Faysal Bank reports 11% growth in profits during 2020

February 18, 2021 (MLN): Faysal Bank has reported earnings of Rs. 6.68 billion (EPS 4.4) for the year ended December 31, 2020, i.e. nearly 11% higher as compared to the earnings of last year.

Despite a 4% decline in interest income, FABL saw a 16% growth in NII on account of lower interest expense. It also witnessed a 14.8% increase in non-interest income owing to the presence of gain on securities.

Against a total income of Rs. 32.89 billion, Faysal Bank incurred total expenses of Rs. 19.9 billion, i.e. higher by almost 14% as compared to the previous year.

Further strain was exerted by provisioning expense, which grew by nearly 20% during the year. However, the impact of it was somewhat mitigated by the share of profit from associates that amounted to Rs. 156.1 million.  

Consolidated Financial Results for the year ended December 31, 2020 (Rupees in '000)

 

Dec-20

Dec-19

% Change

Mark-up/return/interest earned

55,925,846

58,398,995

-4.2%

Mark-up/return/interest expensed

(31,378,104)

(37,272,461)

-15.8%

Net mark-up and interest income

24,547,742

21,126,534

16.2%

NON-MARK-UP / INTEREST INCOME

  

Fee and commission income

4,085,368

4,228,311

-3.4%

Dividend income

281,864

428,588

-34.2%

Foreign exchange income

2,093,354

2,756,432

-24.1%

Income/(loss) from dertivatives

48,201

175,652

-72.6%

Gain/(loss) on securities – net

1,714,254

(565,986)

 

Other income

128,865

250,759

-48.6%

Total non-markup / interest income

8,351,906

7,273,756

14.8%

Total income

32,899,648

28,400,290

15.8%

NON MARK-UP / INTEREST EXPENSES

  

Operating expenses

(19,569,580)

(17,211,009)

13.7%

Workers welfare fund – net

(227,031)

(232,722)

-2.4%

Other charges

(114,170)

(32,707)

249.1%

Total non-markup / interest expenses

(19,910,781)

(17,476,438)

13.9%

Share of profit of associates

156,170

  

Profit before provisions

13,145,037

10,923,852

20.3%

Provisions/(Reversals) and write offs – net

(2,254,301)

(765,365)

194.5%

Extra-ordinary / unusual items

   

PROFIT BEFORE TAXATION

10,890,736

10,158,487

7.2%

Taxation

(4,210,115)

(4,154,446)

1.3%

PROFIT AFTER TAXATION

6,680,621

6,004,041

11.3%

Basic and diluted earnings per share

4.4

3.96

11.1%

 

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Posted on: 2021-02-18T17:25:00+05:00

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