Banking & Finance Stay updated with Business News, Pakistan news, Current world news and latest world news with Business Recorder.. http://www.brecorder.com/pakistan/banking-a-finance.html Thu, 21 Aug 2014 08:05:24 +0000 SRA Framework 2.0 en-gb Bank Alfalah posts profit before tax of Rs3.978bn for half year http://www.brecorder.com/pakistan/banking-a-finance/189467-bank-alfalah-posts-profit-before-tax-of-rs3978bn-for-half-year.html http://www.brecorder.com/pakistan/banking-a-finance/189467-bank-alfalah-posts-profit-before-tax-of-rs3978bn-for-half-year.html imageKARACHI: Bank Alfalah Limited posted profit before tax of Rs3.978 billion for the half year ended June 30, 2014, registering an impressive growth of 45 percent against the corresponding period last year.

Earnings per share for the half year 2014 were reported at Rs1.93 as against Rs1.44 for the corresponding period, an increase of 34 percent, a press release issued here on Wednesday said.

Total revenue for the half year period was reported at Rs13.943 billion as against Rs11.754 billion reported for the corresponding period, indicating a growth of 19 percent.

The Bank's asset base has strengthened to Rs672.532 billion at June 30, 2014 from Rs610.614 billion at year end December 2013, improving by 10 percent. Net investments have increased by 20 percent to Rs264.034 billion at June 2014 as compared to December 2013.

Non-performing loans (NPL) portfolio of the Bank was recorded at Rs17.791 billion at June 2014, with the gross loans to NPL ratio recorded at 6.2 percent. The Bank remains adequately capitalized at June 30, 2014.

Copyright APP (Associated Press of Pakistan), 2014

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parvezjabri@yahoo.com (Parvez Jabri) Banking & Finance Wed, 20 Aug 2014 07:53:00 +0000
Pakistan's Liquid Foreign Reserves reached to over US $14.264bn http://www.brecorder.com/pakistan/banking-a-finance/188676-pakistans-liquid-foreign-reserves-reached-to-over-us-$14264bn.html http://www.brecorder.com/pakistan/banking-a-finance/188676-pakistans-liquid-foreign-reserves-reached-to-over-us-$14264bn.html imageISLAMABAD: The total liquid foreign reserves held by the country stood at US $ 14,264.1 million on August 8, 2014.

Giving a break-up of the foreign reserves position a statement of Central Bank issued on Friday said that Foreign reserves held by the State Bank of Pakistan stood at US $ 9,188.0 million while the net foreign reserves held by banks were US $ 5,076.1 million on August 8, 2014.

During the week ending August 8, 2014, SBP's Liquid FX Reserves decreased by US $ 89 million to US $ 9,188 million compared to US $ 9,277 million in the previous week.

The decrease in SBP reserves is mainly attributed to payments of US $80 million on account of external debt servicing.

SBP did not receive any significant inflows during this week, the statement said.

Copyright APP (Associated Press of Pakistan), 2014

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s.rs96@yahoo.com (Shoaib-ur-Rehman Siddiqui) Banking & Finance Fri, 15 Aug 2014 12:55:32 +0000
SBP playing key role in country's economy: Saeed Ahmad http://www.brecorder.com/pakistan/banking-a-finance/188543-sbp-playing-key-role-in-countrys-economy-saeed-ahmad.html http://www.brecorder.com/pakistan/banking-a-finance/188543-sbp-playing-key-role-in-countrys-economy-saeed-ahmad.html imageKARACHI: The Acting Governor, State Bank of Pakistan (SBP) Saeed Ahmad has said that the central bank will keep on playing its role in growth of the country's economy.

Addressing the flag hoisting ceremony on Independence Day here on Thursday, he said "it is important for us to follow teachings of our leaders and keep the national interest supreme in every decision we make".

He said that SBP is the backbone of the country's economy and its policies, guidelines and prudential regulations play key role in the economy. "Quaid-e-Azam Mohammad Ali Jinnah had declared State Bank the symbol of our sovereignty on its inauguration on July 1, 1948", he added.

Later, the Governor hoisted national flag amidst thunderous clap of the audience.

