KARACHI: MCB Bank’s after-tax profit fell nearly 14 per cent year-on-year to Rs17.4 billion in the nine months to Sept 30, the bank announced on Wednesday. The figure stood at Rs20.2bn in the same period a year ago.
Its pre-tax profit dropped 14.4pc to Rs29.2bn while net mark-up income was down 9pc to Rs33.7bn in the January-September period as compared to the last year.
On the gross markup income side the bank reported a decrease of Rs9.7bn, mainly on account of decreased yields on advances and investments in line with interest rate movements.
However, advances grew by Rs15.6bn and investments decreased by Rs30.9bn on average when compared with the same period a year ago.
On the non-markup income front, the bank reported a base of Rs11.9bn with major contributions coming from fees, commissions and capital gains.
The administrative expense base (excluding pension fund reversal) recorded a nominal increase of 0.5pc year-on-year. The bank posted a reversal in provision of Rs856 million during the period under review. The total asset base of the bank was reported at Rs974.5bn, a year-on-year fall of 2.98pc.
Return on assets and return on equity were reported at 2.35pc and 20.18pc, respectively, whereas book value per share stood at Rs105.23.
Sindh Bank’s pre-tax profit for the nine-month period stood at Rs1.776bn, a rise of around 18pc from Rs1.51bn a year earlier.
However, the bank did not provide the profit after tax. Deposits increased to Rs102.76bn as of Sept 30 compared to Rs84.08bn as of Dec 31, 2015, an increase of 22pc. Gross advances increased 11pc to Rs51.76bn from Rs 46.71bn as of Dec 31, 2015.
The bank also announced that its listing on the Pakistan Stock Exchange was at an advanced stage as approval for the prospectus has been received from the bourse and the Securities and Exchange Commission of Pakistan.
“We expect the entire process for listing to be completed by the end of the year,” said a press release.
The media company’s profit more than doubled to Rs259m in the third quarter from Rs116m a year ago. Earnings per share rose to Rs0.27 from Rs0.12.
Revenues grew 35pc year-on-year to Rs1.2bn. Gross profit margins for the company expanded by 3.4 percentage points to 44pc.
Fauji Fertiliser Company
The company posted a net after-tax profit of Rs2.61bn during the July-September quarter, which was in line with analysts’ estimate of Rs2.67bn. Its earnings per share stood at Rs2.05.
Net after-tax profit for the nine months through September stood at Rs7.5bn (earnings per share: Rs5.91), a year-on-year fall of 37pc.
The fertiliser maker also announced an above-expected third interim cash dividend of Rs1.75 per share, which took January-September earnings per share to Rs5.91 and dividend per share to Rs5.15.
Earnings were down 29pc year-on-year led by lower urea retention prices, 17pc jump in finance cost, and lower dividend income from Fauji Fertiliser Bin Qasim Ltd and Askari Bank Ltd.
In contrast, other income improved 70pc year-on-year due to incorporation of Rs156 subsidy on a bag of urea and Rs300 subsidy on a bag of diammonium phosphate.
Hub Power Company
The electricity producer earned Rs2.5bn in the outgoing quarter, down 3pc year-on-year. Earnings per share were Rs2.13.
Revenues fell 11pc year-on-year to Rs23.9bn. The company posted a gross profit of Rs4.1bn, down 8pc on the back of higher operating expenses during the outgoing quarter.
Administration costs stood at Rs350m, a rise of 8pc. The company also announced interim cash dividend of Rs1.5 per share.
On a sequential basis, in the July-September quarter earnings came in 31pc lower as compared to the previous quarter, due mainly to 20pc growth in operating costs. Finance costs grew 2pc quarter-on-quarter.
The company’s stock fell 2.05pc on Wednesday after the results’ announcement under heavy selling pressure as the market thought the payout to have turned out below market expectations.