April 25, 2019 (MLN): Faysal Bank Limited (FABL) has reported last quarter’s consolidated profit at Rs.1.6 billion (EPS: Rs.1.05), thereby recording a 31.5% (or Rs.383.3 million) growth over the year.
Mr. Mustafa Mustansir at Taurus Securities has pointed out in a post earnings review note, that due to high ADR within the industry and significant exposure to MTBs, the bank’s net interest income (Rs.4.9 billion) grew by Rs.1.6 billion or 46%.
Meanwhile, non-mark-up income (Rs.1.7 billion) rose by 12.9% over the year, due to increase in fee income (Rs.809.4 million) and foreign exchange income (Rs.792.5 million) as they rose by Rs.43.3 million and Rs.383.8million respectively.
Following this, the bank’s total income has been recorded at Rs.6.67 billion which is an improvement of nearly 36% over the year.
On the other hand, FABL’s non-mark-up expenses expanded by 20.9% or Rs.670.2 million, adding up to a total of Rs.3.88 billion.
|
Profit and Loss account for the quarter ended March 31, 2019 ('000 Rupees) |
|||
|---|---|---|---|
|
|
Mar-19 |
Mar-18 |
% Change |
|
Mark-up/return/interest earned |
12,205,030 |
7,224,092 |
68.95% |
|
Mark-up/return/interest expensed |
7,257,897 |
3,844,034 |
88.81% |
|
Net mark-up/interest income |
4,947,133 |
3,380,058 |
46.36% |
|
Non mark-up/interest income |
|
|
|
|
Fee and commission income |
809,364 |
766,072 |
5.65% |
|
Dividend income |
75,148 |
15,232 |
393.36% |
|
Foreign exchange income |
792,462 |
408,677 |
93.91% |
|
Income from derivatives |
53,272 |
18,140 |
193.67% |
|
(Loss)/gain on sale of securities |
(44,124) |
267,786 |
|
|
Other income |
33,799 |
47,972 |
-29.54% |
|
Total non-mark-up/interest income |
1,719,921 |
1,523,879 |
12.86% |
|
Total income |
6,667,054 |
4,903,937 |
35.95% |
|
Non mark-up/interest expenses |
|
|
|
|
Operating expenses |
3,813,016 |
3,135,434 |
21.61% |
|
Workers welfare fund |
63,081 |
76,644 |
-17.70% |
|
Other charges |
6,177 |
– |
|
|
Total non-mark-up/interest expenses |
3,882,274 |
3,212,078 |
20.86% |
|
Profit before provisions |
2,784,780 |
1,691,859 |
64.60% |
|
Reversal of provision and recoveries against written-off debts – net |
(206,304) |
(312,878) |
-34.06% |
|
Share of loss of associate |
– |
(2,598) |
|
|
Extraordinary / unusual items |
– |
– |
|
|
Profit before taxation |
2,991,084 |
2,002,139 |
49.39% |
|
Taxation |
1,390,568 |
784,936 |
77.16% |
|
Profit after taxation |
1,600,516 |
1,217,203 |
31.49% |
|
Basic and diluted earnings per share (Rupees) |
1.05 |
0.80 |
31.25% |
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