June 04 - 10, 2001
State life southern region sector heads conference
State Life Insurance Corporation of Pakistan (SLIC) has
procured more than Rs. 20 crore and 68 lacs as first year premium uptill April
2001 as compared to Rs. 13 crore 82 lacs in the preceding year 2000. More than
25,000 new policies were sold during the period January-April 2001 as compared
to 12,754 for the same period in 2000, this was told to the participants of
State Life Southern Region Sector Heads Conference held recently.
Mr. Samee-ul-Hassan, Chairman, State Life in his inaugural
address, said that right insurance policies and plans be marketed to the right
prospect policyholders, that caters to the individual and family's financial
needs. He informed that according to an actuarial study at least 7 to 8 premiums
should be collected to earn profitable returns. He added that restructuring is
being carried out at the corporation level to extend quality services to our
valued policyholders and to procure set business targets according to insurance
Agha Ashraf Abbas the new Regional Chief welcomed the
delegates of the Sector Heads Conference and said that State Life Southern
Region will truly be made a model region for the whole corporation by achieving
its commitments for procuring the quality business in both the provinces of
Sindh and Balochistan.
Earlier, Mr. Taseer Yousuf Makhdoom, Divisional Head
(Marketing) informed that the corporation has paid Rs. 10 crore for 1764
maturity claims cases and Rs. 4 crore for 477 death claims cases during the
period January-February 2001. He said that Management of the Corporation has
taken vital decisions to restructure marketing force in order to provide optimum
services to the valued policyholders and strengthen the marketing network
nationwide. He congratulated Mr. Agha Ashraf Abbas on assuming the charge as
Regional Chief Southern Region.
Nirala Sweets, ranking amongst the country's premier
traditional sweets manufacturers, has recently further facilitated its
customers, through a collaboration with Gerry's International.
With this collaboration in effect, a special web site has
been developed by Gerry's International, called "Pakistanishop.com",
whereby customers may simply log on and order what they require, which will be
delivered by one of Gerry's divisions, FedEx.
18th Red & White Asian Snooker Championship
The Karachi Sheraton Hotel & Towers will be the venue for
the 18th Red & White Asian Snooker Championship 2001 that will take place
from June 4-9 in the Darbar Halls. Participating in this prestigious
championship are representatives from 20 Asian countries namely Bangladesh,
China, Brunei, Hong Kong, India, Indonesia, Japan, Malaysia, Mongolia, Nepal,
Philippines, Qatar, Singapore, South Korea, Thailand, Taiwan, Sri Lanka, UAE,
Wiraka and Pakistan, who will also be lodging at the 5-star hotel for the
duration of the tournament.
Acnielsen Corporation and Aftab Associates
Aftab Associates Pvt. Ltd. and ACNielsen Corporation
announced the finanlization of an agreement that will see the merger of all
their Market Research activities into a new joint venture company, ACNielsen
Pakistan (Pvt.) Limited.
This new company will trade under both the ACNielsen and
Aftab trade names and will be known as ACNielsen Aftab.
Mr. H. Aftab Ahmad will be the Chief Executive of the new
company and the management will include ACNielsen representatives. The new
venture will be incorporated into ACNielsen's Emerging Markets division.
MCB's Annual Accounts of the year 2000.
The Muslim Commercial Bank Ltd., the largest private bank in
Pakistan, has shown an increase of 58.4 per cent in Operating Profits for the
period ending December 31, 2000, as compared to the preceding year.
The Muslim Commercial Bank Ltd, registered an Operating
Profit of over Rs. 2.483 billion for the last calendar year as compared to Rs.
1.567 billion during the year ending December 31, 1999.
The Board of Directors of Muslim Commercial Bank Ltd., which
met on Tuesday, 29th May 2001 evening in Lahore, reviewed and approved the
financial results of year 2000 and noted the strong growth in operating profits,
loans and deposits of the bank. It bank. It then approved and recommended to the
shareholders an increase distribution of 27.5 per cent Dividend comprising 10
per cent Interim Bonus, 10 per cent Final Bonus and 7.5 per cent Cash Dividend.
This compared favourably with the Profits distributed for the year 1999, which
were 10 per cent Bonus and 15 per cent Cash Dividend.
In year 2000, Muslim Commercial Bank Ltd., completed 10 years
as a privately owned Commercial Bank. During this period Muslim Commercial Bank
Ltd., has emerged as a strong, professionally managed, independent and sound
financial institution. Today MCB is regarded as the premier commercial bank
leading in technology, giving a high return to its depositors with consistent
growth in profits and increasing returns to its shareholders.
The Chairman, Mian Mohammad Mansha, commenting on the major
achievements of the Bank informed the Board Members that MCB is increasing its
leadership in providing ATM services to its valued customers through its
nationwide network over 80 ATMs in 11 cities. Six foreign banks have joined
MCB's M-Net switch which is a reflection of the internationally accepted
standards maintained by the bank in technology. M-Net is now linked with Cirrus
& Maestro enabling its customers to use MCB ATM cards anywhere in the world.
The Chairman also informed the Board that the bank would continue to invest in
technology to provide increasingly better service and more products to its
customers. The Chairman further apprised the Board Members that the Bank was now
strategically placed as a major provider of financial services, thereby
maintaining its competitive edge.
The Board of Director expressed satisfaction on the
performance of MCB, its strategy and congratulated the Chairman, Mian Mohammad
Mansha and the President, Mr. Mohammed Aftab Manzoor for building a strong and
coherent business strategy which has enabled the bank to become a major player
in banking and financial services in times to come.
The Board of Director also appreciated the efforts of all its
staff at all levels as part of the MCB team who individually and collectively
have worked hard with a common objective to make MCB a strong bank and achieve
increasingly excellent results year after year.
BOP earns record profit
The 11th Annual General Meeting of the Bank was held in P.C.
Hotel, Lahore recently, under the Chairmanship of Mr. Tariq Sultan. Mr. Mohammad
Saleem Jan, Managing Director, Directors, Senior Executives and a large number
of Shareholders attended the meeting. The Banks performance was reviewed and the
Annual Accounts for the year ending December 31, 2000 were approved.
During the year the Bank earned a pre tax profit of Rs.
319.639(M) showing an increase of 156% over last year. The pre-provision and
pre-tax adjusted profit was Rs. 462.698(M) against last year's figure of Rs.
205.969(M). The Equity base also increased to Rs. 2,179.558(M) from Rs.
1,823.154(M) with Reserves increasing from Rs. 971.049(M) to Rs. 1,327.231(M).
Investments also increased from 4,490.619(M) in 1999 to Rs. 7,865.794(M) as at
Deposits stood at Rs. 17,028.412(M) showing a substantial
increase despite intense competition in the financial sector. The Foreign Trade
Business also registered satisfactory growth.
The per share earning increased to Rs. 1.85 from last year's
figure of Rs. 0.33. The Bank was also able to maintain the Capital Adequacy
Ratio well above the standard requirement of 8%.
The shareholders appreciated the Banks performance and
approved the payment of stock dividend @ 15%.
The retiring auditors M/S A. F. Ferguson & Co. Chartered
Accountants being eligible have been re-appointed for the year ending December
The following were elected as Directors of the Bank for a
Sh. Muhammad Asif; Mr. Shahzad Ali Malik; Mr. Nazir Ahmed
Peracha; Mr. T.M. Sheikh.