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When you pay more tax than you made profits a year ago, you have certainly done a pretty good job. And Askari Bank Limited (AKBL) has continued the impressive turnaround in the 2QCY15 as well, with after-tax profits growing 42 percent year-on-year. What is even better is that the turnaround is led by the top line, signalling AKBL is ticking the right boxes.
Pakgen Power Limited is Nishat Group's IPP with Nishat Mills at its major shareholder. The principal activities of the power company are to own, operate and maintain an oil fired power station having gross capacity of 365 MW in Mehmood Kot, Muzaffargarh, Punjab.
Everything seems to be working for banks. Those that refuse to lend have made good profits. Those who still lend more than they invest, are also making good profits. Profit is the only constant it seems and Faysal Bank almost trebled its year-on-year profits during 1HCY15. A modest single digit top line growth yielded massive after-tax profit improvement - which tells there is much more than core banking out there.
The day the State Bank of Pakistan didn't directly intervene in the currency market, the Pakistani Rupee fell by two percent against the US Dollar. The fall must have jolted the Finance Ministers ego. The very next day; the central bank was busy in behind the curtain calls to contain the devaluation. Yesterday, SBP advised banks presidents in a meeting, to take measures to keep the domestic currency from further depreciate.
When China sneezes, the world catches a cold, they say. Apparently, much of the West has been nursing a cold this summer. First the mid-year Chinese stock-market rout rattled market nerves. Then, Chinese government data suggesting "around 7 percent" GDP growth failed to lift spirits. Later, the surprise Yuan devaluation led investors to feel that Beijing, which had smartly traversed the post-Lehman whirlpool, was out of ideas.
Bank Al Habib relies heavily on income from investment in government securities and that kept coming during the 1HCY15, keeping the bottom line growth intact. The banks IDR had clocked in above 80 percent at the end of 1QCY15, and the market trends tell no major shift must have occurred in the asset composition in the second quarter.
Pakistan's largest pharmaceutical company, GlaxoSmithKline has reported glowing financials for the half year ended 2015. Top line grew by 4 percent year-on-year, while costs were largely kept in check, yielding higher profits by 15 percent. This translated into a bottom line improvement of 5 percent year-on-year, but net margins were kept flat by increases in selling and administrative expenses, not to mention a drop in other income.


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Banking Review 2014

Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyAugust 27, 2015
Reserves $18.509 bln