KARACHI/LAHORE: MCB posted 9MCY18 profit after tax (PAT) at Rs14.31bn, down 25 per cent from Rs19.13bn same period last year.
Profit before tax (PBT) Rs23.31bn in the same period, decreasing by 10.3pc from Rs26bn in the first nine months of the current calendar year.
“The significant decrease in PAT was on account of a tax provision reversal amounting to Rs3.59bn recorded in 2017,” said the press release.
The MCB Board of Directors meeting, chaired by Mian Mohammad Mansha, reviewed the performance of the bank and approved financial statements for the nine months period ended September 30, 2018.
The board declared the third interim cash dividend of Rs4 per share for the nine months
period ended September 30, 2018, in addition to the Rs8 per share interim dividend already paid to shareholders.
Strategic management of the earning asset mix resulted in 7.70pc increase in net interest income over the corresponding period last year. Analysis of the interest earning assets highlights that income on advances increased by Rs6.8bn, primarily on account of significant increase in average advances volume of Rs99bn with improved yield of 49bps.
On the investment side, the average volume dropped by Rs79bn with increase in yield of 5bps, resulting in overall decrease of Rs4bn in investments income.
The interest expense of the bank increased by Rs1.1bn; with growth in average deposits by Rs138bn as compared to the corresponding period last year. “The bank continued to enjoy one of the highest CASA base in the industry of 92.46pc,” said the MCB.
The non-markup income block of the bank was reported at Rs11.76bn reflecting a decrease of 15pc when compared with the corresponding period last year, primarily on account of capital market performance.
On the administrative expenses side, the bank reported an increase of 12.47pc (excluding pension fund) over corresponding period last year with major increase in personnel cost, rent, depreciation and repairs, mainly associated with Ex-NIB operational activity.
The total asset base of the bank on a standalone basis was reported at Rs1.296 trillion, reflecting a decrease of 2.4pc over December 31, 2017.
Meezan Bank posts Rs2.12bn profit
Meezan Bank recorded 1QFY19 PAT Rs2.12bn (EPS: Rs2) from earnings of Rs1.55bn (EPS: Rs1.51) in same period last year.
For the nine months ended Sept 30, PAT rose to Rs6.25bn, from Rs4.72bn while EPS grew to Rs5.88 from Rs4.58 in same period last year.
Telenor’s net income edges up
Telenor Group posted 3QCY18 net income attributable to equity holders at Rs5.807bn from Rs5.756bn in corresponding period the year before.
The company’s EBITDA before other income and other expenses/revenues was recorded at Rs44.8 million, up 4.43pc, from Rs42.9m same period last year.
Fauji Foods records 900m loss
Fauji Foods posted 1QFY19 loss at 899.6m, increasing from a loss of Rs709.8m in same quarter last year. The corresponding loss per share stood at Rs1.70 from Rs3.63.
Shell Pakistan profit plunges
Shell Pakistan posted quarterly net profit at Rs1.94bn, down 37.5pc, from Rs3.11bn while EPS fell to Rs18.11, from Rs29.02 in 1QFY18.
ABL earnings up 2.38pc
Allied Bank Ltd (ABL) declared 1QFY19 Rs9.967bn (EPS: Rs8.70), up 2.38pc from Rs9.735bn (EPS: Rs8.50) in same period last year.
MLCF earns Rs587m
Maple Leaf Cement Factory (MLCF) recorded earnings for the quarter ended Sept 30 at Rs586.7m, down 45.29pc from Rs1.073bn in same period last year. This translated into EPS of Rs0.99, down from Rs1.98 recorded in 1QFY18.
Millat Tractors profit slightly dips
Millat Tractors declared 1QFY19 PAT at Rs1.12bn, decreasing from Rs1.16bn in same quarter last year. EPS for the period stood at Rs25.36, from Rs26.34 in 1QFY18.
Pulished in Dawn, October 25th , 2018
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