October 29, 2020 (MLN): BanIslami Pakistan Limited has made profits of Rs. 1.55 billion for the nine months ended September 30, 2020, i.e. around 55% higher than the earnings of the same period last year.
The earnings per share for the period stood at Rs. 1.4304, which is approx. 45% higher than the EPS recorded in the same period of last year.
The higher earnings resulted from net returns of Rs. 9.9 billion recorded during the period, I,e, around 34% higher than the SPLY. The other income also jumped by 57% on the back of higher fee & commission income, foreign exchange income, and gain on securities.
On the other hand, the bank saw an 18% increase in other expenses, as well as a 54% rise in provisioning cost. Both of these factors restricted the growth of profits.
With the approval of its Board of Directors, the Bank also approved the sale of 8,000,000 shares of BankIslami Modaraba Investments Limited to Mr. Atique Ahmed Khan (one of the promoters/sponsors of the Ghani Global Group) or any nominee.
|
Consolidated Financial Results for nine months ended September 30, 2020 (Rupees'000) |
|||
|---|---|---|---|
|
Sep-20 |
Sep-19 |
% Change |
|
|
Profit / return earned |
20,510,569 |
16,074,522 |
28% |
|
Profit / return expensed |
(10,562,930) |
(8,656,686) |
22% |
|
Net profit / return |
9,947,639 |
7,417,836 |
34% |
|
OTHER INCOME |
|||
|
Fee and commission income |
656,732 |
467,003 |
41% |
|
Dividend income |
7,050 |
8,972 |
-21% |
|
Foreign exchange income |
303,940 |
139,592 |
118% |
|
Income from shariah-compliant derivatives |
|||
|
Gain / (loss) on securities – net |
241,555 |
28,253 |
755% |
|
Other income |
85,840 |
179,598 |
-52% |
|
Total other income |
1,295,117 |
823,418 |
57% |
|
Total income |
11,242,756 |
8,241,254 |
36% |
|
OTHER EXPENSES |
|||
|
Operating expenses |
(6,250,900) |
(5,391,566) |
16% |
|
Workers welfare fund |
(58,061) |
(31,746) |
83% |
|
Other charges |
(130,354) |
(36,316) |
259% |
|
Total other expenses |
(6,439,315) |
(5,459,628) |
18% |
|
Profit before provisions |
4,803,441 |
2,781,626 |
73% |
|
Provisions and write offs – net |
(1,891,286) |
(1,230,108) |
54% |
|
Loss for the period from BIPL Securities Limited – net of tax |
(7,821) |
||
|
Share of loss from associate – net tax |
(221,451) |
11,525 |
|
|
PROFIT BEFORE TAXATION |
2,690,704 |
1,555,222 |
73% |
|
Taxation |
(1,140,891) |
(556,496) |
105% |
|
PROFIT AFTER TAXATION |
1,549,813 |
998,726 |
55% |
|
Earnings per share |
1.4304 |
0.9875 |
45% |
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