Gov to be chief guest at Marcon Observer Report L AHORE —Governor of Punjab Ch. Muhammad Sarwar will be the chief guest at the inaugural ceremony of Marcon being held on March 10-11. Marcon, the biggest and most prestigious marketing congress in the country is being organized by Marketing Association of Pakistan Lahore Chapter. Khaliq ur Rehman, Chairman Marcon, said that the theme for Marcon 2014 is “Turning the Tide” and over fifteen national and international speakers will share their experiences, ideas and strategies during the two day conference.
Pakistan pays $147m as 27th instalment to IMF K ARACHI —Pakistan has paid the 27th installment under IMF/SBA facility amounting to SDR 96 million equivalent $147 million, the spokesperson of State Bank of Pakistan (SBP) said here on Tuesday. With the repayment of current installment, Pakistan todate has repaid to IMF SDRs4,289 million equivalent $ 6,544 million since July 2011, of which SDRs 3,715 million equivalent of $ 5,660 million was under SBA facility. After the current repayment, remaining amount due under IMFSBA facility until Sep 2015 is SDRs 1,221 million, the spokesperson said.—APP
Shipping activity at Port Qasim K ARACHI —Four ships C.V Safemarine Ngami, C.V Maersk Kalamata, M.V Mercury Triumph and M.V Inlaco Brave carrying containers, project cargo and wheat were arranged berthing at Qasim International Container Terminal, Multi Purpose Terminal and Grain & Fertilizer Terminal respectively at Port Qasim on Monday 10th February-2014. Meanwhile four more ships with containers, furnace oil and phosphoric acid also arrived at outer anchorage of Port Qasim during last 24 hours. Berth occupancy was maintained at the Port at fifty percent on Monday where seven ships namely C.V Nala Delmas, C.V Maersk Kalamata, C.V Maersk Chicago, C.V Safemarine Ngami, M.V Da Yu Xia, M.V Mercury Triumph.—APP
Business is never so healthy as when, like a chicken, it must do a certain amount of scratching around for what it gets. —Henry Ford
Need for joint ventures between Pak, India stressed Indian businessmen hold interactive session with Pakistani counterpart SALIM AHMED
munity in the two countries. He said that the study would be ready by March 31, 2014 LAHORE—A 15-member delegation of In- and it would be furnished to the concerned dian businessmen belonging to Federation quarters in the Indian government for apof Indian Micro and Small & Medium En- propriate measures in that direction. He said terprises (FIMSE) Tuesday had a great in- that the two governments should make conteractive session with their counterparts certed efforts to implement Ease of Doing here and pledged to work hand-in-hand to Business Phenomenon which is a key to atpave way for enhanced trade activities. The tract foreign businesses. He said that the meeting took place at the Lahore Chamber delayed issuance of visas to both Indian and of Commerce and Industry. LCCI Senior Vice Pakistani businessmen was the biggest President Mian Tariq Misbah, Vice Presi- hurdle to bilateral trade therefore the busident Kashif Anwar and the leader of FIMSE nessmen both in India and Pakistan should delegation Mukesh Kalra exchanged views convince their respective governments to in an open and candid atmosphere. Former expedite the process in the larger interests LCCI President Mohammad Ali Mian, of the people of this part of the world. former Vice President Shafqat Saeed Mukesh Kalra expressed the optimism Dr Mirza Ikhtiar Bag, Chairman and CEO Pak Denim Ltd receiving ‘FPCCI Special Merit Export Award 2013’ from Piracha, Executive Committee members that Pak-India trade would get a quantum Prime Minister Mian Nawaz Sharif on consecutive 16th year. Commerce Minister Khurram Dastagir and President Mian Zahid Javaid, Muhammad Afzal, jump as soon as the trade ties turn normal. FPCCI Zubair Malik are also present. Iftikhar Bashir Chaudhry, Talha Tayyab He said that there are no two opinions about Butt, Zafar Mehmmod and Akber Sheikh it that Pakistan is a safe place to do busialso spoke on the occasion. ness and a lucrative market as well. The Mukesh Kalra, while stressing the