Layout Profit 7 pages_Layout 1 1/19/2012 11:05 PM Page 1
KSE sheds 32 points on institutional profit-taking
Pages: 3
profit.com.pk
Page 03
Friday, 20 January, 2012
Oil tankers On strike: supply suspended from Karachi KARACHI GHULAM ABBAS
n acute shortage of edible oil is looming in the country as the supply has been suspended from Karachi terminals for the last 9 days owing to the strike of private transporters. As the existing stock of raw materials, at various edible oil producing companies, has also come to a dead level, the price of existing vegetable oil, ghee and others is also likely to be increased by Rs15 to Rs20 per kg.
A
“If the supply remains suspended for another 24 hours, production of edible oil is feared to be halted completely causing an acute shortage of the highly consumed item,� sources in the wholesale and retail market told Profit. According to sources, supply of imported edible oil is being carried out by the private transporters and the national Logistics Cell (nLC) from Karachi terminal to Punjab, Balochistan and Khyber Pakhtunkhwa. But edible Oil Tankers Owners Association (eOTOA) has suspended its operation on January 10 against the decision of Pakistan Vanaspati Manufacturers
Govt expects 4pc growth target Inflation lowered to 9.7per cent in December, MFCB told g
ISLAMABAD
T
GNI
he government on Thursday claimed that due to better crop position and positive growth in LSM sector, the growth target could end up close to 4 per cent as due to government's facilitation in the agriculture sector, improvement in supply situation, reduced budget deficit and borrowing from SBP has helped bring inflation down to single digit of 9.7 per cent in December 2011. Giving an overview of the current economic situation, Finance Secretary Dr Waqar Masood informed the meeting of the Monetary and Fiscal Coordination Board, held under the chairmanship of Finance Minister Dr Abdul hafeez Shaikh, that food and non-food inflation also stood at 9.5 per cent and 9.9 per cent respectively. "WPI and SPI also are in single digit at 8.3 per cent and 3.0 per cent respectively. Core Inflation also declined but remained at 10.1per cent." Other members of the Board present in the meeting were Minister for Commerce Deputy Chairman Planning Commission and Governor SBP. The Finance Secretary said the external sector has witnessed positive growth since remittances reached to $6.3 billion, witnessing an increase of 19.5 per cent as compared to last year, while the exports reached $12.1 billion in h1FY12 which is 9.1 per cent higher than last year and imports reached $19.7 billion. Likewise, he said, the current account balance registered surplus of $160 million in December 2011. he said the revenue collection is showing remarkable growth of 27per cent and stood at $840.1 billion in the first half of the current financial year. The government is also working on expenditure management strategy, austerity measures, reforms in public sector enterprises which will have a positive impact on the economy. expenditure in first six months was only 45 per cent of total expenditure. he said the improved revenue and expenditure performance have led to containment of fiscal deficit at 2.6 per cent of GDP against the target of 4.7 per cent and actual of 2.9 per cent in the first half of last year. This performance is more impressive when viewed in relation to provincial surpluses, which were negative Rs5 billion compared
with Rs.76 billion (0.4per cent of GDP) in the h1 of 2010-11. On the monitoring and fiscal side it was noted that SBP has reduced the policy rate to 12 per cent which is helping investment in private sector as credit expansion to private sector has increased to Rs.169.3 billion against Rs.123.2 billion in first half of FY 11. The SBP borrowing of Rs.120 billion at the close of first half was temporary and will soon be retired. The Secretary said net foreign financing to budget has been positive (Rs20 billion) but more foreign resources were required to reduce burden of government borrowing on domestic sector. The rising international fuel prices was also highlighted as a concern which may affect balance of payment and could deteriorate the external position. The Board noted that the economic outlook of Pakistan was stable despite challenges. The renewal of growth, decline in inflation, contained fiscal deficit, healthy BOP position and continuation of reforms especially in the power sector have contributed to this stability. The challenges are energy shortages and mobilisation of foreign financing. The key foreign flows relating to auction of 3G license, CSF receipts and privatisation proceeds will be realized during the second half and cover the foreign financing gaps. The Board also noted that IMF's $1,2 billion which will be returned in h2 are fully budgeted. The Finance Minister in his opening remarks stated that it is an important meeting to share assessment of the current economic situation and bring consistencies in economic targets and see how we can adopt optimal utilization of policy measures. The Finance Minister expressed the hope that the deliberations of the Board will lead to better economic coordination and that the challenges facing the economy will be coped in a coordinated manner by all the institutions involved.
