BAHL’s net earnings proliferate by 32%

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By MG News | January 29, 2020 at 02:38 PM GMT+05:00

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January 29, 2020 (MLN): The Board of Directors of Bank Al-Habib Limited, in its meeting held on Wednesday, discussed and presented the financial results for the year ended December 31, 2019.

According to the financial report given to PSX, the profits of the bank stood at Rs. 11.19 billion (EPS: Rs. 10.07), i.e. 32.4% greater than the results of last year. The Board also announced a final cash dividend for the year at Rs. 3.5 per share, i.e. 35%.

The bank’s NII grew by 33.3% over the year, on account of a 74% rise in interest income. Besides, the profits of the bank were boosted by 30.4% increase in non-interest income.

The performance of the bank was in line with the market expectations, as several brokerage houses had expected similar change in profits for the above stated period.

Profit and Loss Account for the year ended December 31, 2019 (Rupees in '000)

 

Dec-19

Dec-18

% Change

Mark-up/return/interest earned

105,617,207

60,743,247

73.87%

Mark-up/return/interest expensed

(64,412,998)

(29,838,696)

115.87%

Net mark-up/return/interest income

41,204,209

30,904,551

33.33%

NON MARK-UP/INTEREST INCOME

     

Fee and commission income

6,135,310

4,825,113

27.15%

Dividend income

397,558

409,895

-3.01%

Foreign exchange income

2,305,204

1,631,947

41.25%

Loss on securities - net

(32,469)

(10,316)

 

Share of profit from associates

94,992

61,819

53.66%

Other income

662,966

415,795

59.45%

Total non-mark-up/interest income

9,563,561

7,334,253

30.40%

Total Income

50,767,770

38,238,804

32.77%

NON MARK-UP/INTEREST EXPENSES

     

Operating expenses

(27,786,291)

(23,414,190)

18.67%

Workers welfare fund

(448,415)

(294,534)

52.25%

Other charges

(93,244)

(3,517)

2551.24%

Total non-mark-up/interest expenses

(28,327,950)

(23,712,241)

19.47%

Profit before provisions

22,439,820

14,526,563

54.47%

(Provisions) and write offs - net

(3,399,357)

(220,748)

 

Profit before taxation

19,040,463

14,305,815

33.10%

Taxation

(7,848,833)

(5,853,160)

34.10%

Profit after taxation

11,191,630

8,452,655

32.40%

Earnings per share - Basic and Diluted (in Rupees)

10.07

7.61

32.33%

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