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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 falls by three paisas against dollar on corporate demand

    Rupee falls by three paisas against dollar on corporate demand

    KARACHI: The Pak Rupee fell by three paisas against dollar on Wednesday owing to demand from import and corporate buyers.

    The rupee ended Rs154.26 to the dollar from previous day’s closing of Rs154.23 in interbank foreign exchange market.

    The currency dealers said that dollar demand was higher because corporate buyers were active during the day. They said that many foreign corporate entities repatriate their incomes in shape of profit and dividends during results season.

    They said that importers were also seen active to purchase dollars for import payment for placing orders for commodities ahead of the holy month of Ramaza.

    The exchange rate in open market witnessed no change in rupee value. The buying and selling of dollar was recorded at Rs154.10/Rs154.40, the same previous day’s closing, in cash ready market.

  • UBL declares 26% growth in annual profit

    UBL declares 26% growth in annual profit

    KARACHI: United Bank Limited has declared 26 percent growth in annual profit for calendar year 2019 owing to significant increase in net mark-up income.

    According to financial results for calendar year 2019 released on Wednesday, the bank declared Rs19.13 billion after tax profit as compared with Rs15.22 billion profit in the preceding year.

    The bank also announced Rs15.63 as earning per share for the year as compared with EPS of 12.44 declared in the last year.

    The interest income of the bank registered 36 percent increase to Rs153.67 billion in calendar year 2019 as compared with Rs113.9 billion in the preceding year.

    However, total non-markup come at Rs61.77 billion in 2019 as compared with Rs56.23 billion in the last year.

    Total income of the bank after including non-mark up income rose to Rs83.45 billion in 2019 as compared with Rs81.25 billion in the preceding year.

    Operating expenses of the bank have increased to Rs40.21 billion in 2019 as compared with Rs38.82 billion in preceding year.

    The bank contributed income tax to the tune of Rs15.1 billion in the calendar year 2019 as compared with Rs9.74 billion in the preceding year.

  • Rupee gains five paisas against dollar on inflows

    Rupee gains five paisas against dollar on inflows

    KARACHI: The Pak Rupee gained five paisas against dollar on Tuesday as market witnessed mixed trend during the day.

    The rupee ended Rs154.23 to the dollar from previous day’s closing of Rs154.28 in interbank foreign exchange market.

    Currency dealers said that the market witnessed depreciation of rupee earlier in the day owing to demand from importers and corporate buyers.

    However, inflows of export earnings and remittances helped the rupee to gain the value.

    The foreign currency market initiated in the range of Rs154.35 and Rs154.38. The market recorded day high of Rs154.35 and low of Rs154.18 and closed at Rs154.23.

    The exchange rate in open market also witnessed depreciation in the rupee value. The buying and selling of the dollar was recorded at Rs154.10/Rs154.40 from previous day’s closing of Rs154.00/Rs154.30 in cash ready market.

  • SBP imposes penalty of Rs12.8 million on HBL

    SBP imposes penalty of Rs12.8 million on HBL

    KARACHI: State Bank of Pakistan (SBP) has imposed monetary penalty of Rs12.8 million on Habib Bank Limited (HBL) for procedural violations in the area of Customers Due Diligence (CDD) and Know Your Customer (KYC).

    The SBP on Tuesday said that it had imposed monetary penalty on HBL under significant enforcement actions during January 2020.

    The central bank directed HBL to improve the areas of CDD and KYC.

    The SBP imposed Rs219.138 million as penalty on five banks during the month of December 2019 for violating mainly regulations related to foreign trade operations, Customers Due Diligence (CDD) and Know Your Customer (KYC).

    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

    With the latest penal action the total amount of penalty during first seven months (July – January) 2019/2020 increased to Rs1,581.8 million.

  • Rupee ends down by 11 paisas against dollar

    Rupee ends down by 11 paisas against dollar

    KARACHI: The Pak Rupee ended down by 11 paisas against dollar on Monday owing to demand from importers and corporate buyers.

    The rupee ended Rs154.28 to the dollar from last Friday’s closing of Rs154.17 in interbank foreign exchange market.

    The currency dealers said that the market witnessed higher demand for dollars after opening two weekly holidays.

    The foreign currency market was initiated in the range of Rs154.28 and Rs154.34. The market recorded day high of Rs154.29 and low of Rs154.16 and closed at Rs154.28.

