Bank Alfalah reports 24.7% increase in half yearly profits

By MG News | August 27, 2018 at 10:16 AM GMT+05:00

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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 30^th 2018.

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