March 5, 2020 (MLN): The Bank of Khyber (BOK) has posted net profits of Rs 1.3 billion for CY19 which was 2.8x higher than the profits of Rs 466 million earned in CY18.
This has reflected in Bank’s earnings per share which rose from Rs 0.47 per share to Rs 1.31 per share, marking a growth of 178.7% YoY.
Increase in policy rate has had its influence on bank’s profitability as its interest income rose by 68% during the year, however, a parallel rise in interest expenses by whopping 106.7% YoY has led the Net Mark-up income to shrink slightly by 4.32% YoY.
During the period, Bank’s income from dealing in foreign currencies surged by 1.04.5%YoY, other income rose by 21.77% YoY while its operating expenses dropped by 10.66% YoY. In addition, the bank also booked a net gain of Rs 289.7 million on sale of Securities against a loss of Rs 1.22 billion incurred in CY18. All these contributed in improving BOK’s profitability as its profits before provisions grew significantly by 318% YoY from Rs 535.6 million to Rs 2.24 billion.
Alongside financial results, the Board of Directors of the bank also announced a final Cash Dividend of Rs 0.50 per share i.e. 5% for the year mentioned above.
Profit and Loss Account for the Half Year Ended on December 31st 2019 (Rupees in '000) | |||
|---|---|---|---|
| Dec-19 | Dec-18 | % Change |
Mark-up/return/interest earned | 24,656,535 | 14,686,465 | 67.89% |
Mark-up/return/interest expensed | 19,739,030 | 9,547,084 | 106.75% |
Net mark-up/return/interest income | 4,917,505 | 5,139,381 | -4.32% |
NON-MARK-UP/INTEREST INCOME |
|
|
|
Fee, commission and brokerage income | 397,634 | 406,893 | -2.28% |
Dividend income | 13,393 | 49,540 | -72.97% |
Income from dealing in foreign currencies | 284,734 | 139,225 | 104.51% |
Gain on sale of securities – net | 289,764 | (1,226,265) | -123.63% |
Unrealized gain/(loss) or revaluation of investments classified as “held-for-trading” – net | – | – |
|
Other income | 126,957 | 104,262 | 21.77% |
Total non-mark-up/interest income | 1,112,482 | (526,345) | -311.36% |
Total Income | 6,029,987 | 4,613,036 | 30.72% |
NON-MARK-UP/INTEREST EXPENSES |
|
|
|
Operating expenses | 3,620,419 | 4,052,247 | -10.66% |
Worker’s welfare fund | – | – |
|
Other charges | 169,349 | 25,150 | 573.36% |
Total non-mark-up/interest expenses | 3,789,768 | 4,077,397 | -7.05% |
Profit Before Provisions | 2,240,219 | 535,639 | 318.23% |
Provisions and write offs- net | 21,092 | 170,962 | -87.66% |
Extra ordinary/ unusual items | – | – |
|
Profit before taxation | 2,261,311 | 706,601 | 220.03% |
Taxation | (955,272) | (240,502) | 297.20% |
Profit after taxation | 1,306,039 | 466,099 | 180.21% |
Earnings per share – Basic and Diluted (in Rupees) | 1.31 | 0.47 | 178.72% |
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