Karachi, August 8, 2024 — Meezan Bank Limited (PSX: MEBL) has reported its highest-ever quarterly earnings, recording a profit of Rs. 26.7 billion for the second quarter of the calendar year 2024 (2QCY24). This marks a significant 55% year-on-year (YoY) increase and a 5% rise quarter-on-quarter (QoQ). The result underscores the bank’s robust financial performance […]
Karachi, August 07, 2024 – The State Bank of Pakistan (SBP) has merged its two subsidiaries, the National Institute of Banking and Finance (NIBAF) and the Institute of Bankers Pakistan (IBP), to form NIBAF Pakistan. This strategic move aims to strengthen the preparation of human resources for the banking and financial sectors. SBP Governor Jameel […]
Karachi, July 31, 2024 — United Bank Limited (UBL), one of Pakistan’s leading commercial banks, has reported consolidated earnings of Rs15.27 billion for the quarter ending June 30, 2024, marking a significant 17% increase from Rs13.05 billion in the same period last year. The bank’s earnings per share (EPS) rose to Rs12.10, up from Rs10.39 […]
Islamabad – Federal Minister for Finance Muhammad Aurangzeb visited the Pakistan Banks’ Association (PBA) for a meeting with the Presidents and CEOs of leading banks. The focus of the discussion was on the banking sector’s role in promoting growth in agriculture, small and medium enterprises (SMEs), and the digital and technology sectors in Pakistan. During […]
KARACHI, July 30, 2024 – In a decisive move to stimulate economic activity, the State Bank of Pakistan (SBP) announced a reduction in its key policy rate by 100 basis points, bringing it down to 19.5 percent. The decision, effective from July 30, 2024, was revealed by SBP Governor Jameel Ahmed following a meeting of […]
In a significant step towards revolutionizing customer verification and onboarding processes, Askari Bank and truID Technologies have announced a strategic partnership. The collaboration, celebrated at a signing ceremony held at the National Science and Technology Park (NSTP) at the National University of Sciences and Technology (NUST), aims to enhance customer interactions and security through the […]
Pak Oman Investment Company has chosen BenchMatrix‘s RiskNucleus Loan Origination System (LOS) to enhance its credit approval and risk management processes. This strategic decision aims to leverage cutting-edge technology to streamline loan origination and boost operational efficiency. The RiskNucleus LOS is a comprehensive solution designed to manage various aspects of the loan approval process. Key […]
Mobilink Bank, Pakistan’s leading digital microfinance bank and a subsidiary of the global digital operator VEON Group, has announced a strategic partnership with AutoSoft Dynamics, a renowned provider of core banking and financial application solutions. This collaboration aims to automate Mobilink Bank’s treasury operations, ensuring seamless integration with the State Bank of Pakistan’s (SBP) PRISM […]
Islamabad, July 25, 2024 – The auto financing sector in Pakistan has experienced a notable decline for the second consecutive year, with total outstanding loans decreasing to Rs230.5 billion in June 2024, down from Rs233 billion in May. This continued downward trend reflects a significant contraction from the June 2022 figure of Rs368 billion, amounting […]
Islamabad, July 25, 2024 — The State Bank of Pakistan (SBP) has issued comprehensive guidelines to regulate the transfer and assignment of Non-Performing Assets (NPAs) from Financial Institutions (FIs), including banks and Development Financial Institutions, to Corporate Restructuring Companies (CRCs). This move aims to ensure that such transactions are conducted in a fair, transparent, and […]