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HMB’s profits edge higher by 8% YoY during CY19

February 28, 2020(MLN): Habib Metropolitan Bank Limited (HMB) has unveiled its financial results for CY19, as per which, the bank has reported an increase of 8.4% YoY in its profits to stand at Rs 6.96 billion against Rs 6.42 billion of the same period last year.

The slender increase in profitability was due to a rise in net interest income (NII), up by 8% YoY.

The bank’s interest income rose by 69%YoY at Rs 72 billion in CY19 but a greater percentage increase in interest expense by 2.1 times YoY restricted the growth in bank’s net interest income (NII) to 8% YoY during CY19.

During the period under review, non-funded income (NFI) of the bank jumped up by 21.5% YoY mainly on account of higher fee and commission income ( up by 28% YoY) and FX income (up by 2 times YoY) despite huge capital losses.

However, non-interest expenses of the bank surged by 10.8% YoY, limiting the favourable impact of increased NII and NFI on the bank’s net earnings. In CY19, the bank paid taxes worth Rs 4.66 billion, up by 19% YoY.

HMB’s basic and diluted earnings per share have been reported at Rs 6.34 per share while those recorded last year were Rs 5.90 per share.

Alongside financial results, the board of directors has announced a final cash dividend for the year ended Dec 31, 2019, at Rs 2.50per share i.e. 25%.

Consolidated Profit and Loss Account for the year ended on December 31, 2019 (Rupees in '000)

 

Dec-19

Dec-18

% Change

Mark-up/return/interest earned

 72,921,634

 43,060,826

69.35%

Mark-up/return/interest expensed

 (54,954,379)

 (26,406,518)

108.11%

Net mark-up/interest income

 17,967,255

 16,654,308

7.88%

NON-MARK-UP/INTEREST INCOME

 

 

 

Fee and commission income

 5,295,245

 4,144,073

27.78%

Dividend income

 101,797

 103,198

-1.36%

Foreign exchange income

 3,116,980

 1,498,410

108.02%

Income/(loss) from derivatives

 -  

 -  

 

Gain /(loss) on securities

 (1,167,204)

 84,805

-

Other income

 63,615

 269,272

-76.38%

Total non-mark-up/interest income

 7,410,433

 6,099,758

21.49%

Total income

 25,377,688

 22,754,066

11.53%

NON-MARK-UP/INTEREST EXPENSES

 

 

 

Operating expenses

 12,982,036

 11,797,688

10.04%

Workers Welfare Fund

 245,636

 197,947

24.09%

Other charges

 101,813

 31,105

227.32%

Total non-mark-up/interest expenses

 13,329,485

 12,026,740

10.83%

Profit before provisions

 12,048,203

 10,727,326

12.31%

(Provisions)/reversal and write offs - net

 (419,546)

 (382,427)

9.71%

Extra-ordinary / unusual items

 -  

 -  

 

Profit before taxation

 11,628,657

 10,344,899

12.41%

Taxation

 (4,666,911)

 (3,923,994)

18.93%

Profit after taxation

 6,961,746

 6,420,905

8.42%

Earnings per share - Basic and Diluted (in Rupees)

 6.34

 5.90

7.46%

 

Copyright Mettis Link News

Flight operation b/w Pakistan, Saudi Arabia continuing as per...

February 28, 2020: The Aviation Division has said that flight operation between Pakistan and Saudi Arabia is continuing as per schedule.

A press release issued by the Aviation Division said that in line with instructions of Saudi Arabia, Umrah pilgrims and tourist visa holders from Pakistan would not be able to travel to the holy land.

However, the people holding work permit and permanent resident cards of Saudi Arabia would be allowed to travel to Saudi Arabia.

Meanwhile, Pakistan has suspended direct flight operation to Iran for an indefinite period.

According to a press release of the Aviation Division, the flights coming from Iran have also been suspended.

Radio Pakistan

Hyundai Motor halts operations at plant following coronavirus case

February 28, 2020: Hyundai Motor Co., South Korea's biggest carmaker by sales, said Friday it has halted operations at one of its domestic plants after an employee there was diagnosed with the new coronavirus.

Hyundai Motor immediately brought work at the No. 2 plant in the southeastern port city of Ulsan to a halt, and it is in an emergency meeting with its union to discuss follow-up measures, according to the company and the union.

"The infected worker belongs to the 300-member paint shop of the No. 2 plant. The company is checking with whom the worker has come in contact with in the plant," a union spokesman said over the phone.

