Meezan Bank posts profit of Rs3.950 billion

KARACHI: The profit-after-tax of the Meezan Bank has increased by 10 percent to Rs3.950 billion in January-September of the current calendar year as compared to Rs3.576 billion during the same period last year, a bank statement said on Monday.
The earnings per share for the nine months period ended September 30 stood at Rs3.94 against Rs3.57 per share in the same period last year.
The deposits of the bank increased to Rs438 billion as of September 30 from Rs380 billion as of December 31, 2014, showing a growth of 15 percent against an overall growth in the banking industry deposits of eight percent during the same period.
The bank continued its branch expansion strategy and opened 67 branches during the period, taking its branch network to 495 in over 120 cities in Pakistan.
Al Ghazi Tractors posts profits
Al Ghazi Tractors has announced a net profit of Rs229.564 million for the quarter ended September 30 as compared to Rs395.808 million earned a year ago.
The decline in profitability of Al Ghazi Tractors can be attributed to lower sales, which declined by 31.7 percent to Rs1.55 billion for the quarter under review as against the revenues of Rs2.271 billion in the same period last year, the company statement said.
Al Ghazi Tractors also announced an interim dividend of Rs30 per share, which is in addition to Rs30 per share already paid to the shareholders.
Cherat Cement posts profits
Cherat Cement has announced a net profit of Rs268.465 million for the period ended September 30 as compared to Rs251.359 million earned a year ago.
The sales revenue of Cherat Cement Limited for the period under review stood at Rs1.559 billion as compared to Rs1.552 billion in the same period last year.
The earnings per share (EPS) of the company clocked in at Rs1.52 for the period as compared to Rs1.83 recorded last year.
The company did not announce any payout along with the corporate earnings.

Nishat Power profits up 17pc
Nishat Power Limited has announced a 17 percent increase in the net profits to Rs929.553 million for the quarter ended September 30 as compared to Rs791.6 million earned last year.
The earnings per share (EPS) clocked in at Rs2.625 for the quarter.
The company also announced first interim cash dividend of Re1 per share.
The net sales of Nishat Power Limited decreased by 35 percent to Rs4.528 billion as compared to Rs7.016 billion during the same period last year on the back of subdued furnace oil prices in addition to lower dispatches.
Furthermore, the finance cost was recorded at Rs242 million, down 43 percent on the back of reduced debt levels and continued monetary easing.