BankIslami’s yearly profits show a two-fold growth

MG News | February 28, 2020 at 11:59 AM GMT+05:00

0:00

February 28, 2020 (MLN): BankIslami Pakistan Limited has reported net profits of Rs. 1.12 billion (EPS: Rs. 1.08) for the year ended December 31, 2019, i.e. around 2.4x higher than the profits of last year.

This applause-worthy rise in profits can be attributed to a 78% increase in Net Interest Income, along with a 99% rise in Forex gains. The company also benefit from a thirteenfold rise in gain on sale of securities.

All of these positive changes led to the total income depicting a growth of 70%, while the total expenses only increased by 13.4%.

However, the company did suffer some of the brunt emanating from fall in profits from associate companies by 92%, and rise in income tax expense by 291%.

Besides the announcement of financial results, the Board of Directors in their meeting held on Thursday, also approved the sale of 8,000,000 shares of Banklslami Modaraba Investments Limited (“MO (representing 100% of the issued and paid-up ordinary share capital of BMIL) to BRR Investment (Private) Limited directly or through any of its affiliates (the “Proposed Transaction').

Profit and loss account for the year ended December 31, 2019 ('000 Rupees)
	Dec-19	Dec-18	% Change
Profit/return earned	23,624,544	12,204,667	93.57%
Profit/return expensed	12,832,859	6,145,543	108.82%
Net Profit/return	10,791,685	6,059,124	78.11%
OTHER INCOME
Fee, commission and brokerage income	617,932	842,235	-26.63%
Dividend income	10,947	23,029	-52.46%
Foreign exchange income	183,612	92,182	99.18%
Income from shariah compliant forward and future contracts		138,673
Gain on sale of securities	660,253	46,818	1310.25%
Other income	159,178	82,246	93.54%
Total other income	1,631,922	1,225,183	33.20%
Total income	12,423,607	7,284,307	70.55%
OTHER EXPENSES
Operating expenses	7,720,891	6,810,250	13.37%
Workers Welfare Fund	35,904	8,216	337.00%
Other charges	36,511	54,359	-32.83%
Total other expenses	7,793,306	6,872,825	13.39%

Profit before provisions	4,630,301	411,482	1025.27%
Provision/ (reversal of provision) and write offs-net	2,773,316	(3,165)
Extraordinary/ unusual items	-	-
(Loss)/profit for the period from BIPL Securities Limited - net of tax		(46,755)
Share of profit from associate before taxation	11,525	145,830	-92.10%
Profit before taxation	1,868,510	513,722	263.72%
Taxation	744,000	190,084	291.41%
Profit after taxation	1,124,510	323,638	247.46%
Basic and diluted earnings per share (Rupees)	1.0800	0.3299	227.37%

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