BAHL reports no change in 1QFY19 earnings despite significant changes in major items
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MG News | April 25, 2019 at 04:58 PM GMT+05:00
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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