Faysal Bank Limited didn’t tag along the industry-wide practice of effortless banking. FABL’s 1QCY13 result speaks volumes of the bank’s inclination towards core banking activities, as substantiated by its healthy ADR. Conversely, investments took a dip of six percent year-on-year in 1QCY13 with a substantial drop in IDR.
Latest monthly figures released by the National Fertilizer Development Centre (NFDC) reveal a healthy five percent increase in urea off-take for Rabi season against the previous one. This is the first time in over three years, that urea off-take for a full crop season has shown positive growth.
Hub Power Company (Hubco) is putting away its younger oil-fired power station. The firm’s willingness to de-merge its Narowal plant stems from its endeavour to improve administration and financial control.
The writing is on the wall. Going back to IMF is inevitable as the foreign reserves shrink and fiscal deficit swells. But the recent visit of the caretaker team to Washington is not likely to substantiate into a new facility as being speculated. Yes there are hefty repayments to the Fund to be made and the reserves are shrinking rapidly, it does not necessitate instilling a new programme immediately.
The latest financial result of the largest exploration and production (E&P) company in the country is out, and the performance of Oil and Gas Development Company (OGDC) during 9MFY13 comes as no surprise. However, the figure that catches attention is the staggering Rs8.95 billion in exploration and prospecting expenditure.
Allied Bank, the countrys fifth largest lender, didn shy away from lazy banking in the quarter ending March 2013. Following the footsteps of its mighty mates, ABL counted on its low cost deposits to jack up its exposure in government securities, while giving private sector lending a wide berth.