April 28, 2023 (MLN): BankIslami Pakistan Limited (PSX: BIPL) has posted impressive profits, surging by 3.44x YoY in 1QCY23 ended March 31, 2023, to stand at Rs1.79 billion [EPS: Rs1.6184], compared to Rs522.11 million [EPS: 0.4709] in 1QCY22, bank’s filing on PSX revealed today.
Going by the income statement sent to PSX, the bank’s net return earned and expensed for the period was Rs6.9bn, which went up 2.07x YoY in 1QCY23.
During the period under review, the bank’s foreign exchange income jumped by 68.99% YoY to Rs360.38 million in 1QCY23.
It is pertinent to mention that the bank recorded an 85.3% YoY fall in gain on the sale of securities to stand at Rs2.23m in 1QCY23.
On the expenses side, operating expenses inched up by 35.79% and stood at Rs3.61bn, meanwhile, workers’ welfare fund and other charges inflated drastically by 3.67x and 9.05x YoY respectively in 1QCY23.
On the tax front, the bank paid 3.89x YoY higher taxes worth Rs1.36bn in 1QCY23 due to the surge in profit before taxation.
|
Consolidated Profit and Loss Account for the quarter ended March 31, 2023 ('000 Rupees) |
|||
|---|---|---|---|
|
|
Mar-23 |
Mar-22 |
% Change |
|
Profit/return earned |
16,563,342 |
7,754,355 |
113.60% |
|
Profit/return expenses |
9,654,353 |
4,409,965 |
118.92% |
|
Net Profit/return |
6,908,989 |
3,344,390 |
106.58% |
|
OTHER INCOME |
|
|
|
|
Fee and commission income |
366,938 |
403,810 |
-9.13% |
|
Dividend income |
– |
– |
– |
|
Foreign exchange income |
360,385 |
213,253 |
68.99% |
|
Gain on sale of securities |
2,237 |
15,568 |
-85.63% |
|
Other income |
42,206 |
40,512 |
4.18% |
|
Total other income |
771,766 |
673,143 |
14.65% |
|
Total income |
7,680,755 |
4,017,533 |
91.18% |
|
OTHER EXPENSES |
|
|
|
|
Operating expenses |
3,613,054 |
2,660,729 |
35.79% |
|
Workers Welfare Fund |
64,044 |
17,463 |
266.74% |
|
Other charges |
2,354 |
260 |
805.38% |
|
Total other expenses |
3,679,452 |
2,678,452 |
37.37% |
|
|
|
|
|
|
Profit before provisions |
4,001,303 |
1,339,081 |
198.81% |
|
Provision/(reversal of provision) and write offs-net |
(840,468) |
(465,917) |
80.39% |
|
Profit before taxation from continuing operations |
3,160,835 |
873,164 |
262.00% |
|
Taxation |
1,366,521 |
351,048 |
289.27% |
|
Profit after taxation from continuing operations |
1,794,314 |
522,116 |
243.66% |
|
Basic and diluted earnings per share for profit from continuing operations attributable to the ordinary equity holders of the bank (Rupees) |
1.6184 |
0.4709 |
– |
Copyright Mettis Link News
Posted on: 2023-04-28T15:05:09+05:00
