Silkbank posts operating profit of Rs 258 millionKARACHI (Staff Reporter): Silkbank Board in its meeting has approved the accounts for the 1st quarter year ending 2014. The Bank made a significant turnaround by declaring an operating profit of Rs 258 million in the first quarter of 2014. The Bank’s Net Interest Income more than doubled, posting an impressive 109pv increase over the same period last year. Profit after tax was recorded at Rs 66.84 million for the first quarter ending March 31, 2014. The Bank’s balance sheet footing also highlighted a growth of Rs 4.5 billion over December 31, 2013. The management is confident that with the Tier 1 Capital of Rs 2.2 billion raised by the bank in 2013 and the growth in revenues and balance sheet this quarter, Silkbank will reflect a strong revenue momentum and close 2014 on an even stronger footing. The expansion into Credit Cards and Emaan Islamic Banking has helped the Bank reach new markets and as these portfolios mature, they are expected to further improve the earnings in 2014.
KASB Bank’s efforts appreciated by Dar KARACHI (PR): KASB Bank becomes the only local bank to be part of the US Dollar 2 Billion Eurobond issuance in the international capital markets. In a meeting held in Islamabad, Finance Minister Ishaq Dar appreciated the efforts of the lead managers in launching Pakistan’s Eurobond and said that the bond was heavily oversubscribed due to the hard work and efforts of the lead managers. KASB Bank takes pride in the confidence shown in it by the Government of Pakistan and will continue its efforts in bringing the economy of Pakistan on the growth path. KASB’s relationship with Bank of America Merrill Lynch has been instrumental in mobilizing investment in Pakistan for many years and both companies intend to play a vital role in upcoming privatization initiatives as well.
GE, GDF Suez sign contractLAHORE (PR): In addressing the ever increasing power shortage in Pakistan, GE (NYSE: GE) and GDF Suez are working together on the newly inaugurated UCH-2 combined cycle power plant at Dera Murad Jamali in Baluchistan. The UCH-2 facility, an expansion of the UCH-1 power plant, is adding approximately 400 MW to the grid. GE is supplying two 9E gas turbines to the facility, providing 258 MW – enough to power over 240,000 homes annually. GE has also signed a contract with GDF Suez, the owner and operator of the plant, to extend its Contractual Service Agreement for both UCH-1 and UCH-2. GE tailors long-term service agreements to help deliver greater value to customers’ existing assets and investments. UCH-2 became operational on 4th April and will use low-BTU gas from the UCH gasfield owned by Pakistan’s Oil & Gas Development Company, and builds on the strong track-record of GE installing proven and reliable turbines and commissioning the first phase of UCH in 1999. Sarim Sheikh, President and CEO of GE Pakistan said: “GE has been a key player in supporting the country to address its power shortage by introducing proven, reliable technologies that strengthen the operational efficiency of the plants and providing new solutions that help add more electricity to the grid. The contract, timely delivery and continued support for the UCH Plant demonstrate our long-term commitment to the country. Since 1999, we have been associated with this landmark project and we thank GDF Suez for their trust in our competencies to deliver need-based solutions.”