Pkrevenue.com

Author: Mrs. Anjum Shahnawaz

  • HBL declares 108 percent growth in quarterly profit

    HBL declares 108 percent growth in quarterly profit

    KARACHI: Habib Bank Limited (HBL) on Tuesday announced 108 percent increase in profit for the quarter ended March 31, 2021. The profit after tax of the bank increased to Rs8.56 billion during the first quarter (January – March) 2021 from Rs4.11 billion in the same quarter of the last year.

    Analysts at Insight Research said that the results of the bank were above expectation.

    “The result is above our expectation of Rs4.3/share as net interest income and non-markup income came in higher from our expectations. The result is also accompanied by a cash dividend of Rs1.75/share,” they said.

    Net interest income (NII) increased by 16 percent/4 percent YoY/QoQ to clocked-in Rs32.4 billion, possibly due to lagged impact of repricing and balance sheet expansion. However, we await detailed account for further clarity in this regard.

    Non-Markup income increased by 42 percent/26 percent YoY/QoQ to clocked-in at Rs8.2 billion. This is primarily led by a higher fee income which increased by 25 percent YoY, while recovery of income in FX operations and derivatives further fueled non-markup income.

    Bank has booked provision of Rs1.9 billion against a provision of Rs0.62 billion booked in SPLY. To note, HBL has booked hefty provisioning in both general and specific categories during CY20 (Rs12.2 billion).

    Operating expenses witnessed a contraction of 7 percent YoY, to clocked-in at Rs24.2 billion, attributable to a reduction in business transformation cost.

    Effective taxation remained at 41 percent during the quarter as compared to 42 percent in SPLY.  

  • KSE-100 index gains 486 points on healthy corporate earnings

    KSE-100 index gains 486 points on healthy corporate earnings

    KARACHI: The stock market gained 486 points on Tuesday on health corporate results, analysts said. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 45,400 points from last day’s closing of 44,914 points, showing an increase of 486 points.

    Analysts at Arif Habib Limited said that the market went up by 645 points during the session and closed the session +459 points on account of a host of corporate result announcements scheduled for today.

    Although the results of key companies posted healthy growth, the pertinent stock prices did not respond in the same fashion.

    Among the key results announced at the bourse today were HBL, ISL, ASL, MEBL however, the price performance remained muted. ASL on the other hand went down post announcement due to selling pressure.

    Govt.’s resolution of the law and order situation regarding TLP somewhat allayed Investors fear. Technology stocks, particular TELE and TRG helped change the sentiment tide early on, when TRG announced material information regarding one of its subsidiaries, which resulted in the scrip showing bids at upper circuit in the pre-open session. Among scrips, WTL led the table with 56.6 million shares, followed by UNITY (30.6 million) and GGL (24.6 million).

    Sectors contributing to the performance include Technology (+121 points), Banks (+78 points), Cement (+37 points), Fertilizer (+35 points) and Textile (+26 points).

    Volumes dipped from 363 million shares to 343.3 million shares (-6 percent DoD). Average traded value however, increased by 10 percent to reach US$ 92.9 million as against US$ 84 million.

    Stocks that contributed significantly to the volumes include WTL, UNITY, GGL, TRG and TELE, which formed 42 percent of total volumes.

    Stocks that contributed positively to the index include TRG (+124 points), HBL (+36 points), UNITY (+25 points), LUCK (+21 points) and COLG (+20 points). Stocks that contributed negatively include MARI (-12 points), EPCL (-11 points), MCB (-7 points), POL (-6 points) and NRL (-3 points).

  • Rupee weakens by six paisas against dollar

    Rupee weakens by six paisas against dollar

    KARACHI: The Pak Rupee weakened by six paisas against dollar on Tuesday owing to demand for import and corporate payments.

    The rupee ended Rs152.99 to the dollar from previous day’s closing of Rs152.93 in the interbank foreign exchange market.

    Currency dealers said that the market witnessed demand from corporate buyers as foreign companies were sending their profit and dividends to their parent companies abroad.

    Further, seasonal demand for import payments is also seen during the day.

    The dealers said that the local currency likely to make gain against the dollar in coming days due to substantial inflows of foreign currency in shape of export receipts and workers’ remittances.

  • Payment of benevolent grant to be made through valid bank account

    Payment of benevolent grant to be made through valid bank account

    ISLAMABAD: The payment of benevolent grant and group insurance fund would be made through only valid account opened at concerned branch of National Bank of Pakistan (NBP), a statement said on Monday.