Copyright APP (Associated Press of Pakistan), 2014

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s.rs96@yahoo.com (Shoaib-ur-Rehman Siddiqui) Banking & Finance Thu, 14 Aug 2014 14:57:31 +0000
SBP auctions Rs 82,949.745mn PIBs http://www.brecorder.com/pakistan/banking-a-finance/188178-sbp-auctions-rs-82949745mn-pibs.html http://www.brecorder.com/pakistan/banking-a-finance/188178-sbp-auctions-rs-82949745mn-pibs.html imageKARACHI: The State Bank of Pakistan (SBP) on Tuesday auctioned Pakistan Investment Bonds (PIBs) of different tenures amounting to Rs 82,949.745 million, with face value of Rs 86,787.9 million.

The bids offered for PIBs with maturity periods of 3,5 and 10 years tenure amounted to Rs 86,757.670 million having face value of Rs 90,837.9 million. No bid was received for 20 year maturity bonds, said an SBP press release.

Copyright APP (Associated Press of Pakistan), 2014

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imad_kueconomist@yahoo.com (Imaduddin) Banking & Finance Tue, 12 Aug 2014 15:51:15 +0000
Overseas Pakistanis remit $1.6bn in July 2014 http://www.brecorder.com/pakistan/banking-a-finance/188155-overseas-pakistanis-remit-$16bn-in-july-2014.html http://www.brecorder.com/pakistan/banking-a-finance/188155-overseas-pakistanis-remit-$16bn-in-july-2014.html imageKARACHI: Overseas Pakistanis remitted an amount of dollars 1,649.39 million in July 2014. This shows an impressive growth of 17.45 percent compared with $1,404.39 million received during the same month of the last fiscal year (FY14), said State Bank of Pakistan here Tuesday.

The inflow of remittances during July 2014 from Saudi Arabia, United Arab Emirates, United States of America, United Kingdom, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and European Union countries amounted to $ 454.47 million, $ 352.89 million, $ 257.08 million, $ 247.96 million, $ 179.76 million and $44.32 million respectively compared with the inflow of $410.73 million, $252.41 million, $233.06 million, $221.93 million, $161.44 million and $38.59 million respectively in July 2013.

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the last month amounted to $112.91 million as against $86.23 million received in the same month of the last fiscal year (FY14).

Copyright APP (Associated Press of Pakistan), 2014

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imad_kueconomist@yahoo.com (Imaduddin) Banking & Finance Tue, 12 Aug 2014 13:00:36 +0000
SBP injects Rs 5.9bn into market http://www.brecorder.com/pakistan/banking-a-finance/187589-sbp-injects-rs-59bn-into-market.html http://www.brecorder.com/pakistan/banking-a-finance/187589-sbp-injects-rs-59bn-into-market.html imageKARACHI: State Bank of Pakistan (SBP) on Friday injected Rs 5.9 billion for seven days into market during its open market operation.

The rate of return will be 9.93 percent, said SBP press release.

Copyright APP (Associated Press of Pakistan), 2014

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parvezjabri@yahoo.com (Parvez Jabri) Banking & Finance Fri, 08 Aug 2014 15:25:55 +0000
JCR-VIS upgrades entity ratings of ZTBL http://www.brecorder.com/pakistan/banking-a-finance/187557-jcr-vis-upgrades-entity-ratings-of-ztbl.html http://www.brecorder.com/pakistan/banking-a-finance/187557-jcr-vis-upgrades-entity-ratings-of-ztbl.html imageKARACHI: JCR-VIS Credit Rating Company Limited (JCR-VIS) has upgraded the entity ratings of Zarai Taraqiati Bank Limited (ZTBL) from A/A-2' ( single A/A-two) to `AAA/A+' ( triple A/A-one plus).

The outlook on the ratings is `stable', said a press release here on Friday.

The rating action is driven by the recent decision by the Government of Pakistan to reconcile the outstanding liabilities on the balance sheet of ZTBL towards the State Bank of Pakistan (SBP) and convert the same into equity.

As a result of this exercise, the previously prevailing uncertainty as regards the balance owed to SBP has been eliminated and an amount of Rs 89.5 billion (principal Rs 54.5 billion and accrued mark-up Rs 35 billion) will be converted into equity. The implicit support of the government of Pakistan had been a key consideration in the previously assigned entity ratings with GoP as the primary shareholder of the bank.

The recent decision of the GoP demonstrates its support to the mandate of the institution while also validating JCR-VIS' assumption underlying the assigned ratings.

