LAHORE/KARACHI: A meeting of the board of directors of the Bank of Punjab (BoP) approved un-audited financial statements for the nine months ended Sept 30.

The BoP, pursuing strategy of aggressive marketing, rapid network expansion and planned shift in assets’ mix, improved its financial position during the period under review.

In the first nine months of 2019, the bank’s net interest margin improved to Rs19.8 billion as against Rs14.1bn earned during corresponding period last year registering a increase 40 per cent.

On the other hand, the bank’s non-markup/interest income clocked in at Rs2.8bn. Accordingly, the bank ear­ned highest ever profit-before-tax of Rs10.5bn as against Rs8.9bn for corresponding period last year thereby registering a massive growth of 18pc.

Further, earnings per share (EPS) of the bank reached at Rs2.34.

As on Sept 30, the BoP’s deposits reached the level of Rs640.5bn as against Rs595.6bn as on Dec 31, 2018 and total assets touched new height of Rs844.1bn.

Similarly, investments and advances remained at Rs362.5bn and Rs416.6bn, respectively.

The bank’s Tier-I equity improved to Rs38.7bn as against Rs34.5bn as on Dec 31, 2018.

Further, as of Sept 30, the bank’s capital adequacy ratio substantially improved to 14.6pc.

Accordingly, the bank also stands fully compliant with the State Bank of Pakistan’s prescribed capital requirements. The bank has been assigned long-term entity rating of AA by The Pakistan Credit Rating Agency with short-term rating being at highest rank of A1+.

Mari to establish subsidiary in Dubai

Mari Petroleum Company Limited (MARI) filed a notice with the stock exchange informing that the board approved establishment of a wholly owned subsidiary company of MPCL in Dubai Free Zone Area and investment of $1 million in the proposed subsidiary company as MPCL’s equity contribution.

Packages Ltd earnings fall

Packages Limited announced financial results for 3Q2019 recording after-tax profit at Rs258 million and earning per share at Rs1.70 against profit-after-tax at Rs525m and EPS of Rs4.54 in the same quarter earlier year.

Analysts commented that the earnings were significantly down year-on-year mainly due to higher finance costs.

Searle to acquire Luna Pakistan

The Searle Company Limited, at their board meeting, resolved to acquire 100 per cent of the issued and paid up share capital of Luna Pakistan Pvt Ltd.

Luna indirectly owns 100pc issued and paid up share capital of OBS Pakistan Pvt Ltd from Universal Ventures (Private) Limited for an aggregate purchase price of Rs8 billion and Rs600m, upon terms which are negotiated by the parties.

Pakgen Power profits jump 164pc

Pakgen Power Limited (PKGP) profitability clocked in at Rs782 million (EPS Rs2.1), up 164 per cent year-on-year, accumulating into 9MCY19 profitability of Rs2.106 billion, up 128pc YoY.

The results were in-line with expectations.

Nishat Power earns Rs1.33bn

Nishat Power Limited (NPL) announced financial result for 1QFY19, announcing a profit after tax of Rs1.338 billion.

The company’s EPS clocked in at Rs3.78 vs Rs2.78 in same period last year. Earnings were up by 36pc year-on-year mainly due to higher gross margin by 13 percentage points YoY.

Published in Dawn, October 24th, 2019