Archives of Banking & Finance

1. Workers' remittances rise by 6.37pc at $ 11.57bn in 10 months

   2013-05-25 19:49:13 GMT : (Pakistan/Banking & Finance)

   KARACHI: Overseas Pakistani workers remitted dollars 11,5610 billion in first ten months (July-April) of the current fiscal year.This has shown a growth of 6.37 percent or $ 692.83 million when compared with $10,876.99 million received during the same period of last fiscal year (July-April 2012), said a SBP statement here on Monday.The inflow of remittances in July-April 2013 from Saudi Arabia, Un...

2. Low cost deposit to increase profitability of BoK: Javed

   2013-05-25 14:34:46 GMT : (Pakistan/Banking & Finance)

   PESHAWAR: Managing Director Bank of Khyber (BoK) Javed Hashmat has said that the Bank was laying great stress on low cost of deposit to increase its profitability as big entities are not giving much profit.Talking to APP here, Mr. Hashmat while dilating upon performance of the first quarter of the Bank ended march 31, 2013, said, the BoK is progressing with each passing day as its growth rate incr...

3. Pak foreign reserves figure $11.433 billion

   2013-05-23 19:37:37 GMT : (Pakistan/Banking & Finance)

   KARACHI: Total liquid foreign reserves of the country amount to dollars 11.433 billion, said a State Bank of Pakistan report.According to SBP weekly statement here on Thursday, the foreign reserves held by State Bank on 17th of this month were $ 6,382.9 million and the net foreign reserves held by the banks other than SBP figured $ 5,050.1 million. Copyright APP (Associated Press of Pakistan), 201...

4. Agri credit surges by 15.74pc to Rs 259.1 billion in ten months

   2013-05-21 20:34:03 GMT : (Pakistan/Banking & Finance)

   KARACHI: Agricultural credit disbursement by banks surged by 15.74 percent on year-on-year basis to Rs 259.1 billion in first ten months (July-April) of the current fiscal year.The increase is over Rs 35.23 billion when compared with the total disbursement of Rs 223.85 billion in the same period of the last fiscal year, said a statement issued by State Bank of Pakistan (SBP) here on Tuesday.Overal...

5. Excise & tax department achieves highest recovery target

   2013-05-21 15:58:04 GMT : (Pakistan/Banking & Finance)

   KHANEWAL: Excise and Taxation department Khanewal achieved highest recovery targets in Punjab in the wake of property tax, token tax, registration fee, motorcycle vehicle tax, excise fee, recreational tax, professional tax, cotton tax and hotel tax.The total tax amount being collected at the district level was Rs 149,249,160.A spokesman of Excise & Taxation told APP here, he said the total rec...

6. NBP, A.F. Ferguson & Co. (PwC) Sign contract for BPR & COSO Project Implementation

   2013-05-18 09:31:16 GMT : (Pakistan/Banking & Finance)

   ISLAMABAD: The National Bank of Pakistan (NBP) and A.F. Ferguson & Co. (PwC) has signed a landmark agreement for BPR and COSO implementation at National Bank of Pakistan Head Office.The NBP President, Dr. Asif A. Brohi in his message on this signing ceremony said, "NBP is committed to achieve the leadership position in the industry by adopting International best practices and ensuring consiste...

7. 629 properties sealed for non-payment of property tax

   2013-05-18 08:16:37 GMT : (Pakistan/Banking & Finance)

   RAWALPINDI: Excise & Taxation Department has sealed 629 properties in Rawalpindi division for non-payment of property tax during its three day campaign.The department also recovered property tax arrears amounting to Rs65,89,197.The Excise & Taxation department during its special campaign which was run for three days, from May 14 to 16 also checked 8,941 vehicles in the division and recover...

8. FWBL & SLIC ink strategic partnership agreement

   2013-05-16 09:03:57 GMT : (Pakistan/Banking & Finance)

   KARACHI: The First Women Bank Limited (FWBL) and State Life Insurance Corporation (SLIC) have entered into a strategic partnership to sell insurance products under Bancassurance.An official of the FWBL said that the First Women Bank, the only bank for women in the country, has a network of 41 branches in 24 cities of Pakistan while SLIC is the largest life insurance Corporation operating in Pakist...

9. Rs100 prize bonds draw on May 15

   2013-05-08 09:37:13 GMT : (Pakistan/Banking & Finance)

   ISLAMABAD: The 2nd draw of Rs100 prize bonds is scheduled to be held on May 15 (Wednesday) in State Bank of Pakistan, Rawalpindi.Former Judge, Islamabad High Court, Muhammad Amjad Iqbal Qureshi will preside over the draw as Chairman while Deputy Chief Manager, State Bank of Pakistan, Rawalpindi, Muhammad Masood will act as secretary.National Savings Officer, Regional Directorate of National Saving...

10. SBP issues revised Prudential Regulations for SMEs

    2013-05-07 19:34:55 GMT : (Pakistan/Banking & Finance)

    KARACHI: The State Bank of Pakistan (SBP) has issued revised Prudential Regulations (PRs) for Small and Medium Enterprises (SME) financing to ensure smooth flow of funds to the sector. According to a press release issued by SBP on Tuesday, the revised PRs focus more on Small Enterprise, and formulate more specific and simpler regulations for them. The new set of Regulations is believed to further ...

