KARACHI: Meezan Bank Ltd posted its highestever quarterly profit in April-June as its consolidated earnings amounted to Rs17.3 billion, up 120 per cent from a year ago.

Its net profit rose 12pc from the preceding quarter mainly on the back of higher income and lower provisioning, said Arif Habib Ltd. The bank also announced a dividend of Rs4 per share.

Separately, Bank Alfalah Ltd declared on Thursday its net profit for April-June remained Rs7.8bn, depicting an increase of 110pc from a year ago.

However, the quarterly earnings were down 27pc from the preceding three-month period.

Arif Habib Ltd said earnings were supported by higher interest income but a significant jump in provisioning dented the quarterly bottom line.

The bank also announced a dividend of Rs3 per share. Engro Polymer and Chemicals Ltd told investors on Thursday its earnings in April-June remained Rs1.6bn, up 32pc from the preceding quarter.

`This growth is primarily attributed to the availability of local gas and uptake growth during the quarter,` said AKD Securities Ltd.

The company also announced an interim dividend of Rs1.50 per share, bringing the half-yearly pay-out to Rs2.50 per share.-Staff Reporter