need LCCI Senior Vice President Mian Tariq for joint ventures between the two sides, Misbah was of the view that the frequency said that the FIMSE was preparing a well of visits made by Indian delegations to Paresearched and well consulted study to iden- kistan in the last couple of years shows tify sector-specific impediments to bilateral that Indian business community is really trade aimed at facilitating the business com- very keen to study the Pakistani markets. L AHORE —The Punjab government on to 346.58=48.78 km & Jinnah Barrage Link Tuesday approved thirteen development Road (length 7.71(-)2.20=5.51 km) total schemes with an estimated cost of Rs length=54.29 km in District Mianwali at a of Rs 2018.138 million, Widening / ImK ARACHI —Economic de- 11,869.066 million. The approved develop- cost provement of road from Adda Jahan Khan ment schemes included: Upgradation of velopment, particularly, in to Kotala Jam Via 36 Wala Khokha & Samlan muslim countries ought to Thalassemia Unit and Bone Marrow Trans- Wala Morr (length=21.00 km) in District plant center at B.V. Hospital Bahalpur. (Rebe complimented by socioBhakkar at a cost of Rs. 242.505 million, logical development encom- vised) at a cost of Rs 908.632 million, EnRehabilitation / Improvement of hancing Vegetable Production in Punjab at passing all sections and I SLAMABAD —Pakistan Software Export to 82.73 per cent, reduction in project rework Muridke-Narowal Road km No.42/0 to 75/ a cost of Rs 410.870 million, Replacement Board (PSEB) plans to initiate second phase from 38.67 to 19.36 per cent, reduction in segments of the society, of Outlived, Deeper and Inadequate Water 21 (length=33.21 km) in District Narowal of assisting IT companies in achieving vari- project delays from 34.64 to 16.35 per cent, said speakers Tuesday at Supply Lines in WASA, Lahore (Gastro (Dualization of Road) at a cost of Rs 1586.125 ous levels of Capability Maturity Model In- increase in export revenue from 50.00 to 65.98 the International Women Phase-II) at a cost of Rs 1917.650 million. million, Construction / Widening of road tegration (CMMI) and ISO-27001 certifica- per cent and also increase in domestic rev- Leaders Summit. PresentaConstruction of Leftover (SPBUSP) from Lahore Ferozepur Road Kahna to tions focussed on “Women enue was witnessed from 35.00 to 146.59 per tion soon to enhance exports. The decision Works of Sullage Carrier from Bosan Road Halloki along both sides of Butcher Khana to select number of IT companies for both cent. They said repeated studies have con- Making an Impact,” were Disposal Station to Sewage Treatment Plant Distributary (length=8.50 km) (Revised) at certifications would be taken during firmed that less than 25% of software devel- made by speakers from Pa- (STP) at Suraj Miani and STP to River a cost of Rs 893.365 million and Rehabilitakistan, Turkey, India, United Board’s meeting, expected on Friday. De- opment projects ever meet their objectives. tion / Improvement Lawrence College Jhika Like the ISO 9000 standard, the CMMI is Kingdom and Afghanistan Chenab, Multan. (Revised) at a cost of Rs Gali Bye Pass Road length = 9.35 km, Dissigned to minimize the high frequency of 751.490 million, Construction of Express Way failures in outsourced software develop- also a model-based software process im- during the event organized from Shujabad to Nag Shah L=26.15 km Dis- trict Rawalpindi at a cost of Rs 412.814 milment projects, the CMMI has been devel- provement approach and PSEB recommends by New World Concept. lion. These schemes were approved in the Most of the speakers trict Multan at a cost of Rs 1295.473 million. 