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

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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