Day: April 24, 2024

MCB Bank Limited (PSX: MCB) has approved the Scheme of Compromises, Arrangements and Reconstruction for converting 39 branches into Islamic banking entities, the bank informed the main bourse on Wednesday. According to stock filing, the scheme has essentially greenlit demerging the existing business, assets, liabilities, and operations of 39 branches

The Pakistani rupee fell third day in a row against the US Dollar after opening trade at 278 in the interbank market. It was largely stable against the greenback but crashed against other major currencies today. The interbank rate stayed at 278.5 most of the day before closing at the

Aamir Khan, Commissioner Insurance at SECP stated that the adoption of international reporting standards for modernizing Pakistan’s insurance industry is a critical priority for SECP as a regulator of the insurance sector. He was delivering the keynote address at the Institute of Chartered Accountants of Pakistan (ICAP) seminar on IFRS

Lucky Core Industries Limited announced its 9MFY24 financial result today where the company posted a profit after tax (PAT) of Rs. 7.9 billion, down 64 percent YoY compared to PAT of Rs. 21.9 billion during SPLY. On a quarterly basis, the profitability plummeted by 85 percent YoY, arriving at Rs.

Allied Bank Limited (PSX: ABL) announced earnings (PAT) today for 1QCY24 at Rs. 11.6 billion, depicting an increase of 51 percent YoY, however down 5 percent QoQ. According to Arif Habib Limited (AHL), the decrease in earnings QoQ was mainly attributed to reduced markup and non-markup income. However, on a

The All Pakistan Traders Association has threatened protests if traders’ concerns aren’t addressed by the government, with the date likely to be announced during a convention in May. President Ajmal Baloch said this in reference to the Tajir Dost tax scheme for adding 3.5 million retailers to the tax net.

Non-performing loans (NPLs) disbursed by the banking industry surged by more than Rs. 70 billion in 2023, the latest data by the State Bank of Pakistan (SBP) showed. In 2023, bad loans by the sector surged to Rs. 1.009 trillion, up by Rs. 71.3 billion compared to Rs. 938 billion