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Tag: financial results

  • Bank Alfalah declares Rs9.24 billion net profit for period ended Sept 30

    Bank Alfalah declares Rs9.24 billion net profit for period ended Sept 30

    KARACHI: Bank Alfalah Limited has declared net profit of Rs9.24 billion for the period ended September 30, 2019 as compared with Rs8.63 billion in the same period of last year, depicting an increase of 7.1 percent.

    The Board of Directors of Bank Alfalah Limited in its meeting held on October 18, 2019, in Abu Dhabi, approved the Bank’s unaudited interim financial statements for the period ended September 30, 2019, said a statement on Saturday.

    The bank’s pre-tax profits grew by 16 percent from a year ago, amidst challenging operating environment.

    The bank earned post-tax profit of Rs 9.242 billion or Rs. 5.20 per share, up from a profit of Rs 8.629 billion or Rs. 4.87 per share despite super tax charge levied for 2017 through the mini budget in 2019, the statement said.

    Revenue was up by 29 percent from a year earlier. Higher spreads along with improved average deposits, rising average advances and effective balance sheet management have contributed to a strong rise in net interest income. Fee and commission income stood 12 percent higher than same period last year. Gain realized on government securities last year and bearish stock market sentiments during the first half of 2019 are the reasons behind lower capital gains and impairment charge.

    Administrative expenses increased by 21 percent against the corresponding reporting period. Main factors behind this are technology, marketing, deposit protection insurance which is a new levy, new initiatives like branch openings along with overall impact of inflationary adjustments and PKR devaluation. The cost to income ratio of the Bank has improved to 53 percent from 56 percent for the same period last year, as a testament to Bank’s focus on cost control.

    The Bank continued its focus on increasing no cost deposits with CASA mix improved to 80 percent as at Sep 30, 2019 compared to 77 percent as at Dec 31, 2018.

    Credit performance remained strong across businesses. The bank’s gross advances were reported at Rs. 490.664 billion, down by 5 percent being seasonal impact. Alongside, we continue to optimize our usage of capital and liquidity across the Bank.

    At September end, the bank remains adequately capitalized with CAR at 16.87 percent.

    Commenting on the Bank’s performance over the quarter, Nauman Ansari, CEO, Bank Alfalah said, “Although, the importance of the branch in attracting and retaining customers would remain, however, the retail banking industry is fast embracing a mobile-centric customer experience. Bank Alfalah’s investment in both, branches and digital technologies, has increased meaningfully due to consumers’ constantly evolving demands.”

  • PTCL declares 14.33 percent growth in after tax profit

    PTCL declares 14.33 percent growth in after tax profit

    KARACHI: Pakistan Telecommunication Limited (PTCL) on Wednesday declared 14.33 percent growth in profit after tax for the nine-month period ended September 30, 2019.

    The company announced profit after tax of Rs5.46 billion during January – September 2019 as compared with Rs4.78 billion in the same period of the last year.

    The company announced Rs1.07 as earnings per share (EPS) for the period under review as compared with Rs0.94 EPS of the same period in last year.

    The total revenue of the company was flat at Rs43.774 billion in January – September 2019 as compared with Rs53.55 billion in the corresponding period of the last year.

    PTCL posted gross profit of Rs13.179 billion during nine-month period ended September 30, 2019 as compared with Rs13.721 billion in the same period of the last year.

    The administrative, general and selling/marketing expenses of the company were at Rs8.73 billion during January – September 2019 as compared with Rs8.478 billion in the same period of the last year.

    Other income of the company increased to Rs3.82 billion as compared with Rs2.18 billion.

    The profit before tax for the period was at Rs8.03 billion as compared with Rs6.927 billion in the same period of the last year.

  • UBL posts 48 percent increase in after tax profit

    UBL posts 48 percent increase in after tax profit

    KARACHI: United Bank Limited (UBL) has announced 48 percent increase in after tax profit to Rs14.4 billion in nine-month period ended September 30, 2019.

    The net profit of the bank was Rs9.73 billion for the period January – September 2018, according to announcement on Wednesday.

    UBL also announced Rs11.77 earning per shares (EPS) for the period as compared with Rs7.95 EPS in the same period of the last year.

    Net mark-up / interest income of the bank registered increase to Rs45.34 billion during first three quarters of financial year 2019 as compared with Rs41.88 billion in the corresponding quarters of the last year.

