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.
KARACHI: The Pak Rupee made gain of 28 paisas against the dollar on Wednesday after positive sentiments prevailed on upcoming transfers of $500 million from the International Monetary Fund (IMF).
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KARACHI: Habib Bank Limited on Wednesday declared 100 percent growth in net profit for the year ended December 31, 2020.
The bank recorded after tax profit of Rs31 billion for the year 2020 as compared with Rs15.5 billion in the preceding year.
The healthy annual profit can be attributed to gain on securities of Rs7 billion in the year 2020 as compared with loss in securities of Rs2.65 billion in the preceding year.
Banking experts said that high participation of banks in market treasury bills and Pakistan Investment Bonds resulted in significant yields in profits.
According to the financial results the net mark-up and interest income of the banks increased to Rs130 billion during the year under review as compared with Rs101 billion in the preceding year.
Total income of the banks increased to Rs160 billion for the year 2020 as compared with Rs125.5 billion in the preceding year.
Operating expenses of the banks was at Rs94 billion for the year 2020 as compared with Rs92.23 billion in the preceding year.
The bank declared earnings per share increased to Rs21.06 for the year 2020 as compared with Rs10.45 in the preceding year.
A final cash dividend for the year ended December 31, 2020 at Rs3 per share i.e. 30 percent. This is in addition to interim dividends already paid at Rs1.25 per share i.e. 12.5 percent.
KARACHI: Allied Bank Limited on Wednesday announced 28 percent growth in net profit for the year ended December 31, 2020.
The bank recorded after tax profit of Rs18.03 billion for the year 2020 as compared with Rs14.11 billion in the preceding year.
The healthy annual profit can be attributed to gain on securities of Rs3.42 billion in the year 2020 as compared with Rs1.58 billion in the preceding year.
Banking experts said that high participation of banks in market treasury bills and Pakistan Investment Bonds resulted in significant yields in profits.
According to the financial results the net mark-up and interest income of the banks increased to Rs48.42 billion during the year under review as compared with Rs42 billion in the preceding year.
Total income of the banks increased to Rs61 billion for the year 2020 as compared with Rs52.7 billion in the preceding year.
Operating expenses of the banks was at Rs29.87 billion for the year 2020 as compared with Rs28.55 billion in the preceding year.
The bank declared earnings per share increased to Rs15.75 for the year 2020 as compared with Rs12.32 in the preceding year.
A final cash dividend for the year ended December 31, 2020 at Rs6 per share i.e. 60 percent. This is in addition to interim dividends already paid at Rs2 per share i.e. 20 percent.
KARACHI: The Pak Rupee fell by 27 paisas against the dollar on Tuesday owing to demand for import and corporate payments.
The rupee ended Rs159.54 to the dollar from previous day’s closing of Rs159.27 in the interbank foreign exchange market.
Currency dealers said that the local currency was under pressure because of oil import bill as international oil prices were increasing.
The dealers said that normalcy returned in the global economies following the launch of coronavirus vaccine.
The Pakistani Rupee experienced a depreciation of 45 paisas against the US Dollar on Monday, ending the day at Rs159.27 in the interbank foreign exchange market. This decline comes after a period of consecutive gains, attributed to heightened demand for import and corporate payments.
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KARACHI: The State Bank of Pakistan (SBP) on Monday eased condition for availing loan for housing loan by allowing personal guarantee.
The SBP said that currently applicants face difficulties in obtaining housing finance, especially for low cost housing, as banks are reluctant to take the risk of the house not being completed or documentation completion.
The completion of housing unit and mortgage creation takes time. In order to address this issue for applicants and banks, the SBP has allowed acceptance of a third party guarantee for this period up to a maximum of one year.
With the aim to facilitate the banks in extending low cost housing finance, SBP has allowed them to accept personal guarantee of third party until the housing unit is completed and the mortgage is perfected.
The guarantee will remain valid for a maximum period of one year. This step will help promote home ownership of potential borrowers wishing to avail housing finance under Government Markup Subsidy Scheme issued by State Bank of Pakistan on October 12, 2020.
