BIPL's 1QCY24 profit surges 79% YoY to Rs3.22bn

MG News | April 26, 2024 at 11:45 AM GMT+05:00

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April 26, 2024 (MLN): BankIslami Pakistan Limited (PSX: BIPL) has revealed its financial statement for the quarter ended March 31, 2024, as per which the bank posted a profit worth Rs3.22 billion [EPS: Rs2.90], depicting a surge of 79.21% YoY, compared to Rs1.79bn [EPS: Rs1.68] in the same period last year (SPLY).

Going by the income statement, the bank witnessed an increase of 45.50% YoY in its net interest income (NII) to stand at Rs10.05bn, compared to Rs6.91bn in SPLY. The surge in NII is due to a jump in interest-earning (Rs29.75bn), up by 79.62% YoY.

Similarly, the bank’s total other income surged by 2.06x YoY to Rs1.59bn. All subheadings under this section, such as foreign exchange income, gains on securities, and dividend income, experienced growth.

On the expense side, the bank’s total other expenses increased by 36.28% YoY to Rs5.01bn in 1QCY24 compared to Rs3.68bn in 1QCY23.

The increase was attributed to the jump of 35.29% YoY in the operating expenses from Rs3.61bn in 1QCY23 to Rs4.89bn in 1QCY24.

Similarly, MEBL’s expenses towards the Workers' welfare fund also went up by 96.61% YoY during the review period.

Going forward, the bank incurred a provision reversal of Rs320.16m during the review period compared to the reversal of Rs840.47m in the corresponding period last year.

On the tax front, the bank paid Rs3.09bn, 2.26x higher than the amount paid in 1QCY23.

Consolidated Profit and loss account for the quarter ended March 31, 2024 ('000 Rupees)
	Mar-24	Mar-23	% Change
Profit/return earned	29,751,745	16,563,342	79.62%
Profit/return expensed	19,699,444	9,654,353	104.05%
Net Profit/return	10,052,301	6,908,989	45.50%
OTHER INCOME
Fee, commission and brokerage income	628,811	366,938	71.37%
Dividend income	400,011	146,349	173.33%
Foreign exchange income	301,971	214,036	41.08%
Gain on sale of securities	216,248	2,237	9566.88%
Other income	42,334	42,206	0.30%
Total other income	1,589,375	771,766	105.94%
Total income	11,641,676	7,680,755	51.57%
OTHER EXPENSES
Operating expenses	4,888,236	3,613,054	35.29%
Workers Welfare Fund	126,106	64,044	96.91%
Other charges	127	2,354	-94.60%
Total other expenses	5,014,469	3,679,452	36.28%
Profit before provisions	6,627,207	4,001,303	65.63%
Credit loss allowance and write offs - net	320,155	840,468	-61.91%
Share of profit / (loss) from associate - net of tax	-	-	-
Profit before taxation	6,307,052	3,160,835	99.54%
Taxation	3,091,424	1,366,521	126.23%
Profit after taxation	3,215,628	1,794,314	79.21%
Basic and diluted earnings per share (Rupees)	2.90	1.68	-

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