Pkrevenue.com

Tag: financial results

  • Allied Bank declares 28pc growth in annual profit

    Allied Bank declares 28pc growth in annual profit

    KARACHI: Allied Bank Limited on Wednesday announced 28 percent growth in net profit for the year ended December 31, 2020.

    The bank recorded after tax profit of Rs18.03 billion for the year 2020 as compared with Rs14.11 billion in the preceding year.

    The healthy annual profit can be attributed to gain on securities of Rs3.42 billion in the year 2020 as compared with Rs1.58 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 Rs48.42 billion during the year under review as compared with Rs42 billion in the preceding year.

    Total income of the banks increased to Rs61 billion for the year 2020 as compared with Rs52.7 billion in the preceding year.

    Operating expenses of the banks was at Rs29.87 billion for the year 2020 as compared with Rs28.55 billion in the preceding year.

    The bank declared earnings per share increased to Rs15.75 for the year 2020 as compared with Rs12.32 in the preceding year.

    A final cash dividend for the year ended December 31, 2020 at Rs6 per share i.e. 60 percent. This is in addition to interim dividends already paid at Rs2 per share i.e. 20 percent.

  • PTCL declares 5pc decline in annual profit to Rs6.03 billion

    PTCL declares 5pc decline in annual profit to Rs6.03 billion

    KARACHI: Pakistan Telecommunication Company Limited (PTCL) on Wednesday announced a five percent decline in annual profit for the period ended December 31, 2020.

    According to financial results, the company announced after tax profit of Rs6.03 billion for the year 2020 as compared with the profit of Rs6.35 billion in the preceding financial year.

    The company declared earnings per share at Rs1.18 for the year ended on December 31, 2020 as compared with Rs1.24 in the preceding year.

    The company had announced no cash dividend or bonus share for the year under review.

    The gross profit of the company fell to Rs14.99 billion for the year 2020 as compared with Rs16.98 billion in the preceding financial year, showing a decline of 11.72 percent.

    Administrative expenses of PTCL were almost flat at Rs6.7 billion as compared with Rs6.75 billion a year ago.

  • MCB Bank declares 21pc rise in annual profit amid unprecedented growth in gain on securities

    MCB Bank declares 21pc rise in annual profit amid unprecedented growth in gain on securities

    KARACHI: MCB Bank on Wednesday announced an impressive 21 percent increase in net profit for the year ending December 31, 2020, primarily driven by remarkable growth in gains on securities.

    (more…)
  • Bank Alfalah declares 18pc decline in annual profit

    Bank Alfalah declares 18pc decline in annual profit

    KARACHI: Bank Alfalah Limited on Wednesday declared 18 percent decline in its annual net profit for year ended December 31, 2020 despite healthy growth in gain on securities.

    The after tax profit of the bank fell to Rs10.47 billion for the year 2020 as compared with Rs12.69 billion in the preceding year.

    The net mark-up and interest income was remained flat at Rs44.7 billion for the year under review as compared with Rs44.89 billion a year ago.

    The posted growth in non-markup/interest income to Rs12.79 billion for the year 2020 as compared with Rs10.35 billion in the preceding year. Under this head, the gain on securities sharply increased to Rs2.28 billion as compared with Rs64.79 million.

    The bank paid Rs7.4 billion as tax for the year as compared with Rs9.68 billion paid tax liability in the preceding year.

    The earnings per share of the bank fell to Rs5.89 from last year’s Rs7.15.

    Final cash dividend for the year ended December 31, 2020 has been announced at Rs2 percent share i.e. 20 percent. This is in addition to the interim cash dividend already paid at Rs2 per share i.e. 20 percent.

  • PIA declares Rs39.85bn loss for nine-month period as revenue declines sharply

    PIA declares Rs39.85bn loss for nine-month period as revenue declines sharply

    KARACHI: Pakistan International Airlines (PIA) has declared net loss of Rs39.85 billion for the nine-month period ended on September 30, 2020, which is mainly attributed to 31 percent decline in total revenue.

    According to financial results submitted to Pakistan Stock Exchange, the net losses of the national flag carrier slightly contracted when compared with the net loss of Rs41.98 billion in nine-month period ended September 30, 2019.

    The cost of sales of the company fell to Rs74.43 billion during the period January – September 2020 as compared with Rs102.62 billion in the same period of the last fiscal year.

    Administrative expenses of the airline fell to Rs4.52 billion during nine-month period ended September 30, 2020 as compared with Rs4.99 billion in the corresponding period of the last fiscal year.

    However, operational losses of the PIA increased sharply to Rs8.7 billion during the period under review as compared with Rs4.85 billion for the nine-month period ended September 30, 2019.

    The PIA suffered an amount of Rs7.57 billion as exchange losses during the period. The company witnessed a loss of Rs11.60 billion as exchange loss in nine-month period of the last year.

  • State Bank’s annual profit surges to historic high of Rs1.16 trillion

    State Bank’s annual profit surges to historic high of Rs1.16 trillion

    KARACHI: The State Bank of Pakistan (SBP) has declared profit of Rs1.16 trillion, the highest profit in the history of the bank, for the year ended June 30, 2020.

    The SBP in performance report issued on Thursday said that the stability in the exchange rate allowed SBP to return to profitability after incurring loss in the preceding year. The SBP recorded a loss of Rs846 million for the year ended June 30, 2019.

