BAFL's profit surges by 2.13x to Rs18.63bn in 1HCY23

By MG News | August 10, 2023 at 01:13 PM GMT+05:00

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August 10, 2023 (MLN): Bank Alfalah Limited (PSX: BAFL) has revealed its financial statement today for the half year ended June 30, 2023, as per which the bank posted a profit worth Rs18.63 billion [EPS: Rs11.80], depicting a surge of 2.13x YoY, compared to Rs8.76bn [EPS: Rs4.93] in the same period last year (SPLY), bank’s filing on PSX showed today.

Along with the 1HCY23 financial results, the board of directors of BAFL has also announced an interim cash dividend for the period ended June 30, 2022, at Rs3 per share i.e. 30%.

Going by the income statement, the bank witnessed an increase of 84.10% in its net interest income (NII) to stand at Rs59.13bn, compared to SPLY. The surge in NII is due to a jump in interest-earning (Rs176.48bn), up by 2.14x YoY.

During the period under review, the bank’s Non-Markup Income (NMI) also rose by 19.94% YoY to Rs13.65bn, owing to a significant rise in fee and commission income, Foreign Exchange Income, and gain from derivatives to clock in at Rs6.98bn, Rs5.11bn and 688.99 million, depicting a gain of 31.71%, 5.24% and 6.82x respectively.

In addition, the bank incurred a provision reversal of Rs5bn during the review period compared to the Rs4.04bn in the corresponding period last year.

The total non-interest expenses increased by 41.42% to Rs31.52bn in 1HCY23 compared to Rs22.29bn in 1HCY22.

The increase was attributed to the massive jump of 40% YoY in operating expenses from Rs21.85bn in 1HCY22 to Rs30.57bn in 1HCY23,

On the tax front, the bank paid Rs17.63bn, 2.10x higher than the amount paid in 1HCY22.

Consolidated Financial Results for half year ended June 30, 2023 ('000 Rupees)
	Jun-23	Jun-22	% Change
Mark-up/return/interest earned	176,477,796	82,448,487	114.05%
Mark-up/return/interest expensed	117,345,164	50,327,904	133.16%
Net mark-up/interest income	59,132,632	32,120,583	84.10%
Non mark-up/interest income
Fee and commission income	6,984,738	5,325,091	31.17%
Dividend income	467,165	591,399	-21.01%
Foreign exchange income	5,105,652	4,851,638	5.24%
Gain/(loss) from derivatives	688,991	101,083	581.61%
Gain / (loss) on sale of securities	(247,267)	(84,860)	191.38%
Share of profit from associates	514,502	388,898	32.30%
Other income	132,778	204,229	-34.99%
Total non-mark-up/interest income	13,646,559	11,377,478	19.94%
Total income	72,779,191	43,498,061	67.32%
Non mark-up/interest expenses
Operating expenses	30,566,551	21,854,240	39.87%
Workers welfare fund	813,223	423,819	91.88%
Other charges	136,961	7,170	1810.20%
Total non-mark-up/interest expenses	31,516,735	22,285,229	41.42%
Profit before provisions	41,262,456	21,212,832	94.52%
Provisions and write-offs - net	5,001,963	4,040,148	23.81%
Extra-ordinary/ unusual items	-	-
Profit before taxation	36,260,493	17,172,684	111.15%
Taxation	17,634,982	8,416,927	109.52%
Profit after taxation	18,625,511	8,755,757	112.72%
Earnings per share - basic (rupees) - Restated	11.80	4.93	-

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