April 26, 2019 (MLN): Bank Alfalah Limited has reported its quarterly consolidated profit at a worth of Rs.3.2 billion (EPS: RS.1.79) which when compared to the same period last year, is a comparatively small slip of Rs.94 million.
The bank’s total income (Rs.13.6 billion) expanded by over 29% over the year, mostly on the back of 47% higher net interest income (Rs.11.2 billion, higher by Rs.3.6 billion).
According to JS Global Capital Limited’s result review written by Ms. Amreen Soorani, the overall non-interest income (Rs.2.5 billion) declined by 17% due to higher capital gains booked during last year’s first quarter (1QCY18).
BAFL’s total non-interest expenses (Rs.6.9 billion) grew by nearly 16% over the year, on account of substantial rise is operating expenses (Rs.6.8 billion, up by Rs.900 million), which JS Global believes the bank observed on account of new initiatives
|
Financial Results for the quarter ended March 31, 2019 ('000 Rupees) |
|||
|---|---|---|---|
|
|
Mar-19 |
Mar-18 |
% Change |
|
Mark-up/return/interest earned |
20,757,222 |
14,268,670 |
45.47% |
|
Mark-up/return/interest expensed |
9,596,662 |
6,715,726 |
42.90% |
|
Net mark-up/interest income |
11,160,560 |
7,552,944 |
47.76% |
|
Non mark-up/interest income |
|
|
|
|
Fee and commission income |
1,793,211 |
1,657,696 |
8.17% |
|
Dividend income |
75,786 |
87,937 |
-13.82% |
|
Foreign exchange income |
477,970 |
412,926 |
15.75% |
|
Gain from derivatives |
3,403 |
19,553 |
-82.60% |
|
Gain / (loss) on sale of securities |
(25,384) |
750,444 |
|
|
Share of profit for associates |
58,585 |
7,725 |
658.38% |
|
Other income |
77,107 |
24,919 |
209.43% |
|
Total non-mark-up/interest income |
2,460,678 |
2,961,200 |
-16.90% |
|
Total income |
13,621,238 |
10,514,144 |
29.55% |
|
Non mark-up/interest expenses |
|
|
|
|
Operating expenses |
6,802,888 |
5,902,539 |
15.25% |
|
Workers welfare fund |
131,952 |
80,057 |
64.82% |
|
Other charges |
1,427 |
871 |
63.83% |
|
Total non-mark-up/interest expenses |
6,936,267 |
5,983,467 |
15.92% |
|
Profit before provisions |
6,684,971 |
4,530,677 |
47.55% |
|
Provisions and write offs – net |
446,076 |
(599,998) |
|
|
Extra-ordinary/ unusual items |
– |
– |
|
|
Profit before taxation |
6,238,895 |
5,130,675 |
21.60% |
|
Taxation |
3,038,893 |
1,836,596 |
65.46% |
|
Profit after taxation |
3,200,002 |
3,294,079 |
-2.86% |
|
Earnings per share – basic (rupees) |
1.79 |
1.85 |
-3.24% |
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