August 26, 2024 (MLN): BankIslami Pakistan Limited (PSX: BIPL) has revealed its financial statement for the quarter ended June 30, 2024, as per which the bank posted a profit worth Rs3.85 billion [EPS: Rs3.47], depicting a rise of 16.36% YoY, compared to Rs3.31bn [EPS: Rs2.98] in the same quarter last year.
Along with the results, the Board of Directors (BoD) has also recommended an interim cash dividend for the half year ended June 30, 2024 at Rs1.50 per share.
The income statement shows that the bank witnessed an increase of 22.37% in its net interest income (NII) to stand at Rs11.92bn, compared to Rs9.74bn in Q2 CY23.
The surge in NII is due to a jump in interest-earning (Rs28.97bn), up by 28.17% YoY.
Similarly, the bank’s total other income rose 13.85% YoY to Rs979.63. All subheadings under this section, such as foreign exchange income, gains on securities, and dividend income, experienced growth, except the other income part.
On the expense side, the bank’s total other expenses increased by 36.28% YoY to Rs5.37bn in Q2 CY24 compared to Rs3.98bn in Q2 CY23.
The increase was attributed to the jump of 34.67% YoY in the operating expenses from Rs3.88bn in Q2 CY23 to Rs5.21bn in Q2 CY24.
Going forward, the bank incurred a provision reversal of Rs97.07m during the review period compared to the reversal of Rs1.48bn in the corresponding period last year.
On the tax front, the bank paid Rs3.63bn, reflecting a massive spike compared to the tax worth Rs1.83bn paid in Q2CY23.
| Consolidated Profit and loss account for the quarter ended June 30, 2024 ('000 Rupees) | |||
|---|---|---|---|
| Jun-24 | Jun-23 | % Change | |
| Profit/return earned | 28,968,484 | 22,601,260 | 28.17% |
| Profit/return expensed | 17,043,905 | 12,856,851 | 32.57% |
| Net Profit/return | 11,924,579 | 9,744,409 | 22.37% |
| OTHER INCOME | |||
| Fee, commission and brokerage income | 460,910 | 430,976 | 6.95% |
| Dividend income | 62,536 | 27,338 | 128.75% |
| Foreign exchange income | 1,007,214 | 99,001 | 917.38% |
| Loss/Income from shariah compliant forward and future works | (747,854) | 125,191 | |
| Gain on sale of securities | 160,717 | 112,768 | 42.52% |
| Other income | 36,108 | 65,184 | -44.61% |
| Total other income | 979,631 | 860,458 | 13.85% |
| Total income | 12,904,210 | 10,604,867 | 21.68% |
| OTHER EXPENSES | |||
| Operating expenses | 5,210,849 | 3,880,610 | 34.28% |
| Workers Welfare Fund | 155,338 | 101,873 | 52.48% |
| Other charges | 287 | 2,407 | -88.08% |
| Total other expenses | 5,366,474 | 3,984,890 | 34.67% |
| Profit before provisions | 7,537,736 | 6,619,977 | 13.86% |
| Credit loss allowance and write offs – net | 97,067 | 1,484,979 | -93.46% |
| Share of profit / (loss) from associate – net of tax | 43,047 | 6,300 | – |
| Profit before taxation | 7,483,716 | 5,141,298 | 45.56% |
| Taxation | 3,634,955 | 1,833,566 | 98.25% |
| Profit after taxation | 3,848,761 | 3,307,732 | 16.36% |
| Basic and diluted earnings per share (Rupees) | 3.47 | 2.98 | – |
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Posted on: 2024-08-26T15:22:40+05:00
