IHC orders removal of National Bank Chairman, President

[muhammadhafeezmalik]

IHC orders removal of National Bank chairman, president

The Islamabad High Court (IHC) has ordered the immediate removal of National Bank of Pakistan (NBP) Chairman Zubyr Soomro and President/Chief Executive Officer.

www.24newshd.tv

Qualification of Mr. Arif usmani was that he was just a friend of Mr. Asad Umer the then Minister for Finance.

 

[Patriot forever]

IHC orders removal of National Bank chairman, president

The Islamabad High Court (IHC) has ordered the immediate removal of National Bank of Pakistan (NBP) Chairman Zubyr Soomro and President/Chief Executive Officer.

www.24newshd.tv

Qualification of Mr. Arif usmani was that he was just a friend of Mr. Asad Umer the then Minister for Finance.

NBP was performing exceptionally. He is a renowned professional and has delivered.

It has nothing to do with asad umar and this propaganda of yours.



NBP records highest-ever PAT
25 Feb 2021

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KARACHI: For the year 2020, National Bank of Pakistan (NBP) has delivered strong financial results, demonstrating resilience of its business model and the efforts of its 15,000+ workforce.
During these challenging times, the Bank has worked with the government to support economic activities and to ensure that customers are serviced uninterruptedly.
Despite the challenging times, the Bank recorded highest ever after tax profit in its history. Gross mark-up/interest income closed 7.7 percent higher YoY at Rs 257.81 billion as compared to Rs 239.48 billion in 2019; whereas the interest/mark-up expense amounted to Rs 153.66 billion, of which Rs 103.38 billion or 67.3 percent was paid to the depositors. Accordingly, net interest/mark-up income closed at Rs 104.16 billion, 44.8 percent higher on YoY.
Despite reduced economic activity during the year, the Bank succeeded in maintaining its non-mark-up/non-interest earning “NFI” stream at Rs 36.08 billion against Rs 36.20 billion in 2019. Accordingly, total revenue of the Bank closed 29.7 percent up on YoY at Rs 140.23 billion against Rs 108.11 billion in 2019. As the Operating and Other expenses dropped by 4.2 percent down YoY by closing at Rs 63.11 billion, the cost-to-income ratio improved from 60.9 percent in 2019 to 45.0 percent in 2020.
Profit before provision closed 82.5 percent up at Rs 77.12 billion as compared to Rs 42.25 billion in 2019. The Bank is more vigilantly monitoring its credit portfolio by moving from incurred to expected credit loss approach. This year, besides the specific provisions of Rs 15.9 billion, the Bank has also booked general provisions of Rs 13.4 billion to make its balance sheet more resilient in the prevailing economic circumstances.
During the year, NPLs of the Bank increased 15.2 percent to close at Rs 171.29 billion as compared to 148.75 billion in 2019.
Accordingly, profit before tax closed 65.1 percent higher on YoY at Rs 46.22 billion against Rs 28.00 billion in 2019; and profit after tax stood 93.3 percent higher on YoY at Rs 30.56 billion against Rs 15.81 billion in 2019.
This translates into Return on Average Assets and Return on Equity of 1.0 percent (2019:0.5 percent) and 17.2 percent (2019:10.2 percent), respectively.
The Bank’s end of year total assets closed at Rs 3,008.53 billion, 3.7 percent lower than 2019. This drop is mainly driven by a reduction of Rs 333.22 billion in the money market borrowings in line with our prudent funding and liquidity strategy. Capital and reserves at Rs 267.56 billion i.e. Rs 34.9 billion were 15 percent up from Rs 232.62 billion on December 31, 2019.
The Bank’s financial soundness also improved significantly. While Common Equity Tier 1 (CET1) Capital ratio improved to 14.99 percent (2019:12.11 percent), the Total Capital Ratio also improved to close at 19.78 percent (2019:15.48 percent). The Bank’s liquidity and net stable funding ratios improved to 180 percent (2019:148 percent) and 256 percent (2019:233 percent), respectively. On a positive note, the Bank’s CASA ratio also improved to 83.8 percent (2019:81.8 percent).
Keeping in view the likely impact of certain contingencies, the Board considered it more prudent to retain profits for the time being and consider declaration of dividends at a future date.
The Bank is executing a post-crisis recovery strategy on how to continue playing its systemically important role in economy and serve its customers, while also maintaining a strong and resilient balance sheet to deliver performance for shareholders. —PR
Copyright Business Recorder, 2021

NBP records highest-ever PAT

KARACHI: For the year 2020, National Bank of Pakistan (NBP) has delivered strong financial results, demonstrating...

www.brecorder.com

 

[313ghazi]

So whats the back story to this? Or is it just another day in the Banana Republic of Pakistan?

