BAHL’s quarterly profits up by 6.6% to Rs4.9bn

By MG News | April 19, 2022 at 02:16 PM GMT+05:00

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March 19, 2022 (MLN): Bank Al-Habib Limited (BAHL) has recorded a consolidated net profit of Rs4.94 billion (EPS: Rs4.45) during the first quarter of the current calendar year, showing an increase of 6.58% YoY compared to Rs4.63bn (EPS: Rs4.17) in the corresponding period last year.

This muted growth in profitability is due to provision charges, however, net interest income (NII) and notable growth in non-funded income (NFI) supported the bottom line.

Going by the financial results, the bank’s interest income went up by 32% YoY while interest expenses surged by around 42% YoY, hence BAHL’s net interest income (NII) stood at Rs16bn, witnessing a jump of 22% YoY due to higher interest rates.

While non-funded income (NFI) of the bank observed a 29% YoY increase to Rs4.2bn. Improved transactional volumes and diversification of revenue streams supplemented a growth of 22% in fee income whereas dividend and capital gain increased by 3x and 40x YoY, respectively.

On the provision side, the bank reported a provision of Rs156mn in 1QCY22 when compared to a reversal of Rs245mn reported in 1QCY21, restricting its bottom line.

On the tax front, the effective tax rate stood at 40% from 35% in 1QCY21.

Consolidated Profit and Loss Account for the three months ended March 31, 2022 (Rupees in '000)
	Mar-22	Mar-21	% Change
Mark-up/return/interest earned	34,193,065	25,942,248	31.80%
Mark-up/return/interest expensed	(18,169,622)	(12,829,815)	41.62%
Net mark-up/return/interest income	16,023,443	13,112,433	22.20%
NON-MARK-UP/INTEREST INCOME
Fee and commission income	2,842,253	2,322,460	22.38%
Dividend income	204,504	61,183	234.25%
Foreign exchange income	585,043	649,786	-9.96%
Income/(loss) from derivatives	-	-	-
Gain on securities - net	158,287	3,930	3927.66%
Share of profit from associates	173,828	47,895	262.94%
Other income	232,013	163,477	41.92%
Total non-mark-up/interest income	4,195,928	3,248,731	29.16%
Total Income	20,219,371	16,361,164	23.58%
NON-MARK-UP/INTEREST EXPENSES
Operating expenses	(11,725,626)	(9,360,216)	25.27%
Worker’s welfare fund	(167,824)	(144,771)	15.92%
Other charges	(251)	(783)	-67.94%
Total non-mark-up/interest expenses	(11,893,701)	(9,505,770)	25.12%
Profit before provisions	8,325,670	6,855,394	21.45%
(Provisions)/ reversals and write offs - net	(156,183)	245,444	-
Extra-ordinary / unusual items	-	-
Profit before taxation	8,169,487	7,100,838	15.05%
Taxation	(3,231,616)	(2,467,793)	30.95%
Profit after taxation	4,937,871	4,633,045	6.58%
Earnings per share - Basic and Diluted (in Rupees)	4.45	4.17	6.71%

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