OUR STAFF REPORTER LAHORE The MCB Bank announced its 9M2011 result, posting unconsolidated earnings of Rs15.5b (EPS Rs18.55) as against profits of Rs12.5b (EPS Rs14.94), an increase of 24 percent YoY. In 3Q alone, MCB registered profits of Rs4.9bn (EPS Rs5.91) a decline of 11 percent QoQ. Along with the result, the bank announced a third interim cash dividend of Rs3 per share, taking the cumulative dividend for the current year to Rs9 per share. The banks net interest income fell to Rs10.7bn (down 5 percent QoQ) in 3Q2011. Furthermore, non-funded income declined by 10 percent QoQ to Rs1.9b. UNITED BANK LIMITED: UBL announced its 9M2011 result, posting unconsolidated earnings of Rs11.0bn (EPS of Rs8.95), an increase of 36 percent YoY. In 3Q alone, the bank reported a 24 percent QoQ jump, with profits of Rs4.2bn (EPS Rs3.47). As expected, the bank did not announce any cash dividend with the result. Key highlights of results include, 1) a 18 percent rise in net interest income in 9M on rising yields and earning assets, 2) a 23 percent increase in non interest income on higher fee and other income and 3) a 4 percent jump in provisioning expense. Interestingly, the provisioning expenses declined by 39 percent QoQ in 3Q. INDUS MOTOR COMPANY LIMITED: INDU has announced its financial performance today. As per the KSE announcement, PAT of the company has witnessed a substantial augment of 62 percent to Rs938m translating into an EPS of Rs11.93 as against the PAT and EPS of Rs577m and EPS of 7.35 respectively in same period last year. Higher Earnings were mainly because 10 percent YoY increase in prices coupled with a sharp 9 percent YoY growth in volumetric sales. The company has sold around 12,820 units in 1QFY12 as against the sales of 11,792 units in same period last year. PAKISTAN PETROLEUM LIMITED: PPL announced its 1QFY12 result today. The company posted a profit after tax of Rs9.9bn (EPS: Rs7.52) versus earnings of Rs7.8bn (EPS: Rs5.93) in the corresponding period last year 27 percent YoY. The earnings announcement was largely inline with our estimate of Rs7.42/share. The growth in earnings is mainly attributed to 24 percent YoY rise in the companys top line predominantly led by improved oil and gas production and higher realized gas wellhead prices. DG KHAN CEMENT: DGKC announced its 1QFY12 result. The company booked profits of Rs318mn (diluted EPS of Rs0.73) in 1QFY12 as against earnings of Rs22mn (diluted EPS of Rs0.05) in 1QFY11, up 14x YoY. The announcement came in slightly above our estimates of a PAT of 266mn (diluted EPS of Rs0.61). The major reason for the growth in earnings was the increase in net retention price which improved gross margins to 30 percent versus 19 percent in the same period last year. Furthermore a growth of 12 percent YoY in other operating income also supported the growth in bottom-line.