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Category: Money & Banking

Money and banking drive economic activity by facilitating transactions, savings, and investments. Banks manage financial resources, offer credit, and regulate money supply, ensuring stability and growth in Pakistan’s financial sector.

  • Rupee weakens by three paisas on import payment demand

    Rupee weakens by three paisas on import payment demand

    KARACHI: The Pak Rupee ended down by three paisas against the dollar on Thursday owing to demand for import and corporate payments.

    The rupee ended Rs157.16 to the dollar from previous day’s closing of Rs157.13 in the interbank foreign exchange market.

    The rupee fell on Thursday after maintaining eight-day streak of appreciation against the foreign currency.

    The exchange rate was at Rs159.10 on February 19, 2021. However, the local currency recovered Rs1.97 against the greenback in the interbank foreign exchange market till March 03, 2021.

    The currency experts said that the growth in export receipts and inflows of workers remittance helped the rupee to make gains.

  • Habib Bank tops in customers complaints list

    Habib Bank tops in customers complaints list

    KARACHI: Habib Bank Limited (HBL) has topped in failing to satisfy customers with the services as the highest number of complaints were filed against the bank at the Wafaqi Mohtasib (Ombudsman) Pakistan.

    The annual report for the year 2020 issued by the office of Wafaqi Mohtasib last week revealed that the highest number of complaints against any bank was received against HBL, which is 23.37 percent of the total complaints received during the year.

    The office of the Wafaqi Mohtasib received 22,750 complaints during the year. The banking customers lodged around 5,317 complaints against HBL during the year.

    The banking customers have expressed more dissatisfaction during the current year as the percentage of complaints lodged against the bank out of the total complaints increased.

    The Banking Mohtasib Pakistan received a sum of 14,587 complaints against all banks during 2019. While in the same year the complaints lodged against the HBL were 2,511 which was 17.21 percent of the total complaints.

    Following table shows number of complaints received against each bank during the year under review. The complaints included received at Banking Mohtasib Secretariat and Prime Minister Portal:

    S.No.Bank NameNo. of complaints
    01Habib Bank Limited5,317
    02United Bank Limited3,098
    03MCB Bank Limited1,870
    04Allied Bank Limited1,539
    05Bank Alfalah Limited1,267
    06National Bank of Pakistan821
    07Faysal Bank Limited802
    08The Bank of Punjab759
    09Meezan Bank Limited759
    10JS Bank Limited665
    11Silk Bank Limited647
    12Standard Chartered Bank (Pakistan) Limited548
    13Askari Bank Limited413
    14Bank Al Habib Limited388
    15Bank Islami Pakistan Limited190
    16Soneri Bank Limited164
    17Dubai Islamic Bank Pakistan Limited162
    18Zarai Taraqiati Bank Limited120
    19Habib Metropolitan Bank Limited105
    20The Bank of Khyber85
    21Summit Bank Limited65
    22Albaraka Bank (Pakistan) Limited59
    23Sindh Bank48
    24The Punjab Provincial Cooperative Bank Limited37
    25Samba Bank Limited21
    26First Women Bank Limited8
    27SME Bank Limited3
    28The Bank of Tokyo – Mitsubishi UFG Ltd1
    29Institutions other than banks2,789
     Total22,750
  • Rupee appreciates by 72 paisas against dollar

    Rupee appreciates by 72 paisas against dollar

    The Pakistani Rupee demonstrated resilience, gaining 72 paisas against the US Dollar on Wednesday. The surge is attributed to the sustained growth in export receipts witnessed throughout the current fiscal year.

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  • Dollar retreats for 7th consecutive days against Rupee

    Dollar retreats for 7th consecutive days against Rupee

    KARACHI: The US dollar retreated for seventh consecutive trading days after falling another 19 paisas against the local unit on Tuesday.

    The exchange rate was at Rs159.10 on February 19, 2021. Since then the local currency recovered Rs1.25 against the dollar in interbank foreign exchange market.

    On Tuesday the rupee closed at Rs157.85 to the dollar from previous day’s closing of Rs158.04 in the interbank foreign exchange market.

