BankIslami enjoys a threefold increase in its net earnings

By MG News | August 28, 2019 at 11:05 AM GMT+05:00

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August 28, 2019 (MLN): The net earnings of BankIslami Pakistan Limited for the half year ended June 30, 2019, stood at Rs. 612 million (EPS: Rs. 0.6064), i.e. nearly 288% greater than the earnings recorded in the same period of last year.

The uplift in net income was primarily caused by Net Interest Income, which increased by 77% during the stated period, due to higher interest rates.

On the other hand, the total expenses of the bank grew by 13%, mainly due to a ridiculous increase in non-core expenses as well as workers’ welfare fund.

The bank also suffered a substantial blow from income tax expense, which displayed almost tenfold increase over the same period of last year.

Profit and loss account for the half year ended June 30, 2019 (Rupees'000)
	June, 2019	June, 2018	% Change
Profit / return earned	9,853,085	5,636,494	74.81%
Profit / return expensed	4,991,039	2,894,289	72.44%
Net Profit / return	4,862,046	2,742,205	77.30%
OTHER INCOME
Fee and commission income	328,790	369,247	-10.96%
Dividend income	8,597	6,618	29.90%
Foreign exchange income	106,208	98,477	7.85%
Gain / (loss) on securities	17,581	43,832	-59.89%
Other income	61,868	42,594	45.25%
Total other income	523,044	560,768	-6.73%
Total Income	5,385,090	3,302,973	63.04%
OTHER EXPENSES
Operating expenses	3,547,353	3,174,610	11.74%
Workers Welfare Fund	17,533	1,934
Other charges	36,180	50
Total other expenses	3,601,066	3,176,594	13.36%
Profit before provisions	1,784,024	126,379
Provisions and write offs - net	876,033	27,654
Profit / (loss) for the period from BIPL Securities Limited - net of tax	6,912	-22,042
Share of profit from associate	11,525	110,555	-89.58%
PROFIT BEFORE TAXATION	926,428	187,238	394.79%
Taxation	313,898	29,290	971.69%
PROFIT AFTER TAXATION	612,530	157,948	287.80%
Basic earnings per share	0.6064	0.1617	275.02%

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