Trade Chronicle Sep - Oct - 2020 issue
Pakistan Leather Industry, Pakistan Cement Industry, Pakistan Ports and Shipping Industry, Top changes in Pakistan, Pakistan Automobile Industry, Pakistan Oil and Gas, Pakistan Steel Industry, Pakistan Telecommunication, etc.
Pakistan Leather Industry, Pakistan Cement Industry, Pakistan Ports and Shipping Industry, Top changes in Pakistan, Pakistan Automobile Industry, Pakistan Oil and Gas, Pakistan Steel Industry, Pakistan Telecommunication, etc.
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TRADE CHRONICLE
UBL records profit of Rs 26.4 billion
UBL posted profit before tax of Rs
26.4 billion for the nine months ended
September 30, 2020. The profit after tax
stood at Rs 16 billion with 12 percent
growth over last year. The Bank maintained
its momentum across core businesses as
gross revenues were recorded at Rs 71
billion, up 14 percent.
The Domestic business recorded profits
before tax of over Rs 36 billion in the current
period, up 36 percent from last year. The
depth and coverage of the UBL branch
network across Pakistan continues to pay
strong returns as the deposit base stood
at Rs 1.35 trillion, growing by 11 percent
over Dec’19. Financial inclusion across all
HBL profit jumps in Q3CY20
Habib Bank Limited profit jumped 106
percent to Rs10.083 billion in the quarter
ended September 30, 2020, translating
into earnings per share (EPS) of Rs6.85,
a bourse filing said on Friday.
The bank earned Rs4.897 billion profit
with EPS of Rs3.36 in the same quarter
last year. It did not announce any cash
dividend for the quarter under review as
per the central bank’s letter issued on
April 22, 2020. Optimus Research Analyst
Muhammad Ahmed said the bank’s results
were above expectations owing to lower
than estimated contraction in net interest
income on sequential basis during the
third quarter of calendar year 2020.
BankIslami branch inaugurated in Quetta
BankIslami
h a s
inaugurated
a new branch
in Quetta
Cantt. Lt. Gen
Muhammad
Waseem Ashraf, HI(M) Commander
BankIslami wins brand Award 2019
BankIslami, the country’s leading Islamic
bank, has bagged one of the most
prestigious national accolades this year by
becoming the Brand of the Year 2019. The
bank won in the Islamic Banking category
in acknowledgment of its achievements
in highlighting brand excellence as well
as noteworthy performance across the
industry.
segments of society is
one of the core pillars
of UBL’s strategy as it
acquired close to 400,000
new current accounts.
With 1,361 branches and 1,455 ATMs
nationwide, UBL is one of the largest private
sector banks operating in Pakistan. The
Bank shall continue to play a leading role
in the economic recovery of the country as
industrial sectors gear up for future growth
and expansion.
UBL maintained its leadership position in
the home remittances space with a market
share of approx. 24%. Over USD 6 billion
of remittances have been channeled to
Pakistan in the last one year through UBL.
Net interest income of the bank
increased 35 percent to Rs35.709
billion in Q3CY20 from Rs26.354
billion in Q3CY19. It was “potentially due to
better than estimated yields on government
securities and slower than anticipated repricing
of loan book,” Ahmed noted.
The bank’s fee and commission income
slipped six percent to Rs4.484 from
Rs4.779; dividend income went up 70
percent to Rs90.746 million from Rs53.185
million; and share of profits from associates
jumped 49 percent to Rs1.319 billion
from Rs884 million. Despite recording
higher share of profit from associates
and fee income, “non-interest income fell
32 percent QoQ on account of booking
significantly lower gains from realisation
of debt and equity securities (negative 85
percent QoQ), which restricted an even
S o u t h e r n
Command grace
the ceremony with
his valuable presence. He was accompanied
by President & CEO BankIslami, Syed
Amir Ali and General Manager South West
Burhan Hafeez Khan along with other
representatives from Bank Islami. The new
location is another addition to a network of
330+ branches that the financial institution
Speaking at the occasion,
President & CEO,
BankIslami Syed Amir Ali,
stated; “At BankIslami, we believe in
UBL was declared Pakistan’s Best Digital
Bank for 2020 by Asiamoney, an associate
of Euromoney. The award recognizes
UBL’s contribution in extending financial
services through digital channels and its
leading role as one of the most progressive
and innovative banks in the country.
As the Bank announced its results for
the nine months ended Sep 30, 2020,
Shazad Dada, UBL’s President & CEO
stated, “Customers remain at the heart of
our corporate philosophy. We will continue
to invest in and develop innovative and
technologically superior solutions. We aim
to create operational efficiencies within
our businesses with a clear approach to
deliver ‘Simpler, Better, Faster’ across all
channels.”
greater rise in bottom-line of Q3CY202,”
Optimus Research said in its note.
Operating expenses dropped almost
six percent to Rs22.612 billion in July-
September 2020, from Rs24.001 in the
same quarter during 2019. Brokerage
Topline Securities in a research note said,
“Operating expenses’ increase was limited
to a three percent QoQ. Cost to Income
clocked in at 53 percent.”
This quarter the bank booked lower capital
gains (Rs655 million). The bank’s income
from foreign exchange also provided a
major sigh of relief, with total income from
foreign exchange/derivatives clocking in at
Rs289 million during the nine months of
2020 against a loss of Rs484 million during
the first half of the year.
operates throughout the country.
Speaking at the occasion, President & CEO
BankIslami, Syed Amir Ali emphasized;
“Quetta is the provincial capital of
Balochistan, a province which is rapidly
gaining importance as an integral part in
handling a bulk of investment that Pakistan
is receiving from external as well as internal
investors.
enabling our customers as well as all
other stakeholders in having access to
the most convenient Shariah-compliant
financial services in the market.
We continue to expand financial inclusion
across the country by building credibility
as well as an image of an institution that
simplifies banking for its customers. Being
recognized by a platform like Brand of the
Year is certainly a feather in our cap and
we hope to keep our momentum going in
the times to come.”
TRADE CHRONICLE - Sep - Oct - 2020 - Page # 29