    Currency experts said that with the dip of 19 paisas the US dollar was at nearly one-year low in Interbank, trading at Rs157.85 as it was Rs157.35 on March 10, 2020. The dollar has fallen by 6.4 percent since its peak lost around Rs10.58 since August 26, 2020 when it was at record high of Rs168.43.

    The currency experts said that the rupee may make more gains in coming days owing to improved inflows of workers’ remittances and export receipts.

  • Investors redeem Rs115 billion against suspended Rs25,000 prize bonds

    Investors redeem Rs115 billion against suspended Rs25,000 prize bonds

    ISLAMABAD: Investors have redeemed/enchased to the tune of Rs115 billion against bearer prize bonds of Rs25,000 denomination which were suspended by the government in December 2020.

    According to state media on Tuesday, the Central Directorate of National Savings (CDNS) had paid encashment of Rs 115 billion by February 28 to the investors against the suspension of prize bonds of Rs 25,000.

    An official of the CDNS quoted as saying that around Rs 115 billion had been paid to the customers during last three months and remaining 45 billion out of total Rs 160 billion would also be paid by May 30, 2021.

    On December 10, the State Bank of Pakistan (SBP) issued following instructions to the president and CEOs of all commercial banks regarding option to replace / encash the bonds:

    i. The Bonds can be converted to Rs. 25,000/-denomination Premium Prize Bonds (Registered) through the 16 field offices of SBP Banking Services Corporation, and branches of six authorized commercial banks i.e. National Bank of Pakistan, Habib Bank Limited, United Bank Limited, MCB Bank Limited, Allied Bank Limited and Bank Alfalah Limited.

    ii. The authorized commercial banks shall also issue Rs. 25,000/-denomination Premium Prize Bonds (Registered)as per the prescribed procedure, with immediate effect. Stock of the same has already been delivered to authorized commercial banks.

    iii. The bondholder shall be required to submit a written request for conversion of bearer bonds to Rs. 25,000/-Premium Prize Bonds (Registered) on the prescribed application form.

    iv. The bondholder shall also be required to submit prescribed application forms for registration / purchase of Premium Prize Bonds as per the procedure in vogue.

    Replacement with Special Savings Certificate (SSC) / Defence Savings Certificate (DSC)

    i. The Bonds can be replaced with SSC / DSC through the 16 field offices of SBP Banking Services Corporation, authorized commercial banks and National Savings Centers.

    ii. All authorized commercial banks shall, therefore, accept requests for replacement of bearer bonds with SSC or DSC on the prescribed application form.

    iii. The bondholder shall also be required to submit application form for purchase of SSC / DSC (SC-1) as per the prescribed procedure

    Encashment at Face Value

    i. The Bonds will only be encashed by transferring the proceeds to the bond holder`s bank account through the 16 field offices of SBP Banking Services Corporation, at authorized commercial bank branches and to the Savings Accounts at National Savings Centres.

    ii. All commercial banks shall receive requests for encashment of bearer bonds on the prescribed application form.

    A copy of the application form (Annexure A), duly signed and stamped, shall be provided to the bondholder as an acknowledgement receipt.

    Moreover, the prize bonds encashed / replaced by the general public may be surrendered to the concerned SBP BSC office through the respective regional office of the commercial bank.

    The government has already canceled prize bonds of Rs 40,000 and CDNS repaid to the investors the encashment worth of Rs 258 billion in 2019-20.

  • Rupee makes 6 paisas gain against dollar

    Rupee makes 6 paisas gain against dollar

    KARACHI: The Pak Rupee gained six paisas against the dollar on Monday owing to better inflows of the foreign exchange, dealers said.

    The rupee ended at Rs158.04 to the dollar from last Friday’s closing of Rs158.10 in the interbank foreign exchange market.

    It was the sixth straight trading day when the rupee maintained its recovery against the greenback. The exchange rate was at Rs159.10 on February 19, 2021. However, since then the local currency recovered Re1.06 against the greenback in the interbank foreign exchange market.

    Currency experts said that the rupee may make more gains in coming days owing to improved inflows of workers’ remittances and export receipts.

