Habib Metropolitan Bank launches SIRAT

LAHORE (PR): Habib Metropolitan Bank is pleased to announce the launch of our distinct Islamic banking identity SIRAT.

The word “SIRAT” (meaning path and a direction) has been carefully selected for our Islamic Banking offering. For us it is also an inspired journey towards excellence as a trusted partner for our customers. We have developed this name and image also in alignment with our group strategy locally & internationally. The same reflects in the implication of the inner working of the brand name SIRAT:

S – Security, I – Integrity, R- Reliability, A- Accessibility & T – Trust

The brand also depicts our legacy and corporate philosophy as a well recognized and respectable financial institution. The Bank practices strong ethical values which have been at the forefront for providing Shariah complaint banking solutions.

The Bank is in its 21st year of service and has been part of Islamic Banking industry for more than a decade. Our new Islamic branch at Korangi unveiling the new brand identity was opened yesterday which was largely attended by dignitaries and leading business people. Also scheduled to open are further 2 branches in Karachi and Lahore respective which shall bring the total number to 9 dedicated Islamic Banking branches and 198 desks Islamic Banking windows, with major expansion planned & finalized during current & next year to increase our footprint across the country. Our dedicated Islamic banking team combines Sharia expertise with strong business acumen to offer customers tailor made structured solutions, which is ably supported by a robust IT platform developed in-house.

Soneri Bank announces 2Q results

LAHORE (PR): Soneri Bank Limited posted a pre-tax profit of Rs 1,068.26 million for the first half year ended 30 June 2014. The Board in its 138th meeting held on 13 August 2014, approved the Bank’s half yearly financial statements. On this occasion the Chairman, Alauddin Feerasta appreciated the Bank’s continued positive performance during the second quarter and expressed satisfaction on overall scale of growth.

During the first half year Bank’s total revenue amounted to Rs.4,324.58 million, which is up by 24.06 percent from the last year’s comparative figure of Rs.3,485.75 million. The deposits momentum continued, registering growth of 10.76 percent over 2013, to close at Rs.155.71 billion (31 December 2013: Rs.140.58 billion). Advances (net) were down due to seasonal factor.

The Board was briefed that the Bank’s strategy of strong focus on the overall loan book and proactive management of non-performing loans is proving fruitful, and provisions are also down in first half year 2014 as compared to last year’s comparative figure.

Soneri Bank has a unique market position in trade-finance and transactions banking services and boasts a loyal and satisfied client-base in all its 236 branches all over the country.

 The Bank is committed to meet the increasing expectations of its customers and continue to provide them par-excellence services, for which the bank has been investing prudently in information technology, human resources, marketing and infrastructure.

Revival of sick industrial units in Sindh

KARACHI (PR): After successful completion of the Scheme” Revival of sick industrial units in rural Sindh Phase 1 ” an agreement has been signed between Sindh Bank Ltd and Sindh Board of Investment (SBI) Govt of Sindh (GOS) for the Phase 2 of the Scheme .

This is a Scheme to revive sick industrial units lying closed. Disbursement of loans under phase 1 of the scheme resulted in improvement in economy and creation of jobs in rural Sindh. Sindh Bank in collaboration of Govt of Sindh offers Term and Working Capital loans for sick industrial units located in rural Sindh. 

Govt of Sindh (GOS) through SBI initiated this scheme by way of earmarking funds of Rs 2 Billion under Annual Development Program 2014-15.

Govt of Sindh (GOS) asked Sindh Bank to use its expertise and act as an executing agency of the scheme by inviting applications of loan from sick industrial units located in rural areas of the province of Sindh, appraisal of loan and its recovery as per State Bank of Pakistan Prudential Regulations.

PPL observes I-Day

KARACHI (PR): Pakistan Petroleum Limited marked Independence Day at all its offices and field locations against the backdrop of the national anthem and flag hoisting. In view of the plight of Internally Displaced Persons, the day was observed modestly with prayers for the country and company.