    All those beneficiaries who are taking benevolent grant from the Federal Employees Benevolent and Group Insurance Fund (FEB & GIF) are hereby informed that in order to ease out the difficulties being faced by the beneficiaries, while drawing benevolent grant from National Bank of Pakistan, the BoT, FEB & GIF has decided that w.e.f. 1″ July, 2021 the amount of the monthly Benevolent Grant will be paid to the beneficiaries through valid account nos. to be opened with the concerned branches of the National Bank of Pakistan instead of cash payment.

    All the beneficiaries of monthly benevolent grant are hereby requested to open a Bank Account with the concerned Branch of the National Bank of Pakistan on or before 31.5.2021, if they have not opened yet.

    After opening the account the same may be communicated to FEB & GIF through bank as per following format: Benevolent GrantCase No. (copy of blue color payment order card including CNIC of the beneficiary may also be attached) CNIC of Employee Name of Beneficiary CNIC of Beneficiary Account No. of Beneficiary (10- digits Account No.) Name of Branch of NBP with Code (4- digits code) Amount of Monthly grant (Rs.) Date & amount of last payment made by NBP.

  • Foreign direct investment plunges by 35pc in nine months

    Foreign direct investment plunges by 35pc in nine months

    KARACHI: The influx of foreign direct investment (FDI) into Pakistan has plummeted by 35 percent during the first nine months (July – March) of the fiscal year 2020/2021, as per data released by the State Bank of Pakistan (SBP) on Monday.

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  • SBP issues payment mechanism for housing finance markup subsidy

    SBP issues payment mechanism for housing finance markup subsidy

    KARACHI: State Bank of Pakistan (SBP) on Monday issued mechanism for payment of markup subsidy for housing finance and issued instructions to banks and development financial institutions (DFIs) for the facility.

    The SBP advised banks to submit their claims to Development Finance Support Department (DFSD), SBP BSC, Karachi as per instructions contained in the attached payment mechanism within 15 working days from the end of each Quarter.

    However, the banks shall submit their claim within 15 working days for the quarter ending December 2020 and March 2021 from the date of issuance of this circular.

    According to markup subsidy payment mechanism (MSPM), the SBP said that the government had issued markup subsidy scheme to provide concessional housing finance for promoting home ownership.

    The SBP issued necessary instructions to all commercial banks, microfinance banks and HBFCL through a circular no. 03 dated March 25, 2021 and revised instructions issued from time to time.

    All loans disbursed under the scheme shall be reported to SBP under housing finance.

    Under the Scheme, loans are segregated into four tiers:

    i. Tier 0 (T0) – (a) House up to125 sq yds (5 Marla) and (b) flat/apartment with maximum covered area of 1,250 sq ft.

    ii. Tier 1 (T1) – (a) House up to125 sq yds(5 Marla) with maximum covered area of 850 sq ft and (b) Flat/apartment with maximum covered area of 850 sq ft.

    iii. Tier 2 (T2) – (a) House up to125 sq yds (5 Marla) and (b) flat/apartment with maximum covered area of 1,250 sq ft.

    iv. Tier 3 (T3) – (a) House up to250 sq yds (10 Marla) and (b) flat/apartment with maximum covered area of 2,000 sq ft.

    Pricing for Housing Loans

    Loan TiersCustomer PricingBank Pricing
    Tier 05% for first 5 years & 7% for next 5 years1 Year KIBOR + 700 BPS
    Tier 13% for first 5 years & 5% for next 5 years1 Year KIBOR + 250 BPS
    Tier 25% for first 5 years & 7% for next 5 years1 Year KIBOR + 400 BPS (Spread may vary)
    Tier 37% for first 5 years & 9% for next 5 years1 Year KIBOR + 400 BPS (Spread may vary)
    For loan tenors exceeding 10 years, market rate i.e. bank pricing will be applicable for the period exceeding 10 years.

    Procedure for loans disbursements and availing markup subsidy:

    EAs shall evaluate financing applications of customers as per parameters of Markup Subsidy Scheme for Housing Finance approved by the Federal Cabinet and circulated by the State Bank of Pakistan to all banks/DFIs vide IH&SMEFD Circular No. 03 dated March 25, 2021 and revised from time to time. The financing facility for a borrower shall be sanctioned and disbursed by the EA after completion of documentation formalities. These financing shall be entitled for markup subsidy as prescribed above. No further evaluation on eligibility of borrowers would be conducted by the State Bank of Pakistan.

