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Site update: May 10 2021, at 08:00 PKST
Stock update: May 06 2021.

Recent Financial News in the 'comm-banks' category

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Wednesday, May 05 2021

State Bank gives Rs36bn financing for renewable energy adoption
KARACHI: The State Bank of Pakistan (SBP) has been providing financing on a large scale to promote renewable energy that helped Unilever Pakistan run its 30 per cent plants on renewable energy, central bank governor Dr Reza Baqir said on Tuesday. Addressing a joint webinar hosted by the SBP and Unilever Pakistan to create awareness about the former’s Financing Scheme for Renewable Energy (FSRE), Dr Baqir said that as of February 2021, financing of around Rs36 billion has been extended for 521 projects producing approximately 850MW. Financing for sustainable development is the need of the hour and financial institutions have a crucial role in this area, he added. FSRE aims to encourage investments for clean energy in Pakistan, the SBP governor said, adding that this is part of the country’s efforts to diversify the energy mix and reduce climate change impact.
Related news categories: business comm-banks economic-indicators misc

Banks to open on Saturday as SBP announces week long Eid holidays
KARACHI - The State Bank of Pakistan has decided to keep banks open on Saturday, May 08 to cater the banking needs of public prior to a weeklong closure of banks on the occasion of Eid-ul-Fitr. In two separate circulars issued by banking policy and regulations department of the central bank here on Tuesday public holidays were announced from May 10 to 15, 2021 on the occasion of Eid-ul-Fitr. Meanwhile, through another BPRD circular letter all the presidents and chief executives of all banks and Micro Finance Banks (MFBs) were directed to keep all their branches open on Saturday May 08, 2021 to cater the banking needs of public at large. The decision was taken in the wake of forthcoming Eid-ul-Fitr holidays from 10th to 15th May, 2021, the letters read adding that all branches of banks and MFBs shall remain open on May 8, 2021 (Saturday) from 9:00 a.m. to 2:00 p.m. without break.
Related news categories: business comm-banks economic-indicators misc

Leading banks interested in acquiring Silkbank’s consumer accounts portfolio
KARACHI - The quality portfolio built by the experienced team of Silkbank Ltd. is reflected by the interest shown by leading consumer banking players, namely HBL and Bank Alfalah, in acquiring its consumer accounts portfolio. The Silkbank Board of Directors has requested the State Bank of Pakistan to grant permission to both HBL and Bank Alfalah to conduct due diligence of the Silkbank Consumer Accounts portfolio prior to its possible acquisition by either of these banking entities. The potential sale of its portfolio will allow Silkbank to strengthen its Capital Adequacy Ratio (CAR), rebuild profitability and enhance value for all stakeholders. Silkbank’s focus on individual customers is reflected by the fact that the bank, despite difficult circumstances, has retained its market share and is one of the leading personal loans and credit card issuers in the market. Since the outbreak of COVID 19 and the manner in which the country’s economy has been impacted as a result of the pandemic, Silkbank’s investment in technology has helped its customers conduct business from the ease of their homes without risking their safety. The bank is one of the top three banks in terms of credit card repayment volumes via digital channels.
Related news categories: business comm-banks economic-indicators misc psx stock-exchanges
Related symbols: silk (news stock)

Tuesday, April 27 2021

Bank Alfalah joins race to acquire Silkbank’s consumer portfolio
LAHORE: Silkbank Ltd’s consumer finance portfolio appears to be attracting a lot of interest from other banks these days with Bank Alfalah (BAFL) joining the race for the acquisition of SBL’s personal loans, running finance and credit card business on Monday. Habib Bank Ltd (HBL) is already carrying out due diligence of SBL’s consumer portfolio for almost two weeks now. Two separate bourse filings say BAFL has approached the Silkbank management for its concurrence to apply for permission from the State Bank of Pakistan to start due diligence. The troubled Silkbank has unsuccessfully been trying to raise funds for improving its current Capital Adequacy Ratio (CAR) — also known as capital to risk-weighted assets ratio — of 4.16pc. The SBP, the regulator of the banking sector, requires the commercial banks to maintain CAR at 11pc.
Related news categories: business comm-banks economic-indicators misc psx stock-exchanges
Related symbols: bafl (news stock) silk (news stock)

UBL reports 44pc growth in profit for 1st quarter
KARACHI - UBL maintains one of the largest network footprints by any bank in Pakistan. Through its 1,348 branches, 1,423 ATMs and market leading Digital App, it serves over 10 million customers across all segments of the country. On a standalone basis, UBL recorded profit before tax (PBT) of Rs12.2 billion for the quarter ended March 31, 2021, up 44% over the corresponding period of last year. Earnings per share (EPS) were measured at Rs. 6.05 (Q1’20: Rs. 4.13). The bank enhanced its dividend payout, declaring dividends of over Rs.4.9 billion for the quarter (Rs. 4 per share), 60% higher than Q1’2020. The bank’s capital position continues to strengthen with the capital adequacy ratio (CAR) recorded at 23.8% as at Mar’21 (Dec’20: 24.4%), an excess of 11.3% over the regulatory minimum. Gross revenues were recorded at Rs. 22.6 billion for Q1’21, growing by 3% over Q1’20, despite margin compression from lower interest rates. The bank recorded net interest income (NII) of Rs 16.9 billion for Q1’21 (Q1’20: Rs 17.3 billion). Non-markup income was recorded at Rs. 5.8 billion for Q1’21, up 24% on a year-on-year basis, as a result of timely realization of capital gains on foreign sovereign bonds and equities.
Related news categories: business comm-banks company-news economic-indicators misc psx stock-exchanges
Related symbols: ubl (news stock)

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