October 26, 2018 (MLN): Standard Chartered Bank (Pakistan) Limited (SCBPL) has witnessed decent increment in overall profit for the nine month period ended September 30, 20118.
According to the company’s official report on financial earnings for the period, provisions against non-performing loans and advances during this period has caused the net mark-up/return/interest income after provision to rise by about Rs.2 billion over the corresponding period of previous year.
In addition to this, income from dealing in foreign currencies went up considerably by over 50%.
Meanwhile, total non-mark-up/return/interest expenses grew by a much smaller margin in comparision.
The collective impact of all these components resulted in SCBPL’s profits to rise from Rs.6.3 billion to Rs.7.8 billion, marking a rise of 23%.
SCBPL has further reported its basic and diluted earnings per share at Rs.2.01 per share, up from Rs.1.63 per share.
|
Profit and Loss Account for the nine month period ended September 30th 2018 ('000 Rupees) |
|||
|---|---|---|---|
|
|
Sep-18 |
Sep-17 |
% Change |
|
Mark-up/return/interest earned |
21,744,187 |
20,211,897 |
7.58% |
|
Mark-up/return/interest expenses |
(7,794,376) |
(7,060,252) |
10.40% |
|
Net mark-up/return/interest income |
13,949,811 |
13,151,645 |
6.07% |
|
Reversals/(provision) against non-performing loans and advances |
867,975 |
(350,654) |
-347.53% |
|
Recovery of amounts written off |
254,526 |
163,599 |
55.58% |
|
Provision for diminution in the value of investments |
(5,370) |
– |
|
|
Bad debts written off directly |
(162,157) |
(107,003) |
51.54% |
|
Net mark-up/return/interest income after provision |
14,904,785 |
12,857,587 |
15.92% |
|
NON MARK-UP/NON INTEREST INCOME |
|
|
|
|
Fees, commission and brokerage income |
2,978,301 |
3,315,503 |
-10.17% |
|
Dividend income |
– |
875 |
|
|
Income from dealing in foreign currencies |
2,842,547 |
1,845,980 |
53.99% |
|
Gain on sale of securities – net |
997,178 |
636,807 |
56.59% |
|
Unrealized gain/(loss) on revaluation of investments classified as held for trading |
31,307 |
451 |
6841.69% |
|
Other income |
(476,245) |
410,315 |
|
|
Total non-mark-up/ non-interest income |
6,373,088 |
6,209,931 |
2.63% |
|
NON MARK-UP/NON INTEREST EXPENSES |
|
|
|
|
Administrative expenses |
(8,366,731) |
(8,292,869) |
0.89% |
|
Other reversals/(provisions)/(asset write-offs) |
(7,226) |
– |
|
|
Other charges |
(258,417) |
(211,898) |
21.95% |
|
Total non-mark-up/ non-interest expenses |
(8,632,374) |
(8,504,767) |
1.50% |
|
Extraordinary/unusual items |
– |
– |
|
|
Profit before taxation |
12,645,499 |
10,562,751 |
19.72% |
|
Taxation |
(4,871,572) |
(4,242,727) |
14.82% |
|
Profit after taxation |
7,773,927 |
6,320,024 |
23.00% |
|
Basic and diluted earnings per share (Rupees) |
2.01 |
1.63 |
23.31% |
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