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Tag: financial results

  • HBL declares 108 percent growth in quarterly profit

    HBL declares 108 percent growth in quarterly profit

    KARACHI: Habib Bank Limited (HBL) on Tuesday announced 108 percent increase in profit for the quarter ended March 31, 2021. The profit after tax of the bank increased to Rs8.56 billion during the first quarter (January – March) 2021 from Rs4.11 billion in the same quarter of the last year.

    Analysts at Insight Research said that the results of the bank were above expectation.

    “The result is above our expectation of Rs4.3/share as net interest income and non-markup income came in higher from our expectations. The result is also accompanied by a cash dividend of Rs1.75/share,” they said.

    Net interest income (NII) increased by 16 percent/4 percent YoY/QoQ to clocked-in Rs32.4 billion, possibly due to lagged impact of repricing and balance sheet expansion. However, we await detailed account for further clarity in this regard.

    Non-Markup income increased by 42 percent/26 percent YoY/QoQ to clocked-in at Rs8.2 billion. This is primarily led by a higher fee income which increased by 25 percent YoY, while recovery of income in FX operations and derivatives further fueled non-markup income.

    Bank has booked provision of Rs1.9 billion against a provision of Rs0.62 billion booked in SPLY. To note, HBL has booked hefty provisioning in both general and specific categories during CY20 (Rs12.2 billion).

    Operating expenses witnessed a contraction of 7 percent YoY, to clocked-in at Rs24.2 billion, attributable to a reduction in business transformation cost.

    Effective taxation remained at 41 percent during the quarter as compared to 42 percent in SPLY.  

  • PSX declares around 200 percent growth in after tax profit for nine-month period

    PSX declares around 200 percent growth in after tax profit for nine-month period

    KARACHI: Pakistan Stock Exchange (PSX) on Monday announced a massive growth of around 200 percent in after tax profit for nine-month period ended March 31, 2021 owing to significant increase in listing fee and income from exchange operations.

    The stock exchange declared Rs542 million as profit after tax during first nine months of the current fiscal year as compared with Rs181 million in the corresponding period of the last fiscal year.

    The PSX declared Re0.68 as basic and diluted earnings per share during July – March 2020/2021 as compared with Rs0.23 in the same period of the last fiscal year.

    According to the results the PSX revenue from exchange operations posted 81 percent increase to Rs531 million during first nine months of the current fiscal year as compared with Rs294 million in the corresponding months of the last fiscal year.

    Similarly, the revenue from listing fee also posted 36 percent increase to Rs410 million during first nine months of the current fiscal year as compared with Rs302 million in the same period of the last fiscal year.

    However, mark-up/interest income of the stock exchange reduced to Rs58 million during the period under review as compared with Rs113.52 million in the corresponding period of the last fiscal year.

    Administrative expensive of the stock exchange increased to Rs908 million during nine-month period ended March 31, 2021 as compared with Rs846 million in the corresponding period of the last fiscal year.

    The income on share of profit from associated also increased to Rs427 million during July – March 2020/2021 as compared with Rs284 million in the same period of the last fiscal year.

  • Philip Morris declares Rs1.76bn after tax annual profit

    Philip Morris declares Rs1.76bn after tax annual profit

    KARACHI: Philip Morris (Pakistan) Limited on Thursday declared a profit of Rs1.76 billion for the year ended December 31, 2020 as against loss of Rs1.96 billion in the preceding year.

    A statement said that the company recorded profit after tax of Rs1.765 billion for the year ended December 31, 2020 compared to loss after tax of Rs1.980 billion for the year ended 2019.

    The increase in operating profit before tax compared to last year is mainly due to significant decrease in ‘other expenses’ by Rs2.732 billion. This decrease in other expenses is primarily attributable to one-off impairment and employee separation cost charged on account of closure of our factory in Kotri during 2019.

