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
October 19, 2018 (MLN): Bank of Khyber’s consolidated profits for the nine month period ended September 30th, 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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