News Update Times

Pakistan (Muhammad Yasir) Business leaders stressed upon the collaborated and sustainable efforts for economic growth at the inaugural launch and dialogue of Marketing Association of Pakistan (MAP) on the theme of “Imagining the Unimaginable” here on Saturday.

 
Muhammad Azfar Ahsan, Former State Minister and Chairman Board of Investment (BOI), President Marketing Association of Pakistan (MAP) said the prevailing economic situation in the country is short-lived but it has to be revived in months to come considering the billions of dollar potential exist in every sector of economy.

He said Pakistan is a very attractive market for foreign investors even in this situation which is evident that the Kingdom of Saudi Arabia (KSA) is willing to initiate a dialogue with Pakistan for exploring various venues of investment on a long-term basis.

He said that MAP’s role is very meaningful in the contribution of the private sector and the economy of the country however it needs to enhance its footprint through various chapters and the new membership of experienced members and leaders including women professionals.

Quoting a theme imagine the unimaginable, Faysal Bank Limited CEO & President Yousaf Hussain said the Faysal Bank has been converted to a full-fledged Islamic bank by the end of 2022, which was a dream of its board of directors eight years ago.

The bank will enhance its presence with nearly 700 branches converted by the end of 2022 to be the second largest Islamic of the country with wide range of innovative products including a Sharia-compliant credit card.

Muhammad Aurangzeb, President and CEO Habib Bank Limited and Chairman Pakistan Banks’ Association (PBA) said Pakistan’s exit from FATF’s grey list is the prime example of the benefits a united efforts by the policymakers, state institutions and the private secto can bring and this should be replicated with the same spirit for addressing the core macroeconomic issues.

He added that the Charter of Economy is a workable idea at a national level to address the selected areas of the economy by all these key stakeholders on a sustainable basis.

Ghias Khan, President Overseas Chamber of Commerce and Industry (OICCI) and Engro Corporation said the government should devise a comprehensive policy environment that can give a boost to productive sectors and industries rather than unproductive sectors like real estate.

He also said that the government should also realize that the country’s economic growth is bound to regional growth like in the case of the GCC and ASEAN, hence, bilateral trade with neighboring countries should be promoted in the future.

 
Maheen Rahman, CEO InfraZamin said that Pakistan stands among the five most populous countries in the world but its contribution is negligible in the global economy whereas 60 % GDP of the world is contributed by 10 most populous countries and unfortunately we being part of this select group only contribute 0.4%
She highlighted that Pakistan can double its share in the global economy by doubling its GDP, labour productivity, and women’s participation in the workforce. In this regard, investment in human capital is indispensable mainly in the areas of health, education and skilled development.  

Aamir Paracha, CEO Unilever Pakistan Limited said the government policy should also consider its focus from GDP growth rate to the development of Human Development Index (HDI), which we as a country stand among the lowest across the world.

He further said that the government and NGOs could not fill the gap between society and the economy but the private sector should also take ownership for the development of the socio-economic situation of the country, he further said.
Former Information Minister Javed Jabbar said Pakistan has immense potential to develop on the face of the world with various unique derivatives, lots of opportunities, and its geographical presence.

The formation of Pakistan can also be attributed as imagining the unimagine as not only British Empire but congress and Muslim scholars were against Quad-e-Azam, the founder of Pakistan, he added.

Country Manager SAP Pakistan was the moderator of the dialogue.

UBL continues to deliver strong results in 2022 9M’22 PBT of Rs. 50.7 billion, with 29% growth.

UBL declared Profit Before Tax (PBT) of Rs. 50.7 billion for the nine months ended September 30, 2022, a stellar growth of 29% over last year. Earnings per share (EPS) stood at Rs. 15.33 (9M’21: Rs. 18.59), with strong growth in EPS from Rs. 1.91 in Q2’2022 to Rs. 5.64 in Q3’2022. The Bank remains well capitalized for future business expansion with a Capital Adequacy Ratio (CAR) of 18.4%, which is around 7% in excess of the regulatory minimum requirements. The Bank declared dividends of Rs. 4.0 per share for the third quarter of 2022, taking the overall dividend distribution to Rs. 13.0 per share for the nine months ended September 30, 2022.

