October 26, 2023 (MLN): Bank Alfalah Limited (PSX: BAFL) has revealed its profit for the 9MCY23, as per which the bank’s profit rose by 92.34% YoY to Rs27.46 billion [EPS: 17.41], compared to Rs14.28bn [EPS: 8.03] recorded in the Same Period Last Year (SPLY), bank’s filing on PSX revealed today.
Going by the income statement, the bank witnessed an increase of 68.42% YoY in its net interest income (NII) to stand at Rs90.9bn, compared to Rs53.97bn in SPLY. The surge in NII is due to a jump in interest-earning (Rs286.28bn), up by 98.61% YoY.
During the period under review, the bank’s total non-markup income also increased by 8.11% YoY to Rs17.78bn, owing to a significant jump in fee, commission, and brokerage income of 31.18% YoY to Rs10.96bn.
Similarly, BAFL’s gain from derivative securities surged to Rs1.13bn during the review period, compared to Rs211.05m in the SPLY.
Conversely, the foreign exchange and dividend income reported by the bank fell by 9.78% YoY and 8% YoY to Rs7.52bn and Rs701.56m respectively.
Moving forward, the profit and loss statement shows that an increase provision of Rs9.16bn was incurred during 9MCY23, 12.65% YoY higher than the provision expense in the SPLY.
On the expense side, the total non-markup expenses increased by 33.35% YoY to Rs47.91bn in 9MCY23 compared to Rs35.92bn in 9MCY22.
The increase was attributed to a 32.15% YoY jump in operating expenses, rising from Rs35.25bn in 9MCY22 to Rs46.58bn in 9MCY23.
Additionally, the bank’s expenses related to the Workers' Welfare Fund and other charges also went up during the review period.
On the tax front, the bank paid Rs26.13bn, 87.82% YoY higher than the amount paid in 9MCY22.
| Consolidated Financial Results for the nine months ended September 30, 2023 ('000 Rupees) | |||
|---|---|---|---|
| Sep-23 | Sep-22 | % Change | |
| Mark-up/return/interest earned | 286,279,568 | 144,143,553 | 98.61% |
| Mark-up/return/interest expensed | 195,379,231 | 90,171,280 | 116.68% |
| Net mark-up/interest income | 90,900,337 | 53,972,273 | 68.42% |
| Non mark-up/interest income | |||
| Fee and commission income | 10,960,126 | 8,229,485 | 33.18% |
| Dividend income | 701,559 | 762,603 | -8.00% |
| Foreign exchange income | 7,518,196 | 8,333,329 | -9.78% |
| Gain/(loss) from derivatives | 1,127,246 | 211,053 | – |
| Gain / (loss) on sale of securities | (1,799,345) | (133,723) | – |
| Share of profit from associates | 989,827 | 619,548 | 59.77% |
| Other income | 257,787 | 251,050 | 2.68% |
| Total non-mark-up/interest income | 19,755,396 | 18,273,345 | 8.11% |
| Total income | 110,655,733 | 72,245,618 | 53.17% |
| Non mark-up/interest expenses | |||
| Operating expenses | 46,576,334 | 35,246,298 | 32.15% |
| Workers welfare fund | 1,191,335 | 663,445 | 79.57% |
| Other charges | 138,261 | 14,280 | 868.21% |
| Total non-mark-up/interest expenses | 47,905,930 | 35,924,023 | 33.35% |
| Profit before provisions | 62,749,803 | 36,321,595 | 72.76% |
| Provisions and write offs – net | 9,164,461 | 8,135,217 | 12.65% |
| Extra-ordinary/ unusual items | – | – | |
| Profit before taxation | 53,585,342 | 28,186,378 | 90.11% |
| Taxation | 26,127,351 | 13,910,770 | 87.82% |
| Profit after taxation | 27,457,991 | 14,275,608 | 92.34% |
| Earnings per share – basic (rupees) | 17.41 | 8.03 | – |
BAFL and KSE-100 YTD Performance
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Posted on:2023-10-26T13:26:10+05:00
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