  • Bank branch manager defrauds 29 customers

    Bank branch manager defrauds 29 customers

    KARACHI: During investigation of a case before the Banking Mohtasib Pakistan, a bank revealed that one of its branch manager committed fraud of an amount Rs30 million involving 29 customers.

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  • SBP updates panel of chartered accountancy firms for audit of banks

    SBP updates panel of chartered accountancy firms for audit of banks

    KARACHI: State Bank of Pakistan (SBP) has updated the list of panel of chartered accountancy firms for conducting audit of banking companies.

    The SBP through a circular issued on Friday informed that “RSM Avais Hyder Liaquat Nauman, Chartered Accountants’, listed in the Category ‘B’ of SBP’s Panel of Auditors is being upgraded to the Category ‘A’ of the panel.

    The central bank also enlisted two chartered accountancy firms in the category ‘C’ of the SBP’s Panel of auditors with an immediate effect:

    J.A.S.B & Associates, Chartered Accountants 1104, Uni Tower, I.I. Chundrigar Road, Karachi. Phone: 021-32468154-55 Web: www.jasb-associates.com

    Mazars M.F. & Co., Chartered Accountants 3rd Floor, 44-C, Badar Commercial, Street 10, DHA Phase V, Karachi. Phone: 021-35342801-06, Web: www.mazars.pk

    The SBP issued the updated list of chartered accountancy firms:

    Category ‘A”

    Audit Firms in Category “A” are eligible to conduct audit of all Banks and DFIs

    A1. A.F. Ferguson & Co.  State Life Building No. 1/C, I.I. Chundrigar Road, Karachi. Tel: +92 (021) 32426711-15, Fax: +92 (021) 32415007, Web: www.affco.com.pk

    A2. Baker Tilly Mehmood Idrees Qamar, 4th Floor, Central Hotel Building, Civil Lines, Mereweather Road, Karachi.  Tel: +92 (021) 35644872-77, Fax: +92 (021) 35694573 Email: [email protected], Web: www.bakertillymiq.com.

    A3. BDO Ebrahim & Co.  2nd Floor, Block ‘C’ Lakson Square,  Building No. 1, Sarwar Shaheed Road, Karachi.  Tel: +92 (021) 35683030  Fax: +92 (021) 35684239  Email: [email protected]  Web: www.bdo.com.pk

    A4. Crowe Hussain Chaudhury & Co.  25-E, Main Market, Gulberg II, Lahore.  Tel: +92 (042) 37759223-5 Fax: +92 (042) 35759226 Email: [email protected]  Web: www.crowe.pk

    A5. EY Ford Rhodes, 6th Floor, Progressive Plaza,  Beaumont Road, Karachi.  Tel: +92 (021) 111-113-937  Fax: +92 (021) 35681965  E. mail: [email protected]  Web: www.ey.com

    A6. Grant Thornton Anjum Rahman, 1st & 3rd Floor, Modern Motors House, Beaumont Road, Karachi. Tel: +92 (021) 35672951-56 Fax: +92 (021) 35688834 Email: [email protected] Web: www.gtpak.com

    A7. Ilyas Saeed & Co. A-4, Sea Breeze Homes, Shershah Block, New Garden Town, Lahore. Tel: +92 (042) 35861852, 35868849 Fax: +92 (042) 35856145 Email: [email protected] Web: www.ilyassaeed.com

    A8. KPMG Taseer Hadi & Co. 1st Floor, Sheikh Sultan Trust Building No. 2, Beaumount Road, Karachi. Tel: +92 (021) 35685847 Fax: +92 (021) 35685095 Email: [email protected] Web: www.kpmg.com.pk

    A9. Kreston Hyder Bhimji & Co. Suite No. 1601, 16th Floor, Kashif Centre, Main Shahrah-e-Faisal, Karachi. Tel: +92 (021) 35640050-52 Fax: +92 (021) 35640053 Email: [email protected] Web: www.krestonhb.com

