KARACHI: Habib Bank Limited net profit increased 29 percent to Rs11.520 billion, translating into earnings per share (EPS) of Rs15.95 during the third quarter ended September 30, 2022, a bourse filing said on Wednesday.
The bank posted a net profit of Rs8.955 billion with EPS of Rs18.21 during the same quarter last year. According to the Pakistan Stock Exchange notice, the bank announced an interim cash dividend of Rs1.50/share, which is in addition to the interim dividend already paid at Rs3.75/share.
Interest-earned income for the quarter rose to Rs121.465 billion, compared with Rs65.879 billion in Q3 2022. Interest expenses also remained higher at Rs79.322 billion from Rs33.591 billion a year ago.
The bank paid higher taxes of Rs11.520 billion during the period against Rs8.955 billion which decreased the profit margins.
For the nine months ended September 30, the bank recorded a net profit of Rs23.627 billion, down from Rs26.985 billion during the same period last year. EPS for the nine-month period was recorded at Rs15.95 from Rs18.21 in the same period a year ago.
HBL’s balance sheet grew by 5 percent to Rs4.5 trillion with total deposits at Rs3.4 trillion, a separate statement said. The bank grew its total advances by 14 percent to Rs1.7 trillion.
The bank’s leading consumer portfolio of Rs120 billion is 17 percent higher than in December 2021, and lending to the agriculture sector achieved another all-time high of Rs45 billion, an impressive growth of 14 percent.
HBL’s commercial lending portfolio also crossed a milestone of Rs100 billion. Microfinance increased loans by 36 percent, underlining the progress on financial inclusion objectives.
HBL President and CEO Muhammad Aurangzeb said, “The bank continues to invest in its people, digital infrastructure, and business expansion, aligned with the key pillars of the bank’s strategic vision. In consideration of the pressure on employees by the high level of inflation, escalating fuel prices and excessive taxation, particularly at the junior level, HBL provided support through a cost-of-living adjustment. In 9M2022, HBL also took the landmark step of raising the staff service age to 65, another first in the industry, which has been applauded by all stakeholders.”
MCB Bank Q3 profit rises 16pc
MCB Bank Limited net profit increased 16 percent to Rs9.282 billion, translating into EPS of Rs7.8 during the quarter ended September 30, 2022, a bourse filing said.
The bank posted a net profit of Rs8.003 billion with EPS of Rs6.73 during the same quarter last year. MCB Bank announced an interim cash dividend of Rs5/share, which is in addition to the interim dividend already paid at Rs9/share.
Interest-earned income for the quarter rose to Rs61.034 billion, compared with Rs34.032 billion during the same quarter last year. Interest expenses also remained higher at Rs36.045 billion from Rs16.716 billion in Q3 last year.
Profit margins decreased as the bank paid higher taxes of Rs11.039 billion during Q3 of calendar year 2022 against Rs5.591 billion during the same quarter last year.
For the nine months ended September 30, the bank recorded a net profit of Rs20.669 billion, down from Rs22.967 billion during the same period last year. EPS for the nine-month period was recorded at Rs17.40 from Rs19.29 in the same period a year ago.
In a separate statement, the bank said that net interest income for nine months period ended September 2022 increased 29 percent over the corresponding period last year on the back of strong volumetric growth in current account and favourable yield curve movements.
Average current deposits registered a growth of Rs91.6 billion, up 17 percent YoY.
Non-markup income registered a growth of 41 percent and reported a base of Rs20.25 billion against Rs14.38 billion in the corresponding period last year. The contribution from foreign exchange line, debit cards, trade business and home remittances remained strong during the period.
Despite exceptionally high inflation, impact of currency devaluation and continued investments in human resources, branch network and technological upgradation, operating expenses of the bank were recorded at Rs30.52 billion, growing by a modest 16 percent YoY. Also, the cost to income ratio improved significantly to 37.3 percent from 42.5 percent reported in the corresponding period last year, the statement said.
Proactive monitoring and recovery efforts led to a net provision reversal against non-performing loans (NPLs) which aggregated to Rs1,883 million for the period under review. Persistent focus on maintaining a robust risk management framework encompassing structured assessment models, effective pre-disbursement evaluation tools and an array of post disbursement monitoring systems has enabled MCB to effectively manage its credit risk.
The NPL base was reported at Rs52.47 billion. The bank has not taken FSV benefit in calculation of specific provision against its NPLs. The coverage and infection ratios were reported at 85.14 percent and 8.37 percent, respectively.
On the financial position side, the total asset base grew by 5.4 percent and was reported at Rs2,076 billion. Gross advances registered a slight decline of Rs9 billion, down 1 percent, whereas the consumer lending book grew by Rs4.8 billion, up 12 percent.
FFC quarterly profit down 19 percent
Fauji Fertilizer Company Limited (FFC) announced a 19 percent decrease in quarter earnings on account of a decline in sales during the floods.
In a bourse filing, the company reported a net profit of Rs5.243 billion for the quarter ended September 30, down against profits of Rs6.452 billion during the same period the previous year.
It also announced an interim cash dividend at Rs3.18/share, which is in addition to the interim dividends already paid at Rs5.80/share.
EPS came in at Rs4.12, compared with EPS of Rs5.07 last year.
The company said its net sales for the period decreased to Rs24.474 billion, compared with Rs29.573 billion a year earlier. The cost of sales remained at Rs15.034 billion against Rs18.408 billion.
For the nine-month period ended September 30, FFC posted a net profit of Rs14.843 billion, down from Rs15.887 billion recorded during the same period last year. EPS came in at Rs11.67 during the nine months against EPS of Rs12.49 recorded during the same period last year.
PSMC reports Rs2.489bn Q1 losses
Pak Suzuki Motor Company Limited (PSMC) announced Rs2.489 billion losses in earnings for the first quarter that ended September 30 on account of an increase in the finance cost.
In a statement to the PSX, the company reported a net loss of Rs2.489 billion for Q1 ended September 30, against profits of Rs993.715 million during the same period the previous year.
The company skipped any payout for this period.
Loss per share (LPS) came in at Rs30.25, compared with EPS of Rs12.07 a share last year.
The company said its net sales for the period decreased to Rs29.800 billion, compared withRs50.263 billion a year earlier. The cost of sales remained at Rs28.239 billion against Rs47.599 billion during the same period last year.
Finance cost increased to Rs4.798 billion against Rs76.664 million which increased the losses.
For the 9M2022, the company posted a net loss of Rs2.506 billion, against profits of Rs2.190 billion recorded during the same period last year.
LPS came in at Rs2.506 during the nine months against EPS of Rs26.62 recorded during the same period last year.
