BOK earns Rs760.1m in Q2 CY24
MG News | August 28, 2024 at 04:10 PM GMT+05:00
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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