KARACHI: MCB Bank Ltd reported on Wednesday its consolidated earnings for the first quarter of 2022 amounted to Rs9.08 billion, up 29.5pc from a year ago.
The bank also announced a dividend of Rs5 per share, a stock notice showed on Wednesday.
The year-on-year rise in earnings was primarily because of a jump in net interest income and provisioning reversals, said a comment issued by Arif Habib Ltd.
Net interest income settled at Rs19.36bn after increasing 19pc on an annual basis. Interest expense was up 63pc as the full impact of last year’s interest rate hikes was accounted for in the quarter under review.
Fauji Fertiliser profit rises: Fauji Fertiliser Company posted unconsolidated income of Rs6.2bn, up 7.3pc from a year ago, a stock notice showed on Wednesday.
Insight Securities said the increase in profitability was because of higher urea margins coupled with higher other income.
Quarterly revenue was Rs26bn after increasing 22pc on an annual basis. The reason for the top line rise was better urea off-take and higher DAP prices.
The company announced a cash dividend of Rs3.70 per share.
PPL earnings jump 74pc: akistan Petroleum Ltd said its unconsolidated profit in the January-March period remained Rs20.62bn, up 74pc on a year-on-year basis.
A stock notice showed there was no payout declaration for the quarter. Earnings in the first nine months of 2021-22 increased 37pc to Rs52.33bn.
Quarterly revenue rose 39pc to Rs 50.9bn amid devaluation of 11pc, 66pc surge in oil prices and 29pc increase in the Sui wellhead price, said a note by Arif Habib Ltd.
Faysal Bank posts Rs2.2bn profit: Faysal Bank Ltd announced on Wednesday its consolidated earnings for January-March amounted to Rs2.2bn, up 4pc from a year ago. The annualised rise in earnings was due to a jump in total income, according to a note by Arif Habib Ltd.
Net interest income of the bank amounted to Rs7.18bn after growing 32pc on a year-on-year basis. Interest expense was up 54pc.
Reversals were Rs147m in the quarter under review, about 72pc lower than the reversals of Rs533m recorded in the same period last year.
The effective tax rate was 39pc during the January-March quarter versus 40pc recorded in the last quarter of 2021.
Winners of Engro’s IATC awards: Engro Foundation said on Wednesday the two recipients of its flagship initiative — I Am The Change (IATC) Impact Awards 2021 — were WonderTree in the social enterprise category and Charity Right Pakistan in the social development category.
The organisation held these awards in recognition of these organisations’ tireless efforts to support the fight against Covid-19 across Pakistan.
Published in Dawn, April 28th, 2022
