BankIslami’s yearly profits show a two-fold growth

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%

Copyright Mettis Link News

Posted on: 2020-02-28T11:59:00+05:00

33069