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Talks with IMF to start today
October 15, 2019 (MLN): The technical team of International Monetary Fund (IMF) has arrived in Pakistan and is set to commence talks from today.
The technical team will stay in Pakistan for two weeks, where the team will review the measures taken by the government.
Furthermore, the two side will also discuss taxation system particularly with regards to corporate tax.
In addition, the team of Federal Board of Revenue (FBR) will give briefing on income tax and sales tax.
The talks aim to determine the ways to increase tax collection by Rs 700 billion, particularly through income tax and sales tax.
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Earning Review: HBL’s earnings wither by 10% in 9MFY19
October 15, 2019 (MLN): Habib Bank Limited has announced its financial results for the nine months ended on September 30, 2019, as per which, it has posted net profits of Rs. 8.8 billion (EPS: Rs. 5.89), i.e. around 10.9% lower than the same period of last year.
While the markup interest income of the bank depicted positive growth due to higher yields, the non-markup interest income slumped by 4.3% on account of losses associated with hedging instruments and sale of securities.
The operating expenses of the bank surged by 22% as a result of ongoing business transformation.
An interim Cash Dividend for the quarter ended on September 30, 2019 was also announced at Rs. 1.25 per share, i.e. 12.5%. This is in addition to the interim Cash Dividend already paid at Rs. 2.5 per share i.e. 25%.
Consolidated Profit and Loss Account for the nine months ended September 30,2019 (Rupees '000) | |||
|---|---|---|---|
Sep-19 | Sep-18 | % Change | |
Mark-up/return/profit/interest earned | 182,631,441 | 117,074,265 | 56.00% |
Mark-up/return/profit/interest expensed | 108,573,082 | 56,962,724 | 90.60% |
Net mark-up/return/profit/interest income | 74,058,359 | 60,111,541 | 23.20% |
Non mark-up/interest income | |||
Fee, commission and brokerage income | 15,456,596 | 12,739,687 | 21.33% |
Dividend income | 367,646 | 636,969 | -42.28% |
Share of profits of associates and joint venture | 2,212,652 | 2,324,938 | -4.83% |
Foreign Exchange Income | 302,575 | 444,090 | -31.87% |
(Loss) / income from derivatives | (657,532) | (361,337) | 81.97% |
(Loss) / gain on securities | (2,411,531) | 357,300 | |
Other income | 506,627 | 354,547 | 42.89% |
Total non-mark-up /interest income | 15,777,033 | 16,496,194 | -4.36% |
Total Income | 89,835,392 | 76,607,735 | 17.27% |
Non mark-up/interest expenses | |||
Operating expenses | (68,969,691) | (56,266,809) | 22.58% |
Other charges | (404,057) | (465,994) | -13.29% |
Workers' Welfare Fund | (393,094) | (330,051) | 19.10% |
Total non-mark-up/interest expenses | (69,766,842) | (57,062,854) | 22.26% |
Profit/(loss) before taxation | 20,068,550 | 19,544,881 | 2.68% |
Provision and write offs-net | (1,783,344) | (1,863,380) | |
Taxation | (9,460,517) | (7,771,355) | 21.74% |
Profit/(loss) after taxation | 8,824,689 | 9,910,146 | -10.95% |
Earnings per share - basic and diluted (Rupees) | 5.89 | 6.57 | -10.35% |
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NRL’s quarterly losses decline by 36%
October 15, 2019 (MLN): National Refinery Limited (NRL) has announced its financial earnings for the quarter ended on September 2019, wherein the company posted a significant decline in its losses to Rs 678.7 million against Rs 1 billion incurred in same period last quarter.
This translated in to loss per share which clocked in at Rs8.49, marking a decline of 36.3% from Rs 13.33 in corresponding period last year.
The decline in losses largely came on the back of lower cost of sales along with the rise in other income by 12.63% YoY. In addition, finance cost also dropped by a substantial amount of Rs 97 million, which further helped in declining company’s net losses.
Furthermore, the company also witnessed 39%YoY decline its operating losses which provided comfort to the earnings.
Profit and Loss Account for the quarter ended September 30th 2019 ('000 Rupees) | |||
|---|---|---|---|
| Sep-19 | Sep-18 | % Change |
Gross sales | 52,332,426 | 53,227,258 | -1.68% |
Trade discounts, taxes, duties, levies and price differentials | (13,064,811) | (11,968,195) | 9.16% |
Net sales | 39,267,615 | 41,259,063 | -4.83% |
Cost of sales | (39,455,909) | (41,780,504) | -5.56% |
Gross profit/(loss) | (188,294) | (521,441) | -63.89% |
Distribution cost | (196,882) | (190,553) | 3.32% |
Administrative expenses | (234,402) | (227,412) | 3.07% |
Other income | 101,773 | 90,359 | 12.63% |
Other operating expenses | (5,036) | (4,122) | 22.17% |
Operating profit/(loss) | (522,841) | (853,169) | -38.72% |
Finance cost | (370,870) | (467,937) | -20.74% |
Profit/(loss) before taxation | (893,711) | (1,321,106) | -32.35% |
Taxation | 214,946 | 254,938 | -15.69% |
Profit/(loss) after taxation | (678,765) | (1,066,168) | -36.34% |
Earnings per share - basic and diluted (rupees) | (8.49) | (13.33) | -36.31% |
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MCB Bank to sell MCB Financial Services Ltd via...
October 15, 2019 (MLN): MCB Bank Limited, in a notification to PSX, has informed that it shall dispose of its wholly owned subsidiary, MCB Financial Services Limited to ISE Tower REIT Management Company Limited and its nominee, namely Infortech (Private) Limited, as a co purchaser.
The aforesaid transaction will take place through ‘Share Purchase Agreement’, dated October 15, 2019 for a total consideration of Rs. 89,459,258, the notification stated.
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SBP issues framework to strengthen AML/CFT regime and restrict...
October 15, 2019 (MLN): The State Bank of Pakistan (SBP) has prepared a comprehensive framework to strengthen trade related Anti Money Laundering/Combating Financing of Terrorism (AML/CFT) regime and restrict possible misuse of banking channel.
Accordingly, SBP has advised Authorized Dealers (ADs) to upgrade their systems and controls and bring policies and procedures in line with the requirements of the framework to ensure meticulous compliance with the provisions thereof with immediate effect.
‘The provisions of this framework are in addition to and not a replacement of already issued instructions on the subject of ML/FT risks. Therefore, the compliance of the same shall not absolve ADs from their legal and regulatory obligations under prevailing AML/CFT laws/rules and regulations or any other relevant law in force’ the notification issued by SBP said.
ADs have been also advised to educate their clients about their obligation of ensuring (a) correct declaration of particulars on the prescribed forms, (b) utilization of foreign exchange for the exact purpose for which it is acquired by them and (c) repatriation of foreign exchange that represents the full export value of goods.
‘In the event, it is found that material information required to be submitted on the prescribed forms has been omitted or suppressed, foreign exchange is misutilized by a client of an AD or export proceeds repatriated by a client does not represent the full export value of goods, SBP shall initiate penal action against such delinquent parties under relevant provisions. Further, the matter shall also be reported to relevant stakeholders for necessary action under the laws being administered by them’ the notice added.
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