Association (PVMA) for supply of the oil through nLC while neglecting the agreement signed with private transporters. As the commodity is now being supplied only through nLC the markets were not being supplied required oil as per the demand making a shortage of vegetable ghee/oil in the local market. however, according to sources at PVMA, the association was free to decide how to supply edible oil to the country’s markets. The private transporters were not found reliable and up to the mark of the manufactures. The repeated complaints of
oil theft and other issues have forced the association to supply the commodity through nLC. According to Bakhtawar Khan Chairman eOTOA, his association would continue to protest over the decision of PVMA and the supply of oil would remain suspended until their demands were met. The private transporters were also demanding a ban on nLC supply of edible oil. It is worth mentioning here that the private tarn porters have stopped their tankers at national highway. Almost 2,500 oil tankers are engaged in transportation of edible oil. According to a report the annual
consumption of edible oil in Pakistan is around two million tonnes and its usage is 11-12 kg per person annually in Pakistan and 7-8 kg per person annually in India. Pakistan locally produces just half a million tonnes (450,000 tonnes from the cotton seeds and 50,000 tonnes from sunflower and mustard). The country is importing edible oil worth Rs300 billion annually to meet local demand. Talking about recent shortage of edible oil, Retail Grocers Group General Secretary Mohammad Fareed Qureshi said all smaller and cheaper brands of edible oil have disappeared from the market.
Layout Profit 7 pages_Layout 1 1/19/2012 11:05 PM Page 2
02
Friday, 20 January, 2012
news
Dollar reserves slide to $16.901b KARACHI STAFF REPORT
T
he politically-embattled government has started feeling the heat as the country’s dollar reserves continue their southward journey. Prime Minister Yousuf Raza Gillani is reported on Thursday to have expressed concern over the country’s fast depleting foreign exchange reserves that, according to central bank, dropped to $16.901 billion during the week that ended on January 13. This shows a negligible decrease of $1 million over the past week when the country’s foreign exchange reserves stood at $16.901 billion. The prime minister said his government would be focusing on economic development on “top priority” basis. During the week under review, State Bank counted its dollar reserves at $12.688 billion, down by $133 million or 1.0 per cent when compared with $12.821 billion of the week ending on Jan 6. Commercial banks, however, possessed $4.213 billion, $133 million or 3.2 per cent more than they held during the previous week. The banks held $4.080 billion last week. The analysts believe that the current downward trend in dollar reserves was mainly based on the volume of import payments plus retirement of external debts that, according to State Bank of Pakistan, have aggregated to $62 billion.
lPG producers Pakistan likely to increase prices receive term sheet from Qatar on LNG imports J LAHoRe
STAFF REPORT
UST a day after imposition of the Petroleum Levy, LPG Producers in a surprising move first reduced their prices by Rs. 10,000 per tonne, only to increase them later by Rs11,486 per tonne. State owned OGDCL, PARCO and PPL which together account for 61 per cent of the country's production had announced a base stock price of Rs79'340 on 1st January in line with the Saudi Aramco Contract Price. On 17th January the Federal Government imposed a petroleum levy of Rs11,486 per tonne on local production. Fearing a strong backlash from the public, state owned producers were asked to reduce their price by Rs10,000 per tonne and then add the levy amount of Rs11,486 thereby increasing their prices by Rs1486 per tonne.
tFCs: a timely shot for energy companies ISLAMABAD
A
AMER SIAL
FTeR conclusion of initial negotiations on the import of Liquefied natural Gas (LnG), Pakistan is likely to receive a term sheet from Qatar next week that will set forth the basic terms and conditions for the gas sale purchase agreement, an official source said. A team of Pakistani officials visited Doha earlier this week to negotiate on the quality and quantity of LnG. The talks were held positively and Qatar would be sending a term sheet that will help the Pak-
istani side to start negotiations on the price of supplies, the source said. The term sheet is a non binding agreement that sets the basic terms to develop detailed legal documents, explained the source adding that it was similar to the letter of intent (LOI). Petroleum minister Dr Asim hussain had visited Doha earlier this month to discuss LnG imports equivalent to 500 mmcfd. Faced with the gas shortfall of over 2 bcfd, government is focusing on expediting gas imports through LnG and pipeline to overcome the energy shortages that were hampering economic activities in the country. The government had granted
permission to three private sector companies to start LnG imports totally equal to 1.5 bcfd from this year. Sharp rise in LnG prices were seen a reason that could delay import of LnG by private sector. Initially the government wanted private sector to negotiate with Qatar but it said that it could provide LnG on long term basis only if deal on government to government basis was signed along with a sovereign guarantee from Pakistan. If the deal was signed within the next few weeks the LnG were expected to start by December this year. The government plans to utilise the Progas LPG import terminal to expedite LnG imports.
