KARACHI: Allied Bank Ltd on Wednesday reported 31.18 per cent increase in after tax profit to Rs12.6bn (earnings per share: Rs11.03) for the nine-month period ended on Sept 30.

The bank’s net interest income jumped 29 per cent uptick and capital gains bolstering earnings further.

BAHL profits jump 87.3pc

Bank Al Habib Ltd reported profit after tax for the nine months ended Sept 30 at Rs13.23bn compared to Rs6.993bn for the corresponding period last year, showing a growth of 89pc.

The bank’s earnings per share (EPS) was recorded at Rs11.91, compared to Rs6.3 for the corresponding period last year.

Bank Alfalah declares Rs2 cash dividend

Bank Alfalah reported profit after tax of Rs8.66bn for the nine months ended on Sept 30, down 8.97pc compared to Rs9.48bn during the same period last year.

The bank also posted a lower-than-expected decline in net interest income while booking significantly lower provisions.

The bank announced a cash dividend of Rs2 per share as it was eligible to pay dividend since it did not pay any dividends in last two quarters.

Engro Fertilisers earnings up 9pc

Engro Fertilizers Ltd’s profit after tax for the nine months ended on Sept 30 clocked at Rs11.49bn translating into earning per share at Rs8.61, up 9.4pc YoY against PAT at Rs10.51bn and EPS at Rs7.87. The results were accompanied by a hefty dividend of Rs5 per share. This was in addition to the interim dividend already paid at Rs4 per share. Increase in profitability was attributed mainly to 9pc YoY increase in Urea offtake given 17pc YoY higher production and 10pc YoY higher offtake of phosphate products.

ICI income rises

ICI Pakistan Ltd announced its financial results for the first quarter ended Sept 30. Profit after tax for the quarter amounted to Rs885.67 million and EPS at Rs10.66, over PAT at Rs835.52m and EPS at Rs9.05 in the same period last year.

The improvement was mainly on the back of lower finance cost (due to lower interest rates and lower debt) along with stable exchange rate.

On a standalone basis, PAT and EPS for the quarter under review stood at Rs934m and Rs10.11, respectively, up 1pc over the same period last year.

ASL reports Rs660m profit

Aisha Steel Mills Ltd announced financial results for 1QFY21 showing profit at Rs660m, translating into EPS at Re0.82, against a loss of Rs203m and loss per share at Re0.29.

Analysts said this was the highest ever quarterly profit since inception of the company. Sales surged 82pc YoY as the company undertook expansion in its CRC capacity to 700,000 tonnes per annum which augmented volumes and improved its sales mix (ASL now sells galvanised steel; a higher margin product).

Hotpod launches cloud kitchen

Hotpod, Pakistan’s first shared cloud kitchen launched recently in Karachi, a press release showed.

Hotpod is a Kitchen as a Service (KaaS) platform that enables restaurants and food owners to expand their network by providing a managed kitchen infrastructure with minimum capital risk, zero hassle, time saving and excellence in customer service.

Published in Dawn, October 22nd, 2020