    Calculation of Equally Monthly Installment (EMI) for Borrower

    For first five years EMI, amortization schedule would be prepared for full tenor of financing at markup rate i.e. 3 percent, 5 percent or 7 percent depending upon the financing tier.

    EMI for next five years i.e. 6th year to 10th year would be on the basis of amortization schedule prepared at the applicable subsidized markup rate (i.e. 5 percent, 7 percent or 9 percent depending upon the financing tier) on outstanding principal for remaining financing tenor.

    After 10th year of financing, EMI would be calculated on the basis of amortization schedule at applicable markup rate.

    Calculation of Markup Subsidy for Banks

    After calculating the EMI for end user, the EAs will calculate the difference to be paid by Government of Pakistan by applying the difference between 1-Year KIBOR + spread and end user markup rate on the outstanding principal.

    The banks will calculate the subsidy for the period of markup subsidy i.e. 10 years.

    Mechanism for Payment of Markup Subsidies: Payment of subsidy to EAs will be made through SBP’s operational arm viz. Development Finance Support Department (DFSD), SBP BSC, Head Office, Karachi.

    The executing agencies (EAs) / banks shall prepare and submit claims on quarterly basis to DFSD for receiving government markup subsidy on outstanding principal amount of their performing housing finance portfolio up to expiry of each individual loan. In case of a loan becoming non-performing, no markup subsidy will be paid after being classified as ‘Loss’ as per SBP PRs for Housing Finance. The EAs claims shall contain particulars of each individual loan along with calculations of subsidy based on relevant 1-year KIBOR used. For the sake of simplicity, EAs shall assign unique number to each loan i.e. “Bank Name—Loan Number” (ABC-12345678). The markup subsidy claim should be duly vetted by internal audit department of the EA. The audited claim along with a certificate from EA relating to eligibility of borrowers for the subject scheme and correctness of the subsidy amount shall be submitted to DFSD within 15 working days after the end of respective quarter for payment of subsidy. The claims shall be submitted to DFSD as per the format attached as Annexure B (Annexure B-1 for Banks/DFIs and Annexure B-2 for MFBS).

    DFSD, SBP BSC shall scrutinize subsidy claim of EAs within 15 working days after receipt of complete information from EAs. DFSD shall ascertain that calculations of EAs subsidy claim are correct and applicable KIBOR has been used by the EAs. Thereafter, DFSD shall submit scrutinized claims to Accounts Department, SBP BSC for release of funds, through Karachi Office, to respective EA account maintained with SBP BSC, Karachi from Government account ‘Non-Food Account 1’.

    Banking Inspection Department of State Bank during regular inspection of the EAs shall conduct inspection of their housing finance portfolio on sampling basis using its own sampling techniques. SBP inspectors shall randomly select credit files and review them from the perspective of eligibility of borrowers under the Program, status of loan (regular or NPL) and GOP subsidy claim. The BID inspection report section on ‘Markup Subsidy on Housing Finance’ shall be used as an important input for reviewing the Scheme and assessing its effectiveness in fulfilling the Government objective of promoting home ownership in the country.

  • MCC Gwadar announces auction of motor vehicles on April 21

    MCC Gwadar announces auction of motor vehicles on April 21

    KARACHI: Model Customs Collectorate (MCC) Gwadar has announced auction of confiscated motor vehicles on April 21, 2021 to be held at Custom House, Gaddani.

    Following motor vehicles will be presented for the auction:

