KARACHI: Meezan Bank Limited has reported a significant increase in its net profit, reaching Rs 12.6 billion for the first half of the calendar year 2021 (January–June). This reflects an 8% growth compared to the Rs 11.7 billion net profit recorded during the same period last year, according to the bank’s financial results announced on Thursday.
(more…)Tag: financial results
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MCB Bank’s 2QCY21 results above market expectations
KARACHI: MCB Bank on Wednesday announced a profit after tax of Rs7.9 billion for second quarter ended June 30, 2021.
Analysts at Khadi Ali Shah Bukhari (KASB) said that the result is above estimates and street consensus.
The deviation is mainly on account of recognition of provisioning reversal worth Rs1.8 billion during the quarter. The result was accompanied with an interim cash dividend of Rs5.0 per share.
MCB’s profitability increased 12 per cent YoY during second quarter April – June of 2021 attributed to provisioning reversal.
However, NII declined by 17 per cent YoY as the policy rate remained unchanged during the period under review.
NFI increased by 46 per cent YoY in 2QCY21 as lockdown restrictions were eased off and economic activity picked up.
Major support came from 17 per cent YoY jump in fee income that clocked in at PKR 3.0 billion as against PKR 2.5 billion. Additionally, other income increased to PKR 661mn as opposed to PKR 61mn in corresponding period last year.
Notably, the bank recognized a provisioning reversal of PKR 1.8 billion that resulted in expansion in bottom-line. We expect a similar momentum in coming quarters with lower risk of provisioning as business activity has normalized.
The bank recorded higher effective tax rate of 45 per cent which we believe is attributed to new taxation measures introduced in Budget FY22. This is in-line with industry’s ETR as banks have shown prudence.
Additionally, C/I improved to 43 per cent as opposed to 45 per cent in corresponding period last year that lent support to MCB’s profitability.
We have an Outperform stance on the stock and our target price stands at PKR 220/sh. The stock is trading at a forward P/B of 1.13x and offers a dividend yield of 12 per cent
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UBL declares Rs7.6 billion profit for second quarter
KARACHI: United Bank Limited (UBL) on Monday announced financial results for second quarter ended June 30, 2021 and announced Rs7.6 billion for the period.
UBL announced its 2QCY21 result today and posted a profit after tax of PKR 7.6 billion for 2QCY21 translating to an EPS of PKR 6.2, up by 25 per cent YoY.
The result is above our estimates and street consensus which was Rs5.3 per share and PKR 5.1 share, respectively.
The deviation is mainly on account of better than expected NIMs at 3.6 per cent and recognition of provisioning reversal worth PKR 441 million during the quarter.
Consequently, the stock has reacted positively (+2.23 per cent) post announcement of result. The result was accompanied with an interim cash dividend of Rs4.0 per share.
According to analysis of KASB:
UBL’s profitability increased 25 per cent YoY during 2QCY21 attributed to i) provisioning reversal and ii) higher NFI. Sequentially, reversal in provisioning expense offset the decline in NIMs by 350bps that translated into flattish earnings on QoQ basis.
NFI increased by 17 per cent YoY in 2QCY21 on account of 37 per cent YoY jump in fee income that lent support to the bottom-line.
The bank recorded higher effective tax rate of 45 per cent which we believe is attributed to new taxation measures in Budget FY22.
Additionally, C/I improved to 44 per cent as opposed to 52 per cent in corresponding period last year that improved UBL’s profitability.
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AHL declares Rs2.08 billion annual profit
KARACHI: Arif Habib Limited (AHL) on Monday announced Rs2.08 billion as profit for the year ended June 30, 2021.
The board of directors of the AHL approved the financial results for the year ended June 30, 2021.
The company also declared a final cash dividend of Rs 10 per share i.e. 100 per cent, and bonus 10 per cent (i.e. 10 shares for every 100 shares held) for the year 2021.
The company recorded the highest ever revenues in the history of brokerage, investment banking and money markets division; all combined have taken up AHL’s core income by Rs1,398 million.
The brokerage division witnessed an increase of 132 per cent in revenue against the same period in the previous year.
Investment Banking’s income increased massively by 633 per cent from Rs155 million to Rs672 million. This increase is attributable to successful completion of equity and debt IPOs.
The Company’s investment portfolio has yielded healthy realized and unrealized revenue of Rs1,681 million against Rs228 million in the corresponding period.
Commenting on the results, Shahid Ali Habib, CEO, AHL said: ‘’AHL’s growth momentum is outstanding and in line with our expectations. The phenomenal increase in revenue has been due to stellar performance across all business divisions and high volumes in the market. We foresee similar brokerage and investment banking performance in coming year as the economy grows and focus on capital market development intensifies.”
AHL, which led 8 of the 10 IPOs this year, has embarked upon expanding its footprint by establishing presence in other cities and increasing its client base both within Pakistan and abroad, which is expected to reap dividends by its shareholders in the future.
AHL is pioneering the efforts of opening Roshan Digital Accounts (RDA) for Overseas Pakistanis that is bound to help Pakistan increase foreign investment flows and has maintained an average of 35 per cent of market share since RDA’s introduction in September.
