The Board of Directors of Javedan Corporation Limited (JCL) announced the financial results for FY23 last week, as per a press release. The company reported a profit of Rs8bn, representing the company’s highest-ever profit.

A final cash dividend of Rs6 per share, equivalent to 60pc of the face value, was approved. This amounted to a payout of Rs2.3bn.

JCL is the owner company of Naya Nazimabad, an integrated housing scheme which focuses on healthy community living. It is the largest master-planned, gated residential development in the centre of Karachi and will house more than 50,000 families at its completion.

Naya Nazimabad embarked on a series of apartment projects under the real estate investment trust model. To date, the company has launched Signature Tower, Globe Residency Apartments, Rahat Residency Block B and Block D.

BOP’s POS solutions

The Bank of Punjab (BOP) unveiled point-of-sale payment solutions and online payment gateway services last week, as per a press release. BOP is the seventh bank offering this service out of a total of 41 commercial and specialised banks in the country. This strategic move reinforces BOP’s commitment to enriching its digital retail offerings and expediting the evolution of the nation’s digital ecosystem.

In pursuit of this endeavour, the BOP has forged a strategic alliance with PayNet Private Limited, a wholly-owned subsidiary of Omega IT Solutions United Arab Emirates. BOP plans to expand its reach through additional Independent Sales Organizations for comprehensive nationwide coverage.

The bank will act as a link between merchants, issuers and payment networks by offering them state-of-the-art POS machines and making cashless transactions available over the counters, enabling retailers to benefit from the adoption of digital payments. The POS machines support the acceptance of all types of cards. n

Banking conference

Bank of the Future Forum 2023, one of the largest banking and financial conferences in the world, co-hosted by Systems Limited and Temenos, is set to take place on 5th October 2023 at PC Hotel Karachi, as per a press release.

The 12th edition of BOFF will welcome over 500 C-Level executives from banks and financial institutions, regulators, fintechs, investors, analysts and media, promising an unparalleled experience that will reshape the banking landscape.

With “Cloud Banking” as the distinguished theme this year, BOFF will feature an array of notable speakers for the banking community, including several Temenos experts taking centre stage to share their industry-leading insights and showcase live demonstrations.

These thought leaders will shed light on trending topics such as Embedded Finance, BAAS, Customer experience, Digital Transformation, Cloud and Security.

EBM’s Youth Leaders Conference

English Biscuit Manufacturers (EBM) brought together future leaders for the 22nd time with the Young Leaders Conference (YLC), as per a press release. This edition marks EBM’s decades-long commitment to the School of Leadership (SoL) as the founding partner to empower the young leaders of Pakistan.

The 22nd Edition of YLC holds a special significance to EBM, as it saw the launch of 100 “Leaders of Change” Stories, with an emotionally charged exhibit of the transformative journeys of YLC alumni. The impactful showreel highlighted authentic anecdotes of individuals from previous YLCs, their inspiring journeys and their impact, serving as a reminder of the conference’s enduring influence.

In the current testing times, where everyone is uncertain about the foreseeable future, EBM hopes that these stories serve as a beacon of hope and highlight the transformative power of leadership, perseverance and hard work.

KT Bank receives SBP approval

KT Bank, an under-formation digital bank, has received in-principle approval from the State Bank of Pakistan (SBP) in a ceremony recently organised by the central bank, as per a press release.

KT Bank is primed to harness cutting-edge technology and deploy digital channels to provide a wide array of banking services and products, encompassing digital payments, online account management and personalised financial solutions.

Published in Dawn, The Business and Finance Weekly, October 2nd, 2023