Trade Chronicle July - August Issue 2017

TRADE CHRONICLE
Askari Bank, Master card
sign agreement
Askari Bank has signed an
agreement with Mastercard, a
leading technology company in the
global payments industry, to offer
an enhanced customer experience
for the growing base of Askari
M a s t e r c a r d c a r d h o l d e r s b y
strengthening its existing range of
services with a number of valueadded
benefits. The agreement was
signed at Mastercard's regional
headquarters in Dubai, United Arab
Emirates, by Rashid Nawaz Tipu,
Group Head Branch Banking,
Askari Bank and Khalid Elgibali,
Division President, Middle East
and North Africa, Mastercard.
Askari Bank was the first bank in
Pakistan to introduce 'Mastercard'
cards in 1995, and currently offers
its customers a wide range of
Mastercard products including
World, Platinum, Gold, Classic and
Corporate cards.
Rashid Nawaz Tipu, Group Head
Branch Banking, Askari Bank, said:
“The collaboration comes at the right
time for Askari Bank, as we are
carefully reviewing our portfolio and
analyzing customer insights and
usage behavior. Presently, more
people than ever in Pakistan - and
especially the youth - are confidently
using their cards to pay at both brickand-mortar
and online stores. We
look forward to tapping into
Mastercard's expertise in this domain
and build solutions that will
strengthen our engagement with
customers and contribute to
Pakistan's cashless economy.”
United Bank’s profit
falls 8.9 percent
Net income of United Bank
Limited (UBL) fell 8.9 percent to
Rs13.29 billion for the half-year
ended June 30, 2017, translating
into earnings per share (EPS) of
Rs10.81, according to a bourse
filing to PSX.
UBL posted a profit of Rs14.6
billion during the same period a
year ago with an EPS of Rs11.82,
said a notice to Pakistan Stock
Exchange. The company also
announced an interim cash
dividend of Rs3/share, which is in
addition to the interim dividend of
Rs3/share already paid to the
shareholders.
“The decline in earnings is
primarily on account of the super
tax at 4 percent on the 2016
profitability, causing an impact of
Rs1.50/share,” an analyst at Arif
Habib Securities said. Bank’s net
interest income for the half-year
stood at Rs29.009 billion, up 0.79
percent as compared to income of
Rs28.83 billion during the same
Ms. Sima Kamil, President & CEO, UBL (last row 6th right) at the Belt & Raod Bankers
Roundtable Conference held in Beijing, China.
period a year earlier.
The bank’s non-interest income
witnessed a decline of 13 percent to
Rs13.19 billion during the period
ended June 30, 2017. Non-interest
income amounted to Rs15.101
billion in the corresponding period
of the last year.
For the quarter ended June 30,
2017, UBL posted a net profit of
Rs5.714 billion, translating into
EPS of Rs4.67, down 18 percent as
against the profit of Rs7.039 billion
and EPS of Rs5.68 during the same
period of the last year.
“Despite capital gains increasing
93 percent during the quarter ended
June 30, 2017, total non-markup
income increased a mere three
percent, as dividend income
weakened 73 percent,” said Ovais
Hussain, an analyst by Elixir
Securities.
Ms. Sima Kamil, President & CEO UBL (front right), Mr. Sheikh Imran ul Hauqe, MD & CEO
PSO (front left), Mr. Babar Hamid Chaudhary, GM New Business Development (front, second
right) and Mr. Arif Sirhindi, Group Executive Payment Services Group, UBL (front, second
left) at the agreement signing ceremony between UBL and PSO through which UBL customers
can now bank at PSO’s 3,500 fuel stations across Pakistan.
TRADE CHRONICLE - July .~ Aug. 2017 - Page # 36