TAPPICO meets with the TDAP

A delegation of Iranian companies visited the office of Trade Development Authority of Pakistan (TDAP) under the chairmanship of Babak Afghani, CEO & Vice Chairman of the Tamin Petroleum & Petrochemical Investment Company, as per a press release. The meeting was chaired by Muhammad Zubair Motiwala, Chief Executive, TDAP and Directors General of all the divisions also attended the meeting.

Mr Motiwala highlighted the potential of trade between the two countries and showed his keen interest in increasing the volume of bilateral trade between the two countries.

The Iranian side was informed about the economic free zones where joint ventures can be arranged, and the products processed/made in Pakistan can be exported worldwide. The setting up of a petrochemical factory in Pakistan was discussed, and the Iranian side might provide the technical support and raw materials which Pakistani joint venture companies would process.

Soneri Bank’s financial results FY24

Soneri Bank Limited posted a profit before tax of Rs6.5bn and profit after tax of Rs3.2bn for the half year ended 30 June 2024, as compared to Rs5.2bn and Rs2.5bn, respectively, in the same period last year, as per a press release.

This indicates a growth of 24.68pc and 26.79pc, respectively. The company also declared an interim cash dividend for the half year at 12.50 per cent, ie Rs1.25 per share.

Non-markup expenses were reported at Rs9.034bn for the current year as against Rs7.057bn reported for the comparative prior period. As at 30 June 2024, the Bank’s non-performing loans to total advances ratio has come down to 4.13pc (December 2023: 4.9pc) due to efficient results on the recovery front.

Design thinking programme

Institute of Business Administration (IBA), Karachi, and Bank Alfalah have partnered to introduce the Design Thinking Programme in Pakistan, as per a press release. In collaboration with Stanford Life Design Lab, this innovative initiative aims to equip management professionals and senior executives with the powerful tools and mindset of ‘design thinking’.

The collaboration was officially launched at a curtain-raiser event held at the flagship Bank Alfalah Islamic Branch in Sky Tower, attended by key stakeholders from both organisations.

Design thinking is a methodology focused on understanding user needs, generating creative solutions, and developing prototypes, which has proven to be a catalyst for innovation and problem-solving.

Organisations embracing this methodology often witness significant revenue, customer satisfaction, and employee engagement improvements.

BoP financial results FY24

The Bank of Punjab (BoP) earned profit before tax of Rs7.05bn in the first half of 2023, a growth of 80pc from the same period last year, as per a press release.

Non-markup/ interest income increased to Rs9.93bn against Rs5.73bn FY23, registering a significant growth of 73pc. The Bank’s net interest margin remained at Rs. 15.92bn while non-markup expenses remained at Rs22.2bn. Earnings per Share for the first half of 2024 improved to Rs. 1.33 per share as against Rs. 1.05 per share during 1st Half of 2023.

Furthermore, the Bank has been assigned a long-term entity rating of“AA+” by M/s Pakistan Credit Rating Agency, with a short-term rating being at the highest rank of “A1+”.

Synergy CEO launches book

‘Executive Doodles’, authored by Ahmed Kapadia, Chairman and CEO of Synergy Group, has been launched, according to a press release. The unveiling ceremony was attended by the Governor of Sindh, Muhammad Kamran Khan Tessori, who served as the chief guest, in the presence of eminent personalities from various industries.

Speaking at the ceremony, Mr Kapadia remarked, “I have always believed in speaking the truth. With this first-of-its-kind book in Pakistan, I want to inspire the next generation of marketing and advertising professionals to challenge the status quo by sharing my perspective and a winning mindset.”

Published in Dawn, The Business and Finance Weekly, September 2nd, 2024