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Honda Cars posts Rs928 million quarterly profit after tax
In a remarkable financial turnaround, Honda Atlas Cars (Pakistan) Limited has announced a profit after tax of Rs928 million for the quarter ended June 30, 2021.
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PTCL declares 38% growth in net profit for first half
KARACHI: Pakistan Telecommunication Company Limited (PTCL) on Wednesday announced 38 per cent growth in net profit for the half ended June 30, 2021.
The telecom company announced Rs3.74 billion as net profit for the period January – June 2021 as compared with Rs2.7 billion in the corresponding half of the last year.
The company announced 73 paisas as earnings per share for the first half of the year under review as compared with 53 paisas EPS declared in the same half of the last year.
Revenue of the company increased to Rs38.187 billion for the first half of 2021 as compared with Rs35.33 billion in the same half of the last year.
The PTCL declared Rs8.69 billion as gross profit for the six months period of the current year as compared with Rs7.32 billion in the same period of the last year.
Administrative and general expenses of the company increased to Rs3.52 billion as compared with Rs3.16 billion.
The results have been announced by the Board of Directors of the company in their meeting held on July 14, 2021.
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PSO announces 5-time increase in net profit for nine-month period
KARACHI: Pakistan State Oil (PSO) has declared five-time increase in net profit for nine-month period ended March 31, 2021. The unprecedented growth may be attributed to reduction in cost of products sold during the period.
According to financial results for nine-month period ended March 31, 2021 submitted to Pakistan Stock Exchange (PSX), the company announced an amount of Rs18.24 billion during first nine months (July – March) 2020/2021 as compared with profit of Rs3.01 billion in the corresponding period of the last fiscal year.
The gross sales of the company fell to Rs1,008.7 billion during first nine months of the current fiscal year as compared with Rs1,038.01 billion in the corresponding period of the last fiscal year.
The cost of products sold significant fell to Rs815.22 billion during July – March of 2020/2021 as compared with Rs867.18 billion in the same period of the last fiscal year.
PSO declared gross profit of Rs37.7 billion during first nine months of the current fiscal year as compared with Rs20.14 billion in the same period of the last fiscal year.
Operating cost of the company was remained flat at Rs8.06 billion during first nine months of the current fiscal year as compared with Rs8.07 billion in the same period of the last fiscal year.
PSO declared earnings per share at Rs38.86 for the nine months period ended March 31, 2021 as compared with Rs6.41 EPS in the same period of the last fiscal year.
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PPL declares decline in net profit to Rs38.12 billion during nine months
KARACHI: Pakistan Petroleum Limited (PPL) on Thursday declared decline in net profit to Rs38.12 billion for the nine-month period ended March 31, 2021.
According to unconsolidated financial results submitted to Pakistan Stock Exchange (PSX), the petroleum company declared Rs38.12 billion during first nine months (July – March) 2020/2021 as compared with Rs39.23 billion in the corresponding period of the last fiscal year.
Revenue of the company fell to Rs112.23 billion during the period under review as compared with the revenue of Rs126.23 billion in the same period of the last fiscal year.
Operating expenses of PPL also eased to Rs32.45 billion during the nine-month period ended March 31, 2021 as compared with Rs33.04 billion in the same period of the last fiscal year.
The company paid royalties and other levies to the tune of Rs16.67 billion during first nine months of the current fiscal year as compared with Rs18.88 billion in the corresponding period of the last fiscal year.
Exploration expenses fell drastically during the period under review. The expenses under this head fell to Rs3.62 billion during July – March 2020/2021 as compared with Rs13.76 billion in the same period of the last fiscal year.
The net profit of the company for the quarter ended March 31, 2021 also fell to Rs11.88 billion when compared with Rs14.67 billion in the same quarter of the last year.
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K-Electric declares 222 percent growth in quarterly net profit despite massive impairment loss
K-Electric Limited (KE), a leading power generation and supply company, has reported an impressive 222 percent increase in net profit for the quarter ending March 31, 2021.
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Gul Ahmed Textile declares 4-time increase in net profit during nine months
KARACHI: Gul Ahmed Textile Mills Ltd. (GATM) on Wednesday declared unprecedented four-time growth in after tax profit for the nine-month period ended March 31, 2021.
According to the financial results, the textile unit declared Rs3.45 billion as profit after tax for the period July – March 2020/2021 as compared with profit after tax of Rs699 million in the same period of the last fiscal year.
The company declared earnings per share at Rs8.08 for the period under review as compared with Rs1.64 in the same period of the last fiscal year.
The sales of the company increased to Rs63.57 billion during the nine-month period ended March 31, 2021 as compared with Rs44.89 billion in the same period of the last year.
The textile unit declared gross profit at Rs12.3 billion for first nine months of the current fiscal year as compared with Rs8.12 billion in the corresponding period of the last fiscal year.
Gul Ahmed Textile Mills Limited announced an interim cash dividend for the nine months ended March 31, 2021 at Re1 per share i.e. 10 percent. It also declared bonus share in proportion of one share of every five shares held i.e. 20 percent.