 

[muhammadhafeezmalik]

NBP was performing exceptionally. He is a renowned professional and has delivered.

It has nothing to do with asad umar and this propaganda of yours.



NBP records highest-ever PAT
25 Feb 2021
Facebook
Twitter
Whatsapp
Comments

KARACHI: For the year 2020, National Bank of Pakistan (NBP) has delivered strong financial results, demonstrating resilience of its business model and the efforts of its 15,000+ workforce.
During these challenging times, the Bank has worked with the government to support economic activities and to ensure that customers are serviced uninterruptedly.
Despite the challenging times, the Bank recorded highest ever after tax profit in its history. Gross mark-up/interest income closed 7.7 percent higher YoY at Rs 257.81 billion as compared to Rs 239.48 billion in 2019; whereas the interest/mark-up expense amounted to Rs 153.66 billion, of which Rs 103.38 billion or 67.3 percent was paid to the depositors. Accordingly, net interest/mark-up income closed at Rs 104.16 billion, 44.8 percent higher on YoY.
Despite reduced economic activity during the year, the Bank succeeded in maintaining its non-mark-up/non-interest earning “NFI” stream at Rs 36.08 billion against Rs 36.20 billion in 2019. Accordingly, total revenue of the Bank closed 29.7 percent up on YoY at Rs 140.23 billion against Rs 108.11 billion in 2019. As the Operating and Other expenses dropped by 4.2 percent down YoY by closing at Rs 63.11 billion, the cost-to-income ratio improved from 60.9 percent in 2019 to 45.0 percent in 2020.
Profit before provision closed 82.5 percent up at Rs 77.12 billion as compared to Rs 42.25 billion in 2019. The Bank is more vigilantly monitoring its credit portfolio by moving from incurred to expected credit loss approach. This year, besides the specific provisions of Rs 15.9 billion, the Bank has also booked general provisions of Rs 13.4 billion to make its balance sheet more resilient in the prevailing economic circumstances.
During the year, NPLs of the Bank increased 15.2 percent to close at Rs 171.29 billion as compared to 148.75 billion in 2019.
Accordingly, profit before tax closed 65.1 percent higher on YoY at Rs 46.22 billion against Rs 28.00 billion in 2019; and profit after tax stood 93.3 percent higher on YoY at Rs 30.56 billion against Rs 15.81 billion in 2019.
This translates into Return on Average Assets and Return on Equity of 1.0 percent (2019:0.5 percent) and 17.2 percent (2019:10.2 percent), respectively.
The Bank’s end of year total assets closed at Rs 3,008.53 billion, 3.7 percent lower than 2019. This drop is mainly driven by a reduction of Rs 333.22 billion in the money market borrowings in line with our prudent funding and liquidity strategy. Capital and reserves at Rs 267.56 billion i.e. Rs 34.9 billion were 15 percent up from Rs 232.62 billion on December 31, 2019.
The Bank’s financial soundness also improved significantly. While Common Equity Tier 1 (CET1) Capital ratio improved to 14.99 percent (2019:12.11 percent), the Total Capital Ratio also improved to close at 19.78 percent (2019:15.48 percent). The Bank’s liquidity and net stable funding ratios improved to 180 percent (2019:148 percent) and 256 percent (2019:233 percent), respectively. On a positive note, the Bank’s CASA ratio also improved to 83.8 percent (2019:81.8 percent).
Keeping in view the likely impact of certain contingencies, the Board considered it more prudent to retain profits for the time being and consider declaration of dividends at a future date.
The Bank is executing a post-crisis recovery strategy on how to continue playing its systemically important role in economy and serve its customers, while also maintaining a strong and resilient balance sheet to deliver performance for shareholders. —PR
Copyright Business Recorder, 2021

NBP records highest-ever PAT

KARACHI: For the year 2020, National Bank of Pakistan (NBP) has delivered strong financial results, demonstrating...

www.brecorder.com

Arif Usmani’s counsel Ahmed Bilal Sufi pleaded that the NBP had earned good profit under stewardship of current president. Justice Kiyani remarked that then any property tycoon should have been appointed as president if the motive was just to earn profit. The court remarked that if the degree had no connection with appointment then a judge could also be appointed as bank head.


