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It was a long time coming. Yesterday, Pakistan successfully auctioned spectrum for next generation telecom services. At the conclusion of eight rounds by the evening, all four participating operators successfully acquired the spectrum and thus became eligible to be called ‘3G operators’ in Pakistan.
PIBs and more PIBs is the voice coming from every corner of banking treasuries. Having risen over trillion rupees last quarter, government accepted Rs424 billion in long-term papers at the auction’s cut off yields yesterday. Meanwhile, the banks continue enjoy healthy spreads of 2-2.5 percent over the money what could have been invested in one year or even shorter-term papers.
Silk Bank essentially focuses on what the banks are supposed to do, i.e. private sector lending. An Advances-to-Deposit Ratio (ADR) of 77 percent and Investment-to-Deposit Ratio (IDR) of 24 percent as of March 2014 bears testament to the inclination Silk has towards core banking.
Soneri Bank was able to keep its bottom line intact in 1Q CY14. High non-mark-up expenses appear to be the culprit that offset the positive impact of other actors. Net Interest Margin (NIM) of the bank grew by 15 percent year on year that culminated into a spread ratio of 36 percent in 1Q CY14 vis-à-vis 35 percent in the similar period of last year.
For any insurance company, managing to deliver strong underwriting results coupled with blooming investment income is all that matters for the bottom line. And Jubilee General Insurance Company Limited (JGICL) seems to have passed the test with flying colours!
MCB, the fourth-largest bank in Pakistan, kicked off CY14 with its bottom line losing ground by 4 percent year-on-year. Despite the bottomline slide, the quarterly performance exceeded the expectations of a majority among the analyst community. The result was also accompanied with a 30 percent cash dividend.
IGI Insurance Company Limited (IGIIL) announced its 1QCY14 results yesterday, boasting a 69 percent year-on-year upsurge in its bottom line. This overwhelming growth in bottom line was driven primarily by virtue of a significant drop in claims expenses.
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Index Closing Chg%
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Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
Trade Balance $-1.433 bln
Exports $2.167 bln
Imports $3.600 bln
WeeklyApril 14, 2014
Reserves $9.713 bln