A.P. Moller-Maersk integrates West & Central Asia and Africa markets to form the IMEA region
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Richard Morgan gets appointed as the Regional Managing Director for the IMEA region
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Customer-centricity, cost-competitiveness, reliability, and resilience in supply chains form the backbone of the strategic integration of markets
In an effort to strengthen its integrator strategy and serve its customers even better, A.P. Moller – Maersk (Maersk) has integrated two emerging markets – West & Central Asia and Africa to form a new combined IMEA region. This new region will encompass the core geographies of the Indian subcontinent, the Middle East, and Africa, including important markets such as India, Pakistan, UAE, Saudi Arabia, South Africa, Kenya, Ivory Coast, Cameroon, Nigeria, Senegal, and Ghana, amongst others.
Richard Morgan, Managing Director, Maersk IMEA region, said, “We have come a long way in our integrator journey and it is now time to look further into the future. Today, the market conditions are constantly changing, especially in the post-pandemic era, where the demand is softening, customer behaviours are evolving and there is an ever-increasing need to provide competitive, reliable and resilient logistics.” He added, “Our ambition is to create value to our customers’ supply chains. To achieve this, it is imperative for us to evolve and organise ourselves in the same way that most of our customers are organised geographically. This will not only allow us to harvest synergies in these markets in a unified way but also serve our customers better through strengthened offerings and resilient solutions.”
The IMEA region has a geographically strategic location, with the natural advantage of creating hubs for both ocean and air transport that will connect the manufacturing and consumer markets across the globe. Through this, the customers’ supply chains will have further access and ease, creating more efficiency with increased reach and scope.
The customers will continue to work with the same team that has supported them so far, and the products and solutions offered by Maersk will stay the same until informed otherwise.
Standard Chartered launches internship programme for differently-abled persons
Standard Chartered Bank Pakistan Limited (SCBPL), continuing with its contribution towards economic empowerment and financial inclusion of the masses, has launched an internship programme for differently-abled persons, with the aim to create a diverse pipeline of candidates as potential workforce for the banking industry, simultaneously supporting them to elevate their quality of life.
This initiative was launched in presence of Rehan Sheikh, Chief Executive Officer of SCBPL, Millicent Clarke, Regional Head of Human Resources, Africa and Middle East, and Muhammad Umer, Country Head of HR SCBPL and was attended by our existing differently-abled colleagues who also shared their journey and experiences at the Bank.
Rehan Shaikh, Chief Executive Officer, Standard Chartered Bank (Pakistan) Limited said, “Our newly launched Internship Programme for differently-abled persons is a key milestone in our efforts to provide them with equal access and opportunity to participate in economic activities and realise their full potential. This initiative is supported with improved infrastructure, service delivery and use of innovative technologies and is part of our Futuremakers Inclusive Employability Programme which is critical for embedding Diversity and Inclusion priorities within our footprint. This is also in line with the Central Bank’s agenda of Financial Inclusion of Persons with Disabilities, and we are confident that it will open more doors and opportunities to develop further as we move forward.”
Infrastructure compatibility has been ensured at the Bank, with wheel-chair ramp, elevator flooring, etc. Digital tools to ease accessibility for differently-abled interns have also been incorporated in the programme. In addition, to this sign language literacy and sensitivity training is available for all staff to become truly inclusive.
SCBPL has also partnered with Connect Hear and Sight Savers, in order to source a pool of candidates for this programme. A sign language interpreter was engaged during the interview and onboarding stages to facilitate the processes.
SCBPL has created immersive projects to engage the interns and help them gain professional exposure by working on industry-wide assessment, data-base management, health checks, portfolio and opportunity-execution plan. The ‘Hard of Hearing’ (HoH) interns will be facilitated by sign-language interpreters and trained sign-language buddies within the Bank, enabling them to communicate during the internship period.
Nestlé Pakistan Limited collaborates with Ufone 4G BPO Operations to establish advanced customer service solution
Nestlé Pakistan Limited, a leading global food and beverage company, has collaborated with Pakistani telecom services provider, Ufone 4G’s Business Process Outsourcing Operations (BPO Operations) arm to establish a state-of-the-art Contact Center solution to provide effective customer services to Nestlé customers.
In addition to voice and non-voice interactions, the Contact Center will also manage social media engagements, for end-to-end consumer support and enhanced customer experience.
Ahmed Kamal, Group Chief Customer Care Officer, PTCL & Ufone, Faisal Rana, Communications Director, Nestlé Pakistan and Abdullah Jawaid, Business Head for Nestlé Waters business were present at the signing ceremony held at Nestlé Pakistan’s head office in Lahore. Senior officials from both organizations were also present at the occasion. The partnering institutions expressed intent to expand and further digitalize services, automate processes, and enhance customer accessibility.
