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Category: Corporate

  • Hyundai announces second quarter financial results

    Hyundai announces second quarter financial results

    SEOUL, South Korea: Hyundai Motor Company on Thursday announced its financial results for Q2 (second quarter) of 2022.

    The company’s revenue and operating profit from April to June rose 18.7 percent and 58 percent year-over-year to KRW 36 trillion and 2.98 trillion, respectively. 

    READ MORE: Honda unveils all-new Civic Type R

    During the three-month period, Hyundai Motor posted operating profit margin of 8.3 percent, and net profit, including non-controlling interest, increased 55.6 percent to KRW 3.08 trillion.

    Hyundai sold 976,350 units around the globe in the second quarter, a 5.3 percent decrease from the year earlier. Sales in markets outside of Korea were down by 4.4 percent to 794,052 units, and sales in Korea decreased 9.2 percent to 182,298 units. The decrease in sales volume mainly stemmed from the ongoing global chip and component shortage and geopolitical issues.

    READ MORE: Pakistan reintroduces capital value tax on motor vehicles

    A robust sales mix of SUV and Genesis luxury models, reduced incentives from a lower level of inventory, and a favorable foreign exchange environment helped lift revenue in the second quarter, despite the slowdown in sales volume amid an adverse economic environment.

    Hyundai’s EV model sales surged 49 percent from a year earlier to 53,126 units in the second quarter, accounting for 5.4 percent of its total sales volume. 

    The company maintains its financial guidance that was set in January for 13~14 percent of consolidated revenue growth and 5.5~6.5 percent annual consolidated operating profit margin.

    Hyundai Motor’s board today approved a plan to pay an interim dividend of KRW 1,000 per common share.

    READ MORE: Chevrolet unveils all-electric 2024 Blazer EV

    Hyundai to optimize business operations with electrification leadership around the world

    Hyundai Motor expects a gradual recovery from the global chip and component shortage. However, the company also anticipates external uncertainties to continue, including the supply chain disruption caused by the resurgence of a COVID-19 variant and fluctuation in raw material costs due to geopolitical issues.

    In addition, the company expects currency rate volatility as well as increasing marketing costs due to fiercer competition among automakers as a burden for the rest of this year.

    In order to cope with the uncertainties, the company will focus on the recovery of sales through an optimized production-sales plan in global operations that will enhance its product mix with SUVs and luxury models to secure robust profitability.

    In addition, Hyundai will continue to strengthen its global leadership position in electric vehicles with its new IONIQ 6 battery electric vehicle, which will launch in the third quarter.

  • NITL declares dividends for funds in FY22

    NITL declares dividends for funds in FY22

    KARACHI: National Investment Trust Limited (NITL) on Wednesday declared annual results for its funds under management for the fiscal year 2022.

    NITL has distributed total dividend of over Rs4.77 billion for the year FY22 representing an impressive 73 per cent growth over previous year.

    Adnan Afridi MD NITL said that, all of the fixed income and money market Funds performed well and have generated competitive returns during the year. However, due to the economic and political uncertainties overall stock market (KSE – 100 index) declined by 12 per cent in FY22, similarly our equity funds performed in line with the market.

    He further added, in pursuance of our objective to offer diversification to our unit holders through innovative products, NITL launched NIT Social Impact Fund (NIT – SIF) and NIT Islamic Money Market Fund (NIT- IMMF) in FY22.

    NIT Social Impact Fund (NIT – SIF) is an open-end Micro Finance Sector specific Income Fund that shall channelize funds for financial returns and sustainable social impact. NIT Islamic Money Market Fund would provide competitive return by primarily investing in low risk and highly liquid Shariah Compliant Money Market & Debt Instruments.

    He further said NITL is in process of launching NIT Pakistan Technology ETF which will be the first ever IT Sector ETF in Pakistan. During the year 2021-22 NITL has maintained the highest asset manager rating of AM1 by accredited rating agencies, PACRA and VIS Credit Rating Co. Ltd.  This is the top-quality asset management rating for asset management companies.

    Adnan Afridi hoped that the unit holders would continue to invest in trust and allow NITL management to manage their portfolios.

