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Bank Alfalah records profit after tax of Rs2.821 billion

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KARACHI – The Board of Directors of Bank Alfalah Limited in its meeting held on Monday and approved the Bank’s unaudited condensed interim financial statements for the quarter ended Mar 31, 2020.

The Bank’s pre-tax profit and post-tax profit stood at Rs 4.757 billion and Rs 2.821 billion respectively, translating into an EPS of Rs. 1.59 per share (Mar 2019: Rs. 1.76). The profit for the first quarter of 2020 depicted a decline of 9.6% versus the same period last year. This is mainly due to prudent approach adopted towards provisioning against both the credit portfolio and investment impairment. On the credit front, certain loans have been subjectively downgraded, while full impairment charge has been taken on equity book instead of availing the relaxation allowed by SBP of deferring charge over the year.

On the revenue front, net markup income and non-markup income showed combined growth of 7.7% with a strong contribution from FX income of Rs. 1.056 billion. Last year net Markup income included recovery of suspended markup on a non-performing loan. Non Markup income was impacted by bearish stock market sentiments amid coronavirus fear.

Non-markup expenses were higher by 19.4% compared to the same period last year largely driven by higher investment in IT and digital channels, regulatory compliances, the full period impact of 49 new branches opened last year along with the overall impact of inflation and rupee devaluation.

Total deposits reported at Rs. 755.135 billion, lower than December 2019 level, which is a customary decline in the first quarter. The Bank’s gross advances were reported at Rs. 520.436 billion. At the quarter-end, our gross advances to deposits ratio stands at 68.9% while CASA ratio at 80.6% and remains amongst the highest in the industry. The Bank non-performing advances stood at Rs. 23.502 billion and the NPL ratio at 4.5%, is one of the lowest infection ratios in the industry.

BankAlfalah’s Investment book has accumulated hefty unrealized revaluation gains on government securities which can increase the bank’s profitability in the following quarters.

The shareholders’ equity of the Bank improved marginally despite payment of dividend approved by the shareholders in the AGM held in March 2020. At the close of first quarter, the Bank remains adequately capitalized with CAR at 17.25%.

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Zong Special Bundles for Hajj Pilgrims

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ISLAMABAD – Zong, Pakistan’s leading technology service enterprise, has launched customized bundles for the 2026 Hajj pilgrimage, aimed at ensuring seamless connectivity and uninterrupted communication for pilgrims throughout their sacred journey.

Zong ensures continuity through international roaming services, allowing pilgrims to continue using their existing Pakistan number while staying connected on Zong’s own network. With instant connectivity upon arrival at the airport, users can access communication services immediately and share important updates and cherished moments without disruption throughout their journey.

A key highlight of these bundles is seamless WhatsApp-based communication in Saudi Arabia, enabling pilgrims to stay connected with family and loved ones on their existing Zong number without any additional setup.

The bundle portfolio features the Saudi Arabia IR WhatsApp Offer (1 GB for PKR 1,374), Mini Hajj Bundle (2 GB, 10 mins, 10 SMS for PKR 1,500), and the Super Hajj Bundle (5 GB, 20 mins, 50 SMS for PKR 3,000). For higher-usage customers, the Mega Hajj Bundle provides 10 GB of data, an additional 2 GB for WhatsApp, 60 minutes, and 60 SMS for PKR 5,500. All bundles are valid for 30 days, ensuring reliable, convenient and uninterrupted communication throughout the pilgrimage.

Khurram Ishaq, Head of International Business, Zong, stated: “Supporting Pakistan’s pilgrims is a responsibility we hold close to our hearts. We’ve moved beyond standard offerings to design truly personalized bundles that reflect how families communicate today.

By prioritizing seamless, high-speed access for the apps pilgrims rely on most, such as WhatsApp, we are addressing the modern traveler’s need for convenience and peace of mind. We are proud to serve as the bridge that keeps our customers connected to home, allowing them to remain fully focused on this journey of a lifetime.”

