BAHL’s earnings during 9MCY20 jump by 89%

October 21, 2020 (MLN): Bank Al Habib Limited (BAHL) has reported earnings of Rs. 13.2 billion (EPS: 11.91) for the nine months ended September 30, 2020, i.e. around 89% higher than the figures recorded in the same period last year.

The increase in earnings transpired on the back of higher net interest income, which rose by 47% despite a lower interest rate regime. The non-interest income, too, showed an increase of 8% owing to higher fee income, dividend income, and share of profits from associated earned by the bank.

The operating expenses surged by 22%, whereas workers' welfare fund rose by 61%. However, the non-core charges incurred by the company dropped by around 38% during the period under review.

Moreover, the income tax expense paid by the bank grew by 52%.

BAHL did not announce any dividend for the quarter ended September 20, 2020.

Consolidated Financial Results for nine months ended September 30, 2020 (Rupees'000)

 

Sep-20

Sep-19

% Change

Mark-up / return / interest earned

98,545,078

73,744,299

34%

Mark-up / return / interest expensed

(54,449,096)

(43,716,560)

25%

Net mark-up / interest income

44,095,982

30,027,739

47%

NON-MARK-UP / INTEREST INCOME

  

Fee and commission income

4,832,482

4,457,661

8%

Dividend income

336,133

301,801

11%

Foreign exchange income

1,398,838

1,472,717

-5%

Income / (loss) from derivatives

  

Gain / (loss) on securities – net

14,260

(65,030)

-122%

Share of profit from associates

95,790

65,213

47%

Other income

559,337

442,315

26%

Total non-markup / interest income

7,236,840

6,674,677

8%

Total income

51,332,822

36,702,416

40%

NON-MARK-UP / INTEREST EXPENSES

  

Operating expenses

(25,152,726)

(20,615,875)

22%

Workers welfare fund

(516,496)

(321,054)

61%

Other charges

(53,959)

(86,495)

-38%

Total non-markup / interest expenses

(25,723,181)

(21,023,424)

22%

Profit before provisions

25,609,641

15,678,992

63%

Provisions and write offs – net

(3,440,819)

(2,811,919)

22%

Extraordinary / unusual items

  

PROFIT BEFORE TAXATION

22,168,822

12,867,073

72%

Taxation

(8,931,573)

(5,873,455)

52%

PROFIT AFTER TAXATION

13,237,249

6,993,618

89%

Earnings per share

11.91

6.3

89%

 

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Posted on: 2020-10-21T15:52:00+05:00

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