KARACHI, Aug 24: Some of the major corporate results announced on Thursday included those of MCB Bank, Bank of Punjab (BoP) and ICI Pakistan. MCB announced profit after tax (PAT) at Rs5.74 billion for the first six months to June 30, 2006, which represented earnings per share (eps) at Rs11.2.

The profit showed growth of 89 per cent over Rs3.04 billion earned by the bank in the corresponding period of the previous year, which translated into eps of Rs5.9.

Analysts observed that the growth in earnings mainly ensued from higher net interest income, which grew by 67pc to Rs10bn. Non-interest income of the bank improved slightly by six per cent and reached Rs2.4bn.

The major reason for the nominal growth in non-interest income was believed to be the absence of capital gains. In 1H2005, MCB Bank had booked capital gains of Rs561bn.

Bank of Punjab was the other bank of which the results were eagerly awaited by the shareholders. The bank declared 59 per cent growth in profit after tax at Rs3.04 billion for the 1H2006. That represented eps at Rs8.5.

Advances of the bank grew by 32pc to Rs84bn during 1H2006. On the other hand, deposits of the bank reached Rs114bn as on June 30, 2006 – 29pc more than the deposits available on Dec 2005.

Contrary to market expectations, bank did not announce any bonus payout with the results. Interestingly, right issue of 1.25pc at a premium of Rs10 per share was announced with the results.

ICI Pakistan Limited declared profit after tax at Rs584 billion for 1H2006, which translated into eps of Rs4.2. Comparable PAT for the corresponding period of the previous year was Rs642 million or eps of Rs4.6.

Most analysts thought that the results were in line with expectations. Analysts commented that taxed earnings reflected a decline of nine per cent mainly on account of partial write-off of deferred tax asset recognised in earlier years.

Nonetheless, profit before tax increased by 47pc and amounted to Rs967m from Rs657m in 1H2005. Net sales of the company grew by 7pc to Rs9.4bn as against Rs8.8bn in the same period last year.

Gross margins also improved to 20pc from 17pc in the same period of the previous year. “As expected, the company announced interim cash dividend of Rs2.5 per share along with the results”, analysts said.