August 23, 2023 (MLN): Bank AL Habib Limited (PSX: BAHL) has revealed its financial statement today for the half year ended June 30, 2023, as per which the bank posted a profit worth Rs18.21 billion [EPS: Rs16.39], depicting an increase of 89.84% YoY, compared to Rs9.59bn [EPS: Rs8.63] in the same period last year (SPLY), bank’s filing on PSX showed today.
Along with the 1HCY23 financial results, the board of directors of BAHL has announced an interim cash dividend for the period ended June 30, 2022, at Rs4.50 per share i.e. 45%.
Going by the income statement, the bank witnessed an increase of 50.06% in its net interest income (NII) to stand at Rs50.93bn, compared to SPLY. The growth in NII is due to a jump in interest-earning (Rs33.94bn), up by 2.10x YoY.
Similarly, the bank’s total Non-Markup income rose by 18.53% YoY to Rs12.07bn with a rise in Foreign exchange income to clock in at Rs3.81bn as compared to Rs3.11bn in SPLY. Moreover, fee and commission income rose by 18.59% to Rs6.94bn in 1HCY23.
On the expense side, the total expenses rose to Rs32.98bn in 1HCY23 compared to Rs25.06bn in SPLY, depicting an increase of 31.60%.
The bank incurred higher expenses as the operating costs rose by 31.08% to Rs32.34bn in the respective period.
In addition, the bank incurred a provision reversal of Rs1.12bn during the review period compared to a provision expense of Rs654.51m in the corresponding period last year.
On the tax front, the bank paid Rs12.93bn, 89.84% higher than the amount paid in 1HCY22.
| Consolidated Profit and Loss Account for the half year ended June 30, 2023 (Rupees in '000) | |||
|---|---|---|---|
| Jun-23 | Jun-22 | % Change | |
| Mark-up/return/interest earned | 161,218,500 | 76,820,349 | 109.86% |
| Mark-up/return/interest expensed | (110,289,546) | (42,881,923) | 157.19% |
| Net mark-up/return/interest income | 50,928,954 | 33,938,426 | 50.06% |
| NON-MARK-UP/INTEREST INCOME | |||
| Fee and commission income | 6,941,124 | 5,852,910 | 18.59% |
| Dividend income | 421,175 | 259,904 | 62.05% |
| Foreign exchange income | 3,813,530 | 3,108,743 | 22.67% |
| Income/(loss) from derivatives | – | – | – |
| Loss on securities – net | 24,216 | 167,110 | -85.51% |
| Share of profit from associates | 474,310 | 363,659 | 30.43% |
| Other income | 391,690 | 427,615 | -8.40% |
| Total non-mark-up/interest income | 12,066,045 | 10,179,941 | 18.53% |
| Total Income | 62,994,999 | 44,118,367 | 42.79% |
| NON-MARK-UP/INTEREST EXPENSES | |||
| Operating expenses | (32,342,519) | (24,674,753) | 31.08% |
| Workers welfare fund | (636,514) | (385,165) | 65.26% |
| Other charges | (169) | (797) | -78.80% |
| Total non-mark-up/interest expenses | (32,979,202) | (25,060,715) | 31.60% |
| Profit before provisions | 30,015,797 | 19,057,652 | 57.50% |
| (Provisions) and write-offs – net | 1,122,094 | (654,507) | – |
| Extra-ordinary / unusual items | – | – | – |
| Profit before taxation | 31,137,891 | 18,403,145 | 69.20% |
| Taxation | (12,928,810) | (8,811,543) | 46.73% |
| Profit after taxation | 18,209,081 | 9,591,602 | 89.84% |
| Earnings per share – Basic and Diluted (in Rupees) | 16.39 | 8.63 | – |
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Posted on: 2023-08-23T15:12:24+05:00
