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Last update: Sat, 01 Oct 2016 08am

Banking & Finance

Pakistan - Banking & Finance

BOK earns Rs1.021bn PAT for half year 2016 ISLAMABAD: 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 here on Wednesday and chaired by Muhammad Azam Khan, Additional Chief Secretary, Government of Khyber Pakhtunkhwa and Chairman BOK Board of Directors.The meeting was attended by Shams-ul-Qayyum, Managing Director BOK, Ali Raza Bhutta Secretary Finance KPK and Members BOD, Maqsood Ismail Ahmad, Asad Muhammad Iqbal, Javed Akhtar, Rashid Ali Khan and Rahat Gul Chief Financial Officer BOK.The Board expressed satisfaction over the performance and growth across all operational areas of the Bank during the period under review and approved the Accounts for the period ended 30th June 2016.The Board was also informed that during the period Bank's operating profit was recorded at Rs 2.109 billion ...

Pakistan - Banking & Finance

Bahrain's GFH says may buy control of Bank Al Khair DUBAI: Bahrain-based Islamic investment bank GFH Financial Group, a casualty of the global financial crisis, has signed a memorandum of understanding to buy a majority stake in Bahrain's Bank Al Khair, the latest sign it is back in expansion mode. In a statement on Monday, GFH didn't give any financial details but said the acquisition, if it went ahead, would "create a larger financial group having banking operations within GCC (Gulf Cooperation Council), UK, Malaysia, ...

Pakistan - Banking & Finance

FBR imposes tax on international business class air tickets ISLAMABAD: Federal Board of Revenue has imposed advance tax on international air tickets of business class.Rs. 16,000 will be collected from people travelling on executive or first class tickets while Rs 12,000 from others excluding economy class, private news channel reported.The economy class is exempted from the tax.The imposition has come in under Income Tax Ordinance 2001. One-way and return both kinds of travel tickets will be charged with the new tax.Travelers can pay the ...

Pakistan - Banking & Finance

EOBI pensioners to get their pensions through ATMs soon ISLAMABAD: The pensioners registered with Employees Old Age Benefits Institution (EOBI) would start receiving their pension through Automated Teller Machines (ATM) cards soon.According to the official source, the EOBI has finalized the necessary arrangements to disburse pension among its beneficiaries across the country through ATMs.The registration process of the pensioners of Rawalpindi, Islamabad, Peshawar, Karachi, Hyderabad, Lahore, Multan, Gujranwala, Faisalabad and Quetta started in May 23 would continue in over 600 across country branches of ...

Pakistan - Banking & Finance

State Bank cancels license of East West Exchange Company-B ISLAMABAD: The State Bank of Pakistan (SBP) has cancelled license of M/s East West Exchange Company-B (Pvt) Limited on its request for voluntary liquidation.According to a SBP spokesman, the said exchange company, its head office and branches have been debarred from undertaking any kind of foreign exchange business with immediate effect.Copyright APP (Associated Press of Pakistan), 2016 ...

Pakistan - Banking & Finance

Pak reserves stand at $22.5bn KARACHI: The total liquid foreign reserves held by the country stood at US$ 22,595.1 million on August 5, 2016.The State Bank of Pakistan (SBP) announced here on Thursday that the break-up of the foreign reserves position is as under: i) Foreign reserves held by the SBP: US$ 17,664.2 million ii) Net foreign reserves held by commercial banks: US$ 4,930.9 million iii) Total liquid foreign reserves: US$ 22,595.1 millionThe SBP further pointed out that during the ...

Pakistan - Banking & Finance

FBR, AGPR join hands to check tax evasion ISLAMABAD: Federal Board of Revenue (FBR) and Auditor General for Pakistan Revenues (AGPR) have joined hands to check tax evasions of billions of rupees by monitoring sale and purchase activities of government vendors."The FBR in collaboration with AGPR has put a mechanism in place to monitor and access complete data of sale and purchase of government vendors through Monitoring and Invoice Verification System in order to check almost 80 percent of the sales tax evasion ...