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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