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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