October 24, 2019 (MLN): BankIslami Pakistan Limited has announced its financial results for the nine months ended on September 30, 2019. As per the results, it has posted its net profits to Rs 998 million( EPS: Rs 0.99); a robust growth by 6.2 compared to last year net profit of Rs 160 million (EPS: Rs 0.16).
The bank’s return earnings surged by 87.46%, YoY, moreover, its return expenses increased noticeably by 98.60%, YoY, resulting in rising of net return by 75.94%.
Total other income fell by 8.65% to Rs. 823 million, whereas, operating expenses and other charges jumped by 9.09% and 35.44% YoY, respectively.
Furthermore, the losses from BIPL Securities Limited decreased by 84.92%.
Profit and loss account for the Nine months ended September 30th 2019 ('000 Rupees)
| |||
|---|---|---|---|
| Sep-19 | Sep-18 | % Change |
Profit/return earned | 16,074,522 | 8,574,894 | 87.46% |
Profit/return expensed | 8,656,686 | 4,358,760 | 98.60% |
Net Profit/return | 7,417,836 | 4,216,134 | 75.94% |
OTHER INCOME |
|
|
|
Fee, commission and brokerage income | 467,003 | 585,997 | -20.31% |
Dividend income | 8,972 | 18,580 | -51.71% |
Foreign exchange income | 139,592 | 135,807 | 2.79% |
Gain on sale of securities | 28,253 | 93,342 | -69.73% |
Other income | 179,598 | 67,698 | |
Total other income | 823,418 | 901,424 | -8.65% |
| 8,241,254 | 5,117,558 | 61.04% |
OTHER EXPENSES |
|
|
|
Operating expenses | 5,391,566 | 4,942,422 | 9.09% |
Workers Welfare Fund | 31,746 | 1,934 | |
Other charges | 36,316 | 26,814 | 35.44% |
Total other expenses | 5,459,628 | 4,971,170 | 9.83% |
|
|
|
|
Profit before provisions | 2,781,626 | 146,388 | |
Provision/(reversal of provision) and write offs-net | 1,230,108 | (17,076) | |
Extraordinary/ unusual items | – | – |
|
(Loss)/profit for the period from BIPL Securities Limited – net of tax | (7,821) | (51,867) | -84.92% |
Share of profit from associate before taxation | 11,525 | 110,555 | -89.58% |
Profit before taxation | 1,555,222 | 222,152 | |
Taxation | 556,496 | 61,823 | |
Profit after taxation | 998,726 | 160,329 | |
Basic and diluted earnings per share (Rupees) | 0.9927 | 0.1688 | |
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