KARACHI: Askari Bank declared 1HCY20 PAT of Rs4.95 billion, increasing 59 per cent compared to the same period last year.

EPS rose to Rs3.93 while customer deposits grew by 8pc to reach Rs734bn.

CASA ratio improved from 82pc to 86pc. Gross advances increased to Rs434bn reflecting an increase of 9pc.

Meezan Bank Ltd (MEBL) posted 2QCY20 profit after tax (attributable to shareholders) of Rs6.51bn which was 65pc higher year-on-year, taking the earnings per share to Rs5.07.

It said that despite 33pc year-on-year lower fee income, the bank’s other income increased by 10pc as the higher share from associates was booked.

The bank’s Cost-to-Income ratio declined to 39pc during the quarter even with a 27pc jump in operating costs. It also announced 10pc bonus for the period under review.

Altern, Rousch Pakistan sign MoU

Altern Energy Ltd — a publicly listed company in the power sector — informed the PSX on Tuesday that Rousch (Pakistan) Power Ltd (RPPL), a subsidiary of Power Management Company (Pvt) Ltd (which in turn is owned by the notice issuer), having a power plant established under the 1994 Power Policy and the “Committee” for Negotiations with IPPs, as set up by the government have recently executed a memorandum of understanding.

AEL said that the terms of MoU were subject to the approval of Federal Cabinet; RPPL’s board of directors and other necessary corporate approvals.

Karim Silk Mills revival sought

An attempt is being made to revive the giant textile mills of yesteryear, Karim Silk Mills Ltd, though not necessarily as a textile entity.

In this regard, the Ghani group with companies listed on the PSX told the bourse on Tuesday that the Ghani Chemical Industries Ltd, a subsidiary with 99.39pc shareholding of the Ghani Global Holdings Limited, had signed an agreement with majority shareholders of Karim Silk (under the process of winding up and delisting from PSX) for submission with the Sindh High Court and the SECP for commencement of legal formalities for revival of KSML.

This is being done “to protect the interest of more than 1,400 minority shareholders and filing of a merger scheme for sanctions by the court and ultimate listing of Ghani Chemical Industries Limited on issuance of shares of GCIL to the shareholders of KSML in accordance with the merger scheme to be approved by shareholders of both the companies and sanction by the court.”

Published in Dawn, August 19th, 2020