Faysal Bank reports a 26% rise in half-yearly profits

By MG News | August 20, 2020 at 05:25 PM GMT+05:00

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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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