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NBP and Standard Chartered Bank Announce 2011 Financial Results

ISLAMABAD (March 08, 2012) - National Bank of Pakistan (NBP) and Standard Chartered Bank (SCB) have today announced financial results for the year ended December 31, 2011 according to which these banks have posted profits of Rs 17.60 billion and Rs 5.44 billion respectively.

SECP Issues Clarification on Broker-to-Broker Trading of Same Exchange

KARACHI (March 08, 2012) - The Securities and Exchange Commission of Pakistan (SECP) has issued some clarifications regarding the transactions between the brokers of the same stock exchange and asked stock exchanges to review their respective regulations for proprietary trading to remove any anomalies/inconsistencies therein to bring them in line with the spirit of the subject directive.

HSBC Sells its Insurance Business in Asia and South America

HONG KONG (March 07, 2012) - Banking giant HSBC has announced that it has agreed to sell its general-insurance businesses in Hong Kong, Singapore, Argentina and Mexico for around $914 million. The move is part of the bank's strategy to cut costs and focus on growth, HSBC Group Chief Executive Stuart Gulliver said in a statement to the Hong Kong stock exchange.

Bank Alfalah Records Rs.3.5 billion in Net Profits for CY11

KARACHI (March 05, 2012) - Bank Alfalah Limited (BAFL) recorded Rs.3.5 billion in net profits in CY11, nearly 3.6 times higher than the previous year. BAFLs mark-up revenues jumped by 18 percent to Rs.44 billion in CY11 relative to the previous year although the detailed accounts are not available at the moment. It seems that the Bank has benefited from expansion in its asset base, stemming from growth in its investments portfolio.

UBL Records Substantial Growth from Last Year

KARACHI (February 23, 2012) - In line with market expectations, United Bank Ltd (UBL), the country's third largest commercial bank, managed to record outstanding growth in its bottom line in CY11 compared to the last year. The Banks mark-up revenues managed to exhibit an impressive growth, likely due to a massive expansion in its investment portfolio.

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Accounting Profession News

ACCA and Rawalpindi Chamber of Commerce (RCCI) sign MoU for Collaboration

ISLAMABAD (March 12, 2013) - ACCA Pakistan (Association of Chartered Certified Accountants) and RCCI (Rawalpindi Chamber of Commerce and Industry) signed a Memorandum of Understanding last week to work together to support the business community by building its capacity and capability.

Industry CFOs Want Recruits to be Complete Finance Professionals: ACCA Research

KARACHI (January 22, 2013) - Majority of Chief Financial Officers (CFOs) looking to appoint new staff for their businesses say they should ideally have both a breadth and depth of finance expertise and capabilities, a new report from ACCA (the Association of Chartered Certified Accountants) reveals.

IBA and ICAP Design Programme Combining Undergraduate Degree in Accounting with CA Qualification

KARACHI (February 12, 2013) - Institute of Business Administration (IBA) in collaboration with the Institute of Chartered Accountants of Pakistan (ICAP) has designed an innovative four-year programme of combining the undergraduate academic degree in Accounting and Finance with a professional Chartered Accountancy qualification.

ACCA Recognises Work of Chief Financial Officers by Celebrating CFO Month

KARACHI (January 7, 2013) - To highlight and champion the work of the Chief Financial Officer (CFO), ACCA (the Association of Chartered Certified Accountants) will be running a campaign throughout January 2013.

ACCA Organizes Accountants for Business Global Forum Pakistan 2012

KARACHI (November 21, 2012) - ACCA Pakistan yesterday organised Accountants for Business Global Forum Pakistan 2012 at Marriott Hotel, Karachi. The event aimed to surface the challenges facing businesses and in particular the accountancy profession through an exciting mix of three panel discussions.