Third party guarantee will cover the period from the disbursement of loan to the time when construction is completed and risk coverage becomes available by Pakistan Mortgage Refinance Company. Acceptance of third party personal guarantee will provide additional comfort to banks for extending low cost housing finance, an area in which banks have keen interest for its business potential.
It is expected that with this move, banks will increase their efforts to ensure that the benefits of the markup subsidy scheme reach marginalized segments of the society who currently do not own a house.
KARACHI: The remittances sent by the overseas Pakistani workers posted 24 percent growth during the first seven months of the current fiscal year as the inflows of remittances exceeded over $2 billion for eight consecutive months, State Bank of Pakistan (SBP) said on Monday.
The overseas Pakistani workers have sent $16.47 billion during July – January of fiscal year 2020/2021 as compared with $13.28 billion in the corresponding period of the last fiscal year.
The SBP said that workers’ remittances had exceeded $2 billion for the eighth consecutive months in January 2021.
The inflows of workers remittances posted growth of 19.50 percent to $2.27 billion in January 2021 as compared with $1.9 billion in the same month of the last year. However, remittances were lower from the December 2020 level of $2.4 billion.
A large part of workers’ remittances during July-January 2020/2021 was sourced from Saudi Arabia ($4.5 billion), United Arab Emirates ($3.4 billion), United Kingdom ($2.2 billion) and United States ($1.4 billion).
This sustained increase in workers’ remittances largely reflects growing use of banking channels that is attributed to continuous efforts by the government and SBP to attract inflows through official channels, limited cross border travel amid the second wave of COVID-19 and flexible exchange rate regime.
KARACHI: The Pak Rupee appreciated for six consecutive trading days against the dollar on Friday owing to improved inflows of export receipts and workers’ remittances.
The rupee gained 25 paisas to end at Rs158.82 to the dollar from previous day’s closing of Rs159.07 in the interbank foreign exchange market.
The appreciation in the rupee value has been continued for the last six consecutive days. The rupee gained around Rs1.36 against the dollar after closing at Rs160.18 on February 03, 2021.
Currency experts said that improved inflows of export receipts and workers’ remittances helped the rupee to make gain against the foreign currency.
Pakistan’s exports have crossed over $2 billion for the fourth consecutive months in January 2021 for the first time in last eight years, a official statement said.
KARACHI: The Pak Rupee strengthened against the dollar for five consecutive trading days on Thursday owing to improved inflows of export receipts and workers’ remittances.
The rupee made gain of 24 paisas to close at Rs159.07 to the dollar on Thursday from previous day’s closing of Rs159.31 in the interbank foreign exchange market.
The rupee was at Rs160.18 to the dollar on February 03, 2021. However, since last five trading days the rupee gained value of Rs1.11 against the dollar.
Currency experts said that improved inflows of export receipts and workers’ remittances helped the rupee to make gain against the foreign currency.
KARACHI: 1Link Pvt Limited on Wednesday said that charges imposed on ATM transactions only on physical receipts. However, electronic information of transactions is remained free of cost.
1LINK is Pakistan’s first fully licensed PSO/PSP, largest payment and switch system, committed to administer and evolve a strong e-payment network in the country.
The 1Link in response to various queries being initiated regarding ATM transactions receipts, said that it was an optional service where banks customers were getting a choice to opt for a physical receipt charged at Rs2.50, or to get a free of cost intimation through SMS.
“This initiative is part of a ‘Go-Green’ exercise to reduce litter and lower the cost of printed receipts, which are usually discarded immediately,” it said in a statement.
In addition, sensitive customer information is left for others to peruse, it added.
“The State Bank of Pakistan (SBP) has not mandated this and has entirely left the customer to choose a charged receipt or get free electronic confirmation,” it said.
The 1Link said the guidelines governing this are:
1. Customer must be informed about charged receipt at the time of transaction.
2. Bank has registered mobile number of the customer.
3. The customer has free SMS facility.
4. Assure that an SMS is pushed to the customer’s registered mobile number with details such as transaction amount and remaining balance.
The company said that charged receipts on balance inquiry and ATM receipts have been ongoing since quite a while, and customers have full liberty to decline a receipt without incurring any extra cost.