MCB’s half-year net profit drops 24%

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KARACHI: MCB Bank Limited (MCB) reported a 24% drop in half-year net profit on Wednesday on higher taxes.

The bank reported a net profit of 11.386 billion rupees for the six months ended June 30, compared to 14.963 billion rupees in the same period a year earlier.

The bank also announced an interim cash dividend of Rs4 per share, which is in addition to the interim dividend of Rs5 already paid.

Earnings per share stood at Rs9.59 per share, compared to Rs12.56 per share last year.

MCB said its interest income for the half-year reached 92.315 billion rupees from 62.733 billion rupees a year earlier. However, interest charges remained higher at 50.066 billion rupees from 29.001 billion rupees a year ago.

Taxes remained higher at Rs22.061 billion against Rs10.682 billion recorded during the same period last year.

For the quarter ended June 30, the bank recorded a net profit of 2.280 billion rupees, compared to 7.914 billion rupees in the same period last year. EPS for the quarter was recorded at Rs1.93 from Rs6.64 a year ago.

ABL’s first-half profit drops 23%

Allied Bank Limited (ABL) posted a 23% drop in half-year net profit due to higher taxes.

The bank reported a net profit of 6.825 billion rupees for the six months ended June 30, compared to 8.876 billion rupees in the same period a year earlier.

The bank also announced an interim cash dividend of Rs2 per share for the period, which is in addition to the interim dividend of Rs2 already paid.

Earnings per share amounted to 5.96 rupees per share, compared to 7.75 rupees per share last year.

The ABL said its interest income for the half-year reached 87.572 billion rupees from 53.338 billion rupees a year earlier. However, interest charges remained higher at 60.063 billion rupees from 30.330 billion rupees a year ago.

Taxes remained higher at 13.267 billion rupees against 6.010 billion rupees recorded during the same period last year, which reduced profit margins.

For the quarter ended June 30, the bank recorded a net profit of 1.976 billion rupees, compared to 4.764 billion rupees in the same period last year. EPS for the quarter was recorded at Rs1.73 from Rs4.16 a year ago.

6-month NBP profit down 28%

The National Bank of Pakistan (NBP) posted a 28% drop in its half-yearly net profit following a tax hike.

The bank reported a net profit of 12.242 billion rupees for the six months ended June 30, compared to 17.047 billion rupees in the same period a year earlier.

The bank skipped any dividend for this period.

Earnings per share amounted to 5.74 rupees per share, compared to 7.98 rupees per share last year.

The NBP said its interest income for the half year rose to 179.495 billion rupees from 108.089 billion rupees a year earlier. However, interest charges remained higher at Rs126.310 billion against Rs60.606 billion a year ago.

Provisions and write-offs for the half-year remained at 2.024 billion rupees, lower than 6.937 billion rupees in the same period last year.

Taxes remained higher at 21.873 billion rupees against 11.126 billion rupees recorded during the same period last year, which reduced profit margins.

For the quarter ended June 30, the bank recorded a net profit of 2.528 billion rupees, compared to 9.202 billion rupees in the same period last year. EPS for the quarter was recorded at Rs1.18 from Rs4.31 a year ago.

Askari Bank H1 profit up 53%

Askari Bank Limited (AKBL) announced a half-yearly net profit of 6.313 billion rupees, up 53% from 4.11 billion rupees in the same period last year.

The bank recorded gross profit of Rs 12.157 billion, representing an 80% year-on-year (YoY) increase on the back of strong delivery by all business segments.

Earnings per share remained at Rs 5.01, showing a 53% year-on-year increase.

The bank’s revenue rose 11% year-on-year to Rs 23 billion, driven by robust growth in key revenue streams.

Operating expenses were well contained and effectively decreased by 3% year-over-year despite the addition of 23 new branches and high inflation.

“This trend reflects the effective implementation of various cost rationalization initiatives and also placed AKBL’s cost-to-income ratio among the best in the industry for the current period,” AKBL said.

The bank’s total asset base grew by 23% in the six months to Rs 1.54 trillion (38% year-on-year). The bank pursued a strategy to increase the market share of retail business, especially retail deposits and current accounts in business centers in the central and southern regions.

The bank’s loan portfolio increased by 14% from December 21 to reach 578 billion rupees (26% year-on-year).

AKBL said it plans to increase its market share in the retail segment, particularly low-cost and savings deposits, which fits well with the expansion of the branch network. .

Engro Corp’s first-half profit drops 42%

Engro Corporation announced a 42% drop in its half-year net profit due to higher financial costs and taxes.

In its consolidated statement to the Pakistan Stock Exchange, the company reported net profit of 16.812 billion rupees for the six months ended June 30, compared to 29.110 billion rupees the previous year.

The company has announced a final cash dividend of Rs11 per share, which is in addition to the interim dividend already paid at Rs12 per share.

Earnings per share stood at Rs12.87/share, compared to Rs29.60/share last year.

Engro said its revenue for the year reached 177.454 billion rupees, up from 139.319 billion rupees in the same period a year earlier.

The company said its cost of sales for the period also rose to 123.281 billion rupees from 91.523 billion rupees the previous year. Financial costs increased from 7.948 billion rupees to 12.001 billion rupees, which decreased profits.

Taxation also increased to Rs20.277 billion from Rs8.849 billion during the same period last year.

The company’s other income reached Rs9.623 billion during the reporting period, compared to Rs6.715 recorded during the same period last year.

For the quarter ended June 30, Engro reported net profit of 1.915 billion rupees, compared to 14.331 billion rupees in the same quarter last year.

The loss per share was reported at Re0.97 during this period against EPS of Rs15.13 last year.

The company said higher taxes for the quarter at 14.369 billion rupees, compared to 2.994 billion rupees in the same period last year, squeezed profit margins.

Shell Pakistan’s half-year profit jumps 246%

Shell Pakistan Limited (SPL) recorded an after-tax profit of Rs 7.469 billion for the 6 months of 2022, compared to a profit of Rs 2.153 billion in the same period last year.

The turnaround was primarily driven by improved business performance focused on strategic priorities such as differentiated fuels and lubricants, the positive change to the pricing formula of pricing agency S&P Global Platts indices by the government and safe and efficient fuel operations, SPL said.

During the reporting period, he added, the mobility business launched 13 new retail sites, which would help boost volume.

Shell V-Power remained the market leader in the premium fuel category. Through fruitful dialogue with the government, SPL would see the expansion of its network in Punjab, the company said.

The company also announced its decision to halt flight operations across Pakistan. Currently, SPL conducts its aviation-related activities at four sites. These are Jinnah Airport in Karachi, Quetta International Airport, Begum Nusrat Bhutto Airport in Sukkur and Nawabshah Airport.

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