BankIslami Pakistan Limited profits fall 40.93 percent to Rs. 38.831 million

By MG News | April 30, 2018 at 01:28 PM GMT+05:00

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BankIslami Pakistan Limited (BIPL) today announced financial results for the three months period ending 31 March, 2018 reporting Profit/Return earned worth Rs. 2.856 billion. Furthermore, the company’s net income after provisions during the outgoing three months rose by 13.63 percent to reach 1.425 billion.

BIPl releases on the exchange show an abysmal performance during the last three months ending March, 2018. Fee, Brokerage and Commission Income during the quarter went down by 18.78 percent, income from foreign currencies soaring by 102.09 percent however (loss)/capital gain on sale of securities clocked in at Rs. 37.052 million during the period.

On the expenses front, BIPL total non-mark-up expenses increased by 11.18 percent taking away 1.562 billion from bottom-line profits. BankIslami Pakistan Limited reported profits after taxing at Rs. 38.831 million down 40.93 percent from 65.735 million last year.

Bank reported an EPS of Rs. 0.30385 vs. an EPS of Rs 0.0652 during the three months ending March, 2017.

Comparison of Key Financials
Unconsolidated Profit and Loss Account - For the Three Months Ended, March 30^th 2017
Key Financials	March, 2018	March, 2017	% Change
	Amounts in PKR ‘000
Profit/return earned	2,856,609	2,480,247	15.17%
Net spread after provisions	1,425,118	1,254,128	13.63%
Fee, commission and brokerage income	170,564	210,002	-18.78%
Dividend Income	-	-
Income from Foreign Currencies	30,548	15,116	102.09%
(Loss)/ gain on sale of securities - net	(37,052)	11,428	-424.22%
Other income	31,882	13,665	133.31%
Total other income	196,787	252,306	-22.00%
Administrative Expenses	1,562,034	1,534,619	1.79%
Other reversals - net	-	131,652
Other charges	50	2,084	-97.60%
Total other expenses	1,562,084	1,405,051	11.18%
Profit before Taxation	59,821	101,383	-41.00%
Taxation	20,990	35,648	-41.12%
Profit after Taxation	38,831	65,735	-40.93%
EPS - Basic and diluted	0.0385	0.0652	-40.95%

Company release on Earnings Report can be accessed here.

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