Faysal Bank Limited’s overall profits for the half year ended on June 30th 2018 suffered a drop of 15.7% mainly due to increased administrative expenses. The profits decreased from Rs.2.9 billion during the half year ended June 30th 2017 to Rs.2.4 billion.
The company’s Board of Directors conducted a meeting on August 27, 2018 to discuss its financial earnings for the period.
Although Faysal Bank’s net mark-up/interest income after provisions rose by 3.74, its total non-mark-up/interest income reduced by almost 3%.
Moreover, the company’s administrative expenses shot up by almost 13%, leading to a 13% increase in total non-mark-up/interest expenses.
Apart from this, earnings per shares (basic and diluted) are reported to have reduced from Rs.2.17 per share to Rs.1.59 per share.
|Profit and Loss Account for the Half year ended June 30th 2018 ('000 Rupees)|
|Net mark-up/interest income||7,211,184||7,011,312||2.85%|
|Reversal of provision agains non-performing loans and advances – net||(597,259)||(509,924)||17.13%|
|Provision for consumer and small enterprise loans – general||69,387||44,513||55.88%|
|(Reversal of provision)/provision against off balance sheet obligations||21,581||–|
|(Reversal of provision)/provision for diminution in value of investments – net||(49,623)||(5,846)||748.84%|
|Recoveries against written off debts – net||(51,133)||(53,508)||-4.44%|
|Net mark-up/interest income after provisions||7,818,231||7,536,077||3.74%|
|Non mark-up/interest income|
|Fee, commission and brokerage income||1,733,755||1,470,930||17.87%|
|Income from dealing in foreign currencies||952,694||585,118||62.82%|
|Gain on sale of securities – net||174,309||1,030,616||-83.09%|
|Unrealised gain/(loss) or revaluation of investments classified as held for trading – net||2,204||3,342||-34.05%|
|Total non-mark-up/interest income||3,224,200||3,320,392||-2.90%|
|Non mark-up/interest expenses|
|Other provisions – net||–||–|
|Total non-mark-up/interest expenses||6,792,917||5,996,450||13.28%|
|Share of loss of associate||(6,196)||(17,954)||-65.49%|
|Profit before taxation||4,243,318||4,842,065||-12.37%|
|Profit after taxation||2,410,555||2,859,426||-15.70%|
|Basic and diluted earnings per share (Rupees)||1.59||2.17||-26.73%|