Thursday, November 26, 2020

Banks

Key Takeaways from Monetary Policy Statement

SBP increased the policy rate by 150bps to 12.25% from 10.75% in the MPS announced on Monday. 1.     Higher recent MoM core and head line inflation, 2.      Recent Exchange Rate Depreciation, 3.      Elevated fiscal deficit and increased monetization and, 4.      Potential adjustments in utility (gas and electricity)...

UBL earning shrinks by 41% YoY

UBL announced earnings on Wednesday for CY18 at PKR 15.5bn (EPS: PKR 12.65/share), depicting a YoY decline of 41%, above expectations. Ex-pension liability, earnings have contracted ~28% YoY primarily on account of heavy provisioning booked during the year (+5x...

MCB announces earning of Rs 20.30 billion, Rs 17.17 EPS

MCB announced earnings on Wednesday for CY18 above expectations, at PKR 20.3bn (EPS: PKR 17.17/share), depicting a YoY decline of 7%. Higher OPEX (+18% YoY) and pension liability of PKR 1.9bn led to the downturn. However strong growth in...

Biggest banking merger in United States since the financial crisis

United States, after regulatory easing, a new round of mergers among regional banks is emerging. In the past week, BB & T's announced acquisition of Atlanta (Georgia) based SunTrust Banks was the first big bang on its way to...

Pakistan’s foreign exchange soars by $ 11.8 million to $14.89 billion

Pakistan’s total foreign exchange reserves surged by $11.8 million to $14.89 billion during a week, State Bank of Pakistan said on Thursday. The official reserves of the SBP rose by $13.4 million to $8,205.9 billion as compared with $8.192.5 billion...

Pakistan’s foreign exchange reserves up by $ 82.6 million to $14.885 billion

Pakistan’s total foreign exchange reserves surged by $82.6 million to $14.885 billion during a week, State Bank of Pakistan said on Thursday.   The official reserves of the SBP rose by $38.2 million to $8,192.5 billion as compared with $8.154...

AICSS 2019: Sustainable models for global challenges

The College of Economic and Social Development (CESD) at the Institute of Business Management (IoBM) organized the Annual International Conference on Social Sciences (AICSS) 2019 on the theme of “Geo-Political, Economic, Educational and Psycho-Social Challenges and Opportunities in the...

Zubyr Soomro appointed Chairman BoD NBP

Finance Minister Asad Umar has appointed Zubyr Soomro as Chairman Board of Directors, National Bank of Pakistan on Saturday with immediate effect. Zubyr Soomro is a businessperson who has been at the helm of 6 different companies and presently...

Muhammad Aurangzeb elected as chairman PBA

Muhammad Aurangzeb, President & CEO, Habib Bank Limited, has been unanimously elected as Chairman PBA after the completion of the term of Aftab Manzoor, as Chairman, Pakistan Banks’ Association (PBA).   The PBA elections were held in Karachi on January 14,...

SBP denies news item regarding 18 undeclared bank accounts

State Bank of Pakistan firmly denied a news item published in a local paper relating to the bank accounts of Pakistan Tehreek-i-Insaf (PTI) to the Election Commission of Pakistan (ECP). Statement issued by SBP on Thursday said neither maintains...
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US-based Chinese opponents support Trump’s allegation of fraudulent election

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Global tax evasion hits $ 427 billion annually

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