BAHL reports no change in 1QFY19 earnings despite significant changes in major items

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By MG News | April 25, 2019 at 04:58 PM GMT+05:00

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April 25, 2019 (MLN): Bank Al Habib Limited has announced net earnings of Rs. 2.04 billion (EPS: Rs. 1.85) for the quarter ended March 31, 2019, which is almost the same as the earnings of same period last year.

The company observed a substantial increase in net mark-up income of 40.1%. Similarly, the total income increased by 38% as a result of growth in Fee income and Dividend income by 34% and 15% respectively.

The major drawback during the quarter was a higher effective tax rate, thanks to imposition of Super Tax on profits of CY17 which was booked during the period.

Moreover, operating expenses were up by 21% as a result of rapid branch expansion carried out by the bank in the past 12 months.

However, all of these factors had a minimal impact on the overall profits of the company.

Profit and loss account for the quarter ended March 31 2019 (Rupees'000)

 

Mar-19

Mar-18

% Change

Mark-up / return I interest earned

21,515,083

13,203,390

62.95%

Mark-up / return / interest expensed

-11,662,945

-6,173,073

88.93%

Net mark-up / interest income

9,852,138

7,030,317

40.14%

NON MARK-UP / INTEREST INCOME

     

Fee and commission income

1,391,599

1,038,728

33.97%

Dividend income

58,499

50,664

15.46%

Foreign exchange income

264,669

242,012

9.36%

Income / (loss) from derivatives

     

Gain on securities-net

11,826

35,566

-66.75%

Share of profit from associates

20,421

3,075

564.10%

Other income

135,793

106,738

27.22%

Total non-markup / interest income

1,882,807

1,476,783

27.49%

Total income

11,734,945

8,507,100

37.94%

NON MARK-UP / INTEREST EXPENSES

     

Operating expenses

-6,462,909

-5,341,791

20.99%

Workers welfare fund

-103,862

-70,646

47.02%

Other charges

-10,493

-2

 

Total non-markup I interest expenses

-6,577,264

-5,412,439

21.52%

Profit before provisions

5,157,681

3,094,661

66.66%

(Provisions) / reversals and write offs - net

-724,641

294,282

 

PROFIT BEFORE TAXATION

4,433,040

3,388,943

30.81%

Taxation

-2,383,637

-1,319,732

80.62%

PROFIT AFTER TAXATION

2,049,403

2,069,211

-0.96%

Basic and diluted earnings per share

1.85

1.86

-0.54%

 

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