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Banking & Finance


No outstanding loans against Ittefaq Foundries: NBP ISLAMABAD: The National Bank of Pakistan (NBP) has stated that Ittefaq Foundries had paid back their all banks loans, including that of the NBP, and there was nothing outstanding against them."Our books show no outstanding against the said group, companies and guarantors, and the reference may kindly be withdrawn," said the Executive Vice President of the bank in a letter addressed to the National Accountability Bureau (NAB).The NBP in its letter further stated that all petitioner banks, including the NBP, have received full and entire amount of their claims, and that there is nothing outstanding.The subject matter of Reference No. 11 of 2001 pending in the Accountability Court, Rawalpindi, was filed on the premise of default, the letter mentioned. Copyright APP (Associated Press of Pakistan), 2014 ...

NBP Plans an Aggressive Roll Out of ATMs ISLAMABAD: National Bank of Pakistan has embarked an aggressive plan to roll out a wide ATM network by the end of 2015 at 1,000 different locations countrywide including far-flung areas.The ATMs will be equipped with the state-of-art technology which will provide a hassle free cash transactions to customers of all income levels.This was stated by Syed Ahmed Iqbal Ashraf, President and Cheif Exective (CEO), National Bank of Pakistan who was present at the signing ceremony ...
Mohtasib rejects HBFCL's loan recovery process %9 ISLAMABAD: In a bid to provide relief to an appellant, the Federal Ombudsman while rejecting the loan recovery process of the House Building Finance Company Limited (HBFCL)'s termed it not in accordance with the principle of finance division.Ch. Masood Akhtar, a resident of Rawalpindi Cantt. filed a complaint in the Wafaqi Mohtasib Secretariat that he had obtained a loan of Rs. 400,000 from the institution in 2005, however even after paying 100 installments and later ...
State Bank quells rumors, banking system of Pakistan is stable KARACHI: Since the imposition of moratorium on KASB Bank Ltd, rumors are being spread that the financial condition of some banks is weak and they may also face supervisory action.These are also being accompanied with misleading information attributed to State Bank of Pakistan (SBP). The SBP has taken strong notice of such misinformation and has clarified that no such information has been circulated through media nor it has been placed on SBP's website, said SBP ...
Performance of Banking Sector Remained Impressive: SBP KARACHI: Substantial improvement has been observed in the banking sector during July-September quarter of 2014. The profit (before tax) reached historically high level of Rs 176 billion as of end September, 2014 showing 44 percent increase over the end September, 2013. Similarly, the return on assets (ROA) and return on equity (ROE) inched up to 1.4 percent and 15.9 percent respectively up from 1.1 percent and 12.3 percent a year earlier. The quarterly banking sector ...
Pak forex stand at $ 13.22801bn KARACHI: The total liquid foreign exchange reserves of the country stand at dollars 13.22801 billion, said State Bank of Pakistan (SBP). SBP's weekly statement here on Thursday said the foreign reserves held by SBP on Nov.14, amounted dollars 8.49307 billion and the net foreign reserves held by other banks amounted dollars 4.73404 billion. During the week, SBP's liquid foreign exchange reserves increased by dollars 7 million to dollars 8.494 billion compared to dollars 8.487 billion ...
SITE's budget for 2014-15 of Rs1.282bn approved KARACHI: Board of Directors of SITE Limited has approved the budget of year 2014-15 of Rs 1.282 billion, with total deficit of Rs 4.6 million and total income estimated is Rs 1.276 billion.The meeting of the Board of Directors of SITE Ltd, was chaired by Chairman of Board, Commissioner Karachi Shoaib Ahmed Siddiqui, said a statement on Wednesday.Secretary Industries Abdul Kabeer Qazi, Managing Director SITE limited Nazar Muhammad Bozdar, Secretary SITE limited Imdad Ali Shah, ...


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ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.309 bln
Exports $1.957 bln
Imports $4.266 bln
WeeklyDecember 18, 2014
Reserves $14.04 bln