    NI(U)T Fund:

    Despite challenging macroeconomic and market conditions, NIT has maintained its 59 years history of consistently paying dividends and declared a cash dividend of Rs2.44 per unit for unit holders of NI(U)T Fund against the dividend of Rs1.61 last year i.e. an increase of 51.56 per cent from last year. The payment of dividend at Rs2.44 per unit translates to a payout of Rs2.00 billion among its unit holders.

    NIT Money Market Fund (NIT MMF):

    During FY22, NITL paid cumulative per unit cash dividend of Rs0.9789 for unit holders of NIT Money Market Fund in the form of twelve interim payouts. 

    During the year under review, the Fund yielded an annualized return of 10.79 per cent p.a. compared to the benchmark return of 9.28 per cent p.a., an outperformance by 1.51 per cent. During FY22 net assets of NIT Money Market Fund grew by almost 51 per cent to Rs18, 592 million as of 30th June 2022 as compared to Rs12, 302 million as of 30th June 2021.

    NIT Islamic Money Market Fund (NIT IMMF):

    Since its launch on September 23, 2021 till 30th June 2022, NITL paid cumulative per unit cash dividend of Rs7.3553 for unit holders of NIT Islamic Money Market Fund in the form of interim payouts. 

    During the year under review, the Fund yielded an annualized return of 10.23 per cent p.a. compared to the benchmark return of 3.78 per cent p.a. an outperformance by 6.45 per cent. Net assets of NIT Islamic Money Market Fund stood at Rs2, 603 million as of 30th June 2022.

    NIT Islamic Income Fund (NIT- IIF):

    NIT has declared a per unit cash dividend of Rs0.8374 for unit holders of NIT Islamic Income Fund for the year ended on 30th June 2022. During FY22, the Fund generated an annualized return of 9.67 per cent p.a. compared to the benchmark return of 3.34 per cent p.a. hence posted a significant outperformance of 6.33 per cent. As of 30th June 2022, the net assets of the Fund stood at Rs830 million.

    NIT Income Fund (NIT-IF):

    NIT has declared a cash dividend of Rs1.0339 per unit for unit holders of NIT Income Fund for the year ended on 30th June 2022. During FY22, NIT-IF yielded an annualized return of 10.64 per cent p.a. The net assets of the fund stood at Rs3, 716 million as of June 2022.

    NIT Government Bond Fund (NIT-GBF):

    NIT has declared a per unit cash dividend of Rs0.8753 for unit holders of NIT GBF for the year ended on 30th June 2022. During FY22, NIT GBF yielded an annualized return of 9.32 per cent p.a. The net assets of the fund stood at Rs3, 008 million as of June 2022.

    NIT – Equity Market Opportunity Fund (NIT-EMOF)

    NIT has declared a per unit cash dividend of Rs10.00 for unit holders of NIT Equity Market Opportunity Fund for the year ended on 30th June 2022. During FY22, the Net Asset of the Fund stood at Rs6, 818 million as of 30th June 2022.

    NIT – Islamic Equity Fund (NIT-IEF)

    NIT has declared a per unit cash dividend of Rs0.35 for unit holders of NIT Islamic Equity Fund for the year ended on 30th June 2022. During FY22, the net assets of the fund stood at Rs2, 574 million.

    NIT-State Enterprise Fund (NIT-SEF)

    NIT has declared a cash dividend of Rs0.64 per unit for unit holders of NIT-State Enterprise Fund for the year ended on June 30, 2022. The net assets of the fund stood at Rs1, 257 million as on June 30, 2022.

    NIT-Social Impact Fund (NIT-SIF)

    NIT has declared a cash dividend of Rs0.1615 per unit for unit holders of NIT-Social Impact Fund for the year ended on June 30, 2022. During FY22, NIT-SIF yielded an annualized return of 14.93 per cent p.a. The net assets of the fund stood at Rs735.22 million as on June 30, 2022.

  • Engro Polymer collaborates for industry-academia linkage program  

    Engro Polymer collaborates for industry-academia linkage program  

    KARACHI: Engro Polymer & Chemicals (EPCL), a subsidiary of Engro Corporation, signed a partnership on Wednesday, to understand (MoU) with the University of Engineering & Technology (UET), Lahore, to strengthen industry-academia linkage through cooperation in research and innovation along with professional development opportunities for students.