The confirmation of COVID-19 case is expected to deal a further blow to the carmaker, which is already suffering from a shortage of parts from China due to the outbreak there.

Hyundai Motor plunged 5.4 percent to 114,500 won on the news, underperforming the broader KOSPI's 2.9 percent loss, as of 12:25 p.m.

At the No. 2 plant, which hires 4,000 workers, Hyundai produces the Palisade SUV and the GV80 SUV under its independent Genesis brand.

Hyundai has seven domestic plants -- five in Ulsan, one in Asan and one in Jeonju -- and 10 overseas plants -- four in China and one each in the United States, the Czech Republic, Turkey, Russia, India and Brazil. Their combined capacity reaches 5.5 million vehicles.

Hyundai halted all of its local plants on Feb. 7 and kept them suspended through Feb. 10 as their parts suppliers in China stopped production during an extended Lunar New Year holiday from Jan. 24 to Feb. 9.

It was the first time that Hyundai had suspended all domestic plants since 1997, when the Asian financial crisis affected local manufacturers and Mando Corp. stopped supplying parts to the carmaker.

APP

BankIslami’s yearly profits show a two-fold growth

February 28, 2020 (MLN): BankIslami Pakistan Limited has reported net profits of Rs. 1.12 billion (EPS: Rs. 1.08) for the year ended December 31, 2019, i.e. around 2.4x higher than the profits of last year.

This applause-worthy rise in profits can be attributed to a 78% increase in Net Interest Income, along with a 99% rise in Forex gains. The company also benefit from a thirteenfold rise in gain on sale of securities.

All of these positive changes led to the total income depicting a growth of 70%, while the total expenses only increased by 13.4%.

However, the company did suffer some of the brunt emanating from fall in profits from associate companies by 92%, and rise in income tax expense by 291%.

Besides the announcement of financial results, the Board of Directors in their meeting held on Thursday, also approved the sale of 8,000,000 shares of Banklslami Modaraba Investments Limited (“MO (representing 100% of the issued and paid-up ordinary share capital of BMIL) to BRR Investment (Private) Limited directly or through any of its affiliates (the “Proposed Transaction').

Profit and loss account for the year ended December 31, 2019 ('000 Rupees)

 

Dec-19

Dec-18

% Change

Profit/return earned

23,624,544

12,204,667

93.57%

Profit/return expensed

12,832,859

6,145,543

108.82%

Net Profit/return

10,791,685

6,059,124

78.11%

OTHER INCOME

   

Fee, commission and brokerage income

617,932

842,235

-26.63%

Dividend income

10,947

23,029

-52.46%

Foreign exchange income

183,612

92,182

99.18%

Income from shariah compliant forward and future contracts

 

138,673

 

Gain on sale of securities

660,253

46,818

1310.25%

Other income

159,178

82,246

93.54%

Total other income

1,631,922

1,225,183

33.20%

Total income

12,423,607

7,284,307

70.55%

OTHER EXPENSES

   

Operating expenses

7,720,891

6,810,250

13.37%

Workers Welfare Fund

35,904

8,216

337.00%

Other charges

36,511

54,359

-32.83%

Total other expenses

7,793,306

6,872,825

13.39%

    

Profit before provisions

4,630,301

411,482

1025.27%

Provision/ (reversal of provision) and write offs-net

2,773,316

(3,165)

 

Extraordinary/ unusual items

-

-

 

(Loss)/profit for the period from BIPL Securities Limited - net of tax

 

(46,755)

 

Share of profit from associate before taxation

11,525

145,830

-92.10%

Profit before taxation

1,868,510

513,722

263.72%

Taxation

744,000

190,084

291.41%

Profit after taxation

1,124,510

323,638

247.46%

Basic and diluted earnings per share (Rupees)

1.0800

0.3299

227.37%

Copyright Mettis Link News

OMO Result: SBP Injects Rs.740.50 Billion for 7 Days

Feb 28, 2020 (MLN): The State Bank of Pakistan (SBP) conducted an Open Market Operation on Friday in which it injected Rs.740.50 Billion into the market for 7 Days.

Summary of OMO Result

  Amount*RateBids
TenorTypeOfferedAcceptedHigh - LowAcceptedOfferedAccepted
7DReverse Repo (Injection)843.600740.50013.33 - 13.2613.281817
Total amount offered at 13.28% was Rs 100,100.00 mio out of which SBP accepted Rs. 30,000.00 mio on pro-rata basis.
OMO Settlement: same day February 28, 2020
*Amount in Billions

 

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