KARACHI: Pakistan State Oil (PSO) is likely to benefit by Rs27 billion, KAPCO by Rs17 billion and hUBCO by Rs15.5 billion directly from the government’s decision of converting loans of the energy companies into Term Finance Certificates (TFCs) by the end of this month. however, the full impact on PSO is anticipated to be much larger owing to pass through from power companies. This step by the government will be a timely shot in the arm of the energy companies, as the circular debt has substantially restricted their liquidity position. Power holding Company (PhC) is likely to issue these papers to the banks against the portion of their outstanding debt. however, the analysts remain wary of accumulation of circular debt going forward. STAFF REPORT
literate masses – for a more productive nation KASHIf ARIf he overall state of literacy in Pakistan leaves a lot to be desired. The general masses, especially the underprivileged segments in both urban and rural areas, still remain oblivious of the importance of educating themselves or their children. The education system is confined to some out-dated Syllabi, which needs some comprehensive efforts to streamline our methodology with the dynamic global standards. If the public sector education system is not modernized and upgraded soon, our common students will surely be left far behind in the highly competitive and professional world that demands an increasingly sophisticated and evolved workforce, to carry out the futuristic ideas and initiatives.
T
DAUNTING CHALLENGES Faced with such daunting challenges in Pakistan, the general practice of tutoring is commonly based on “Ustaad and Shagird” (Master and Apprentice) model to impart basic training or functional literacy. however, in today’s fast changing world we should be using the mass media and multi-media options to reach out to the 170 million people across the nation and prepare them to be productive citizens in the 21st century. Information and technology are fast outpacing the learning curve of even developed economies, thus our public needs to quickly catch up with global progress.
FIGHTING WITH CONFORMITY Our current education system does not enable the youth to fully exploit their
potential and creativity by experimenting and innovating, as it emphasizes more on following the predefined procedures. In order to unleash the benefits of the modern financial framework for the poor man, the masses must acquire a basic understanding of how to use this system. But due to the lack of effective educational initiatives, a solid foundation for mass literacy could not be built so far. Low financial literacy is a core reason why local, international or agricultural banks face difficulty in promoting their services and explaining the advantages of their products to rural agricultural communities at large.
cept of interest (Mark-up). This makes them dependant on their traditional borrowing patterns and savings traditions. These panchayats encourage poultry farming to help meet daily expenses. Also home industries like making clay pots, pickles, papars, rilly (traditional bedsheets), hand woven blankets and shawls, etc. have emerged over the decades. Landless and small farmers possess mud godowns where they store their grains like wheat and rice, as a year long supply of food for the family and save themselves from the fluctuating prices the whole year around.
THE INFORMAL CREDIT SYSTEM
The traditional practice by rural dwellers has been to keep a small number of livestock which is seen as a saving and insurance against any instant requirement for finances. These animals are equivalent to marketable securities in a modern day financial system. Whenever money is required for events like marriage, childbirth, death, medical ailments or the event of crop or market failure, live stock is disposed off. So the prime reason to invest in live stock in rural areas is for insurance and savings besides dairy production.
In rural Pakistan there does exist an age old informal system of providing credit to the poor rural populace. The landless and small farmers in rural areas have to depend on informal credit providers such as money lenders, friends and relatives, village shopkeepers and commission agents, primarily because the villager does not possess anything that can be mortgaged in the formal banking system.
PANCHAYAT SYSTEM normally every village has a Panchayat (village elders committee) that helps the villagers in maintaining religious customs and addressing economic needs or social crises. Certain religious factors promoted by these committees also contribute towards making “The Bank” an unpopular resource among the villagers at large. Therefore, these people generally avoid banking and the con-
MARKETABLE SECURITIES
THE BACHAT COMMITTEE A popular method of saving and fulfilling large financial requirements is the saving-committees (Bachat CommitteeBC). every participant in the committee contributes a small amount each month, which is collected and awarded to one member of the committee on a monthly basis. every month one member of the committee is awarded the collection, until all the committee members have
been paid their due amount. Rural people also tend to save in gold and silver in the form of bangles, rings, nose-pins or earrings as a source of saving for hard times and also passed on to daughters as dowry on their weddings.
