PTCL SUMMIT PROGRAM GROOMING YOUNG TALENT
Dr. Daniel Ritz, President and CEO, PTCL addressed management trainees of the company at an event held at the PTCL Academy in Haripur with reference to its Summit Program.
Pakistan Telecommunication Company Limited (PTCL), the largest ICT service provider in Pakistan, undertook the Summit Program to hire graduates from all over Pakistan. Through a rigorous selection process, 125 candidates were selected purely on merit from all parts of Pakistan for the program and are currently under training at the PTCL Academy.
Speaking to the candidates, he said: “PTCL’s diverse services are spread across Pakistan and are a source of national connectivity because they touch the life of every Pakistani in one way or the other. PTCL is making all efforts to improve the life of every household across the country and that was a testament to the high standards it had set for itself.” He hoped that the young management trainees will bring energy and contribute towards the innovation and transformation of PTCL.
The selection of these candidates has been made through a rigorous, transparent and open process involving various external and internal hiring channels to ensure only merit based selection.
Syed Mazhar Hussain, Chief HR Officer speaking at the occasion said “PTCL is always working towards developing the employees. The basic objective behind the Summit program was to attract top talent for PTCL and then development of young individuals on the basis of their competence”. He was very satisfied with the progress of the Management Trainees and announced that the Summit program will go on and more young talent would be provided the opportunity to join PTCL as Management Trainee in future as well.
At the event, trainees presented their projects to senior PTCL management. They also expressed their gratitude towards PTCL for providing them this opportunity and were excited to take the learnings of the Summit program to real life challenges when posted to different functions of PTCL.
NBP FULLERTON ASSET MANAGEMENT (NAFA) INAUGURATES NEW ISLAMIC SAVINGS CENTER
Karachi: As part of NBP Fullerton Asset Management (NAFA) commitment to offer wide range of Shariah compliant investment solutions along with high quality services to its customers, NAFA inaugurated its 7th Islamic Savings Center at Gulshan-e-Iqbal, Karachi on Friday, February 03, 2016.
The Savings center was inaugurated by the Chairman of Shariah Advisory Board of NAFA Funds, Dr. Imran Ashraf Usmani & Shariah Advisor, Mufti Ehsan Waquar Ahmed. The occasion was also graced by the CEO of NAFA Funds, Dr. Amjad Waheed, Mr. Murtaza Ali, Chief Operating Officer, Mr. Khalid Mehmood, Chief Financial Officer and other senior executives of the company.
MCB BANK’S FINANCIAL PERFORMANCE
The Board of Directors of MCB Bank Limited, met under the Chairmanship of Mian Mohammad Mansha, on February 08, 2017 to review the performance of the Bank and approve the financial statements for the year ended December 31, 2016.
MCB Bank Limited reported a Profit Before Tax (PBT) of Rs. 36.07 billion and a Profit After Tax (PAT) of Rs. 21.89 billion. Net markup income of the Bank was reported at Rs. 43.8 billion, down by 11.25% over last year. On the gross markup income side, the Bank reported a decrease of Rs. 12.97 billion which was mainly on account of decreased yields on advances and investments in-line with interest rate movements.
On the interest expense side, the Bank registered a decrease of Rs. 7.542 billion over last year, which was commensurate with the decreasing interest rate environment and Bank’s strategy to taper off its high cost deposits during the year.
On the non-markup income front, the Bank reported a base of Rs. 16.22 billion with major contributions from fees & commissions, capital gains and dividend income. The administrative expense base (excluding pension fund reversal) recorded a nominal decrease of 0.67% over last year depicting continued focus on cost control and deployment of cost-effective measures. On the provision front, the Bank subjectively downgraded its portfolio in the last quarter of 2016 on prudent basis.
The total asset base of the Bank was reported at Rs. 1,051.81 billion presenting an increase of 4.72% over 2015. Analysis of the asset mix highlights that net investments have decreased by Rs. 9.77 billion (-1.73%) and net advances increased by Rs. 43.86 billion (+14.42%) over December 31, 2015. The coverage and infection ratios of the Bank improved to 90.82% and 5.90% respectively.
On the liabilities side, the deposit base of the Bank recorded an increase of Rs. 84.63 billion (+12.14%) over December 2015. MCB Bank Limited continued to enjoy one of the highest CASA mixes in the banking industry of 94.13% with current deposits increasing by 16% and savings deposits by 11% over December 2015. Strategic focus on current accounts resulted in increase in concentration level to 38% of the total deposit base.
