Bank Al-Habib profits up 5% in 1HCY22 – Mettis Global Link

Aug 24, 2022 (MLN): Bank Al-Habib Limited (BAHL) posted consolidated net profit of Rs9.6 billion (EPS: Rs8.63) during 1HCY22, i.e. 5% higher than net profit of Rs9.1 billion (EPS: Rs8.21) recorded in the same period of the 2021 calendar year.

This moderate growth in profitability is the result of higher taxes, but net interest income (NII) and remarkable growth in unfunded income (NFI) supported the result.

Judging by the financial results, the bank’s interest income was up 39.5% yoy while interest expense was up about 54.2% yoy, hence BAHL’s net interest income (NII) was Rs 34 billion, witness a jumped from 24.7% yoy due to a repricing of assets at higher interest rates amid a hike in key rates.

While the bank’s unfunded revenues (NFI) noted a 62% year-over-year increase to Rs10.2 billion due to a 32% increase in fee and commission revenue, foreign exchange revenues increased approximately 3x year on year combined with capital gains on securities of Rs167 million, increased by 11.6 times year on year during the said period.

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On the provision side, the bank reported a provision of Rs654mn in 1HCY22 compared to a reversal of Rs28mn reported in 1QCY21, limiting its net profit.

On the tax front, the effective tax rate was 48%, up from 37% in 1HCY21.

Consolidated income statement for the half year ended June 30, 2022 (rupees in ‘000)

June-22

Jun-21

% Change

Surcharge/return/earned interest

76,820,349

55,062,074

39.52%

Surcharge/return/interest costs

(42,641,644)

(27,655,595)

54.19%

Net storage/return/interest income

34.178.705

27,406,479

24.71%

NON-MARK-UP / INTEREST INCOME

Commission and commission income

5,852,910

4,436.173

31.94%

Dividend Income

259.904

162.802

59.64%

Foreign exchange earnings

3.108.743

1,049,000

196.35%

Income/(loss) from derivatives

Earnings on securities – net

167.110

14,339

1065.42%

Share of profit of associates

363.659

139,074

161.49%

Other income

427,615

467,698

-8.57%

Total non-surcharge/interest income

10.179.941

6.269.086

62.38%

Total income

44,358.646

33,675,565

31.72%

NON-MARK-UP / INTEREST CHARGES

Operating costs

(24,915.032)

(18,940345)

31.54%

Employee welfare fund

(385,165)

(297,272)

29.57%

Other costs

(797)

(2078)

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-61.65%

Total non-surcharge/interest costs

(25,300,994)

(19,239,695)

31.50%

Profit before provisions

19,057,652

14,435,870

32.02%

(Provisions)/ reversals and write-downs – net

(654.507)

28.230

Extraordinary / Unusual Items

Profit for taxes

18.403.145

14.464.100

27.23%

Taxes

(8,811,543)

(5.329.090)

65.35%

Profit after taxes

9,591,602

9.135.010

5.00%

Earnings per share – basic and diluted (in rupees)

8.63

8.21

5.12%

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Posted on:202-08-24T14:48:55+05:00

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This post Bank Al-Habib profits up 5% in 1HCY22 – Mettis Global Link

was original published at “https://mettisglobal.news/bank-al-habibs-profits-inch-up-by-5-in-1hcy22/”

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