Bank Alfalah's bottom-line gains up by 21 percent
MG News | October 26, 2018 at 10:47 AM GMT+05:00
October 26, 2018 (MLN): Bank Alfalah Limited (BAFL)’s cumulative consolidated profits by the third quarter ended September 30, 2018 have gone up by nearly 21% over the corresponding period of last year.
The company’s financial earnings report for the period shows that its net mark-up/interest income after provisions grew by 5% or Rs.1.2 billion over the 3 quarters.
Meanwhile, as income from dealing in foreign currencies rose by 70% (Rs.578 million) and Rs.269 million drop in administrative income weighed down total non-mark-up/interest further, BAFL’s overall profit for the period witnessed significant growth.
After accounting for the tax expenses, Bank Alfalah’s profits rose from Rs.7.4 billion to Rs.8.9 billion, up by Rs.1.5 billion.
Apart from this, the company’s basic earnings per share have increased from Rs.4.53 per share to Rs.5.49 per share.
| Consolidated Financial Results for the nine months ended September 2018 ('000 Rupees) | |||
|---|---|---|---|
|
| Sep-18 | Sep-17 | % Change |
| Mark-up/return/interest earned | 42,906,629 | 41,970,717 | 2.23% |
| Mark-up/return/interest expensed | 19,665,874 | 19,808,266 | -0.72% |
| Net mark-up/interest income | 23,240,755 | 22,162,451 | 4.87% |
| (Reversal)/ provisions against non-performing loans and advances - net | (549,999) | (645,056) | -14.74% |
| Provision for diminution in value of investments - net | (72,984) | 109,112 |
|
| Bad debts written off directly | - | - |
|
| Net mark-up/interest income after provisions | 23,863,738 | 22,698,395 | 5.13% |
| Non mark-up/interest income |
|
|
|
| Fee, commission and brokerage income | 5,041,613 | 4,877,992 | 3.35% |
| Dividend income | 246,292 | 270,174 | -8.84% |
| Income from dealing in foreign currencies | 1,403,093 | 825,402 | 69.99% |
| Gain on sale of securities - net | 1,421,051 | 1,510,216 | -5.90% |
| Unrealized (loss)/gain on revaluation of investments classified as held for trading - net | (54,032) | (10,478) | 415.67% |
| Share of profit for associates | 472,044 | 388,497 | 21.51% |
| Other income | 367,572 | 278,910 | 69.25% |
| Total non-mark-up/interest income | 8,897,633 | 8,140,713 | 9.30% |
| Non mark-up/interest expenses |
|
|
|
| Administrative expenses | 17,912,557 | 18,181,676 | -1.48% |
| Provision /(reversal) against off-balance sheet obligations | 4,103 | (7,782) |
|
| Provision/(reversal) against other assets | (182,115) | (12,594) | 1346.05% |
| Other charges | 302,050 | 263,911 | 14.45% |
| Total non-mark-up/interest expenses | 18,036,595 | 18,425,211 | -2.11% |
| Extra-ordinary/ unusual items | - | - |
|
| Profit before taxation | 14,724,776 | 12,413,897 | 18.62% |
| Taxation | 5,812,749 | 5,046,914 | 15.17% |
| Profit after taxation | 8,912,027 | 7,366,983 | 20.97% |
| Earnings per share - basic (rupees) | 5.49 | 4.53 | 21.19% |
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