Pkrevenue.com

Author: Faisal Shahnawaz

  • Dogecoin to Pak Rupee on February 26, 2022

    Dogecoin to Pak Rupee on February 26, 2022

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pak Rupee (PKR) is Rs22.53 on February 26, 2022, in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs21.67 on February 25, 2022.

    The rate of Dogecoin in US Dollar (USD) is $0.13 on February 26, 2022, in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.12 on February 25, 2022.

    Disclaimer: All data and information are provided for informational purposes only. The data has not been provided for trading purposes or financial, investment, tax, legal, accounting, or other advice. In the case of trading, it is advised to consult your broker or financial representative to verify pricing before executing any trade. The exchange rate does not constitute investment advice. Further, it is not a recommendation to buy, sell or hold any security or financial product.

    Dogecoin to Pak Rupee on February 25, 2022
  • Pakistan Stocks gain 154 points, follow global markets

    Pakistan Stocks gain 154 points, follow global markets

    KARACHI: Pakistan stocks gained 154 points on Friday after following the global markets traded in positive zone.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 43,984 points as compared with previous day’s closing of 43,830 points, showing an increase of 154 points.

    READ MORE: Pakistan stocks shed 1,302 points on Russia-Ukraine war

    Analysts at Topline Securities said that in line with International markets KSE-100 Index traded in positive zone for the most part of trading session.

    Major contribution to the index came from FFC, MEBL, ENGRO, PAKT and UNITY, as they cumulatively contributed 114 points to the index.

    READ MORE: Equity market gains 121 points in volatile trading

    On the flip side NBP, PPL, TRG, OGDC and MCB lost value to weigh down on the index by 107 points.

    Traded volume and value for the day stood at 241 million shares (down by 31 per cent DoD) and Rs.6.73 billion (down by 23 per cent DoD) respectively.

    READ MORE: Stocks plunge 351 points on high international oil prices

    WTL was today`s volume leader with 33 million shares. INDU in automobile sector declared its 2QFY22 result announcement in which posted EPS of Rs.60.43 and interim DPS of Rs.30, which was in line with industry expectation.

    PPL in the E&P sector also declared its 2QFY22 result in which posted PPL EPS of 5.41 and interim DPS of Rs.1.5, which was lower than industry estimate due to higher share of losses from associates.

    READ MORE: Equities shed 313 points in lackluster trading

  • PPL announces Rs31.14 billion half year profit

    PPL announces Rs31.14 billion half year profit

    KARACHI: Pakistan Petroleum Limited (PPL) on Friday announced financial results for the half year ended December 31, 2021. The company announced Rs31.14 billion as net profit for the half year.

    The net profit of the company grew by over 19 per cent when compared with Rs26.11 billion in the same half of the last year.

    Pakistan Petroleum Limited is a Pakistani state-owned petroleum company. The company announced earnings per share at Rs11.44 for the half year ended December 31, 2021 as compared with Rs9.59 in the same period of the last year.

    READ MORE: PPL gets license for large scale mining of Lead, Zinc

    The board of directors of the company at its meeting held on February 25, 2022 approved the financial statements for the half year ended December 31, 2021.

    The board of directors approved an interim cash dividend for the year ending June 30, 2022 of Rs1.50 per share on ordinary shares and Rs1.5 per share on convertible preference shares. The dividend will be distributed to those members whose names appear in the register of members of the company as at the close of business on March 10, 2022.

    READ MORE: PPL posts 18% net profit growth in first quarter

    According to the financial results, the revenue of the company increased to Rs90.42 billion for the half year ended December 31, 2021 as compared with Rs75.81 billion in the same half of the preceding year.

    Operating expenses of the company eased to Rs19.96 billion when compared with Rs22.18 billion.

    Exploration expenses during the half ended December 31, 2021 increased sharply to Rs9.04 billion as compared with Rs3.27 billion in the same half of the last year.

  • Sindh High Court stops tax recovery against SSGC

    Sindh High Court stops tax recovery against SSGC

    KARACHI: Sindh High Court has suspended tax recovery notices issued against Sui Southern Gas Company Limited, according to a communication sent to the Pakistan Stock Exchange (PSX) on Friday.

    The gas utility clarified reports regarding action of the Large Taxpayers Office (LTO) Karachi for making recovery by attachment of bank accounts.

    READ MORE: FBR freezes SSGC’s bank accounts for tax recovery

    SSGC said that LTO Karachi had issued notice of recovery of sales tax to banks regarding SSGC without following the legal process and waiting for decision of an independent forum i.e. Appellate Tribunal.

