KARACHI, Feb 16: As the reporting season progresses, Askari Commercial Bank Limited came up with financial figures for the year ended December 31, 2004 and Attock Petroleum Limited announced results for the first six months of the current, both on Wednesday.

Earlier in the week Union Bank Limited also unveiled results for the FY'04. Askari did not ask shareholders for cash in right issue and that went to assuage investors' fears which had become more pronounced after the right declaration by MCB.

Askari announced cash dividend at 20pc, which was tied to a stock bonus at 20 per cent (one-for-five). The bonus at 20pc would enable the bank to raise its paid-up capital to Rs1.5 billion, the minimum target required by the SBP. Last year, the board had paid out 20 per cent cash and 10 per cent bonus.

The bank reported Rs1.923 billion in after tax profit, which was 74 per cent higher than the earlier year's tax profit amounting to Rs1.103 billion. Earning per share (eps) for the year under review worked out at Rs15.31, up from Rs8.78 per share in FY'04.

The earnings were generally in line with analysts' forecast. Operating profit at Askari Bank grew 43 per cent to Rs3.154 billion, from Rs2.210 billion last year. Deposits rose by 35 per cent to Rs83.3 billion and advances by 56pc to Rs69.9 billion. Total assets of the bank increased 26 per cent to Rs107.2 billion, from Rs85.4 billion in FY'04.

Also on Wednesday, Attock Petroleum Limited unveiled financial figures for the half year (July-December 2004) posting profit after tax of Rs186.9 million, which translated into earning per share (eps) of Rs4.57. The taxed profit for the six months under review was 11 per cent higher than Rs168.3 million earned in the corresponding period of the previous year.

Operating profit increased to Rs141.6 million, from Rs200.6 million. The company reported net sales at Rs4.430 billion, up 26 per cent from Rs3.527 billion in the six months of previous year. The board did not appropriate any profit for pay out to shareholders; but an interim bonus issue at 33.33 per cent had already been issued.

A day earlier Union Bank Limited had announced profit after tax of Rs829.7 million for FY'04 posting growth of 94.2 per cent over taxed profit of Rs427.2 million in the previous year. The profit for the year under review translated into an EPS of Rs4.22 compared with Rs2.39 the pervious year.

The board declared a cash dividend of 10 per cent and a bonus issue at 15 per cent in addition to 10 per cent bonus and 9.8 per cent right shares already issued during the year.

The core income of the bank grew 25.66 per cent under the head 'markup/interest earned'. Net mark up/interest income of the bank surged by 61.15 per cent to Rs2,853 million. Deposits and advances base also increased by 25 per cent and 26 per cent respectively.

On Wednesday, the share in Askari Bank rose by Rs1.30 to Rs113, from Tuesday's closing price of Rs111.70 with trading noted in 5 million shares. Union Bank was trading at Rs48.65 and Attock Petroleum Limited was in the process of formal listing at the stock exchange. The 10 million shares offered to the public at Rs57.75 (premium of Rs47.75) by Attock Petroleum in the last week of January was over-subscribed by 18 times.