Earnings per share (EPS) for the year were declared at Rs. 19.67 as compared to Rs. 22.95 for 2015. Return on Assets and Return on Equity were reported at 2.13% and 18.94% respectively, whereas book value per share stood at Rs. 105.97.
The Board of Directors declared final cash dividend of Rs. 4.0 per share for the year ended December 31, 2016 which is in addition to Rs. 12.0 per share interim dividends already paid to shareholders, taking the dividend payout ratio to 81.34%.
K-ELECTRIC BAGS SAFA AWARD
Further endorsing K-Electric’s best practices of disclosure and transparency in its financial reporting, the South Asian Federation of Accountants (SAFA) conferred the ’Best Presented Annual Report Award’ for the second consecutive year to KE. Muhammad Rizwan Dalia, Director Finance & Company Secretary, K-Electric received the award on behalf of the organization during the SAFA Awards ceremony held in Dhaka, Bangladesh.
The awards under different categories were conferred based on evaluation administered by SAFA’s Committee for improvement in Transparency, Accountability & Governance, of the published annual report of entries from South Asian countries. KE secured the Best Presented Annual Report Award 2015 in the Service Sector category excluding financial services and communication & IT sector.
On this occasion, K-Electric spokesperson shared, “Transparency, accountability and governance in financial reporting is the hallmark of K-Electric’s philosophy. We are humbled that this has been endorsed by esteemed national and regional stakeholders. This award is a testament of the trust our stakeholders put in us and renews our vigor to continue serving Karachi with great diligence while continuously improving the quality of our services.”
In 2016, KE secured second position in the fuel and energy sector at the Best Corporate and Sustainability Report Awards 2015 jointly organised by The Institute of Cost & Management Accountants of Pakistan (ICMAP) and the Institute of Chartered Accountants of Pakistan (ICAP) – whereas in 2014, the utility secured fourth position in the same category. KE also secured a level ’A’ rating from the Global Reporting Initiative (GRI) for its Integrated Sustainability Report for the year 2012. This makes K-Electric the first power utility in Pakistan to achieve the level ’A’ rating for an integrated report.
JS GROUP SPONSORS FIRST KARACHI BIENNALE 2017
JS Group is pleased to be the lead sponsor of the first Karachi Biennale 2017. Karachi Biennale 2017 (KB) will be the city’s largest, most exciting and inclusive yearlong art event with the aim to connect art, the city of Karachi and its people. Its primary objective is to showcase the Art from Pakistan, the region and the rest of the world in exhibitions to a wider audience, which will include art enthusiasts from the country and overseas. JS Group is committed to expanding the audience to ’the man on the street’, for which an extensive public outreach program has been undertaken.
A prestigious award “Mahvash and Jahangir Siddiqui Foundation Karachi Biennale Jury Prize” for Karachi Biennale 2017 and for Karachi Biennale 2019 will also be awarded to one of the artists at each Biennale for the most outstanding work presented in the Biennale. The prize will be selected by an independent jury of eminent local and international art professionals. An event introducing the theme, objectives and program of the upcoming Biennale took place at Frere Hall recently. Mrs. Mahvash Siddiqui being the Patron in Chief of Karachi Biennale and Chairperson of the Mahvash & Jahangir Siddiqui Foundation was given a vote of thanks for all her support to help bridge the gap between residents of Karachi and some of the best that Pakistan and the International community have to offer in the form of Art.
JS Group conducts its Corporate Social Responsibility through a series of independent charitable foundations led by the Mahvash & Jahangir Siddiqui Foundation (MJSF). MJSF was founded to tackle and challenge the issues of poverty through sustainable development in the areas of Education, Disaster Relief, Healthcare and Social Enterprise. Through these and other initiatives, MJSF aims to provide opportunities and provide support to empower disadvantaged members of society.
Regular projects are planned to penetrate local communities and public spaces until October 2017 and KB plans to reach 20 % of this city’s population. KB is particularly keen to focus on youth so their minds can be opened to a world of new possibilities as diverse activities have been planned to stimulate students and young professionals with exposure to innovation, new visual knowledge, hands-on training and cultural links to the context with its projects. “Biennial” is any event that happens every two years and is most commonly used within the art world to describe large-scale international contemporary art exhibitions. The term was popularized by Venice Biennale, which was first held in 1895.
Founded in 1970, JS Group is an international investment and industrial conglomerate. In over four decades since inception, JS Group has cemented its position as one of Pakistan’s most diversified and progressive financial services groups, operating market-leading companies in commercial banking, securities brokerage, investment banking and asset management.