August 25, 2021 (MLN): BankIslami Pakistan Limited (BIPL) has made profits of Rs1.02 billion for the half-year ended June 30, 2021, depicting an increase of around 8% YoY. However, its pre-tax profit inched lower by 0.6% as compared to the same period last year.
This has translated into earnings per share (EPS) of Rs0.92 for the period which is approx. 8% higher than the EPS recorded in the same period of last year.
According to the financial results issued to PSX, the bank witnessed a decline of 25% YoY in its net return during the period. The total other income also dropped by 7.5% on the back of lower foreign exchange income (down by 21%) coupled with an 88% decrease in capital gains.
On the other hand, the bank saw a reversal of provision worth Rs267mn against the provision of Rs1.54bn during 1HCY20.
The major highlight is a 10.4% YoY decrease in taxes which converted a decline in pre-tax profits into growth in the bottom-line during 1HCY21.
|
Consolidated Profit and Loss Account for the Half Year ended June 30, 2021 ('000 Rupees) |
|||
|---|---|---|---|
|
|
Jun-21 |
Jun-20 |
% Change |
|
Profit/return earned |
10,948,721 |
14,756,112 |
-25.80% |
|
Profit/return expensed |
5,862,446 |
7,964,772 |
-26.40% |
|
Net Profit/return |
5,086,275 |
6,791,340 |
-25.11% |
|
OTHER INCOME |
|
|
|
|
Fee and commission income |
611,204 |
440,033 |
38.90% |
|
Dividend income |
9,048 |
7,050 |
28.34% |
|
Foreign exchange income |
169,579 |
213,774 |
-20.67% |
|
Gain on sale of securities |
28,941 |
232,886 |
-87.57% |
|
Other income |
44,163 |
39,300 |
12.37% |
|
Total other income |
862,935 |
933,043 |
-7.51% |
|
Total income |
5,949,210 |
7,724,383 |
-22.98% |
|
OTHER EXPENSES |
|
|
|
|
Operating expenses |
4,484,473 |
4,135,818 |
8.43% |
|
Workers Welfare Fund |
40,934 |
37,642 |
8.75% |
|
Other charges |
2,055 |
129,732 |
-98.42% |
|
Total other expenses |
4,527,462 |
4,303,192 |
5.21% |
|
|
|
|
|
|
Profit before provisions |
1,421,748 |
3,421,191 |
-58.44% |
|
Provision/ (reversal of provision) and write offs-net |
(267,278) |
1,537,946 |
– |
|
Share of profit/ (loss) from associate – net of tax |
43,858 |
(140,575) |
– |
|
Profit before taxation from continuing operations |
1,732,884 |
1,742,670 |
-0.56% |
|
Taxation |
717,731 |
800,856 |
-10.38% |
|
Profit after taxation from continuing operations |
1,015,153 |
941,814 |
7.79% |
|
Basic and diluted earnings per share for profit from continuing operations attributable to the ordinary equity holders of the bank (Rupees) |
0.9156 |
0.8495 |
7.78% |
Copyright Mettis Link News
42944
