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Tag: financial results

  • MCB Bank declares 14% growth in annual net profit

    MCB Bank declares 14% growth in annual net profit

    KARACHI: MCB Bank Limited has declared 14 percent growth in annual profit for calendar year 2019 owing to significant increase in net mark-up income.

    According to financial results for calendar year 2019 released on Tuesday, the bank declared Rs24 billion after tax profit as compared with Rs21 billion profit in the preceding year.

    The bank also announced Rs20.23 as earning per share for the year as compared with EPS of 18.02 declared in the last year.

    The net interest income of the bank registered 23 percent increase to Rs56.61 billion in calendar year 2019 as compared with Rs46 billion in the preceding year.

    However, total non-markup income slightly fell to Rs16.6 billion in 2019 as compared with Rs17.19 billion in the last year.

    Therefore, the total income of the bank rose to Rs76.29 billion in 2019 as compared with Rs63.2 billion in the preceding year.

    Operating expenses of the bank were remained flat at Rs32.6 billion in 2019 as compared with Rs32.1 billion in preceding year.

    The bank contributed income tax to the tune of Rs16.12 billion in the calendar year 2019 as compared with Rs10.7 billion in the preceding year, posting a significant increase of 51 percent.

  • Colgate-Palmolive Pakistan declares 36% growth in net income

    Colgate-Palmolive Pakistan declares 36% growth in net income

    KARACHI: Colgate-Palmolive (Pakistan) Limited has announced 36 percent growth in net income to Rs2.3 billion for six months period ended December 31, 2019.

    According to financial results for the period submitted to the Pakistan Stock Exchange (PSX) on Thursday, the company declared comprehensive income for the period to Rs2.3 billion as against Rs1.69 billion in the same period of the last year.

    The company also declared earning per share at Rs39.97 for the six months period ended December 31, 2019 as compared with Rs29.61.

    Colgate-Palmolive (Pakistan) Limited is a multinational company and engaged in consumer goods industry.

    The net turnover of the company for the period under review increased Rs20.59 billion as compared with Rs17.36 billion.

    The gross profit of the company increased to Rs5.86 billion during six months as compared with Rs5.05 billion in the same period of the last year.

  • Atlas Honda reports 73% decline in after tax profit

    Atlas Honda reports 73% decline in after tax profit

    KARACHI: The manufacturer of Honda Cars in Pakistan has reported 73 percent decline in profit for the period (April-December) 2019.

    According to financial results of the company shared with Pakistan Stock Exchange (PSX) on Thursday the company declared profit after tax to the tune of Rs710 million during the period as compared with Rs2.68 billion in April – December 2018.

    The company also declared loss of Rs41.25 million for the quarter ended October – December 2019 as compared with profit of Rs601.59 million in the same quarter of the last year.

    According to financial results for the third quarter ended December 31, 2019, Honda Atlas Cars (Pakistan) Limited reported massive fall of 54 percent in its sales for the period.

    The car sales of the company fell to Rs9.86 billion during October – December 2019 as compared with Rs21.29 billion in the corresponding period of the last year.

    The domestic car industry is witnessing sharp slumps in sales due to various reasons including significant depreciation of Pak Rupee, increase in prices and high cost of manufacturing.

    The gross profit of the company also fell to Rs646.29 million during the quarter under review as compared with Rs1.63 billion in the same period of the last year.

  • NBP makes progress in regulatory compliance for US operations

    NBP makes progress in regulatory compliance for US operations

    KARACHI: National Bank of Pakistan (NBP) has made significant progress in compliance with regulatory matters in USA operations.

    In its financial report for quarter ended September 30, 2019, the bank said that in 2016 its New York branch entered into a written agreement with the Federal Reserve Bank of New York and New York State Department of Financial Services (US regulators).

    This agreement requires the bank to address certain compliance and risk management matters relating to anti-money laundering and the US bank secrecy law requirements.

    This agreement also requires implementation of the requisite system and controls and allocation of adequate resources to ensure full compliance with such requirements.