30th meeting of Provincial Development oped to assess vendor’s ability to complete that, for the growing number of Pakistani Construction of Bypass at Kehror Pacca comprising entrepreneurs software and service companies that are aldevelopmental projects within a specified working Party of current fiscal year 2013-14 ready ISO 9000-certified and are now hop- from Turkey, India and Pa- length=12.50 km in District Lodhran at a cost presided over by the Punjab Planning and budget and timeframe. of Rs 282.250 million, Widening / ImproveOfficial sources at PSEB on Tuesday ing to achieve a higher level of process ma- kistan urged women neither ment of Tibba Sultan Pur-Mailsi Road Development Board Chairman, Muhammad said the Board launched the programme few turity - should consider qualifying for a CMM to use their gender as any length:35.00 km in District Vehari at a cost Irfan Elahi. years back and assisted four companies to certification as well. They said this model excuse nor for any privilege. of Rs 424.696 million, Widening / ImproveProvincial Secretary P&D Arif Anwar achieve CMMi level-3 and CMMi level-5 addresses certain fundamental business de- The speakers included ment of road DM Road to District bound- Baloch, all members of the Planning & DeDevrim Gursel, CEO, while it also assisted 18 companies to cisions not supported by the ISO-9000 or velopment Board, Provincial Secretaries Neera ary Khanewal (length: 21.70 km) in District concerned and other senior representatives achieve CMMi Level-2. The objective of other systems of product quality. The CMMI Mesan-Turkey, Vehari at a cost of Rs 288.103 million, WidSaggi, President, Mumbai enables companies to better serve their cusrunning the activities was to initiate CMMI ening / Improvement of Lahore Sargodha of the relevant Provincial Departments also activities in Pakistan and create a base for tomers interests by providing answers to the Chamber of Commerce and Mianwali Banuu Road Art:2 km No. 297.80 attended the meeting.—APP Industry, Ahlya Fateh, MD customers decision problems. CMMI implementation at the mass level. Kamela The second phase is aimed at pro- Tatanaka-UK, The sources said PSEB also conducted a survey to gauge benefits taken by IT compa- viding CMMI level consultancy and ap- Sidiqi, CEO, Kaweyaan-Afnies from CMMI and statistics of survey re- praisal assistance to IT companies which ghanistan, Dr. Anita Zaidi, sults indicated that growth of Human Re- was 80 per cent borne by PSEB and 20 Winner of CAPLOW Prize source strength increased from 31.60 to 36.27 per cent by the company in the first 2013, Angela P Aggler, Counsellor for Public Afper cent, employee retention rate from 71.77 phase. —APP fairs, US EmbassyIslamabad, Saulat Salahuddin, CEO, Pronto meeting, here today. Provincial Minister for STAFF REPORTER Promo and Shireen Arshad Industries & Commerce Ch. Muhammad Khan, Chairperson AHAN. Shafiq, Addl. Chief Secretary Punjab, MPAs L AHORE —Provincial Food Minister and Earlier, Deputy Governor, State Bank of Pakistan, Chairman Price Control Cabinet Committee and administrative secretaries were also Kazi Abdul Muktadir ad- Bilal Yasin has called upon Members As- present in the meeting. Bilal Yasin said that dressing the inaugural ses- sembly notified by Punjab government to Punjab Government has made available sion of the moot focussed on ensure regular monitoring of their respec- convenience to the general public to ascer“Encouraging Board Room tive districts, accompanied by concerned tain market rates of all districts, through Diversity,” and sounded DCOs, of Sahulat and Sunday Bazars. He SMS, through mobile phone service. Now hopeful of more women in also directed DCOs of all districts to moni- any citizen can know about market price senior positions at already tor presence of government officers at the rates by sending SMS at 80024, and the established and emerging time of auction at fruit and vegetable mar- citizen would receive rate list within 10 seckets. He said necessary legislation has been onds, which will be available on the system companies in the country. He said that the grass made to take action against persons extract- after 09:00 a.m., in all districts. The Minister further directed that conceiling persists to hinder ing oil from dead and haraam animals, unthe women development der which those involved in this heinous cerned DCOs of all districts should ensure yet reiterated that women, act, would be awarded three months impris- presence of respective officers during aucthough the numbers may onment, alongwith penalty of Rs. 5000. He tion to ensure