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BAHL: PAT surges by 26% YoY in 1HCY21

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August 4, 2021 (MLN): Bank Al Habib Limited (BAHL) has announced its financial results today for the 1HCY21, where it reported net profit worth Rs9.14billion (EPS: Rs8.21), depicting a notable growth of 26%YoY compared to Rs7.24bn (EPS: Rs6.52) in the same period last year (SPLY).

The surge in profit is mainly attributable to the provision reversals, and lower effective tax rate.

According to the financial statement sent to PSX, the Bank’s net interest income (NII) posted a meagre growth of 1.21% YoY, primarily owing to the growth in bank’s deposits.

 While non-markup income surged by 43% YoY mainly on the back of a recovery in fee & commission income, foreign exchange income, dividend income, and share of profits from associates by 45.19%, 29.33%, 12.9% and 3.2x YoY respectively.

In addition, the Bank booked a Provisioning reversal of Rs28 million during 1HCY21 compared to the provisioning expense of Rs2.2mn in SPLY.

On the expense front, the operating expenses of BAHL moved up by 12.56% to Rs18.94bn. Meanwhile, bank witnessed a little movement in the head of Workers’ Welfare Fund, up by 2.63% to clocked in at Rs297bn.

On the tax front, the effective taxation of the Bank improved to 37% in 1HCY21 from 40% in SPLY, which has further supported the bottom line.

Consolidated Profit and Loss Account for the half year ended June 30, 2021 (Rupees in '000)

 

Jun-21

Jun-20

% Change

Mark-up/return/interest earned

55,062,074

65,380,723

-15.78%

Mark-up/return/interest expensed

-27,655,595

-38,302,576

-27.80%

Net mark-up/return/interest income

27,406,479

27,078,147

1.21%

Non mark-up/interest income

     

Fee and commission income

4,436,173

3,055,468

45.19%

Dividend income

162,802

144,195

12.90%

Foreign exchange income

1,049,000

810,759

29.38%

Income/(loss) from derivatives

–  

 

Gain/ (Loss) on securities – net

14,339

17

Share of profit from associates

139,074

42,398

228.02%

Other income

467,698

277,534

68.52%

Total non mark-up/interest income

6,269,086

4,330,371

44.77%

Total Income

33,675,565

31,408,518

7.22%

Non mark-up/interest expenses

     

Operating expenses

-18,940,345

-16,827,300

12.56%

Workers’ welfare fund

-297,272

-289,656

2.63%

Other charges

-2,078

-502

313.94%

Total non mark-up/interest expenses

(19,239,695)

(17,117,458)

12.40%

Profit before provisions

14,435,870

14,291,060

1.01%

(Provisions) and write offs – net

28,230

-2,198,638

-101.28%

Extra-ordinary / unusual items

–  

 –  

 

Profit before taxation

14,464,100

12,092,422

19.61%

Taxation

-5,329,090

-4,848,777

9.91%

Profit after taxation

9,135,010

7,243,645

26.11%

Earnings per share – Basic and Diluted (in Rupees)

8.21

6.52

25.92%

 

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Posted on: 2021-08-04T18:48:00+05:00

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