October 15: The government on Thursday decided not to change the prices of the petroleum products for the month of October.
According to press statement issued by the finance ministry, the price of High Speed Diesel (HSD) will remain at Rs. 104.06, Petrol Rs. 103.97, Kerosene Rs. 65.29 and Light Diesel Oil would be Rs. 62.86 during the month of October.
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October 22, 2020 (MLN): Faysal Bank Limited (FABL)’s net income for the nine months period ended on September 2020 has clocked in at Rs 9 billion compared to the earnings of Rs 7.4 billion reported in the corresponding period last year, depicting a growth of 25% YoY.
This caused the Bank’s earnings per share to settle at Rs 3.64 as opposed to Rs 2.90 in the same period last year.
The growth in bank’s profitability was attributed to healthy 25.6% YoY growth in net interest income (NII). The YoY jump in NII was primarily owing to 3.26% YoY reduction in the bank’s interest expense.
The earnings further strengthened due to capital gains of Rs 1.7 billion this year against the loss of Rs 630 million last year, offsetting some of bank’s net provisioning expenses of Rs 2 billion during the period. As a result, FABL’s total non-interest income surged by 21% YoY.
On the other hand, the bank witnessed a notable decline in Fee Income, dividend income, FX income, income from derivative and Other income by 9.6%, 12%, 28.5%, 40% and 81% YoY respectively, which put a limit to bank’s profitability.
On the expense side, operating costs were up by 16% YoY and provisioning expense have soared over 186% YoY to Rs 2 billion against Rs 727.4 million reported in the same period last year. Moreover, the bank’s cost to income ratio for 9MCY20 settled at 56%.
Lastly, the bank witnessed 2ppts decline in affective tax rate from 41% to 39% during 9MCY20 which further supported bank’s earnings.
Consolidated Profit and Loss account for the nine months ended September 30th, 2020 ('000 Rupees) | |||
|---|---|---|---|
| Sep-20 | Sep-19 | % Change |
Mark-up/return/interest earned | 44,300,287 | 41,268,289 | 7.35% |
Mark-up/return/interest expenses | 25,274,019 | 26,126,239 | -3.26% |
Net mark-up/interest income | 19,026,268 | 15,142,050 | 25.65% |
Non mark-up/interest income |
|
|
|
Fee and commission income | 2,727,888 | 3,018,383 | -9.62% |
Dividend income | 283,825 | 322,998 | -12.13% |
Foreign exchange income | 1,559,427 | 2,181,212 | -28.51% |
Income from derivatives | 79,693 | 132,306 | -39.77% |
(Loss)/Gain on sale of securities - net | 1,713,102 | (630,136) | |
Other income | 50,045 | 268,671 | -81.37% |
Total non-mark-up/interest income | 6,413,980 | 5,293,434 | 21.17% |
Total income | 25,440,248 | 20,435,484 | 24.49% |
Non mark-up/interest expenses |
|
|
|
operating expenses | 13,967,341 | 12,062,758 | 15.79% |
Workers welfare fund | 195,891 | 166,247 | 17.83% |
Other charges | 106,223 | 29,902 | 255.24% |
Total non-mark-up/interest expenses | 14,269,455 | 12,258,907 | 16.40% |
Profit before provisions | 11,170,793 | 8,176,577 | 36.62% |
Provision and write-offs -net | 2,081,759 | 727,425 | 186.18% |
Extraordinary/unusual items | - | - |
|
Profit before taxation | 9,089,034 | 7,449,152 | 22.01% |
Taxation | 3,566,235 | 3,046,735 | 17.05% |
Profit after taxation | 5,522,799 | 4,402,417 | 25.45% |
Basic and diluted earnings per share (Rupees) | 3.64 | 2.90 | 25.52% |
Copyright Mettis Link News
October 22, 2020 (MLN): EFU General Insurance Limited (EFUG) has posted its profit after tax of Rs 2.22 billion (EPS: Rs 8.16) for the nine months ended September 30, 2020, showing a robust growth of 78.5% YoY against the net profits of Rs 1.24 billion (EPS: Rs 4.56) of the corresponding period last year.