    During the year ended, the Company’s volume declined by 20 percent mainly reflecting the pressure faced by the legally compliant tax paying cigarette sector from the expanding illicit one, which now accounts for approximate 37 percent of the total market for the year 2020 versus 33.1 percent for the year 2019 (Retail Audit).

    The Company’s contribution to the National Exchequer, for the year ended December 31, 2020, in the form of excise duty, sales tax and other government levies, stood at Rs22.110 billion, a decrease of 6 percent, compared to the preceding year.

    This is mainly attributable to the excessive excise duty increases of 93 percent (Value Tier) during Federal Budgets of September 2018 and June 2019 that stretched the price gap between duty evaded and duty paid cigarettes which are selling at lower prices than the minimum price prescribed under tax regime with respect to levy and collection of federal excise duty i.e. Rs63/ per pack.

    In March 2020, the government issued a Statutory Regulatory Order No. 72(I)/2020 further restricting advertising, promotion and sponsorship of tobacco and tobacco products leading to a lack of a level playing field for law abiding corporates.

    During the period ended December 31, 2020 the Company’s domestic net turnover stood at Rs13.983 billion resulting in an increase of 7 percent driven by the excise led price increase in June 2019 coupled with price increase in February 2020, both were essential to offset the adverse impact of severe volume decline of 20 percent versus 2019.

    During the same time, the Company’s exports turnover stood at Rs2.613 billion (US$ 16.3 million) showing a significant increase as compared to last year shows the Company’s commitment to support Pakistan’s goals of increasing exports and earn foreign exchange for the Country.

  • Standard Chartered Bank declares 18pc fall in annual profit

    Standard Chartered Bank declares 18pc fall in annual profit

    KARACHI: Standard Chartered Bank (Pakistan) has declared annual profit of Rs13.13 billion for the year ended December 31, 2020, which was reduced by 18 percent when compared with Rs16 billion in the preceding year.

    According to financial results shared with the Pakistan Stock Exchange (PSX) on Friday, the fall in annual profit may be attributed to significant increase in provisioning and write offs during the year.

    The provisioning and write offs of the banks increased to Rs4.9 billion for the year ended December 31, 2020 when compared with Rs16.81 million in the preceding year.

    According to the financial results of the bank, an amount of Rs4.77 billion was cost under the head of provision against loans and advances for the year ended December 31, 2020.

    Net Interest Income of the bank slightly increased to Rs28.14 billion for the year under review as compared with Rs27.78 billion in the preceding fiscal year.

    Total income of the bank during the year also posted nominal growth to Rs40.93 billion when compared with Rs39 billion in the preceding year.

    Total expenses of the bank also increased slightly to Rs12.38 billion for the year ended December 31, 2020 when compared with Rs27.18 billion in the preceding year.

    The bank paid Rs10.48 billion as tax for the year ended December 31, 2020 as compared with Rs11.18 billion in the preceding year.

    Earnings per share of the bank fell to Rs3.39 as compared with EPS of Rs4.14 in the last year.

  • PPL declares 18pc decline in gross profit in first half

    PPL declares 18pc decline in gross profit in first half

    KARACHI: Pakistan Petroleum Limited (PPL) on Friday declared 18 percent decline in its gross profit for the period July – December 2020.

    However, drastic reduction in exploration expenses and other charges the net profit (after payment of tax) of the company managed to post a growth of 7 percent for the period.

    The company declared Rs42.2 billion as gross profit for the first half of 2020/2021 as compared with Rs51.39 billion in the corresponding half of the last fiscal year.

    The major fall in gross profit may be attributed to revenue which fell to Rs75.54 billion for the six month period ended December 31, 2020 as compared with Rs85.41 billion in the same period of the last fiscal year.

    The company declared profit after tax of Rs26.27 billion for the first half of the current fiscal year as compared with Rs24.55 billion in the same period of the last fiscal year.

    The growth in after tax profit can be attributed to drastic reduction in expenses of the company.