    Total mark-up/interest expenses of the bank increased to Rs29.24 billion as against previous year’s Rs28.155 billion.

    UBL allowed provisioning and write-offs to the tune of Rs6.82 billion during the period under review as compared with Rs7.44 billion in the same period of the last year.

    Profit before taxation of the bank was Rs26.3 billion during January – September 2019 as against Rs16.49 billion.

    The bank discharged tax liability to the tune of Rs11.9 billion for nine-month period ended September 2019 as compared with Rs6.76 billion paid in the corresponding period of the last year.

  • Attock Petroleum posts 21 percent decline in after tax profit

    Attock Petroleum posts 21 percent decline in after tax profit

    Attock Petroleum Limited, a leading player in the energy sector, has reported a 21 percent decline in its after-tax profit for the quarter ended September 30, 2019.

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  • Hub Power declares Rs8.036 billion annual profit, 6.17pc lower than previous year

    Hub Power declares Rs8.036 billion annual profit, 6.17pc lower than previous year

    KARACHI: Hub Power Company Limited (HUBCO) has declared net annual profit of Rs8.036 billion for the period ended June 30, 2019, which is 6.17 percent lower than the profit of Rs8.565 billion in the previous year.

    According to financial statement for year 2019 submitted to Pakistan Stock Exchange (PSX) on Thursday, the company also declared earnings per share at Rs6.70 for the year, which is also lower when compared with EPS Rs7.15 in the last year.

    The total turnover of the company sharply fell to Rs36.028 billion in 2019 as compared with the turnover of Rs76.675 billion. The operating costs have been declined to Rs24.29 billion as compared with Rs66.872 billion.

    The company declared gross profit of Rs11.733 billion in the year 2019, which is 19.68 percent higher than the gross profit of Rs9.803 billion a year ago.

    The company declared profit from operations to the tune of Rs13.236 billion for the year under review as compared with Rs11.022 billion in the last year.

    Finance costs of the company increased to Rs4.96 billion as compared with Rs2.247 billion. This brings the profit before taxation of the company at Rs8.275 billion as compared with Rs8.77 billion of the last year.

    The company paid taxes to the tune of Rs238.523 million in 2019 as compared with Rs209.2 million in the previous year.

  • Meezan Bank’s total assets cross Rs1 trillion

    Meezan Bank’s total assets cross Rs1 trillion

    KARACHI: The total assets of Meezan Bank has crossed Rs 1 trillion mark by June 30, 2019, a statement said on Thursday.

    The Board of Directors of Meezan Bank Limited in its meeting, held at Karachi on August 28, 2019 approved the condensed interim unconsolidated financial statements of the Bank and its consolidated financial statements for the half year ended June 30, 2019.

    The meeting was presided by Riyadh S.A. A. Edrees – Chairman of the Board; Faisal A. A. A. Al – Nassar – Vice Chairman of the Board was also present.

    The Bank continued its growth momentum and posted excellent results for the half year ended June 30, 2019. Total assets of the Bank crossed the Rs 1 trillion mark for the first time in its history while profit after tax for the half year crossed Rs7 billion – a growth of 70 percent from the comparative period last year.

    The Earnings per Share (EPS) – on enhanced capital were Rs 5.44 per share. The Bank remains a well-capitalized institution with Capital Adequacy Ratio of 16.22 percent.

    The board has approved 10 percent interim cash dividend (Rs 1.0 per share) for the second quarter of 2019, bringing the total dividend payout for the half year to Rs 2.0 per share (20 percent) as Re 1.0 per share i.e. 10 percent cash dividend along with 10 percent bonus shares were approved in the last board meeting.

    The Bank has maintained an unbroken payout record since its listing on Stock Exchange in the year 2000. Deposits of the Bank grew by 7 percent to reach Rs 842 billion while its financing portfolio closed at Rs 484 billion with an ADR of 57 percent. The NPL ratio and NPL coverage ratio stood at 1.60 percent and 130 percent.

    Total operating income of the Bank increased by 55 percent, primarily due to continuous focus on maintaining higher volume of earning assets portfolio and rise in the asset yields pursuant to increase in Target Rate.

    The Bank’s return on deposits also recorded a twofold rise mainly due to increase in depositors’ profit rates and volumetric growth. Fees and commission income of the Bank grew by 26 percent primarily due to increase in the trade business volume handled by the Bank and other branch banking related income.

    Operating expenses and other charges increased by 26 percent primarily due to devaluation of Pakistani Rupee and increase in costs associated with new branches – an investment in future.