    “Demand was raised on irrational and unreasonable grounds of treating swapping of indigenous gas against RLNG to SNGPL as sales income,” the gas utility said.

    It said that against the said recovery notice, SSGC filed constitutional petition before Sindh High Court and the SHC suspended the recovery notice of LTO Karachi through an Order dated February 23, 2022 being devoid of legal merits and directed SSGC to pursue matter before the Appellate Tribunal.

    The LTO Karachi on February 23, 2021 issued a press release stating that it had frozen bank accounts of SSGC due to its default of sales tax amount to the tune of Rs23 billion. The default amount of sales tax was also confirmed by the Commissioner Inland Revenue (Appeals).

    The SSGC in its latest communication said that the LTO Karachi had withdrawn such recovery notices.

    The LTO Karachi in an official note dated February 24, 2022 sent to banks stated: “… for the recovery of sales tax outstanding demand of Rs23.65 billion through bank attachment issued/served in respect of M/s. Suit Southern Gas Company Limited is hereby withdrawn with immediate effect.”

  • SBP issues KIBOR rates on February 25, 2022

    SBP issues KIBOR rates on February 25, 2022

    KARACHI: State Bank of Pakistan (SBP) on Friday issued the Karachi Interbank Offered Rates (KIBOR) as of February 25, 2022.

    Following are the latest KIBOR rates:

     TenorBIDOFFER
    1 – Week9.7310.23
    2 – Week9.7810.28
    1 – Month9.8910.39
    3 – Month10.3510.60
    6 – Month10.7711.02
    9 – Month10.8211.32
    1 – Year10.8711.37
    SBP issues KIBOR rates on February 24, 2022
  • Meezan Bank lends Rs1 billion under youth scheme

    Meezan Bank lends Rs1 billion under youth scheme

    KARACHI: Meezan Bank Limited has disbursed Rs. 1 billion under Prime Minister’s Kamyab Jawan – Youth Entrepreneurship Scheme (PMKJ-YES) for Small and Medium Enterprises (SMEs), a statement said on Friday

    Usman Dar, Special Assistant to the Prime Minister on Youth Affairs and Haleem Adil Sheikh, Member of the Provincial Assembly of Sindh graced the ceremony hosted by Irfan Siddiqui, Founding President & CEO – Meezan Bank and Ariful Islam, Deputy CEO – Meezan Bank at the Bank’s Head Office located in Karachi. The event was also attended by the PMKJ-YES teams and senior management of the Bank.

    READ MORE: Meezan Bank announces 26% growth in annual profit

    PMKJ – YES will allow access to Islamic finance to those SMEs who, despite being credit-worthy, are unable to avail financing due to various documentary and collateral related issues. Under this scheme, Meezan Bank will extend Shariah-compliant financing facilities of up to PKR 25 million to eligible customers at subsidized rates.

    READ MORE: Meezan Bank, Suzuki Motors sign MoU for car financing

    Irfan Siddiqui reiterated that Meezan Bank, following its Vision of establishing ‘Islamic banking as banking of first choice…’ stands committed to the Government of Pakistan and State Bank of Pakistan in playing a key role in the success of Prime Minister’s Kamyab Jawan Youth Entrepreneurship Scheme and other schemes to promote financial inclusion, by providing Shariah-compliant financing products and solutions.

    READ MORE: Meezan Bank starts Islamic financing scheme for SMEs

  • Habib Bank posts Rs35.51 billion annual profit

    Habib Bank posts Rs35.51 billion annual profit

    Habib Bank Limited (HBL) held its conference call on Friday to discuss financial performance and provide its future outlook onwards. HBL posted a profit after tax of Rs 35.51 billion (EPS: Rs 23.9) in 2021 as opposed to Rs 30.91 billion (EPS: Rs 21.1) in the same period last year, up by 15 per centYoY. It was the best ever result in the history of HBL.

    Along with the result, the bank announced a final cash dividend of Rs 2.25 per share taking the full payout to Rs 7.5 per share.

    Analysts at KASB Research have an outperform rating on HBL based on Justified P/B with a target price of Rs 175 per share. The stock offers a dividend yield of 7.4 per cent and is currently trading at a one year forward P/Bv of 0.57x.

    READ MORE: Habib Bank declares Rs26.44 billion 9-month profit

    As per the management, three key pillars of mid to long term strategy include accelerating Pakistan’s growth and development, shaping financial industry and improving agriculture sector’s productivity. The bank also aims to step up SMEs, branchless banking and CPEC based infrastructure growth in country.

    The bank’s digital footprint is increasing day by day, the highest in the industry. Konnect accounts are up by 1.3x 7.1 million.

