Mar 01 - 07, 2004

 

UBL ANNOUNCES FINANCIAL RESULTS OF 2003

Subsequent to its Corporate ID launch and its branded current deposit launch, United Bank Limited announced its financial results for 2003 in a media briefing held here recently.
Addressing the press the President of UBL, Mr. Amar Zafar Khan stated that disproving all speculations about UBL's performance, we have posted a net profit before tax of Rs.. 4.5 billion in 2003 which shows 63% growth from last year.
"We are proud to inform that despite the falling interest rates, our Net revenue from funds (NRFF) increased by a margin of 24% to Rs.. 7.3 billion", said Khan.

 

 

"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 of privatization.

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 equipment manufacturer.

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 relations.

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 MINISTER

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.

H&H EXCHANGE

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 over Pakistan.

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 electronic/wire transfers.