"However the income from dealing in foreign
currencies declined sharply as spreads evaporated with the
strengthening of the Rupee and the absence of Rs./US$
volatility", he further explained.
Further elaborating, Amar Zafar Khan said that the
cause for celebration has been the Profit after Tax which almost
doubled to Rs. 2.8 billion and declaration of the cash dividend of Rs.
1.2 billion, the first time in decades and within the first full year
UBL has also seen a 45% growth of Rs. 100 billion
in the Performing Advances, which is one of the highest growth rates
amongst the large network banks. The Non-performing Advances have
decreased by Rs. 2 billion mainly through cash recoveries.
The Domestic market share of advances jumped to
8.0% at the end of the year as compared to 2002 which was 6.9%.
Customer deposits and other accounts increased by 17% to Rs.. 190
billion proving once again UBL's stance in the banking sector.
The year 2003 has been significant for UBL in many
ways. The launch of the new UBL corporate identity in August 2003 was
the kick-off for the new plans of the bank. The new signages of the
UBL branches within and outside Pakistan followed the launch and are
being done completed steadily. A comprehensive program for branch
renovation has also been initiated.
MONNOO GROUP STEPS FORWARD
Pakistan's largest industrial and agricultural
conglomerate, Monnoo Group has invested in a new yarn dyeing plant
from Loris Bellini, Italy. The newly installed, technologically
advanced and state-of-the-art yarn dyehouse has been supplied through
Associated Textile Consultants (Pvt.) Ltd, Pakistan.
As part of its corporate strategy to become, 'A One
Stop Shop for High Quality Specialty Yarns' the Company has stepped
towards achieving it goal of being ahead of the competition and
bringing about new innovative products.
Loris Bellini, an Italian company is globally
recognized as the most sophisticated and advanced yarn dyeing
Monnoo Group has played a historic role in the
industrial development of Pakistan being one of the first textile
mills to be established after partition. Today, Monnoo Group consists
of 12 spinning mills producing high value-added specialty yarns with
over 220,000 spindles.
MICROSOFT DELEGATION MEETS WITH COMMERCE MINISTER
A three-member delegation of Microsoft met with
Commerce Minister, Mr. Humayun Akhtar Khan to discuss various issues
regarding Microsoft-Government partnership in a number of areas of
common interest. The delegation comprised Mr. Emre Berkin, Vice
President, Microsoft Europe Middle East and Africa, Mr. Jonathan
Murray Vice President & Chief Technology Officer, Microsoft
Corporation and Mr. Jawad Rehman, Country Head for Pakistan.
The delegation apprised Mr. Humayun that Microsoft
would like to have a partnership with the Government of Pakistan
mainly in the fields of education and information technology. For this
purpose they would setup regional institutions and IT academies in
Pakistan. They also showed their interest in automation of Central
Board of Revenue and Land Revenue Management.
KHUSHHALIBANK EYES GROWTH IN BALOCHISTAN AND SINDH
Prime Minister, Mir Zafarullah Khan Jamali
inaugurated Khushhalibank's first prototype retail branch here at a
ceremony which was also attended by Finance Minister Shaukat Aziz,
Chief Minister Jam Muhammed Yosuf, US Ambassador Nancy J. Powell, and
Director USAID Lisa Chiles.
KB President Ghalib Nishtar appreciated USAID's
support given to KB for expanding MF services into 10 districts of
Balochistan and 4 districts of Sindh. While briefing on the bank's
expansion plan, Nishtar said that the bank was committed to providing
quality financial products and services to the people of the region.
Commenting on retail branch, Nishtar said that KB's retail branches
are being equipped with state-of-the-art technology offering online
services. He said that clients throughout Pakistan will be assured of
confidentiality and will benefit from personalized servicing
standards. Nishtar added that the bank with its prototype retail
branch launched at Jafferabad was poised to set service delivery
standards and trends for the microfinance industry. He said that
startup microfinance required investment in awareness building
initiative to familiarizes the users with service benefit.
DIPLOMATIC MISSION ARE NOT DIPLOMATIC THEY ARE
TRADE MISSION — SVP ICCI
Senior Vice President Islamabad Chamber of Commerce
& Industry, Chaudhry Mukhtar Ahmed said to the newly outgoing
Commercial Counselors that Diplomatic Mission are not diplomatic they
are trade mission. Further he said that wars are fought in economic
field and economy stability shows their defense strength. After 9/11
internationally media is continuously busy in propaganda against the
Muslims to promote their business relations.
A delegation from foreign trade institute of
Pakistan led by Deputy Director Foreign Trade Atiq-ul-Rahman met the
large number of businessmen in Chamber office. Newly elected
Commercial Counselors Sajjad Haider (Damascus), Miss Rukhsana Afzal
(Berlin), Aftab Hassan Khan (Masco), Ashtiaq Ahmed Akil (Vienna),
Aftab Khokhar (Copenheagen) and Aitzaz Ahmed (Austria) aimed that they
will the GOP policies to promote the Business, Cultural, and Political
On this occasion Vice President Rashid Humayoun,
Milk Sohail Hussain, Waqar Aslam Hamdi, Khan Abbas Khan, Zafar
Bukhtawary and former Senior Vice President Zahid Maqbool briefed them
about various sectors and stressed point out specially Pakistan is
ideal place for foreign investment
HUMAYUN AKHTAR KHAN MEETS WITH KUWAITI COMMERCE
Commerce Minister, Mr. Humayun Akhtar Khan met with
Kuwaiti Minister for Commerce and Industry Mr. Abdullah Abdul Rehman
Al-Taweel accompanied by Mr. Khalid Abdullah Al-Saqr, from Kuwait
Chamber of Commerce and Industry. Both the Ministers discussed the
ways to enhance bilateral trade between the two countries. The Kuwaiti
Minister invited the Pakistani Business Community and the Government
to build warehouses in Kuwaiti free trade zone to export their goods
duty free to the destinations of their own choice. He said that at
present one thousand trucks loaded with different goods daily move
from Kuwait to Iraq and Pakistan could also avail the opportunity of
exporting its goods from Kuwait to Iraq.
The Chief Executive Haji Haroon and Director Mr.
Mohammad Yousuf of H&H Exchange Co. (Pvt) Ltd have expressed their
views on the occasion of completing successfully first year of
company's existance. They said that this company being Pakistan's
first license holder and country's target Exchange Company have
achieved a distinctive position with professionalism. This company has
also achieved the anticipated larger of dollar sale in interbank
market in this year, which is considered to be the highest in this
field. We are steping forward very rapidly in opening new branches all
Besides, they feel proud in congratulating
respected Finance Minister Mr. Shaukat Aziz and of course Governor
State Bank of Pakistan Dr. Ishrat Hussain for taking such an important
decision by granting permission to open exchange companies in Pakistan
simply for the betterment of country's economy.
The existence of these companies will no doubt
facilitate common man to transact in Foreign Exchange and also
encourage to buy and sell these international currencies.
Opening new offices nation wide by different
Exchange Companies is a sign that Government decision in this regard
has been fully supported. They added that it is a sensible step by
different companies to open office and get involved themselves in
business which obviously will create a healthy competition in the
market and we endorse such action with great appreciation.
They further said that H&H Exchange Company is
empowered to transact in all international currencies, receipt of
foreign currencies, remittances from outside Pakistan and their early
payment at the most favourable rate of money and issuance of
encashment certificates thereof. H&H Exchange Co. is the only
authorized Exchange Co. to issue and encash foreign currency, traveler
cheque. This company also deals in foreign currency demand drafts and