    The bank crossed Rs 100.0 billion in consumer loans. Consumer financing grew by 31 per cent reaching Rs 102.8 billion driven by growth in auto and personal loans.

    READ MORE: Habib Bank, Meezan Bank directed to pay fraud victims

    Home remittances for the bank also increased by 29 per cent YoY in 2021 to USD 2.74 billion and the market share clocked in at 8.8 per cent. The bank aims to take the market share to double digits in 2022.

    Domestic deposits noted a growth of 19 per cent over December 2021 and the banks’ market share improved to 14.4 per cent. Meanwhile, international deposits increased by 16 per cent to USD 1.9 billion. CA crossed Rs 1.0 trillion.

    Domestic advances expanded by 20 per cent over December 2020 to Rs 1.2 trillion and international loans increased by 24 per cent.

    READ MORE: Habib Bank pays penalty of Rs42.2 million to SBP

    Infection ratio clocked in at 5.1 per cent as opposed to 6.3 per cent in December 2020 and the bank’s coverage stood at 104 per cent.

    ROE came at 14.4 per cent and ROA stayed at 0.9 per cent in December 2021.

    The bank intends to expand Islamic banking by adding 30/40 new branches in different new cities taking the tally to 250-260 by December 2022.

  • Customers’ exchange rates on February 25, 2022

    Customers’ exchange rates on February 25, 2022

    KARACHI: The State Bank of Pakistan (SBP) on Friday issued customers’ exchange rates for February 25, 2022. The exchange rate is on the basis of weighted average rates of commercial banks.

    The SBP said the data is compiled and disseminated for information only. These exchange rates are estimates that quoted by various commercial banks to their clients.

    The banks provide their indicative exchange rates for commercial transactions with customers.

    CURRENCYBUYINGSELLING
    AED48.229148.3401
    AUD127.4254127.7125
    CAD138.4768138.7960
    CHF191.7645192.2155
    CNY28.038528.1011
    EUR198.6227199.0920
    GBP237.7227238.2703
    JPY1.53641.5400
    SAR47.189947.3003
    USD177.0187177.4415
    Customers’ exchange rates on February 24, 2022
  • National Bank under grip of regulatory violations

    National Bank under grip of regulatory violations

    National Bank of Pakistan in a notice sent to Pakistan Stock Exchange (PSX) disclosed that it reached an agreement with US regulators of NBP’s New York branch with fines of $55 million arising due to historical compliance weakness and delays in making compliance related enhancements.

    However, there were no findings of improper transactions or willful conduct as per the notice.

    Latest press release by U.S Department of Financial Services stated: “The National Bank of Pakistan allowed serious compliance deficiencies in its New York branch to persist for years despite repeated regulatory warnings. Foreign banks that enjoy the privilege of operating in New York have an obligation to maintain effective controls, and the Department will continue to promote financial transparency and take action to protect the global financial system when those obligations are not met”.

    READ MORE: US central bank imposes $20.4 million penalty on NBP

    Following examinations conducted by the Department and the Federal Reserve Bank of New York in 2014 and 2015, NBP’s New York branch was found to have inadequate Bank Secrecy/Anti-money compliance programs.

    As a result, enforcement action against NBP was taken in 2016 where NBP agreed to improve compliance deficiencies which later on it failed to do so. As a result, the bank will now be subject to $35 million penalty in addition to certain deliverables for the improvement in its compliance program.

    READ MORE: NBP lends Rs18.8bn in Hascol’s Rs54bn scam

    In addition to the fine by U.S Department of Financial Services, Federal Reserve Board also imposed $20.4million penalty against NBP on anti-money laundering violations totaling penalty to $55million which translates into Rs9.7billion (Rs4.6/share). In 9M2021, the bank has so far reported earnings of Rs25billion.

    Analysts at Topline Securities said that previously HBL also faced a similar fine in 2017 where the U.S regulators initially imposed a penalty of US$630million on HBL on non-compliance of Anti-money laundering laws, which was later revised down to US$225million.

    NBP is also faced with a pending pension liability case with potential liabilities of over Rs70 billion under which the company had filed a review petition in Supreme Court of Pakistan where further judgement is still awaited. The bank due to the aforementioned reason has skipped dividends since 2017, we believe.

  • US central bank imposes $20.4 million penalty on NBP

    US central bank imposes $20.4 million penalty on NBP

    KARACHI: The central bank of the United States on Thursday imposed a monetary penalty of $20.4 million on New York branch of Pakistan’s largest public sector bank for violating anti-money laundering laws.

    (more…)