KARACHI: Faysal Bank Ltd (FABL) on Friday announced financial results for the half-year ended July 30 posting profit of Rs3.023 billion compared to Rs2.411bn in the same period last year.

The bank’s second quarter results showed profit-after-tax (PAT) of Rs1.41bn – earnings per share of Re0.93, up 19 per cent year-on-year.

The bank’s fee income grew by 24pc whereas the loss on sale of securities during the period amounted to Rs345 million in the second quarter. On the other hand, the bank’s administrative expenses grew by 12pc per cent during the quarter under review.

BoP profits up 3pc

The Bank of Punjab (BoP) announced earnings on Friday for 1HCY19 posting PAT of Rs3.958bn up 3pc from the same period last year.

The profits translated into earnings per share of Rs1.52.

During the second quarter, however, the bank’s PAT increased by 4pc to Rs2.016bn despite booking significant provisioning expenses during the period.

HMB posts Rs3.18bn profit

Habib Metropolitan Bank Ltd (HMB) announced its 1HCY19 results posting PAT of Rs3.18bn – earnings per share of Rs3.03 — up 8pc YoY basis.

During the second quarter, however, the bank posted flat growth in Net Interest Income (NII) on account of increase in the bank’s interest expenses. On the other hand, total non- interest income declined by 4pc whereas operating expenses grew by 5pc on YoY basis.

AGTL profit dips 45pc

Al-Ghazi Tractors Limited (AGTL) reported 2QCY19 PAT at Rs396m translating into earnings per share of Rs6.84, down 45pc YoY. The company also announced first interim dividend of Rs15 per share.

Both earnings and pay-out were better than investors’ expectations. AGTL sold 4,122 tractors during Apr-Jun’19, down 41pc YoY explaining the earnings decline.

PAEL profits fall to Rs393m

Pak Elektron Limited announced its 2Q2019 results, where earnings of the company clocked in at Rs393m (EPS Re0.77) down by 42pc YoY mainly on the back of lower gross margins, high administrative expenses and higher financial charges.

Hascol, Vitol teams meet PM

Hascol CEO Saleem Butt and Chairman Mumtaz Hasan Khan along with Vitol senior directors met with PM Imran Khan and Adviser to PM Hafeez Shaikh and apprised them about the company’s existing investments worth Rs33 billion in the oil marketing and storage infrastructure.

Hascol and Vitol officials also informed the PM on their plans to invest in oil, Liquefied Petroleum Gas and Liquefied Natural Gas sectors to address fuel shortage in the country.

Published in Dawn, August 24th, 2019