HMB profit decreases 5.9pc

KARACHI: Habib Metropolitan Bank reported on Friday an unconsolidated profit of Rs2.24 billion for January-June, down 5.9 per cent from a year ago.

The bank did not announce any cash dividend.

Its unconsolidated earnings for April-June amounted to Rs952.7 million, up 32pc on an annual basis.

According to Topline Securities, earnings were driven by higher net interest income. The effective tax rate also declined to 54pc in the second quarter against 64pc a year ago, it said.—Staff Reporter

Infosys CEO Vishal Sikka resigns

NEW YORK: The CEO of India-based outsourcing and information technology company Infosys, Vishal Sikka, has resigned following differences with some founders of the company, including N R Narayana Murthy. The Infosys board of directors accepted Sikka’s resignation and appointed U B Pravin Rao as interim CEO and managing director, a company statement said on Friday.

Murthy and some other founders recently complained over salary issues and large compensation packages paid to some senior employees who had quit the company.

Published in Dawn, August 19th, 2017