Sharp decline in gains pull down Bank of Khyber's profits by 32.55%

MG News | October 19, 2018 at 04:28 PM GMT+05:00

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October 19, 2018 (MLN): Bank of Khyber’s consolidated profits for the nine month period ended September 30^th, 2018 withered by 32.55% due to a sharp decline in gain on sale of securities.

Even though the company enjoyed relatively better margins in terms of net mark-up return (+14.31%), the shrill decline in gain on sale of securities (-98.81%) caused the total non-mark-up income and subsequently the total return of bank to fall by 65.12% and 8.78% respectively.

Furthermore, the increase in total non-mark-up expenses by 9.4% also played a role in weighing down the company’s profits before taxes by 34.09%.

The taxation for the company recorded a decline of around 28.76%, which again failed to pull up the profits of the company by significant margin.

The company’s earnings per share were recorded at Rs.0.93 per share, indicating a drop of 32.61%.

Profit and loss account for nine months ended September 30th 2018 ('000 Rupees)
	Sep-18	Sep-17	% Change
Mark-up / return / interest earned	10,618,021	10,601,510	0.16%
Mark-up / return / interest expensed	-6,657,142	-7,136,439	-6.72%
Net mark-up / return/ interest income	3,960,879	3,465,071	14.31%
Provision / (reversal) against loans and advances	12,204	102,681	-88.11%
(Reversal) in diminution for the value of investments	-5,763	-8,378	-31.21%
Bad debts written off directly	65
Net mark-up / return / interest income after provisions	3,954,373	3,370,768	17.31%
NON MARK-UP / RETURN / INTEREST INCOME
Fee, commission and brokerage income	295,561	219,094	34.90%
Dividend income	32,553	41,910	-22.33%
Income from dealing in foreign currencies	107,166	54,586	96.33%
Gain on sale of securities - net	13,794	1,156,717	-98.81%
Other income.	95,328	88,658	7.52%
Total non-mark-up / return / interest income	544,402	1,560,965	-65.12%
Total return/Interest income	4,498,775	4,931,733	-8.78%
NON MARK-UP / RETURN / INTEREST EXPENSES
Administrative expenses	2,952,399	2,726,564	8.28%
Other provisions		-7,420
Other charges	22,145	-87
Total non-mark-up / return / interest expenses	2,974,544	2,719,057	9.40%
PROFIT BEFORE TAXATION	1,524,231	2,312,676	-34.09%
`Taxation	596,524	837,331	-28.76%
PROFIT AFTER TAXATION	927,707	1,375,345	-32.55%
Earnings per share - Basic and Diluted	0.93	1.38	-32.61%

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