Pacra upgrades JS Bank’s short-term rating to ‘A1+’

KARACHI (PR): The Pakistan Credit Rating Agency Limited (PACRA) has upgraded the short-term rating of JS Bank Limitedto “A1+” (A One Plus) [previous: ‘A1’]. The long-term rating of the bank has been maintained at “A+” (A Plus). These ratings denote a low expectation of credit risk while the capacity for timely payment of financial commitments is considered strong.

The ratings reflect steady fortification in JS Bank’s business profile. The bank continues to strengthen its market share in terms of deposits and advances. This has enabled the bank to build core revenues to a level - and growing – to adequately absorb costs. Lately, sizeable other operating income, an outcome of strong treasury operations, provided requisite boost to the profitability. This helped in consolidating capital adequacy, in turn, risk absorption capacity of the bank. The management intends to remain cautious - reflective in stated strategy of balancing advances growth and liquidity. The management is following a wholesome business strategy with prudent expansion targets through wide slate of liability and asset products. At the same time, it would continue to expand its operational scale.

This is likely to add diversity and sustainability to the bank’s overall profile.

The bank aspires to sustain its overall growth momentum to enhance its competitiveness in a challenging banking industry. Consequent penetration - high share in system’s loans and deposits - besides ensuring sustainability in revenues would result in a further improvement of ratings. Meanwhile, rationalization in concentration levels would remain important.

JS Bank, in operations since December 2006, operates a network of 238 branches in 122 cities nationwide at the end-Dec14. Listed on the Karachi Stock Exchange since 2007, JSBL is a subsidiary (70%) of Jahangir Siddiqui & Co. Limited (JSCL). JS Bank, through its subsidiaries - JS Global Capital Limited (51%), and JS Investments Limited (52%) - and group associates, is well placed to develop a financial services hub.The ratings draw comfort from its close association with the ever strengthening JS Group. Mr. Jahangir Siddiqui, JS Group’s founder, chairs the bank’s eight-member BoD. Mr. Khalid Imran, the President/CEO of the bank, carries extensive experience in banking and he is supported by an able team. The bank has evolved relative stability in top team.

Govt urged to withdraw 15pc RD on imported billet

Lahore (PR): The government’s recent decision to impose 15% irrationally excessive regulatory duty on the billet being used in steel re-rolling industry has started to appear in the shape of devastating results. Due to heavy duty many companies have stopped importing billet which has led to the shutdown of a large number of steel re-rolling mills, thus shortage of billet in the market has badly affected the manufacturing of products being manufactured by billets and now thousand of projects future is at stake.

It is pertinent to highlight here that in Pakistan there are only a few local companies which are manufacturing billet according to the prescribed PSQCA and international standards and they can only meet a small percentage of the total demand. The government has taken this step to protect a small number of firms which have formed monopoly in the country. The 15% regulatory duty on imported steel billet has caused an acute shortage of steel products in the market, whereas the survival of the industrial sector is heavily dependent on the availability of steel products.

Pakistan Steel Re-rolling Industry has made an earnest appeal to government to withdraw the 15 % regulatory duty on imported billet with immediate effect to insure sustainable development of industry and steady sate economy. Association is also putting forth a request for an increase in national wealth to levy a duty on finished goods rather than on raw material.

PTCL celebrates ‘International Women’s Day’

ISLAMABAD (PR): Pakistan Telecommunication Company Limited (PTCL) celebrated the ‘International Women’s Day’ to acknowledge its female employees and highlight their role in company’s success.

This year’s theme, ‘Make It Happen’, challenges the stereotypes and reflects the changing perceptions about what women can do and how they are achieving success in all areas of life.  Maj General (r) Shahida Badsha and Deputy Inspector General (DIG) Helena Iqbal Saeed were invited to speak at the occasion and inspire female team members of PTCL by sharing their life experiences.

Syed Mazhar Hussain, Chief Human Resource Officer (CHRO), PTCL said at the occasion, “PTCL is an equal opportunity employer and the company greatly values its female employees and strives to provide them opportunities to excel further. This highly conducive work environment makes PTCL one of the most preferred places to work for the talented female professionals.”.

The speakers highlighted that despite progress we are still a long way from understanding women’s real potential worldwide. Women have to struggle hard to achieve their goals and shine in all spheres of life. They added there is no single country in the world where women have achieved full equality and rights and Pakistan is no exception.

The speakers concluded by emphasizing that this occasion should be taken as an opportunity to take stock of progress made towards achieving gender equality and women’s empowerment, as women have a vital contribution in thriving and sustainable societies. As a society, we must ensure that they participate fully, enjoy equal rights and opportunities in all domains.

The event highlighted the positive role played by women in the development of the society and acknowledged the PTCL female employees who have contributed to the growth of the company immensely.

Syed Mazhar Hussain presented souvenirs to the distinguished guests at the conclusion of the ceremony.