KARACHI: MCB Bank Ltd posted unconsolidated earnings of Rs8.7 billion in July-September, up 11.7 per cent from a year ago.

A stock filing showed on Wednesday the bank announced a third interim cash dividend of Rs5 per share, bringing the total cash dividend for the nine months of 2022 to Rs14 per share.

A press release issued by the bank said its profit-before-tax for the first nine months of 2022 increased to Rs51.6bn against Rs38.3bn of the last year’s corresponding period.

The bank reported the highest-ever quarterly profit-before-tax of Rs19.05bn in the latest quarter.

“The retrospective application of tax amendments along with higher tax rates for the current period enacted through Finance Act, 2022, resulted in a 62pc average tax rate for the nine months ended on Sept 30 compared with the average tax rate of 41pc for the last year’s corresponding period,” it said. Net profit registered a decline of 12pc to Rs19.9bn.

Meanwhile, Habib Bank Ltd recorded net income of Rs11.5bn in July-September, up 27pc from a year ago. The bank also announced a dividend of Rs1.50 per share.

According to Arif Habib Ltd, the jump in profit in the latest three-month period was led by higher earnings and lower provisioning.

Fauji Fertiliser Company Ltd declared on Wednesday its earnings for July-September reduced 19pc year-on-year to Rs5.2bn. However, profitability rose 56pc on a quarterly basis owing to a 10pc super tax imposition on pre-tax income of 2021 in the preceding quarter.

The company also announced a cash dividend of Rs3.18 per share for the recent quarter.

Systems Ltd registered consolidated income of Rs2.15bn in July-September, up 2.1 times from a year ago.

The result was in line with the expectation of AKD Securities, which said the revenue grew 118.3pc due to the consolidation of NdcTech after the completion of its acquisition.

Other key factors included the growth in export revenues owing to the company’s expansion into new regions along with hefty depreciation in the local currency against the dollar.

Pak Suzuki Motor Company Ltd said its net loss for July-September amounted to Rs2.5bn against a net profit (of Rs994m a year ago.

The loss was mainly because of an enormous jump of 62 times in the finance cost along with a volumetric decline in sales.

Hum Network Ltd said its earnings totalled Rs365m in the latest three-month period, up 68pc on a year-on-year basis.

The company also announced two bonus shares for every 10 shares held by shareholders.

The board also authorised the company’s management to explore the opportunity to acquire Tower Sports Ltd, which holds the licences for Ten Sports and Ten Sports 2 and overseas sales and distribution of the two channels. The management will also explore the feasibility to potentially acquire Sphere Ventures Ltd, which deals with kids’ content.

Published in Dawn, October 27th, 2022