MCB posts highest ever profit before tax of Rs. 125.2 billion (+75%) in 2023
The Board of Directors of MCB Bank Limited (MCB) in its meeting under the Chairmanship of Mian Mohammad Mansha, on February 06, 2024, reviewed performance of the Bank and approved the financial statements for the year ended December 31, 2023. The Board of Directors has declared final cash dividend of Rs9.0 per share i.e. 90%, in addition to 210% already paid, bringing the total cash dividend for the year 2023 to 300%.
Through focused efforts of the Bank’s management in building no-cost deposits and optimising its earning assets mix, MCB achieved significant growth in core earnings to post a historic Profit Before Tax (PBT) of Rs125.2 billion; registering an impressive increase of 75% over last year. The Profit After Tax (PAT) was recorded at Rs59.6 billion (+82%) and translated into an Earning Per Share (EPS) of Rs50.32 compared to an EPS of Rs 27.63 reported in the last year.
Aided by a strong volumetric growth in current account and timely repositioning of the asset book, net interest income for the year 2023 increased by 69% as compared to last year.
Non-markup income increased to Rs32.9 billion (+34%) against Rs24.6 billion in the last year with major contributions coming in from fee commission income (Rs20.2 billion), income from dealing in foreign currency (Rs8.5 billion) and dividend income (Rs3.0 billion).
Improving customer and interbank flows, diversification of revenue streams through continuous enrichment of service suite, investments towards digital transformation and an unrelenting focus on upholding high standards of service delivery supplemented a broad-based growth of 43% in income from fee commission; with trade and guarantee related business income growing by 111%, cards related income by 49%, branch banking customer fees by 14% and income from home remittance by 26%.
The Bank continues to manage an efficient operating expense base and monitor costs prudently. Amidst a persistently high inflationary environment, currency devaluation, rapidly escalating commodity prices and continued investments in human resources and technological upgradation, the operating expenses of the Bank were reported at Rs51.8 billion (+25%). The cost to income ratio of the Bank improved significantly to 29% from 37% reported in the last year.
Navigating a challenging operating and macroeconomic environment, the Bank has been addressing asset quality issues by maintaining discipline in management of its risk return decisions. Diversification of loan book across customer segments and a robust credit underwriting framework that encompasses structured assessment models, effective pre-disbursement evaluation tools and an array of post disbursement monitoring systems has enabled MCB to effectively manage its credit risk; the Non-performing loan (NPLs) base of the Bank was reported at Rs53.9 billion as at December 31, 2023. The coverage and infection ratios of the Bank were reported at 82.70% and 8.66% respectively.
On the financial position side, the total asset base of the Bank grew by 16% and was reported at Rs2.43 trillion. Analysis of the assets mix highlights that net investments increased by Rs271 billion (+28%) whereas gross advances reported a decrease of Rs175 billion (-22%) over December 31, 2022.
The Bank continued its focus on building no cost deposits, leading to a un-precedented growth of Rs180 billion (YoY: +28%) in average current deposits. The average current to total deposits ratio improved to 50.5% in the year 2023 as compared to 42.2% in the last year. Despite a 7.3% increase in average policy rate during the year, the domestic cost of deposits was contained at 9.12% as compared to 6.51% in the year 2022.
Return on Assets and Return on Equity significantly improved to 2.64% and 31.60% respectively, whereas the book value per share was reported at Rs. 174.35.
During the year, MCB attracted home remittance inflows of USD 3,247 million to further consolidate its position as an active participant in SBP’s cause for improving flow of remittances into the country through banking channels; with market share improving to 12.3% as compared to 11.5% in the year 2022.