RURAL FINANCIAL PLANNING All this confirms that even the illiterate rural populace has some basic idea of financial planning. Then why is it that they shy away from the formal systems of banking and financial management. A very basic reason that has been consistently pointed out by various market participants such as Citi Foundation and Tameer Microfinance Bank, have been the villager’s ignorance regarding the financial banking process. The rural population considers the bank as an institution designed to cater to the rich land-lords and thus keep their distance from formal institutions.
PSYCHOLOGICAL BARRIERS In the face of such challenges and psychological barriers, a programme is being initiated by the State Bank of Pakistan (SBP) called the “Financial Literacy Program” (FLP), funded by the Asian Development Bank (ADB) and conducted in collaboration with Bearing Point Consultants.
A STATE BANK INITIATIVE The initiative is aimed at increasing financial awareness amongst the rural public, of how banking institutions and branchless banking works. It will help them understand their rights and obliga-
tions. The program is designed to reach farmers, house-maids, peons, janitorial staff, industrial workers, domestic workers and other low income sections of society by educating them about the benefits of using banking facilities. The program is designed to change the prevalent attitudes and practices of the rural populace and empower them to plan their domestic finances while creating new livelihood options in future. The programme will effectively teach them on how to save, avoid expensive credit deals and extortion, while promoting the advantages of various banking facilities available in the rural Pakistan.
ENSURING FINANCIAL INCLUSION This FLP program hopes to impart sufficient knowledge about basic financial concepts such as budgeting, savings, investments, debt management, financial products and branchless banking. During the initial pilot phase in 2012 it will target about 50,000 beneficiaries, with a strong focus on the low-income groups. Once the pilot phase has been successfully implemented, the second phase of the program will be launched to encompass up to 500,000 individuals. The program will rely on partnerships with financial service providers and network organisations to reach numerous remote districts of Pakistan. The State Bank of Pakistan (SBP) is paving the way, by recognizing the need of the hour and investing in this much needed educational initiative to provide a pillar of support for the poor helpless people of the country. Thus helping them to stand on their own feet and pull themselves out of their impoverished lifestyles.
Layout Profit 7 pages_Layout 1 1/19/2012 11:05 PM Page 3
Friday, 20 January, 2012
news
APTMA defies gas shortage LAHoRe
A
STAFF REPORT
LL Pakistan Textile Mills Association (APTMA) Punjab has announced defiance of gas load-shedding for textile industry from Monday onwards. In a hurriedly called press conference, APTMA leadership said APTMA member mills would reject gas load management plan in case government fails to supply gas to textile mills in Punjab. Chairman APTMA Punjab Ahsan Bashir said in a press conference that all promises made by
the government for restoration of gas supply to textile industry have not been fulfilled. They said government has no idea of massive unemployment in textile industry where daily wagers are already out of jobs and the regular ones are facing a layoff. Ahsan said the industry has failed to understand the priority of government on gas supply. he said gas is being supplied to vehicles and heaters and geysers but nothing for survival of labour of textile industry. he said APTMA members have lost confidence in the government Gohar ejaz said there was an assurance of gas restora-
sBP reschedules monetary policy announcement
tion some 12 days back but all in vein. “APTMA, after due consideration, has decided to reject load management schedule of SnGPL if no restoration of gas supply is ensured to textile industry by coming Monday,” he said categorically. he said APTMA would also approach the courts. After Monday, he said, the APTMA strategy would be entirely different. he criticised the government for mistreating textile industry. We would not let the load of our mills be suspended if supply is not restored from Monday. It seems that doing business in Pakistan is a sin; he said and added that 40
Chief minister hails role of expatriate Pakistanis
KARACHI
LAHoRe
STAFF REPORT
STAFF REPORT
