BOK witnesses 2.8x increase in net profits

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

0:00

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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