Strong revenue expansion of 34% in 2022 driven by all core segments

Gross revenues were reported at Rs. 94.9 billion for 9M’22, with an increase of 34% over last year. Net mark-up income grew significantly by 36%, as a well-positioned loan and investment portfolio repriced well during the year. Maintaining a focus on low-cost deposit mobilization remained a priority across the network resulting in an efficient cost of deposits despite a rising rate environment. A growth of 13% in the current account portfolio along-with the expansion in the core customer base, enabled the Bank to improve its average current to total deposits ratio to 44.3% from 42.0% last year. This contained the domestic cost of deposits to 5.9% for 9M’22, despite the sharp increase in interest rates during the period, which enabled the Bank to expand its net interest margins (NIMs) from 3.8% in 9M’21 to 4.6% this year.

Non-funded income continued to grow and was recorded at Rs. 22.1 billion, which is 28% ahead of last year with strong build up in business momentum from new debit card acquisitions, trade flows across corporate clients, revenues from home remittances business across each major corridor and growing throughput levels across cash management business.

Despite an exceedingly high inflationary environment and continued investments in human resources, branch network and technology, the Bank’s cost to income improved from 44% in 9M’21 to 40% in 9M’22.

Serving 11 million customers across the nation – the deposit franchise remains our cornerstone

UBL operates one of the largest branch networks in Pakistan with 1,338 branches and 1,445 ATMs along-with the Bank’s branchless banking proposition, UBL Omni spread all over the country. The network is augmented by the Banks’ award winning and industry leading Digital Banking services, which together serve over 11 million customers nationwide. UBL remains the preferred partner to the Pakistani diaspora with a market share of over 21% within the home remittance space. The Bank is a key partner in the SBP’s Roshan Digital initiative, having opened over 88,000 accounts, with inflows crossing the USD 700 million mark recently.

Branch Banking Group continues to provide the foundation for the Bank’s core earnings. UBL’s domestic deposits averaged Rs. 1.6 trillion for 9M’22, an increase of 7% year on year. The Bank on-boarded 450,000 new current account relationships during the year which resulted in a 13% growth in average current deposits. This was made possible by the growing momentum of our Good Citizen Product, a current account for active tax filers, which has grown to Rs. 22 billion this year. As part of the Bank’s Diversity and Inclusion agenda, UBL further enriched its exclusive product for women, “UBL Urooj” with a dedicated debit card and targeted alliances to meet the specific needs of women. Since its launch, the portfolio has built up to over 21,000 account holders with Rs. 4.0 billion in deposits.

We continue to build our loan book, with good asset quality and NFI growth in 2022

UBL continues to expand its intermediation role within all key segment and regions, as Bank level performing advances averaged Rs. 647 billion in 9M’22, with a strong growth of 19%. The Bank is serving and building on long standing relationships while leveraging a growing suite of digital capabilities. We are integrating financial services across value chains within all major sectors. Deepening customer relationships through cross sell enabled the Bank to record a 23% growth in domestic trade and guarantee business income, with a 17% growth in earnings from cash management. The Bank continues to expand within the mid-market segment as the average portfolio of SME and Agri loans recorded a 17% growth over last year.

UBL Digital – Recognized as the best in the industry, our innovation spirit leads the way

UBL’s Digital Banking Services continue to be the hallmark in the Pakistani banking space. With its digital transformation strategy, the Bank is actively delivering innovative digital solutions and providing easy access to financial services in a seamless and convenient manner. The Bank’s digitally registered customer base now stands at over 3.1 million customers with payments throughput of Rs. 1.8 trillion, which is up 51% year on year. In recognition of our industry leading services, UBL was once again declared Pakistan’s Best Digital Bank by Asiamoney, an associate of Euromoney, for the third year in a row in 2022. The award is a testament to UBL’s contribution towards digitization of banking in the country.

