TC Mar-Apr 2021 Issue

TRADE CHRONICLE
Parwaaz, HBL and IBP to train Cybersecurity specialists
to secure Pakistan’s financial sector
Parwaaz, HBL and Institute of Bankers
Pakistan (IBP) signed a Memorandum
of Collaboration (MoC) to develop a
skilling program for Parwaaz’s financial
services incubator. The incubator will
equip current and aspiring bankers
with skills to become cybersecurity
specialists.
The MoC was signed by Mr. Jawad
Khan, Country Head Parwaaz and
CEO Punjab Skills Development Fund
(PSDF); Mr. Muhammad Aurangzeb,
President & CEO - HBL and Mr.
Mansur- Ur- Rehman Khan, CEO - IBP.
This tripartite partnership is a crucial
step in closing the national skills gap.
PSDF, through the Parwaaz platform,
will fund the development of the training
program, manage the training delivery,
Meezan Bank, the Best Bank in
Pakistan has announced the provision
of corporate & transaction banking
services to Tufail Group– one of the
largest manufacturers of industrial
chemicals in Pakistan. As per the
memorandum of understanding (MoU)
signed between the two parties,
Meezan Bank will, provide a core suite
of payment & collection services to
Tufail Group, through eBiz+, its stateof-the-art
portal designed to automate
complex payment workflows.
The agreement was recently signed by
Mr. Zubair Tufail - Director & CEO, Tufail
Group and Mr. Muhammad Abdullah
Ahmed - Group Head, Corporate &
and harness its vast network to engage
relevant financial institutes to create
job opportunities for the graduates.
HBL will lead the identification of
banking professionals who are apt for
this training and the bank will also offer
job placements to selected graduates.
IBP’s role is to select cybersecurity
subject experts and develop course
curriculum with support from HBL
for the training. IBP will mobilize
applicants for training, conduct pre
and post assessment of the training on
graduate’s expertise and facilitate them
in accessing employment opportunities
in the financial services sector.
During the MoC signing Country
Head Parwaaz, Mr. Jawad said,
“Cybersecurity is a fast-growing
specialization globally and as the
financial world digitizes, it is
a highly sought-after area
of expertise for current and
upcoming professionals
in the banking sector.
This is the first time that a
certification in cybersecurity
is being developed and
offered in Pakistan.
Meezan Bank provides a one-stop automation solution
to Tufail Group to drive digital collections & payments
Institutional Banking, Meezan Bank at
Tufail Group’s Head Office, Karachi.
Commenting at the occasion, Mr.
Abdullah Ahmed - Group Head,
Corporate & Institutional Banking,
Meezan Bank, said: “As one of the
largest players in the industry, Meezan
Bank is doubling down on its efforts
to drive innovative digital cash flow
management for businesses and
corporates in Pakistan.
By bringing in the strengths of our
customizable, business-focused
product, eBiz+, we are not only
speeding up Tufail Group’s cash
collection cycle but will also enable
them to cut down on
the hours spent on
company books, thus
lowering their risks
through streamlined
processes and better
managed business
relations.”
MCB Bank earns
Rs6.79bln Q1 profit
MCB Bank’s unconsolidated net profit
inched up percent to Rs6.79 billion for
the quarter ended March 31, 2021,
translating into EPS of of Rs5.73, a
bourse filing said.
It earned Rs6.519 billion with EPS of
Rs5.50 in the corresponding period last
year. The bank announced interim cash
dividend at Rs4.5 per share, which was
45 percent, in continuation of its highest
dividend pay-out trend.
The MCB board of directors met under
the Chairmanship of Mian Mohammad
Mansha, to review the performance of
the bank and approve the condensed
interim financial statements for the first
quarter ended March 31, 2021. “The
result was above expectations due to
recognition of reversal in provisioning
and higher than anticipated fee
income,” an analyst at KASB Securities
said.
Net interest income for the period
clocked in at Rs16.29 billion compared
with net interest income of Rs17.28
billion in the corresponding period
last year. “Net Interest Income slightly
decreased by six percent in Q1CY21 as
the full impact of asset re-pricing was
taken into account.” Total non-interest
income stood at Rs4.97 billion in the
quarter under review as against Rs4.16
billion last year. “Non-interest income
increased by 19 percent largely driven
by 16 percent growth in fee income
and gain on sale of securities worth
Rs367 million.” The bank recognised a
provisioning reversal of Rs213 million
during the quarter under review that
lent further support to the earnings.
Operating expenses slightly increased
by 3 percent to Rs10.1 billion.
The total asset base of the bank on
an unconsolidated basis was reported
at Rs1.77 trillion. Analysis of the asset
mix highlights that the net investments
increased by Rs75 billion (7.4 percent)
whereas the gross advances decreased
by Rs33 billion (6.5 percent) over
December 2020. However, consumer
lending book grew by Rs2.2 billion (8
percent) in the first quarter 2021.
The non-performing loan (NPLs) base
of the bank hence recorded a marginal
increase of 1.2 percent over December
2020 to report at Rs51.8 billion.
TRADE CHRONICLE - Mar - Apr - 2021 - Page # 36