HBL, BOC discuss collaboration

KARACHI: Habib Bank Ltd (HBL) and Bank of China (BOC) have agreed to cooperate for future banking in Pakistan and develop strategies to make for cooperation in ongoing projects like CPEC.

Chairman Habib Bank Limited Sultan Ali Allana received the BOC Chairman Tian Guoliand and his team at HBL Plaza on Friday.

Chairman BOC is visiting Pakistan to discuss and explore the possibilities of setting up a branch in Karachi.—Staff Reporter

PSO holds 40th annual general meeting

KARACHI: Pakistan State Oil (PSO) maintained its leadership position with an overall market share of 56 per cent, said shareholders during the 40th annual general meeting held on Friday.

The company’s after-tax profit during the previous fiscal year was Rs10.3 billion as compared to Rs6.9bn during 2014-15. During the session, the shareholders also approved the company’s financial statements along with a final cash dividend of Rs7.5 per share (equivalent to 75pc).

ABL profit down 18pc

KARACHI: Allied Bank Limited (ABL) on Friday announced its third quarter 2016 consolidated earnings of Rs3.7 billion (earnings per share Rs3.2), down 18 per cent on a year-on-year basis.

The bank also announced an interim cash dividend of Rs2 per share in addition to Rs3.5 already paid. The results remained lower than market expectations.

The net interest income was down 12pc on a year-on-year basis to Rs8.2bn due to maturity of high yielding Pakistan Investment Bonds (PIBs) in the quarter under review and its reinvestment at lower yields.

These PIBs were booked around 12-13pc and now they are reinvested at lower rates to the tune of 6-7pc.—Staff Reporter

Soneri Bank posts Rs1.6bn profit

The bank posted a profit after tax of Rs1.541bn for the nine months ending September 30, 2016. The board in its 151st meeting held on Friday approved the bank’s third quarter financial statements.

During the period deposits grew by 9.04pc closing at Rs201.9bn as compared to Rs185.22bn in December 2015. Net advances were down by 11.96pc to Rs98.61bn compared to Rs112bn in December 2015 due to seasonal factors.

Bank’s net assets (including surplus) amounted to Rs18.26bn at the end of the third quarter.

Published in Dawn, October 22nd, 2016