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  • Standard Chartered Pakistan registers 84% growth in PBT during 1HCY22

    Standard Chartered Pakistan registers 84% growth in PBT during 1HCY22

    KARACHI: Standard Chartered Bank Limited (SCBPL) announced the record half-yearly profit before tax (PBT) of Rs22 billion, showing an increase of 84 per cent, according to a statement released on Friday.

    Overall revenue grew by 60 per cent to deliver highest ever top-line of Rs27.4 billion, with positive contributions from all segments.

    Operating expenses continue to be well managed through operational efficiencies and disciplined spending with an increase of 11 per cent from the same period last year.

    Moreover, reversal of Covid-19 general provision, coupled with lower impairments and strong recoveries led to a net release of Rs1.3 billion in H1CY22 against a net release of Rs0.7 billion in loan impairments in the comparative period.

    READ MORE: National Bank announces 28% fall in net profit for 1HCY22

    With a diversified product base, the Bank is well positioned to cater for the needs of its clients. On the liabilities side, the Bank’s total deposits grew by Rs48.0 billion showing an increase of 8 per cent, whereas current and saving accounts increased by Rs58.0 billion showing an increase of 10 per cent since the start of this year and comprise 94 per cent of the deposit base.

    On the other hand, advances increased by 2 per cent during first half of the year and the Bank continues to monitor the portfolio in the prevailing economic environment as part of its strategy to build a profitable, efficient and sustainable business.

    The external environment remains challenging, however we remain fully committed to delivering a sustainable growth for our shareholders, bringing the best in class services and solutions for our clients and playing our part in the growth story of Pakistan.

    Standard Chartered continues to make good progress against its strategic priorities. The global network differentiates the bank for its clients, bringing forth innovative solutions, product specialisation and structured offshore offerings.

    READ MORE: Allied Bank’s tax payment grows 121% in 1HCY22

    The bank strives to maximise the contribution to State Bank’s initiatives on promoting housing finance and is consistently ranked amongst the top institutions.

    As of now over Rs4.9 billion have been dispersed under Mera Pakistan Mera Ghar scheme. SCBPL has been a major contributor towards the Roshan Digital Account (RDA) initiative and has channelled remittances of over $367 million into Pakistan since inception and contributed USD 320 million to the investments in Naya Pakistan Certificate (NPC).

    In line with the State Bank’s efforts on financial inclusion, with enhanced digital offering Standard Chartered is now able to reach more clients across the country and provide them with convenience of opening accounts as well as subscribing to products and banking services online.

    Overall, the bank’s transformation journey stands well-curated, closely aligned with the Pakistan’s landscape and helping lift participation through digitization.

    Sustainable finance along with digital solutions for clients and their ecosystem stay as areas of keen focus for the Bank.

    READ MORE: MCB Bank registers 71% decline in profit for 2QCY22

    SCBPL continues its efforts with the global initiative Futuremakers by Standard Chartered in Pakistan to tackle inequality and promote greater economic inclusion for young people in the community.

    Rehan Shaikh, Chief Executive Officer, Standard Chartered Bank (Pakistan) Limited commented: “I am pleased to share our record performance for the first half of 2022, which clearly reflect strong foundations, enhanced productivity and good headway towards achieving our strategic priorities.”

    He also said: “The results give me the confidence that we have the right strategy to deliver real value to our clients, our investors and the communities where we operate.

    “I am thankful to our clients and business partners for their ongoing trust in our capabilities and to our associates, colleagues and staff for their resilience, dedication and hard work in delivering such outstanding results. The Bank stands committed to their growth and well-being.

    READ MORE: Meezan Bank posts 36% growth in half year profit

    “While we are investing heavily in our people, giving colleagues the skills they need to succeed, bringing in expertise in critical areas and evolving to a more innovative and agile operating model, we intend to drive innovation and increase our operational efficiency further.

    “This operational leverage allows us to create capacity to invest in the many exciting and potentially transformational initiatives as the Bank’s pivot to digital continues,” he added.

