BOP announces highest-ever quarterly profit
LAHORE (Staff reporter): A meeting of the Board of Directors of The Bank of Punjab was held in which un-audited Financial Statements of the Bank for the quarter ended March 31, 2015 were approved by the Board. During 1st quarter of the year 2015, The Bank of Punjab earned highest ever quarterly before tax profit of Rs. 2.0 billion as against Rs. 0.7 billion for the 1st quarter of year 2014 thereby registering a phenomenal rise of 186pc. Similarly, the Earning per share (EPS) for the quarter ended March 31, 2015 showed remarkable surge and touched the level Rs. 0.84. During the 1st quarter of the year 2015, Net Interest Margin (NIM) of the Bank improved significantly to Rs 2.5 billion as against Rs 1.0 billion.
during corresponding period of last year thereby registering a commendable growth of 150%. The Bank’s Non-Markup/ Interest Income for 1st quarter of year 2015 also touched the level of Rs. 1.9 billion as against Rs. 0.8 billion during corresponding period of last year, showing a remarkable growth of 138%.
Bank’s Total Assets as on March 31, 2015 stood at Rs. 425 billion as against Rs. 420 billion as on December 31, 2014. The Deposits of the Bank stood at the level of Rs. 330 billion, while the Advances and Investments remained at Rs. 178 billion and Rs. 180 billion, respectively.
Single digit sales tax regime to revolutionise economy
ISLAMABAD (INP): Imposition of simplified single digit sales tax regime would revolutionise national economy by simplifying tax compliance and eradicating corruption causing massive loss to the national kitty, a business leader said Sunday. Existing sales tax system is full of ambiguities resulting flourishing business of fake and flying invoices while reforms will bring a pleasant change in business environment which is the goal of govt, said Mian Zahid. He said that non-refundable and non-adjustable sales tax at import and manufacturing stage will help businessmen save a lot of time and billions of rupees while saving around Rs200 billion per annum paid by FBR to those who file fake refund claims, he said.
Zahid who has also served as provincial minister said that single digit sales tax will eliminate malpractices in refund claims and input tax and reduce administrative costs in the FBR.
It will give relief to the common man especially to the lower and middle income group by reducing the inflation, increase revenue, provide support to limping industry and trigger industrial expansion providing revenue and jobs, he remarked.
The veteran business leader said that government would be able to spend more on developmental projects and break the begging bowl as tax theft and smuggling would be reduced substantially.
Simplified sales tax regime will result in expansion of tax net rather than prevailing practice of putting more burden on the existing taxpayers.
Zahid lauded the decision of the government to reverse unjustified tax exemptions while criticised proposal of FBR to document all business transactions with the help of banks to boost collection.
RCCI President inaugurates Rawal Shopping Festival
RAWALPINDI (INP): The Rawal Shopping Festival being held under the aegis of Rawalpindi Chamber of Commerce and Industry (RCCI), in the whole of city and cantonment markets, shopping malls and shopping centres has been offering sizeable discounts on sale of various commodities to the buyers. In a major move to give impetus to the business activity in the town, RCCI has been organising the shopping festivity till May 10. On Saturday late, the RCCI President Syed Asad Mashadi performed formal inauguration of the festival on Bank Road Saddar where shopkeepers and outlets of major brands have been offering discounted sale prices up to 50pc.
The inauguration was attended largely by the business and trade community besides MNA Abrar Malik, Executive Officer Cantonment Board Rawalpindi, leaders of all trade associations Sheikh Saddique, Shahid Ghafoor Paracha, Sheikh Hafeez, Ch Iqbal, Zafar Qadri, Tariq Jadoon, former presidents Sheikh Shabbir, Sohail altaf S.M. Naseem and a huge gathering of traders were also present.
President RCCI Syed Asad Mashadi said that to bring masses into the markets traders announced mega sale offers up to 50 percent during the festival and through lucky draws mega prizes like cars, bikes, laptop, electronic goods, mobile and thousands of other prizes will be given to the customers. He said that mega draw will be held on May 10 while two other two lucky draws will be held during the festival in China Market and Commercial market on May 5 and May 8 respectively.
Earlier, RCCI delegation headed by Asad, visited various Markets spread over in different parts of the town and was welcomed by respective presidents of the trade associations and apprised them about various steps being taken by them to allure the buyers including a number of prizes to be given to them through balloting.
The 9-day activity would also include live musical events, pet shows, vintage car show, and different other activities for the attraction of the visitors and buyers of the sale festival.
The common man and business community have welcomed this stride of the RCCI which would not only help buyers to have access to the inexpensive articles ranging from garments to cutlery besides giving boost to the economy of the traders who have been suffering due to the construction of a mega project in the town.
Influential captive power lobby being pleased at cost of CNG sector
HASSANABDAL (INP): Chief Organiser of Tahreek-e-Bahali-e-CNG, Raja Jahangir Akhtar has alleged that said government is pleasing influential textile sector at the cost of CNG industry. Speaking at a protest rally in Hassan Abdal, Jehangir Akhtar said that influential lobby of the owners of Captive Power Plants (CPPs) which is wasting gas worth Rs70 billion per annum is one of the biggest hurdle is the resolution of the energy crisis in Pakistan. He said that the powerful lobby which has been getting natural gas at dirt cheap prices since last five years without the permission of Ogra and Nepra is still enjoying unprecedented influence in the corridors of power.
Those who are getting natural gas at 91 per cent discounted rates as compare to furnace oil are being patronised despite the opposition by Planning Commission and Ogra while they have sent packing petroleum ministers and four federal secretaries which have terrified the bureaucracy.
A former advisor petroleum changed gas provision priority list for three times within twenty days illegally and without the consent of concerned institutions including Council of Common Interests, he said.
Jahangir Akhtar said that rules clearly indicate the CPPs can get gas when it is surplus, its usage remains within 1 mmcfd and the owner of any CPP invests Rs500 million minimum. Not only all these conditions are being violated but some owners of the primitive CPPs have closed down their units while selling electricity to others to distribute spoils with government officials.
Govt investment policies matchless: PEW
ISLAMABAD (INP): The Pakistan Economy Watch (PEW) on Sunday said Pakistan offers best investment-friendly and incentives-driven policies offering limitless opportunities to foreign investors. Foreign investors shouldn't let propaganda scare them away from exploring enormous investment potential in energy, oil and gas, coal, infrastructure, communication, telecom, agriculture and dairy development, it said. Pakistan offers over 180 million consumers, fully convertible currency, unrestricted equity, profit repatriation, no double taxation and attractive tax breaks which has so far lured 600 multinationals, said Dr Murtaza Mughal, President PEW.
He said that many leading global groups want to invest in Pakistan, the world's sixth largest country by population, to enjoy higher returns, but Western media has been conspiring to cause fear in their hearts.
Mughal said that we have unmet demand for energy, housing, transportation, health, education, unexploited mineral deposits and one of the largest and least exploited coal reserves in the world.
Propaganda hasn't deterred Chinese, Koreans and Arabs etc. from investments in Pakistan therefore it shouldn't discourage the Western investors as the government has unleashed a new era of development in Pakistan with the help of China.
He lauded the Chinese government and investors who have remained undeterred despite best efforts by the Western media outlets.