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Govt documents Rs60 billion worth of Rs25,000 bearer bonds
Business
April 9, 2021
KARACHI: The federal government has documented Rs60 billion worth of bearer bonds valuing Rs25,000 each in three months to comply with one of the conditions of the Financial Action Task Force (FATF).
The documentation of bearer bonds was one of the requirements to comply with the FATF conditions, for which the government started with first withdrawing Rs40,000 bearer bonds in June 2019. Pakistan remains on the FATF grey list and the next review of the task force is scheduled for June 2021.
The finance ministry on December 9, 2020 announced it would stop issuing Rs25,000 denomination bearer prize bonds and further instructed the bonds could not be cashed or redeemed after May 31, 2021. Since the announcement, the outstanding stock of this bearer bond reduced to Rs41 billion by end of February 2021 as compared with Rs101 billion in December 2020, according to statistics released by the State Bank o
HabibMetro Bank Joins The Rs 1 Trillion Assets Club propakistani.pk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from propakistani.pk Daily Mail and Mail on Sunday newspapers.
Allied Bank Reports Highest Ever Profit in a Year
Allied Bank Limited (ABL) recorded an all-time high profit of Rs. 18 billion in 2020 with a year-on-year growth of 27.7 percent compared to Rs. 14.11 billion in 2019.
ABL had had its highest-ever profitability of Rs. 15.12 billion in 2015 but had been unable to sustain its profit growth owing to various operational challenges and a low-interest rate regime in the following years.
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Despite a reduction in the policy rate, the bank has made an interest income of Rs. 48.4 billion this year with increased financing to its corporate and other clients. It also earned handsomely from non-interest avenues that stood at Rs. 12.5 billion for the year.