    “The profit so earned by the SBP in the year ended June 30, 2020 is highest in its history.”

    The high interest rate prevalent in the first three quarters of the year allowed the central bank to accrue significant amount of interest income from the interest sensitive assets, particularly lending to the Government and income from the Bank’s open market operations.

    Further, during the year, the liquidity mopping up operations were relatively on reduced scale and hence the interest expense registered a substantial decline.

    The total assets stood at Rs.12,273 billion as at June 30, 2020 as compared to Rs.11,467 billion on June 30, 2019, registering an increase of Rs.806 billion primarily due to increase in foreign currency accounts and investments.

    Similarly, the total liabilities of the bank stood at Rs.11,219 billion as at June 30, 2020 as compared to Rs.10,761 billion as at June 30, 2019, registering an increase of Rs.458 billion. This rise was primarily led by increase in currency in circulation.

    SBP introduced certain interest free/subsidized refinancing schemes during COVID-19 pandemic. As per the requirements of IFRS-9, the subsidized loans are required to be recorded at fair value.

    Accordingly, an amount of Rs.4,194 million has been recognized as fair valuation adjustment against these loans. This fair valuation adjustment will be amortized and recorded as income over the period of loans.

  • National Bank declares 110 percent growth in quarterly profit

    National Bank declares 110 percent growth in quarterly profit

    KARACHI: National Bank of Pakistan (NBP) on Tuesday declared massive growth in after tax profit by 110 percent to Rs11 billion for quarter ended September 30, 2020.

    According to financial result, the sharp increase in profitability may be attributed to significant rise in gain securities. The bank’s gain on securities increased to Rs3.59 billion for the quarter ended September 30, 2020 as compared with Rs250 million in the same quarter of the last year.

    The net interest income of the bank increased by 71.58 percent to Rs31.4 billion for the quarter ended September 30, 2020 as compared with Rs18.3 billion in the same quarter of the last year.

    The total income of the bank jumped up by 58.86 percent percent to Rs40.78 billion for the quarter under review as compared with Rs25.67 billion in the same period of the last year.

    Operating expenses of the bank increased to Rs15.45 billion for the quarter ended September 30, 2020 as compared with Rs13.43 billion in the same period of the last year, showing growth of 15.04 percent.

    The NBP paid Rs7.67 billion as tax for the period under review as compared with Rs3.4 billion in the corresponding quarter of the last year, showing an increase of 126 percent.

  • Gul Ahmed Textile Mills declares 64.35 percent quarterly growth in net profit

    Gul Ahmed Textile Mills declares 64.35 percent quarterly growth in net profit

    KARACHI: Gul Ahmed Textile Mills Limited has reported a remarkable profit growth of 64.35 percent after tax for the quarter ended September 30, 2020.

    (more…)
  • UBL makes Rs5.45 billion quarterly provisioning, write-offs

    UBL makes Rs5.45 billion quarterly provisioning, write-offs

    KARACHI: High provisioning and write-offs of Rs5.45 billion has resulted in decline of after tax profit declared by United Bank Limited (UBL)

    UBL submitted its financial results to Pakistan Stock Exchange (PSX) on Monday and declared 4.11 percent decline in after tax profit to Rs4.66 billion for the quarter ended September 30, 2020 as compared with the profit of Rs4.86 billion in the corresponding quarter of the last year.

    Major reason in decline of profit may be attributed to higher amount of provisioning and write-offs.

    The provisioning and write-offs were at Rs5.45 billion for the quarter ended September 30, 2020 as compared with Rs1.99 billion in the corresponding quarter of the last year.

    Net mark up / interest income of the bank increased to Rs19.09 billion for the quarter under review as compared with Rs15.42 billion in the same quarter of the last year.

    Total income of the bank surged to Rs23.19 billion for the quarter ended September 30, 2020 as compared with Rs20.5 billion in the same period of the last year.

    Expenses of the bank were flat at Rs10.09 billion as compared with Rs10.2 billion in the same period of the last year.

    The bank paid tax to the tune of Rs2.97 billion for the quarter ended September 30, 2020 as compared with Rs3.44 billion in the same period of the last year.

  • Engro Fertilizers announces 112 percent growth in quarterly profit

    Engro Fertilizers announces 112 percent growth in quarterly profit

    KARACHI: Engro Fertilizers Limited has recorded massive growth of around 112 percent for the quarter ended September 30, 2020 owing to increase in sales and lower payment of taxes.

    In its financial results submitted to Pakistan Stock Exchange (PSX) on Wednesday, the company announced profit after tax of Rs7.03 billion for the quarter ended September 30, 2020 as compared with Rs3.32 billion in the same quarter of the last year.

    The sales of the company registered 38 percent growth to Rs37.43 billion for the quarter under review as compared with Rs27.1 billion in the same quarter of the last year.

    The payment of tax by the company was Rs169.36 million for the quarter ended September 30, 2020 as compared with the tax payment of Rs2.65 billion in the same quarter of the last year.

    The gross profit of the company was at Rs10.84 billion for the quarter under review as compared with Rs8.84 billion in the same quarter last year.

    Administrative expenses of the company increased to Rs514.67 million for the quarter ended September 30, 2020 as compared with Rs296.36 million in the corresponding quarter of the last year.

    The company announced earnings per share of Rs5.27 for the quarter under review as compared with EPS of Rs2.49 in the same quarter of the last year.