08292016Mon
Last update: Mon, 29 Aug 2016 08am

Banking & Finance

Pakistan - Banking & Finance

JCR-HBL Ratings of Habib Bank Limited KARACHI: JCR- VIS Credit Rating Company Limited has reaffirmed the entity ratings of Habib Bank limited (HBL) at 'AAA/A-1+' (Triple A/A-One Plus).JCR- VIS has also reaffirmed TFC rating of HBL at 'AAA' (Triple A), said a press release on Thursday. Outlook on the assigned ratings is 'Stable', Previous rating action for entity and TFC was announced on June 30, 2015 and December 17, 2015, respectively.The assigned ratings reflect systematic importance of HBL. in the demesne financial sector: being the Largest commercia] bank operating in Pakistan. Growth in domestic operations during 20l5 also included acquisition of Barclays Pakistan business. Moreover, the bank acquired controlling stake in First Microfinance Bank Limited (FMFB), in May 2016, HBL also has sizeable presence outside Pakistan with 14% of the total assets of the bank deployed overseas.Assigned ratings incorporate the sound liquidity profile of the bank illustrated by a cost effective and granular deposit base coupled ...

Pakistan - Banking & Finance

Sindh Revenue Board to pursue Rs78bn target for 2016-17 KARACHI: The Sindh Revenue Board (SRB) after surpassing the revenue target of Rs 61 billion by achieving the collection of Rs 61.453 billion during the year 2015-16, shall now pursue the new assigned target of Rs 78 billion for the year 2016-17.This was stated by the spokesman of SRB in a statement issued on Thursday.He announced that the SRB has achieved yet another milestone by collecting Sindh Sales Tax (SST) amounting of Rs 6.403 billion ...

Pakistan - Banking & Finance

NBP ensures smooth ATM services for customers during Eid holidays ISLAMABAD: National Bank of Pakistan (NBP) has made special arrangements to ensure smooth Auto Teller Machine (ATM) services to facilitate its customers during Eid-ul-Fitr holidays across the country."In the light of instructions issued by the State Bank of Pakistan (SBP), the NBP like other banks, has ensured smooth round-the-clock ATM services during Eid holidays," Spokesman of NBP, Syed Ibne Hassan told APP here on Thursday.He said the bank has deployed special monitoring teams for the ...

Pakistan - Banking & Finance

SBP to remain closed from July 5-8 ISLAMABAD: The State Bank of Pakistan (SBP) will remain closed from July 5 to 8, (Tuesday, Wednesday, Thursday and Friday) on the occasion of Eid-ul-Fitr.This was announced in a notification of the SBP issued here Thursday.Copyright APP (Associated Press of Pakistan), 2016 ...

Pakistan - Banking & Finance

Foreign Exchange Reserves rise to $21.7bn ISLAMABAD: The total liquid foreign reserves held by the country stood at US$21,765.8 million as on June 24 2016, State Bank of Pakistan (SBP) reported.According to break up figures, these include US$16,819.6 million foreign reserves held by the SBP and US$4,946.2 million net foreign reserves held by commercial banks.During the week ending 24 June 2016, SBP's Liquid Foreign Reserves increased by US$ 4 million to US$16,820 million, compared to US$16,816 million in the previous week, ...

Pakistan - Banking & Finance

CDNS collects Rs214bn by June, 10 in current fiscal year ISLAMABAD: The Central Directorate of National Savings (CDNS), collected Rs 214 billion against the revised target of Rs 218 billion by June 10, during the current fiscal year (2015- 16).The National Savings has revised the target for year 2015-16 had been set at Rs 218 billion, a Senior official of CDNS told APP on Wednesday.Likewise, he said during the first three quarter of the current fiscal year, the CDNS collected Rs 166 billion against the ...

Pakistan - Banking & Finance

Banks directed to ensure ATMs operational during Eid ISLAMABAD: Commercial banks have been directed to ensure availability of Automated Teller Machine (ATM) services round the clock and also that cash is dispensable through machines throughout the Eid Holidays.State Bank has mandated for all branches of all banks to remain open on Saturdays to meet customers banking needs.Not to mention, not all banks operate on Saturdays, however, with this latest directive all commercial banks are asked to operate as usual during both Saturdays of ...