The Pak Banker : 2020-08-20

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http// pakbanker. com. pk World’s Second & Pakistan’s First Banking Daily Lahore THURSDAY, AUGUST 20, 2020 Rs 15.00 | Pages 8 Lahore | Karachi | Islamabad ABC Certified | Member APNS Editor- in- Chief: Ajmal Shah Din Askari, Meezan profits surge KARACHI: Askari Bank declared 1HCY20 PAT of Rs4.95 billion, increasing 59 per cent compared to the same period last year. EPS rose to Rs3.93 while customer deposits grew by 8pc to reach Rs734bn. CASA ratio improved from 82pc to 86pc. Gross advances increased to Rs434bn reflecting an increase of 9pc. Meezan Bank Ltd (MEBL) posted 2QCY20 profit after tax (attributab­le to shareholde­rs) of Rs6.51bn which was 65pc higher year-on-year, taking the earnings per share to Rs5.07. It said that despite 33pc year-on-year lower fee income, the bank's other income increased by 10pc as the higher share from associates was booked. The bank's Cost-to-Income ratio declined to 39pc during the quarter even with a 27pc jump in operating costs. It also announced 10pc bonus for the period under review. Altern Energy Ltd - a publicly listed company in the power sector - informed the PSX that Rousch (Pakistan) Power Ltd (RPPL), a subsidiary of Power Management Company (Pvt) Ltd (which in turn is owned by the notice issuer), having a power plant establishe­d under the 1994 Power Policy and the "Committee" for Negotiatio­ns with IPPs, as set up by the government have recently executed a memorandum of understand­ing. -APP Digital banking facility now available to expats ISLAMABAD: Special Assistant to Prime Minister for Overseas Pakistan and Human Resources Zulfi Bukhari has said that overseas Pakistanis will now be able to make direct banking payments and investment­s in the country, a national daily reported. The government has decided to provide a digital banking facility to overseas Pakistanis, the SAPM informed. He also said that the government is providing an opportunit­y of investment to the Pakistani overseas community because the government wants to make the Overseas Pakistani community a key stakeholde­r in the country's developmen­t. Earlier the State Bank of Pakistan (SBP) also decided to introduce a new mechanism to enable the companies in the country to make instant payments for acquiring digital services from the globally recognized digital service provider companies. SBP said in a statement that the local companies were granted access of various services from global companies instantly without any regulatory approval process. The SBP said the aim of introducin­g this new mechanism is to further enhance the ease of doing business in the country. -APP Rupee slides in inter bank market KARACHI: The rupee depreciate­d to Rs168.33 against the US dollar in intra-day trading in the interbank market before recovering to close at Rs168.2. "Earlier in March 2020, the local currency devalued to Rs169 during intra-day trading," remarked Forex Associatio­n of Pakistan President Malik Bostan while talking to The Express Tribune. According to Bostan, the rupee weakened mainly due to the end of Pakistan's oil credit facility provided by Saudi Arabia. He added that the country had to pay back $1 billion to Riyadh, which built pressure on the foreign currency reserves. Citing that Pakistani officials were on a visit to Saudi Arabia at present, Bostan voiced hope about a positive outcome from the trip, which would ease pressure off the Pakistani rupee. When the oil credit facility was withdrawn in May, according to Bostan, Pakistan was left with just one week of oil reserves, which caused fuel shortage in the following months. He underlined that Pakistan was now in a better position with three weeks of oil reserves, which were lending support to the rupee. He expected the dollar to lose 2-3% value in the coming months following positive regional developmen­ts. -APP

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