Speaking at the signing ceremony, Ahmed Kamal, Group Chief Customer Care Officer, PTCL & Ufone, said, “We’re excited to partner with Nestlé to help facilitate the company’s nationwide customer base. Nestlé is one of the leading global corporate players and its faith in Ufone’s BPO operations is a testament to the quality, technical soundness, and reliability of our services. We are steadfast in our commitment to providing an efficient and rewarding customer service experience for Nestlé customers.”
While signing the MoU, Faisal Rana, Communications Director at Nestlé Pakistan said, “At Nestlé we put our consumers at the heart of everything we do, and our call centre is a key enabler in this direction. We treat it not as just a call handling centre but a business development hub, to create engaging brand experiences for our consumers and drive Trust and Advocacy” He added that innovative consumer engagement services will drive trust for Nestlé as a force for good, accelerate digital transformation of our brands and enable digital commerce growth.”
Nestlé Pakistan is a leading food and beverages company in the country, reaching out to the remotest areas, offering products and services for all stages of life, while staying true to its vision of unlocking the power of food to enhance quality of life for everyone, today and for generations to come.
Ufone 4G has a proven track record of delivering high-quality digital B2B services to enhance efficiency, productivity, and competitiveness of large-scale businesses. Its experience will come in handy in delivering a matchless customer services experience to the Nestlé user base nationwide, generating a significant goodwill and loyalty towards the company.
NBP scores another year of strong financial results
The Board of Directors of National Bank of Pakistan (NBP) recently approved the annual financial statements for the year ended December 31, 2022.
The Bank has delivered yet another year of strong financial results, and posted a pre-tax profit of PKR 62.7 billion, depicting an annual increase of 18.7%. With strong income momentum across its businesses segments, the Bank’s fund-based net interest income was particularly strong. Amidst the challenging macro environment, the Bank has continued to provide support for its customers and clients in line with its Vision.
The 40% growth in average earning assets, coupled with margin expansion through higher policy rates, generated gross interest income of PKR 503.3 billion i.e. 117% higher than PKR 231.9 billion for 2021. Pursuant to an effective fund mobilisation, average interest bearing liabilities of the Bank reached PKR 3,871.9 billion (2021:PKR 2,692.9 billion). Consequently, in the backdrop of higher average interest rate, the Bank’s cost of funds amounted to PKR 386.5 Bn. Accordingly, net interest income for the year closed at PKR 116.8 billion, depicting a YoY increase of 19.7%.
Despite a challenging business environment and lower trade activity, the Bank maintained its non-fund income stream that amounted to PKR 36.7 billion (2021:PKR 36.9 billion). Equity investments of the Bank generated dividend income of PKR 5.2 billion, 13.3% higher YoY. Fee & commission income earned through banking operations amounted to PKR 21.2 billion i.e. 18.8% higher YoY and are reflective of the Bank’s widespread customer base and market outreach. As the Bank provides FX solutions to a large number of corporates, its forex income for the year amounted to PKR 7.4 billion which is 14.4% higher YoY. However, due to a lacklustre performance of the stock market, the Bank could generate capital gains of PKR 1.1 billion as compared to PKR 6.2 billion last year. Consequently, total income for the year amounted to PKR 153.5 billion, i.e. PKR 18.95 billion or 14.1% higher, YoY.
Reflecting the inflationary impacts, ad hoc allowance allowed to the employees and the Bank’s investment into its IT systems and upgrade of business premises, operating expenses for the year amounted to PKR 78.2 billion (2021: PKR 60.0 billion). Pursuant to a prudent strategy to strengthen the capital base, a provision charge of PKR 12.6 billion was created during the year. This is particularly important in the backdrop that IFRS 9 stands implemented effective January 01, 2023. As the Bank held PKR 190.7 billion in specific provisions against NPL of PKR 205.3 billion, depicting a high coverage ratio at 93%.
Accordingly, the Bank’s pre-tax profit for the year amounted to PKR 62.7 billion i.e. 18.7% up against PKR 52.9 billion for the prior year. As a result of retrospective taxation and increase of 10% in the income tax rates for banks (from 39% to 49%), tax charge amounted to PKR 32.3 billion, translating into an effective tax rate of 51.5% as compared to 47.0% for the year 2021. Resultantly, profit after tax for the year amounted to PKR 30.4 billion i.e. 8.6% higher than PKR 28.0 billion for 2021.
