KARACHI: MCB Bank Ltd recorded a net consolidated profit of Rs2.3 billion for the April-June quarter, down 71 per cent from a year ago.

However, pre-tax profit for the same quarter increased 30pc on an annual basis to Rs18.1bn, a regulatory filing showed on Wednesday.

“The drag on overall profitability in the second quarter was on the back of higher taxation on account of revised corporate, advances-to-deposits ration–related tax and super tax,” said Arif Habib Ltd in a note to investors.

Along with the financial result, the bank also announced a dividend of Rs4 per share. It has already paid a dividend of Rs5 a piece.

Net interest income settled at Rs22.9bn in the quarter after increasing 31pc from a year ago. The interest expense remained “significantly high” — 82pc year-on-year — mainly due to the impact of policy rate hikes in the outgoing quarter, said the brokerage.

The provisioning expense for the bank stood at Rs71 million in the second quarter of 2022 versus a reversal of Rs1.8bn recorded in the same period a year ago.

The effective tax rate remained 87.3pc during the quarter under review as opposed to 43.7pc in the comparable three-month period a year back.

ABL profit falls 58pc: Allied Bank Ltd posted a net profit of Rs1.97bn for the April-June quarter, which is 58.5pc less than the earnings recorded in the comparable period of the preceding year.

A stock notification told investors on Wednesday the bank also declared a dividend of Rs2 per share, which took the payout in the first half of 2022 to Rs4 per share.

The half-yearly profit of the commercial lender decreased 23.1pc year-on-year to Rs6.8bn.

NBP income dips to Rs2.5bn: National Bank of Pakistan Ltd registered a net quarterly income of Rs2.5bn in the latest three-month period, down 72.5pc on an annual basis.

A stock notice on Wednesday showed an increase of 2.5 times in the tax expense dented the bank’s bottom line.

According to Topline Securities, the bank’s earnings were less than the street expectation because of lower “other income”.

The bank didn’t declare any payout.

Askari Bank earnings jump 98pc: Askari Bank Ltd posted net earnings of Rs2.7bn for the second quarter of 2022, up 98pc year-on-year, a stock notice said on Wednesday.

Profitability of the bank remained higher than market expectations, according to Topline Securities. Pre-tax quarterly profit increased 169pc to Rs6bn.

The bank recorded total profits of Rs6.3bn in the first six months of 2022, even though profit-before-tax grew at a higher rate. “This was primarily due to the levying of super tax on banking companies in the federal budget,” the brokerage said.

There was no announcement of a dividend.

BOP profit slips: Bank of Punjab Ltd said on Wednesday it recorded a net income of Rs3.2bn in April-June, down 12.2pc from a year ago.

The earnings announcement was better than analysts’ anticipation, thanks to higher exchange rate gains and reversals of provisions, according to Topline Securities.

The bank didn’t announce a dividend.

Engro income tumbles 87pc: Engro Corporation Ltd told shareholders on Wednesday its net profit for April-June clocked in at Rs1.9bn, down 86.6pc from a year ago.

A regulatory notice showed the company also declared an interim cash dividend of Rs11 per share in the second quarter, taking the half-yearly dividend to Rs23 per share.

The earnings announcement was “lower than the industry and our expectations,” said Topline Securities.

Attock Cement posts loss: Attock Cement Pakistan Ltd told stock market participants on Wednesday it recorded a net loss of Rs59m in the fourth quarter of 2021-22 as opposed to a net profit of Rs149mn a year ago.

Arif Habib Ltd said the primary reason for the loss was the recognition of super tax and deferred tax liability.

Alongside with the result, the company also announced a dividend of Rs1.50 per share, which took the total payout in 2021-22 to Rs3.50 per share.

Honda prices slashed

After increasing the prices by Rs785,000 to Rs1.450 million in July, Honda Atlas Cars Ltd (HACL) on Wednesday reduced the price by Rs280,000 to Rs550,000 on different models.

As per the company’s letter issued to the authorised dealers, the new price of Honda City MT 1.3L, CVT 1.2L, CVT 1.5L, Aspire MT 15L, and Aspire CVT 1.5L is Rs3.769m, Rs3.899m, Rs4.139m, Rs4.299m, and 4.479m as compared to Rs4.409m, Rs4.199m, Rs4.439m, Rs4.609m, and Rs4.799m.

Honda Civic 1.5M CVT, 1.5L Oriel M CVT, and 1.5L LL CVT have been reduced in price to Rs6.349m, Rs6.599m, and Rs7.549m, respectively, from Rs6.799m, Rs7.099m, and Rs8.099m previously.The Honda BR-V CVT S rate is now tagged at Rs4.939m versus Rs5.299m.

Published in Dawn, August 18th, 2022

Opinion

Editorial

‘Draconian’ law
06 Oct, 2022

‘Draconian’ law

THE debate over what it means to be ‘sadiq’ and ‘ameen’ has reignited after the incumbent Supreme Court ...
Welcome clarity
06 Oct, 2022

Welcome clarity

WHAT is a routine administrative decision in most other states is, in Pakistan, a much-hyped melodrama that keeps ...
Car purchases
06 Oct, 2022

Car purchases

IF we are in the market to buy a new car, we end up paying a significantly large amount as premium over the sticker...
More than economics
Updated 05 Oct, 2022

More than economics

Ishaq Dar’s appointment is but a sign of the paradigm shift in economic policymaking.
Dens of corruption
05 Oct, 2022

Dens of corruption

MOST prisons in Pakistan are a microcosm of the inequitable and exploitative world outside their walls. A probe by...
Football tragedy
05 Oct, 2022

Football tragedy

SPORTS arouses the rawest of human emotions. Football is no exception — in fact, the passions on display at...