August 10, 2023 (MLN): Bank Alfalah Limited (PSX: BAFL) has revealed its financial statement today for the half year ended June 30, 2023, as per which the bank posted a profit worth Rs18.63 billion [EPS: Rs11.80], depicting a surge of 2.13x YoY, compared to Rs8.76bn [EPS: Rs4.93] in the same period last year (SPLY), bank’s filing on PSX showed today.
Along with the 1HCY23 financial results, the board of directors of BAFL has also announced an interim cash dividend for the period ended June 30, 2022, at Rs3 per share i.e. 30%.
Going by the income statement, the bank witnessed an increase of 84.10% in its net interest income (NII) to stand at Rs59.13bn, compared to SPLY. The surge in NII is due to a jump in interest-earning (Rs176.48bn), up by 2.14x YoY.
During the period under review, the bank’s Non-Markup Income (NMI) also rose by 19.94% YoY to Rs13.65bn, owing to a significant rise in fee and commission income, Foreign Exchange Income, and gain from derivatives to clock in at Rs6.98bn, Rs5.11bn and 688.99 million, depicting a gain of 31.71%, 5.24% and 6.82x respectively.
In addition, the bank incurred a provision reversal of Rs5bn during the review period compared to the Rs4.04bn in the corresponding period last year.
The total non-interest expenses increased by 41.42% to Rs31.52bn in 1HCY23 compared to Rs22.29bn in 1HCY22.
The increase was attributed to the massive jump of 40% YoY in operating expenses from Rs21.85bn in 1HCY22 to Rs30.57bn in 1HCY23,
On the tax front, the bank paid Rs17.63bn, 2.10x higher than the amount paid in 1HCY22.
| Consolidated Financial Results for half year ended June 30, 2023 ('000 Rupees) | |||
|---|---|---|---|
| Jun-23 | Jun-22 | % Change | |
| Mark-up/return/interest earned | 176,477,796 | 82,448,487 | 114.05% |
| Mark-up/return/interest expensed | 117,345,164 | 50,327,904 | 133.16% |
| Net mark-up/interest income | 59,132,632 | 32,120,583 | 84.10% |
| Non mark-up/interest income | |||
| Fee and commission income | 6,984,738 | 5,325,091 | 31.17% |
| Dividend income | 467,165 | 591,399 | -21.01% |
| Foreign exchange income | 5,105,652 | 4,851,638 | 5.24% |
| Gain/(loss) from derivatives | 688,991 | 101,083 | 581.61% |
| Gain / (loss) on sale of securities | (247,267) | (84,860) | 191.38% |
| Share of profit from associates | 514,502 | 388,898 | 32.30% |
| Other income | 132,778 | 204,229 | -34.99% |
| Total non-mark-up/interest income | 13,646,559 | 11,377,478 | 19.94% |
| Total income | 72,779,191 | 43,498,061 | 67.32% |
| Non mark-up/interest expenses | |||
| Operating expenses | 30,566,551 | 21,854,240 | 39.87% |
| Workers welfare fund | 813,223 | 423,819 | 91.88% |
| Other charges | 136,961 | 7,170 | 1810.20% |
| Total non-mark-up/interest expenses | 31,516,735 | 22,285,229 | 41.42% |
| Profit before provisions | 41,262,456 | 21,212,832 | 94.52% |
| Provisions and write-offs – net | 5,001,963 | 4,040,148 | 23.81% |
| Extra-ordinary/ unusual items | – | – | |
| Profit before taxation | 36,260,493 | 17,172,684 | 111.15% |
| Taxation | 17,634,982 | 8,416,927 | 109.52% |
| Profit after taxation | 18,625,511 | 8,755,757 | 112.72% |
| Earnings per share – basic (rupees) – Restated | 11.80 | 4.93 | – |
CopyrightMettis Link News
Posted on:2023-08-10T13:13:33+05:00
39713