This year, the Bank achieved PKR 5 trillion milestone in its balance sheet that grew by 36.2% to reach PKR 5,240.4 billion from PKR 3,846.7 billion at the end of 2021. This makes NBP the largest Bank in Pakistan in terms of total assets. While investment (net) increased by 79.4% to reach PKR 3,477.4 billion, gross advances recorded 10.2% growth to reach PKR 1,438.6 billion. With this growth, the Bank’s advances-to-deposits ratio improved to 54% as compared to 43% at the end of 2021. With a widespread and well-diversified market outreach, the Bank maintains a strong funding and liquidity profile. At the year end, total deposits amounted to PKR 2,666.2 billion as compared to PKR 3,019.2 billion at the end of 2021. This drop in deposits is based on the Bank’s focused strategy to reduce high cost deposits so as to deliver higher after-tax profit to its shareholders. Major share of the Bank’s deposits comes from sticky customer deposits that contribute 98.1% of the total deposits. With current deposits amounting to PKR 1,310.2 billion or 49.1% of the total deposits, the Bank maintains a strong liquidity profile. While CASA ratio stood at 79.4%, Liquidity Coverage and Net Stable Funding also remained high at 195% and 251%, respectively. While shareholders’ net assets increased by 5.1% YoY to PKR 300.8 billion, capital adequacy ratio improved by 120bps to 21.59% from 20.39% at YE ’21. The Bank enjoys highest credit ratings of AAA / A1+ for both long term and short term respectively as reaffirmed separately by both PACRA as well as VIS Credit Rating Company in June 2022.
Commenting on the annual performance, the Bank’s President/CEO(A), Mr. Rehmat Ali Hasnie, said that the excellent strategic delivery and financial results were testament to the efforts & dedication demonstrated by the Bank’s employees in serving the nation through these challenging times. The Bank is pursuing a major organizational and technological transformation, product enhancement, digitalization and initiatives for promoting financial inclusion with a focus on commercial and rural segments. In parallel with its business growth initiatives, the Bank has also continued to progress via remediation of legacy issues.
As the Nation’s Bank, going forward, NBP’s strategy focuses on enhancing its service quality levels, diversifying its outreach through digitalization, and increasing its products and services suite.
Financial Control Group 4th Floor, NBP Head Office. PABX: (92-21) 9922 0100 (50 Lines) investor.relations@nbp.com.pk
SLIC with KU offers Sinfe-Ahan
State Life Insurance Corporation of Pakistan (SLIC) signed a Memorandum of Understanding with Karachi University (KU) to offer the female cancer protection plan, Sinfe-Ahan (Women of Steel), to all female students enrolled and teachers working in the institution. This cancer product provides substantial compensation on the development of any type of cancer in women for as little as Rs. 1 per day.
Speaking at the Breaking Barriers: Gender Equality and Empowerment of Women and Girls Conference at Karachi University, Chairman SLIC, Shoaib Javed Hussain, said “Both female health and education inclusion are imperative for the women of our country to have equality and feel empowered. It falls upon national institutions to come together and find solutions which financially enable and support them in making key life decisions. By partnering with Karachi University we are taking the first step to provide health solutions to female students and teachers which is just the beginning of a greater partnership between the two national institutions.”
Due to expensive treatments such as the increasing cost of chemo-medicines and radiotherapy sessions, many cancer patients in Pakistan lose their battle against cancer because they cannot afford the treatment. Sinf-e-Ahan provides financial relief and support for the female population to empower them to cover their treatment cost in case of cancer. Under the basic plan which costs only Rs.300 per annum, State Life would cover the cost of treatment upon diagnoses of cancer up to Rs. 200,000.
SLIC is the largest insurance organization in Pakistan providing financial protection through its life and health insurance plans. SLIC is rapidly expanding social health insurance coverage to the entire country with a vast network of more than 1400 empanelled hospitals across Pakistan. Learn more about Sinfe-Ahan at https://statehealth.com.pk/sinf-e-ahan.php.
SLIC’S unmatched performance, services
Life Insurance Corporation of Pakistan’s (SLIC) dynamic and visionary business strategies focused on technology and customer centric services continues to drive the organization. SLIC’s revitalized policies are designed to fit the needs of every citizen and wider diaspora of Pakistan, making them the leaders in the insurance industry.
Despite challenges posed by macro-economic and market volatility, SLIC delivered the strongest business numbers in its history and grew its premium revenue to Rs. 279 billion, an increase of 64% from last year.
Shoaib Javed Hussain, Chairman SLIC said: “In any country, the existence of a vibrant and growing insurance industry is essential for the growth of its economy. State Life has surpassed last year’s results and delivered exceptional results in 2022; making SLIC’s 50th year a truly golden year. Behind these incredible business results lie the true essence of our work, which is to provide security and protection to our policyholders. Whether it is for life and health protection, savings, children’s education or retirement, State Life is a partner in an individual’s life journey, and we are here to be their support in making key life decisions.”
New goals
This year, SLIC plans to undertake a new wave of digital transformation to further accelerate growth, drive customer service, and improve intermediary productivity and loyalty.
SLIC has also introduced new pioneering products such as the Golden Endowment Plan, Digital Life and Health products and a female-centric cancer product, Sinfe-Ahan, to further support our policyholders by providing them with the products they need. By targeting a wider segment of the population through diversifying the product basket, such as the launch of new products under corporate and individual health insurance, State Life continues to lead innovation and excellence in their field.
