banks Archives - Page 3 of 4

Pakistani Banks Set to Record Strong Profits, Fueled by Higher Interest Rates

July 17, 2023July 17, 2023Faisal Shahnawaz

Karachi, July 17, 2023 – According to industry analysts, Pakistani banks are poised to achieve substantial profits in the first half of the year ending June 30, 2023, primarily driven by higher interest rates.

Federal Tax Ombudsman Directs FBR to Conduct Audit of Banks for Withholding Tax Compliance

June 22, 2023July 2, 2024Mrs. Anjum Shahnawaz

Islamabad, June 22, 2023: The Federal Tax Ombudsman (FTO) has directed the Federal Board of Revenue (FBR) to regularly conduct audit of banks to check compliance with the withholding tax provisions.

Slow economic growth puts Pakistan’s banking sector at risk of NPLs

April 17, 2023April 17, 2023Faisal Shahnawaz

KARACHI: Pakistan’s banking sector is facing a threat from non-performing loans (NPLs) due to slow economic growth, according to analysts at KTrade Research.

Bank ABC partners with Temenos, NdcTech to replace core banking system

March 22, 2023March 22, 2023Hamza Shahnawaz

Bank ABC, one of MENA’s leading international banks, has signed agreements with Temenos and NdcTech to replace its core banking systems for its retail, corporate and wholesale businesses

Pakistani banks get tax relief amid record high interest rates

March 6, 2023March 6, 2023Faisal Shahnawaz

KARACHI: Pakistani government has granted tax relief to commercial banks despite the banks are making huge profits in the wake of record high interest rates.

High tax may erode banks’ earnings up to 20%

June 14, 2022June 14, 2022Hamza Shahnawaz

KARACHI: The proposed corporate tax rate for banks may erode earnings of the sector by up to 20 per cent on annual basis. The government presented federal budget on June 10, 2022 and proposed enhancement in tax rates for banking companies. READ MORE: Pakistan slaps 45% corporate tax on banks The government announced various taxation […]

Pakistan banks register record profit in 1Q2022

May 12, 2022May 12, 2022Faisal Shahnawaz

KARACHI: Pakistan banks have posted a record profit of Rs81 billion during first quarter of the calendar year 2022, analysts said at Topline Securities. The profitability of the listed banks surged by 28 per cent on year on year (YoY) basis and 19 per cent on Quarter on Quarter (QoQ) basis. READ MORE: MCB Bank […]

Banks provide information of deposits, withdrawals

September 12, 2021September 12, 2021Faisal Shahnawaz

Section 165A of Income Tax Ordinance, 2001 has made it mandatory for banks to provide details of cash deposits and cash withdrawals to the tax authorities. The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, 2001 updated up to June 30, 2021. The Ordinance incorporated amendments brought through Finance Act, 2021. Following is the text […]

Corporate, super tax rates should be aligned for banks

May 17, 2020May 17, 2020Mrs. Anjum Shahnawaz

KARACHI: Federal Board of Revenue (FBR) has been proposed to bring down the corporate tax rate for banks at par with other corporate sector and also treatment of super tax for banking companies aligned with other taxpayers. The banks are paying 35 percent income tax whereas the corporate tax rate for other sectors is 29 […]

Prime Minister welcomes banks’ proposals for revival of sick industrial units

March 4, 2020April 6, 2021Mrs. Anjum Shahnawaz

ISLAMABAD: Prime Minister Imran Khan on Tuesday welcomed proposals of banks for revival of sick industrial units. A delegation of prominent bankers of the country called on Prime Minister Imran Khan in Islamabad. Prime Minister Imran Khan welcomed the proposals of the banking community particularly those related to the revival of the sick industrial units. […]

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