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Bank of Punjab records mediocre gain in profits due...

August 23, 2019 (MLN): Bank of Punjab’s half yearly net income has widened by 4.3% compared to last year as it has been recorded at Rs.4 billion (EPS: Rs.1.52 per share) compared to Rs.3.9 billion (EPS: Rs.4.46 per share) witnessed last year.

A massive leap of Rs.2 billion in net provision and write offs resulted in a mediocre increment in bottom line gains as the bank’s total income (Rs.15 billion) expanded by 35.5% (or Rs.3.9 billion) while the total non-mark-up expenses grew by only 19.2% (or Rs.1.1 billion) to Rs.7 billion.

Moreover, BOP’s tax payments grew by 23% to Rs.2.9 billion, marking a total rise of Rs.552 million.

Profit and Loss Account for the half year ended June 30th 2019 (Rupees in '000)

 

Jun-19

Jun-18

% Change

Mark-up/return/interest earned

    34,161,810

    20,439,520

67.14%

Mark-up/return/interest expensed

    21,033,787

    11,219,548

87.47%

Net mark-up/return/interest income

    13,128,023

       9,219,972

42.39%

NON MARK-UP/INTEREST INCOME

 

 

 

Fee, commision and brokerage income

       1,687,554

       1,617,313

4.34%

Dividend income

             57,821

             35,362

63.51%

Foreign exchange income

             30,761

          124,720

-75.34%

Income/(loss) from derivatives

                      -  

                      -  

 

Gain / (loss) on securities - net

             33,918

             18,171

86.66%

Other income

             43,752

             44,094

-0.78%

Total non-mark-up/interest income

       1,853,806

       1,839,660

0.77%

Total Income

    14,981,829

    11,059,632

35.46%

NON MARK-UP/INTEREST EXPENSES

 

 

 

Operating expenses

       7,025,982

       5,895,100

19.18%

Workers welfare fund

                      -  

                      -  

 

Other charges

               2,663

                      -  

 

Total non-mark-up/interest expenses

       7,028,645

       5,895,100

19.23%

Profit before provisions

       7,953,184

       5,164,532

54.00%

Provisions/(reversals) and write offs - net

       1,020,731

    (1,051,663)

 

Extra ordinary/unusual items

                      -  

                      -  

 

Profit before taxation

       6,932,453

       6,216,195

11.52%

Taxation

       2,918,409

       2,366,035

23.35%

Profit after taxation

       4,014,044

       3,850,160

4.26%

Earnings per share - Basic and Diluted (in Rupees)

                 1.52

                 1.46

4.11%

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Govt releases Rs198 million for Revenue Division projects

August 23, 2019: The government has released Rs 198.153 million for various ongoing and new projects of Revenue Division under the Public Sector Development Programme (PSDP) for the current fiscal year (2019-20).

The government, in its Federal PSDP, had earmarked Rs 1918.238 million for the Revenue Division projects, with foreign exchange component of Rs 250 million, according to the latest data released by of Ministry of Planning, Development and Reform.

The government released Rs 76 million for development of Integrated Transit Trade Management System (ITTMS) for which an amount of Rs 480 million has been allocated in the federal PSDP 2019-20, including foreign aid of Rs 100 million.

An amount of Rs 56.350 million have been released for establishment of Inland Revenue Offices in Pakistan for which Rs 331.770 million amount was earmarked in the current PSDP.

The government released Rs 30 million for construction of Model Customs Collectorate at Gwadar for which Rs 200 million have been earmarked in the current PSDP.

The government also released Rs 3.83 million for construction of warehouse for Model Customs Collectorate at Khokar Niaz Baig Lahore for which Rs 19.171 million were allocated this year.

It is pertinent to mention here that the federal government has so far released Rs 15.4 billion for various ongoing and new social sector uplift projects under its Public Sector Development Programme (PSDP) 2019-20, as against the total allocation of Rs 701 billion.

Under its development program, the government has released an amount of Rs 10.2 billion for federal ministries, whereas Rs 4.6 billion for special areas, according to a data released by Ministry of Planning, Development and Reform.

APP

Finance Ministry rejects Indian media reports of APG blacklisting...

Aug 23, 2019: The Ministry of Finance Friday categorically rejected Indian media reports about Pakistan being blacklisted by the Asia-Pacific Group, the regional affiliate of the Financial Action Task Force (FATF).

The ministry in a press statement clarified that APG in its 22nd Annual Meeting held in Canberra, Australia from August 18-23, 2019, adopted Pakistan’s 3rd Mutual Evaluation Report and put Pakistan in its enhanced follow-up as per APG’s Third Round Mutual Evaluation Procedures.

In line with APG’s Third Round Mutual Evaluation Procedures, Pakistan would be required to submit follow-up progress reports to APG on quarterly basis.

“Media reports, being circulated about Pakistan, being blacklisted by APG are incorrect and baseless,” the Finance Ministry said.

APP

Pakistan gathers financial assistance worth $321 million from bilateral,...

August 23, 2019 (MLN): Pakistan has acquired around $321.25 million as foreign economic assistance in the first month of FY-2020, from multiple bilateral and multilateral sources.

Going by the details provided by Economic Affairs Divisions (EAD), foreign assistance extended from multilateral sources during the month totaled $221.8 million.

IDB (S-term) emerged as the primary lender within multilateral group, as it disbursed nearly $137 million to Pakistan. The second highest source of multilateral financing is IDA with an assistance of $41.5 million during the said period. Another significant source of assistance was IFAD, with a disbursement of $17.4 million.

On the other hand, the collective disbursement from bilateral donors amounted to $99.4 million during the aforementioned period. Within this category, China emerged as the greatest source of assistance during the year, with a loan of $54.2 million. This was followed by UK, as it disbursed loans amounting to $37.1 million.

All in all, Pakistan received around $494.5 million worth assistance after taking into account loans from multilateral, bilateral sources as well as Commercial Banks.

Copyright Mettis Link News

Ease-of-doing-business policy gave positive results: President Alvi

Aug 23, 2019: President Dr. Arif Alvi on Friday said the government's steps for economy particularly the ease-of-doing-business policy had resulted in significant improvement in financial stability.

The President expressed these views in a meeting with a delegation of Islamabad Chamber of Commerce & Industry (ICCI) here at the Aiwan-e-Sadr.

President Alvi appreciated the role being played by the business community for the economic development of the country.

He commended the ICCI for being the first chamber in Pakistan that took initiatives for Youth Development and promotion of entrepreneurship.

The Young Entrepreneurs Forum was created by ICCI to include youth in mainstream in business world and help them develop entrepreneurial career for their contribution in national economy.

APP

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