Habib Bank’s annual profit surges 40 percent

KARACHI: Habib Bank Limited’s profit rose 40 percent to Rs12.440 billion for the year ended December 31, 2018, translating into earnings per share (EPS) of Rs8.22, a bourse filing said on Wednesday.

Habib Bank earned Rs8.848 billion with EPS of Rs5.79 a year ago.

The bank announced cash dividend of Rs1.25/share for the year, which was in addition to interim cash dividend of Rs3/share already paid.

The bank said its core domestic business showed a positive trend in key areas with continued accelerated loan growth of more than 30 percent, adding Rs200 billion in 2018 alone.

The bank’s consumer loans crossed the Rs50 billion milestone while small and medium enterprise lending grew 11 percent to reach Rs72 billion. Total deposits reached Rs1.9 trillion, “as HBL maintained its leadership position with a nearly 14 percent share of the market”.

The bank added Rs81 billion in current deposits, which now constitute 37.6 percent of the mix with average current deposits growing at an even more impressive rate of 15 percent.

“The excellent growth in key drivers and a consequent Rs183 billion growth in the average balance sheet resulted in a two percent growth in domestic net interest income. Another strong recovery performance led to a Rs1.4 billion reversal of credit provisions in the domestic book,” it said in a statement.

UBL’s yearly profit down 41pc

UBL earned Rs15.049 billion with EPS of Rs12.65 during 2018, down 41 percent year-on-year.

UBL’s profit amounted to Rs25.955 billion with EPS of Rs21.20 a year earlier.

The bank announced cash dividend of Rs3, which was in addition to interim dividend of Rs8 already paid.

Analysts said the decline in profitability was due to Rs6.7 billion in total pension charge and higher total provision expenses booked by the bank.

“Key risks for UBL include further non-performing loans’ creation on international book, lower than expected advances growth, delay in hike in interest rates, and deterioration of economic indicators,” Adil said.

MCB earns Rs21.3bln in 2018

MCB Bank’s annual profit was down to Rs21.359 billion in 2018 from Rs22.458 billion in 2017.

EPS for the year ended December 31 was Rs18.02 as compared to Rs19.56 a year earlier.

The bank declared final cash dividend of Rs4/share for the year ended December 31, which was in addition to Rs12/share interim dividends already paid to shareholders.

“On the interest bearing liabilities side, the cost of deposits increased by 69 basis points over last year to corroborate to the increasing interest rates,” it said in a statement.

The bank increased its average deposits by Rs123 billion when compared with last year. Average borrowings volume registered a significant decline of Rs84 billion over last year.

The bank recorded capital gains amounting to Rs1 billion as compared to Rs3.8 billion in last year. The non-performing loan base of the bank almost remained static with marginal increase of Rs203 million and was reported at Rs48.9 billion.

Engro Corp’s annual profit up 45pc

Engro Corporation posted a consolidated profit of Rs23.632 billion for the year ended December 31, up 45 percent over the last year.

Annual EPS was recorded at Rs24.26 as compared to Rs17.96. The company announced cash dividend of Rs2/share, which was in addition to interim dividend of Rs19/share already paid.

Engro Corp. completed 2018 with revenue of Rs171.568 billion, 33 percent higher year-over-year.

Analysts said increase was primarily driven by improved performance of fertilisers and petrochemicals.

Fertiliser business revenue grew 42 percent due to both higher fertiliser offtake and prices, coupled with one-off deferred tax reversal (non-cash) due to reduction in the corporate tax rate to 25 percent from 30 percent in the coming years.

Dawood’s yearly profit rises

Dawood Hercules earned Rs33.148 billion for the year ended December 31 compared with Rs16.247 billion in the preceding year.

The company recorded EPS of Rs29.6 in 2018 compared to Rs7.19 a year earlier.

Dawood Hercules announced cash dividend of Rs4/share, which was in addition to interim dividend of Rs6/share already paid.

The company’s revenue surged to Rs171.568 billion from Rs128.592 billion a year earlier.

PSX’s six-month profit falls 27pc

Pakistan Stock Exchange (PSX) Limited’s profit fell 27 percent to Rs51 million for the half-year ended December 31, translating into EPS of Re0.06.

PSX earned Rs71 million with EPS of Re0.09 in the corresponding period a year earlier.

The company didn’t announce any cash dividend for the year ended December 31.

A decline in the listing fee to Rs169 million from Rs184 million trimmed the overall earnings of PSX, according to analysts.

Kapco earns Rs8.9bln in 6 months

Kot Addu Power Company Limited (Kapco) earned Rs8.997 billion for the half-year ended December 31 compared to Rs4.395 billion in the corresponding period a year earlier.

EPS was Rs10.22 as compared to Rs4.99. Kapco didn’t announce any cash dividend.

Sales surged to Rs44.22 billion from Rs40.02 billion.