Earning Review: Bank of Khyber suffers at the hands of fall in NII

By MG News | August 22, 2019 at 02:08 PM GMT+05:00

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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
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
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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