    The exchange rate in open market witnessed appreciation in the rupee value. The buying and selling of the dollar recorded at Rs154.00/Rs154.30 from last Friday’s closing of Rs154.20/Rs154.50 in cash ready market.

  • HBL to complete New York branch closure by March 31

    HBL to complete New York branch closure by March 31

    KARACHI: Habib Bank Limited (HBL) on Monday said that it will complete the closure of its New York Branch by March 31, 2020 in coordination with the New York State banking regulators.

    In information shared with the Pakistan Stock Exchange (PSX), the bank said that upon such closure HBL will no longer operate any bank branch in the United States.

    The bank said that it wishes to thank the State Bank of Pakistan (SBP), the New York State Department of Financial Services, and the Federal Reserve Bank of New York for their consistent support and cooperation through the process of winding down and closing the New York Branch.

    HBL remains committed to engaging in progressive banking practices while ensuring compliance with all international and local laws and regulations across its network, the bank said.

  • Rupee gains 21 paisas against dollar on improved economic indicators

    Rupee gains 21 paisas against dollar on improved economic indicators

    KARACHI: The Pak Rupee made a substantial gain of 21 paisas on Friday against dollar owing to improved economic indicators and increase in foreign exchange reserves.

    The rupee ended at Rs154.17 to the dollar as compared with previous day’s closing of Rs154.38 in interbank foreign exchange market.

    Currency dealers said that improved numbers of foreign inflows helped the rupee to make gain.

    Pakistan’s liquid foreign exchange reserves have increased by $91 million to $18.735 billion by week ended February 07, 2020, State Bank of Pakistan (SBP) said a day earlier.

    The foreign exchange reserves were at $18.644 billion by week ended January 31, 2020.

    The foreign exchange reserves of the central bank increased by $157 million to $12.431 billion by week ended February 07, 2020 as compared with $12.274 billion a week ago.

    However, the foreign exchange reserves held by commercial banks fell by $66 million to $6.304 billion by week ended February 07, 2020 as compared with $6.37 billion a week ago.

    The foreign currency market was initiated in the range of Rs154.32 and Rs154.38. The market recorded day high of Rs154.37 and low of Rs154.15 and closed at Rs154.38.

    The exchange rate in open market was remained unchanged. The buying and selling of the dollar was recorded at Rs154.20/Rs154.50, same previous day’s closing, in cash ready market.

  • Bank Alfalah declares 19.58% increase in annual profit

    Bank Alfalah declares 19.58% increase in annual profit

    KARACHI: Bank Alfalah Limited has reported a significant 19.58 percent increase in its annual profit for the calendar year 2019, driven by a substantial rise in mark-up income. According to the financial results released on Friday, the bank declared an after-tax profit of PKR 12.7 billion, compared to PKR 10.62 billion in the preceding year.

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  • Bank Alfalah CEO resigns

    Bank Alfalah CEO resigns

    KARACHI: Nauman Ansari has resigned from the post of Chief Executive Officer (CEO) and a director of Bank Alfalah Limited, a statement said on Friday.

    According to a notification submitted by the bank to Pakistan Stock Exchange (PSX) that Nauman Ansari, CEO Bank Alfalah Limited had tendered his resignation as a director and CEO of the bank due to personal reasons.

    “The board of directors of the bank in its meeting held on February 13, 2020 has resolved to accept the resignation of Nauman Ansari.”

    The vacancy of the post of CEO will be filled by the board of directors in due course, after completing all legal and regulatory formalities.

    “Until that time Nauman Ansari will continue performing his role as President/CEO of the bank,” it said.

  • Rupee ends flat in range bound trading

    Rupee ends flat in range bound trading

    KARACHI: The Pak Rupee ended flat against dollar on Thursday owing to a range bound trading activity, dealers said.

    The rupee ended 154.38 to the dollar from previous day’s closing of Rs154.37 in interbank foreign exchange market.

    The dealers said that the market witnessed lackluster demand for dollars from importers and corporate buyers. Further, the inflows of export receipts and workers’ remittances were not sufficient to help the rupee to make gain.

    The foreign currency market was initiated in the range of Rs154.38 and Rs154.42. The market recorded day high of Rs154.40 and low of Rs154.38 and closed at the same level.

    The exchange rate in open market was remained unchanged. The buying and selling of the dollar was recorded at Rs154.20/Rs154.50, the same previous day’s closing, in cash ready market.