Briefing the shareholders on the financial results, the President and CEO mentioned that the Bank’s Net Interest Income (NII) improved by 14 percent year on year, primarily due to improved volumes as well as spreads. He mentioned that core fee and commission earnings, dividend income and foreign exchange income all indicated positive growth, improving by 9.89 percent, 28.30 percent and 15.46 percent respectively, while the negative impact on overall Non-Interest Income was mainly due to the impact of losses incurred on the Capital markets portfolio due to adverse market conditions that prevailed over a substantial part of the year. He further mentioned that the Bank’s Net Advances portfolio grew by 9.88 percent year on year, while Net Investments indicated a growth of 20.74 percent over 2018. Deposits crossed the level of Rs. 300 billion, increasing by 15.13 percent over 2018. As at 31 December 2019, the gross Advances to Deposits ratio (ADR) of the Bank stood at 70.35 percent, the Bank’s infection ratio improved to 5.13 percent, while the specific provision coverage stood at 69.46 percent.
While discussing the Bank’s outlook and strategy, the Chairman of the Board said that the country was indeed going through a tough phase, but he assured the Shareholders that the Board and the management of the Bank are working together in order to deliver on the Bank’s Strategic targets. During the meeting, the Shareholders of the Bank elected the Bank’s Directors for a term of three years, namely Mr. Alauddin J. Feerasta, Mr. Nooruddin Feerasta, Mr. Ahmed A. Feerasta, Mr. Muhammad Rashid Zahir, Mr. Jamil Hassan Hamdani, Ms. Navin Salim Merchant and Mr. Manzoor Ahmed – NIT nominee, , subject to their FPT clearance from the State Bank of Pakistan.
A New Era for Music Shows Pakistan's music scene has seen a significant evolution in…
Index-heavy banking and cement sectors saw some selling pressure on Friday as the benchmark KSE-100…
Minister for Planning, Development and Special Initiatives Professor Ahsan Iqbal stressed the need to adopt…
Karachi Chamber of Commerce and Industry (KCCI) has demanded Federal Board of Revenue (FBR) to…
Pakistani rupee on Friday appreciated by 05 paisa against the US dollar in the interbank…
The per tola price of 24 karat gold decreased by Rs.300 and was sold at…
Leave a Comment