KARACHI: MCB Bank Ltd said on Wednesday its earnings for July-September clocked in at Rs19.6 billion, up 112 per cent from a year ago.

The jump in profitability was due to improved total income, according to Arif Habib Ltd. The bank’s bottom line expanded 34pc on a quarter-on-quarter basis.

It also announced a dividend of Rs8 per share, which takes the total dividend paid so far in 2023 to Rs21 per share.

Net interest income settled at Rs45bn in July-September, marking an increase of 80pc from a year ago.

The effective tax rate for MCB Bank Ltd was 48.8pc during the quarter under review versus 54.3ps a year ago.

MCB, UBL earnings jump 112pc, 126pc

The bank’s net income in the first nine months of 2023 amounted to Rs48.2bn, which is 134pc higher than the same period of 2022.

According to a statement, MCB successfully sustained its growth momentum in core earnings to post historically high nine-month profit before tax of Rs. 88.1bn; registering an impressive increase of 71% on a year-on-year basis.

The profit after tax was recorded at Rs44.1bn and translated into an earning per share of Rs37.25 compared to Rs16.75 reported in the corresponding period last year.

Habib Bank

Meanwhile, Habib Bank Ltd reported its July-September earnings totalled Rs16.6bn, showing a 44pc increase on an annual basis and a 28pc rise on a quarterly basis.

The annual increase in profit was driven by the expansion of net interest income while the quarterly growth in the bottom line was bolstered by reduced provisioning.

The bank also declared a dividend of Rs2.25 per share for the third quarter, which takes the nine-month pay-out to Rs5.75 a share.

United Bank

United Bank Ltd told investors its net income for July-September remained Rs14.7bn after increasing 126pc from a year ago.

It announced an Rs11 per share dividend, resulting in an industry-high pay-out of Rs33 apiece for the first nine months of 2023.

National Bank

National Bank of Pakistan Ltd said its net profit for July-September totalled Rs12.3bn, up 76pc year-on-year but down 22pc from the preceding quarter.

While the rise in net interest income bolstered the bottom line during the outgoing quarter, the reduction in non-funded income and a substantial provisioning hurt the bank’s overall profitability, said Arif Habib Ltd.

Hub Power

The Hub Power Company Ltd reported its net income for the first quarter of 2023-24 remained Rs17.1bn, up 88pc year-on-year.

The rise in profitability was attributed to a 289pc year-on-year increase in the share of profit from associates and joint-venture and the addition of Thar Energy Ltd, said Arif Habib Ltd. Along with the result, the company also announced a cash dividend of Rs5 per share.

Fauji Fertiliser

Fauji Fertiliser Company Ltd posted earnings of Rs9.1bn, up 74pc from a year ago. In addition, the fertiliser maker also announced a cash dividend of Rs3.98 per share.

Published in Dawn, October 26th, 2023