01172017Tue
Last update: Tue, 17 Jan 2017 03pm

Banking & Finance

Pakistan - Banking & Finance

SBP's profit declines 43 percent in FY16 RIZWAN BHATTIKARACHI: The State Bank of Pakistan's profit fell drastically by 43 percent during the last fiscal year 2015-16 (FY16), mainly due to massive reduction in the discount and other operating incomes.According to State Bank of Pakistan's (SBP) Annual Performance Review for the year 2015-16 (FY16), issued Monday, the SBP earned a net profit of Rs 229.535 billion during FY16 compared to Rs 401.751 billion in FY15, showing a decline of 42.9 percent or Rs 172.398 billion.After measuring loss on re-measurement of staff retirement defined benefits plans, the SBP's profit before appropriations stood at Rs 214.026 billion at the end of FY16 compared to Rs 397.69 billion in FY15, depicting a decline of Rs 183.664 billion.The discount income registered a steep decline of over Rs 90.367 billion, which is attributed to reduced quantum of government borrowings from the Bank coupled with 75 basis points (bps) reduction in the policy rate.The ...

Pakistan - Banking & Finance

JCR-VIS withdraws entity ratings of Burj Bank KARACHI: JCR-VIS Credit Rating Company Limited has withdrawn the entity ratings of Burj Bank Limited (BBL) of `BBB+ /A-2' (Triple B Plus/ A-Two) on account of merger with Al Baraka Bank (Pakistan) Limited.The pervious rating action was announced on May 6, 2016, said a press release here on Monday. Copyright APP (Associated Press of Pakistan), 2016 ...

Pakistan - Banking & Finance

Bank Alfalah enters into strategic partnership with ICBC KARACHI: Pakistan's premier banking institution, Bank Alfalah (BAFL), has entered into a strategic partnership with prominent Chinese Bank, Industrial and Commercial Bank of China Limited (ICBC), Karachi Branch, for cooperation in several areas of banking and finance.A statement on Monday said that the Memorandum of Understanding (MoU) highlights conceptual framework and guiding principles for cooperation reached for enhanced financial activities in Pakistan and China and other International locations where each bank may be present.It said ...

Pakistan - Banking & Finance

JCR-VIS withdraws entity ratings of Askari Bank KARACHI: JCR-VIS Credit Rating Company Limited has withdrawn the entity ratings of `AA/A-1+' (Double A/A-One Plus) assigned to Askari Bank Limited, with immediate effect, on account of non-renewal of rating contract.The previous rating action was announced on June 29, 2016, said a press release here on Monday.Copyright APP (Associated Press of Pakistan), 2016 ...

Pakistan - Banking & Finance

Islamic banking in Pakistan to get new concessions ISLAMABAD: State Bank of Pakistan (SBP) has exempted Islamic banks from using the benchmarks deployed by conventional banks to work out the pricing of their products and instruments.The announcement said it has been decided that the financing provided on the basis of participatory 'Musharakah' and 'Mudaraba' and 'Wakalah' (agency) modes by the Islamic banking institutions shall be exempted from the requirement of using Karachi inter bank offer rate (Kibor), as the benchmark rate, reported Khaleej ...

Pakistan - Banking & Finance

CDNS collects Rs68bn by Oct 24 ISLAMABAD: The Central Directorate of National Savings (CDNS) collected Rs 67 billion set for the financial year 2016-17 by October 24, this year.The target for the year 2016-17 was set at Rs 228 billion as the Directorate was able to achieve the target of Rs 218 billion for the previous fiscal year, said a senior CDNS official here Friday.The Central Directorate of National Savings (CDNS) has notified upward revision in the profit rates for various ...

Pakistan - Banking & Finance

Rs5bn disbursed under Prime Minister's Interest Free Loan Scheme ISLAMABAD: Chairman Steering Committee of Prime Minister's Interest Free Loan Scheme, Dr. Amjad Saqib has said that so far interest free loans amounting to around Rs 5 billion have been disbursed.Briefing to Chairperson Prime Minister Youth Program Leila Khan, he said the amount was disbursed among the poorest of the poor in 44 economically deprived districts of the country, a statement received here on Thursday said.He also pointed out that 62 percent of the beneficiaries ...