BAHL’s net earnings proliferate by 32%

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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