BAHL profit up 18pc to Rs6.993 billion in Jan-Sept 2019

KARACHI: Bank AL Habib Limited (BAHL) profit increased 18 percent to Rs6.993 billion for the first nine months of 2019, translating into earnings per share (EPS) of Rs6.30, a bourse filing said on Thursday.

The bank booked a profit of Rs5.938 billion with EPS of Rs5.35 in the previous nine-month period ended September 30, 2018, a statement to the Pakistan Stock Exchange (PSX) said.

The bank did not announce any dividend for the period.

The bank improved its net mark-up income by 33.42 percent. Fee and commission income which was earned mainly through trade business, general banking services, alternate delivery channels etc, showed an increase of 25.84 percent over the corresponding period last year.

The bank’s foreign exchange income increased by 42.43 percent, while dividend income for the nine months period ended September 30, 2019 was recorded at Rs349 million.

The bank has performed well in expanding revenue streams and curtailing its expenses which resulted in decrease in operating cost-to-income ratio to 55.84 percent from 62.54 percent compared to corresponding period last year.

Deposits of the bank increased by Rs65.41 billion, bringing the total deposits to Rs862.31 billion as on September 30, 2019, while total assets of the bank recorded at Rs1.29 trillion showing an increase of 23.24 percent as compared to December 31, 2018.

Engro Corporation profit up 59pc in Q3

Engro Corporation Limited net profit increased 59 percent to Rs6.150 billion for the quarter ended September 30, 2019, translating into EPS of Rs10.67, a bourse filing said.

The company earned Rs3.857 billion with EPS of Rs6.69 in the corresponding period last year.

The board also announced an interim cash dividend of Rs8/share or 80 percent for the quarter ended September 30, 2019. It was in addition to an interim dividend already paid at Rs15/share, equivalent to 150 percent, notice to the PSX said.

Net revenue of the company was up 30 percent to Rs149.4 billion during the nine-month period, up from Rs114.6 billion during the same period last financial year.

Operating expenses of the company increased to Rs3.690 billion, up from Rs2.024 during the same period last year.

Brokerage Topline Securities identified poor crop season, scarcity of water for sowing season, volatility in polymer margins, and change in regulatory structure in energy division as key risks for the holding company in months ahead.

Maple Leaf posts losses worth Rs982 million in Q1

Maple Leaf Cement Factory (MLCF) suffered loss of Rs982 million for the quarter ended September 30, 2019, translating into loss per share of Rs1.65, a bourse filing said.

The company earned Rs586 million with EPS of Rs0.99 in the corresponding quarter last year. The board of directors did not announce any interim cash dividend for the quarter ended September 30, 2019, the PSX notice showed.

Top-line of the company jumped 26 percent year-on-year to Rs7.1 billion in Q1FY20 due to low prices. Finance costs jumped 140 percent YoY in Q1FY20 as the company had borrowed for expansion, which was affected by the interest rate hike.

Arif Habib Limited in their analysis said, “MLCF booked a tax credit in Q1FY20 at Rs43 million, on account of commissioning of its new line in May 2019 versus effective taxation at 13 percent in the same period last year.”

Soneri Bank profit down 6.4pc in Jan-Sept 2019

Soneri Bank profit declined 6.4 percent to Rs1.211 billion for the nine-month period ended September 30, 2019, translating into EPS of Rs1.0985, a bourse filing said.

The bank’s profit was Rs1.293 billion with EPS of Rs1.1734 in the nine-month period ended September 30, 2018. The bank did not announce any interim dividend for the period.

Net interest income (NII) for the period improved 19.33 percent YoY to Rs5.9 billion. The growth in net interest income was primarily due to improved volumes as well as spreads.

Non-interest income ended lower than the prior period, mainly due to the impact of losses incurred on the capital markets portfolio, while fee and commission earnings, as well as foreign exchange income both improved by 17.05 percent and 5.99 percent respectively.

Growth in expenses was kept restricted at 11.60 percent, as compared to the prior period, with non-markup expenses reported at Rs6.118 billion for the nine months ended 30 September 2019.

Bank Islami profit jumps to Rs973mln in Jan-Sept 2019

Bank Islami profit jumped to Rs998 million in the nine-month period ended September 30, 2019, translating into EPS of Rs0.9927.

The bank earned Rs160 million with EPS of Rs0.1688 in the nine months ended September 30, 2018, the PSX notice showed. The board did not announce any cash dividend.

The bank registered growth of 76.5 percent in net spreads earned, emanating from increase in earning assets of the bank and rise in central bank’s policy rate, which was the main contributor in improving the bottom line. Improvement in cost to income ratio from 97.2 percent to 66.2 percent was registered during the period.