Equity

Earning Preview: Faysal Bank reports earnings of Rs 3 billion

August 23, 2019

August 23, 2019 (MLN): Faysal Bank Limited has announced net profits of Rs. 3 billion (EPS: Rs. 1.98) for the half year ended June 30, 2019, exhibiting a growth of 24.6% over the profits of Rs. 2.4 billion (EPS: Rs. 1.59) earned in the same period of last year.

The net interest income of the bank increased by 40%, while total income surged by 30.75%. On the other hand, the total interest expenses grew by just 14.46%. These factors led to a 23% growth in profit before tax.

Moreover, the taxation expenses increased by 20.8% to Rs. 2.2 billion during the said period.

Profit and loss account for the half year ended June 30, 2019 (Rupees'000)
	June, 2019	June, 2018	% Change
Mark-up / return / interest earned	25,730,284	15,309,144	68.07%
Mark-up / return / interest expensed	15,671,429	8,097,960	93.52%
Net mark-up / interest income	10,058,855	7,211,184	39.49%
NON MARK-UP / INTEREST INCOME
Fee and commission income	2,031,097	1872205	8.49%
Dividend income	242,076	50,840	376.15%
Foreign exchange income	1,632,529	952694	71.36%
Income from derivatives	73,720	26,582	177.33%
(Loss) / gain on securities	-408,629	176,513
Other income	195,966	283816.000	-30.95%
Total non-markup / interest income	3,766,759	3,362,650	12.02%
Total income	13,825,614	10,573,834	30.75%
NON MARK-UP / INTEREST EXPENSES
Operating expenses	7,795,009	6,796,816	14.69%
Workers welfare fund	121,489	122,433	-0.77%
Other charges	17,219	12,118	42.09%
Total non-markup / interest expenses	7,933,717	6,931,367	14.46%
Profit before provisions	5,891,897	3,642,467	61.76%
Provision / (reversal of provision) and recoveries against written-off debts – net	670,910	-607,047
Share of loss of associate		-6,196
PROFIT BEFORE TAXATION	5,220,987	4,243,318	23.04%
Taxation	2,215,562	1,832,763	20.89%
PROFIT AFTER TAXATION	3,005,425	2,410,555	24.68%
Basic / diluted earnings per share	1.98	1.59	24.53%