KARACHI: Pakistan listed banks profitability increased to record Rs131 billion in second quarter of 2023, said a report issued by the Topline Securities on Wednesday. This was primarily driven by significant jump in Net Interest Income (NII) amid high interest rates, and balance sheet growth. In dollar terms listed banks profit was $459m in 2Q2023. NII of the sector clocked in at Rs420bn in
KARACHI: Indus Motor Company (IMC) has reaffirmed its $100 million plan to roll out a locally assembled hybrid electric vehicle (HEV) despite an unfavourable economic situation, announced Chief Executive Ali Asghar Jamali on Wednesday. Addressing a presser at a local hotel, he said Toyota Cross will be unveiled early next year. He said hybrid technology will also result in the reduction of i
The commerce ministry announced on Wednesday that it would soon unveil a comprehensive plan to revive the closed textile industries within 30 days and expedite the payment of Rs323 billion in refunds to exporters. The ministry said it would present the plan and the roadmap within a month, after consulting with the stakeholders. As part of the plan, the Federal Board of Revenue (FBR) will releas
Amid public criticism over efficiency and regulatory standards in the power sector resulting in unbearable electricity costs, the Central Power Purchasing Agency (CPPA) on Wednesday slightly lowered its demand for additional fuel cost adjustment (FCA) to Rs1.58 per unit — instead of Rs2.07 —for electricity consumed in July. At a public hearing organised by the National Electric Power Regulatory
ISLAMABAD: In a reality check following almost week-long consultations, caretaker Finance Minister Dr Shamshad Akhtar on Wednesday told senators and the electricity consumers to “manage (their) expectations” raised by caretaker Prime Minister Anwaarul Haq Kakar for relief in excessive power bills, saying the country’s fiscal space did not permit any subsidy or relief. “Please manage your expect