As an industry first, recently the Bank, in collaboration, hosted the “BuiltByHer 3.0” Hackathon. The Hackathon focused on empowering aspiring female entrepreneurs in creating technologies to address Pakistani women’s economic inclusion issues while promoting STEM education amongst young women. Furthermore, in order to introduce fresh talent to digital financial services, UBL has launched a training program in partnership with a leading university to equip fresh graduates in the areas of design thinking principles and product engineering.

Islamic Banking – UBL ‘Ameen’ a brand gaining ground within its target segment

UBL Ameen continued to build on the momentum of last year with strong results in 2022. UBL Ameen’s branch network now stands at 150 branches (Dec’21: 145 branches) and is further supported by 197 Islamic Banking Windows (IBWs) within conventional branches. UBL Ameen’s deposit base closed at Rs. 234 billion at Sep’22, growing by 68% over Dec’21, while Islamic advances averaged Rs. 62 billion for 9M’22, an increase of 81% over the previous period. The Bank is actively building up its scale and presence and views the Islamic segment as the key driver of growth for the Bank in the near future.

UBL Cares – Relief and sustainability efforts during testing times

The country suffered the worst spell of flooding in recent memory that caused devastation on an unimaginable scale. During these troubling times, UBL has been actively working to provide assistance to thousands of families displaced and affected by the floods, under the Bank’s overall ESG agenda. The Bank provided immediate relief to the distressed families through distribution of cooked meals and dry-food ration bags in the worst affected districts of Sindh and Baluchistan provinces. Furthermore, we also set up medical camps with the help of local NGOs to provide healthcare services to those affected by water-borne diseases.

Bestway Foundation, the charitable foundation operated by the Bank’s principal sponsors, held a fundraising event in London where it raised funds for flood relief. These funds, together with earlier donations by the group for relief efforts amounted to over USD 2 million and are being used to provide sustainable assistance to the scores of people tragically affected by the floods.

Commenting on the results, Mr. Shazad G. Dada, President & CEO of UBL said: “We continue to maintain a strong customer acquisition momentum across our major segments. With a well-positioned asset book, we have seen strong expansion in margins. Our fee-based revenues provide a significant diversification benefit in the long term as we continue to grow our market leading positions. Our results reflect the resilience of our core earnings, built around the strong trust that our customers place in the quality of our services, the UBL brand and our innovative digital solutions. As an institution we always endeavor to deliver best in class services to our valued customers whom we are privileged to serve. In these challenging times, we shall continue to play our role in strengthening and building on the strong potential of the Pakistan banking sector, driven by the unwavering commitment of the UBL staff.”

Karachi (Muhammad Yasir)  Arif Habib Dolmen REIT Management Limited (AHDRML) has applied for listing to Pakistan Stock Exchange (PSX) to list Globe Residency REIT (GRR), which once approved would become Pakistan’s first listed Developmental REIT. Globe Residency is a residential project comprising of 2 bed and 3 bed apartments located at Naya Nazimabad, Karachi. AHDRML is the REIT Management Company of GRR and Arif Habib Development and Engineering Consultants (PVT.) Ltd is the Project Manager. In total, GRR is constructing nine towers, which were launched in November 2021 and will be ready for possession within 3 years. Total number of apartments in the project are 1,344 of which 1,098 have already been sold including 408 apartments to Meezan Musharakah. Construction work is in progress in full swing and the grey structure is targeted to be completed by September 2023. The REIT fund size is PKR 2.8 billion; PKR 1.4 billion each of Debt and Equity and the project cost is estimated at PKR 20 billion. Muhammad Ejaz, CEO, AHDRML stated, “Once PSX approves our application, 85% of equity units are proposed to be offered to 2,900 shareholders of Javedan Corporation Limited being the offeror. 10% units will be offered to public, whereas the remaining 5% will be offered to Real Estate Consultants of Naya Nazimabad. Arif Habib Group has always remained at the forefront, introducing new products to the Market. Following the success of Dolmen City REIT, we are certain that the listing of GRR will also garner a similar response.”