    A10. Muniff Ziauddin & Co. F/17/3, Business Executive Centre, Block No. 8, Clifton, Karachi. Tel: +92 (021) 35375127-28, 35872283 Fax: +92 (021) 35820325 Email: [email protected] Web: www.mzco.com.pk

    A11. Naveed Zafar Ashfaq Jaffery & Co. 1st Floor, Modern Motors House, Beaumount Road, Karachi. Tel: +92 (021) 111-774-422, 35671909 Fax: (021) 5210626 Email: [email protected] Web: www.nzaj.com.pk

    A12. Rahman Sarfaraz Rahim Iqbal Rafiq, Rahman Sarfaraz House, 54-P, Gulberg II, Lahore. Tel: +92 (042) 35875965-67 Fax: +92 (042) 35758621 Email: [email protected] Web: www.rsrir.com

    A13. Riaz Ahmad & Co. 10-B, Saint Mary Park, Main Boulevard, Gulberg III, Lahore. Tel: +92 (042) 35718137-39 Fax: +92 (042) 35718136 Email: [email protected] Web: www.racopk.com

    A14. RSM Avais Hyder Liaquat Nauman, Suite No. 407, Progressive Plaza, Beaumont Road, Karachi. Tel: +92 (021) 35655975-76 Fax: +92 (021) 35655977 Email: [email protected] Web: www.rsm.global/pakistan

    A15. Yousuf Adil, Cavish Court, A-35, Block 7 & 8, K.C.H.S.U. Shahrah-e-Faisal, Karachi. Tel: +92 (021) 34546494-97 Fax: +92(021) 34541314 Email: [email protected] Web: www.yousufadil.com

    Category ‘B’

    Audit Firms in Category “B” are eligible to conduct audit of Banks and DFIs having assets up to Rupees 100 billion or branches up to 160.

    B1. Amin Mudassar & Co. 4th Floor, IEP Building, 97-B/D-1, Main Boulevard, Gulberg III, Lahore. Tel: +92 (042) 35717261-62 Fax: +92 (042) 35717263 Email: [email protected]

    B2. Reanda Haroon Zakaria & Co. M1-M4, Mezzanine Floor, Progressive Plaza, Beaumont Road, Karachi. Tel: +92 (021) 35674741-44 Fax: +92 (021) 35674745 Email: [email protected] Web: www.hzco.com.pk

    B3. HLB Ijaz Tabussum & Co. 303, Sawan Road, G-10/1, Islamabad. Tel: +92 (051) 32354801-03 Fax: +92 (051) 32354800 Email: [email protected]; [email protected]; Web: www.hlbitc.com

    B4. IECnet S.K.S.S.S. Suite No. 209, Parsa Tower, PECHS Block 6, Main Shahrah-e-Faisal, Karachi. Tel: +92 (021) 34150811-13 Fax: +92 (021) 34150814 Email: [email protected] Web: www.iecnet.com.pk

    B5. Mudassar Ehtisham & Co. 50/2, Lawrence Road, Lahore. Tel: +92 (042) 36370215, 35466618 Fax: +92 (042) 36363614 Email: [email protected] Web: www.mudassarehtisham.com

    B6. Mushtaq & Co. 407, Commerce Centre, Maulana Hasrat Mohani Road, Karachi. Tel: +92 (021) 32638521-24 Email: [email protected]

    B7. Nasir Javaid Maqsood Imran, Office No. 807, 8th Floor, Plot No. 11/2, Q.M. House, Ellander Road, Opp. Shaheen Complex, Off. I.I. Chundrigar Road, Karachi Tel: +92 (021) 32212382-83, 32211515-16 Fax: +92 (021) 32211515 Email: [email protected] Website: www.njmi.net

     B8 Parker Randall – A.J.S. 6-C, 2nd Floor, ST Plaza, Kohinoor Town, College Road, Faisalabad.  Tel: +92 (021) 32621703-04 Fax: +92 (021) 32621701 Email: [email protected]  Web: www.parkerrandallajs.pk

    B9. PKF F.R.A.N.T.S. 16/II, ‘N’ Lane, Commercial Avenue, Phase IV, D.H.A, Karachi. Tel: +92 (021) 35315275 Fax: +92 (021) 35315276 Email: [email protected] Website: www.pkf.com.pk

