BAHL earned Rs2.3bn in first quarter

KARACHI: Bank Al Habib (BAHL) posted a profit after tax (PAT) of Rs2.31 billion (earnings per share: Rs2.07) during the first quarter of 2017 registering a decline of 9 per cent on a year-on-year basis.

The result came higher than the market expectations as the bank booked capital gains worth Rs732 million and reversals under provisioning expenses during the quarter.

Bank Alfalah profit rises 13pc

KARACHI: Bank Alfalah Ltd on Tuesday announced that its profit-after-tax jumped 13pc to Rs2.79bn (eps: Rs1.75) during the first quarter of 2017.

Key drivers of 1Q2017 earnings growth were 16 per cent year-on-year lower interest expenses, reversals under provisioning expenses, 24pc year-on-year higher fee income and Rs721m capital gains booked during quarter.

Pacra upgrades Nafa rating

KARACHI: The Pakistan Credit Rating Agency (Pacra) has upgraded asset manager rating of NBP Fullerton Asset Management Limited (Nafa) to AM1 (very high quality), said a press release.

PTCL to use Afiniti’s services

ISLAMABAD: Pakistan Telecommunications Company Ltd (PTCL) has signed a partnership agreement with Afiniti, a US-based applied artificial intelligence company that transforms the way humans interact.

In a press release issued on Monday, PTCL said it would be the first company in Asia to use the Afiniti’s solution. “Afiniti is now live across PTCL’s sales platform, optimising metrics such as new customers, cross-sales, upgrades and downgrades for queues of about 600 agents,” it said.

HSBC wins mandate on $100bn Aramco IPO

HONG KONG: HSBC Holdings Plc has been formally mandated as an adviser on the initial public offering of Saudi Arabia’s national oil giant Aramco, expected to be the world’s largest ever IPO, HSBC’s chief executive said on Monday.

Europe’s biggest bank joins peers including JPMorgan Chase & Co and Morgan Stanley on the deal, which is expected to raise some $100 billion and is the centrepiece of the Saudi government’s ambitious strategy to diversify away from oil.—Reuters

Coca-Cola profits fall 20pc

NEW YORK: Coca-Cola reported lower earnings Tuesday on restructuring costs and flat volumes as it touts new low-sugar beverages in response to flagging demand for soda.

Net income in the first quarter was $1.2 billion, down 20.3 per cent from the year-ago period.

Published in Dawn, April 26th, 2017