    With a strong Return on Equity (ROE) of 20.2 per cent for 1HCY22 and a Capital Adequacy Ratio (CAR) of 15.3 per cent, the bank remains well positioned for future growth.

    On the back of a strong performance, the board of directors were pleased to announce highest ever interim cash dividend of 15 per cent (Rs1.50 per share) in respect of the half year ended June 30, 2022.

  • Pakistan State Oil’s profit surges by 224% to Rs95.72 bn

    Pakistan State Oil’s profit surges by 224% to Rs95.72 bn

    Pakistan State Oil Company Limited (PSO) on Friday declared massive growth in net annual profit of 224 per cent to Rs95.72 billion for the year ended June 30, 2022.

    The state oil company announced profit after tax at Rs95.72 billion for the year ended June 30, 2022 as compared with Rs29.55 billion in the preceding fiscal year.

    PSO announced Earnings Per Share (EPS) of Rs194.35 for the fiscal year under review as compared with Rs62.63 in the preceding fiscal year.

    READ MORE: National Bank announces 28% fall in net profit for 1HCY22

    According to consolidated financial results submitted to Pakistan Stock Exchange (PSX), the Board of Directors of PSO in their meeting on August 26, 2022 approved final cash dividend for the financial year ended June 30, 2022 at the rate of Rs10 per share i.e. 100 per cent.

    According to the consolidated results, the net sales of the company surged to Rs2,541.73 billion for the year ended June 30, 2022 as compared with Rs1,223.68 billion in the preceding year.

    READ MORE: Attock Petroleum declares massive 277% growth in annual profit

    The gross profit of the company jumped to Rs178.13 billion for the fiscal year 2021/2022 as compared with Rs57.25 billion in the preceding fiscal year.

    Annual expenses of PSO also increased to Rs37.62 billion as compared with previous year’s Rs20.69 billion.

    Profit from operations sharply increased to Rs165.83 billion during fiscal year 2021/2022 as compared with Rs55.98 billion.

    READ MORE: Shell Pakistan announces Rs7.47 billion profit for 1HCY22

  • National Bank announces 28% fall in net profit for 1HCY22

    National Bank announces 28% fall in net profit for 1HCY22

    KARACHI: National Bank of Pakistan (NBP) on Wednesday announced a sharp decline of 28 per cent in net profit for half year ended June 30, 2022.

    According to financial results submitted to Pakistan Stock Exchange (PSX), the bank announced Rs12.24 billion as profit after tax during the first half (January – June) of calendar year 2022 as compared with Rs17.05 billion in the same half of the last year.

    The bank announced earnings per share (EPS) at Rs5.74 for the half year under review as compared with EPS Rs7.98 in the same half of the last year.

    READ MORE: Engro Corp declares increase in half year profit to Rs16.6 billion

    The massive decline in net profitability may be attributed to significant increase in payment of tax. NBP paid an amount of Rs21.87 billion for the half year ended June 30, 2022 as compared with Rs11.13 billion in the same half of the last year, showing about 97 per cent growth.

    The bank recorded an amount of Rs34.12 profit before tax (PBT) during the first half of CY 2022 as compared with Rs28.17 billion in the same half of the last year, showing a growth of 21.12 per cent.

    The profit after tax of the bank for the second quarter of calendar year 2022 ended June 30, 2022 recorded at Rs2.5 billion, depicting a decrease of 73 per cent Year on Year (YoY).

    Higher taxes dragged the profitability in the second quarter.

    READ MORE: Allied Bank’s tax payment grows 121% in 1HCY22

    Net Interest Income of the bank settled at Rs27 billion during 2QCY22, increasing 6 per cent YoY and Quarter on Quarter (QoQ), both. With this, the total Net Interest Income (NII) for the half year ended June 30, 2022 went up to Rs53 billion, marking a 12 per cent YoY jump. Interest expense registered a significant increase of 116 per cent YoY while interest income was up 68 per cent YoY on the back of policy rate hikes, in the out-going quarter.