    01. Toyota Premio X Car, Reg: No AAK-046, Chassis No. ZZT240-0112894, Engine No. Nil, Model: 2006

    02. Toyota Surf, Reg No. QBA-0162, Chassis No. KZN185-0043878, Engine No. 1KZ-TE2982, Model: 1997

    03. Toyota Land Cruiser, Reg No. BC-0448, Chassis No. HJ61-002060, Engine No. Nil, Model: 1986

    04. Hino Bus, Reg No. BSB-808, Chassis No. AK1JRKA-16027, Engine JO8CB16832, Model:2012

    05. Coach, Reg No. BSA-515, Chassis No. AK1JMKA-1415, Engine No. Nil, Model: Nil

    06. Toyota Land Cruiser (Red), Reg No. BA-8164, Chassis No. BJ160-009711, Engine No. Not Traceable, Model: 1985

    07. Indus Corolla Car, Reg No. GF-1411, Chassis No. AE100-0028693, Engine No. Not Traceable, Model: 1994

    08. Land Cruiser Prado, Reg No. Not Traceble, Chassis No. LJ78-0002499, Model. 1990

    09. Toyota Land Cruiser, Reg No.BA-5186, Chassis No. HJ60-009651, Model. 1984

    10. Toyota Land Cruiser, Reg: JAA-889, Ch# BJ-60-020679, Model: 1988

    11. Mitsubishi Pajero, Reg: JAL-231, Ch# LO48G-3005856, Model: 1985

    12. Land Cruiser, Reg: QAB-1649, Ch# HJ61-013994, Model:1989

    13. Toyota Jeep Land Cruiser, Reg: AFR-2015, Ch: FJ40-371932, Model: 1989

    14. Toyota Land Cruiser, Reg: Nil, Ch:# LJ78-0039971, Eng:# ZL-33868, Model: 1993

    15. Honda Civic Car, Reg: Nil, Ch:# ESI-1600827, Eng:#D1610173-004871, Model: 2002

    16. BMW, Reg: Nil, Ch:# WBAGL62090DJ92594, Eng:#CC-300, Model: 2002

    17. Toyota Surf, Reg: Nil, Ch:# KZN130-9032504, Eng:#Not Traceable, Model: 1993

    18. Toyota Land Cruiser, Reg No. LSA-3469, Chassis No.FJ55-88824, Engine No. Nil, Model: 1992

    19. Hino Bus, Reg No. CH-14538, Chassis No. AK8JRKA-14538, Engine No. Nil, Model: 2016

    20. Hino Bus, Reg No. BSA-554, Chassis No. AK1JRKA-11056, Engine No. Nil, Model: Nil

    21. Hino Bus, Reg No. JB-3335, Chassis No. AK8JRKA-15635, Engine No., Model: 2012

    22. Hino Bus, Reg No. BSA-327, Chassis No. AK17X-41808, Engine No., Model: 1992

    23. Hino Bus, Reg No. BSA-571, Chassis No. AK-I-JRKA-16707, Engine No. Nil, Model: 2011

    24. Toyota Land Cruiser, Reg No. QBA-3037, Chassis No. FZ180-016013, Model Nil

    25. Zamyad Irani Pick Up, Reg: No WAJ-718, Chassis No. NAZPL140TB-P340284, Engine No. Nil, Model: Nil

    26. Nissan Sunny Car, Reg No. Nil, Chassis No. JN1BDAB14Z0336115, Engine No. GMI-6080565, Model: Nil

    27. Toyota Hilux Surf Jeep, Reg No. BF-3414, Chassis No. RZN185-9024668, Engine No. 3RZ-FE, Model: 2000

    28. Honda Accord, Reg No. AVP-786, Chassis No. CL7-3003313, Engine No. N/A, Model: Nil

    29. Toyota Altis Car, Reg No. AZR-182, Chassis No. ZZE142-7403917, Engine No. N/T, Model: N/T

    30. Hyundai Shehzore, Reg No.KH-4410, Chassis No. AUDF101061, Engine No. N/T, Model: N/T

    31. Mitsubmishi Pejero, Reg No.KB-1782, Chassis No. CL048VFY100117, Engine No. N/T, Model: N/T

    32. Toyota Probox, Reg No.Nil, Chassis No. NLP51-0006233, Engine No. INZ-TV014556, Model: 2004

    33. Toyota Raum car, Reg No.AHK-605, Chassis No. NCZ 20-00962014, Engine No. INZFE-0097850, Model: Nil

    34. Mitsubishi Pejero, Reg No. Nil, Chassis No. V45-4401374, Engine No. 2L2678454, Model: 1998

    35. Mitsubishi Pejero, Reg No.JAB-248, Chassis No. LJ78-00151955, Engine No. –TE, Model: Nil

    36. Mitsubishi Pejero (03 Door), Reg No.LSC-5465, Chassis No. V24-7700536, Engine No. 4D56-T7UF, Model: Nil

    37. Toyota Land Cruiser, Reg No.BD-4472, Chassis No. FZJ80-0022240, Engine No. N/T, Model:1992

    38. Toyota Land Cruiser, Reg No.BF-7385, Chassis No. HZJ80-0011965, Engine No. N/T, Model: Nil

    39. Toyota Land Cruiser, Reg No. Nil, Chassis No. LENFN28FX95300066, Engine No. 312684, Model: Nil

    40. Toyota Land Cruiser Prado, Reg No.JAF-883, Chassis No. IZJ78-0027017, Engine No.1KZIT, Model:1996

    41. Toyota Hilux Pickup, Reg No.WAE-893, Chassis No. RN43-008601, Engine No. Nil, Model: Nil

