Browsing: Business

In Q3 2023, Pakistan’s listed banks achieved a record-high profitability, surging by 95% YoY to PKR 163 billion, with increased Net Interest Income (NII) as a key driver. Although non-interest income declined due to losses on securities and rising administrative expenses, the sector is expected to maintain strong dividend payouts, with Meezan Bank and United Bank standing out as top performers.

Embark on a spiritually enriching Umrah journey with Meezan Bank’s flexible and accessible package for November 2023, which includes E-Visa, transportation, flights, Zairat support, and hotel accommodations. Join us on this sacred path and make your pilgrimage convenient and affordable.

Askari Bank Limited achieved a record profit of Rs. 14.6 billion for the 9-month period ending September 30, 2023, marking a significant 36% increase from the previous year, driven by strong net interest income growth. Operating expenses rose, and dividends were not announced for shareholders.

Train services between Sibi and Harnai, suspended for 18 years due to militant attacks in 2005, have been restored, providing relief to the local population and boosting the regional economy. The reinstatement of the Bolan Mail service further emphasizes the government’s commitment to improving transportation and connectivity in the region.

The federal government in Islamabad is offering a shorter 20 to 25-day Hajj package with added comforts for pilgrims. The upcoming Hajj Policy for 2024 includes positive changes such as eliminating the lottery system for those paying in dollars, offering extended stays in Medina, and launching a mobile app for easier application processes, benefiting over 90,000 pilgrims under the official scheme.

Petroleum prices are set to drop for the third consecutive time, with diesel and petrol prices decreasing by around Rs5-18 per liter, thanks to favorable exchange rates and fluctuations in oil barrel prices. The government may increase the levy on diesel, while petrol rates will remain stable.

Honda Pakistan has reduced the prices of its entire vehicle range by up to Rs. 300,000, reflecting the stronger Pakistani Rupee against the US Dollar, delivering good news for Honda enthusiasts. The updated ex-factory prices offer more affordability for Honda cars.

In the first quarter of fiscal year 2024, Mari Petroleum (MARI) achieved its highest-ever quarterly profit of Rs. 19.1 billion, a 51% YoY increase, driven by increased oil and gas production, wellhead price hikes, and currency depreciation. Earnings per share also rose to Rs. 143.5 from Rs. 95.31.

PNSC’s latest financial statement shows a rise in profit, reaching Rs6.27 billion, despite a decrease in revenue. Cost reductions and increased other income played a key role in driving this growth.

Standard Chartered Bank Pakistan achieved a record profit, with a substantial increase in income and efficient cost management during the nine months ending September 30, 2023. The bank’s commitment to strategic priorities and financial resilience has contributed to its strong performance in a challenging environment.