The profitability of Pakistan’s banking sector decelerated significantly in the first half of 2024, with after-tax profit growing by just 1.1% to Rs. 287 billion, according to the State Bank of Pakistan’s (SBP) Mid-Year Performance Review of the Banking Sector. This slowdown was driven by reduced growth in advances and declining returns on earning assets […]
Karachi: HBL has been awarded the coveted ‘Best Board of the Year’ by the Pakistan Institute of Corporate Governance (PICG), in recognition of its exemplary leadership, strong governance, and strategic oversight. The award highlights HBL’s continued commitment to excellence in corporate governance and responsible business practices. The accolade was presented to Aamir Irshad, Acting President […]
The Bank of Khyber (BoK) is pleased to announce a strategic partnership with ABL Funds for the distribution of ABL Asset Management Mutual Fund Units through BoK’s extensive branch network. This collaboration aims to expand investment opportunities for customers, providing them with easy access to a diverse range of mutual funds, including voluntary pension schemes […]
The State Bank of Pakistan (SBP) has announced the successful conclusion of Art Competition for the designs of the new banknote series. In a statement, SBP said it appreciates the local artists and designers who participated in the competition showcasing their creativity and talent in this important endeavor. After a rigorous evaluation process conducted by […]
Karachi – Soneri Bank Limited has announced a strategic partnership with Dewan Farooque Motors Limited, aiming to offer tailored vehicle financing solutions to customers across Pakistan. This collaboration is set to pave the way for enhanced and accessible financing options, making it easier for customers to purchase their desired vehicles. Through this alliance, Soneri Bank […]
Moody’s Investors Service has upgraded the long-term deposit ratings of five leading Pakistani banks—Allied Bank Limited (ABL), Habib Bank Limited (HBL), MCB Bank Limited (MCB), National Bank of Pakistan (NBP), and United Bank Limited (UBL)—from Caa3 to Caa2. This rating action reflects the improved creditworthiness of Pakistan, following the recent upgrade of the country’s sovereign […]
Karachi, August 29, 2024—JS Bank, one of Pakistan’s fastest-growing financial institutions, has announced its financial results for the first half of 2024, showcasing a remarkable surge in profitability and solidifying its position as an emerging powerhouse in the banking sector. The bank reported a consolidated Profit Before Tax of Rs. 18.79 billion, reflecting an extraordinary […]
Pakistan’s listed banks reported a cumulative profit of Rs. 137 billion in the second quarter of 2024, reflecting a 4% year-on-year (YoY) growth, according to a report by Topline Securities. Excluding the National Bank of Pakistan (NBP), profitability surged by 26% YoY, primarily fueled by an increase in Net Interest Income (NII) and Non-Interest Income. […]
Lahore, August 28, 2024 — The Board of Directors of The Bank of Punjab (BOP) met today to review and approve the unaudited Financial Statements for the first half of the year ending June 30, 2024. The meeting highlighted a significant 80% increase in profit before tax, reflecting the bank’s robust performance and strategic business […]
Karachi: Faysal Bank Limited (FBL), a leading Islamic bank in Pakistan, has announced its financial results for the first half of 2024, showcasing robust growth and solid financial performance. The Bank reported a Profit After Tax (PAT) of PKR 13.3 billion for the six months ended June 30, 2024, marking a remarkable 76.3% increase from […]