BankIslami enjoys a threefold increase in its net earnings
By MG News | August 28, 2019 at 11:05 AM GMT+05:00
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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