    The cost of exploration has been reduced to Rs3.146 billion during the first half of the current fiscal year as compared with Rs11.74 billion in the corresponding period of the last fiscal year.

    The cost of other charges also fell to Rs3.88 billion for the half under review as compared with Rs7.32 billion in the corresponding half of the last fiscal year.

    PPL announced earnings per share at Rs9.64 for the first half ended December 31, 2020 as compared with Rs9.02 EPS declared in the same half of the last year.

  • UBL declares Rs20.9bn as annual after tax profit

    UBL declares Rs20.9bn as annual after tax profit

    KARACHI: United Bank Limited (UBL) on Thursday announced its financial results for the year ended December 31, 2020. The bank made provisioning and write-offs to the tune of Rs16.77 billion or 104 percent higher which trimmed its annual profit growth to 9.25 percent.

    The bank announced an amount of Rs20.9 billion as profit after tax for the year ended December 31, 2020 as compared with Rs19.13 billion profit after tax in the preceding year.

    The bank made provisioning and write-offs an amount of Rs16.77 billion for the year under review as compared with Rs8.22 billion in the preceding year.

    UBL announced earnings per share at Rs17.07 for the year ended December 31, 2020 as compared with Rs8.22 in the preceding year.

    Net interest income of the bank increased by 21.42 percent to Rs75 billion for the year under review as compared with Rs61.77 billion in the preceding year.

    Total income of the bank posted 10.24 percent growth to Rs92 billion as against Rs83.45 billion.

    Operating expenses of the bank were flat at Rs40.66 billion as compared with Rs40.21 billion.

    UBL announced a final cash dividend for the year ended December 31, 2020 at Rs9.50 per share i.e. 95 percent. This is in addition to interim dividend already paid at Rs2.50 per share i.e. 25 percent.

    UBL gets DD approval to acquire Telenor Microfinance Bank
  • National Bank declares over 93 percent growth in annual profit

    National Bank declares over 93 percent growth in annual profit

    KARACHI: National Bank of Pakistan (NBP) on Wednesday declared massive growth of over 93 percent in annual profit for period ended December 31, 2020.

    The bank’s profit after tax grew to Rs30.56 billion for the year under review as compared with the net profit of Rs15.81 billion in the preceding year.

    The significant growth may be attributed to sharp increase in gains from securities and reduction in operating expenses.

    The net mark-up income of the banks grew to Rs104.15 billion for the year ended December 31, 2020 as compared with Rs71.9 billion in the preceding year.

    Total income of the bank surged to Rs140.23 billion as compared with Rs108 billion.

    The bank’s gains from securities posted a massive growth of 273 percent to Rs7.88 billion for the year under review as compared with Rs2.11 billion in the preceding year.

    Operating expenses of the banks were at Rs62.79 billion for the year ended December 31, 2020 as compared with Rs65.7 billion in the preceding year.

    Provisioning and write-offs has cost the banks to the tune of Rs30.89 billion as compared with preceding year’s Rs14.25 billion.

    The bank declared Rs14.36 as earnings per share for the year ended December 31, 2020 as compared with Rs7.43 EPS in the preceding year.

    The board of directors of the bank, however, not recommended any cash dividend, bonus issue/right shares or any other entitlement.

  • Meezan Bank declares Rs22.16 billion after tax profit

    Meezan Bank declares Rs22.16 billion after tax profit

    KARACHI: Meezan Bank Limited (MBL) on Thursday announced Rs22.16 billion profit after tax for the year ended December 31, 2020.

    The bank registered 45.5 percent increase in profit for the year when compared with profit of Rs15.23 billion in the preceding year.

    The bank said profit/return earned from Islamic financing and related assets, investment and placements increased to Rs106.59 billion for the year ended December 30, 2020 when compared with Rs94.27 billion in the preceding year.

    The bank’s net spread earned increased to Rs64.85 billion for year under review as compared with Rs46.54 billion in the preceding year.

