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Site update: July 08 2020, at 11:15 PKST
Stock update: July 07 2020.

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Tuesday, July 07 2020

PACRA maintains A+ entity ratings of BankIslami Pakistan
PACRA maintains A+ entity ratings of BankIslami Pakistan Share: Share Whatsapp PACRA maintains A+ entity ratings of BankIslami Pakistan -PR July 07, 2020 KARACHI-The Pakistan Credit Rating Agency Limited (PACRA) has maintained BankIslami’s long-term entity rating at A+ (short term rating at A1) with a Stable Outlook. The ratings reflect BankIslami’s sustained risk profile. The Bank’s profitability enhanced owing to asset yield driven by peaked policy rates and volumetric increase in financing and instruments. Higher increase in asset yield than cost of funds - resulting in increase in spreads. The Bank was able to achieve good operating profits; trend should continue. The management is emphatically pursuing for recovery of NPLs, leading to improvement in impairment ratio. Covid-19 has posed challenges to all segments of the economy, worldwide and domestically, most sectors are getting negatively impacted. The ramifications would continue to unfold, warranting vigilance and timely actions where needed. The Central Bank has taken well-tailored and comprehensive actions including reduction in key policy rates (625bps down since Jan-20) and deferment of repayment obligations. While reduction in policy rates would determine the Bank’s profitability, these measures have cushioned the allied risks surrounding the credit exposures.
Related news categories: business comm-banks company-news economic-indicators ise kse lse misc psx stock-exchanges
Related symbols: bipl (news stock)

SNGPL elects 11 board of directors
Lahore-Sui Northern Gas Pipelines Limited’s shareholders have elected 11 Directors of the Company for next triennial starting from July 6, 2020. Out of 11 Directors, 5 Directors are independent including 1 female Director. Following eleven (11) Directors have been elected in the order from highest to lowest number of votes:
Related news categories: business company-news economic-indicators misc oilgas-exploration oilgas-marketing psx stock-exchanges
Related symbols: sngp (news stock)

Monday, July 06 2020

OGDCL injects 4 new wells in production gathering system
ISLAMABAD - The Oil and Gas Development Company Limited (OGDCL) has injected four new wells, producing 540 Barrels per Day (BPD) oil and 33.25 Million Cubic Feet per Day (MMCFD) gas, in the transmission network during a period of just five days, from June 26 to 30, 2020. On June 26, the company had successfully started commercial production of 10 MMCFD gas from Thar East Well-I, while on June 28 it started injecting 2.25 MMCFD gas from Bhimbra Well-I and 12 MMCFD gas and 300 BBL oil from Dhoke Hussain Field Well-I in the system, a senior official privy to petroleum sector developments told APP. On June 30, the OGDCL commenced commercial production of gas and condensate from its another Togh Well-I, located in Kohat district of Khyber Pakhtunkhwa, from where it was injecting 9 MMCFD gas and 240 BPD condensate in the production gathering system.
Related news categories: business company-news economic-indicators misc oilgas-exploration oilgas-marketing psx stock-exchanges
Related symbols: ogdc (news stock)

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