BIPL's profit nearly triples to Rs8.46bn in 9MCY23, declares Rs1.75 DPS

MG News | October 24, 2023 at 03:39 PM GMT+05:00

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October 24, 2023 (MLN): BankIslami Pakistan Limited (PSX: BIPL) has revealed its financial statement today for the 9MCY23, as per which the bank posted a profit worth Rs8.46 billion [EPS: Rs7.63], depicting a surge of 2.96x YoY, compared to Rs2.86bn [EPS: Rs2.58] in the same period last year (SPLY), bank’s filing on PSX showed today.

Along with the 9MCY23, the Board of Directors (BoD) of MEBL has recommended an interim cash dividend at Rs1.75/- per share i.e. 17.5%.

Going by the income statement, the bank witnessed an increase of 2.08x in its net interest income (NII) to stand at Rs28.34bn, compared to Rs13.64bn in SPLY. The surge in NII is due to a jump in interest-earning (Rs65.31bn), up by 2.07x YoY.

Conversely, the bank’s total other income decreased by 24.38% YoY to Rs2.15bn, owing to a significant decline in Foreign Exchange Income to clock in at Rs376.06m, depicting a fall of 69.39% YoY.

Moreover, BIPL’s other income also reduced to Rs252.86m in 9MCY23, against Rs473.85m recorded in 9MCY22.

Going forward, the bank incurred a provision reversal of Rs3.9bn during the review period compared to the reversal of Rs2.25bn in the corresponding period last year.

On the expense side, the bank’s total other expenses increased by 33.76% YoY to Rs11.63bn in 9MCY23 compared to Rs8.7bn in 9MCY22.

The increase was attributed to the jump of 32.05% YoY in the operating expenses from Rs8.58bn in 9MCY22 to Rs11.33bn in 9MCY23.

Similarly, MEBL’s expenses towards the Workers' welfare fund also went up by 2.69x YoY during the review period.

On the tax front, the bank paid Rs6.49bn, 2.41x higher than the amount paid in 9MCY22.

Consolidated Profit and loss account for nine months ended September 30, 2023 ('000 Rupees)
	Sep-23	Sep-22	% Change
Profit/return earned	65,309,237	31,591,490	106.73%
Profit/return expenses	36,964,611	17,947,864	105.96%
Net Profit/return	28,344,626	13,643,626	107.75%
OTHER INCOME
Fee, commission, and brokerage income	1,274,885	1,044,835	22.02%
Dividend income	44,313	17,753	149.61%
Foreign exchange income	376,061	1,228,708	-69.39%
Gain on sale of securities	201,268	77,067
Other income	252,864	473,850	-46.64%
Total other income	2,149,391	2,842,213	-24.38%
Total income	30,494,017	16,485,839	84.97%
OTHER EXPENSES
Operating expenses	11,325,125	8,576,209	32.05%
Workers Welfare Fund	298,239	110,881	168.97%
Other charges	7,351	8,301	-11.44%
Total other expenses	11,630,715	8,695,391	33.76%
Profit before provisions	18,863,302	7,790,448	142.13%
Provision/(reversal of provision) and write offs-net	3,903,489	2,246,379	73.77%
Share of profit / (loss) from associate - net of tax	(17,711)	9,819	-
Profit before taxation	14,942,102	5,553,888	169.04%
Taxation	6,486,227	2,691,840	140.96%
Profit after taxation	8,455,875	2,862,048	195.45%
Basic and diluted earnings per share (Rupees)	7.6268	2.5814	-

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