BOK earns Rs760.1m in Q2 CY24

By MG News | Category Equity | August 28, 2024 at 04:10 PM GMT+05:00

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August 28, 2024 (MLN): The Bank of Khyber (PSX: BOK) disclosed a stable profit of Rs760.13m [EPS: Rs0.66] for the quarter ended June 30, 2024, inching up (+1.34%) compared to the earnings of Rs750.1m [EPS: Rs0.65] reported in the same quarter last year.

The bank witnessed an increase of 50.31% in its net interest income (NII) to stand at Rs4.06bn, compared to Rs2.7bn in SPLY. The growth in NII is due to a jump in interest-earning (Rs16.81bn), up by 21.77% YoY.

However, the potential for higher profits was constrained by a 59.1% drop in non-markup income, which amounted to Rs346.38m in Q2 CY24.

This decline was primarily due to a significant reduction in income from foreign currency dealings, which fell to Rs110.06 million from Rs650.52 million in Q2 CY23.

On the expense side, the total non-markup expenses rose to Rs2.55bn in Q2 CY24 compared to Rs1.88bn in SPLY, depicting an increase of 35.77%.

Furthermore, the bank reported a credit gain of Rs82.03m during the review period compared to a loss of Rs245.53m in the corresponding period last year.

The bank paid Rs1.17bn on the tax front, 75% higher than the amount paid in Q2 CY23.

Profit and Loss Account for the quarter ended June 30 2024 (Rupees in '000)
	Jun-24	Jun-23	% Change
Mark-up / return / interest earned	16,813,050	13,807,045	21.77%
Mark-up / return / interest expensed	12,757,143	11,108,659	14.84%
Net mark-up / interest income	4,055,907	2,698,386	50.31%
NON MARK-UP/INTEREST INCOME
Fee, commision and brokerage income	202,048	165,648	21.97%
Dividend income	213	2,648	-91.96%
Income from dealing in foreign currencies	110,060	650,516	-83.08%
Net gains / (loss) on derecognition of financial assets measured at amortised cost	(768)	(108)	611.11%
Share of profit/ (loss) of associate	4,447	(765)	-681.31%
Other income	30,380	28,941	4.97%
Total non mark-up/interest income	346,380	846,880	-59.10%
Total Income	4,402,287	3,545,266	24.17%
NON MARK-UP/INTEREST EXPENSES
Operating expenses	2,553,128	1,880,561	35.76%
Worler's welfare fund	-	-
Other charges	206	17	1111.76%
Total non mark-up/interest expenses	2,553,334	1,880,578	35.77%
Profit Before Porivisions	1,848,953	1,664,688	11.07%
Credit loss allowance / provisions and write offs - net	82,025	(245,525)	-133.41%
Eaxtra ordinary/ unusual items	-	-
Profit before taxation	1,930,978	1,419,163	36.06%
Taxation	(1,170,851)	(669,073)	75.00%
Profit after taxation	760,127	750,090	1.34%
Earnings per share - Basic and Diluted (in Rupees)	0.66	0.65	-

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