Meanwhile, AGL Energy hit record low after its chief executive officer resigned just less than a month after the power producer announced its plans to split its businesses into two.
“The growth is credit positive for Pakistani banks because it attracts customers from the previously unbanked population, which creates new business opportunities and boosts banks' financial performance,” said Moody’s.
During the quarter under review (October-December 2020), the asset base of Islamic Banking Industry (IBI) grew by 12.1 percent (Rs. 461 billion) and reached Rs. 4,269 billion.
The official exchange rate had previously stood at 55 pounds to the dollar, while the black market rate had been fluctuating recently between 350 and 400 pounds.