Karachi (Muhammad Yasir)  Bank Alfalah Limited has always been one of the biggest allies when it comes to supporting cricket in Pakistan, and an even bigger advocate for flood relief operations in the country. This year, Bank Alfalah decided to pledge that it will donate $1000 for every six scored in the Pakistan vs England T20I series.

Throughout the course of the series, a total of 73 sixes were scored and a total of $73,000 is being donated by Bank Alfalah, to JDC Welfare Organization to help them rebuild infrastructure and rehabilitate the flood victims. The donations were a part of the USD 10 million that the Chairman of Bank Alfalah, His Highness Sheikh Nahayan bin Mubarak Al Nahayan and the honorable Board of Directors had asked Bank Alfalah to donate.

Speaking on the occasion, the Head of Marketing at Bank Alfalah, Mr. Raheel Yousuf shared how Bank Alfalah has always come forward to support Pakistan in times of need and will continue doing so in future as well.

“We at Bank Alfalah are humbled at how well-received our flood donation campaign has been during the Pak vs Eng T20I series. As pledged, the Bank is honored to be able to make such a contribution towards the rebuilding of the affected communities and will continue to support flood victims through donations to JDC Welfare Organization. We must not forget about our brothers and sisters in need and do anything we can in our individual as well as collective capacity to uplift them through various initiatives.”

Torrential monsoon rains in Pakistan triggered catastrophic floods drowning a third of the country – washing away villages affecting 33+ million people in need of assistance and at increased risk of waterborne diseases, drowning and malnutrition.

Karachi (Muhammad Yasir)  The foundation stone of Al Rauf Gold Raas Project was laid in the heart of the city of Karachi at a ground-breaking ceremony recently which was attended by eminent businessmen and civic authorities.

Marketed by the country’s leading online real estate marketing company Graana.com, the project is located just 3 minutes away from the Karachi Super Highway.

Speaking on the occasion, Chairman Imarat Group, Shafiq Akbar said, “The project has established itself with its cutting-edge amenities and extravagant facade. The Al Rauf Gold Raas Project is indefinitely a gift for the residents of Karachi.”

Located in the central location of Pakistan’s most buzzing metropolis, Karachi, Al Rauf Gold Raas features luxury apartments with exquisite facades and premium interior finishes. Furthermore, the state-of-the-art IT and smart communication system is the project’s standout feature.

The Al Rauf Gold Raas features project comprises 3 towers – 2 of which are 10-storeys, and one comprises 14-storeys. Moreover, the project will have luxurious apartments of 3, 4 and 5 beds, and a wide array of amenities including a fully equipped gymnasium, rooftop pool, communal prayer area,  5 express elevators, real time CCTV surveillance, maintenance services round the clock built on international standards, and much more. 

Launched with the slogan of “Your Affordable Luxury Lifestyle”, the project flaunts spacious living, ideal location, artificially intelligent while being affordable for the customers.

For this project, Graana.com, Pakistan’s smart property portal, will offer a wide array of comprehensive sales and marketing services. The parties involved not only praised the project’s debut but also Graana.com’s efforts as the project’s marketing partner. 

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Meezan Bank introduces Wisaaq – Pakistan’s First Digital Supply Chain Financing Platform, in Collaboration with Coca-Cola Beverages Pakistan Limited (CCI Pakistan), Powered by Haball

Karachi (Muhammad Yasir) Meezan Bank, Pakistan’s Leading Islamic Bank and Coca-Cola Beverages Pakistan Limited (CCI Pakistan) have joined hands to launch a digital supply chain financing platform in partnership with Haball, an Islamic B2B Fintech that digitizes business payments to enable a cashless and digital supply chain. Coca-Cola Beverages Pakistan Limited is a subsidiary of Coca-Cola Içecek (CCI) which is currently operating in 11 countries across the globe. The event was attended by Dr. Inayat Hussain – Deputy Governor, State Bank of Pakistan, Mr. Irfan Siddiqui – Founding President & CEO, Meezan Bank, Mr. Erdi Kursunoglu – Director Finance, CCI Pakistan and Mr. Omer Bin Ahsan – CEO, Haball along with their respective teams.

