some more interesting and encouraging news from Pakistan's banking world:
http://thenews.jang.com.pk/daily_detail.asp?id=44606 ‘Habib Bank’s IPO, GDR approved’ By our correspondent
KARACHI:
Habib Bank president Zakir Mahmood said on Monday the government of Pakistan has given green light for the issuance of IPO and GDR of the bank, authorizing the Privatization Commission to set a deadline and work out details.Addressing a press conference on the launch of new corporate identity of the bank, he said the bank had already applied to different regulatory authorities of foreign countries to allow it to start business.
He said HBL has plans to extend its presence in key international markets, which include the United Kingdom, UAE, South and Central Asia, Africa and the Far East.He said "we have enhanced our presence in the Gulf by raising our capital because it is one of the most competitive banking markets of the region". Besides assuming a new corporate identity, the bank now has adopted a slogan of "vision, mission and values", which, according to him, will help in raising the profitability of the bank.
He said from January 2007 the bank has started enhancing profit rate to its depositors. At present, 1000 branches are working 9am to 4pm and the bank's ATMs have been doubled to extend maximum service to customers.
He said the bank will be starting state-of-the-art call centres nationwide in a few days, which will accept calls from across the country. He said the bank has doubled its lending to agriculture and lower and middle class cultivators are its special focus.He said the bank's new corporate identity is a reflection of HBL vision to enable people to advance with confidence and success. Moreover, as part of the bank's new identity, HBL has adopted as new corporate brand, with a view to modernizing bank's image.
http://www.nation.com.pk/daily/feb-2007/27/bnews7.phpNBP's profit soars to Rs26.30 billion ZAMIR SHEIKH
KARACHI -
National Bank of Pakistan has maintained its profit momentum in 2006 as the bank's pre-tax profit increased to Rs26.30 billion, an increase of 37 percent over last year and after tax profit increased to Rs 17 billion from Rs 12.7 billion of last year, an increase of 38 percent. The basic earnings per share jumped by over 34 percent from Rs17.92 in 2005 to Rs24.01 in 2006. Pre tax return on equity stood at 58 percent, pre tax return on assts improved to 4.3 percent from 3.4 percent of the last year and cost to income ratio of 0.32 remained in the top tier. Increase in pre-tax profit by Rs7.26 billion was achieved through strong growth in core banking income. Interest income increased by Rs10 billion (30 percent) through a combination of growth in the loan portfolio across all sectors as well as increase in spreads. Dividend income also made healthy contribution as it increased by Rs1, 174 million over 2005. Advances increased by Rs49 billion due to impressive contribution by all business units.
The bank in an extremely competitive environment increased its deposit by healthy Rs39b. The bank's loan loss provision to non-performing loans stood at 82pc. Board of Directors NBP in its meeting held on February 24 approved annual accounts of the bank for the year ended Dec 31, 2006.
The BoD also approved cash dividend of Rs4 per share i.e. 40pc and bonus issue of 15pc. The year 2006 has been an outstanding year with bank recorded exceptional result and healthy growth in an extremely competitive environment.
MoodyÆs maintained NBPÆs financial strength rating at D-reflecting the bankÆs important franchise and leading market share in Pakistan. JCR, VIS Credit rating Co. Limited has also maintained the bankÆs medium to long term standalone rating at AA+ with a stable outlook and has re-affirmed the bankÆs entity rating of AAA/A-1+. The bankÆs rating is one of the highest in the sector.
The Board of Directors extended its appreciation to the bankÆs staff for their commitment, dedication and hard work in achieving these excellent results. The BoD also expressed its appreciation to the stakeholders, regulators and valued customers for their support and continued confidence in NBP.