KARACHI, November 04 2024: In the meeting, the Monetary Policy Committee (MPC) decided to reduce the policy rate by 250 basis points to 15 per cent, effective from November 5, 2024. The Committee observed a faster-than-expected decline in inflation, reaching close to the medium-term target in October. The tight monetary policy stance has been pivotal…
KARACHI, November 4, 2024: JS Bank and BankIslami have announced a strategic partnership to enhance home remittance services nationwide, by combining the strengths and retail networks of both institutions. Through this alliance, JS Bank will leverage BankIslami’s branch network to provide swift, secure, and convenient remittance payouts for beneficiaries across Pakistan. The partnership was formalized…
KARACHI, October 31 2024: In the third quarter of 2024, Pakistan’s listed banks demonstrated resilience, recording a total profitability of PKR 158 billion. While this figure represents a slight decline of 1% year-on-year, it reflects a robust increase of 16% quarter-on-quarter. Key Highlights: Bank-Specific Performance: Future Outlook: Most banks have maintained their dividend payouts, a…
KARACHI, October 30, 2024: Allied Bank Limited (ABL) has released its financial results for the third quarter of the calendar year 2024, reporting earnings per share (EPS) of PKR 10.84, a 9% increase year-on-year (YoY). While the quarterly earnings remained stable compared to the previous quarter, the bank’s performance for the first nine months of…
Karachi, 29 October 2024: Standard Chartered Bank Pakistan Limited (SCBPL) delivered a strong performance, that has led to a growth of 20% in profit before tax to PKR 75.5 billion. Overall revenue grew 16% year on year with positive contributions from all segments. While operating expenses increased 18% from the comparative period in line with…