Petitioners’ lawyer G.M Chaudhry Advocate argued that then there were also other people who had toped in physics, adding that this had also violated their rights as they were also entitled to give application for the post in the same way.


Counsel of NBP’s Board Chairman Faisal Ghani Advocate pleaded that these petitions had been filed on basis of dishonesty as the petitioners were not affected party of this.


Another Petitioner’s lawyer Iftikhar Hussain Naqvi argued that it was not necessary for the petitioner to be an affected party to file a case. The transparency international had pointed out corruption in NBP and its branches in abroad were being closed.


The court observed that whether the SBP didn’t notice the physics degree of candidate and how his name was included in panel. The court summoned a representative of SBP on June 2, to give answer regarding the matter.


The bench observed that it was necessary to issue advertisement for appointment board chairman under the law. After this, the court adjourned hearing of the case till next date.

IHC seeks SBP's reply on appointment of NBP president, chairman

The court adjourned hearing of the case till next date.

www.brecorder.com

So whats the back story to this? Or is it just another day in the Banana Republic of Pakistan?

Government lowered the required qualification for the post of President NBP as Mr. usmani had a BSc degree in physics. According to Mr. Usmani , he was assured for the job by Mr. Umer himself before applying for the post. So the all the hiring process was an eyewash.

Mr. Usmani was involved in money laundering in Nigeria too.

https://twitter.com/x/status/1397238753253601281

He appointed 90 people in an overseas branch which had only 60 accounts.

Inquiry into ‘illegal’ appointments: FIA summons 19 bank officials

ISLAMABAD: Federal Investigation Agency has summoned 19 officials of the National Bank of Pakistan in an inquiry into alleged illegal appointments on contractual basis.According to the official...

www.thenews.com.pk

 

[Bossman]

IHC orders removal of National Bank chairman, president

The Islamabad High Court (IHC) has ordered the immediate removal of National Bank of Pakistan (NBP) Chairman Zubyr Soomro and President/Chief Executive Officer.

www.24newshd.tv

Qualification of Mr. Arif usmani was that he was just a friend of Mr. Asad Umer the then Minister for Finance.

Wrong, Arif Usmani is a career Banker, having worked in Citi Bank for years including international. He was a contemporary of Asad Umar when the latter was CEO of Engro. Both are world class executives. Don’t provide opinion on topics, which are beyond your comprehension. Very bad decision by the IHC and reflects a total lack of understanding of corporations and banking.

 

[muhammadhafeezmalik]

Key appointee of the Prime Minister, Khan Arif Usmani, President National Bank of Pakistan, incorporated a company Sasa Partners Inc. in the BVI offshore tax havens in March 2018. The Pandora Papers reveal that Usmani is the beneficial owner of the company where he kept bankable assets.

Usmani was asked by The News whether it is a fact that the FBR is investigating into the non-declaration of offshore assets worth $11,481,440 kept in Citi Trust, Jersey. Are they different from those held through Sasa Partners? He was also asked if it is true that he has not provided evidence in support of his statement submitted to the FBR regarding investment in Citi Trust’s offshore bank account. Is it a fact that he didn’t declare these while filing tax returns for 2008 to 2012 when he was a tax resident in Pakistan? Usmani, while responding to The News’ queries, said all his tax records have been provided to the FBR and every asset he owns internationally or locally has been declared in his wealth statements filed with the FBR.

Affluent Pakistanis who appear on Pandora Papers

ISLAMABAD: Key members of Imran Khan’s cabinet, retired civilian and military officials and their families as well as owners of some of the country’s top media outlets, secretly own or...

www.thenews.com.pk