    Non-Interest income too was up during the quarter, 7 per cent YoY | 24 per cent QoQ, taking 1HCY22’s total to Rs19.5 billion.

    READ MORE: MCB Bank registers 71% decline in profit for 2QCY22

    Foreign exchange , Fee and Dividend incomes fueled the Net Fee Income (NFI), posting an increase of 33 per cent, 9 per cent and 37 per cent on YoY basis, respectively.

    In addition, the bank recorded Rs145 million in share of profit from joint venture, marking a 110 per cent YoY increase.

    During 2QCY22, provisioning significantly declined 85 per cent YoY | 59 per cent QoQ. This takes the overall provisioning of the bank to Rs2 billion in 1HCY22, -71 per cent YoY.

    READ MORE: Attock Petroleum declares massive 277% growth in annual profit

    The bank’s operating expenses increased 16 per cent YoY in 2QCY22 clocking-in at Rs19.4 billion (1HCY22: Rs36.5 billion, 16 per cent YoY). With this, Cost/Income stood at 50.92 per cent in 2QCY22 against 46.38 per cent same period last year.

    Effective tax rate was significantly up during 2QCY22 at 86.05 per cent compared to 39.26 per cent last quarter. This higher taxation was on account of revised taxes including corporate and super tax.

    READ MORE: Meezan Bank posts 36% growth in half year profit

  • Shell Pakistan announces Rs7.47 billion profit for 1HCY22

    Shell Pakistan announces Rs7.47 billion profit for 1HCY22

    KARACHI: Shell Pakistan Limited on Wednesday announced Rs7.47 billion as after tax profit for the half year ended June 30, 2022.

    The Board of Directors of Shell Pakistan Limited (SPL) approved the company’s half year results on August 17, 2022.

    The Company posted a profit after tax of Rs7.47 billion compared to the profit of Rs2.15 billion made in the same period last year.

    READ MORE: Shell Pakistan stops aviation operations across country

    The encouraging turnaround is mainly driven by improved business performance focusing on strategic priorities such as differentiated fuels and lubricants, the positive change in pricing formula to pricing agency S&P Global Platts’ indexes by the government, and safe and efficient fuel operations.

    During this period, the Mobility business launched 13 new retail sites which will help deliver increased volume. Shell V-Power remains the market leader in the premium fuels category.

    Through successful dialogue with the government, we will see expansion of our network in Punjab, which will help us grow.

    Furthermore, the Company authored a book on Road Safety titled “Once upon a Road” with the aim of driving the behaviours in keeping roads safer in Pakistan.

    READ MORE: Businessmen express shock over petroleum price hike in Pakistan

    The book will be part of the Care Foundation school curriculum of sixth grade across Pakistan. The Company also announced its decision to discontinue its aviation operations across Pakistan.

    Presently, SPL carries out its aviation related operations at four locations. They are Jinnah Airport in Karachi, Quetta International Airport, Begum Nusrat Bhutto Airport in Sukkur and Nawabshah Airport.

    After due consideration, SPL has decided that it is no longer commercially viable to continue with its aviation business in Pakistan.

    READ MORE: Attock Petroleum declares massive 277% growth in annual profit

    Shell Pakistan remains committed to continuing all its other businesses and operations in Pakistan, which remain unaffected.

    The Company will actively work to minimize impact of current challenges and endeavour to capture opportunities to ensure the company plays a key role in developing Pakistan’s energy future.

  • Engro Corp declares increase in half year profit to Rs16.6 billion

    Engro Corp declares increase in half year profit to Rs16.6 billion

    KARACHI: Engro Corporation on Wednesday massive increase in profit to Rs16.6 billion for the half year ended June 30, 2022.

    Pakistan’s premier conglomerate, Engro Corporation (PSX: ENGRO) announced its financial results for the first half of the year ending June 30, 2022.

