August 22, 2023 (MLN): BankIslami Pakistan Limited (PSX: BIPL) has revealed its financial statement today for the half year ended June 30, 2023, as per which the bank posted a profit worth Rs5.10 billion [EPS: Rs4.60], depicting an increase of 3.53x YoY, compared to Rs1.45bn [EPS: Rs1.30] in the same period last year (SPLY), bank’s filing on PSX showed today.
Going by the income statement, the bank witnessed an increase of 2.10x in its net interest income (NII) to stand at Rs16.65bn, compared to SPLY. The growth in NII is due to a jump in interest-earning (Rs39.16bn), up by 2.13x YoY.
On the other hand, the bank’s total other income fell by 4.54% YoY to Rs1.63bn with a significant decline in other income to clock in at Rs107.39 million as compared to Rs358m in SPLY. Meanwhile, fee and commission income rose by 9.43% to Rs797.91 million in 1HCY23.
On the expense side, the total other expenses rose to Rs7.66bn in 1HCY23 as compared to Rs5.57bn SPLY, depicting an increase of 37.49%. The bank incurred higher expenses as the operating costs rose by 35.93% to Rs7.49bn in the respective period.
In addition, the bank incurred a provision expense of Rs2.33bn during the review period compared to Rs1.36bn in the corresponding period last year.
On the tax front, the bank paid Rs3.20bn, 3.53x higher than the amount paid in 1HCY22.
| Consolidated Profit and loss account for the half ended June 30, 2023 ('000 Rupees) | |||
|---|---|---|---|
| Jun-23 | Jun-22 | % Change | |
| Profit/return earned | 39,164,602 | 18,370,569 | 113.19% |
| Profit/return expenses | 22,511,204 | 10,452,343 | 115.37% |
| Net Profit/return | 16,653,398 | 7,918,226 | 110.32% |
| OTHER INCOME | |||
| Fee, commission and brokerage income | 797,914 | 729,150 | 9.43% |
| Dividend income | 27,338 | 12,565 | 117.57% |
| Foreign exchange income | 584,577 | 591,381 | -1.15% |
| Gain on sale of securities | 115,005 | 18,725 | |
| Other income | 107,390 | 358,003 | -70.00% |
| Total other income | 1,632,224 | 1,709,824 | -4.54% |
| Total income | 18,285,622 | 9,628,050 | 89.92% |
| OTHER EXPENSES | |||
| Operating expenses | 7,493,664 | 5,512,865 | 35.93% |
| Workers Welfare Fund | 165,917 | 53,951 | 207.53% |
| Other charges | 4,761 | 7,701 | -38.18% |
| Total other expenses | 7,664,342 | 5,574,517 | 37.49% |
| Profit before provisions | 10,621,280 | 4,053,533 | 162.03% |
| Provision/(reversal of provision) and write offs-net | 2,325,447 | 1,355,962 | 71.50% |
| Share of profit / (loss) from associate – net of tax | 6,300 | 9,819 | -35.84% |
| Profit before taxation | 8,302,133 | 2,707,390 | 206.65% |
| Taxation | 3,200,087 | 1,261,314 | 153.71% |
| Profit after taxation | 5,102,046 | 1,446,076 | 252.82% |
| Basic and diluted earnings per share (Rupees) | 4.6018 | 1.3043 | – |
Amount in thousand except for EPS
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Posted on: 2023-08-22T15:21:09+05:00
