FFC profit grows 3pc to Rs2.27b
LAHORE (Staff Reporter): Fauji Fertilizer Limited (FFC) has announced its financial results for the quarter ended on March 2018. Company’s profit grew by mere 3 percent YoY to Rs 2.27b (EPS: Rs 1.78) as against PAT of Rs 1.72b (EPS: Rs 1.72) announced in same period last year (SPLY). Alongside the result, the company announced DPS of Rs 1.75. Increase in total fertilizer off-takes (+61 percent YoY) and likely improvement in retention prices of urea and DAP (+9 percent/2.35x YoY) resulted in net sales posting growth by massive 84 percent YoY to Rs 20.59b. Despite improvement in retention prices, gross margins of the company dipped by 3.34 percent to settle at 20 percent which could be attributed to continuation of discounts on retail prices. Other income of the company remained subdued as it went down by 25 percent YoY owing to i) lower subsidy income, and ii) absence of dividend income from AKBL and FCCL. In spite of significant growth in operating profit by 134 percent YoY, and lower finance cost (down 30 percent YoY), bottom-line inched upwards by 3 percent QoQ.
Faysal Bank announces results for 1QCY18
LAHORE (Staff Reporter): Faysal Bank Limited (FABL) has announced its results for 1QCY18, wherein the earnings of the bank arrived at Rs 1.2b (EPS: 0.92 per share) compared to Rs 1.9b (EPS: 1.36 per share) for SPLY, down 35 percent YoY; above expectations. On a QoQ basis, the bank’s earnings almost doubled mainly on the back of booking strong capital gains (highest in almost a year) amounting to Rs 266m, contributing Re 0.11 per share to earnings. NII declined owing to decline in interest income which offset the gains on the cost front. The bank failed to increase its market share in advances during the quarter and also suffered re-pricing of yields following PIB maturities in Mar’18. Finally, the bank’s cost to income ratio improved remarkably to 66 percent versus 76 percent in the last quarter, complementing strong recoveries which lent further support to the bottom-line. On a YoY basis, NII was down 4 percent YoY mainly because of higher fund cost, with NMI franchise performing abysmally throughout the year, plagued by seldom capital gains.
Effective tax rate arrived at 39 percent.
MCB Bank earnings down 21pc
LAHORE (Staff Reporter): MCB Bank Limited (MCB) has announced its results for 1QCY18, wherein the earnings of the bank clocked in at Rs 4.7b (EPS: 3.97 per share) versus Rs 5.9b (EPS: 5.30 per share) for SPLY, down 21 percent YoY, below expectations and cash payout of Rs 4.00 per share for the quarter. On a QoQ basis, the bank’s earnings took a nosedive as the bank booked an extra-ordinary charge for pension cost amounting to Rs 2b, which wiped out Rs 1.11 per share in post-tax earnings of the bank. The bank’s NII grew mainly on account of declining fund cost (-15 percent QoQ) as the bank improved its deposit mix, mobilising core deposits. Further, NMI was up 14 percent QoQ on account of strong fee income growth, doubling of forex income and capital gains similar to last quarter. Strong reversals: i) advances (Rs 314m), ii) investments (Rs 416m) and iii) other assets (Rs 708m) lent Rs 0.80 per share in support to the eroding bottom-line from the pension charge. On a YoY basis, earnings declined primarily on the back of lower capital gains and the one-off pension charge.
ABL declares financial results
LAHORE (Staff Reporter): Allied Bank Limited (ABL) has announced its results for 1QCY18, wherein the earnings of the bank touched down at Rs 3.8b (EPS: 3.36 per share) against Rs 3.7b (EPS: 3.21 per share) for SPLY, up 5 percent YoY, in-line with expectations, and a Rs2/share cash payout for the quarter. On a QoQ basis, the bank’s NII remained flat, with marked reduction in interest income and interest expenses, attributable to PIB maturities in Mar’18, and declining fund cost over deposits and lower leverage. NMI was up 32 percent QoQ on account of significant boost from capital gains contributing Re 0.76 in post-tax earnings to offset a flat topline. Meanwhile, the bank performed exceptionally in curbing operating cost by 18 percent QoQ and mobilizing robust recoveries on the advances front, which also supported the bottom-line. On a YoY basis, earnings have grown modestly with flat NII and capital gains boosting NMI growth. Recoveries have been upbeat reinforcing PAT despite surge in YoY operating costs. Cost to income ratio arrived at 48 percent.