11. Currency swap arrangement with China becomes operational: SBP

    2013-05-07 19:30:31 GMT : (Pakistan/Banking & Finance)

    KARACHI: A bilateral Currency Swap Arrangement (CSA) between the State Bank of Pakistan (SBP) and the People's Bank of China (PBoC) amounting to Chinese Yuan (CNY) 10 billion and PKR 140 billion is being implemented from today after issuance of necessary instructions to banks and completion of operational formalities with PBoC. A SBP statement here on Tuesday said that the landmark bilateral C...

12. Meezan Bank records 9pc growth in first quarter 2013

    2013-05-02 08:31:34 GMT : (Pakistan/Banking & Finance)

    KARACHI: Meezan Bank Limited has recorded 9 percent growth in its profit-after-tax of first quarter ended March 31, 2013 which increased to Rs982 million compared to Rs903 million earned in the corresponding period of 2012.A statement here on Thursday said that the Earnings per Share of the Bank increased to Rs0.98 (March 2012: Rs0.90) on the enhanced share capital of Rs10 billion.Deposits of the ...

13. Banks to remain closed tomorrow on labour day

    2013-04-30 08:54:08 GMT : (Pakistan/Banking & Finance)

    ISLAMABAD: The State Bank of Pakistan and all offices of SBP Banking Services Corporation, including the Public Debt Offices, will remain closed on May 1, (Wednesday) being Public Holiday declared by the Government on the occasion of Labour Day.A SBP statement issued on Tuesday said.Copyright APP (Associated Press of Pakistan), 2013 ...

14. SBP sees great potential in e-banking for financial inclusion

    2013-04-25 19:19:24 GMT : (Pakistan/Banking & Finance)

    KARACHI: State Bank of Pakistan (SBP) sees e-banking as a great opportunity as fast, secure and easy way to tap a big un-banked population of the country which ultimately leads to financial inclusion in the national economy. Speaking as chief guest at 11th E-Banking 2013 Conference and Exhibition organized by Total Communications, Deputy Governor State Bank of Pakistan (SBP) Ashraf Muhamood Wathra...

15. Forum on Islamic Treasury Operations held at Meezan Bank

    2013-04-22 09:37:16 GMT : (Pakistan/Banking & Finance)

    KARACHI: The senior Shariah scholars and advisors of Islamic banks and conventional banks having Islamic windows, have agreed to standardise the forex and interbank Musharakah agreements among Islamic banks and Islamic banking windows.This move will facilitate availability of Shariah-compliant venues for deployment of excess liquidity of Islamic banks, says a statement here on Monday.It said that ...

16. Pakistan net foreign investment up 3.8pc y/y in July-Mar

    2013-04-17 08:39:02 GMT : (Pakistan/Banking & Finance)

    KARACHI: Net foreign direct investment into Pakistan rose 3.8 percent in the nine months that ended in March to reach $622 million, compared to a year earlier, the State Bank of Pakistan (SBP) said on Tuesday.Between last July and March, there was an inflow of $1.591 billion and outflow of $969 million, the SBP said. In the year earlier, there was an inflow of $1.589 billion and outflow of $990 mi...

17. SBP, SMEDA to join hands for SME's access to finance

    2013-04-16 19:47:34 GMT : (Pakistan/Banking & Finance)

    LAHORE: The State Bank of Pakistan (SBP) and the Small and Medium Enterprises Development Authority (SMEDA) Tuesday agreed to make joint efforts for facilitating SME's access to finance. This was said at a meeting between a team of SMEDA financial experts and CEO SMEDA Sardar Ahmad Nawaz Sukhera at SMEDA office here on Tuesday. The team said that in line with SMEDA's new mission to build p...

18. Pak external public debt fell by US$1.9bn during half year of which US$1.3bn owed to IMF

    2013-04-16 08:37:07 GMT : (Pakistan/Banking & Finance)

    ISLAMABAD: Pakistan's domestic debt has increased by Rs691 billion in the first half of FY13 compared to Rs854 billion in the first half of FY12, however, the country's external public debt actually fell by US$ 1.9 billion during the half year (of which US$ 1.3 billion was owed to the International Monetary Fund (IMF)."Repayments, without fresh inflows, did put pressure on the country'...

19. Khushhali bank supports women entrepreneurs

    2013-04-15 13:41:51 GMT : (Pakistan/Banking & Finance)

    ISLAMABAD: Khushhali bank participated in the 3rd Islamabad Expo 2013 organized by Islamabad Women Chamber of Commerce and Industry, showing their untiring support and commitment to budding women entrepreneurs in the country. Speaking on the occasion, Caretaker Federal Minister for Commerce and Textile Maqbool H Rahmatoola stressed on the need for increasing export of value-added items for the sur...

20. Mobile banking with 1.4mn accounts showing remarkable surge

    2013-04-14 13:35:40 GMT : (Pakistan/Banking & Finance)

    ISLAMABAD: Mobile banking in Pakistan has witnessed a reasonable growth as the number of such accounts (M-Wallets) has reached 1.4 million by 2012, showing an increase of 156 percent as compared to previous years. The current number of m-banking accounts is seven times higher than the numbers at the end of September 2010. Of the total 1.4 million m-banking accounts, 66 percent are active accounts ...