While complying with the regulatory capital requirements, the Bank’s total Capital Adequacy Ratio (CAR) is 20.39% against the requirement of 11.5% (including capital conservation buffer of 1.50% as reduced under the BPRD Circular Letter No. 12 of 2020). Quality of the capital is evident from Bank’s Common Equity Tier-1 (CET1) to total risk weighted assets ratio which comes to 17.21% against the requirement of 6%. Bank’s capitalization also resulted in a Leverage Ratio of 6.17% which is well above the regulatory limit of 3.0%. The Bank reported Liquidity Coverage Ratio (LCR) of 250.62% and Net Stable Funding Ratio (NSFR) of 147.41% against requirement of 100%.
Pakistan Credit Rating Agency re-affirmed credit ratings of MCB at “AAA / A1+” for long term and short term respectively, through its notification dated June 23, 2023.
The Bank on consolidated basis is operating the 2nd largest network of more than 1,600 branches in Pakistan. The Bank posted its highest ever Consolidated Profit Before Tax of Rs. 137.5 Billion (+83%) for the year 2023, with its deposit book crossing the Rs. 2Trln mark as at December 31, 2023. The Bank remains one of the prime stocks traded in the Pakistani equity market and ranks amongst the highest capitalized banks in the industry.
National Foodpreneur Programme successfully launched
The National Foodpreneur Programme is a collaboration between National Foods Limited and MasterClass Pakistan, designed to empower individuals passionate about culinary arts to excel in the food industry.
The National Foodpreneur Programme was officially launched in Karachi. The event, held at the MasterClass facility, brought together the talented students, the project team, and the esteemed leadership of National Foods. This convergence of culinary passion and industry expertise marked the beginning of a transformative programme designed to empower aspiring chefs. The launch event saw the vibrant gathering of the first cohort of 21 students, each with a shared passion for the culinary arts, creating an atmosphere charged with excitement and anticipation.
The National Foodpreneur Programme aims to empower individuals to become successful entrepreneurs in the food industry or secure employment in the culinary field by providing a well-rounded education, training, and certification.
On the occasion, Zahid Majeed the Chairman of National Foods Limited said “Empowering dreams is at the heart of our mission. The National Foodpreneur Programme is not just about culinary education; it’s about giving individuals the tools to turn their passion into a life changing experience.”
As the programme progresses, participants will undergo a comprehensive 6-month culinary curriculum, optional internships, and training in food preparation, marketing, health and safety, and finance. The launch event sets the tone for a journey that promises to shape the future of these culinary enthusiasts. The National Foodpreneur Programme will continue with classes commencing in February 2024 after its successful launch event.
NBP and NASTP agree for strategic initiatives
National Bank of Pakistan and National Aerospace Science and Technology Park (NASTP) have entered into an agreement, marking a substantial and noteworthy stride in their collaborative endeavors.
The event took place at the state-of-the-art NASTP Karachi establishment, where Amin Manji, the CTO and Group Chief of the Information Technology Group at NBP, joined hands with Air Commodore Ghayas Uddin, the distinguished Managing Director of NASTP Karachi, to formally execute a comprehensive agreement delineating the provision of a purpose-built facility for NBP’s IT Group at the state-of-the-art technology park.
In attendance were prominent figures from both entities, including Khawaja Mohammad Ali, the Head of Technology Strategy, Risk and Governance at NBP, and Group Captain Dr. Shoaib from NASTP, alongside other esteemed team members from both organizations.
The occasion provided a platform to underscore the inherent benefits emanating from this collaboration, including advanced training, capacity building, and various other strategic initiatives. It served as a formal declaration of commitment from both entities to the advancement of their respective technological objectives, marking the initiation of a collaborative venture encompassing mutual commitments to synergize knowledge and networks in pursuit of those objectives. The agreement signing stands as a pivotal point in the trajectory of their collaborative partnership.
In addition to formally entering into the agreement, the occasion served as an opportune platform to underscore the potential benefits inherent in this strategic collaboration. Discussions encompassed a spectrum of collaborative initiatives, ranging from specialized training programs to capacity-building endeavors to broader technological adoptions, reflecting the shared commitment of both entities to make credible and material contributions to extend existing technological frontiers.
