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

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

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%

 

Copyright Mettis Link News

Posted on: 2020-08-20T12:45:00+05:00

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