Last update: Mon, 29 Aug 2016 03am

Company News: Pakistan


Meeting of the Board of Directors of National Bank of Pakistan was held on Friday at bank''s Head Office in Karachi in which the BoD approved the financial statements of the bank for the half year ended June 30, 2016. Bank''s after-tax profit increased by 25.3% to Rs 9.5 billion compared to Rs 7.5 billion for the corresponding period of 2015. This translates into earnings per share of Rs 4.44 as against Rs 3.54 for the corresponding half year 2015.
Standard Chartered Bank (Pakistan) Limited announced its H1 2016 results. The half yearly profit of the bank (before tax) is Rs 9 billion in the first half of 2016 compared to Rs 8.5 billion in the first half last year. The balance sheet momentum has greatly supported the resilience of revenue which was negatively impacted by margin compression. Administrative costs continue to be well managed through operational efficiencies and disciplined spending, thereby leading to a 6 percent decrease from comparative period.
Indus Motor Company Ltd has witnessed 26 percent growth in its profit after tax in FY 15, earned Rs 11.5 billion as against Rs 9.1 billion made during preceding year. This was discussed during Board of Directors meeting held to review the company's financial and operating performance for the year ended June 30, 2016.
The Board of Directors of Meezan Bank in its meeting, held at Karachi on August 23, 2016 approved the unconsolidated condensed interim financial statements of the Bank and its consolidated financial statements for the half year ended June 30, 2016. The meeting was presided by Riyadh S.A.A. Edrees, the Chairman of the Board.
Silkbank Limited has declared an Operating Profit of Rs 889 million for the half year (Jan-June CY16) ended June 30, 2016. The Bank's profit before tax of Rs 536 million for the half year reflects a significant increase of 441 percent compared to the same period last year, informed in the bank's Board Meeting held on August 26, 2016.
The Board of Directors of the EFU General Insurance Limited Company at its meeting held on 20 August 2016 approved the Half Yearly Accounts of the Company for the period ended 30 June, 2016. The after tax profit of the Company was Rs 972 million as against Rs 1,257 million for the corresponding period last year.
Bank Alfalah posted impressive financial results for the first half of 2016, exceeding market expectations, with Profit before Taxation reported at Rs 7.592 billion - a growth of 15.4 percent as against the corresponding period last year. The Bank's Profit after tax was recorded at Rs 4.353 billion, growing by 17.5 percent, after accounting for the impact of super tax during the second quarter.