The NAST Silicone facility was recently inaugurated by the Chief of the Army Staff and the Chief of the Air Staff of Pakistan.
Employee wants robust diversity, inclusion culture: ACCA survey
In a comprehensive survey, ACCA’s Global Talent Trends 2024 highlights a critical diversity and inclusion culture, AI’s role in the profession, and mental health concerns in the workplace, with an in-depth look at South Asia’s unique market dynamics.
This wake-up call for employers comes in the biggest global talent survey across the accountancy profession, ACCA’s (the Association of Chartered Certified Accountants) latest annual Global Talent Trends survey 2024 provides a unique and vital view of how people feel about their life at work.
Almost 10,000 professional accountants from 157 countries were asked about the concerns they held around work in the future as well as aspirations for their careers. The survey also assessed key workplace issues such as hybrid working, diversity, mobility and mental health and the cost-of-living crisis.
According to the survey, a significant 73% of professionals believe that a robust diversity and inclusion culture is crucial in choosing an employer, signalling an urgent call for organisations to broaden their diversity initiatives beyond traditional dimensions to include aspects such as age and neurodiversity.
Furthermore, the survey reveals a mixed reception towards AI, with 78% of respondents acknowledging its potential to enhance the role of finance professionals by allowing them to add more value. However, there’s a palpable concern about the rapid pace of technological change, with a notable demand for more training on technology (85%) to ensure professionals are well-equipped to leverage these advancements.
The mental well-being of employees also emerges as a critical concern, with 57% of respondents reporting that work pressures adversely affect their mental health. This underscores the necessity for employers to intensify their support and develop more effective well-being programs to alleviate work-related stress and anxiety.
Assad Hameed Khan, Head of ACCA Pakistan, comments, “The shortage of talent and cost of meeting pay rise demands, together with the many job opportunities available to professional accountants, mean that attracting and retaining talent presents a huge ongoing challenge for employers.
“As we navigate through these transformative times, businesses in Pakistan can differentiate themselves in a competitive market by cultivating an environment that values diversity, leverages technology for human advantage, and places employee well-being at the forefront of their agenda. By doing so, we not only enhance our global competitiveness but also ensure a resilient and future-ready finance profession.”
ACCA Pakistan’s focus on these key areas reflects a broader commitment to addressing the challenges and opportunities presented by the global talent trends. By aligning with the insights provided by the Global Talent Trends 2024 survey, ACCA Pakistan aims to contribute to the development of the finance profession towards a more inclusive, technologically adept, and mentally healthy future.
Bringing honours to Pakistan
Ms Simi Kamal, one of Pakistan’s leading geographers, has recently been appointed as Chair of the Board of International Water Management Institute (IWMI). With 40 years of experience in water, environment, food security, and related sectors, Ms Kamal is also well-known globally and nationally in social development and women empowerment circles.
Headquartered in Sri Lanka, IWMI is a globally renowned research-for-development organisation with offices in 15 countries. With its vision of achieving a water-secure world, IWMI has contributed to social and economic development through impactful research results. IWMI is also a research centre of the Consultative Group on International Agricultural Research (CGIAR), a global research partnership for a food-secure future. The announcement from IWMI said that Kamal has been instrumental in guiding IWMI’s strategic direction and organisational growth as a member of IWMI’s board since 2018, and moving forward will provide leadership in integration of IWMI with One CGIAR.
Kamal is the first woman to be appointed as the Chair of the Board since IWMI’s establishment in 1984. This is a huge honour for Pakistan and the women of Pakistan.
Kamal has also been recently appointed to the boards of two more well-known international organizations: the Board of Trustees of WaterAid UK, and the Board of Directors of the Centre for Agriculture and Bioscience International (CABI), also headquartered in the UK.
Speaking about these three highly prestigious and important appointments Ms Kamal said, “As the world grapples with unprecedented impacts of climate change on water, environment and food security, we have to change the way we live. My focus in the next ten years is to work with leading global organizations on water and food on strategies that promote transformative futures”.
