BoP posts Rs2.1bn pre-tax profit

LAHORE: The Bank of Punjab (BoP) posted a pre-tax-profit of Rs2.067 billion for the first half (January-June) of this calendar year as against Rs1.542bn of the corresponding period last year, a growth of 34 per cent, said a press release.

Bank’s total assets stood at Rs376bn against Rs353bn on December 31, 2013. Its deposits stood at Rs333bn, while the advances and investments stood at Rs163bn and Rs142bn, respectively.

Samsung’s shipbuilding, engineering merger

SEOUL: The shipbuilding and engineering units of South Korea’s Samsung group said Monday they would merge, as the family-run giant gears up for generational ownership succession.

The board members of Samsung Heavy Industries, the world’s third-largest shipmaker, and Samsung Engineering had approved the tie-up via a share swap, said a joint statement.

Shareholders at the engineering unit will be given 2.36 shares in the shipbuilder, it said, adding the deal would be finalised by December.

The two firms hope to achieve total sales of 40 trillion won ($39.4 billion) by 2020 from 25tr won in 2013, it said.

Published in Dawn, September 2nd , 2014