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Tag: financial results

  • 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.

  • 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.

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