October 18, 2019(MLN): Bank Alfalah Limited has announced its financial results for the nine months ended on September 30, 2019. As per the results, the Bank has posted its net profits of Rs9.7billion (EPS: Rs5.48), up by 9.66% YoY compared to last year's net profit of Rs 8.9 billion (EPS: Rs4.99).
The bank’s interest income surged by 54.84%, YoY, due to the repricing of the bank’s asset base at higher rates.
However, interest expenses increased noticeably by 68.48%, YoY, therefore resulting in a rise of Net Interest Income (NII) by 43.29%.
The bank’s foreign exchange income and share of profits from associates accelerated by 39.35% and 57.75% respectively.
On the other side, non-interest income fell by 6.32% to Rs. 8.19 billion whereas, operating expenses jumped by 20.74%, YoY which kept the profitability growth in check.
More notably, other charges increased massively from Rs.1.5 million to Rs. 171 million. Tax expenses also soared by 29.62%.
|
Consolidated Financial Results for the nine months ended September 30, 2019 ('000 Rupees)
|
|||
|---|---|---|---|
|
|
Sep-19 |
Sep-18 |
% Change |
|
Mark-up/return/interest earned |
66,434,896 |
42,906,630 |
54.84% |
|
Mark-up/return/interest expensed |
33,133,243 |
19,665,874 |
68.48% |
|
Net mark-up/interest income |
33,301,653 |
23,240,756 |
43.29% |
|
Non mark-up/interest income |
|
|
|
|
Fee and commission income |
5,573,679 |
5,041,175 |
10.56% |
|
Dividend income |
250,645 |
246,292 |
1.77% |
|
Foreign exchange income |
1,955,256 |
1,403,093 |
39.35% |
|
Gain/(loss) from derivatives |
(62,305) |
45,050 |
– |
|
Gain / (loss) on sale of securities |
(436,665) |
1,367,019 |
– |
|
Share of profit from associates |
744,640 |
472,044 |
57.75% |
|
Other income |
168,620 |
172,423 |
-2.21% |
|
Total non-mark-up/interest income |
8,193,870 |
8,747,096 |
-6.32% |
|
Total income |
41,495,523 |
31,987,852 |
29.72% |
|
Non mark-up/interest expenses |
|
|
|
|
Operating expenses |
21,621,545 |
17,907,259 |
20.74% |
|
Workers welfare fund |
382,338 |
300,465 |
27.25% |
|
Other charges |
171,644 |
1,585 |
10729.27% |
|
Total non-mark-up/interest expenses |
22,175,527 |
18,209,309 |
21.78% |
|
Profit before provisions |
19,319,996 |
13,778,543 |
40.22% |
|
Provisions and write-offs – net |
2,012,435 |
(946,233) |
|
|
Extra-ordinary/ unusual items |
– |
– |
|
|
Profit before taxation |
17,307,561 |
14,724,776 |
17.54% |
|
Taxation |
7,534,551 |
5,812,749 |
29.62% |
|
Profit after taxation |
9,773,010 |
8,912,027 |
9.66% |
|
Earnings per share – basic (rupees) – Restated |
5.48 |
4.99 |
9.82% |
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