    READ MORE: Allied Bank’s tax payment grows 121% in 1HCY22

    Engro Corporation’s standalone revenue increased from Rs8.6 billion in the first half year of 2021 to Rs16.6 billion in the first half of 2022, exhibiting a substantial growth of 92 per cent.

    Higher revenue was primarily due to higher dividends received from Engro Polymer and Chemicals Limited (EPCL) and Engro Fertilizers Limited (EFERT) which, in turn, were driven by strong underlying business performance.

    READ MORE: MCB Bank registers 71% decline in profit for 2QCY22

    Resultantly, the Company achieved a 29 per cent higher profit after tax of Rs12.5 billion in the first half of 2022 against Rs9.7 billion in the same half of 2021, translating into an Earnings per share (EPS) of Rs21.66 per share (2021: Rs16.81 per share).

    On a consolidated basis, Engro Corporation’s revenue grew by 27 per cent to Rs177.5 billion in 1H 2022 from Rs139.3 billion in 1H 2021.

    READ MORE: Attock Petroleum declares massive 277% growth in annual profit

    The company posted a profit after tax of Rs16.8 billion in 1H 2022, which is 42 per cent lower than Rs29.1 billion in 1H 2021. The profit after tax attributable to the shareholders is Rs7.4 billion, translating into an EPS of PKR 12.87 per share (1H 2021: Rs29.60 per share). Despite organic revenue growth, imposition of super tax on current and prior year earnings weighed on the conglomerate’s consolidated profitability. 

    Engro Corporation announced an interim cash dividend of Rs 11/- per share for the year. This is in addition to the Rs12/- per share dividend that has already been announced during the year, bringing the cumulative payout to Rs23/- per share.

    READ MORE: Meezan Bank posts 36% growth in half year profit

  • Allied Bank’s tax payment grows 121% in 1HCY22

    Allied Bank’s tax payment grows 121% in 1HCY22

    KARACHI: Allied Bank on Wednesday announced fall in profit by 23 per cent for half year ended June 30, 2022 mainly surge in tax payment by 121 per cent.

    According to financial results submitted to Pakistan Stock Exchange (PSX), Allied Bank declared profit after tax of Rs6.83 billion for the half year ended June 30, 2022 as compared with Rs8.88 billion in the same half of the last fiscal year.

    READ MORE: MCB Bank registers 71% decline in profit for 2QCY22

    The bank paid an amount of Rs13.28 billion as taxes for the period January – June 2022 as compared with Rs6.01 billion in the same period of the last year.

    Earnings per share (EPS) of the bank fell to Rs5.96 as compared with EPS of Rs7.75 in the same half year of the last year.

    The board of directors of the bank in their meeting on August 17, 2022 approved an interim cash dividend for the quarter ended June 30, 2022 at Rs2 per share i.e. 20 per cent. This is in addition to interim Dividend already paid at Rs2 per share i.e. 20 per cent.

    READ MORE: Attock Petroleum declares massive 277% growth in annual profit

    The bank declared total income of Rs38.25 billion for the half year ended June 30, 2022 as compared with Rs31 billion in the same half of the last year.

    Net mark-up / interest income increased to Rs27.51 billion for the period January – June 2022 as compared with Rs23 billion in the same half of the last year.

    On the other hand, the total non-mark up / interest income rose to Rs10.74 billion during the half year under review as compared with Rs7.93 billion in the same half of the last year.

    READ MORE: Meezan Bank posts 36% growth in half year profit

    The bank earned Rs4.29 billion as foreign exchange income during the half year ended June 30, 2022 as compared with Rs662 million in the same half of the last year.

    Operating expenses of the bank increased to Rs18.27 billion during January – June 2022 as compared with Rs16.16 billion in the same period of the last year.

    The bank declared sharp increase in profit before tax to Rs19.37 billion for the half year ended June 30, 2022 as compared with Rs14.4 billion in the same period of the last year.

    READ MORE: Philip Morris Pakistan declares 11% fall in half year profit

  • MCB Bank registers 71% decline in profit for 2QCY22

    MCB Bank registers 71% decline in profit for 2QCY22

    KARACHI: MCB Bank on Wednesday announced sharp decline of 71 per cent in profit for the second quarter ended June 30, 2022.