The financial results announced today were also accompanied by a third interim cash dividend for the nine months ended September 30, 2020, at Rs 1.5 per share i.e. 15% in addition to an aggregate amount of the first and second interim dividend already paid at Rs 3 per share i.e. 30%.
As per the financial statement issued by the company, the increase in profitability of the company was attributable to a twenty-three fold increase in net fair value gain on financial assets to Rs 3.31 billion along with a net realized fair value gain of Rs 3.41 billion in 9MCY20 against the losses of Rs 7.28 billion in 9MCY19
Moreover, the investment income of the insurance company went up by 11% YoY to Rs 9.50 billion.
The company reported a loss in underwriting income of Rs 13.11 billion mainly due to 5 times YoY increase in net change in insurance liabilities along with a 2.67% YoY increase in net insurance claims and acquisition expenses.
During the period, the rental income and other income jumped by 10% YoY to Rs 89 million. On the other hand, other income plunged by 21.4% YoY to stand at Rs 170 million.
Meanwhile, the tax expenses of the company went up by 12% YoY to Rs 1.22 billion.
Consolidated Profit and Loss Account for the Nine Months ended September 30, 2020 (Rupees in '000) | |||
|---|---|---|---|
| Sep-20 | Sep-19 | % Change |
Net insurance premium | 27,535,205 | 27,012,023 | 1.94% |
Net insurance claims | (15,658,108) | (14,445,858) | 8.39% |
Net commission and other acquisition costs | (4,941,168) | (5,618,428) | -12.05% |
Insurance claims and acquisition expenses | (20,599,276) | (20,064,286) | 2.67% |
Management expenses | (3,446,669) | (3,519,371) | -2.07% |
Net change in insurance liabilities (other than outstanding claims) | (16,602,496) | (2,861,894) | 480.12% |
Underwriting result | (13,113,236) | 566,472 | - |
Investment income | 9,504,234 | 8,545,413 | 11.22% |
Net realized fair value gain/(losses) on financial assets | 3,418,818 | (7,286,219) | - |
Net fair value gain / (loss) on financial assets at fair value through profit and loss | 3,313,867 | 141,658 | 2239.34% |
Rental income | 89,715 | 81,779 | 9.70% |
Other income | 170,725 | 217,241 | -21.41% |
Other expenses | (87,428) | (77,043) | 13.48% |
| 16,409,931 | 1,622,829 | 911.19% |
Results of operating activities | 3,296,695 | 2,189,301 | 50.58% |
Profit from window takaful operations - Operator's Fund | 154,076 | 153,750 | 0.21% |
Profit before tax | 3,450,771 | 2,343,051 | 47.28% |
Income tax expense | (1,228,364) | (1,097,805) | 11.89% |
Profit after tax | 2,222,407.00 | 1,245,246.00 | 78.47% |
Profit attributable to: |
|
|
|
Equity holders of the parent | 1632916 | 911567 | 79.13% |
Non-controlling interest | 589491 | 333679 | 76.66% |
| 2222407 | 1245246 | 78.47% |
Earnings (after tax) per share - Rupees | 8.16 | 4.56 | 78.95% |
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October 22, 2020: Minister for National Food Security Fakhar Imam has said the decision regarding wheat support price will be taken next week.
Chairing a meeting in Islamabad on Thursday, he emphasized the need for enhancing the production of wheat.
The meeting discussed production targets of Rabi Crops.
Radio Pakistan
October 22, 2020 (MLN): Askari Bank Limited has earned profits of Rs. 8.2 billion (EPS: 6.5) for the nine months ended September 30, 2020, which is nearly 87% higher than the figures recorded in the same period of last year.
The growth in earnings was led by a 39% increase in net interest income, coupled with a 44% rise in the non-interest income. The latter mainly saw contribution from gains on securities, whilst other components reported meagre declines.