    The MoU was signed by Jahangir Piracha, CEO of EPCL and Professor Dr. Syed Mansoor Sarwar, Vice Chancellor at UET Lahore, in the presence of officials of both institutions, and Pakistan Chemical Manufacturers Association representatives Haroon Ali Khan, Vice Chairman and Abrar Ahmed, Vice President.

    READ MORE: ITMinds, Pak Qater enter into outsourcing arrangement

    Under the agreement, EPCL and UET will jointly undertake research and development initiatives at the well-equipped testing facilities of the institute’s Polymer & Process engineering faculty. This partnership will enable quantitative advancements to EPCL’s PVC production process and the Quality function.

    It will also enhance the knowledge base and availability of technical experts for EPCL’s Techno-Commercial functions. Using these facilities, EPCL may also provide technical and management consultancy and advisory services to PVC finished goods manufacturers for optimized performance and innovative solutions.

    READ MORE: SECP’s company registration goes up to 169,919 till May 2022

    For capability enhancement of UET students and faculty, EPCL will also assist students with pragmatic final year projects, will collaborate with the UET to develop and improve its curriculum, including subject matter specific to polymer industries, to ensure its alignment with the industry needs.

    Jahangir Piracha, CEO of EPCL said, “We are continuously striving to introduce new market development and awareness initiatives that enhance sustainability in the construction sector. This strategic alliance with the UET has been envisioned to promote research and development in Pakistan so that the polymer sector can evolve with innovation. Moreover, we aspire to enhance the skills of our talented youth, support their learning and development, and make them more marketable for the industry.”

    READ MORE: Honda Cars declares 40% surge in annual profit

    Syed Mansoor Sarwar, Vice Chancellor at UET Lahore added that, “The students and faculty of UET are very excited about this partnership with EPCL. With our focus on research at the UET, I am confident that the industry will also benefit from our modern testing labs to support new product development. I hope that other players in the chemical industry also step up their efforts to bridge the industry-academia gap in Pakistan.”

    As part of a Sustainable Development Initiative, the UET students will also be able to participate in EPCL’s community impact projects and gain valuable experience by solving real-world problems.

  • ITMinds, Pak Qater enter into outsourcing arrangement

    ITMinds, Pak Qater enter into outsourcing arrangement

    KARACHI: ITMinds Limited (ITMinds), a wholly owned subsidiary of Central Depository Company of Pakistan Limited (CDCPL), has entered into outsourcing arrangement with Pak Qatar Asset Management Company Limited (PQAMCL) AND Pak Qatar Family Takaful Limited (PQFTL) to provide Back Office Accounting Services to PQAMCL and PQFTL.

    The agreements were signed by Farhan Shaukat CEO-PQAMCL, Ahsan Qureshi CFO-PQFTL with Iqleem-uz-Zaman Khan CEO-ITMinds in the presence of Badiuddin Akber Director-ITMinds and CEO-CDCPL.

    Through this arrangement, ITMinds will facilitate PQAMCL and PQFTL in concentrating on their core business activities, i.e. managing investors’ money and savings, by relieving them from various non-core  critical back office functions like accounting services, Settlement of portfolios, Unit management related activities, Funds NAV calculation, Facilitation for Compliance/ Reporting, Information Security, Business Continuity and IT arrangements.

    Commenting on the occasion, Farhan Shaukat, CEO-PQAMCL, said that this arrangement will enable PQAMCL to concentrate on its core business of managing investors’ funds while outsourcing the back office functions to a Professional Fund Administrator. Also commenting on the occasion, Badiuddin Akber, Director ITMinds & CEO-CDCPL, said that the concept of outsourcing non-core critical business activities has proved to be efficient and cost-effective in today’s business world.

    Hence, we have commissioned ITMinds with this aim to enable AMCs and other organizations to outsource their back office functions to a competent and reliable BPO partner, thus facilitating them to augment the focus of their management on the core business which is more integral to their commercial success while achieving efficiency, scalability and transparency of processes.

    Iqleem-uz-Zaman Khan CEO-ITMinds highlighted that as of May 31, 2022, ITMinds has eight active clients leveraging economies of scale with ITMinds BPO services, while more clients are also in the pipeline.

    At the ceremony Waqas Ashraf, CFO- ITMinds and others senior members of the Companies were also present.

  • SECP’s company registration goes up to 169,919 till May 2022

    SECP’s company registration goes up to 169,919 till May 2022

    ISLAMABAD: The total number of company registered with the Securities and Exchange Commission of Pakistan (SECP) has increased to 169,919 up to May 30, 2022.

