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% |
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