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BankIslami reports a 45% growth in earnings during 9MCY20

October 29, 2020 (MLN): BanIslami Pakistan Limited has made profits of Rs. 1.55 billion for the nine months ended September 30, 2020, i.e. around 55% higher than the earnings of the same period last year.

The earnings per share for the period stood at Rs. 1.4304, which is approx. 45% higher than the EPS recorded in the same period of last year.

The higher earnings resulted from net returns of Rs. 9.9 billion recorded during the period, I,e, around 34% higher than the SPLY. The other income also jumped by 57% on the back of higher fee & commission income, foreign exchange income, and gain on securities.

On the other hand, the bank saw an 18% increase in other expenses, as well as a 54% rise in provisioning cost. Both of these factors restricted the growth of profits.

With the approval of its Board of Directors, the Bank also approved the sale of 8,000,000 shares of BankIslami Modaraba Investments Limited to Mr. Atique Ahmed Khan (one of the promoters/sponsors of the Ghani Global Group) or any nominee.

Consolidated Financial Results for nine months ended September 30, 2020 (Rupees'000)

 

Sep-20

Sep-19

% Change

Profit / return earned

20,510,569

16,074,522

28%

Profit / return expensed

(10,562,930)

(8,656,686)

22%

Net profit / return

9,947,639

7,417,836

34%

OTHER INCOME

  

Fee and commission income

656,732

467,003

41%

Dividend income

7,050

8,972

-21%

Foreign exchange income

303,940

139,592

118%

Income from shariah-compliant derivatives

  

Gain / (loss) on securities - net

241,555

28,253

755%

Other income

85,840

179,598

-52%

Total other income

1,295,117

823,418

57%

Total income

11,242,756

8,241,254

36%

OTHER EXPENSES

  

Operating expenses

(6,250,900)

(5,391,566)

16%

Workers welfare fund

(58,061)

(31,746)

83%

Other charges

(130,354)

(36,316)

259%

Total other expenses

(6,439,315)

(5,459,628)

18%

Profit before provisions

4,803,441

2,781,626

73%

Provisions and write offs - net

(1,891,286)

(1,230,108)

54%

Loss for the period from BIPL Securities Limited - net of tax

(7,821)

 

Share of loss from associate - net tax

(221,451)

11,525

 

PROFIT BEFORE TAXATION

2,690,704

1,555,222

73%

Taxation

(1,140,891)

(556,496)

105%

PROFIT AFTER TAXATION

1,549,813

998,726

55%

Earnings per share

1.4304

0.9875

45%

 

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Pioneer Cement manages to shrink losses on the back...

October 29, 2020 (MLN): Pioneer Cement Company Limited (PIOC) has managed to shrink its losses for 1QFY21 by 79% YoY to Rs39.5 million from Rs 185.4 million incurred in the same quarter of last year.

The loss per share of the company also reduced by the same percent from Rs 0.82 to Rs 0.17 per share.

The company was able to reduce its losses mainly on the back of 92% YoY increase in local cement dispatches, and better cement retention prices (North prices increased by 5% YoY).

According to the report by BMA Capital, during the quarter under study, PIOC’s overall volume increased by 92% YoY to 0.7 million tons compared to 0.3 million tons in 1QFY20. The increase was driven by the surge in both local and export dispatches which increased by 93% and 12% YoY respectively. As a result, net sales increased by 113% YoY to Rs 4 billion that took gross profit to Rs 307 million, up by 809% YoY.

The gross margins of the company increased by 6ppts YoY to 8% mainly on account of higher cement dispatches and improved prices. On the other hand, Distribution and Admin expense declined by 20.8% YoY and 3% YoY respectively. Meanwhile, Finance cost increased significantly to Rs 429 million, up by 361.8% YoY due to the commencement of the new line, the report stated.

Financial Results for the Quarter ended September 30, 2020 ('000 Rupees)

 

Sep-20

Sep-19

% change

Sales - net

           3,992,295

        1,871,035

113.37%

Cost of sales

         (3,685,598)

      (1,837,312)

100.60%

Gross profit

 306,697

 33,723

809.46%

Distribution cost

              (35,077)

           (44,311)

-20.84%

Administrative expenses

 (29,054)

 (29,931)

-2.93%

Other income

              120,827

 11,861

918.69%

Other expenses

                                 -  

           (35,452)

-100.00%

 

 56,696

 (97,833)

-157.95%

Operating profit

 363,393

 (64,110)

 

Finance cost

 (429,419)

 (92,971)

361.88%

Profilt before taxation

              (66,026)

         (157,081)

-57.97%

Taxation

 26,449

 (28,328)

 

Profit after taxation

 (39,577)

 (185,409)

-78.65%

Loss/ Earnings per share - basic and diluted (Rs.)

                          (0.17)

                      (0.82)

-79.27%


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BIPL to sell 8 million shares of BankIslami Modaraba...

October 29, 2020 (MLN): BanIslami Pakistan Limited has, with the approval of its Board of Directors, approved the sale of 8,000,000 shares of BankIslami Modaraba Investments Limited to Mr. Atique Ahmed Khan (one of the promoters/sponsors of the Ghani Global Group) or any nominee.

These shares represent 100% of the issued and paid-up ordinary share capital of BankIslami Modaraba Investments Limited.

The above transaction would be subject to the procurement of all applicable shareholders’ and regulatory approvals and finalization of the transaction documentation.

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PKR’s Real Effective Exchange Rate Index increases by 2.54...

Oct 29, 2020 (MLN): Pak Rupee's Real Effective Exchange Rate Index (REER) increased by 2.54 percent in September 2020 to a provisional value of 94.12 from the revised value of 91.79 in August 2020.

According to data published by the State Bank of Pakistan (SBP), the REER index has decreased by 0.25 percent compared to September 2019.

Similarly the Nominal Effective Exchange rate Index (NEER) increased by 1.09 percent in September to a provisional value of 58.17 from the revised value of 57.54 in August. On a yearly basis, the NEER Index has decreased by 7.78 percent.

PKR closed September at 165.7021 against the USD having appreciated by 0.32 percent compared to its value in August 2020. However, Compared to September 2019 PKR has depreciated by by 5.97 percent.

REER is a measure of the value of a currency against a weighted average of several foreign currencies, an increase in REER implies that exports become more expensive and imports become cheaper therefore, this increase indicates a decline in trade competitiveness.

 

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State Bank’s Forex Reserves Increase by USD 54.90 Million

Oct 29, 2020 (MLN): Pakistan's Forex Reserves decreased by USD 5.10 Million or 0.03% and the total liquid foreign reserves held by the country stood at USD 19,296.50 Million on Oct 23, 2020.

According to data published by the State Bank of Pakistan (SBP) its reserves increased by USD 54.90 Million .

Summary of Holding and Weekly Change

Foreign reserves held byOct 23, 2020Oct 16, 2020Change% Change
State Bank of Pakistan12,121.5012,066.6054.900.45%
Net Foreign Reserves Held by Banks7,175.007,235.00-60.00-0.83%
Total Liquid Foreign Reserves19,296.5019,301.60-5.10-0.03%

Amount in USD Million

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