LAHORE  : MCB Bank (MCB) announced its 1Q2013 result on Monday. The result came well above expectation of Rs4.95 per share on account of reversal in provisions against bad loans of Rs811m which boosted the bottom line. The bank posted a PAT of Rs5.8b (EPS: Rs5.70) up 4pc YoY. The bank also announced a first interim cash dividend of Rs3.5 per share.
NBP announced its 1Q2013 result. The result came in below expectations where the bank posted earnings of Rs3.0b (EPS: Rs1.42), down 36 per cent YoY. Key highlights of the result were 1) 14 per cent YoY lower Net Interest Income (NII) amid shrinking spreads, 2) higher provisions of Rs1.2b compared to reversals of Rs 546m in 1Q2012 and 3) higher non interest expenses (up 15pc YoY) to Rs 8.9b.
ENGRO announced 1Q2013 results on Monday, where the company posted earnings of Rs1,786m (EPS of Rs3.49) against a loss of Rs649m (loss per share of Rs1.27) in the same period last year. The result was slightly below expectation that may be due to higher than anticipated loss from the Eximp business.
The major drivers of the profitability are 1) turnaround in profitability of Engro Fertilizer, where it reported an earnings of Rs 646m (Rs1.3/share for Engro) compared to a loss of Rs1,420m in the same period last year, and 2) Engro Foods posted 32pc higher 1Q earnings (Rs1.1/share for Engro). Amongst the other announced result of ENGRO, Engro Polymer reported a profit of Rs263m that translates into Engro Corp’s per share profit of Rs0.29.
  Nishat Chunian Limited (NCL) announced above expected 3QFY13 earnings where the company posted a growth of 191 per cent YoY/19 per centQoQ to Rs733m (EPS: Rs4.03). As a result, 9MFY13 earnings clocked in at Rs1.7bn (EPS: Rs9.47), up 477 per cent YoY.
NCL’s sales grew by 12 per cent YoY/13 per cent QoQ to Rs5.6bn in 3QFY13 leading to higher gross margins of 17.0 per cent compared to 14.7 per cent in 2QFY13. Resultantly, 9MFY13 sales came in at Rs15.3bn (up 14 per cent YoY) which boosted gross margins to 16.4 per cent. Support also came in from 1) lower finance cost (down 8 per cent YoY in 9MFY13) on account of lower interest rates and 2) higher other income (up 70 per cent YoY in 9MFY13) due to higher NCPL dividends.