Glass & Ceramics Sector Faces Significant Index Adjustment

Karachi, The Glass & Ceramics sector saw a notable decrease with a market capitalization of Rs. 57,209,001,705 and a traded value of Rs. 24,614,684.340 from a turnover of 475,063. The current index stood at 322,777,035.120, experiencing a massive net change of -845,960.070 and accounting for 0.622% of the market capitalization as of March 15, 2024.

Soneri Bank Limited Announces Passing of Chairman Mr. Alauddin J. Feerasta

Karachi, Soneri Bank Limited announced the passing of its Chairman, Mr. Alauddin J. Feerasta, on Thursday, 14 March 2024, 3rd Ramadan 1445 Al Hijri. The bank expressed deep sorrow over the loss of its founding member, acknowledging his significant contributions to the bank's development and success.

The announcement highlighted Mr. Feerasta's "untiring services & contributions" to the bank and stated that his efforts will always be remembered. It also mentioned that the casual vacancy created on the Board by his demise would be filled in accordance with regulatory requirements. The bank requested that this information be communicated to the TRE Certificate Holders of the Pakistan Stock Exchange.

Bank Alfalah Unveils Flagship Islamic Premier Branch in Karachi with Integrated Banking and Lifestyle Services

Islamabad, Bank Alfalah has officially inaugurated its flagship Islamic Premier branch in Karachi, setting a new benchmark for digital banking convenience in Pakistan. Located in the Dolmen Sky Tower, Clifton, this branch combines a comprehensive suite of banking services with a unique lifestyle experience, including a shopping mart with easy installment plans, a 24/7 digital lobby, and tailored Islamic financial wealth management solutions.

According to Bank Alfalah, the launch of the Islamic Premier branch marks a significant advancement in the bank’s efforts to enhance customer service through innovative and integrated banking solutions. The branch is designed to cater to the evolving needs of customers, offering an array of exclusive services such as a fully-equipped digital banking lobby, interest-free shopping on easy instalments, high-capacity ATM machines, automated cheque deposit kiosks, and a self-serve Rapid tablet for digital account openings.

The digital banking lobby aims to provide round-the-clock convenience for cash deposits, video conferencing, and access to meeting rooms, ensuring a seamless and efficient banking experience. The Islamic BNPL (Buy Now, Pay Later) store within the branch enables customers to purchase the latest electronic gadgets on interest-free instalments, making it easier to manage high-value purchases. Additionally, the branch’s high-capacity ATMs allow for daily cash withdrawals of up to Rs 1 million, reflecting the bank’s commitment to enhancing transaction ease and security.

Automated Cheque Deposit Kiosks at the branch offer instant credit for Bank Alfalah cheques, further simplifying banking transactions for customers. The self-serve Rapid tablet facilitates the digital opening of full bank accounts, embodying the bank’s drive towards digital excellence and customer empowerment. Visitors to the branch can also enjoy complimentary refreshments in a welcoming and comfortable environment.

Atif Bajwa, President and CEO of Bank Alfalah, expressed his enthusiasm for the inauguration, stating, “As we inaugurate our flagship Islamic Premier branch at Dolmen Sky Tower, Karachi, we reaffirm our dedication to innovation and customer-centric digital banking. This milestone symbolises our ongoing pursuit of excellence in Islamic banking principles. We invite our customers to experience the convenience and sophistication of our new branch, where technology meets tradition to redefine the banking experience.”

Bank Alfalah’s commitment to providing innovative and customer-focused banking solutions is evident in the launch of this Islamic Premier branch, promising a new era of banking that aligns with modern lifestyle demands and Islamic banking values.

S.S Oil Mills Limited Announces Corporate Briefing Session for Shareholders and Analysts

Lahore, In compliance with the Pakistan Stock Exchange Limited (PSX) Notice No. PSX/N-654 dated May 23, 2019, S.S Oil Mills Limited has announced a mandatory corporate briefing session. The session is aimed at shareholders and the analyst community and is scheduled to take place on March 19, 2024, in Lahore.

This briefing is part of the PSX's requirement that all listed companies hold a corporate briefing for their shareholders and analysts at least once during the financial year. The move is designed to ensure transparency and provide an in-depth overview of the company's performance and strategic direction.

Maj Gen Kamran Ali (Retd) Appointed as Director of Askari General Insurance

Islamabad, The Askari General Insurance Company Limited announced the appointment of Maj Gen Kamran Ali (Retd) as a director/member on its Board of Directors (BOD), effective March 14, 2024. This move comes to fill a casual vacancy within the board, pending approval from the Securities and Exchange Commission of Pakistan (SECP).

The company has communicated this update to the TRE certificate holders of the Pakistan Stock Exchange (PSE) as required by regulatory guidelines.

J.A. Textile Mills Reports Loss, Highlighting Industry Challenges

Karachi, J.A. Textile Mills Ltd. (JATM) reported a negative EPS of Rs. (2.66) for the January-February 2024 period, underscoring the ongoing difficulties within the textile spinning sector. Since its inception in 1992, the company has navigated the fluctuating market dynamics with a paidup capital of Rs. 126.01 million. The absence of distributions for the current and previous years reflects a cautious approach to financial management amid economic uncertainties. J.A. Textile Mills continues to strive for stability and growth in a competitive environment.

United Bank Showcases Exceptional Performance with High Dividend Payout

Karachi, United Bank Ltd. (UBL) has posted outstanding financial results for the year ending January-February 2024, with an earnings per share of Rs 26.19. The bank announced a 440% dividend, underlining its exceptional profitability and market strength. Trading at a daily weighted average rate of Rs 179.13, UBL, with a paidup capital of Rs 12,241.80 million, continues to be a leading entity in Pakistan’s banking sector since its 2005 listing, providing significant shareholder returns and showcasing solid financial health.