Financial institutions disbursed Rs1.776 trillion under agriculture financing during the previous fiscal year, which was 25 per cent higher year-on-year and was around 97.6pc of the agriculture credit target set by the State Bank of Pakistan (SBP), data showed on Wednesday. The outstanding portfolio of agriculture credit also grew 10pc to Rs760 billion by the end of June compared to Rs691bn by
Meezan Bank Ltd posted its highest-ever quarterly profit in April-June as its consolidated earnings amounted to Rs17.3 billion, up 120 per cent from a year ago. Its net profit rose 12pc from the preceding quarter mainly on the back of higher income and lower provisioning, said Arif Habib Ltd. The bank also announced a dividend of Rs4 per share. Separately, Bank Alfalah Ltd declared on Thursd
The National Electric Power Regulatory Authority (Nepra) notified an additional fuel cost adjustment (FCA) of Rs1.81 per unit for power distribution companies (Discos) and Rs2.31 for the Karachi-based utility K-Electric on Wednesday, with a net financial impact of Rs29 billion. Consumers will see the surcharge separately in their August bills and it will be based on their power consumption in J
Pakistan International Airlines (PIA) has appointed former Air Vice Marshal Muhammad Amir Hayat as CEO for one year, a spokesperson of the national carrier told Reuters. This week, the outgoing government said it planned to privatise loss-making PIA, which has accumulated hundreds of billions of rupees in losses and arrears. The move would be in line with an International Monetary Fund (IMF) de
PakisÂtan and Iraq have signed a convention to eliminate double taxation on income, capital and prevent tax evasion to promote economic cooperation. The convention was signed against the backdrop of recent efforts to boost trade, investment, and tourism between the two countries. Several business meetings, including a single-country exhibition, have been held in Iraq since last year to promote