    According to financial results submitted to Pakistan Stock Exchange (PSX), the bank announced profit after tax of Rs2.29 billion for the quarter ended June 30, 2022 as compared with Rs7.87 billion in the same quarter of last year.

    READ MORE: Attock Petroleum declares massive 277% growth in annual profit

    MCB Bank declared earnings per share (EPS) at Rs1.93 for the quarter under review as compared with EPS of Rs6.64 in the same quarter last year.

    Analysts at KASB Research said that the result is below estimates of Rs2.2 per share. The deviation is mainly on account of higher than expected admin expense that increased by 19 per cent Year on Year (YoY)/ 10 per cent Quarter on Quarter (QoQ).

    READ MORE: Meezan Bank posts 36% growth in half year profit

    The result was accompanied with an interim cash dividend of Rs4.0 per share. This has taken the first half year ended June 30, 2022 payout to Rs9.0/share. Last year, the payout came in at Rs9.5/share.

    MCB posted strong Net Interest Income (NII) of Rs22.9 billion in second quarter with the reversal of interest rate. Net Fee Income (NFI) rose by 42 per cent YoY in the second quarter of 2022 where major support came from fee and foreign exchange income increasing by 29 per cent YoY and 3.6x YoY, respectively.

    READ MORE: Philip Morris Pakistan declares 11% fall in half year profit

    The bank recorded a provisioning expense of Rs71 million in the second quarter. The analysts think this is because of superior asset quality.

    Profit Before Tax (PBT) rose by 30 per cent YoY, however, Profit After Tax (PAT) saw a decline of 71 per cent YoY/ 75 per cent QoQ as the impact on 10 per cent super tax was recognized in the quarter under review.

    Consequently, ETR came in at 87 per cent. This along with higher than expected admin expense contained the profits.

    READ MORE: Lucky Cement posts record Rs36.42 billion profit

  • Attock Petroleum declares massive 277% growth in annual profit

    Attock Petroleum declares massive 277% growth in annual profit

    KARACHI: Attock Petroleum Limited on Tuesday declared massive growth of 277 per cent in profit after tax for the year ended June 30, 2022.

    The company announced net profit of Rs18.54 billion for the year ended June 30, 2022 as compared with annual profit of Rs4.92 billion in the preceding year.

    READ MORE: Attock Petroleum declares 208% growth in six-month profit

    The earning per share (EPS) of the company recorded at Rs186.23 from previous year’s at Rs49.43.

    The board of directors of the company in its meeting held on Tuesday, August 16, 2022 recommended a final cash dividend for the year ended June 30, 2022 per share i.e. 300 per cent. This is in addition to interim dividend already paid at Rs15 per share i.e. 150 per cent.

    The board further recommended to issue bonus shares in the proportion of one share for every four held i.e. 25 per cent. This is in addition to the interim bonus shares already issued at nil per cent.

    READ MORE: Attock Refinery warns complete shut down on lower uplifting

    According to the financial results, the net sales of the country surged to Rs370 billion during the year ended June 30, 2022 as compared with Rs188.64 billion in the preceding year.

    The cost of production also climbed up to Rs329.07 billion for the year under review as compared with Rs178.66 billion in the preceding year.

    READ MORE: Attock Petroleum posts 21 percent decline in after tax profit

    This brings the gross profit of the company at Rs41 billion for the year ended June 30, 2022 as compared with Rs9.98 billion in the previous year.

    Operating expenses of the country increased to Rs10.21 billion as compared with previous year’s Rs4.15 billion.

  • Meezan Bank posts 36% growth in half year profit

    Meezan Bank posts 36% growth in half year profit

    KARACHI: Meezan Bank Limited on Thursday declared 36 per cent increase in after tax profit for the half year ended June 30, 2022.

    The bank announced its financial results for the first half (January – June) 2022 where the bank reported consolidated net profit after tax of Rs17.1 billion compared to Rs12.7 billion in the same half of the last year.

