KARACHI: MCB Bank posted a profit of Rs22.9 billion for the first nine months of 2021, registering a drop of two per cent from a year ago, a bourse filing said on Wednesday.

Continuing with its highest payout trend, the bank announced a dividend of Rs4.50 per share for the July-September quarter. The latest announcement took the total payout so far in 2021 to Rs14 per share.

A statement by the bank said the average policy rate registered a decline of 258 basis points to 7.01pc in the period under review. “However, on account of historic growth in average current deposits, the net interest income of the bank decreased only 14pc to Rs47.74bn,” it said.

According to Arif Habib Ltd, the bank booked a significant net reversal of Rs1.5bn in the third quarter, taking total reversals to Rs3.5bn for the nine-month period. The brokerage house attributed it to an improved outlook on the asset quality following the rebound in economic activity across the country.

BAHL net income up 4.4pc

Bank AL Habib Ltd (BAHL) reported a net income of Rs13.8bn for the first nine months of 2021, up 4.4pc from a year ago, according to a stock notice.

The result was above expectations, AKD Securities said. In the third quarter alone, earnings stood at Rs4.7bn, down 20.9pc from a year ago.

“Major deviation from our estimates occurred on account of higher-than-expected foreign exchange income and lower provisioning expense,” it said.

Net interest income remained flat on a sequential basis likely because of a contraction in margins.

NBP net income falls 9pc

National Bank of Pakistan (NBP) said on Wednesday its earnings in January-September decreased 6pc year-on-year to Rs24.6bn, as per a stock filing on Wednesday.

The bank did not announce any dividend. Net interest income settled at Rs72.5bn in the three quarters, down 9pc on a year-on-year basis.

Arif Habib Ltd said provisioning expenses amounted to Rs5.1bn in the third quarter alone, taking the nine-month figure to Rs12bn.

Allied Bank posts Rs13bn profit

Allied Bank Ltd posted a profit of Rs13bn for January-September, up 5pc from a year ago, a stock notice said on Wednesday.

The result was in line with market estimates, according to Insight Securities. The bank also announced a cash dividend of Rs2 per share, taking the cumulative payout to Rs6 per share.

Net interest income decreased 7pc to Rs34.7bn in the nine-month period primarily because of a reduction in net interest margins as a result of the re-pricing of assets at lower rates.

Published in Dawn, October 28th, 2021