enTRAL bank has changed its schedule to announce the monetary policy decision, said a statement issued on Thursday by State Bank of Pakistan (SBP). It said SBP’s Central Board of Directors has decided to reschedule its meetings on monetary policy from the last week of the alternate month to the first half of the following month during a calendar year. This change in the schedule of board meetings has been made in order to take into consideration the latest data on inflation released by the Federal Bureau of Statistics (FBS). The data now becomes available at the beginning of a month instead of the second week. It may be pointed out that the board meetings on monetary policy, which were earlier scheduled to be held in the last week of January, March, May, July, September and november, have now been shifted to the first half of February, April, June, August, October and December. The announcement of Monetary Policy Statement in February and August will be made through a press conference by Governor, State Bank of Pakistan while the other four monetary policy decisions in April, June, October and December will be announced through press releases. Governor, State Bank of Pakistan, Yaseen Anwar, would unveil the next Monetary Policy Statement for the months of February and March 2012 at a press conference to be held here at SBP on February 11 at 4.00pm
UnJAB Chief Minister, Muhammad Shahbaz Sharif said if expatriate Pakistanis decided, the exports of Pakistan can be increased by threefold. he was talking to media at Berlin Airport on his arrival in Germany. he said introduction of fruit, vegetables and other products of Punjab in international markets through international agricultural exhibition Green Week will play an important role in restoring the image of Pakistan. he said nature has blessed Pakistan with the best fruit and vegetables which can be compared with that of any region of the world with regards to taste and quality. earlier, the chief minister Muhammad Shahbaz Sharif was warmly welcomed at the Berlin airport. A large number of Muslim League workers and Pakistanis were present at the airport who chanted spirited slogans of Quaid-e-Azam zindabad, nawaz Sharif zindabad, Shahbaz Sharif zindabad and Pakistan zindabad. Member provincial assembly and progressive farmer Muhammad Arshad Jutt also accompanied the chief minister. While addressing the Pakistanis, the chief minister said it is a good omen that expatriate Pakistanis have extraordinary passion for service and safeguarding the motherland. Muhammad Shahbaz Sharif said Pakistan Muslim league-n is fully prepared for playing its historic role in purging Pakistan of corruption, nepotism and plundering.
C
P
per cent exports of the industry are down with closure of $6 billion exports capacity in the country. he said APTMA members and textile workers staged a peaceful sit-in outside the SnGPL office, but still the assurance given at that time has not been honoured. he said APTMA would resume capacities if industry is not accommodated for 3.5 days a week gas supply by coming Monday. he further hoped that the industrial sectors throughout Punjab would support APTMA. he said APTMA would also welcome Dr Asim hussain as and when he desires to visit APTMA.
kCCi for withdrawal of mandatory condition of CniC, ntn KARACHI STAFF REPORT
K
ARAChI Chamber of Commerce & Industry (KCCI) has demanded immediate withdrawal of mandatory condition of CnIC/ nTn vide SRO821(I)/2011 for all purchases made by any unregistered person which creates immense hurdles in doing business smoothly and business and industrial community cannot comply with it. President KCCI Mian Abrar Ahmad in a statement has stated that numerous complaints were received from members on revised income tax, sales tax and federal excise returns especially on CnIC/nTn condition which became mandatory from January 1, 2012. he further said, a unilateral decision should not be taken by FBR and this is very unfortunate that major changes have been made without consultation with the business and industrial community of Karachi which has made it practically impossible to file the tax returns and would only result in declining tax revenue and would also force genuine tax payers to operate outside the tax net. We are major stakeholder and representative of business and industrial community of Karachi, which alone contributes 68 per cent of the revenue so before framing any policy, KCCI should be taken on board. he demanded that FBR should not burden the already registered tax payers by imposing condition of furnishing CnIC/nTn for their sales because business and industrial community, already facing manifold problems like power, gas and water shortage, law and order situation and 2weekly holidays.
