Karachi: BankIslami’s profit after tax up Rs 409.556 million
The profit after tax of BankIslami Pakistan Limited has increased to Rs 409.556 million in the year ended December 31, 2011 as compared to Rs 46.550 million earned in the year 2010.
According to Standard Capital, the board of directors of the bank in its meeting, held on March 7, declared that the bank’s earnings per share has increased to Re 0.78 in the period under review against Re 0.09 in the same period a year back. According to financial results sent to Karachi Stock Exchange on Thursday, the bank’s profit/return earning increased to Rs 5.502 billion in 2011 against Rs 3.807 billion in 2010 while the bank’s profit/return expenses increased to Rs 2.883 billion against Rs 2.057 bn. The bank’s total other income increased to Rs 226.709 million in 2011 against Rs 206.116 million in 2010 while bank’s total other expenses increased to Rs 2.215 billion against Rs 1.918 billion. The bank’s profit before taxation increased to Rs 608.587 million in 2011 against Rs 44.543 million in 2010.
SECP approves Internet Trading Regulations for KSE
The Securities and Exchange Commission of Pakistan (SECP) has approved on Thursday the Internet Trading Regulations for the Karachi Stock Exchange (KSE) to ensure effective and improved monitoring of internet based trading activities offered by brokers in the local capital market. The Regulations comprehensively cover various aspects of internet based trading activities while effectively addressing issues unique to this segment including risks management, delays and outages in brokers’ internet based system, security and privacy of investors’ accounts, etc.
Commercial banks investment up 43% in Jan‐Feb 2012
The scheduled banks’ investment witnessed growth of 43 % or Rs 1,833 billion in the first two months of 2012 as compared with the same period of 2011, owing to constant government borrowing in terms of treasury bills (T‐bills).According to the State Bank of Pakistan (SBP), the commercial banks’ investment has reached at Rs 6,084 billion in Jan‐Feb 2012 as compared with Rs 4,250 billion in the corresponding period of the previous year. The banks have taken benefits from all opportunities to get safe and handsome returns through the investment of government papers for uncontrolled government borrowing to meet budgetary expenses. The high yields rates accepted by central bank in the paper and bonds auction encouraged banks to enhance their safe investments for long‐term period, analysts said. Therefore the commercial banks advances have seen paltry growth of 0.9 % in first two months of 2011 to the private sector mainly owing to their less preference, stagnant economy and high interest rate. The advance of commercial banks in Jan‐Feb was recorded at Rs 7,059 billion as compared with Rs 6,994 billion loans issued to trading and manufacturing sectors.
Pakistan’s forex reserves fall to $16.34bn
Pakistan’s foreign exchange reserves fell to $16.34 billion in the week ended March 2, compared with $16.42 billion in the previous week, the central bank said on Thursday. Reserves held by the State Bank of Pakistan (SBP) fell to $11.90 billion from $12.06 billion a week earlier, while those held by commercial banks rose to $4.44 billion, compared with $4.36 billion the previous week. “The decrease in SBP’s forex reserves are due to scheduled debt repayments,” chief spokesman of the central bank.