August 25, 2023 (MLN): The Bank of Khyber (PSX: BOK) has revealed its financial statement today for the half year ended June 30, 2023, as per which the bank posted a profit worth Rs1.69 billion [EPS: Rs1.53], depicting a significant increase of 4.32x YoY, compared to Rs391.18 million [EPS: Rs0.31] in the same period last year (SPLY), bank’s filing on PSX showed today.
Going by the income statement, the bank witnessed an increase of 69.60% in its net interest income (NII) to stand at Rs5.98bn, compared to Rs3.52bn in SPLY. The growth in NII is due to a jump in interest-earning (Rs24.78bn), up by 32.30% YoY.
Similarly, the bank’s total Non-Markup income rose by 93.53% YoY to Rs1.27bn with a rise in Income from dealing in foreign currencies to clock in at Rs893.19m as compared to Rs332.12 in SPLY. Furthermore, the Fee, commission, and brokerage income increased by 28.76% to Rs300.83m in 1HCY23.
On the expense side, the total non-markup expenses rose to Rs3.738bn in 1HCY23 compared to Rs3.08bn in SPLY, depicting an increase of 21.53%.
The bank incurred higher expenses as the operating costs rose by 21.45% to Rs3.735bn in the respective period.
In addition, the bank incurred a provision expense of Rs438.85m during the review period compared to Rs514.48m in the corresponding period last year.
The bank paid Rs1.38bn on the tax front, 7x higher than the amount paid in 1HCY22.
| Profit and Loss Account (UN-AUDITED) for the Half Year Ended on June 30, 2023 (Rupees in '000) | |||
|---|---|---|---|
| Jun-23 | Jun-22 | % Change | |
| Mark-up/return/interest earned | 24,777,709 | 18,728,853 | 32.30% |
| Mark-up/return/interest expensed | 18,801,484 | 15,205,179 | 23.65% |
| Net mark-up/return/interest income | 5,976,225 | 3,523,674 | 69.60% |
| NON MARK-UP/INTEREST INCOME | |||
| Fee, commision and brokerage income | 300,833 | 233,631 | 28.76% |
| Dividend income | 4,901 | 4,636 | 5.72% |
| Income from dealing in foreign currencies | 893,187 | 332,122 | 168.93% |
| Gain on sale of securities – net | (1,692) | 10,209 | |
| Unrealized gain/(loss) or revaluation of investments classified as "held-for-trading" – net | (865) | 1,608 | |
| Other income | 70,563 | 72,440 | -2.59% |
| Total non-mark-up/interest income | 1,266,927 | 654,646 | 93.53% |
| Total Income | 7,243,152 | 4,178,320 | 73.35% |
| NON MARK-UP/INTEREST EXPENSES | |||
| Operating expenses | 3,735,761 | 3,076,018 | 21.45% |
| Worler's welfare fund | – | – | |
| Other charges | 2,442 | 5 | – |
| Total non mark-up/interest expenses | 3,738,203 | 3,076,023 | 21.53% |
| Profit Before Porivisions | 3,504,949 | 1,102,297 | 217.97% |
| Provisions and write offs- net | (438,852) | (514,478) | -14.70% |
| Eaxtra ordinary/ unusual items | – | – | |
| Profit before taxation | 3,066,097 | 587,819 | 421.61% |
| Taxation | (1,377,343) | (196,637) | 600.45% |
| Profit after taxation | 1,688,754 | 391,182 | 331.71% |
| Earnings per share – Basic and Diluted (in Rupees) | 1.53 | 0.31 | – |
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Posted on: 2023-08-25T15:19:00+05:00
