Bank AL Habib Limited’s profits for the half year ended 30 June 2018 have dropped by 4.77% as the company reported after tax profits amounting to Rs 4,201.012 million compared to 4,411.283 million in profits reported last year on 30 June 2017.
The results were announced following the company’s Board of Directors meeting held on August 16, 2018 at 12:00 noon.
For the six months period ended on June 30, 2018, the company reported a 17.16% increase in Net mark-up/return/interest income while the same surged by 19.06% over this period after accounting for provisions.
Total Non mark-up/interest income however fell by 32.43% while Non mark-up/interest expenses rose by 12.27%. As a result profit before taxation fell by 5.76% while profits after taxation fell by 4.77%.
The company declared an earnings per share of Rs 3.78 for the six months ended in June 2018, compared to Rs 3.97 a year ago, a decline of 4.79%.
| Profit and Loss Account for the Half Year Ended on June 30th 2018 (Rupees in '000) | |||
|---|---|---|---|
| Jun-18 | Jun-17 | % Change | |
| Mark-up/return/interest earned | 27,387,743 | 24,652,374 | 11.10% |
| Mark-up/return/interest expensed | (12,461,173) | (11,911,901) | 4.61% |
| Net mark-up/return/interest income | 14,926,570 | 12,740,473 | 17.16% |
| (Provision)/reversal against non-performing loans and advances – net | 286,977 | (128,743) | |
| Provision for diminution in the value of investments | (198,474) | – | |
| Bad debts written off directly | – | – | |
| Net mark-up/interest income after provisions | 15,015,073 | 12,611,730 | 19.06% |
| NON MARK-UP/INTEREST INCOME | |||
| Fee, commision and brokerage income | 2,007,516 | 1,580,809 | 26.99% |
| Dividend income | 175,931 | 257,797 | -31.76% |
| Income from dealing in foreign currencies | 645,186 | 253,970 | 154.04% |
| Gain on sale/redemption of securities – net | 38,011 | 2,311,761 | -98.36% |
| Unrealized gain/(loss) or revaluation of investments classified as “held-for-trading” – net | (14,512) | (10,621) | 36.63% |
| Other income | 462,613 | 512,165 | -9.68% |
| Total non mark-up/interest income | 3,314,745 | 4,905,881 | -32.43% |
| 18,311,818 | 17,517,611 | 4.53% | |
| NON MARK-UP/INTEREST EXPENSES | |||
| Administrative expenses | (11,119,116) | (9,650,538) | 15.22% |
| Other (provisions)/reversals/write-offs | 41,691 | (7,325) | -669.16% |
| Other charges | (150,359) | (342,685) | -56.12% |
| Total non mark-up/interest expenses | (11,227,784) | (10,000,548) | 12.27% |
| 7,084,034 | 7,517,063 | -5.76% | |
| Extra-ordinary / unusual items | – | – | |
| Profit before taxation | 7,084,034 | 7,517,063 | -5.76% |
| Taxation | (2,883,022) | (3,105,780) | -7.17% |
| Profit after taxation | 4,201,012 | 4,411,283 | -4.77% |
| Earnings per share – Basic and Diluted (in Rupees) | 3.78 | 3.97 | -4.79% |
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