Bank Alfalah's bottom-line gains slip by 3%

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MG News | April 26, 2019 at 11:58 AM GMT+05:00

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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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