October 25, 2023 (MLN): Bank AL Habib Limited (PSX: BAHL’s) profit for the 9MCY23 saw a massive growth of 96.97% YoY, clocking in its profit atRs29.59 billion [EPS: 26.63], compared to Rs15.02bn [EPS: 13.52] recorded in the Same Period Last Year (SPLY), bank’s filing on PSX revealed today.
Along with the 9MCY23, the Board of Directors (BoD) of BAHL has recommended an interim cash dividend for 3QCY23 at Rs4.5 per share i.e. 45%.
This is in addition to interim Dividend(s) already paid at Rs4.5 per share i.e. 45%.
Going by the income statement, the bank witnessed an increase of 56.41% YoY in its net interest income (NII) to stand at Rs84.86bn, compared to Rs54.26bn in SPLY. The surge in NII is due to a jump in interest-earning (Rs261.34bn), up by 96.79% YoY.
During the period under review, the bank’s total non-markup income also increased by 10.63% YoY to Rs18.1bn, owing to a significant jump in fee, commission, and brokerage income of 23.14% YoY to Rs10.83bn.
However, BAHL’s foreign exchange income went down by 6.95% YoY to Rs5.29bn during the review period.
Moving forward, the bank's income was additionally bolstered by the share of income from associates and dividend income, with both experiencing significant growths of 34.19% and 8.63%, respectively.
The profit and loss statement shows that the provision reversal of Rs1.05bn was incurred during 9MCY23, against a provision expense of Rs2.45bn in the SPLY.
On the expense side, the total non-markup expenses increased by 29.01% to Rs50.58bn in 9MCY23 compared to Rs39.21bn in 9MCY22.
The increase was attributed to a 28.13% YoY jump in operating expenses, rising from Rs38.6bn in 9MCY22 to Rs49.46bn in 9MCY23.
Additionally, the bank’s expenses related to the Workers' Welfare Fund and other charges also went up during the review period.
On the tax front, the bank paid Rs23.84bn, 71.11% YoY higher than the amount paid in 9MCY22.
| Consolidated Profit and Loss Account for the year nine months ended September 30, 2013 (Rupees in '000) | |||
|---|---|---|---|
| Sep-23 | Sep-22 | % Change | |
| Mark-up/return/interest earned | 261,344,466 | 132,803,766 | 96.79% |
| Mark-up/return/interest expensed | (176,483,719) | (78,548,754) | 124.68% |
| Net mark-up/return/interest income | 84,860,747 | 54,255,012 | 56.41% |
| NON-MARK-UP/INTEREST INCOME | |||
| Fee and commission income | 10,833,437 | 8,798,015 | 23.14% |
| Dividend income | 526,020 | 484,217 | 8.63% |
| Foreign exchange income | 5,294,189 | 5,689,426 | -6.95% |
| Income/(loss) from derivatives | |||
| Loss on securities – net | 9,483 | 174,838 | |
| Share of profit from associates | 781,994 | 582,765 | 34.19% |
| Other income | 652,886 | 629,976 | 3.64% |
| Total non-mark-up/interest income | 18,098,009 | 16,359,237 | 10.63% |
| Total Income | 102,958,756 | 70,614,249 | 45.80% |
| NON-MARK-UP/INTEREST EXPENSES | |||
| Operating expenses | (49,455,039) | (38,596,200) | 28.13% |
| Workers welfare fund | (1,090,720) | (609,391) | 78.99% |
| Other charges | (37,776) | (4,578) | 725.16% |
| Total non mark-up/interest expenses | (50,583,535) | (39,210,169) | 29.01% |
| Profit before provisions | 52,375,221 | 31,404,080 | 66.78% |
| (Provisions) and write-offs – net | 1,047,555 | (2,453,479) | |
| Extra-ordinary / unusual items | – | – | |
| Profit before taxation | 53,422,776 | 28,950,601 | 84.53% |
| Taxation | (23,835,616) | (13,929,657) | 71.11% |
| Profit after taxation | 29,587,160 | 15,020,944 | 96.97% |
| Earnings per share – Basic and Diluted (in Rupees) | 26.63 | 13.52 | – |
BAHL and KSE-100 YTD Performance
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Posted on: 2023-10-25T17:11:14+05:00