SLIC is the largest and the only AAA rated insurance company in the country. As the leading insurer in the country, SLIC ensures the wellbeing and financial security of its policyholders and partners. The strong performance of 2022 suggests that SLIC has emerged as one of the most successful state-owned enterprises in the country which serves more than 175 million Pakistanis across Pakistan.
Country shaken by the IMF conditions: Mian Zahid Hussain
Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on March 3 said that implementation of IMF conditions has brought chaos in the country.
The value of the dollar has increased tremendously, and the basic rate of interest has been increased from seventeen percent to twenty percent, which will be from 23 to 24 percent after the addition of bank’s profit, he said.
Mian Zahid Hussain said that businesses cannot operate after paying such a high-interest rate therefore many will be closed which will add to non-performing loans.
Talking to the business community, the veteran business leader said that the dollar has hit the mark of 290 rupees before coming down by ten rupees and it continues to fluctuate.
However, he said, an increase in the value of the dollar against the rupee will increase remittances, customs revenue, and exports.
He noted that the electricity price has been increased by R3.82 per unit, the price of gold has increased by nine and a half thousand rupees, the rate of sales tax on luxury goods has been increased to 25 percent and inflation is touching 35 percent.
In this whole game, while the people are losing money, the mafia is making billions of rupees overnight, he observed.
Mian Zahid Hussain said that the continuous delay in the agreement with the IMF is increasing the anxiety in the market and the comforting statements of the top officials are worsening the situation instead of improving it.
It is true that Pakistan has destroyed its reputation by constantly breaking promises to every creditor, including the IMF, but the international organization is also continuously tightening its conditions, which is disturbing.
In these circumstances, conspiracy theories about international organizations are growing which is not a good omen for the country’s economy.
The business leader said that conspiracies by some countries to harm Pakistan’s economy are not out of the question, but the so-called experts who believed that they can bank on friendly countries and ignore IMF were more to blame.
It may turn out to be wrong as the friendly countries have also refused to give loans without IMF supervision.
The country’s economy continued to nosedive due to wrong decisions and political instability. The reasonable demands of the IMF have been met, but according to some reports, some unreasonable demands are being made with an inflexible attitude, which is difficult to implement.
GO Foods premium flagship retail store inaugurated
GO Foods, an emerging company in Pakistan, inaugurated its flagship retail store in Y Block, DHA, Lahore. The event was graced by the presence of GO Foods CEO, Mr. Umer Liaquat and various other dignitaries from the organization.
Speaking at the inauguration ceremony, Mr. Liaquat stated, “We are thrilled to open GO Foods Flagship Retail Store, bringing our fresh and nutritious products directly to our valued customers in Lahore. We are committed to ensure that we deliver nothing short of the best products. They are sourced directly from our farms in Bahawalnagar and delivered to our customers whilst maintaining the highest standards of quality at every step of the way.”
The products offered at the GO Foods flagship retail store include Fresh Pasteurized Milk, Fresh Yoghurt, Desi and Free-Range Eggs, Breads (White, Milky and Bran), and Kulfi.
In addition, GO Foods has partnered with Gas & Oil Pakistan Limited (GO) as its exclusive retail partner. The company is now selling its fresh products through kiosks at selected GO Retail Outlets in Lahore, with plans to expand further. Furthermore, GO Foods products can be purchased online through PandaMart, Cheetay Mart, and GO Foods’ website (www.gofoods.pk).
The opening of the flagship retail store marks a significant milestone for GO Foods in its vision to providing customers with fresh, high-quality, and nutritious food products. The company is dedicated to serving the needs of its customers and will continue to expand its retail footprint across Pakistan to provide more people with access to its fresh products.
New Vice Chancellor of Dawood Engineering University takes charge
The new Vice Chancellor of Dawood University of Engineering and Technology Professor Dr. Samreen Hussain has taken charge of his post, last week.
Prof. Dr. Samreen Hussain was warmly welcomed upon his arrival at the university, flowers were showered on him and bouquets were presented. Pro Vice Chancellor Professor Dr. Abdul Waheed Bhutto, Registrar Professor Dr. Syed Asif Ali Shah, teachers, staff and students welcomed the new Vice Chancellor.
Later, in a simple and dignified ceremony at the Vice-Chancellor’s Secretariat, documents were exchanged between Vice-Chancellor Professor Dr. Samreen Hussain and former Vice-Chancellor Dr. Faizullah Abbasi. Speaking on the occasion, Dr. Samreen Hussain, the first female vice-chancellor of engineering universities, expressed her happiness at the wonderful reception and said that such great enthusiasm is needed to give further development and stability to the institution, rules and regulations. The university can be improved only by following it.