BAHL’s earnings during 9MCY20 jump by 89%
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MG News | October 21, 2020 at 03:52 PM GMT+05:00
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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