The Bank incurred operating expenses of Rs. 14.9 billion, i.e. 13% higher than the same period of last year. Other expenses such as Workers’ Welfare Fund and Non-core charges showed a decline of 51% and 57%, respectively.
However, there were some setbacks faced in the form of provisioning cost and income tax expense, which rose by 81% and 86% respectively.
Consolidated Financial Results for nine months ended September 30, 2020 (Rupees'000) | |||
|---|---|---|---|
Sep-20 | Sep-19 | % Change | |
Mark-up / return / interest earned | 60,036,205 | 50,742,385 | 18% |
Mark-up / return / interest expensed | (37,540,633) | (34,509,976) | 9% |
Net mark-up / interest income | 22,495,572 | 16,232,409 | 39% |
NON MARK-UP / INTEREST INCOME | |||
Fee and commission income | 2,602,860 | 2,645,654 | -2% |
Dividend income | 202,950 | 206,815 | -2% |
Foreign exchange income | 1,850,817 | 1,865,711 | -1% |
Income / (loss) from derivatives | |||
Gain / (loss) on securities - net | 2,388,880 | 98,709 | 2320% |
Share of profit from associates | #DIV/0! | ||
Other income | 230,012 | 232,252 | -1% |
Total non-markup / interest income | 7,275,519 | 5,049,141 | 44% |
Total income | 29,771,091 | 21,281,550 | 40% |
NON MARK-UP / INTEREST EXPENSES | |||
Operating expenses | (14,903,577) | (13,169,818) | 13% |
Workers welfare fund | (33,442) | (68,239) | -51% |
Other charges | (42,904) | (99,766) | -57% |
Total non-markup / interest expenses | (14,979,923) | (13,337,823) | 12% |
Profit before provisions | 14,791,168 | 7,943,727 | 86% |
Provisions and write offs - net | (1,320,797) | (731,119) | 81% |
Extraordinary / unusual items | |||
PROFIT BEFORE TAXATION | 13,470,371 | 7,212,608 | 87% |
Taxation | (5,264,202) | (2,830,064) | 86% |
PROFIT AFTER TAXATION | 8,206,169 | 4,382,544 | 87% |
Earnings per share | 6.5 | 3.48 | 87% |
Copyright Mettis Link News
October 22, 2020 (MLN): Descon Oxychem Limited has recorded profits of Rs. 14.06 million (EPS: 0.11) for the quarter ended September 30, 2020, i.e. nearly 79% lower than the earnings reported in the same period of last year.
The major reason for such a significant decline in profits was i) almost no change in revenue and ii) higher cost of goods sold. These two factors caused the gross profits to decline by 55%.
While there were some positive changes such as a 21% decline in administrative expenses, 36% decline in other expenses and 85% decline in finance costs, their impact on the profit before tax was disguised as it fell by nearly 68%.
The company paid an income tax expense of Rs. 7.6 million during the period, which is around 43% lower than the same period of last year.
Financial Results for the quarter ended September 30, 2020 (Rupees'000) | |||
|---|---|---|---|
Sep-20 | Sep-19 | % Change | |
Sales | 620,514 | 628,817 | -1.3% |
Cost of goods sold | (556,414) | (484,481) | 14.8% |
Gross profit | 64,100 | 144,336 | -55.6% |
Distribution costs | (13,644) | (13,804) | -1.2% |
Administrative expenses | (20,857) | (26,387) | -21.0% |
Other expenses | (4,683) | (7,296) | -35.8% |
Other income | 2,149 | 6,320 | -66.0% |
Finance cost | (5,315) | (35,462) | -85.0% |
Profit before taxation | 21,750 | 67,707 | -67.9% |
Taxation | (7,684) | (13,547) | -43.3% |
Profit after taxation | 14,066 | 54,160 | -74.0% |
Earnings per share | 0.11 | 0.53 | -79.2% |
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