August 22, 2019 (MLN): The Bank of Khyber has declared net earnings of Rs. 498 million (EPS: Rs. 0.5) for the half year ended June 30, 2019, which is 35.9% lower than the earnings of same period previous year.
The company was primarily led down by fall in net interest income by 11.8%. Decline in fee income by 13.17% and dividend income by 79% just contributed further to the bank’s misery. As a result of these adverse movements, the total income fell by 11%.
On the other hand, the net interest expense grew by merely 3.2%.
Nonetheless, the fall in income tax expense by 71% helped in restricting further decline in net earnings.
Profit and loss account for the half year ended June 30, 2019 (Rupees'000) | |||
| June, 2019 | June, 2018 | % Change |
Mark-up/return/interest earned | 10,272,226 | 7,134,096 | 43.99% |
Mark-up/return/interest expensed | 7,810,267 | 4,343,165 | 79.83% |
Net mark-up/ interest income | 2,461,959 | 2,790,931 | -11.79% |
NON MARK-UP/INTEREST INCOME |
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|
|
Fee and commission income | 195,388 | 225,024 | -13.17% |
Dividend income | 5,435 | 26,542 | -79.52% |
Foreign exchange income | 89,197 | 54,629 | 63.28% |
(Loss) / gain on securities – net | 2,192 | 11,232 | -80.48% |
Other income | 59,760 | 53,192 | 12.35% |
Total non-markup / interest income | 351,972 | 370,619 | -5.03% |
Total income | 2,813,931 | 3,161,550 | -11.00% |
NON MARK-UP/INTEREST EXPENSE |
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|
|
Operating expenses | 2,027,492 | 1,965,370 | 3.16% |
Other charges | 2,287 | 130 | 1659.23% |
Total non-markup/interest expenses | 2,029,779 | 1,965,500 | 3.27% |
PROFIT BEFORE PROVISIONS | 784,152 | 1,196,050 | -34.44% |
Provisions and write offs – net | 145,645 | -71,158 |
|
PROFIT BEFORE TAXATION | 638,507 | 1,267,208 | -49.61% |
Taxation | 140,343 | 490,856 | -71.41% |
PROFIT AFTER TAXATION | 498,164 | 776,352 | -35.83% |
Basic and diluted earnings per share | 0.50 | 0.78 | -35.90% |
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