COMPANY NEWS

Published March 11, 2024

ZTBL’s financial results

Zarai Taraqiati Bank Limited (ZTBL) is maintaining its position as the largest supplier of institutional agricultural credit because of efficient fund management, effective recycling of the bank’s recovery proceeds and proper administrative and financial controls, as per a press release.

In 2023, the bank witnessed its highest ever profit before tax of Rs17,606 million (Rs7,458m in 2022), with after-tax profit of Rs10,984m (Rs5,123m in 2022) with earnings per share at Rs2.1 compared to Rs0.9 in 2022.

Total credit of Rs93 billion has been extended to over 300,000 farmers during 2023. ZTBL remained a major participant in the Kissan Package-2022 by disbursing Rs29.5bn. The bank has improved its capital adequacy ratio to 37.8 per cent — well above the State Bank of Pakistan’s requirement of 11.5pc.

ZTBL participated in SBP’s National Financial Literacy Programme and earned a special performance award of excellence in Financial Literacy (2024) for its active participation and management support.

Financial Literacy Week

Allied Bank organised the Financial Literacy Camps in connection with Pakistan Financial Literacy Week in the districts of Gujranwala, Sukkur, Khuzdar, Malakand, Rawalpindi and Dera Ghazi Khan, in which people keenly participated and appreciated the bank’s initiative, states a press release.

As the SBP announced Financial Literacy Week last week, to empower individuals with the knowledge and skills required for effective financial decision-making, Allied Bank aspired to ignite a nationwide conversation on financial matters, reduce financial barriers, and inspire positive financial behaviours under “Financial Inclusion through Digital Means” which encapsulates the bank’s commitment to utilising digital platforms to promote accessibility, efficiency, and security in financial transactions.

KE & Visa partnership

K-Electric and Visa recently signed a Memorandum of Under­standing to chart the future of digital payments in Pakistan, according to a press release.

The signing event signals a long-term partnership aimed at providing customers with an efficient and seamless digital experience.

Fawad Ali Gilani, Chief Distribution Officer at KE, stated on this occasion, “As KE and Visa embark on this strategic alliance, the collaboration is poised to bring about transformative changes. The partnership aims to leverage both organisations’ expertise in contributing to the evolution of digital payments in Pakistan and ease the process of bill payments.”

Umar Khan, Country Manager for Pakistan and Afghanistan in Visa commented, “We look forward to our collaboration with KE and aligning our strategies to advance the digitisation of Pakistan’s utility landscape.”

PSO inaugurates ECO Street

The Mayor of Karachi, Barrister Murtaza Wahab and MD & CEO of PSO, Syed Muhammad Taha, inaugurated the company’s latest initiative, PSO ECO Street, surrounding PSO House in Clifton, Karachi, states a press release.

PSO ECO Street, a sustainable plastic road, is part of PSO’s ongoing efforts to reduce plastic waste and promote eco-friendly infrastructure. This significant initiative has turned approximately 49,428 square feet of traditional road into a symbol of green living, utilising 5,000 kg of recycled plastic waste, primarily from lubricant bottles and cans collected from PSO’s Lubricant Manufacturing Terminal (LMT) location in Karachi.

Mr Wahab shared his views on the occasion: “We applaud PSO’s commitment to sustainability, fostering a greener urban landscape, and inspiring other corporate entities to invest in our community’s development.

SEF celebrates Women’s Day

The Sindh Education Foundation (SEF) celebrated International Women’s Day last week, as per a press release. SEF recognises the pivotal role of women in spearheading various programmes and portfolios, extending from the head office to regional and district offices.

Hence, emphasising the theme, ‘Train to Transform: Skills Unleashed, Confidence Boosted,’ this event was an integral part of the Professor Anita Ghulam Ali Discourse Series, which seeks to underscore the significance of empowering women in education.

General Administration Director, Shahpara Rizvi, emphasised the necessity of a gender-responsive financing policy for women, advocating for a shift towards a green economy and a caring society.

Published in Dawn, The Business and Finance Weekly, March 11th, 2024

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