As a first in the industry, CCI Pakistan will unveil Wisaaq’s Digital Financing Platform for their distributors across Pakistan who shall be able to avail Shariah-compliant financing through Meezan Bank. The facility will enable CCI Pakistan distributors to improve their working capital while expanding their operations. By entering into this venture, Meezan Bank aims to support SMEs in Pakistan, ensuring financial efficiency and stability of the supply chain, eventually fueling growth of the economy. The Bank’s collaboration with CCI Pakistan will also allow exchange of expertise and networks from two different industries, that will create sustainable business opportunities for retailers.

On the occasion, Mr. Irfan Siddiqui – Founding President & CEO, Meezan Bank commented, “Meezan Bank is fully committed to Shariah-compliant financing and is pleased to collaborate with Haball for developing a digital financing platform to reach CCI Pakistan’s small & medium sized distributors, and their linked retailers. This partnership will act as a precursor to grow the country’s most important SME segment.”

Mr. Erdi Kursunoglu – Director Finance, CCI Pakistan added, “This cashless supply chain solution under Wisaaq is not just a digital transformation but also a business transformation. This partnership would create a win-win solution mainly for the SMEs in Pakistan. However, we believe, the biggest winner of this initiative will be the national exchequer”.

Mr. Omer Bin Ahsan – CEO, Haball mentioned, “The launch of Wisaaq is a huge achievement not just for us, but for the entire financial services industry, corporates, as well as SMEs. It wouldn’t have been possible without our partners Meezan Bank, CCI Pakistan, and State Bank of Pakistan.”

Lahore (Muhammad Yasir) Being near to completing one year since its launch, the ‘Sarsabz Pakistan’ mobile app has garnered immense popularity and attention amongst the Pakistani farmers’ community. The app recently marked a record number of more than one hundred thousand downloads in a short time span of ten months, making it the country’s fastest-growing mobile app within the agriculture sector and the top-rated educational app on Google Playstore.

The Sarsabz Pakistan app caters to multiple needs of the farming community, providing them with timely farm advisory and information updates to help maximize their crop yield and productivity. The advisory support features of the app include crop planning support to manage multiple farms and crops in a given season with step-by-step alerts on crop management, a calculator tool for planning precise application of fertilizer according to the 4R rule – right source, right rate, right time, right place, requesting general advisory and free soil and water testing visits by qualified Fatima Group agronomists to maximize crop yield through effective use of fertilizer.   

At the same time, the information update features of the app also assist the farmers through crucial weather updates and forecasts for timely planning and application of farm inputs, ensuring easy accessibility to fertilizer at company rates through a comprehensive list of nationwide Sarsabz dealers along with their contact and location details, updates on current commodity market rates, and latest news bites related to the agriculture sector.

While expressing her views about this platform, Rabel Sadozai, Director of Marketing and Sales at Fatima Fertilizer said, “The Sarsabz Pakistan app is completely free for farmers to use and benefit from its information and advisory-based features. It serves as a convincing prologue to the fact that digital transformation of Pakistan’s agriculture sector is the only way to realize its utmost potential so that it can play a pivotal role in reviving our over-stressed economy.”

Speaking further about the app’s future improvements, Rabel said, “We plan to further enhance this app by allowing farmers to avail quick micro loans and lease farm machinery on easy terms, so they can procure and manage essential farm inputs in a timely and convenient manner.”

Pakistan’s agriculture sector is transforming at a snail’s pace towards modernisation. However, the success of platforms like the Sarsabz Pakistan app indicates a dire demand for Pakistani farmers to modernize their farming practices through the use of technology and achieve maximum possible growth and efficiency.