LAHORE/KARACHI: MCB Bank on Tuesday announced that its unconsolidated profit-after-tax (PAT) increased 4pc to Rs6.79 billion in the first quarter ended March 31, 2021 (translating into earnings per share at Rs5.73) against PAT Rs6.519bn and EPS Rs5.50 in corresponding period last year.

Net Interest income was reported at Rs15.24bn with a drop of 6.5pc on account of decreased earning margins due to the expansionary monetary policy regime adopted by the State Bank of Pakistan to combat the downside risks emanating from Covid-19 outbreak.

The board of directors held a meeting, which was presided over by Mian Mohammad Mansha, on Tuesday to review performance of the bank and approve the condensed interim financial statements for the first quarter ended March 31, 2021.

During the period under review, the bank’s non-markup income registered an increase of 22pc to reach Rs4.75bn as the improving transactional volumes and surging business activities supplemented growth of 17pc in fee income while dividend income increased by 86pc over corresponding period last year.

HBL quarterly profit jumps 108pc

Habib Bank Ltd (HBL) reported its consolidated PAT jumped by 108pc to Rs8.56bn in 1QCY21 (EPS Rs5.68) from Rs4.108bn (EPS at Rs2.79).

The bank has also announced an interim cash dividend of Rs1.75 per share. Net Interest Income (NII) increased by 4pc where markup income remained flattish while mark-up expense declined by 3pc.

Meezan Bank income up 24pc in 1QCY21

Meezan Bank Ltd (MEBL) announced 1QCY21 result on Tuesday posting consolidated PAT at Rs6.126bn (EPS Rs4.28), up almost 24pc from Rs4.943bn (EPS Rs3.55).

The bank’s other income reported a growth of 48pc year-on-year as fee income improved by 51pc. Also announced first interim cash dividend of Rs1.50 per share.

TRG Pakistan’s associate sells stake in subsidiary

TRG Pakistan announced on Tuesday that one of its associates, TRGIL, signed a definitive agreement to sell its stake in a health insurance marketing subsidiary to a US-based company at a total enterprise value of $600m.

According to Topline Securities, Delaware-based Primerica Inc has entered into a share purchase agreement with TRGIL-owned E-Telequote Ltd to acquire 80pc of the shareholding.

Published in Dawn, April 21st, 2021