Nov 1

Rupee gains 24 paisas to end PKR 220.65 against US dollar

KARACHI: The Pakistani Rupee (PKR) gained 24 paisas against the US dollar on Tuesday owing to positive sentiments continued after the finance minister met heads of financial institutions. The exchange rate ended at PKR 220.65 to the dollar from previous day’s closing of PKR 220.89 in the interbank foreign exchange market. READ MORE: Rupee rebounds […]

by Faisal Shahnawaz

Rupee rebounds after Dar holds meetings with banks, exchange companies

Oct 31

Rupee rebounds after Dar holds meetings with banks, exchange companies

KARACHI: The Pakistani Rupee (PKR) recovered sharply against the US dollar on Monday following meetings of Finance Minister Ishaq Dar with representatives of banks and exchange companies last week. The exchange rate recorded a recovery of PKR 1.58 in rupee value to end at PKR 220.89 to the dollar from last Friday’s closing of PKR […]

by Faisal Shahnawaz

NBP net profit declines by 21% on high tax incidence in 9MCY22

Oct 30

Corporate, Money & Banking

NBP net profit declines by 21% on high tax incidence in 9MCY22

National Bank of Pakistan (NBP) has declared 21 per cent decline in after tax profit due to high incidence during first nine months (January – September) 2022. According to unconsolidated financial results submitted to the Pakistan Stock Exchange (PSX), NBP announced after tax profit at Rs19.16 billion for nine months period ended September 30, 2022 […]

by Faisal Shahnawaz

Dar advises forex companies to ensure appropriate exchange rate

Oct 30

Money & Banking, Top stories

Dar advises forex companies to ensure appropriate exchange rate

ISLAMABAD: Finance Minister Ishaq Dar has advised foreign exchange companies to ensure appropriate exchange rate for the betterment of the country. Federal Minister Senator Mohammad Ishaq Dar held a meeting with heads of all the major Forex Exchange Companies of Pakistan at state Bank of Pakistan (SBP). READ MORE: Meezan Bank donates Rs35 mn to […]

by Mrs. Anjum Shahnawaz

Meezan Bank donates Rs35 mn to Indus Hospital for power project

Oct 29

Money & Banking, National

Meezan Bank donates Rs35 mn to Indus Hospital for power project

KARACHI: Meezan Bank– Pakistan’s leading Islamic bank has donated Rs35 million to Indus Hospital & Health Network for installation of a solar panels system. The initiative is part of the Bank’s Corporate Social Responsibility and Sustainability initiatives for 2022 and will provide financing to cover part of the 1.2MW solar power project being installed on […]

by Faisal Shahnawaz

Oct 29

IT & Telecom, Money & Banking

NdcTech wins best sales partner award

NdcTech, a global IT and consulting company providing transformational services for the banking sector and a long-standing partner of Temenos has recently won the Best Sales Partner Award at Temenos MEA Annual Sales and Partner Summit 2022 owing to its exceptional sales capabilities. The best sales partner award recognizes NdcTech’s strong footprint in the […]

by Hamza Shahnawaz

SBP imposes over Rs290 million as penalty on six commercial banks

Oct 29

Money & Banking, Top stories

SBP imposes over Rs290 million as penalty on six commercial banks

KARACHI: State Bank of Pakistan (SBP) on Friday imposed over Rs290 million as monetary penalty on six commercial banks for violating regulatory instructions pertaining to Customer Due Diligence (CDD) and Know Your Customer (KYC) during quarter ended September 30, 2022. The central bank imposed the monetary penalty on commercial banks included: Bank Al Habib Limited; […]

by Faisal Shahnawaz

Rupee crashes to dollar as PTI long march starts

Oct 28

Money & Banking, Top stories

Rupee crashes to dollar as PTI long march starts

KARACHI: The Pakistani Rupee (PKR) on Friday crashed against the dollar owing to political instability following by long march started by Pakistan Tehreek I Insaaf (PTI). The exchange rate recorded a decline of 97 paisas in rupee value to end at PKR 222.47 to the dollar from previous day’s closing of PKR 221.50 in the […]

by Faisal Shahnawaz

Standard Chartered Bank Pakistan PBT doubles during 9MCY22

Oct 27

Corporate, Money & Banking

Standard Chartered Bank Pakistan PBT doubles during 9MCY22

KARACHI: Standard Chartered Bank Pakistan Limited (SCBPL) has posted a record profit before tax of PKR 36.4 billion, registering almost 100 per cent increase year on year. Performance was driven by strong income growth, as well as continued cost and risk discipline. Overall revenue grew by 70 per cent to deliver a top-line of PKR […]

by Hamza Shahnawaz

SBP suspends Mega Currency Exchange Company

Oct 27

Money & Banking

SBP suspends Mega Currency Exchange Company

KARACHI: State Bank of Pakistan (SBP) on Thursday suspended the Authorization of an exchange company of ‘B’ category. The central bank suspended, with immediate effect, the authorization of an Exchange Company –B namely M/s Mega Currency Exchange Company –B (Pvt) Limited till further orders due to serious violations of State Bank’s regulations and instructions. The […]

by Hamza Shahnawaz