    The SECP registered 1,906 new companies in May 2022. This shows an increase of 19 per cent as compared to corresponding period last year.

    READ MORE: SECP, FBR integration brings 2,365 companies under tax net

    Total capitalization (paid-up-capital) with regard to newly incorporated companies for the current month stood at Rs3.5 billion.

    Foreign investment has been reported in 51 new companies from Afghanistan, Bangladesh, Canada, China, Germany, Italy, Korea South, Norway, Poland, Romania, Singapore, Sri Lanka, Thailand, the UK and the USA.

    In May, about 63 percent companies were registered as private limited companies, while 35 percent were registered as single member companies. Two percent were registered as public unlisted companies, not for profit associations, foreign companies and limited liability partnership (LLP).

    READ MORE: RDA: SECP exempts banks from obtaining license

    About 99.8 percent companies were registered online, while 195 foreign users were registered from overseas.

    The real estate development & construction sector took the lead with incorporation of 334, trading with 282, information technology with 260, services with 172, tourism with 69, education with 65, ecommerce with 64, food & beverages, and textile with 56 each, marketing & advertisement with 54, corporate agricultural farming with 43, transport with 42, engineering with 41, pharmaceutical with 40, healthcare, and chemical with 31 each, mining & quarrying with 26, auto & allied with 23, power generation with 22, logging with 21, cables and electric goods with 20, cosmetics & toiletries with 17, communication with 14, broadcasting & telecasting with 13, fuel & energy with 12, and 98 companies were registered in other sectors.

    READ MORE: SEC Pakistan amends regulations to facilitate startups

    As a result of integration of SECP with Federal Board of Revenue (FBR) and various provincial departments, 1,562 companies were registered with FBR for generation of National Tax Number (NTN), 41 companies with Emplyees Old-Age Benefit Institution EOBI, 22 companies with PESSI/SESSI, and 26 companies with Excise and Taxation department, simultaneously through the SECP portal interface.

    READ MORE: MoU signed for digital aggregation of insurance products

  • Agha Steel, Saima Group launch green housing structure project

    Agha Steel, Saima Group launch green housing structure project

    KARACHI: Agha Steel Industries Limited, a leading Steel manufacturing company has signed an agreement with Saima Group for exclusively providing Green Electric Arc Furnace Technology steel rebars to its first of a kind Eco-Friendly Green Housing Structure Project “Saima Premium Residency”.

    Saima Group is a name associated with quality and trust in the real estate planning and development sector of Pakistan, having successfully delivered many mega projects for both residential and commercial to its customers.

    Addressing the occasion Zeeshan Zaki, Chairman Saima Group said: “We are very excited to launch Saima Premium Residency as Pakistan’s first Eco-Friendly Green Housing Structure project that shall be built exclusively with the finest and most technologically advanced rebars supplied by Agha Steel. In accordance with our long term goal of transforming into an environmentally conscious organization, it is our aim to partner with firms that share our values to give sustainable developments for our future residents.”

    He further added: “We couldn’t have found a better partner than Agha Steel for providing Steel for this visionary project as they are the only company in Pakistan that provides 100% refined quality steel by using green steel technologies.”

    At the signing ceremony Hussain Agha, CEO Agha Steel, also expressed his view and noted: “We are delighted to be entering into this agreement with Saima Group for providing steel to Pakistan’s First Eco- Friendly Green Structure Project. This is a great initiative by Saima Group as the leaders of the industry must play a pivotal role to ensure a sustainable and greener future for our generations to come. This agreement is testament to our aligned visions and ambitions for a Greener Pakistan.”

    Agha Steel Industries led a Green Steel Revolution through sustainability of its energy mix by installing a 2.25 Megawatt solar power project and signing a term Sheet with Engro Energy for Renewable Energy. Agha also stated, “Our State of the art plant utilizes scrap-based Electric Arc Furnace (EAF) technology. By using recycled scrap for our raw material, we reduce the need for natural resources. Our CO2 Scope 1 green-house gas emissions and energy consumption intensities are approximately 7 times less than the global steel making average, making the Green Arc Furnace Technology environmentally friendly.”