    The NBP’s management continues to address the matters highlighted in the written agreement and in the subsequent inspections, and get them independently validated.

    “NBP has made considerable progress and seeks to comply with all applicable laws and regulations.”

    The NBP said that heightened attention to compliance is expected across the bank’s international franchise which will also gain from the development and implementation of an integrated strategy.

    As per quartered ended September 30, 2019, the total assets of the bank amounted to Rs3,025.37 billion which is 8.1 percent higher than Rs2,798.57 billion as at December 31, 2018.

    This represents around 13.8 percent of the banking industry total assets.

    The bank’s market share in deposits, advances and investment is around 14 percent, 12 percent and 15 percent, respectively.

    Strength of the bank’s balance sheet is driven by the wide market outreach and branch banking network where the focus remains on low-cost deposit mobilization.

    The bank said that due to the challenging economic environment the non-performing loans (NPL) of the bank have increased by Rs19.3 billion. As of September 30, 2019 NPL totaled to Rs152.49 billion as against Rs133.36 billion at the end of year 2018.

    “This translates into loan infection ratio of 13.9 percent which is slightly higher than 12.6 percent as of December 31, 2018.”

  • PIA declares Rs67.32 billion annual loss

    PIA declares Rs67.32 billion annual loss

    KARACHI: Pakistan International Airlines (PIA) – the national flag carrier – has declared after tax loss of Rs67.32 billion for the year ended December 31, 2018.

    According to financial statement of the national flag carrier shared with the Pakistan Stock Exchange (PSX) on Friday, the annual loss of the company further ballooned by 32 percent to Rs67.32 billion for the year 2018 as compared with the loss of Rs51 billion in the preceding year.

    The net revenue of the airlines increased to Rs103.49 billion for the year under review as compared with Rs90.55 billion in the preceding year, registering an increase of 14.29 percent.

    The rupee depreciation has increased the cost of services as fuel cost for the year 2018 increased to Rs43.55 billion as compared with Rs31 billion in the year 2017.

    The operation losses of the airlines increased by 31.28 percent to Rs47 billion in the year 2018 when compared with Rs35.81 billion in the preceding year.

    The board of directors of PIA approved the financial results in a meeting held on Thursday November 21, 2019.

  • Honda Atlas Cars declares 50 percent drop in after tax profit

    Honda Atlas Cars declares 50 percent drop in after tax profit

    KARACHI: Honda Atlas Cars (Pakistan) Limited on Thursday announced 50 percent drop in net profit for the quarter ended September 30, 2019.

    According to financial results of the company the profit after tax for the quarter (July – September) 2019 fell to Rs509.69 million as compared with the net profit of Rs1,030 million in the corresponding quarter of the last year.

    The sales of the company fell to Rs11.64 billion for the quarter under review as compared with Rs25.81 billion in the corresponding period of the last year, posting 55 percent decline.

    The gross profit of the company declined to Rs1.21 billion for the quarter ending September 30, 2019 as compared with Rs1.65 billion in the same period of the last year.

    The company declared profit of Rs1.1 billion for the half year (April – September) 2019 as compared Rs3.24 billion in the same half of the last year.

    The sales of the company during the half fell to Rs29.52 billion as compared with Rs49.67 billion in the same half of the last fiscal year.

  • State Bank incurs Rs506 billion exchange loss in 2018/2019

    State Bank incurs Rs506 billion exchange loss in 2018/2019

    KARACHI: The State Bank of Pakistan (SBP) incurred a net exchange loss of Rs506.13 billion during fiscal year 2018/2019 as against exchange loss of Rs72.28 billion during the preceding fiscal year, according to annual financial statement of the central bank released on Wednesday.

    The central bank said that the exchange gains/ (losses) arise on FCY assets and liabilities of the bank.

    Major part of the foreign currency assets of the Bank are USD denominated whereas the foreign currency liability exposure is mainly SDR and USD denominated.

    Accordingly, the movement in the PKR/ SDR and PKR/USD exchange rates directly affects the exchange account.

    The bank incurred a net exchange loss of Rs 506,131 million during FY19 as against exchange loss of Rs 72,280 million during FY18.

