Bank Alfalah reports 24.7% increase in half yearly profits

Bank Alfalah Limited reported 24.7% increase in half yearly profits, as the Total non-mark-up/interest income increased by 9.4% during the half yearly period ended on June 30th 2018.

The financial earnings for the period were reviewed in a Board of Directors meeting held on August 26th 2018, in Abu Dhabi, where the company compared these earnings with the earnings made during the half year ended on June 30th 2017.

As per the report issued to PSX, Bank Alfalah’s Net mark-up/interest income increased by 1.66% while Net mark-up/interest income after provisions increased by 4.5%

Moreover as the Income from dealing in foreign currencies increased by 89%,  Total non-mark-up/interest income increased from Rs.5.7 billion to Rs.6.2 billion, although Fee, commission and brokerage income dropped by 0.28%.

Furthermore, total non-mark-up/interest expenses reduced by 3.7% leading to an overall increase in half yearly profits which rose from Rs.4.9 billion to Rs.6.2 billion.

Other than this, the earnings per share have also increased from Rs.6.16 per share to Rs.7.66 per share, demonstrating an increase of 24% as well.

The Board of Directors also recommended an interim cash dividend for the quarter/half year ended 30th June 2018 at Rs.1 per share, i.e. 10%

 

Financial Results for the half year ended 30th June 2018 ('000 Rupees)

 

Jun-18

Jun-17

% Change

Mark-up/return/interest earned

                                28,094,001

                               27,978,865

0.41%

Mark-up/return/interest expensed

                                12,738,378

                               12,873,718

-1.05%

Net mark-up/interest income

                                15,355,623

                               15,105,147

1.66%

(Reversal)/ provisions against non-performing loans and advances – net

                                   (495,546)

                                  (266,973)

85.62%

Provision for diminution in value of investments – net

                                      (82,742)

                                     130,888

 

Bad debts written off directly

                                                 –  

                                                –  

 

Net mark-up/interest income after provisions

                                15,933,911

                               15,241,232

4.54%

Non mark-up/interest income

 

 

 

Fee, commission and brokerage income

                                  3,393,248

                                 3,402,674

-0.28%

Dividend income

                                      172,804

                                     167,272

3.31%

Income from dealing in foreign currencies

                                      882,858

                                     466,415

89.29%

Gain on sale of securities – net

                                  1,277,606

                                 1,229,708

3.90%

Unrealized (loss)/gain on revaluation of investments classified as held for trading – net

                                      (95,661)

                                       (6,978)

1270.89%

Share of profit from associates

                                      336,373

                                     318,353

5.66%

Other income

                                      276,256

                                     130,276

112.05%

Total non-mark-up/interest income

                                  6,243,484

                                 5,707,720

9.39%

Non mark-up/interest expenses

 

 

 

Administrative expenses

                                11,843,197

                               12,171,748

-2.70%

Provision /(reversal) against off-balance sheet obligations

                                          2,857

                                     (13,123)

 

Provision/(reversal) against other assets

                                   (180,366)

                                     (16,170)

1015.44%

Other charges

                                      200,721

                                     185,252

8.35%

Total non-mark-up/interest expenses

                                11,866,409

                               12,327,707

-3.74%

Extra-ordinary/ unusual items

                                                 –  

                                                –  

 

Profit before taxation

                                10,310,986

                                 8,621,245

19.60%

Taxation

                                  4,088,275

                                 3,630,466

12.61%

Profit after taxation

                                  6,222,711

                                 4,990,779

24.68%

Earnings per share – basic and diluted (rupees)

                                             7.66

                                            6.16

24.35%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Posted on: 2018-08-27T10:16:00+05:00

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