  • Honda Cars declares 40% surge in annual profit

    Honda Cars declares 40% surge in annual profit

    KARACHI: Honda Atlas Cars (Pakistan) Limited announced a sharp growth in profit by 40 per cent to Rs2.51 billion for the year ended March 31, 2022.

    According to financial results submitted to Pakistan Stock Exchange (PSX) on Thursday, the annual profit after tax of the company was Rs1.79 billion in the preceding year.

    The sales of the company increased to Rs108 billion for the year ended March 31, 2022 as compared with Rs67.36 billion in the preceding year. Meanwhile, cost of sales recorded at Rs102.47 billion for the year under review as compared with Rs63.58 billion in the preceding year.

    READ MORE: Lucky Cement announces Rs26.53 billion 9M profit

    The gross profit of Honda Atlas Cars (Pakistan) Limited also recorded a sharp increase to Rs5.58 billion for the year ended March 31, 2022 as compared with 3.7 billion in the preceding year.

    A significant increase has been seen in administrative expenses for the year under review. The administrative expenses of the company increased to Rs1.06 billion for the year ended March 31, 2022 as compared with Rs824 million in the last year.

    READ MORE: BankIslami registers 34% profit after tax during 1Q22

    The company declared a final cash dividend Rs7 per share (70 per cent) was recommended for the year ended March 31, 2022 as compared with Rs4.52 per share (45.2 per cent) declared last year.

    Honda Cars has not declared any bonus or right shares for the year ended March 31, 2022.

    READ MORE: Pak Suzuki Motor declares Rs2.68 billion annual profit

  • GlaxoSmithKline rejects allegations

    GlaxoSmithKline rejects allegations

    KARACHI: GlaxoSmithKline (GSK) Consumer Healthcare Pakistan Limited has rejected allegations and said consumer health is its top priority.

    In a communication sent to Pakistan Stock Exchange (PSX) on May 20, 2022, the company said about the allegations made by the Young Pharmacists Association against DRAP, GSK and various other organisations etc. While we see no basis for these allegations, we take all concerns seriously and where appropriate, we will take the required actions. Consumer’s safety is and has always been our utmost priority.

    READ MORE: K-Electric, Siemens sign deal for KKI Grid construction

    Paracetamol is the active ingredient in popular pain relief medicines such as Panadol and is widely available in various strengths and formulations for children and adults.

    Numerous studies show that paracetamol is a suitable and effective treatment for the whole family when used as directed. Panadol has been on the market for over 60 years, and it has become a trusted pain relief brand and household name for millions of families around the world, including in Pakistan.

    READ MORE: MCB Bank finalizing Easypaisa acquisition

    Panadol Extend (665 mg modified-release paracetamol) offers clinically proven treatment option for acute or chronic pain, with less frequent dosing and up to eight hours’ pain relief. It is available in countries globally, including countries in Europe (such as Denmark and Finland) and in New Zealand and Australia.

    Our key priority is to serve our consumers and we’re committed to deliver and make our products available to consumers who depend on them. Following an increase in demand for Panadol we have immediately responded with increased production and supply remains strong from our factories.

    READ MORE: Pak Kuwait Investment, Enertech sign $750 million pact

    At GSK Consumer Healthcare, consumer safety is our number one priority, and we strive to ensure safe and appropriate use of our products. Accordingly, as the matter remains sub judice, we would refrain from commenting any further, however we undertake to inform you of any subsequent material developments.

  • K-Electric, Siemens sign deal for KKI Grid construction

    K-Electric, Siemens sign deal for KKI Grid construction

    KARACHI: K-Electric has awarded the EPC contract for the construction of 500/220 kV KANUPP – K-Electric Interconnection (KKI) Grid to Siemens (Pakistan) Engineering Company Limited, according to a statement issued on Tuesday.

    The signing ceremony between Siemens and K-Electric was held at KE’s Head Office. KKI Grid will be the addition of fourth interconnection in KE’s network following the existing NKI and KDA Grids and the upcoming Dhabeji Interconnection.

    The estimated value of the EPC contract is around $84 million. KE had also entered into agreement in February 2022 for the construction of a 220 kV double circuit transmission line for evacuation of power from the KKI Grid.

    The KKI Interconnection, will enable KE to off-take 500 to 800 megawatts (MW) of electricity from the National Grid from summer of 2024 (evacuation capacity of KKI Grid is more than 1000 MVA). Additionally, the infrastructure enhancement will improve system stability and reliability for consumers.

