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, BIPL’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 | – |
Copyright Mettis Link News
Posted on: 2024-04-26T11:45:43+05:00