KSE sheds 32 pts on institutional profit-taking KARACHI STAFF REPORT
hURSDAY saw the Karachi Stock exchange (KSe) shedding some 32.13 points or 0.28 per cent to close at, what the analysts described it, intraday lows of 11,515.59 points. “(The) stocks closed lower amid higher activity on institutional profit-taking in overbought stocks,” viewed Ahsan Mehanti, a senior analyst and director at Arif habib Investments. On the previous day, Wednesday, the benchmark, 100share index, closed at 11,547.72 points. According to market observers, the politico-economic factors impacted the market sentiments Thursday seeing the index hitting the intraday high and low of 11,652.74 points and 11,502.34, respectively. “Index closed on its intraday lows despite strong recovery in global stocks and commodities on IMF lending plans to support europe debt concerns,” said Mehanti. The investors booked profits in blue-chip stocks fol-
T
03
CORPORATE CORNER silkbank signs Bancassurance Distribution agreement with asiaCare Health & life
KARACHI: Silkbank Limited and AsiaCare health & Life Insurance signed a Bancassurance Distribution Agreement. According to the agreement, Silkbank will offer AsiaCare Bancassurance products to its existing and potential customers through its wide distribution channels. This initiative of offering health insurance products is in line with the Bank's commitment to continuous improvement and product innovation. The agreement was signed by Dr. Mahmood Mehdi Kazmi, CeO AsiaCare and Talha Saeed, Group head Retail of SilkBank. Speaking on the occasion, Talha Saeed said, “With the inclusion of bancassurance products, we aim to make Silkbank a one-stop financial service provider which offers a range of solutions to cater to a diverse array of our customer needs. Towards achieving this objective, AsiaCare will be our partner in making bancassurance a success.” PRESS RELEASE
Charity concert supported by ZOnG raises huge funds for rheumatic patients LAHoRe: In line with its policy to support the underprivileged members of society, ZOnG supported a charitable concert organiaed by Arthritis Care Foundation (ACF) in collaboration with Learning Alliance Community Services (LACS). The charitable event was organiaed to raise funds for those people who have been crippled due to rheumatic disease but do not have the money to get medical care and treatment. ZOnG, which has also supported numerous philanthropic causes in the past, was the title sponsor of this concert. The telecom company, realising its responsibility as a corporate citizen, joined hands with the foundations working to prevent and fight disabilities caused by rheumatic disease. Funds collected through this event will be utilised to sponsor free medical treatments such as diagnostic tests and joint replacements for the deserving patients. PRESS RELEASE
samsung’s exceeding popularity among online communities LAHoRe: Samsung electronics Company Ltd., a global leader in Digital media and telecommunication technology has been featured as the most popular consumerelectronics company among the 5.8 million “facebook” users in Pakistan. During recent months, more than 180,000 internet users have expressed their appreciation for Samsung’s online branding activities and products. Samsung Pakistan’s Managing Director, Mr. hee Chang Yee said; “Samsung has realised that Social Media Management must remain as an integral part of our corporate strategies. Our online brand-activation goes beyond a mere fanpage on Social networking sites. We believe in dynamic and exciting interactions with our customers and engaging our online fans regularly.” PRESS RELEASE
PPCBl announces rates of profits
lowing five sessions of bullish close, after a bi-monthly policy announcement by the central bank was delayed up to the 11th of next month and the Supreme Court adjourned hearing of Prime Minister Yousuf Raza Gillani on the nRO implementation case to Feb 1st, he added. The turnover at the ready-counter for traded shares, however, remained in the green zone and closed higher at 92.473 million shares against 83.732 million shares of the preceding session. The trading value set in the negative side and dropped to Rs3.53 billion from the previous day’s
Rs4.06 billion. The market capitalisation finished almost flat at Rs2.99 trillion compared to Wednesday’s Rs2.99 trillion. The companies’ position remained a bit stable as of the total 322 traded scrips, 123 gained, 113 lost and 86 remained unchanged. The KSe-30 index also lost 40.28 points and closed at 10,600.95 points against the previous 10,641.23 points. Jahangir Siddiqui Company appeared as volume leader of the day counting 15.809 million of its shares traded with the opening and closing rates standing respectively at Rs4.45 and
Rs5.16. Other scrips that traded well include lafrage pakistan, azgard nine, DG Khan Cement, Fatima Fertiliser Company, national Bank of Pakistan, Lotte Pak-PTA, Fauji Fertilizer Bin Qasim, Attock refinery and engro corporation whose traded shares numbered, respectively, 7.8 million, 5.9 million, 5.5 million, 5.4 million, 5.1 million, 4.4 million, 4.3 million, 3.0 million and 2.9 million shares. The future market also staged an upset with the share trading turnover upping to 10.609 million from Friday’s 9.19 million.
LAHoRe: Punjab Provincial Cooperative Bnk Ltd (PPCBL) has announced the rates of profit on PLS deposits for the half year ended 31.12.2011 as; Saving Bank Deposits (PLS) at 5% p.a, Super Saving Plus Deposit Accounts (PLS) at 7% p.a, Kids education Plan (PLS) at 10% p.a.enhanced Saving A/C at 6% p.a and so on. PRESS RELEASE
Bank Alfalah pic caption: Atif Bajwa, CEO Bank Alfalah and Nasar Qureshi, CEO, Alfalah Insurance present at the MoU signing between Bank Alfalah and Alfalah Insurance. PRESS RELEASE