KARACHI: Meezan Bank Ltd posted its highest-ever quarterly profit in April-June as its consolidated earnings amounted to Rs17.3 billion, up 120 per cent from a year ago.

Its net profit rose 12pc from the preceding quarter mainly on the back of higher income and lower provisioning, said Arif Habib Ltd. The bank also announced a dividend of Rs4 per share.

Separately, Bank Alfalah Ltd declared on Thursday its net profit for April-June remained Rs7.8bn, depicting an increase of 110pc from a year ago.

However, the quarterly earnings were down 27pc from the preceding three-month period.

Arif Habib Ltd said earnings were supported by higher interest income but a significant jump in provisioning dented the quarterly bottom line.

The bank also announced a dividend of Rs3 per share. Engro Polymer and Chemicals Ltd told investors on Thursday its earnings in April-June remained Rs1.6bn, up 32pc from the preceding quarter.

“This growth is primarily attributed to the availability of local gas and uptake growth during the quarter,” said AKD Securities Ltd.

The company also announced an interim dividend of Rs1.50 per share, bringing the half-yearly pay-out to Rs2.50 per share.

Published in Dawn, August 11th, 2023