    As per NEPRA’s State of Industry Report 2021, KE registered a sales growth of 25 per cent among its industrial consumers in 2021, almost 11 percentage points higher than the rest of the country. Coupled with sustained investment of over Rs430 billion since privatization, Karachi’s appetite for energy is increasing at a rapid pace.

    Cognizant of the present and evolving demands, KE has been working actively with the Government of Pakistan and especially the Ministry of Energy under the guidance of NEPRA to bolster its infrastructure to enable Karachi to receive additional power from the National Grid.

    Speaking about the occasion, Chief Generation and Transmission Officer KE, Abbas Husain stated: “KE is fully committed towards supporting Karachi’s energy ambitions. We are not only working with multiple stakeholders to cater the current demand, but also continue to innovate our services to cater the growth.

    “We are grateful to the Federal Government, Ministry of Energy, and our regulator NEPRA for their continued patronage and support. This spirit of collaboration and consensus is integral to the sustainability of Pakistan’s economic and strategic hub.”

    CEO & MD Siemens Pakistan, Markus Strohmeier also expressed his happiness, stating, “This project is another significant step to strengthen Karachi’s development as modern industrial and economic metropolis.

    “Through KKI Interconnect, we are increasing and securing stable access to electricity for the greater society, who’s future is built on reliable energy supply.”

    KE has also achieved the first fire on the first unit of its flagship RLNG-based 900 MW Bin Qasim Power Station 3 (BQPS-III). Upon commissioning, this landmark project will significantly increase KE’s generation capacity while also enhancing efficiency of KE’s generation fleet.

    The plant is utilizing the latest in turbine technology and is anticipated to be among the top five most efficient generation units in the country upon completion.

    Looking to the future, KE is also aligned with the Federal Government’s vision to increase the share of renewable energy into its generation mix with a planned addition of almost 1,100 MW of green energy by 2030 subject to required approvals.

  • MCB Bank finalizing Easypaisa acquisition

    MCB Bank finalizing Easypaisa acquisition

    KARACHI: MCB Bank is in final stage for making decision regarding acquisition of Easypaisa, top management of the bank said on Tuesday.

    “The bank is in final stages of making a decision on potential Easypaisa acquisition and the announcement in this regard will be made shortly,” the management told at analyst briefing.

    Management indicated that it is likely that bank will maintain dividend payout ratio whether the acquisition goes through or not.

    MCB Bank conducted its 1Q2022 analyst briefing today where management discussed financial performance and future outlook of the bank.

    With rising differential between kibor and policy rates, a 100-150 basis points increase in policy rate in upcoming monetary policy is likely as per management.

    A significant chunk of government securities will reprise in 2Q2022 however reprising of advances will continue till 3Q2022 which will continue to support Net Interest Margins (NIMs) of the bank.

    MCB remains very selective in its lending policy and it does not see any major uptick in Non Performing loans (NPLs) despite high kibor rate of ~15 per cent. Consumer loans contribute around 6 per cent to the total loan book of the bank.

    Current Account Deposit as percentage of total deposits for the bank clocked in at 43 per cent in March 2022 against 40 per cent in December 2021. Rising current accounts (zero cost deposits) will continue to support Net Interest Income (NII) of the bank going forward.

    Duration on fixed rate PIBs is close to 3 years where the average yield on such bond is around 10.5 per cent.

    Management do not expect any significant impact on bank earnings due to falling Pakistan Eurobond prices as the bank test the instruments for impairment if the value is down by 30 per cent or above.

    Exposure in US$ Sri Lankan bonds was gradually phased out by the bank hence no impact of the bond default is anticipated.

    The entire banking industry is witnessing strong growth in foreign exchange income led by volatility in exchange rate.

    MCB reported 1Q2022 earnings of Rs7.7/share, up 29 per cent YoY led by rise in Net Interest Income (NII) which was up 19 per cent to Rs19bn. Non-interest income of the bank increased by 18 per cent YoY to Rs5.9bn in 1Q2022 also supporting profitability of the bank.  

    MCB remains one of the leading commercial banks in Pakistan with 1,426 Domestic Branches across Pakistan, over 8.2 million customer accounts, 7 per cent share in industry deposits, and 2nd largest market capitalization.