    The PKR depreciated against USD by Rs 38.56 and Special Drawing Rights (SDR) by Rs 80.82; accordingly, the net exchange loss increased significantly during the year.

    Due to significant exchange losses, the SBP incurred net loss of Rs 1,043 million (consolidated) in the FY 19 as compared to a profit of Rs175,673 million in the FY 18.

    The decline is primarily attributed to exchange loss of Rs 506,131 million during the current year as compared to exchange loss of Rs 72,280 million in previous year.

    The SBP said that the decrease was, however, partly offset by increase of Rs 254,351 million in the net interest income.

    The lending to the Federal Government remained the major source of SBP’s profit followed by earnings on the Open Market Operation (OMO) injections.

    These major income streams are offset by the increase in interest expense on liquidity mop-up from domestic financial market and increase in interest expense on international deposits.

    The expenses also witnessed a growth of 5 percent during the year. The note printing charges and General administrative and other expenses are the major expense heads that witnessed growth while agency commission paid to agent commercial banks for undertaking government banking business on behalf of the Bank witnessed slight decrease during the year.

    The interest / markup income of the central bank increased by Rs 331,471 million to Rs 646,009 million, registering an increase of over 105 percent.

    The borrowings by the Government from SBP during FY19 remained the major sources of income of the Bank during the year. The discount/interest income earned on lending to the Federal Government increased by 171 percent due to increase in volume of borrowing as well as increase in interest rate.

    The interest earned on lending to commercial banks through OMO injections decreased by 41 percent due to smaller volumes of liquidity injections during the year.

    The income on FCY assets registered 6 percent increase during the year. Although, foreign exchange reserves reduced significantly during the year; however, the return on the reserves increased due to hike in the international interest rates.

    The interest earned on refinance facilities to priority sectors increased to Rs 11,945 million in FY19 from Rs 10,232 million in FY18 primarily due to increase in lending to banks under various refinance schemes.

    The Bank incurred interest/ markup expense on FCY and domestic liabilities. FCY liabilities include deposits of international organizations and central banks, International Monetary Fund and currency swap arrangements.

    The domestic interest/markup bearing liabilities include repurchase transactions and sukuks purchased under Baimuajjal agreement. The interest/ markup expense witnessed a rise of Rs 78,922 million primarily due to increase in expense on repurchase transactions by Rs 46,830 million.

    Further, FCY deposits increased during the year which resulted in additional expense of Rs 23,141 million.

  • National Bank declares marginal growth in profit with over 20 percent high earnings in nine months

    National Bank declares marginal growth in profit with over 20 percent high earnings in nine months

    KARACHI: National Bank of Pakistan (NBP) has declared marginal growth in after tax profit of one percent for nine months period ended September 30, 2019. However, income of the bank posted over 20 percent increase for the period.

    According to a statement issued by the bank, after-tax profit for the nine-months period amounted to Rs 16.3 billion being marginally 1.0 percent higher than Rs 16.2 billion earned during the corresponding period of 2018.

    Meeting of the Board of Directors (BoD) of the bank held on October 29, 2019 (Tuesday) at the bank’s Head Office in Karachi in which the BoD approved financial statements of the bank for the nine-months period ended June 30, 2019.

    For the nine-month period, total income of the bank amounted to Rs 79.4 billion which is 20.3 percent higher than Rs 66.0 billion YoY. While net interest income closed at Rs 53.9 billion, non-mark-up / interest income closed at Rs 25.6 billion, up by 23.7 percent and 13.7 percent respectively.

    With an increase of 26.2 percent YoY, the bank’s profit before taxation amounted to Rs 29.2 billion as against Rs 23.1 billion for September 2018.

    The drop in after-tax profit is mainly attributed to higher taxation charge of 44.0 percent as compared to 30.0 percent for the corresponding period last year. Net profit translates into earnings per share of Rs 7.68 as against Rs 7.60 for the corresponding nine-months period of prior year.

    Total assets of the bank amounted to Rs 3,025.4 billion which is 8.1 percent higher than Rs 2,798.6 billion as at December 31, 2018.

