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Moody's notes strong bank profits in 2020 - Newspaper


A significant increase in gains on securities to Rs14bn from losses of Rs65 million in 2019 also supported the three banks’ bottom-line profitability. AFP/File
ISLAMABAD: Moody’s Investor Services on Thursday said that despite lower interest margins, higher provisioning for non-performing loans amid the pandemic, leading Pakistani banks post strong profit growth in 2020.
In a statement, the Moody’s said the financial results announced by three leading banks – MCB, Allied and Habib Bank – as of Feb 22 were credit positive and reflect containment of the pandemic’s adverse effects. “However, we expect pressure on 2021 profitability amid narrower net interest margins and ongoing asset quality deterioration,” it said. ....

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Stocks lose 49 points on profit selling - Newspaper


KARACHI: Stocks extended the rally to the first day of the trading week as the KSE-100 index opened in the green and gathered 455 points that pushed it through the 46,000 barrier to the day’s highest at 46,109.
The index breached the 46,000 level for the first time in 20 months. But at that high point, investors were taken over by the fear of a correction which induced them to book profit. The index thus succumbed to growing selling pressure where shares across the board started to retreat that sent the benchmark scurrying down to wash away all the day’s gain and touch intraday low by 125 points in the red. ....

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ABL assigned CGR-9+ - Newspaper


KARACHI: VIS Credit Rating Company Ltd on Monday reaffirmed the corporate governance rating of Allied Bank Ltd at CGR-9+.
The assigned rating incorporates a well-established corporate governance framework rolled out by the bank, said a press release.
Published in Dawn, January 1st, 2021
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