Bank of Khyber's earnings rise by 142% during 1HCY20
MG News | August 20, 2020 at 12:45 PM GMT+05:00
August 20, 2020 (MLN): The Bank of Khyber has released the financial results for the half-year ended June 30, 2020, which show earnings of Rs. 1.2 billion (EPS: 1.21), i.e. around 142% higher than the figures recorded in the same period last year.
The colossal improvement in bottom-line earnings was a result of an increase in the net interest income of the bank by 31%, as well as non-interest income by 5.34x. The table below shows that the massive improvement in the latter was caused by a substantial rise in capital gains, 796x to be precise, and foreign exchange income of the bank.
On the other hand, the non-interest expenses rose by merely 11% on the back of higher operating expenses. There was no workers’ welfare fund charge recorded during the period.
Another notable highlight was the 7.05x increase in the provisions and write-offs, which translates into an amount of Rs. 1.02 billion. Moreover, the bank witnessed a 4.89x increase in income tax expense.
| Financial Results for half year ended June 30, 2020 (Rupees'000) | |||
|---|---|---|---|
| Jun-20 | Jun-19 | % Change | |
| Mark-up / return / interest earned | 14,826,368 | 10,272,226 | 44% |
| Mark-up / return / interest expensed | (11,592,403) | (7,810,267) | 48% |
| Net mark-up / interest income | 3,233,965 | 2,461,959 | 31% |
| NON-MARK-UP / INTEREST INCOME | |||
| Fee and commission income | 158,889 | 195,388 | -19% |
| Dividend income | 4,618 | 5,435 | -15% |
| Foreign exchange income | 259,267 | 89,197 | 191% |
| Income / (loss) from derivatives | |||
| Gain / (loss) on securities - net | 1,749,177 | 2,192 | 79698% |
| Other income | 59,771 | 59,760 | 0% |
| Total non-markup / interest income | 2,231,722 | 351,972 | 534% |
| Total income | 5,465,687 | 2,813,931 | 94% |
| NON-MARK-UP / INTEREST EXPENSES | |||
| Operating expenses | (2,192,246) | (1,952,307) | 12% |
| Workers welfare fund | |||
| Other charges | (67,826) | (77,472) | -12% |
| Total non-markup / interest expenses | (2,260,072) | (2,029,779) | 11% |
| Profit before provisions | 3,205,615 | 784,152 | 309% |
| Provisions and write offs - net | (1,172,234) | (145,645) | 705% |
| PROFIT BEFORE TAXATION | 2,033,381 | 638,507 | 218% |
| Taxation | (827,209) | (140,343) | 489% |
| PROFIT AFTER TAXATION | 1,206,172 | 498,164 | 142% |
| Earnings per share | 1.21 | 0.5 | 142% |
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