Whether it was strategic on part of UBL or the lack of appetite in the market for fresh advances, UBL kept its bottom line from falling drastically. The Bank’s investments surpassed advances in the 1H CY13, leading to an ADR of 47 percent, whereas the IDR on the other hand went past 50 percent.
It’s hard to evaluate a bank with little history. But Sindh Bank—the provincial lender with only two-and-a-half year of operations accounts— may well be on its way to making history one inch at a time.
The central bank has finally announced the date to release the pending monetary policy: its coming this Tuesday. As this date is just a week before entering into a new IMF programme, there are some who are speculating that the MPS decision may be influenced by the fund.
Talk about turnarounds. Pakistans largest conglomerate Engro Corporation has just made a massive one. Engro managed to put up an impressive show in 1H CY13, having witnessed a lacklustre 1H CY12. Change in fortunes in its core fertilizer business was the key driver for the impressive showing.
Pakistans foreign trade figures for July lacked vigour. As per the data maintained by the Pakistan Bureau of Statistics, the July trade deficit increased by 6 percent year on year, reaching $1.71 billion. Apparently, there is a touch of gold, of the negative kind, in these figures, which has blemished an otherwise decent monthly trade performance.
Finance Minister Ishaq Dar stressed the need to increase the ambit of the formal economy and broaden the tax net, during his budget speech in the newly-elected National Assembly. But, some of the steps taken in the hurriedly produced Federal Budget FY14 may be akin to one step forward and two steps back.