BOK earns Rs760.1m in Q2 CY24

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MG News | 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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