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In times of thin spreads, prudence plays a key role. MCB does exactly that, and quite efficiently too. The bank managed to post a 5 percent year-on-year in increase in after-tax profits for 9MCY14, mainly on the back of strong top line growth. MCB happens to have a largely de-risked balance sheet, something which most banks would envy.
NIB Bank is doing what most banks in Pakistan are not at the moment: it is lending more than it is investing. But doing what banks are supposed to do comes at a price these days. And NIB seems to have paid that price which is evident from its 9MCY14 financials. The banks after-tax profits went 33 percent down year-on-year, as the provisioning expense took its toll on the bottomline.
Barring 2013, Glaxos profitability has been on a constant rise since 2010 and the recent 9MCY14 financial result turned out to be no exception to this trend. During nine months ended September 2014, the company boasted a bottomline growth of 40 percent year-on-year.
When there is smoke there is fire. Yet again, there is a controversy brewing up regarding 2014 Power Policy on determining tariff structure for coal-based power plants. Twenty years back, in the 1994 power policy (in PPPs government) in which tariffs were upfront faced severe criticism from the experts and opposition for granting very high returns to the IPPs.
Many analysts still maintain Sell on the scrip for Engro Foods (KSE: EFOODS), which has had a difficult year so far. EFOODS latest financials show corrosion in profit margins for the nine months ended September 30, 2014.
Despite all the challenges, encompassing difficult law and order situation and continuing energy crisis, Nestle Pakistan (KSE: NESTLE) continues to enjoy the fun ride, with sales proceeds enjoying a significant increase of 16.4 percent, trickling to remarkable accretion in its bottomline of 43 percent in 9MCY14.
Urea off-take for the Kharif season ended September slid by around 5 percent year-on-year. That for DAP went down steeper, at 9 percent year-on-year. It could well be the floods impact in the latter half of the month, but experts BR Research talked to, believe it is too early for the floods to have impacted the off-take.


Index Closing Chg%
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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-19.98 bln
Exports $25.13 bln
Imports $45.11 bln
WeeklyOctober 27, 2014
Reserves $13.464 bln