    The bank said that gain on securities increased to Rs683 million when compared with previous year’s loss of Rs417.6 million

    Total income of the bank increased to Rs74.9 billion when compared with Rs55.86 billion.

    Operating expenses of the bank increased to Rs28.8 billion for the year ended December 31, 2020 when compared with Rs24.83 billion in the preceding year.

    The bank declared earnings per share at Rs15.67 for the year as compared with Rs10.77 in the last year.

  • Engro Corp declares 45 percent growth in annual profit

    Engro Corp declares 45 percent growth in annual profit

    KARACHI: Engro Corporation (PSX: ENGRO) has declared 45 percent increase in annual profit to Rs44.4 billion for the year ended December 31, 2020 as compared with Rs30.59 billion in the preceding year.

    Engro’s consolidated revenue grew by 10 PERCENT, from Rs225.76 billion during 2019 to Rs248.81 billion primarily attributable to higher revenue from full-year operations of Thar energy projects.

    On a standalone basis, the company posted a profit after tax of Rs16.30 billion against Rs14.30 billion for the comparative year, translating into an earnings per share of Rs28.29 per share.

    Increase in standalone profitability is primarily on account of higher dividends from subsidiaries as well as full inter-corporate tax relief on dividends in 2020 versus partial relief in 2019.

    The company announced a final cash dividend of Rs2/- per share for the year. This is in addition to Rs24/- per share announced during the year, bringing cumulative payout to Rs26/- per share.

    COVID-19: Hussain Dawood Pledge

    The Covid-19 pandemic continues to be an unprecedented global challenge that is, to date, having devastating effects on public health, economies, and societies around the world. As vaccination programs roll-out globally, Pakistan is procuring Covid-19 vaccines from various manufacturers and planning to launch its Covid-19 vaccination drive in the first quarter of 2021.

    Despite these challenging times, we remain committed to our Central Idea which guides us to improve lives of all Pakistanis and have a positive impact on the society. In order to tackle the pandemic’s negative impacts on Pakistan, Chairman Hussain Dawood, on behalf of Dawood Hercules Corporation, Engro Corporation, and his family, pledged a contribution in services, kind, and cash of Rs1 billion for short / medium / and long-term recovery. To date,  Rs301 million have been donated via cash and kind with focus on disease prevention, protecting and enabling healthcare practitioners and frontline workers, enabling patient care and facilities and bolstering livelihoods and sustenance of the most deserving in society.

    We believe we must remain fully transparent while attempting to make an impact and work towards saving lives. Further details regarding the Pledge and its initiatives may be viewed at

  • Habib Bank posts 100 percent growth in annual profit

    Habib Bank posts 100 percent growth in annual profit

    KARACHI: Habib Bank Limited on Wednesday declared 100 percent growth in net profit for the year ended December 31, 2020.

    The bank recorded after tax profit of Rs31 billion for the year 2020 as compared with Rs15.5 billion in the preceding year.

    The healthy annual profit can be attributed to gain on securities of Rs7 billion in the year 2020 as compared with loss in securities of Rs2.65 billion in the preceding year.

    Banking experts said that high participation of banks in market treasury bills and Pakistan Investment Bonds resulted in significant yields in profits.

    According to the financial results the net mark-up and interest income of the banks increased to Rs130 billion during the year under review as compared with Rs101 billion in the preceding year.

    Total income of the banks increased to Rs160 billion for the year 2020 as compared with Rs125.5 billion in the preceding year.

    Operating expenses of the banks was at Rs94 billion for the year 2020 as compared with Rs92.23 billion in the preceding year.

    The bank declared earnings per share increased to Rs21.06 for the year 2020 as compared with Rs10.45 in the preceding year.

    A final cash dividend for the year ended December 31, 2020 at Rs3 per share i.e. 30 percent. This is in addition to interim dividends already paid at Rs1.25 per share i.e. 12.5 percent.