its transparency. He said oil not be substantial, are wit- said necessary methodology is being extracted from Halal animals would only be nessed facing the relevant evolved to sell edible oil and ghee in pack- utilized in manufacturing of soap, while strict action would be taken under the relchallenges quite boldly and ing form. Provincial Minister for Food Bilal Yasin evant law against those heinous elements ISLAMABAD: US Ambassador Richard G Olson accompanied by Ms Sarah Beran, making room for themwas presiding over a high-level cabinet extracting oil from dead and haraam animals. Economic Counsellor called on Federal Minister for Finance, Muhammad Ishaq Dar. selves.—APP
PSEB to initiate modern certifications to enhance IT exports
Economic development needs to follow by social development
13 development schemes of Rs 11869m approved
Strategy being evolved to sell edible oil, ghee in packing form
Another growth year
MCB delivered consistent value for its shareholders STAFF REPORTER KARACHI—The Board of Directors of Muslim Commercial Bank met under the Chairmanship of Mian Mohammad Mansha, on Tuesday to review the performance of the Bank and approve the financial statements for the year ended December 31, 2013.Despite the challenging operating and regulatory revisions impacting net interest margins, MCB has posted remarkable results for the year ended December 31, 2013 with profit before tax of the Bank growing by 2% over restated profit of last year with profit after tax growing by 4%.
The growth in profitability numbers is reflective of the underlying financial strength, strategic financial management and optimal risk management. The gross markup income decreased by 5% over last year which was off-set by the lower cost of funds on strategically managed CASA base for major part of the financial year. The Bank focused on improving its non-markup income proportion and registered a growth of 22% over last year. On the operating expense side, the Bank recorded a one-off charge for the voluntary separation scheme (VSS) offered to its clerical / non-clerical staff for which an approximate cost of Rs. 1.1 billion was recorded in the finan-
cial results for the year ended December 31, 2013. The gross administrative expense base excluding the VSS charge and pension fund reversal, recorded a decrease of approximately Rs. 117 million which is indicative of the cost effective synergies attained through central authorizations and annual capping. The substantial reversal in the provision charge is reflective of the prudent and aggressive provision strategy adopted and rigorous efforts put in by the recovery units. This translated into profit before tax being reported at Rs. 32.28 billion registering an increase of 2% and profit after tax reported at 21.49 billion registering an increase of 4%.The
Bank’s total asset base was reported at an alltime high of Rs. 815.51 billion which increased by 6% over December 31, 2012. Net investments increased by Rs. 46.93 billion to Rs. 449 billion whereas gross advances were reported at Rs. 268.19 billion. The non-performing loan base of the Bank reported a significant contraction of Rs. 2.29 billion in the financial year 2013 with major recoveries in “loss” categorized loans. On the liabilities side, the deposit base of the Bank registered an increase of 87.269 billion, translating into 16% over December 31, 2012. The Bank continued with its strategy of shifting its base to low cost current and saving accounts,
each growing by 13% and 28% respectively over December 31, 2012 and taking the total CASA base to an all-time high of 90%. The fixed deposit base of the Bank saw a significant reduction of 20% in the financial year 2013. Earnings per share (EPS) for the year 2013 came to Rs. 21.24 as compared to Rs. 20.43 for 2012. Return on assets was reported at2.72%, return on equity came to 23.09% with book value per share improving to Rs. 96.13. The Board of Directors declared 10% Bonus Shares and cash dividend of Rs. 3.50 per share for the year ended December 31, 2013, in addition to interim cash dividend of Rs. 10.50 per share already paid.