After crossing the psychological barrier of Rs90 per USD, the depreciation of the local currency has stymied in the nervous nineties over the past four months. And this fiscal may close with the USD exchange rate hovering around Rs90-92.
National Bank of Pakistan (NBP), the countrys largest commercial bank, recorded a 10 percent, year on year, growth in its first quarter profit (unconsolidated) amid significant amount of reversal in provision for diminution in value of investments and decline in provision against loans and advances.
United Bank Limited (UBL), the countrys third largest bank, clocked in a bottom line of around Rs.4.9 billion in 1QCY12, making an outstanding year-on-year growth of 49 percent, with growth rate (unconsolidated net profits) surpassing that of other large peer banks.
Three out of five large banks: Habib Bank Limited (HBL), Muslim Commercial Bank (MCB) and Allied Bank Limited (ABL) revealed their first quarter results yesterday.
Bank Alfalah Limited (BAFL) and Faysal Bank Limited (FABL) posted a broadly positive first quarter result yesterday, with net bottom-line up by 29 and 11 percent, year-on-year, respectively, thanks to lower provisioning costs (net) and the financial institutions growing focus towards cost efficiency.
It has been more than one year since the smooth exit of RBS from Pakistan. Following the foot steps, HSBC has also planned to put its Pakistan operations "on sale".
The countrys largest Islamic bank, Meezan Bank limited (MEBL), recorded a hefty growth in its bottomline during 1QCY12. Supported by significant growth in net spread (earned) income and other income, the banks net profit amounted to Rs903 million in 1QCY12, higher by 45 percent compared to the same period last year.
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