    These represent 13.8 percent of the banking industry total assets. The bank’s market share in deposits, advances and investment is around 14 percent, 12 percent, and 15 percent respectively.

    Representing 12.0 percent of the total industry loans, gross advances of the bank amounted to Rs 1,093.4 billion, marginally higher than Rs 1,059.5 billion as at December 31, 2018.

    However, compared to Rs 953.3 billion of September 2018, gross advances stand increased by Rs 140.1 billion or 14.7 percent. As of September 30, 2019 deposits of the bank amounted to Rs 1,938.0 billion, depicting a drop of Rs 73.3 billion or 3.6 percent as against Rs 2,011.4 billion as of December 31, 2018.

    Deposits constitute translate into ~13.5 percent share in total banking industry deposits. Customer deposits that form 87.5 percent of the bank’s total funding pool remained stable during the period and amounted to Rs 1,695.0 billion (2018: Rs 1,674.12 billion).

    Year 2019 is NBP’s 70th year of service to the Nation, and it continues to deliver strong results. Its business strategy is evolving to ensure a focus on inclusive development through reaching and supporting underserved sectors including SME, Microfinance, Agriculture Finance, and finance for Micro-Housing on a priority basis.

    This is in addition to the bank’s dominant role in dealing with public sector enterprises and its employees. Building a digital banking capability and a technology platform will be a central part of this strategy as will the inculcation of a performance driven culture within the institution.

    For achieving the strategic goals of the bank, certain functions at the Head Office level have been re-organized to create synergies and enhance risk controls.

  • PPL announces highest-ever Rs61.6 billion after tax profit with record 11 discoveries

    PPL announces highest-ever Rs61.6 billion after tax profit with record 11 discoveries

    KARACHI: Pakistan Petroleum Limited (PPL) has posted the highest-ever Rs61.6 billion after tax profit with a record number of 11 discoveries during financial year ended June 30, 2019.

    This was disclosed at the 68th Annual General Meeting of PPL that was held on Monday.

    Members approved financial statement for the fiscal year ended June 30, 2019 together with auditor’s report.

    Final Cash Dividend of 20 percent on ordinary and convertible preference shares besides 20 percent bonus shares to ordinary shareholders and 10 percent to convertible preference shareholders was also approved.

    Shamsul Islam, Chairman, BOD presided over the proceedings and shared that PPL continued to strengthen its position as a leading oil and gas company and created healthy returns for all stakeholders.

    Moin Raza, Managing Director and Chief Executive Officer of the company highlighted PPL’s progress during 2019/2019, and said that the most significant was the highest ever profit after tax of Rs61.6 billion along with a record number of 11 discoveries in a year in company and partner-operated assets.

    The company also drilled the first ever international exploratory well, Madain – I, in operated Block 8, Iraq, a first for a national company.

    Focusing on key operational highlights, Khan mentioned drilling of 30 exploratory and development wells, including Kekra-1 in partner-operated offshore Indus G Block which encountered excellent quality reservoir but was aborted due to difficulty in locating hydrocarbons.

    He also shared ongoing efforts for expanding the company’s exploration portfolio through farm in/out and acquisition of two new blocks at the recent bidding round, making a total of 47 blocks.

    The company continued development activities to optimize production from existing fields that led to an average production of 977 MMscfde in 2018/2019. In this, he also mentioned commissioning of GPF-IV during phase I at Gambat South and Nashpa LPG plant as well as the highest-ever production of 228,310 tons barites from Bolan Mining Enterprises.

  • Meezan Bank declares net profit of Rs11 billion for nine months

    Meezan Bank declares net profit of Rs11 billion for nine months

    KARACHI: Meezan Bank has declared around Rs11 billion net profit (profit after tax) for the 11-month period ended September 30, 2019. The Board of Directors of Meezan Bank Limited, in its meeting, held October 24, 2019 approved the condensed interim unconsolidated financial statements of the bank and its consolidated financial statements for the nine months period ended September 30, 2019, a statement said on Friday.

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