    B10 Riaz Ahmad Saqib Gohar & Co. 5-Nasim, C.H.S. Major Nazir Bhatti Road, Off Shaheed-e-Millat Road, Karachi. Tel: +92 (021) 34945427, 34946112 Fax: +92 (021) 34932629 Email: [email protected] Web: www.rasgco.com

    B11. ShineWing Hameed Chaudhri & Co. H.M. House No. 07, Bank Square, Off Shahrah-e-Quaid-e-Azam, Lahore. Tel: +92 (042) 37235084-87 Fax: +92 (042) 37235083 Email: [email protected] Website: www.hccpk.com

    B12. Suriya Nauman Rehan & Co. House No. 02, Street No. 02, F-7/3, Islamabad. Tel: +92 (051) 32610931-32 Fax: +92 (051) 32610954 Email: [email protected] Web: www.nrcca.pk

    B13. Tariq Abdul Ghani Maqbool & Co. 173-W, Block-2, P.E.C.H.S, Karachi Phone: +92 (021) 34322582-83, (021) 34322606-07 Fax: +92 (021) 34522492 Email: [email protected] Website: www.tagm.co

    B14. UHY Hassan Naeem & Co. 193-A, Shah Jamal, Lahore. Tel: +92 (042) 35403550-51, 35403588 Fax: +92 (042) 35403599 Email: [email protected] Web: www.uhy-hnco.com

    B15. Zahid Jamil & Co. 1st Floor, Al-Jamil, 7-Madina Town Ext, Kohinoor Chowk, Off. Jaranwala Road, Faisalabad. Tel: +92 (041) 38725065-68 Fax: +92 (041) 38725070 Email: [email protected] Web: www.zahidjamilco.com

    Category ‘C’

    Audit Firms in Category “C” are eligible to conduct audit of banks and DFIs having assets up to Rupees 15 billion or branches up to 30.

    C1. Fazal Mahmood & Co. 147 – Shadman I, Lahore. Tel: +92 (042) 37426771-73 Fax: +92 (042) 37426774 Email: [email protected] Web: www.fmc.com.pk

    C2. Feroze Sharif Tariq & Co. 4-N/4, Block No. 06, P.E.C.H.S. Karachi. Tel: +92 (021) 34540891, 34542607 Fax: +92 (021) 34540891 Email: [email protected]

    C3. H.A.M.D & Co. 302, Land Mark Plaza, Mohammed Bin Qasim Road, Off I.I Chundrigar Road, Karachi. Tel: +92 (021) 32630651 Fax: +92 (021) 35872521 Email: [email protected]; [email protected]

    C4. Ibrahim Shaikh & Co. 259-260 Panorama Centre, Fatima Jinnah Road, Saddar, Karachi. Tel: +92 (021) 35210577, 35671853 Fax: +92 (021) 35676591 Email: [email protected]

    C5. J.A.S.B & Associates 1104, Uni Tower, I.I. Chundrigar Road, Karachi. Tel: +92 (021) 32468154-55 Fax: +92 (021) 32468157 Email: [email protected] Web: www.jasb-associates.com

    C6. Junaidy Shoaib Asad 1/6-P, Block No. 06, P.E.C.H.S, Mohtarma Laeeq Begum Road, Off Shahra-e-Faisal. Karachi. Tel: +92 (021) 34371910-13 Fax: +92 (021) 34371916 Email: [email protected] Web: www.jsa.com.pk

    C7. H.Y.K & Co. SKP House, 321 Upper Mall, Lahore. Tel: +92 (042) 111-772-000, 35789330-1 Fax: +92 (042) 35789182 Email: [email protected] Web: www.hyk.com.pk

    C8. Khalid Majid Rehman & Co. 7-A, Street No. 65, F-8/3, Islamabad. Tel: +92 (051) 32287713-17 Fax: +92 (051) 32287710 Email: [email protected] Web: www.kmr.com.pk

