KARACHI: The United Bank Limited (UBL) has posted an increase of 20 per cent to Rs7.6 billion in its net profit for the half-year ended June 30, 2021, a bourse filing said on Monday. According to the financial results announced by the bank, the profit-after-tax of the United Bank rose to Rs7.6 billion during January–June … Read more
KARACHI: The State Bank of Pakistan (SBP) on Thursday notified revision in the foreign exchange instructions pertaining to commercial remittances with the objective of promoting ease of doing business and facilitating legitimate cross-border commercial payments on account of services. The SBP has revised the policy on remittance of RFT fees. The banks have been delegated … Read more
KARACHI: The Karachi Tax Bar Association (KTBA) on Wednesday said the banks are deducting withholding tax on export of software and IT-enabled services, which is unlawful, as this segment has been granted exemption. In a letter to Asim Ahmed, chairman of the Federal Board of Revenue (FBR), the association said the banks have misunderstood Section … Read more
DUBAI: The Ajman Bank and the Commercial Bank of Dubai have raised $350 million (Dh1.28 billion) in Murabaha syndicated financing for the government of Pakistan, Khaleej Times reported on Wednesday. The two UAE banks acted as mandated lead arrangers and book-runners for the facility on behalf of Pakistan’s Ministry of Finance. The Shariah-compliant Ajman Bank also acted … Read more
KARACHI: The liquid foreign exchange reserves of the country have increased to a record high of $25.128 billion by the week ended July 16, 2021, according to the data released by the central bank on Friday. The foreign exchange reserves of the country increased $816 million for the week under review from $24.312 billion by … Read more
KARACHI: The housing and construction finance registered a significant increase of Rs111 billion, or 75 per cent during FY21, compared with FY20, to reach Rs259 billion by the end of June 2021, a statement quoted a senior government official, as saying, on Thursday. Briefing Prime Minister Imran Khan in a meeting of the National Coordination … Read more
KARACHI: Pakistan’s largest digital bank, Mobilink Microfinance Bank Limited (MMBL) has launched ‘Dost’, a mobile-based application that provides a complete digital banking ecosystem to its customers and gives them hassle-free access to the financial services round-the-clock, a statement said on Thursday. The latest addition to the MMBL ecosystem reflects the bank’s relentless pursuit for innovation … Read more
KARACHI: The profitability of banks is expected to slump for the second quarter of the calendar year 2021 ended June 30, 2021, owing to a decline in net interest income, analysts said on Thursday. The analysts at the Topline Securities said the earnings of banks may decline 19 per cent Year-on-Year (YoY) to Rs42 billion … Read more
Karachi: In the budget 2021-22, the Senate Standing Committee on Finance unanimously suggested that government employees’ pay be increased from 10% to 20%. Senator Taleh, the Chairman of the Senate Standing Committee on Finance and Revenues, convened a meeting on Monday at Parliament House to finalize budget recommendations for the years 2021-22. Senator Sherry Rehman … Read more
KARACHI: The State Bank of Pakistan (SBP) has allowed all commercial banks to adopt an income estimation model for extension of the low-cost housing finance. A circular issued on Thursday night read to facilitate the low-cost housing finance for the applicants with informal income, the central bank has asked banks to develop and deploy an … Read more
KARACHI: The State Bank of Pakistan (SBP) on Wednesday allowed banks to collect service charges on the interbank funds transfer (IBFT) on the amount above Rs25,000/month. The central bank issued the updated instructions to banks related to service charges in IBFT. It said the new instructions allow the banks and other service providers to charge … Read more
All banks across the country will be closed on Friday 25th, December 2020 on account of Quaid-e-Azam / Christmas. According to the details, this announcement is in line with the holidays declared by the government for the year 2020. On the other hand, the Embassy of Pakistan in Dublin will also remain closed on Friday. … Read more
Public holidays are over, SBP and all scheduled banks are open from today. State Bank of Pakistan and Scheduled Banks will be open from Monday to Thursday from 9 am to 5.30 pm. According to the notification, the interval for prayers and meals will be from Monday to Thursday from 1.30 pm to 2.15 pm, … Read more
State Bank of Pakistan has started digital payments amid COVID-19, here on Thursday as the country is facing a partial lockdown. According to a press release issued by the central bank, in the wake of the recent outbreak of COVID19 (Coronavirus), SBP is undertaking a number of measures to contribute towards meeting the challenges faced … Read more
