KARACHI: Bank Al-Habib Limited (BAHL) unveiled its 1QCY19 ended March 31, 2019 consolidated net earnings at PKR 2.05 billion translating into earning per share (EPS) of PKR 1.85 versus profit of PKR 2.07 billion and EPS of PKR 1.86 recorded in the corresponding quarter last year, depicting flat bottom-line (-1%YoY).
“The earnings arrived below our expectation owing to higher than anticipated provisioning charge during the quarter,” an analyst at Pearl Securities said.[the_ad id=”32940″]Interest income of the bank rose 63% YoY to PKR 21.52 billion in 1QCY19. However, interest expense also surged 89% YoY, thereby resulting in 40% YoY expansion in bank’s net interest income (NII) during the quarter.
As expected, non-funded income (NFI) of the bank incremented notably (+26%YoY) mainly due to considerable accretion in fee revenues (+50%YoY). However, operating expenses of the bank also rose 21% YoY during the quarter.
Moreover, tax expenses also surged 81% YoY to PKR 2.38 billion, with effective tax rate incrementing 15pps to 54%.