Karachi, April 22, 2025 – Engro Fertilizers (EFERT), one of Pakistan’s leading fertilizer producers, reported a steep 63% year-on-year decline in its after-tax profit for the first quarter of calendar year 2025.
(more…)Author: Shahnawaz Akhter
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Habib Bank Tops 2024 List for Customer Complaints
KARACHI, April 22, 2025 – Habib Bank Limited (HBL) has topped the list of financial institutions with the highest number of banking customer complaints during the calendar year 2024, according to the annual report released by the Banking Mohtasib of Pakistan.
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SAI Sounds Alarm on Export Losses Amid Severe Water Crisis
Karachi, April 21, 2025 – The SITE Association of Industry (SAI) has raised serious concerns over the intensifying water shortage in Karachi’s SITE Industrial Area, warning of dire consequences for Pakistan’s exports and industrial sustainability.
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Taxpayers Declared Inactive Despite Deadline Extension: KCCI
Karachi, April 21, 2025 – The Karachi Chamber of Commerce and Industry (KCCI) has strongly criticized the Federal Board of Revenue (FBR) for declaring numerous taxpayers inactive, even after officially extending the deadline for filing sales tax returns for February and March 2025.
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Mohtasib Provides Rs1.65 Billion Record Relief to Banking Clients
KARACHI: April 21, 2025 – The Banking Mohtasib Pakistan (BMP) provided monetary relief worth Rs1.65 billion to banking customers in 2024 by resolving 27,753 complaints against commercial banks, marking a significant increase from Rs1.26 billion in relief extended in 2023 through 25,493 resolved cases.
At a press conference in Karachi, Banking Mohtasib Sirajuddin Aziz presented the BMP’s Annual Report for 2024 and highlighted key achievements. Including carry-over cases from 2023, a total of 41,546 complaints were handled during the year. Out of these, 24,498 complaints were amicably settled through reconciliation. Additionally, 1,330 complaints (5%) were resolved after formal hearings conducted across the country—including in Mirpur (AJK), where BMP has no permanent office—while 1,925 cases (7%) were dismissed due to jurisdiction issues, frivolous content, or incomplete information.
Since its inception in 2005, the Banking Mohtasib has facilitated around Rs8 billion in relief to banking customers nationwide. According to the report, public complaints increased by 6% in 2024 compared to the previous year, largely due to the rising use of digital platforms and mobile apps, which has unfortunately led to a spike in cyber fraud and account-related disputes.
Of the total complaints, 7,193 were routed through the Prime Minister’s Portal. Aziz noted that an influx of 3,283 complaints during the last 45 days of 2024 contributed to a backlog now carried into 2025.
The Banking Mohtasib stressed that while banks have attempted to educate customers via media campaigns about online safety and fraud prevention, these efforts have fallen short. He emphasized the urgent need to spread awareness in rural areas and recommended delivering these messages in regional languages to ensure maximum impact.
Aziz also highlighted that newly launched digital banks now fall under the Banking Mohtasib’s jurisdiction, necessitating more staff trained in fintech operations and technology.
The Banking Mohtasib’s Annual Report was formally submitted to the Governor of the State Bank of Pakistan on March 27, 2025, in compliance with statutory requirements.
He concluded by acknowledging the media’s continued support in raising awareness about banking grievances and strengthening consumer protection across the financial sector.
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KSE-100 Gains 1,068 Points Amid Corporate Optimism
Karachi, April 21, 2025 – The Pakistan Stock Exchange (PSX) witnessed a powerful rally on Monday, with the benchmark KSE-100 index climbing 1,068 points, fueled by robust corporate earnings that exceeded market expectations.
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Taxpayers and Concealment: Proving Intentional Misreporting
Concealment of income is a serious matter in the realm of tax law, and it can lead to severe consequences if proven for taxpayers.
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Pakistan’s April Inflation Expected to Fall Below 0.5%: Report
Karachi, April 21, 2025 – A recent report from Topline Securities Limited suggests that Pakistan’s inflation rate for April 2025, based on the Consumer Price Index (CPI), is likely to fall below 0.5%.
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Meezan Bank Reports 11% Decline in Profit for Q1 CY2025
Karachi, April 21, 2025 – Meezan Bank Limited has reported an 11% drop in its profit after tax for the first quarter of the calendar year 2025, compared to the same period in 2024.
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KCCI Pushes to Scrap Minimum WHT on Imports
Karachi, April 21, 2025 – The Karachi Chamber of Commerce and Industry (KCCI) has strongly urged the Federal Board of Revenue (FBR) to abolish the Minimum Withholding Tax (WHT) on raw material imports by commercial importers in the upcoming federal budget for 2025-26.
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