    42. Toyota Land Cruiser, Reg No.JAA-038, Chassis No. HJ61-006515, Engine No.1158881, Model:1987

    43. Toyota Land Cruiser, Reg No.JAA-195, Chassis No. LJ71-0003920, Engine No.2L-1651949, Model: Nil

    44. Hyundai Shehzore, Reg No.KN-9544, Chassis No. AUDF-128515, Engine No. Nil, Model:Nil

    45. Pejero, Reg No.JAA-983, Chassis No. CL0048VGJ400698, Engine No. Nil, Model: Nil

    46. Shahzor, Reg No.KP-6463, Chassis No. PHFGNSMXR7D138191, Engine No.D4BB6404789, Model:2007

    47. Toyota Land Cruiser, Reg No.JAC-265, Chassis No. KZJ78-0001358, Engine No.1KZ-TE-0005609, Model: Nil

    48. Toyota Prado, Reg No.BF-6548, Chassis No. VZJ121-0007375, Engine No.5VZ-FE3378, Model:2003

    49. Toyota Land Cruiser, Reg No.JAD-117, Chassis No. FZ-J80-0163691, Engine No. Nil, Model: Nil

    50. Hino Mazda Truck, Reg No. JW-1236, Chassis No. AK176KA-43256, Engine No. 12181, Model: 1992

    51. Toyota XLI Car, Reg No. GP-0896, Chassis No. NZE170R-4048738, Engine No. Z333007 (2ZN-FE), Model: 2015  

  • Equity market declines by 392 points on law and order situation

    Equity market declines by 392 points on law and order situation

    The equity market experienced a significant downturn on Monday, with the benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) closing at 44,914 points, marking a decline of 392 points from the previous close of 45,306 points.

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  • Rupee slips by 11 paisas on import, corporate payment demand

    Rupee slips by 11 paisas on import, corporate payment demand

    KARACHI: The Pak Rupee weakened by 11 paisas against the dollar on Monday owing to demand for import and corporate payments, dealers said.

    The rupee ended Rs152.93 to the dollar from last Friday’s closing of Rs152.82 in the interbank foreign exchange market.

    The currency dealers said that the rupee was under pressure because the market was opened after two weekly holidays.

    However, they said that the market had sufficient supply of the greenback to meet the demand in coming days.

    They said that the inflows of export receipts and workers’ remittances would support the local currency. Further, the market would remain positive due to high stock of foreign exchange reserves of the country.

  • 400,000 taxpayers pay surcharge for ATL

    400,000 taxpayers pay surcharge for ATL

    KARACHI: Around 400,000 taxpayers have paid surcharge for appearance on Active Taxpayers List (ATL) for tax year 2020, according to updated active taxpayers list issued on Monday by the Federal Board of Revenue (FBR).

    The FBR issues a fresh ATL on March 01 every year on the basis of returns filed for the preceding tax year. The FBR issued ATL for tax year 2020 on March 01, 2021. This ATL carried 2.17 million names of taxpayers who filed their income tax returns by due date or those who filed their returns on the date which was extended by Commissioner Inland Revenue (CIR).

    The updated ATL – on the basis of surcharge paid by those person who filed their income tax returns after due date – is showing around 2.57 million names of active taxpayers.

    The filing of income tax returns is mandatory for all the taxpayers who have taxable income or specified under Section 114 of Income Tax Ordinance, 2001.

    As per statute the compliance of mandatory return filing was not enough to avail the reduced rate facility. According to Section 182A of Income Tax Ordinance, 2001 the persons who fail to file annual return of income by due date or extended by commissioner Inland Revenue then their names would not be included in the active taxpayers list for the year for which return was not filed.

    However, the persons would be included in the taxpayers list on filing return after the due date, if they pay surcharge at: Rs20,000 in case of  a company; Rs10,000 in case of an association of persons; and Rs1,000 in case of an individual.