October 24, 2019 (MLN): Faysal Bank Limited (FABL) has announced its financial results for the nine months ended on September 30, 2019. As per the results, the bank has posted its net profits of Rs 4 billion (EPS: Rs2.90), up by 22% YoY compared to last year net profit of Rs 3.5 billion (EPS: Rs2.36).
The bank’s interest income surged by 71.81%, YoY. However, interest expenses increased noticeably by 2 times compared to last year interest expenses, resulting in a rise of Net Interest Income (NII) by 37.03%.
The bank’s foreign exchange income and income from dealing in foreign currencies accelerated by 48.8% and 94.8% respectively.
Despite losses on the sale of securities and drop in other income, the bank managed to pull its non-interest income by 7.84%.
In addition, the upsurge in operating expenses led to non-interest expenses grew by 16.25% to Rs. 166 million.
|
Profit and Loss account for the nine months ended September 30th 2019 ('000 Rupees)
|
|||
|---|---|---|---|
|
|
Sep-19 |
Sep-18 |
% Change |
|
Mark-up/return/interest earned |
41,268,289 |
24,019,408 |
71.81% |
|
Mark-up/return/interest expenses |
26,126,239 |
12,969,561 |
|
|
Net mark-up/interest income |
15,142,050 |
11,049,847 |
37.03% |
|
Non mark-up/interest income |
|
|
|
|
Fee, commission and brokerage income |
3,018,383 |
2,775,900 |
8.74% |
|
Dividend income |
322,998 |
100,118 |
|
|
Foreign exchange income |
2,181,212 |
1,465,818 |
48.81% |
|
Income from dealing in foreign currencies |
132,306 |
67,909 |
94.83% |
|
(Loss)/Gain on sale of securities – net |
(630,136) |
168,127 |
|
|
Other income |
268,671 |
330,784 |
-18.78% |
|
Total non-mark-up/interest income |
5,293,434 |
4,908,656 |
7.84% |
|
Total income |
20,435,484 |
15,958,503 |
28.05% |
|
Non mark-up/interest expenses |
|
|
|
|
Operating expenses |
12,062,758 |
10,359,394 |
16.44% |
|
Workers welfare fund |
166,247 |
142,701 |
16.50% |
|
Other charges |
29,902 |
42,897 |
-30.29% |
|
Total non-mark-up/interest expenses |
12,258,907 |
10,544,992 |
16.25% |
|
Profit before provisions |
8,176,577 |
5,413,511 |
51.04% |
|
Provision/(reversal of provision) and recoveries against write-off debts-net |
727,425 |
(824,782) |
|
|
Share of loss of associate |
– |
(8,771) |
|
|
Extraordinary/unusual items |
– |
– |
|
|
Profit before taxation |
7,449,152 |
6,229,522 |
19.58% |
|
Taxation |
3,046,735 |
2,648,031 |
15.06% |
|
Profit after taxation |
4,402,417 |
3,581,491 |
22.92% |
|
Basic and diluted earnings per share (Rupees) |
2.90 |
2.36 |
22.88% |
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