SECP deposits Rs2.368 billion in national exchequer

SECP deposits Rs2.368 billion in national exchequer

ISLAMABAD, August 30: The Securities and Exchange Commission of Pakistan (SECP) has deposited the accumulated surplus of Rs2.368 billion to the Federal Consolidated Fund (FCF). The money has been deposited in the federal government’s account with the State Bank.

Ishaq Dar Meeting With Bankers and Exchange Companies

The Finance Minister Senator Muhammad Ishaq Dar held a meeting with chief executives of local and foreign banks, corporate leaders, and representatives of Exchange Companies today at SBP Karachi. The Governor SBP was also present on the occasion. The Finance Minister said the focus of the present government was to secure financial discipline which had been diluted over the previous years, and focus on real economy which is agriculture and industry.  He was appreciative of the lower differential between the inter-bank and open market rates and urged the Exchange Companies to play their due role in maintaining stability in the market and curbing speculative sentiments.

NBP Customers to enjoy Branchless Banking services through UBank

Karachi, August 29, 2013: The strategic alliance between U Bank and National Bank of Pakistan will offer tremendous benefits to the clients. Though, the agreement signed between the two giants is aimed at offering ‘branchless banking’, being part of financial inclusion program, it will change the way people will perform banking transaction.

STATE BANK MUSEUM OPNE SATURDAYS AND SUNDAYS

The State Bank Museum & Art Gallery, Karachi will now remain open for public on Saturdays and Sundays also from 9.00 am to 5.00 pm from 31^st August, 2013.  However, the Museum will remain closed on Fridays. 

Museum was inaugurated on 1^st July, 2011. Museum timings were as per the office timings of the Bank, but due to high public demand State Bank of Pakistan has decided to open it on Saturdays and Sundays.

Dr. Joseph Wilson as Chairman CCP on Acting Charge basis

PML(N) government after almost 3 months in power fails to find any person to chair Competition Commission of Pakistan (CCP).  The Prime Minister of Pakistan has appointed Dr. Joseph Wilson as the Chairman of the Competition Commission of Pakistan (CCP) on acting charge basis with immediate effect and until further orders.

NBP Relase Halfyearly financial results

 

National Bank of Pakistan recorded after tax profit of Rs 6.0 billion with Earnings per share of Rs. 2.83. Pre-tax return on equity stands at 15.1% with pre-tax return on assets being 1.2%. This was announce by NBP management after the Board of Directors meeting. 

The Board of Directors of National Bank of Pakistan (NBP) in their meeting held on August 22, 2013 at the Head Office, Karachi approved the Financial Statements of the Bank for the six months period ended June 30, 2013.

Total operating revenues increased by Rs. 1,443 million or 4.6% from corresponding period last year. Non-interest income increased by an impressive 24%. Pre provision profit of the bank stood at Rs.15, 844 million which is higher by 5.5% from last year reported number. 

SECP forms Shariah Advisory Board

ISLAMABAD, August 23: The Securities and Exchange Commission of Pakistan (SECP) is pleased to announce the formation of the Shariah Advisory Board (SAB), which would be responsible to harmonize the Shariah interpretations and strengthen the regulatory and supervisory oversight of Islamic financial institutions (IFIs) and Islamic capital markets (ICMs) in Pakistan.  

ABL and ENGRO will announce financial statement

In next 2 days one bank and one big corporation will announce its results. Financial results of Allied Bank will be announced on August 21 and ENGRO will revile its financial statement on August 22, 2013. Stock market experts says both companies will show profits. 

Samsung Wins Five European Imaging and Sound Association Awards

 Karachi: August 15, 2013 – Samsung Electronics Co. Ltd, a global leader in digital media and digital convergence technologies, announced today that the European Imaging and Sound Association (EISA) has awarded the company five prestigious awards in the following categories:

Pakistan Stock Market Weekly Review

The KSE-100 Index gained 1.88%WoW to close at 23,673 points this week while average daily volumes recovered to 220.5mn shares after relatively subdued volumes last week. Key news flows this week included 1) tension between India and Pakistan escalated with exchange of fire over the border,

Pakistan Pay IMF Loan

Pakistan successfully paid the 18th Installment today under IMF/SBA facility amounting to SDR 95.8 million equivalent US$145.4 million.  State Bank of Pakistan  Spokesperson confirm this news to the media.

STATE BANK FULL FILL IMF CONDITION

STATE BANK IMPLEMENTS BALANCE OF PAYMENTS MANUAL (BPM6)

The Statistics and Data Warehouse Department of the State Bank of Pakistan has initiated transition towards disseminating the balance of payments of Pakistan on the basis of methodology set out in the 6th edition of the IMF’s Balance of Payment and International Investment position Manual (BPM6) beginning with July 2013.

Karachi Chamber of Commerce meeting with Etihad Airways

Mr. Mohammad Haroon Agar, President Karachi Chamber of Commerce presents a commemorative plaque to Mr. Amer Khan, Area General Manager of Etihad Airways during their customary meeting at the KCCI Office.

Overseas Pakistanis remit $1.4 billion in July

Overseas Pakistanis remitted an amount of $1,404.39 million in July 2013 of the current fiscal year (FY14), showing an impressive growth of 16.57 percent or $199.68 million compared with $1,204.71 million received during the same month of the last fiscal year (FY13).

FLAG HOISTING NBP HEAD OFFICE AT THE INDEPENDENCE DAY

Karachi:  In commemoration of Pakistan Independence Day, a flag hoisting ceremony was held at 3^rd floor, NBP Head Office Building in consonance with playing of National Anthem and flag hoisting at  Islamabad/throughout the country. NBP executives and employees prayed for the country and countrymen. NBP Building was illuminated for last few days on the occasion of Independence Day. 

Transforming Pakistan into Developed State

   

 

Mr. Kazi Abdul Muktadir, Deputy Governor, State Bank of Pakistan has said that we need to overcome our challenges and follow the guidance of our founding fathers in transforming this country into a truly developed state as envisioned by our Quaid.

High court suspended session court order in SECP

ISLAMABAD, August 6:  The Islamabad High Court (IHC) has suspended the impugned order of a session court that ordered registration of FIR against senior officials of the Securities and Exchange Commission of Pakistan (SECP), stating that no cognizable offence has been occurred. 

Higher interest rates ahead can stall Market rerating

Driven by higher GST, higher food prices and increase in petroleum product prices, CPI has jumped by 2.0%MoM to 8.3% in Jul'13. This is the highest increase in headline inflation since Sep'12 (+8.8%YoY). At the same time, core (trimmed) inflation has also jumped to 7.8%YoY in Ju'13 vs. 6.8%YoY in the previous month.