Faysal Bank's net profitability rises by 24.37% YoY in CY19

By MG News | February 13, 2020 at 03:58 PM GMT+05:00

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February 13, 2020 (MLN): Faysal bank Limited (FABL) has announced its consolidated financial results for the year ended December 31, 2019. As per the results, the bank has reported net earnings of Rs 6 billion (EPS: Rs 3.96), up by 24.37% against Rs 4.82 billion of the last year.

The profitability of the bank went up primarily due to higher net interest income, up by 30% YoY, as a result of solid balance sheet growth and better asset pricing.

The bank’s interest income rose 66%YoY at Rs 58 billion in CY19. However, interest expense also increased by 97% YoY, thereby curtailing growth in the bank’s net interest income (NII) to 30% YoY during CY19.

During CY19, Non-funded income (NFI) of the bank jumped up by 10% YoY mainly on account of higher fee and commission income ( up by 9% YoY), dividend income (up by 2.5 times YoY) and FX income (up by 44% YoY). However, operating expenses of the bank surged by 16% YoY, limiting the favourable impact of higher NII and NFI on the bank’s net earnings.

Other than this, the bank has disclosed the price-sensitive information that State Bank of Pakistan has granted the approval of the Capital injection of Rs 500 million by Faysal Bank Limited in Faysal Asset management limited which its 99.99% owned subsidiary.

Profit and Loss account for the year ended December 31st 2019 ('000 Rupees)
	Dec-19	Dec-18	% Change
Mark-up/return/interest earned	58,398,995	35,201,159	65.90%
Mark-up/return/interest expenses	37,272,461	18,924,859	96.95%
Net mark-up/interest income	21,126,534	16,276,300	29.80%
Non mark-up/interest income
Fee and commission income	4,228,311	3,878,747	9.01%
Dividend income	428,588	170,110	151.95%
Foreign exchange income	2,833,324	1,970,720	43.77%
Income from derivatives	175,652	118,641	48.05%
(Loss)/Gain on sale of securities - net	(565,986)	50,627	-
Other income	250,759	434,231	-42.25%
Total non-mark-up/interest income	7,350,648	6,623,076	10.99%
Total income	28,477,182	22,899,376	24.36%
Non mark-up/interest expenses
operating expenses	17,211,009	14,834,287	16.02%
Workers welfare fund	232,722	172,758	34.71%
Other charges	32,707	90,275	-63.77%
Total non-mark-up/interest expenses	17,476,438	15,097,320	15.76%
Profit before provisions	11,000,744	7,802,056	41.00%
Provision/(reversal of provision) and recoveries against writeb-off debts-net	842,257	(421,992)	-
Share of loss of associate	-	(11,804)
Extraordinary/unusual items	-	-
Profit before taxation	10,158,487	8,212,244	23.70%
Taxation	4,154,446	3,384,633	22.74%
Profit after taxation	6,004,041	4,827,611	24.37%
Basic and diluted earnings per share (Rupees)	3.96	3.18	24.53%

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