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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