    READ MORE: Philip Morris Pakistan declares 11% fall in half year profit

    Analysts at AKD Securities said that the results came in above the expectations on account of higher than anticipated non funded income.

    Along with the result, the bank announced a dividend per share of Rs1.75 and a bonus of 10 per cent.

    The bank’s core income increased by 46 per cent year on year (YoY) during the period under review. The growth can be explained by robust book growth as well as better asset pricing.

    READ MORE: Lucky Cement posts record Rs36.42 billion profit

    The non core income grew by 47 per cent YoY during the same period to Rs11.1 billion owing to phenomenal growth in foreign exchange income. Other notable contribution came from fee income which increased to Rs6.8 billion, up 40 per cent YoY.

    The bank recorded provisioning cost of Rs961 million, which contained the profitability growth somewhat. This took the total provisioning cost during the first half of the year 2022 to Rs1.2 billion, up 2.7x.

    READ MORE: Mari Petroleum declares Rs33 billion as annual profit for FY22

    Administrative expenses grew by 25.8 per cent year on year during the first half of the year 2022, which took the bank’s cost-to-income ratio during the period to 40 per cent as opposed to 45 per cent it clocked during same period last year.

    Effective taxation during the quarter clocked in at 57.5 per cent, which took the effective taxation during the period of January – June 2022 to 49.3 per cent. The effective taxation was lower than the estimate and was the key reason behind the earnings surprise.

    READ MORE: UBL declares 21% decline in half year net profit

  • Philip Morris Pakistan declares 11% fall in half year profit

    Philip Morris Pakistan declares 11% fall in half year profit

    KARACHI: Philip Morris (Pakistan) Limited on Wednesday announced a decline of 11 per cent in its profit for the half year ended June 30, 2022.

    The board of directors of Philip Morris (Pakistan) Limited at its meeting held on August 10, 2022, approved the half-year financial statement of the company for period ended June 30, 2022.

    READ MORE: Lucky Cement posts record Rs36.42 billion profit

    According to financial results submitted to Pakistan Stock Exchange (PSX), the company declared profit after tax at Rs1.53 billion for the half year ended June 30, 2022 as compared with Rs1.72 billion in the corresponding half of the last year.

    The decline in profit may be attributed to the massive increase in payment of taxes during the period under review. The charges of taxes increased sharply by 80 per cent to Rs1.25 billion for the half year ended June 30, 2022 as compared with Rs694 million in the same half of the last year.

    READ MORE: Mari Petroleum declares Rs33 billion as annual profit for FY22

    The profit before tax of the company was 15.77 per cent higher to Rs2.79 billion for the half year ended June 30, 2022 as compared with Rs2.41 billion in the corresponding half of the last year.

    The company declared gross profit of Rs4.65 billion for the half year under review as compared with Rs4.46 billion in the same half of the last year. The net turnover came at Rs10.17 billion for the period as compared with Rs9.22 billion in the last year. Meanwhile, the cost of sales grew to Rs5.52 billion for the half year ended June 30, 2022 as compared with Rs4.76 billion.

    READ MORE: UBL declares 21% decline in half year net profit

    Distribution and marketing expenses of the company fell to Rs1.37 billon when compared with Rs1.43 billion. Similarly, administrative expensive also fell to Rs636 million when compared with Rs734 million in the first half of the last year.

    Philip Morris (Pakistan) Limited (“PMPKL”), a public limited tobacco manufacturing company, listed on the Pakistan Stock Exchange.

    PMPKL is an affiliate of Philip Morris International (“PMI”), a leading international tobacco company, listed on the New York Stock Exchange with its Operational Headquarters in Lausanne and Corporate Headquarters in New York.

    READ MORE: Bank Alfalah posts 25% increase in half year profit

    The company claimed as the largest manufacturers of cigarettes in Pakistan and support a wide range of charitable projects in communities. These include providing economic opportunity, empowering women and access to education.