Bank of Khyber posts 36% profit surge in Q3
MG News | October 30, 2024 at 10:45 AM GMT+05:00
October 20, 2024 (MLN): The Bank of Khyber (PSX: BOK) disclosed a profit of Rs1.07 billion [EPS: Rs0.92] for the quarter ended September 30, 2024, rising 36.03% compared to the earnings of Rs784.21m [EPS: Rs0.68] reported in the same quarter last year.
The bank's net interest income (NII) increased by 28.36% to Rs4.44bn, compared to Rs3.46bn in SPLY. The growth in NII is attributed to a more substantial decline in interest expenses.
The non-markup income of the bank remained relatively stable at Rs440.84m in Q3 CY24.
On the expense side, the total non-markup expenses rose to Rs2.56bn in Q3 CY24 compared to Rs2.18bn in SPLY, depicting an increase of 17.34%.
Furthermore, the bank reported a credit gain of Rs250.24m during the review period compared to a loss of Rs105.8m in the corresponding period last year.
The bank paid Rs1.5bn on the tax front, 80.79% higher than the amount paid in Q3 CY23.
| Profit and Loss Account for the quarter ended September 30 2024 (Rupees in '000) | |||
|---|---|---|---|
| Sep-24 | Sep-23 | % Change | |
| Mark-up / return / interest earned | 16,062,205 | 16,460,304 | -2.42% |
| Mark-up / return / interest expensed | 11,623,482 | 13,002,200 | -10.60% |
| Net mark-up / interest income | 4,438,723 | 3,458,104 | 28.36% |
| NON MARK-UP/INTEREST INCOME | |||
| Fee, commision and brokerage income | 217,329 | 135,935 | 59.88% |
| Dividend income | 178 | 3,587 | -95.04% |
| Income from dealing in foreign currencies | 143,804 | 342,085 | -57.96% |
| Net gains / (loss) on derecognition of financial assets measured at amortised cost | 42,540 | (68,572) | -162.04% |
| Share of profit/ (loss) of associate | 2,039 | 874 | 133.30% |
| Other income | 34,948 | 30,885 | 13.16% |
| Total non mark-up/interest income | 440,838 | 444,794 | -0.89% |
| Total Income | 4,879,561 | 3,902,898 | 25.02% |
| NON MARK-UP/INTEREST EXPENSES | |||
| Operating expenses | 2,557,654 | 2,179,816 | 17.33% |
| Worler's welfare fund | - | - | |
| Other charges | 1,550 | 1,269 | 22.14% |
| Total non mark-up/interest expenses | 2,559,204 | 2,181,085 | 17.34% |
| Profit Before Porivisions | 2,320,357 | 1,721,813 | 34.76% |
| Credit loss allowance / provisions and write offs - net | 250,242 | (105,799) | -336.53% |
| Eaxtra ordinary/ unusual items | - | - | |
| Profit before taxation | 2,570,599 | 1,616,014 | 59.07% |
| Taxation | (1,503,861) | (831,809) | 80.79% |
| Profit after taxation | 1,066,738 | 784,205 | 36.03% |
| Earnings per share - Basic and Diluted (in Rupees) | 0.92 | 0.68 | - |
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