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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 makes four paisas gain against dollar

    Rupee makes four paisas gain against dollar

    KARACHI: The Pak Rupee gained four paisas against the dollar on Tuesday owing to sufficient supply of the foreign currency to meet payment demand.

    The rupee ended Rs157.04 to the dollar from previous day’s closing of Rs157.08 in the interbank foreign exchange market.

    Currency dealers said that the market witnessed supply of the dollar during the day which was sufficient to meet payment for import and corporate demand.

    They said that the market was remained optimistic and hopes of inflows in shape of workers’ remittances and export receipts the rupee likely to make more gain in coming days.

  • National Bank pays Rs310.29 million as penalties for regulatory violations

    National Bank pays Rs310.29 million as penalties for regulatory violations

    KARACHI: National Bank of Pakistan (NBP) has paid an amount of Rs310.29 million as penalty to State Bank of Pakistan (SBP) for violating regulatory provisions.

    According to the financial results of the bank for the year ended December 31, 2020, the SBP imposed Rs310.59 million as penalties during the year, which was paid by the NBP.

    The SBP imposed penalty on the bank for procedural violations in the areas of Customer Due Diligence (CDD)/Know Your Customer (KYC), Asset Quality, Foreign Exchange Operations.

    The imposition of penalties by the SBP on the National Bank increased by 120 percent in the year 2020 as the penal amount on the NBP was Rs141 million in the preceding year.

    The SBP from July 2019 started public disclosure of penal action against banks. “Enforcement actions are an integral part of regulatory regime which involves imposition of monetary penalties and other actions against institutions and individuals for violations of laws, rules, regulations, guidelines or directives issued by SBP from time to time,” according to a circular issued by the central bank.

    In order to bring more transparency and strengthen market discipline, SBP has decided to publicly disclose significant enforcement actions.

    The total amount of penalties paid by the NBP was Rs316.44 million for the year ended December 31, 2020 as compared with Rs150.58 million in the preceding year.

    An amount of Rs4.72 million was also imposed by central bank of international branches on the National Bank of Pakistan.

  • Rupee gains four paisas as positive sentiments

    Rupee gains four paisas as positive sentiments

    KARACHI: The Pak Rupee gained four paisas against the dollar on Monday owing to positive sentiments prevailed in the foreign exchange market.

    The rupee ended Rs157.08 to the dollar from previous day’s closing of Rs157.12 in the interbank foreign exchange market.

    Currency dealers said that foreign inflows of workers’ remittances and export receipts helped the rupee to make gain despite demand for import and corporate payments.

    The dealers said that the optimism prevailed on economic growth after confidence vote win by the prime minister in the parliament.

  • Careless bank record keeping creates difficulties for foreign currency account holder

    Careless bank record keeping creates difficulties for foreign currency account holder

    KARACHI – A Foreign Currency Account (FCA) holder faced immense inconvenience when his bank was unable to trace his long-maintained account. According to the 2020 Annual Report issued by the Office of Banking Mohtasib Pakistan, the complainant claimed that he had opened an FCA with a local bank branch in 1996 before leaving for Saudi Arabia.

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  • MCB Bank pays penalties amounting Rs191.76 million

    MCB Bank pays penalties amounting Rs191.76 million

    KARACHI: MCB Bank has paid an amount of Rs191.76 million as penalties for various regulatory violations during the year ended December 31, 2020.

    According to financial results released by the bank for the year ended December 31, 2020, the bank paid the amount of Rs191.76 million to the State Bank of Pakistan (SBP) as penalties for violation of various regulations.

    The payment of penalty increased registered a phenomenal growth in the year ended December 31, 2020 when compared with Rs46.07 million paid in the preceding year.

    The rise in penal amount showed the violation of regulatory provisions had increased during the year. The SBP imposes the penalty on banks for mainly violating Know Your Customer (KYC) and provisions related to anti money laundering laws.

  • Rupee gains four paisas against dollar

    Rupee gains four paisas against dollar

    KARACHI: The Pak Rupee made a gain of four paisas against the dollar on Friday despite demand for import and corporate payments on last trading of the week.

    The rupee ended at Rs157.12 to the dollar from previous day’s closing of Rs157.16 in the interbank foreign exchange market.

    Currency experts said that demand for the foreign currency was remained high due to upcoming two weekly holidays. However, inflows of workers’ remittances and export receipts helped the rupee to make gain.

    The export receipts have increased by 4.3 percent to $16.3 billion during first eight months (July – February) 2020/2021 as compared with $15.6 billion in the corresponding period of the last fiscal year, according to data released by Pakistan Bureau of Statistics (PBS) on Friday.

  • Habib Bank pays Rs320.79 million as penalties

    Habib Bank pays Rs320.79 million as penalties

    KARACHI: Habib Bank Limited (HBL) has paid an amount of Rs320.79 million as penalty for various regulatory violations during the year ended December 31, 2020.

    According to financial results released by the bank for the year ended December 31, 2020, the bank paid the amount of Rs320.79 million as penalties for violation of various regulations.

    However, the payment of penal amount reduced by 33 percent when compared with Rs480.56 million paid in the preceding year.

    According to details the bank paid an amount of Rs296 million against fine imposed by the State Bank of Pakistan (SBP) for the year ended December 31, 2020. The latest amount of monetary penalty has been reduced when compared with Rs476 million that was imposed by the SBP on the bank during the preceding year.

    The fall in penal amount shows the bank has strengthened inter controls related to know your customer (KYC) and transactions violating other regulatory provisions.

    The bank has also paid penal amount to the tune of Rs24.37 million as fine to other regulatory bodies during the year ended December 31, 2020 as compared with an amount of Rs3.9 million paid during the preceding year.

  • Standard Chartered Bank declares 18pc fall in annual profit

    Standard Chartered Bank declares 18pc fall in annual profit

    KARACHI: Standard Chartered Bank (Pakistan) has declared annual profit of Rs13.13 billion for the year ended December 31, 2020, which was reduced by 18 percent when compared with Rs16 billion in the preceding year.

    According to financial results shared with the Pakistan Stock Exchange (PSX) on Friday, the fall in annual profit may be attributed to significant increase in provisioning and write offs during the year.

    The provisioning and write offs of the banks increased to Rs4.9 billion for the year ended December 31, 2020 when compared with Rs16.81 million in the preceding year.

    According to the financial results of the bank, an amount of Rs4.77 billion was cost under the head of provision against loans and advances for the year ended December 31, 2020.

    Net Interest Income of the bank slightly increased to Rs28.14 billion for the year under review as compared with Rs27.78 billion in the preceding fiscal year.

    Total income of the bank during the year also posted nominal growth to Rs40.93 billion when compared with Rs39 billion in the preceding year.

    Total expenses of the bank also increased slightly to Rs12.38 billion for the year ended December 31, 2020 when compared with Rs27.18 billion in the preceding year.

    The bank paid Rs10.48 billion as tax for the year ended December 31, 2020 as compared with Rs11.18 billion in the preceding year.

    Earnings per share of the bank fell to Rs3.39 as compared with EPS of Rs4.14 in the last year.

  • 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