Bank of Khyber's earnings rise by 142% during 1HCY20

MG News | August 20, 2020 at 12:45 PM GMT+05:00

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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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