    The rise in expenses was sufficiently absorbed by the growth in the Bank’s income, resulting in improvement in income efficiency ratio by 11 percent. The Bank added 18 new branches to its network during the half year, bringing the total number of branches to 678 in 189 cities.

    The VIS Credit Rating Company Limited (formerly JCR-VIS Credit Rating Company Limited), has reaffirmed the Bank’s Entity Rating of ‘AA+’ (Double A Plus) for the Long Term and ‘A1+’ (A-One Plus) for the Short Term with stable outlook. The VIS Credit Rating Company Limited has also reaffirmed the rating of Subordinated Tier II Sukuk and Additional Tier I Sukuk of the Bank at ‘AA’ (Double A) and ‘AA-’ (Double A Minus) respectively. These ratings indicate sound performance of the Bank.

  • NBP declares 11.12pc decline in after tax profit to Rs11.1 billion

    NBP declares 11.12pc decline in after tax profit to Rs11.1 billion

    KARACHI: National Bank of Pakistan (NBP) on Wednesday declared decline in net profit by 11.12 percent to Rs11.1 billion for the first half ended June 30, 2019.

    According to financial results for the half yearly ended June 30, 2019 submitted to Pakistan Stock Exchange (PSX), the bank declared after tax profit of Rs11.101 billion as compared with Rs12.49 billion for the corresponding period of the last year.

    The public sector bank declared Rs5.22 earnings per share for the half year as compared with Rs5.87 EPs for the same period of the last year.

    The earning of the bank declined owing to higher amount of tax payment for the period under review. The bank discharged tax liability of Rs9.28 billion for the period January – June 2019 as compared with Rs4.66 billion in the corresponding period of the last year.

    Total income of the bank for the period under review increased by 18.45 percent to Rs53.76 billion as compared with Rs45.39 billion for the period ended June 30, 2018.

    Net mark-up/interest income of the bank increased to Rs35.56 billion for the period ended June 30, 2019 as compared with Rs30.14 billion in the same period of the last year.

    While total non-mark up / interest income of the banks increased to Rs18.2 billion as compared with Rs15.25 billion.

    Operating expenses of the bank increased to Rs27.8 billion from Rs25.41 billion.

    The provisions and write offs of the banks also increased to Rs5.49 billion for the first half ended June 30, 2019 as compared with Rs2.82 billion in the corresponding period of the last year.

    The profit before taxation of the bank came at Rs20.38 billion by June 30, 2019 as compared with Rs17.16 billion in the corresponding period of the last year.

  • HBL declares 51 percent decline in net profit during first quarter

    HBL declares 51 percent decline in net profit during first quarter

    KARACHI: Habib Bank Limited (HBL) on Thursday declared 51 percent decline in net profit during the first half ending June 30, 2019.

    The profit after tax of the bank declined to Rs3.927 billion during first half (January – June 2019) as compared with Rs8.128 billion in the corresponding half of the last year.

    According to half yearly financial results submitted to Pakistan Stock Exchange (PSX), the bank said that its results for the first half 2019 were impacted by two specific market events.

    The further 15 percent depreciation in the value of rupee, which was impacted Rs 6 billion.

    A 9 percent fall in the continuously declining PSX, which was impacted Rs1.9 billion.

    The incremental impact of these, compared to the first half of 2018, is Rs4.8 billion. “Resultantly, reported profit before tax of Rs9.9 billion for first half 2019 is Rs4.2 billion or 30 percent lower than for the same period last year.”

    The bank further said that the retrospective imposition of super tax on 2017 earnings has increased the effective tax rate for the half year to 60 percent.

    Profit after tax for the first half 2019 is therefore Rs3.9 billion compared to Rs 8.1 billion for the first half of 2018.

    Earnings per share for the period under review are at Rs 2.53.

    The bank said that its core domestic business continued to grow steadily. Total deposits increased by 6.8 percent, crossing the Rs. 2.0 trillion mark, with half the growth coming from current accounts.

    The domestic mix of current accounts improved by 66bps to 38.2 percent while the CASA ratio of 85.2 percent was just below December 2018 levels of 85.4 percent.

    Domestic advances increased marginally over December 2018 levels but the strong run-up in 2018 resulted in average advances for the first half 2019 being 25 percent (Rs 180 billion) higher than in the first half of 2018.

