August 24, 2023 (MLN): Faysal Bank Limited (PSX: FABL) has revealed its financial statement today for the half year ended June 30, 2023, as per which the bank posted a profit worth Rs7.66 billion [EPS: Rs5.05], depicting an increase of 75.77% YoY, compared to Rs4.36bn [EPS: Rs2.87] in the same period last year (SPLY), bank’s filing on PSX showed today.
Along with the 1HCY23 financial results, the board of directors of BAHL has announced an interim cash dividend for the period ended June 30, 2023, at Rs1 per share i.e. 10%.
Going by the income statement, the bank witnessed an increase of 89.35% in its net interest income (NII) to stand at Rs30.74bn, compared to SPLY. The growth in NII is due to a jump in interest-earning (Rs82.11bn), up by 2.01x YoY.
Similarly, the bank’s total Non-Markup income rose by 7.53% YoY to Rs5.08bn with a rise in fee and commission income to clock in at Rs4.51bn as compared to Rs3.52bn in SPLY. Meanwhile, the loss on sale of securities rose by 2.04x to Rs1.51bn in 1HCY23.
On the expense side, the total non-markup expenses rose to Rs18.21bn in 1HCY23 compared to Rs12.51bn in SPLY, depicting an increase of 45.50%.
The bank incurred higher expenses as the operating costs rose by 44.93% to Rs17.87bn in the respective period.
In addition, the bank incurred a provision reversal of Rs2.33bn during the review period compared to a provision expense of Rs405.66m in the corresponding period last year.
On the tax front, the bank paid Rs7.59bn, 73.95% higher than the amount paid in 1HCY22.
| Consolidated Profit and Loss account for the half-year ended June 30, 2023 ('000 Rupees) | |||
|---|---|---|---|
| Jun-23 | Jun-22 | % Change | |
| Mark-up/return/interest earned | 82,106,487 | 40,816,446 | 101.16% |
| Mark-up/return/interest expenses | 51,368,652 | 24,583,377 | 108.96% |
| Net mark-up/interest income | 30,737,835 | 16,233,069 | 89.35% |
| Non-mark-up/interest income | |||
| Fee and commission income | 4,513,416 | 3,523,311 | 28.10% |
| Dividend income | 209,983 | 349,570 | -39.93% |
| Foreign exchange income | 1,671,675 | 1,429,045 | 16.98% |
| Income from derivatives | 116,342 | 49,898 | 133.16% |
| (Loss)/Gain on sale of securities – net | (1,535,484) | (752,803) | 103.97% |
| Other income | 103,988 | 125,091 | -16.87% |
| Total non-mark-up/interest income | 5,079,920 | 4,724,112 | 7.53% |
| Total income | 35,817,755 | 20,957,181 | 70.91% |
| Non mark-up/interest expenses | |||
| operating expenses | 17,869,048 | 12,329,382 | 44.93% |
| Workers welfare fund | 335,503 | 179,029 | 87.40% |
| Other charges | 2,560 | 4,714 | -45.69% |
| Total non-mark-up/interest expenses | 18,207,111 | 12,513,125 | 45.50% |
| Share of loss of associates | (32,065) | (126,497) | |
| Profit before provisions | 17,578,579 | 8,317,559 | 111.34% |
| Provision and write-offs -net | 2,325,104 | (405,658) | -673.17% |
| Extraordinary/unusual items | – | – | |
| Profit before taxation | 15,253,475 | 8,723,217 | 74.86% |
| Taxation | 7,593,834 | 4,365,513 | 73.95% |
| Profit after taxation | 7,659,641 | 4,357,704 | 75.77% |
| Basic and diluted earnings per share (Rupees) | 5.05 | 2.87 | – |
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Posted on: 2023-08-24T15:06:55+05:00
