August 20, 2020 (MLN): Faysal Bank has reported a net profit of Rs 3.79 billion (EPS: Rs 2.50) for the half-year ended June 30, 2020, depicting a growth of 26% against net profits of Rs 3 billion (EPS: Rs 1.98) of the corresponding period last year.
The improvement in net earnings is the result of Net Interest Income (NII) which went up by 31% YoY.
As per the financial statement issued to PSX, the bank’s non-funded income (NFI) increased by only 6% YoY due to capital gains of Rs 1 billion. However, fee income took a 25% YoY hit owing to the impact of the pandemic on economic activity along with lower FX income (down by 43% YoY).
During the period under review, the bank’s operating expenses increased by 18% YoY to stand at Rs 9.43 billion. Moreover, provisioning charges ballooned by 2x YoY to clock in at Rs 1.46 billion.
|
Profit and Loss account for the half-year ended June 30th, 2020 ('000 Rupees) |
|||
|---|---|---|---|
|
|
Jun-20 |
Jun-19 |
% Change |
|
Mark-up/return/interest earned |
31,957,073 |
25,730,284 |
24.20% |
|
Mark-up/return/interest expenses |
18,738,842 |
15,671,429 |
19.57% |
|
Net mark-up/interest income |
13,218,231 |
10,058,855 |
31.41% |
|
Non-mark-up/interest income |
|
|
|
|
Fee and commission income |
1,714,253 |
2,031,097 |
-15.60% |
|
Dividend income |
239,888 |
242,076 |
-0.90% |
|
Foreign exchange income |
928,564 |
1,632,529 |
-43.12% |
|
Income from derivatives |
101,043 |
73,720 |
37.06% |
|
(Loss)/Gain on sale of securities – net |
1,023,946 |
(408,629) |
-350.58% |
|
Other income |
(9,265) |
195,966 |
-104.73% |
|
Total non-mark-up/interest income |
3,998,429 |
3,766,759 |
6.15% |
|
Total income |
17,216,660 |
13,825,614 |
24.53% |
|
Non-mark-up/interest expenses |
|
|
|
|
operating expenses |
9,179,312 |
7,795,009 |
17.76% |
|
Workers welfare fund |
148,127 |
121,489 |
21.93% |
|
Other charges |
108,012 |
17,219 |
527.28% |
|
Total non-mark-up/interest expenses |
9,435,451 |
7,933,717 |
18.93% |
|
Profit before provisions |
7,781,209 |
5,891,897 |
32.07% |
|
Provision and write-offs -net |
1,464,808 |
670,910 |
118.33% |
|
Extraordinary/unusual items |
– |
– |
|
|
Profit before taxation |
6,316,401 |
5,220,987 |
20.98% |
|
Taxation |
2,522,380 |
2,215,562 |
13.85% |
|
Profit after taxation |
3,794,021 |
3,005,425 |
26.24% |
|
Basic and diluted earnings per share (Rupees) |
2.50 |
1.98 |
26.26% |
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