ACCA Pakistan held its New Members Ceremony in Islamabad on Monday, 27 February 2012 to celebrate the achievement of 75 new ACCA members from the north region, who have attained the membership milestone during the last year.
Chairman FBR, Mr Mumtaz Haider Rizvi
The ceremony was graced by the presence of Mr Mumtaz Haider Rizvi, Chairman Federal Board of Revenue (FBR) as the chief guest. Mr Rizvi presented awards to ACCA’s long standing workplace mentors in Pakistan including Waqar Zafar Ahmed, partner Ernst and Young Ford Rhodes Sidaat Hyder and Co. Chartered Accountants and Saleem Akhter Bhatti, Head Finance & Accounts and Company Secretary, Khushali Bank Limited.
In his address, Mr Mumtaz Haider Rizvi appreciated the efforts of ACCA for providing excellent education and employment opportunities.
‘ACCA Pakistan provides a unique platform for young accountants who understand the heart of business activity and also enables them to work for the betterment of their country by acquiring latest finance and accounting skills.’
The ceremony commenced with welcome address, delivered by Ms. Noor Aftab, head of ACCA Islamabad who welcomed the new members to the ACCA fraternity and motivated them to continue their training and development through Continuous Professional Development for successful career progression. Ms. Noor advised the new ACCA Members to work for Pakistan’s financial landscape – securing Pakistan’s economic future.
FBR Chairman Mr Haider Rizvi (Back), Head of ACCA Pakistan, Arif Mirza (Left)
Later, Arif Masud Mirza, head ofACCA Pakistan congratulated the new members on their remarkable success and shared with them the benefits of professional training and development required by these new members in order to excel further in their career.
With the borrowed marketing line from First Black American President, Barrack Obama, “Yes We Can”, Silk Bank is now on road of growth.
With a strong increase in its revenue which stood at Rs. 8.3 Billion, Silk Bank posts a profit of Rs. 695 Million. Last year bank losses were at Rs. 1.13 billion.
Bank’s net interest income increases by more than 100% to Rs. 1.8 Billion from Rs 870 Million last year. There was a 66% growth in bank’s divided income.
Silk Bank’s net assets stood at Rs. 5.6 Billion with Rs. 85 of liabilities. Bank did not pay any kind of divided for financial year 2011
Samba Bank Limited, formerly Crescent Commercial Bank Limited is a majority owned subsidiary of Samba Financial Group of Saudi Arabia, reported a profit of Rs. 236 Million after tax for year 2011.
Samba, which has NOT been marketing very aggressively to compete and survive in Pakistan’s banking industry shows signs of improvement this year with almost 50% growth in revenue which now stood at Rs. 3.3 Billion, up from Rs. 2.3 Billion last year.
With its small network of 28 branches, company manages to increase its operating income by 40% to Rs. 1.4 Billion. Other income falls sharply by 50% due to low profits from dealing in foreign currencies.
Samba has currently Rs. 3.8 Billion of accumulated losses in its books, which though decreasing, but posing a serious threat to its share price.
Faysal Bank, who signed an agreement with China UnionPay for card issuance and acquisition in Pakistan, is now showing strong growth and its now reflecting in its Profit and Loss Statement.
According to the notification sent to Karachi Stock Exchange, Faysal Bank Ltd reports a profit of Rs 1.280 billion for the year ending December 31, 2011.
According to financial results of the bank dispatched to KSE on Wednesday, the profit before tax has also jumped to Rs 1.478 billion as against Rs 827.054 million in 2009.
The earning per share grew to Rs 1.55 during the period under review against last year’s Rs 1.45.
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