    C9. Mazars M.F. & Co. 44-C, 3rd Floor, Badar Commercial, Street 10, Phase V, DHA, Karachi. Tel: +92 (021) 35342801-06 Web: www.mazars.pk

    C10. Qavi & Co. Suites No. 717 & 718, Caesars Tower, Shahrah-e-Faisal, Karachi. Tel: +92 (021) 32791966-68Fax: +92 (021) 32791969 Email: [email protected] Web: www.qaviandco.com

    C11. Rafaqat Mansha Mohsin Dossani Masoom & Co. Suite No. 113, 3rd Floor, Hafeez Centre, A/34, K.C.H.S, Block No. 07 & 08, Shahrah-e-Faisal, Karachi. Tel: +92 (021) 34392361-62 Fax: +92 (021) 34320693 Email: [email protected] Web: www.mmdk.com.pk

    C12. Sarwars, Office No. 12 & 14, 2nd Floor, Lahore Centre, 77-D, Main Boulevard, Gulberg III, Lahore. Tel: +92 (042) 35782920-22 Fax: +92 (042) 35773825 Email: [email protected] Web: www.saewarsca.com

    C13. S. M. Suhail & Co. Suite No. 1001-1014, 10th Floor, Uni Centre, I.I. Chundrigar Road, Karachi Tel: +92 (021) 32414057, 32414163 Fax: +92 (021) 32416288 Email: [email protected], Web: www.smsco.pk

    C14. Uzair Hammad Faisal & Co. 37- Main Gulberg, Lahore. Tel: +92 (042) 35877470, 35879310 Email: [email protected] Web: www.uhf.com.pk

  • Rupee maintains recovery against dollar for five consecutive days

    Rupee maintains recovery against dollar for five consecutive days

    KARACHI: The Pak Rupee maintained its recovery against the dollar for five consecutive trading days on Friday owing to optimism prevailed especially after FATF praised Pakistan for taking measures against money laundering and financing the terrorism.

    The rupee gained by 36 paisas to close at Rs158.10 to the dollar on Friday as compared with previous day’s close of Rs158.46 in the interbank foreign exchange market.

    Currency experts said that despite the last trading day of the week the rupee had gained value against the greenback. They said that though there was pressure on local currency due to demand of the dollar for import and corporate payments. However, supply was sufficient to meet the demand, they added.

    They said that the FATF a day earlier decided to keep Pakistan in the grey list until June this year. However, remarks of the FATF panel were encouraging as Pakistan had shown strong commitment to deter money laundering and terror financing.

    The exchange rate was at Rs159.10 on February 19, 2021. However, since then the local currency recovered Re1 against the greenback in the interbank foreign exchange market.

    Currency experts said that the rupee may make more gains in coming days owing to improved inflows of workers’ remittances and export receipts.

  • UBL declares Rs20.9bn as annual after tax profit

    UBL declares Rs20.9bn as annual after tax profit

    KARACHI: United Bank Limited (UBL) on Thursday announced its financial results for the year ended December 31, 2020. The bank made provisioning and write-offs to the tune of Rs16.77 billion or 104 percent higher which trimmed its annual profit growth to 9.25 percent.

    The bank announced an amount of Rs20.9 billion as profit after tax for the year ended December 31, 2020 as compared with Rs19.13 billion profit after tax in the preceding year.

    The bank made provisioning and write-offs an amount of Rs16.77 billion for the year under review as compared with Rs8.22 billion in the preceding year.

    UBL announced earnings per share at Rs17.07 for the year ended December 31, 2020 as compared with Rs8.22 in the preceding year.

    Net interest income of the bank increased by 21.42 percent to Rs75 billion for the year under review as compared with Rs61.77 billion in the preceding year.

    Total income of the bank posted 10.24 percent growth to Rs92 billion as against Rs83.45 billion.

    Operating expenses of the bank were flat at Rs40.66 billion as compared with Rs40.21 billion.

    UBL announced a final cash dividend for the year ended December 31, 2020 at Rs9.50 per share i.e. 95 percent. This is in addition to interim dividend already paid at Rs2.50 per share i.e. 25 percent.

    UBL gets DD approval to acquire Telenor Microfinance Bank