KARACHI: Venture capital firm 500 Global has partnered with the JS Group to support startups in Pakistan, a press release said on Tuesday.

With this collaboration, 500 Global aims to bring its range of startup and investor education programmes to Pakistan. It’ll also continue to scout for top founders and high-potential technology startups to invest in.

The number of venture-backed deals nearly quadrupled between 2018 and 2021 to 86, with funding rising more than 20 fold during the same period to $332 million.

Pakistan is at a tipping point for global venture-backed deals, attracting $304m in funding in the first nine months of 2022, according to data firm MAGNiTT.

BOP’s consolidated income drops

Consolidated earnings of the Bank of Punjab (BOP) for July-September amounted to Rs2.1 billion, down 30.7 per cent from a year ago.

A press release said on Tuesday the bank’s total assets at the end of September improved to Rs1.3 trillion versus Rs1.2tr at the close of 2021. Deposits also improved to Rs1.04tr against Rs1tr on Dec 31, 2021. Investments and gross advances were recorded at Rs576.2bn and Rs598.4bn, respectively.

The bank’s equity improved to Rs64.4bn and its capital adequacy ratio stood at 14.14pc against the regulatory requirement of 11.5pc. the leverage ratio stood at 3.89pc against the requirement of 3pc, it added.

Published in Dawn, November 2nd, 2022