The said transaction will augment the bank's equity base by Rs 89.5 billion and notably improve the stand alone risk profile of the bank based on this demonstrated support by the GoP. The entity ratings have been converged into the 'AAA/ A-1+' ratings assigned to the government guaranteed obligations of the bank.

In recent times, ZTBL has also deployed greater efforts in generating deposits. The safety of deposits mobilized by the bank is explicitly guaranteed under the Bank's (Nationalization) Act, 1974. The bank has also initiated treasury operations, though the quantum of same is currently limited. As per management, the bank has applied to the SBP for commercial banking license. JCR-VIS will continue to track the scope of business activities undertaken by the bank and un-guaranteed portion of liabilities in relation to total balance sheet footing; any meaningful change in this regard may trigger rating review.

Revision in mark-up rates over time has improved the commercial viability of the institution continuous check on overheads and portfolio quality is essential to allow the recent changes to translate into sustained improvement in profitability. Following the conversion of SBP's debt into equity, mark-up expenses associated with the same will be eliminated, having a positive impact on profitability.

After a gap of about one year, the board of directors was reconstituted in June 14. The new board consists of personnel having diverse range of experience and educational background. Moreover, there was a change at the helm of the institution.

The management team is now spearheaded by Talat Mehmood who was appointed as President during 1Q14. The position of COO was also filled during the outgoing year.

Copyright APP (Associated Press of Pakistan), 2014

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parvezjabri@yahoo.com (Parvez Jabri) Banking & Finance Fri, 08 Aug 2014 13:57:14 +0000
Pak forex figure $14.30609bn http://www.brecorder.com/pakistan/banking-a-finance/187416-pak-forex-figure-$1430609bn.html http://www.brecorder.com/pakistan/banking-a-finance/187416-pak-forex-figure-$1430609bn.html imageKARACHI: The total liquid foreign reserves of the country stand at dollars 14.30609 billion, said State Bank of Pakistan (SBP).

SBP's weekly statement issued here on Thursday said that the foreign reserves held by State Bank on 1st August amounted $ 9.277 billion and the net foreign reserves held by other banks were of $ 5.02909 billion.

SBP's liquid foreign reserves were $ 9.277 billion with no significant change over the previous week's balance.

Copyright APP (Associated Press of Pakistan), 2014

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imad_kueconomist@yahoo.com (Imaduddin) Banking & Finance Thu, 07 Aug 2014 14:05:19 +0000
SBP sells Rs 86,893.509 MTBs http://www.brecorder.com/pakistan/banking-a-finance/187222-sbp-sells-rs-86893509-mtbs.html http://www.brecorder.com/pakistan/banking-a-finance/187222-sbp-sells-rs-86893509-mtbs.html imageKARACHI: The State Bank of Pakistan (SBP) on Wednesday sold Market Treasury Bills (MTBs) of Rs 86,893.509 million of 3-month, 6-month and 12-month tenure.

The face value of these bills was Rs 89,625.590, said an SBP press release.

Copyright APP (Associated Press of Pakistan), 2014

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imad_kueconomist@yahoo.com (Imaduddin) Banking & Finance Wed, 06 Aug 2014 16:06:38 +0000
Pak forex figure $ 14.34006bn http://www.brecorder.com/pakistan/banking-a-finance/186773-pak-forex-figure-$-1434006bn.html http://www.brecorder.com/pakistan/banking-a-finance/186773-pak-forex-figure-$-1434006bn.html imageKARACHI: The total liquid foreign reserves of the country stand at dollars 14,34006 billion, said State Bank of Pakistan.

According to SBP's weekly statement issued here on Monday, the foreign reserves held by State Bank on July 25 amounted to dollars 9.27507 billion. The net foreign reserves held by other banks were dollars 5.06409 billion.

During the week, SBP's Liquid foreign reserves decreased by dollars 123 million to dollars 9,276 million compared to dollars 9,399 million in the previous week.

Over this period, SBP has made payments of dollars 70 million on account of external debt servicing and other official payments. SBP did not receive any significant inflows during this week.

Copyright APP (Associated Press of Pakistan), 2014

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imad_kueconomist@yahoo.com (Imaduddin) Banking & Finance Mon, 04 Aug 2014 15:10:06 +0000