Zong users can conveniently subscribe to these special bundles through the Zong website, My Zong App, or by dialing 310.

Through these specially curated offerings, Zong continues to drive Pakistan’s digital transformation agenda through innovative solutions and services, ensuring uninterrupted communication and a seamless experience for pilgrims.

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itel Energy showcases AI-powered solar solutions at Lahore expo

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LAHORE – itel Energy concluded its participation as a diamond sponsor at the Lahore Solar Expo 2026 on April 22, presenting a range of renewable energy solutions aimed at strengthening Pakistan’s energy resilience.

The three-day exhibition attracted industry professionals and technology enthusiasts, with the company using the platform to introduce its latest innovations in solar and energy storage technologies.

A key highlight of the showcase was the Sparta Series hybrid inverter, featuring an AI-based optimisation system branded as SmartGo AI. According to the company, the system monitors weather patterns and adjusts battery usage automatically to maintain uninterrupted power supply during adverse conditions.

itel Energy also presented its Power Series portable energy solutions, which it said are equipped with Grade A lithium iron phosphate (LiFePO4) cells designed to ensure durability and a lifespan of up to 10 years.

In addition, the company demonstrated its commercial and industrial (C&I) energy systems, including the IPX-51314SPT battery solution. The system is designed to support scalable energy storage, allowing businesses to expand backup capacity up to 768kWh.

Speaking at the event, itel Energy Vice-President Eason Duan said the company’s “Power Up Pakistan” initiative focuses on providing reliable and intelligent energy solutions to households and industries.

The company said its participation in the expo reflects a broader commitment to promoting sustainable energy adoption and supporting the country’s transition towards cleaner power sources.

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Saad Ali Qureshi launches USPBA Pakistan chapter to promote trade and investment

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LAHORE – The US–Pakistan Business Alliance (USPBA) was successfully launched under Chairman Saad Ali Qureshi, COO of Rustum Associates and Dynamic Constructors. This marks a key advancement in boosting bilateral trade, investment, and economic collaboration between Pakistan and the United States.

The newly formed alliance aims to create a dynamic platform that connects entrepreneurs, investors, industry leaders, and professionals from both countries. By fostering collaboration and building strategic partnerships, the alliance seeks to unlock new opportunities for trade expansion, innovation, and sustainable economic growth.
Addressing the launch ceremony, Chairman Saad Ali Qureshi emphasized the importance of stronger economic ties between Pakistan and the United States. He stated that the US–Pakistan Business Alliance will play a vital role in bridging the gap between the business communities of both nations and facilitating meaningful partnerships.

“The establishment of the US–Pakistan Business Alliance is a major milestone in strengthening commercial relations between Pakistan and the United States. Our mission is to empower entrepreneurs, promote investment opportunities, and create a supportive platform where businesses from both countries can collaborate and grow together,” said Saad Ali Qureshi.

He further added that the alliance will focus on encouraging cross-border investments, supporting startups and emerging businesses, and promoting innovation across various sectors, including technology, manufacturing, trade, and services.

The alliance also plans to organize international business forums, networking events, trade delegations, and policy dialogues aimed at bringing together business leaders, policymakers, and investors. These initiatives will help facilitate knowledge exchange, strengthen economic partnerships, and promote mutual understanding between the private sectors of both countries.

Business leaders, entrepreneurs, and stakeholders welcomed the launch of the alliance and expressed optimism that the platform will open new avenues for cooperation and create long-term opportunities for trade and investment. They noted that such initiatives are essential for building stronger economic bridges and enhancing global business connectivity.

The launch of the US–Pakistan Business Alliance is being viewed as a positive and forward-looking development that will contribute to the expansion of bilateral trade, encourage foreign investment, and strengthen long-term economic collaboration between Pakistan and the United States.

Through its initiatives and partnerships, the alliance aims to become a key platform for promoting business growth, supporting economic diplomacy, and fostering stronger commercial ties between the two nations.

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