BAHL’s earnings during 9MCY20 jump by 89%

By MG News | October 21, 2020 at 03:52 PM GMT+05:00

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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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