the board reviewed the financial results for the above said period.
Based on year-on-year comparison, Apna Microfinance Bank’s net mark-up/interest income increased by 39%, and an overall reduction of 89% in total provisions resulted in 148% rise in net mark-up/interest income after provisions.
Furthermore, total non-mark-up/non-interest income witnessed substantial increments of 824%.
Although, total non-mark-up/non-interest expenses increased by 19.8%, and tax reversals during last year converted to tax provisions this year, the company still managed to converts its previous year’s losses to a profit of Rs.32.4 million.
Apart from this, Apna Microfinance Bank’s basic and diluted earnings per share transformed from a loss of Rs.1.14 per share to an earning of Rs.0.01 per share.
| Profit and Loss Account for the half year ended June 30th 2018 (Rupees) | |||
|
| Jun-18 | Jun-17 | % Change |
| Mark-up/return/interest earned | 938,841,705 | 820,391,433 | 14.44% |
| Mark-up/return/interest expensed | (357,156,255) | (402,180,054) | -11.19% |
| Net mark-up/interest income | 581,685,450 | 418,211,379 | 39.09% |
| Provision against non-performing loans and advances | (20,619,014) | (192,091,166) | -89.27% |
| Provision for diminution in the value of investments | - | - |
|
| Recovery against written off advances | 207,716 | 204,739 | 1.45% |
| Bad debts written off directly | - | - |
|
|
| (20,411,298) | (191,886,427) | -89.36% |
| Net mark-up/interest income after provisions | 561,274,152 | 226,324,952 | 147.99% |
| Non-mark-up/non-interest income |
|
|
|
| Fee, commission and brokerage income | 98,664,953 | 13,294,481 | 642.15% |
| Other income | 149,600,947 | 13,553,551 | 1003.78% |
| Total non-mark-up/non-interest income | 248,265,900 | 26,848,032 | 824.71% |
|
| 809,540,052 | 253,172,984 | 219.76% |
| Non-mark-up/non-interest expenses |
|
|
|
| Administrative expenses | (763,294,421) | (637,221,289) | 19.78% |
| Other provisions/write offs | - | - |
|
| Other charges | - | - |
|
| Total non-mark-up/non-interest expenses | (763,294,421) | (637,221,289) | 19.78% |
|
| 46,245,631 | (384,048,305) |
|
| Extra ordinary/unusual items | - | - |
|
| (Loss)/Profit before taxation | 46,245,631 | (384,048,305) |
|
| Taxation | (13,875,884) | 134,026,009 |
|
| (Loss)/Profit after taxation | 32,369,747 | (250,022,296) |
|
| (Loss)/earnings per share - basic and diluted | 0.01 | (1.14) |
|
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