Trade Chronicle May & June 2015

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TRADE CHRONICLE Tahir Hassan Qureshi appointed CEO of ABL The Board of Directors of Allied Bank Limited has appointed Tahir Hassan Qureshi as the new Chief Executive Officer effective June 17, 2015, subject to approval of the State Bank of Pakistan. Qureshi, who is currently the Chief, Finance Group and Chief Financial Officer (CFO), joined the Bank in April 2008 and has played a leading role in its expansion. He is also the fellow member of the Institute of Chartered Accountant of Pakistan and has diversified experience of more than 26 years where he has held senior management position in Finance, Taxation and Corporate Affairs. He started his banking career from the Bank of Punjab (BOP), where he was part of the team in getting the ‘scheduled commercial bank’ license from the State Bank of Pakistan and in transforming the Bank to carry its activity across Pakistan as a ‘commercial bank’. Qureshi was also associated with Habib Bank Limited and during his tenure as senior team member and Head of Finance, played an important role in rehabilitation of the Bank to offer for sale under the Government privatization process. He is a member of the Institute of Chartered Accountants of Pakistan on Banking Committee and Pakistan Banking Association’s sub-committee on Accounting and Taxation. Apart from various seminars and conferences he has also represented Allied Bank Limited on World Economic Forum New Champions annual sessions. MCB Bank posts Q1 profit of Rs7.9bln The MCB Bank Limited posted the highest-ever quarterly profit-aftertax of Rs7.9 billion in the first quarter of 2015, a bank statement said recently. The bank also earned record profit-beforetax of Rs11.9 billion during the period under review, it said. The board of directors, which met under the chairmanship of Mian Mohammad Mansha declared first interim cash dividend of Rs4 per share for the period ended March 31, 2015. The bank profit-before-tax show exceptional growth of 42 percent as compared to the corresponding period last year, mainly contributed by 91 percent increase in nonmarkup income and 20 percent increase in net markup income, it said. On gross markup income side, the bank recorded an increase of Rs2.7 Meezan Bank Limited has recorded 19 percent growth in its profit for the quarter ended on 31st March 2015. Profit after tax increased to Rs 1.313 billion from Rs 1.106 billion. The Earnings per share of the Bank for the first quarter of 2015 was Rs 1.31 per share (March 31 2014: Rs 1.10 per share). Deposits of the Bank increased to Rs 391 billion as at March 31, 2015 from Rs 380 billion as at December 31, 2014. billion with major contributions from investments, amounting to Rs1.8 billion with growth of 16 percent and from advances, amounting to Rs932 million, presenting a growth of 14 percent. This was made possible with the prudent placements and timely shift in concentration levels of investments. The interest expense registered an increase of Rs704 million over the corresponding period last year, mainly due to higher Repo borrowings. On the non-markup income side, the MCB Bank registered a significant growth 864 percent due to gains on the sale of securities, fee income (23 percent), dividend income (29 percent), and other income (28 percent). The administrative expense base, excluding pension fund reversal recorded an increase of 11 percent, which consummates with increased operational and infrastructural outreach. Meezan Bank's profit up by 19 percent The Board of Directors of Meezan Bank Limited in its meeting held on April 21, 2015 approved the financial statements of the Bank for the quarter ended March 31, 2015. The meeting was presided by HE Sheikh Ebrahim Bin Khalifa Al-Khalifa, Chairman of the Board, and the Vice Chairman of the Board Mr Riyadh SAA Edrees also attended the meeting. Trade Chronicle - May - June 2015 - Page # 40
TRADE CHRONICLE UBL announces 1Q2015 earnings of Rs7.5bn UBL Launches NRP Banking for Overseas Pakistanis United Bank Limited (UBL) announced 1Q2015 earnings of Rs 7.5 billion (EPS Rs 6.2), up by 15 percent QoQ and 37 percent YoY led by growth in core earnings. The bank also announced cash dividend of Rs 3 per share. The results were above market consensus estimates, said analysts at Topline Research. This “impressive” earnings growth is likely to be attributed to the higher core income witnessed by the bank during the period under review, they said. Net Interest Income (NII) of UBL improved by 2 percent QoQ to Rs 13.5 billion in 1Q2015. Income from high yielding Pakistan Investment Bond (PIBs) and improving deposit mix resulted in higher NII despite falling interest rates. Moreover, normal deposit growth must also have contributed to this. Interest earned on assets rose by 2 percent QoQ to Rs 23.6 billion, whereas interest expense increased by 3 percent QoQ to Rs 10.1 billion. On YoY basis, net profit grew by 37 percent driven by higher NII. NII of UBL surged by 32 percent YoY in 1Q2015. Non-Interest Income of UBL also increased by 25 percent to Rs 6.8 billion. This drove bottom line of the bank by 37 percent. On the expenses side, provisioning and non-interest expense increased by 163 percent and 11 percent to Rs805mn and Rs8.3 billion in 1Q2015. However, sharp growth in core earnings and higher non-interest income dwarfed increase in expenses. Ms. Maliha Anwer Khan, Head Wealth Management & NRP, UBL (first left) presenting salient feature of "NRP Banking" in Karachi recently. Picture shows Mr. Wajahat Husain, President & CEO, UBL (second from right) has attended the event as well. Also seen in picture are Mr. Abrar Mir, Group Executive, Banking Products, UBL (second left) and Mr. Aameer Karachiwalla, COO-UBL (first right). Mr. Wajahat Husain, President & CEO, United Bank Ltd along with Mr. Abrar Mir, Group Executive, Banking Products, UBL, Mr. Aameer Karachiwalla, COO-UBL and Ms. Maliha Anwer Khan, Head Wealth Management & NRP, UBL have launched bank’s new innovative product – NRP Banking for nonresident Pakistanis in Karachi recently. Mr. Wajahat Husain, President & CEO, UBL and and Ms. Maliha Anwer Khan, Head Wealth Management have presented salient feature of products, which are specially designed for Pakistani leaving aboard to avail all banking facility i.e. Deposit accounts, Signature (Priority) Banking, Car & Home Loans, Credit Cards, Mutual Funds, Internet and Mobile Banking and Access to Stock and Real Estate Markets etc. UBL is presently handling inward remittance more than 85 % from Gulf countries. “UBL‘s global network has given us the unique opportunity to offer, products and services that intrinsically suit the financial needs of Non- Resident Pakistanis”, Mr. Husain said at the event. “With the launch of UBL NRP Banking Services, we are not only bringing a positive stimulus to the country’s economy but also doing our part in bringing Pakistan closer to our fellow countrymen residing overseas”. UBL has an extensive branch network internationally covering the UAE, the GCC countries, Tanzania, China, Switzerland, UK and the USA where UBL has been serving the local communities as well as catering to the specific needs of the Non-Resident Pakistanis. As per recent statistics, more than 8 million Pakistanis are living aboard with Middle East, Europe and America being the major remittance originating regions which has made Pakistan the 7th large remittance market in the world. Trade Chronicle - May - June 2015 - Page # 41
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