BOK witnesses 2.8x increase in net profits

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By MG News | March 05, 2020 at 11:43 AM GMT+05:00

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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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