Habib Bank Ltd announced on Wednesday its consolidated earnings for April-June amounted to Rs12.9 billion, up 281 per cent from a year ago. On a quarterly basis, however, net profit dipped 2pc in the same three-month period.Arif Habib Ltd said the jump in earnings in the quarter under review was led by higher net interest income. The bank also declared a dividend of Rs2 per share, which to
After suffering significant losses for eight sessions in a row, the rupee on Wednesday resisted further decline and recovered Rs1.48 against the US dollar in the interbank market. Currency dealers said the local currency bounced back on unconfirmed media reports about a $2.1 billion rollover and $600 million loan from China. “After the $3bn Standby Arrangement with the IMF, many inflows were
The outflow of profits and dividends on foreign investments fell sharply year-on-year by over 80 per cent in the outgoing FY23 reflecting poor performance of the economy. The latest data issued by the State Bank of Pakistan (SBP) on Wednesday reveals that multinational companies repatriated just $331 million in 2022-23 against $1.680 billion in the preceding year. The plunge in dollar outflo
The Ministry of Finance on Wednesday said the inflation had decelerated but would remain elevated at 25-27 per cent in July — the first month of 2023-24. “The inflation for July is expected to remain in the range of 25-27pc,” said the Economic Advisors’ Wing of the Ministry of Finance in its monthly economic update and outlook. It said the inflation measured by Consumer Price Index (CPI) was
The Federal Board of Revenue has frozen Pakistan International Airlines’ bank accounts over non-payment of taxes, a PIA spokesman said on Wednesday. The airline’s management was in contact with the FBR, the spokesman, Abdullah Hafeez Khan, said and hoped that the accounts would be unblocked soon. He insisted that flight operations and other activities of PIA were continuing as usual despite