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Home Equity BankIslami enjoys a threefold increase in its net earnings
  • Equity

BankIslami enjoys a threefold increase in its net earnings

By
News Desk
-
August 28, 2019

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%

 

Copyright Mettis Link News

Posted on: 2019-08-28T11:05:00+05:00

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