Silkbank declares operating profit of Rs515m

KARACHI (Staff Reporter): Silkbank Limited, in its board meeting held on Friday, declared an operating profit of Rs515 million for the quarter ended March 31, 2016. The bank’s profit before tax of Rs311 million for the quarter registered a significant increase of 313% compared to the same period last year. The bank’s total assets base grew notably by 6 billion over this period highlighting the operational strength of the bank. Deposits for the period increased by Rs4.2 billion - taking the total deposit base to Rs.85.34billion - reflecting depositors’ growing confidence in the bank. Net mark-up income of the bank grew significantly by 46% over the same period last year, highlighting the bank’s operational efficiency.

Moreover, the bank was also able to curtail its non-mark-up expenses which dropped by 11%.

Pakistan Petroleum earns Rs3.8b in third quarter

LAHORE (Staff Reporter): Pakistan Petroleum (PPL) has declared 3QFY16 earnings of Rs3.8 billion, down 51 percent annually. This result announcement was below market expectations. PPL’s net sales registered a decline of 20 percent to Rs18.1b in 3QFY16 primarily on the back of 41 percent fall in Arab Light Crude oil prices (benchmark for local E&P companies) during the period.During 3QFY16, PPL’s oil volume remained almost flat at 14.6k barrels per day (bpd). However, gas volume shrunk by 4.5 percent YoY to 774mmcfd. PPL’s other income declined by 43 percent to Rs1.1bn. Earnings in 3QFY16 fell short of experts expectations mainly due to higher than anticipated field expenditures.

In 9MFY16, revenues declined by 26 percent YoY on the back of 45 percent YoY dip in Arab Light Crude price.

During 9MFY16, oil production declined by ~3 percent to 14.1k bpd while gas production increased by ~3 percent to 824mmcfd.

Field expenditures during 9MFY16 increased by 9 percent to Rs31b.

Meanwhile, Al Shaheer Corporation Limited (ASC) reported earnings of Rs267m (EPS: Rs2.16) for 9MFY16 period, up 49%YoY compared to Rs179m (EPS: Rs1.45) during SPLY.

In 3QFY16 alone, earnings for the company clocked in at Rs97m (EPS: Rs0.78), up 52%YoY compared to Rs64m (EPS: Rs0.52) during 3QFY15. On sequential basis, however, the company witnessed a 5% QoQ decrease in earnings from Rs102m (EPS: Rs0.82) reported in 2QFY16.

SECP to facilitate info sharing mechanism for insurance sector

ISLAMABAD (Staff Reporter): The Securities and Exchange Commission of Pakistan (SECP) is contemplating expanding the scope of Centralized Information Sharing Solution for Life Insurance Industry (CISSII) to include the register for the group health insurance claims experience. In this regard, the SECP has solicited the comments and suggestions of the life and non-life insurance companies so as to finalize the extent and frequency of the information which will be shared on the health register. Currently, there is no information sharing mechanism for group health insurance claims because of which, insurers have difficulty in making pricing and underwriting decisions in respect of group health insurance business.

The addition of health insurance register is another step towards development of a transparent, efficient, tech-savvy and more informed insurance sector, in line with the recommendations of the Insurance Industry Reforms Committee (IIRC).

At present, the CISSII has four registers, on which, information is shared by the life insurance companies regarding declined or postponed risks, group life claims experience, early death claims, and malpractices of agents. The addition of health register in the CISSII will expand its scope to include the non-life insurance companies also which underwrite the business of health insurance. It is believed that this initiative will facilitate the pricing and underwriting functions of the insurance companies while reducing the risks of anti-selection and fraudulent claims for the companies underwriting health insurance business.

ICAP’s Public Financial

Management Conference on May 2

ISLAMABAD (NNI): Federal Minister for Planning, Development & Reforms Ahsan Iqbal will be the chief guest of ICAP’s Public Financial Management Conference in Islamabad on May 02. The conference is being arranged by ICAP in collaboration with Chartered Institute of Public Finance and Accountancy (CIPFA), UK. Theme of the conference is to discuss and debate service delivery in public financial management across the public sector since an effective and professional Public Financial Management system is pivotal to developing and improving service delivery in the public sector. President ICAP, Hafiz Mohammad Yousaf said that ICAP is always contributing to the development of best finance practices and corporate governance in the country.

The Institute takes keen interest in development of strategies for government of Pakistan and is always committed in providing technical assistance and support to the government.

Illegal gateway exchange raided in Lodhran

LODHRAN (INP): Pakistan Telecommunication Authority (PTA), in its ongoing efforts to control grey trafficking, unearthed an illegal gateway exchange here on Friday. According to details, a successful raid against the grey operator was carried out along with FIA team at Lodhran. An illegal VOIP exchange comprising multiple ports alongwith other equipment including laptop, switches, SIMs, and modem was confiscated. The successful raids against the grey operators were made possible because of continuous monitoring, commitment and persistent efforts by PTA in curbing the menace of grey traffic thus curtailing the loss to the national exchequer because of grey traffickers in the country.