    The Consumer business continued its steady growth with average consumer loans increasing by 17 percent over the first half of 2018.

    Overseas deposits and advances both increased in US dollar terms with the impact more pronounced in Rupees.

    HBL’s total deposits thus grew by 7.8 percent over December 2018 to Rs 2.3 trillion with net advances of the Bank up by 5 percent to Rs 1.1 trillion.

    Average domestic deposits, driven by Rs 62 billion growth in average current accounts, increased by around Rs 100 billion.

    The average balance sheet thus increased by Rs 135 billion (6 percent). The net interest margin in the domestic business improved by 59 bps as earning asset yields improved significantly due to re-pricing of loans and rollover of maturing investments at higher rates.

    Domestic net interest income for the first half of 2019 is thus 18 percent higher than for the same period last year.

    With a 14 percent improvement from the international business in Dollar terms, total net interest income for HBL increased by 20 percent, to Rs 47.7 billion.

    Fee income continued to improve, increasing by 16 percent over the first half 2018, to Rs 10.7 billion as international fees were restored to their prior year levels.

    Domestic fee growth of 15 percent was robust, achieved due to strong performances from the card related business, trade fees and investment banking income.

    The sale of previously impaired equities resulted in a realized capital loss of Rs 1.8 billion, but with no overall P&L impact.

    “Excluding this, income from treasury related activities increased to Rs 3.4 billion in the first half of 2019 compared to Rs 2.8 billion in the same period last year,” the bank said.

    Core non mark-up income for the first half of 2019, excluding the revaluation loss on the Bank’s open position and the capital loss described above, increased by 13 percent YoY to Rs 15.8 billion.

    Headline administrative expenses for the first half of 2019 increased by 24 percent to Rs 45.0 billion. This was largely driven by an increase in the ongoing remediation, legal and regulatory costs related to the Bank’s New York branch.

    The substantial impact of Rupee depreciation on international expenses and the incremental cost of HBL’s new office building also contributed to the expense growth.

    Excluding these major items, expenses increased by 11 percent.

    Total provisions for the first half of 2019 are Rs 511 million. Net reversals in the domestic business continue, although they are considerably lower, notwithstanding an improved recovery performance.

  • MCB Bank declares Rs10.67 billion net profit for first half

    MCB Bank declares Rs10.67 billion net profit for first half

    KARACHI: MCB Bank has declared Rs10.67 billion net profit for first half (January – June) 2019 as compared with the profit of Rs9.76 billion in the same half of the last year.

    According to financial results for the period January – June 2019 shared with Pakistan Stock Exchange (PSX) on Wednesday, the bank declared 11 percent growth in net profit for the first half of the current fiscal as compared with the corresponding half of the last year.

    The bank announced earnings per share at Rs9.01 as compared with Rs8.24.

    The profit before tax of the bank also grew to Rs18.24 billion during the period under review as compared with Rs15.99 billion in the same period of the last year.

    Total income of the bank for the period was stood at Rs35.75 billion for the first half ended June 30, 2019. Net mark-up income / interest income of the bank was recorded at Rs27.8 billion. Non-mark-up income of the bank was recorded at Rs7.9 billion.

    The expenses of the bank were recorded at Rs16.75 billion as compared with Rs17.51 billion. The provision for write-offs was at Rs759 million.

  • UBL announces 52 percent increase in net profit in first half

    UBL announces 52 percent increase in net profit in first half

    KARACHI: United Bank Limited (UBL) has recorded 52 percent growth in its net profit for first half ended June 30, 2019.

    According to financial results for the period January – June 2019 shared with Pakistan Stock Exchange (PSX), the bank announced Rs9.54 billion profit after tax for the first half ended June 30, 2019 as compared with Rs6.27 billion in the same half of the last year.

    The bank announced earnings per share at Rs7.8 as compared with Rs5.12.

    The profit before tax of the bank also grew to Rs18 billion during the period under review as compared with Rs10.6 billion in the same period of the last year.

    Total income of the bank for the period was stood at Rs42 billion for the first half ended June 30, 2019. Net mark-up income / interest income of the bank was recorded at Rs29.9 billion. Non-mark-up income of the bank was recorded at Rs12.14 billion.

    The expenses of the bank were recorded at Rs19.568 billion as compared with Rs18.8 billion. The provision for write-offs was at Rs4.49 billion.

    The rise in profitability was mainly no provision for pension liability this year as the bank paid Rs8.4 billion in the first half of the last year.