China's ICBC to open two branches in Pakistan

China's ICBC to open two branches in Pakistan

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Bank Alfalah Islamic Banking Business net assets surge by 22.23pct

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By Riffat Mughal KARACHI: Bank Alfalah Limited Pakistan (BAFL) Islamic banking business net assets surged by 22.23 percent during nine months of the calendar year 2011 (9MCY11). The net assets of the bank have reached Rs 5,888.209 million as on September 30, 2011 as against to Rs 4,817.195 million as on December 31, 2011. Bank’s advances declined during the period by 10.44 percent to Rs 23,247.294 million. Bank Alfalah Islamic banking business net investments increased by outstanding 44.97 percent to Rs 31,938.394 million and fixed assets climbed up by 2.38 percent to Rs 1,677.560 million during the period under review. Balances with and due from Financial Institutions (FIs) also went up by 19.87 percent to Rs 4,631.542 million. With the decline in demand for finance from sound and blue chip companies amid slow economic activity, the bank used the funds more towards investments. On liabilities side, total deposits and other accounts increased by 14.80 percen...
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Pakistan cotton prices move up

Pakistan cotton prices move up KARACHI: On the back of higher demands Pakistan cotton prices witnessed modest gained on Wednesday as mills indulged in active trading. The Karachi Cotton Association (KCA) official spot rates moved up by Rs 100 to Rs 6,400 on Wednesday, dealers said. The increase in cotton prices provided support to the growers and ginners to get better prices for their crops. The rates of seed cotton in Sindh stayed constant Rs 2,300 and Rs 2,800, while in Punjab cotton rates were Rs 2,000 and Rs 3,000, dealers said. In ready business, around 14,000 bales of raw cotton were traded between Rs 5,700 and Rs 6,650 per maund during the session. Grower's strategy not to sell cotton at current prices allowed prices to move upwards as mills participated in active trading. The Pakistan cotton market is getting positive momentum amid rising demand by the exporters. In International market, New York cotton rates fell by 0.62 cents per lb and were traded at 99.53 c...
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