Business

PACRA Upgrades Credit Rating of The Bank of Punjab to “AA+”

Published

5 years ago

June 18, 2021

LAHORE – In recognition of the outlook of the bank, as well as strong financial performance and considerable progress made in the areas of risk, compliance, governance, and all other facets of operations, the Pakistan Credit Rating Agency (PACRA), after the lapse of five years, has upgraded the long-term entity rating of The Bank of Punjab to “AA+”, with the short-term highest rating of “A1+”. As per PACRA definition, “these ratings denote a very low expectation of credit risk and a very strong capacity for timely payment of financial commitments, which is not significantly vulnerable to foreseeable events.”

The upgrading of the Bank’s credit rating by PACRA is a testimony to the fact that The Bank of Punjab has come a long way during the past years and the astounding progress of the institution is being recognized and acknowledged by all of its stakeholders, including external monitoring agencies. It took a long period which witnessed concerted efforts by the management duly backed by the sponsor’s support to reinvigorate the Bank.

Furthermore, the calculatively aggressive business plan and future roadmap set out by the new management, under the leadership of Mr. Zafar Masud, President/CEO, is poised to take the Bank to its well-deserved place among the top five financial institutions of the Country.

The CEO PACRA in his brief to the Board of Directors said, “The incumbent management has revamped and strengthened the overall governance and compliance structure, which is essential for oversight and dynamic operations of the Bank.”

BOP’s balance sheet crossed PKR 1 trillion benchmark, and its customers’ deposit base grew by 21% to stand at PKR 835 billion during 2020. As a result, the system’s share in terms of deposits inched up, and BOP prominently became eligible for classifying in the “large banks” category.
The Bank, on prudence basis, has recently been recording subjective classification and general provisioning to ensure that asset quality remains unimpaired going-forth. The Bank’s Capital Adequacy Ratio (CAR) clocked in at 16.2% as at the end of December 2020, providing the Bank with a healthy cushion to expand its asset book, particularly in Government schemes, inline with its strategic business plan, whereby the growth in risk assets will be covered through insurance and first-loss guarantees, wherever available.

“The top management is very much motivated and focused on further enhancing profitability and strengthening the Bank’s relative position, and it took a number of unprecedented actions for staff welfare and wellbeing to advance the trickle-down effects of this positivity across the organization. The Bank has taken due care of its employees and their families during COVID-19 pandemic by providing all possible medical facilities and by establishing vaccination centers in all major cities for BOP staff and their family members. This staff motivation and commitment has been the real reason for our future positive outlook and rating upgrade”, said Mr. Zafar Masud, the CEO of BOP.
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Business

Zong Special Bundles for Hajj Pilgrims

Published

1 month ago

May 5, 2026

Haris Sarfraz Ali

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.

Business

itel Energy showcases AI-powered solar solutions at Lahore expo

Published

2 months ago

April 23, 2026

Haris Sarfraz Ali

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.

Business

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

Published

2 months ago

April 2, 2026

Haris Sarfraz Ali

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.