February 3, 2020 (MLN): Bank Alfalah has reported a 17% decline in its earnings for the year ended December 31, 2020, from Rs. 13.03 billion (EPS: 7.35) to Rs. 10.84 billion (EPS: 6.1).
The Bank also announced a final cash dividend for the year at Rs. 2/- per share i.e. 20%. This is in addition to the Interim Cash Dividend already paid at Rs. 2/- per share i.e. 20%.
According to the financial report issued by the Bank, the company saw almost no change in its interest income, whereas the non-interest income grew by nearly 23% on account of higher foreign exchange income and gain on securities.
On the contrary, the operating expenses increased by 8.3% whereas non-core charges declined by a whopping 65%. Moreover, the provision charge showed a growth of 150.6% over the year.
|
Consolidated Financial Results for the Year Ended December 31, 2020 (Rupees'000) |
|||
|---|---|---|---|
|
2020 |
2019 |
% Change |
|
|
Mark-up/Return/Interest Earned |
92,623,231 |
92,528,026 |
0.1% |
|
Mark-up/Return/Interest Expensed |
(47,928,757) |
(47,627,878) |
0.6% |
|
Net Mark-up/Interest Income |
44,694,474 |
44,900,148 |
-0.5% |
|
NON-MARK-UP/INTEREST INCOME |
|||
|
Fee and Commission Income |
6,786,997 |
7,115,022 |
-4.6% |
|
Dividend Income |
313,526 |
339,149 |
-7.6% |
|
Foreign Exchange Income |
3,398,242 |
2,826,363 |
20.2% |
|
Loss from derivatives |
(21,366) |
(68,293) |
-68.7% |
|
Gain on securities |
2,285,043 |
65,461 |
3390.7% |
|
Share of profit from associates |
612,617 |
547,198 |
12.0% |
|
Other income |
170,731 |
199,359 |
-14.4% |
|
Total non-markup/Interest Income |
13,545,790 |
11,024,259 |
22.9% |
|
Total Income |
58,240,264 |
55,924,407 |
4.1% |
|
NON-MARK-UP/INTEREST EXPENSES |
|||
|
Operating expenses |
(31,618,668) |
(29,203,218) |
8.3% |
|
Workers Welfare Fund |
(494,432) |
(507,668) |
-2.6% |
|
Other charges |
(94,741) |
(269,503) |
-64.8% |
|
Total non-markup/interest expenses |
(32,207,841) |
(29,980,389) |
7.4% |
|
Profit Before Provisions |
26,032,423 |
25,944,018 |
0.3% |
|
Provisions and write-offs-net |
(7,589,269) |
(3,028,585) |
150.6% |
|
Extra ordinary / unusual items |
|||
|
PROFIT BEFORE TAXATION |
18,443,154 |
22,915,433 |
-19.5% |
|
Taxation |
(7,599,914) |
(9,883,626) |
-23.1% |
|
PROFIT AFTER TAXATION |
10,843,240 |
13,031,807 |
-16.8% |
|
Basic and Diluted Earnings per share |
6.1 |
7.35 |
-17.0% |
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