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

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%

Copyright Mettis Link News

Posted on: 2020-08-20T17:25:00+05:00

36458