Khushhalibank collaborates with leading insurance companies

Khushhalibank collaborates with two leading companies in the insurance sector of Pakistan, namely Adamjee Life Assurance Company Limited and Jubilee Life Insurance (JLI). The two agreements were signed in order to facilitate valued customers and provide them with more benefits of life insurance cover packages. As per agreement with Adamjee Life Assurance, flexible premium investment-linked assurance plans will be offered under the Bancassurance arrangement.

The Bank will offer an access to professionally managed unit funds. Clients can choose to pay premiums on monthly, quarterly, half yearly and yearly basis with premiums starting from PKR 8,000 to 36,000 annually. Speaking on the Occasion, Jehanzeb Zafar, Chief Strategy Officer, Adamjee Life Assurance Company said, “Our customers will have the luxury of selecting the package that best suits their requirements. Premiums will be used to purchase units in the unit funds.”

In partnership with Jubilee Life Insurance, Khushhalibank and JLI has enhanced the insurance product proposition, Sehat Khushhali being offered by the Bank to its customers. Under this scheme the clients are provided hospitalization coverage of PKR 40,000 in one-year time on a premium of PKR 750. In addition both parties also agreed to launch and establish necessary support for operations efficiency through Bank’s branches.

On this partnership, Sohail Fakhar, Group Head, Jubilee Life Insurance expressed his views, “The alliance between the two organizations is a great move and both parties have their consent in establishing necessary support towards enhanced operations efficiency.” On the occasion, President Khushhalibank, Ghalib Nishtar, said, “These partnerships will set new standards for marketing the insurance products and the Bank will ensure best quality service to its customers.”

Published in Pakistan Observer, April 2nd,2017

NBP, Xpress Money to launch promotional schemes for remittance customers

National Bank of Pakistan and Xpress Money has launched a promotional campaign where hundreds of Remittance customers sending their remittances through Xpress Money from across the globe and receiving them from any of the NBP’s 1400+ branches will be eligible to win Cash prizes worth hundreds of thousands of rupees.

Xpress Money is a global money transfer brand with a thriving presence in more than 170 countries across all continents through 180,000 agent locations. Xpress Money has come to be known as the most dependable international money transfer brand and provides its customers a simple, fast & safe way to transfer money through innovative technology, superior customer service and its extensive worldwide network.

National Bank of Pakistan is a key player in the remittance business in Pakistan with over 1400+ online branches. Any Remittance sent from Xpress money from around the world can easily be collected from any of the NBP branches across Pakistan. Home Remittances is the second largest source of Foreign Exchange for the country and NBP has always been a front runner in providing exceptional services to the remittance customers.

Published in Pakistan Observer, April 2nd,2017

NBP shareholders approve dividend of Rs7.50 per share

The 68th Annual General Meeting of National Bank of Pakistan was held at a local hotel in Karachi. The meeting was well attended by the shareholders. President of the Bank, Saeed Ahmad chaired the meeting. The shareholders approved financial statements and cash dividend of Rs.7.50/- per share as recommended by the Board of Directors of the bank. This translates into 78% dividend payout of the bank’s distributable profit for the year 2016 (after statutory reserve allocation).

The shareholders were informed that the Bank achieved 12% growth in pre-tax profit for the year as it increased by Rs3,925 million from Rs33,216 million for the year 2015 to Rs37,141 million for the year 2016. After-tax profit amounted to Rs22,752 million i.e. 18% higher than Rs19,219 million of prior year.

This is highest ever profit in history of the bank translating into Rs10.69 earnings per share. Despite a generally difficult year for the banking industry, the Bank succeeded to record growth in both interest / mark-up income and fee based income. The bank achieved a commendable 16% growth in deposits and a 13% growth in advances; whereas its capital & reserves increased to Rs177 billion as of December 31, 2016.

Published in Pakistan Observer, April 1st,2017

Askari Bank’s performance lauded by shareholders

Askari Bank’s shareholders 25th Annual General Meeting was held on Friday. The shareholders approved annual audited financial statements of the Bank for 2016 and final cash dividend of Rs1.5 per share.

The Bank’s performance was lauded by the shareholders. The shareholders also elected 10 directors for the next term of three years including 4 new directors namely Justice (R) Sarmad Jalal Osmany, Mr. Kamal A. Chinoy, Mr. Mushtaq Malik and Syed Ahmed Iqbal Ashraf. Addressing the shareholders, the Chairman of the Board Lt Gen Khalid Nawaz Khan (Retd) welcomed the new directors and thanked the outgoing directors who were not re-elected upon completion of their tenure. Askari Bank’s President Syed M. Husaini who was earlier reappointed till June 2019 also thanked the shareholders for their active participation at the general meeting.

