NBP achieves 12pc growth in profit

 LAHORE (Staff Reporter): The 68th Annual General Meeting of National Bank of Pakistan (NBP) was held on Thursday. NBP President Saeed Ahmad chaired the meeting which was attended by the shareholders. The shareholders approved financial statements and cash dividend of Rs7.50 per share as recommended by the Board of Directors of the bank. This translates into 78 percent dividend payout of the bank’s distributable profit for the year 2016 (after statutory reserve allocation). The shareholders were informed that the bank achieved 12 percent growth in pre-tax profit for the year as it increased by Rs3,925 million from Rs33,216 million for the year 2015 to Rs37,141 million for the year 2016. After-tax profit amounted to Rs22,752 million ie 18pc higher than Rs19,219 million of prior year. This is highest ever profit in history of the bank translating into Rs10.69 earnings per share. Despite a generally difficult year for the banking industry, the bank succeeded to record growth in both interest/mark-up income and fee based income.

 International experts ask Sialkot leather traders to use advanced techniques

SIALKOT (INP): The international experts of the advanced leather techniques have urged the Sialkot based tanners, leather goods manufacturers and exporters to focus on the use of advanced techniques in leather goods manufacturing besides assuring the early compliance on the international quality and atmosphere protection standards to meet the global trade challenges and to flourish in the European Union (EU) markets as well. They stated this while addressing the participants of a day-long largely attended seminar on “Leather Working Group-LWG” mutual organised by Sialkot Tannery Association and Sialkot Chamber of Commerce and Industry (SCCI) at SCCI Auditorium here on Thursday. Germany-based world’s renowned LWG expert Jutta Knoedler said that the European Union (EU) has introduced a Leather Working Group (LWG) to facilitate the marketing of quality leather products in EU markets, saying that none could get the benefits of the international marketing without the LWG now.

Import of soyabean oil reduced by 58.1pc in 8 months

ISLAMABAD (APP): Soyabean oil import into the country during first eight months of current financial year reduced by 58.1 percent as compared to the imports of corresponding period of last year. Soyabean oil import into the country came down from 108.125 metric tons to 38.950 metric tons during the period from July-February 2016-17, according the data of Pakistan Bureau of Statistics. The country spent $58.201 million on the import of soyabean oil in last 8 months of current financial year to fulfil the domestic requirements of the edible oil as compared the imports of $138.615 million of same period of last year. However, during the period under review imports of the palm oil into the country swelled by 9.25 percent as about 1,673,121 metric tons of the commodity valuing $1.184 billion imported. The import of palm oil into the country during first 8 months of last financial year was recorded at 1,779,666 metric tons costing $1.85 billion, it added.

 Pakistan poised to become regional economic power: Envoy

ISLAMABAD (APP): High Commissioner of Pakistan in Sri Lanka Major General (R) Syed Shakeel Hussain has said that Pakistan's economy is on the rise and is poised to become a regional economic power, Daily News, Colombo reported on Thursday. The ambassador was addressing a function held in connection with Pakistan Day celebrations. Sri Lankan Minister for Public Enterprises Development, Kabir Hashim was the chief guest on the occasion. China-Pakistan Economic Corridor project, manifestation of deepening bilateral relations between Pakistan and China will change the fate of the region in terms of socio-economic development, the ambassador said. The mega project, once completed, will usher in prosperity and progress, not only in Pakistan but also in the whole region including Sri Lanka, he added.