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

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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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