Published in Pakistan Observer, April 1st,2017

Current account deficit doubles

There is a need to contain current account deficit which has been doubled compared to last year, to manageable levels to sustain external sector stability.
State Bank of Pakistan said in its second quarterly report released on Friday for Financial Year 2017 on the State of Pakistan’s Economy. The Report says that the overall economic environment remains conducive for growth, on the back of accommodative monetary policy, increase in development spending, and CPEC-inspired activities.

However, the current account deficit has almost doubled compared to the last year. This was due to a surge in growth-inducing imports along with non-realization of CSF and decline in exports and remittances. On an encouraging note, the Report acknowledges that the foreign inflows – FDI, loans, and Sukuk issuance – were little more than sufficient to finance higher current account deficit
The Report has also noted the improvements in investors’ confidence as reflected in an uptick in private sector credit, especially for fixed investment purposes; foreign interests in Pakistani companies; and increased production of consumer durables.

Similarly, a surge in import of machinery and raw materials also points to a robust industrial activity and buildup of future productive capacity.
According to the Report, the growth in Large-scale Manufacturing (LSM) recovered in Q2-FY17 with increase in production of food, cement, steel, pharmaceuticals, automobiles, and electronic industries. The growth in agricultural sector is also expected to rebound on account of higher production of cotton, sugarcane, and maize and increased prospects for wheat harvest close to last year after rains in early February 2017.

The Report also notes that fiscal deficit has increased due to low revenue generation amid higher development and security related spending. While the Report terms sustained increase in development spending commendable, it also underscores the need to enhance revenue collection.

The Report shows that average CPI inflation has risen from 2.1 percent in H1-FY16 to 3.9 percent as in H1-FY17 which reflects higher domestic demand and an increase in global commodity prices. However, it highlights that on year-on-year basis, the CPI inflation has fluctuated in a narrow range during this period.
Finally, the Report perceives the growth to maintain the upward trajectory while inflation to remain below the target during FY17.

Published in Pakistan Observer, April 1st,2017

BankIslami extends strategic alliance with AL-HAJ FAW Motors

BankIslami Pakistan Limited & AL-HAJ FAW Motors Pvt. Limited has extended their agreement for the year 2017. As a result, both BankIslami & FAW motors agreed to mutually serve the Automobile Industry and fulfill customers’ vehicle requirements. Moreover, this alliance will be providing attractively priced quality vehicles and their financing facility at competitive terms and conditions.

This alliance will further increase the sales of FAW vehicles through interesting features of BankIslami’s Islami Auto Finance facilities.The agreement was signed between Farhan Hafiz, Head of Marketing Division, AL-HAJ FAW Motors Private Limited and Yasser Abbas, Head- Islami Auto Finance, in the presence of a number of BankIslami and FAW Motors officials.

Speaking on the occasion, Farhan said: “We are delighted to extend our liaison with one of the leading Islamic Banks of Pakistan. With this alliance, we intend to serve the growing customer base of Auto Financing Industry of Pakistan with High Quality FAW vehicles.” Yasser Abbas, Head – Islami Auto Finance added: “Based on the success of our initial agreement executed in 2016, we feel that this extension is a milestone for both the organizations.

Published in Pakistan Observer, March 1st,2017

UBL reaffirms commitment to ‘service excellence’

UBL actively participated in an interactive session on Service Excellence with Mr. Ron Kaufman, the world’s leading expert in service partnerships and customer focus. Entitled “Uplifting Service,” this session was held recently in Karachi with the objective of motivating participants to build an uplifting service culture for sustainable competitive advantage. With “Customer First” as one of its values, this session was a perfect fit for UBL to lead and participate in.

More than 200 delegates from a cross-section of industries were in attendance at this day-long event. Mr. Ron Kaufman is one of the world’s most sought-after educators, consultants and thought leaders in achieving superior service and uplifting service cultures. He delivers powerful insights and global best practices enabling organizations to gain a sustainable advantage through service.

During his opening remarks at the Convention, Wajahat Husain, President & CEO UBL said, “At UBL, we are acutely aware of the importance of service excellence to our business. Customers are at the heart of our Corporate Philosophy. We are here to serve and exceed their expectations, thereby gaining their trust”.

Published inPakistan Observer, March 1st, 2017