August 19, 2019 (MLN): Bank Alfalah Limited (BAFL) has announced a nearly 3% jump in its half yearly profit. The Bank’s consolidated net income for the period which ended on June 30, 2019 has been reported at Rs.6.2 billion while EPS is Rs.3.41 per share.
These results have fallen short of the market’s expectation of a 17% growth in net income, despite recording a 43% rise in foreign exchange income as predicted.
In addition to this, the Bank’s Board of Directors has recommended an interim cash dividend at the rate of Rs.2 per share, i.e. 20%.
According to the financial results issued to the Pakistan Stock Exchange (PSX), BAFL’s Net mark-up/interest income expanded by 41% on a year-on-year basis, logging in at Rs.21.7 billion.
Meanwhile, the total non-mark-up/interest income (Rs.4.99 billion) shrunk by 11.7% YoY which brought the total income to Rs.26.6 billion which is 27% higher than that recorded last year.
On the other hand, BAFL’s total non-mark-up/interest expenses (Rs.14.3 billion) increased by 20% while tax expenses grew by 31% to Rs.5.2 billion.
Consolidated Financial Results for the half year ended June 30, 2019 ('000 Rupees) |
|||
|
Jun-19 |
Jun-18 (Restated) |
% Change |
Mark-up/return/interest earned |
41,629,106 |
28,091,911 |
48.19% |
Mark-up/return/interest expensed |
19,977,435 |
12,735,920 |
56.86% |
Net mark-up/interest income |
21,651,671 |
15,355,991 |
41.00% |
Non mark-up/interest income |
|
|
|
Fee and commission income |
3,511,972 |
3,143,344 |
11.73% |
Dividend income |
169,777 |
272,709 |
-37.74% |
Foreign exchange income |
1,263,768 |
882,858 |
43.15% |
Gain/(loss) from derivatives |
(12,892) |
30,796 |
|
Gain / (loss) on sale of securities |
(64,198) |
1,182,052 |
|
Other income |
127,209 |
147,794 |
-13.93% |
Total non-mark-up/interest income |
4,995,636 |
5,659,553 |
-11.73% |
Total income |
26,647,307 |
21,015,544 |
26.80% |
Non mark-up/interest expenses |
|
|
|
Operating expenses |
13,887,886 |
11,665,122 |
19.05% |
Workers welfare fund |
255,384 |
192,202 |
32.87% |
Other charges |
109,292 |
1,154 |
9370.71% |
Total non-mark-up/interest expenses |
14,252,562 |
11,858,478 |
20.19% |
Profit before provisions |
12,394,745 |
9,157,066 |
35.36% |
Provisions and write offs – net |
979,828 |
(850,456) |
|
Extra-ordinary/ unusual items |
– |
– |
|
Profit before taxation |
11,414,917 |
10,007,522 |
14.06% |
Taxation |
5,205,958 |
3,968,564 |
31.18% |
Profit after taxation |
6,208,959 |
6,038,958 |
2.82% |
Earnings per share – basic (rupees) |
3.50 |
3.41 |
2.64% |
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