08282016Sun
Last update: Sun, 28 Aug 2016 03pm

Banking & Finance

Pakistan - Banking & Finance

CDNS reduces interest rate due to lower PIB rates ISLAMABAD: The Central Directorate of National Savings (CDNS) has reduced the interest rate on the investment bonds due to lower rates of Pakistan Investment Board (PIB)."The CDNS interest rates are linked with the policy of PIB, set by State Bank of Pakistan (SBP)", said a senior official of CDNS while talking to APP on Saturday.He said the country's policy rates were lowest in the history and so is the interest rate of CDNS.The CDNS is committed to facilitating the Pensioners, Senior Citizen and Widows under Pension Benefits and Behbood Funds according to which they get two percent above normal rates, he added.He said the Central Directorate of National Savings (CDNS) has set Rs 200 billion net target for fiscal year (2016-17). The Central Directorate of National Savings (CDNS) has achieved the revised target of Rs 218 billion for the previous year 2015-16.He said that CDNS notified downward revision in the ...

Pakistan - Banking & Finance

NBP profit increases by 25.3pc ISLAMABAD: The National Bank of Pakistan (NBP)'s after-tax profit has increased by 25.3% to Rs.9.5 billion as compared to Rs. 7.5 billion for the corresponding period of 2015."This translates into earnings per share of Rs 4.44 as against Rs. 3.54 for the corresponding half year 2015," Syed Ibne Hassan Spokesman of the bank said.He disclosed that in this connection a meeting of the Board of Directors (BoD) of National Bank of Pakistan (bank) was held ...

Pakistan - Banking & Finance

BoK opens new branch in Khyber Agency PESHAWAR: The Bank of Khyber under its Islamic Banking System has opened its new branch at Torkhum in Khyber Agency to provide better facilities to tribal people.The new branch was jointly inaugurated by Secretary Law and Order Dr Ataur Rehman and Political Agent Khyber Agency, Capt Reted Khalid Mehmood in a special ceremony at Torkum near Pak-Afghan Border.The Secretary Law and Order appreciated BoK management for establishment of the new branch in Torkhum, saying it ...

Pakistan - Banking & Finance

BISP stopped payments of 125,714 fake updated beneficiaries' account ISLAMABAD: Benazir Income Support Programme (BISP) has discovered 125, 714 wrong updated accounts in its data sanity exercise whose payments were stopped besides taking legal action against fraudulents.Around 16,255 complains related to fake BISP prize money Short Messaging Service (SMS) were received and over 7000 numbers have been blocked with the intervention of Federal Investigation Agency (FIA), official sources told APP.They added that under Waseela-eTaleem initiative, BISP enrolled over 1.3 million children in schools by ...

Pakistan - Banking & Finance

CDNS sets Rs 200bn target for Fiscal Year 2016-17 ISLAMABAD: The Central Directorate of National Savings (CDNS) has set Rs 200 billion net target for fiscal year (2016-17).The Central Directorate of National Savings (CDNS) has achieved the revised target of Rs 218 billion for the previous year 2015-16, a senior official of CDNS told APP here on Friday.CDNS notified downward revision in the profit rates for various saving certificates which was applicable from August 1, 2016."The instant revision was made in the backdrop of ...

Pakistan - Banking & Finance

Pakistan's Liquid Foreign Reserves cross $23.081bn ISLAMABAD: The total liquid foreign reserves held by the country stood at US$ 23,081.2 million on August 19, 2016.Giving the break-up of the foreign reserves position here on Thursday a statement of the State Bank of Pakistan (SBP) said that Foreign reserves held by the State Bank of Pakistan stood at US$ 18,186.8 million while the net foreign reserves held by commercial banks reached to US$ 4,894.4 million on August 19.During the week ending August ...

Pakistan - Banking & Finance

BoK earns Rs 1.021 billion PAT for half year 2016 PESHAWAR: The Bank of Khyber (BOK) earned Rs 1.021 billion Profit After Tax (PAT) during the first half of 2016, showing 44% growth over the PAT of corresponding period of 2015 which was Rs 0.710 billion. This was discussed at the Board of Directors meeting held at Islamabad and chaired by Muhammad Azam Khan, Additional Chief Secretary, Government of Khyber Pakhtunkhwa & Chairman BOK Board of Directors. The meeting was attended by Mr. Shams-ul-Qayyum Managing ...