One may recall that in addition to these international roles, Simi Kamal is the Founder and Chairperson of Hisaar Foundation – a foundation for water, food and livelihood security based in Pakistan, and a Co-founder and member of the Executive Board and Advisor to the Panjwani-Hisaar Water Institute (PHWI) at NED University in Karachi. Previously she has served as a member of the Technical Committee of Global Water Partnership (GWP TEC) for nine years, has founded and co-founded several non-profit and for-profit national organisations and developed global platforms and networks. She is also an Independent Director on the Board of Khushhali Bank, one of Pakistan’s leading microfinance banks.
Unity foods joins vital green for agri advancement
Unity Foods is transforming Pakistan’s agriculture with strategic collaboration! Unity Plantations, a subsidiary of Sunridge Foods within the Unity Foods Group, has officially signed a crucial agreement with Vital Green Limited. This marks a significant stride in elevating the agricultural value chain and ensuring the provision of top-notch farm inputs. A key initiative toward fostering sustainable growth and fortifying Pakistan’s agricultural sector.
Shell Pakistan conducts free eye camps for mechanics
Shell Pakistan Limited (SPL) organised an eye camp for mechanics in partnership with Layton Rahmatulla Benevolent Trust (LRBT). The mechanics were provided free eye screening to ensure healthy eyesight.
As part of its community outreach programme, SPL, in collaboration with LRBT, has been providing eye testing to community members.
The Chief Executive and Managing Director of Shell Pakistan Limited, Waqar Siddiqui, stated that: “We aim to be a good neighbour wherever we work, by contributing to the well-being of our communities. Shell’s social performance programmes enable us to share with communities the benefits that economic development brings while creating a sustainable business environment.”
A team of ophthalmologists and support staff from LRBT conducts these eye tests and dispenses medicine for eye ailments. If further treatment is required, patients are referred to the nearest LRBT hospital, where they receive additional free treatment.
Shell invests in the communities where we live and operate. Investment in local communities is both tailored to the needs of the community and aligned with Shell’s business objectives.
People hoping economic relief from new govt: Mian Zahid
Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain said on February 9 that elections had been held, and the people are now waiting for the official results.
He said that when the new government is empowered, it must start preparing the budget and plan for debt repayments.
Mian Zahid Hussain said the government will need another IMF programme for debt servicing as the current agreement will be completed by the end of next month.
Speaking to the business community, the veteran business leader said that all the political parties have prioritised the economy in their manifestos, so the public hopes that the new government will take steps to provide some relief amid severe economic punishment.
The business leader said servicing local and foreign debt had become a major problem. The volume of these loans and their interest has increased so much that the government is forced to borrow even for operational spending.
The main reason for the increased debt is the tax system’s weakness. In addition, large sums of money have been wasted on political agendas rather than improving the economy.
He said the resources have been wasted on many poorly designed projects, most of which have been completed for political benefits.
Mian Zahid Hussain said that the debt has reached 82 % of the GDP, 667 % higher than the government revenue, which equals 328 % of our exports.
He said the country’s debt has doubled in the last seven years to $ 124 billion, of which 22 % is to be paid in less than one year, which is a big challenge.
He noted that political leaders and the establishment have become convinced that the country can no longer be run as if it were going on. Many believe the situation will get out of hand without improvements and strong decisions.
He said that what the new government will do to provide relief to the masses remains to be seen.
It is expected to improve tax administration, tax agricultural incomes, and boost industrial and agricultural sectors.
Taxing wholesalers and retailers and reducing the volume of the undocumented economy are necessary for the country’s survival.
Five death penalty prisoners happy to donate their corneas
A day-long Free Eye Camp was organised by Pakistan Eye Bank Society at Karachi Central Jail. At this occasion five convicted death penalty prisoners pledged donation of their corneas after death. It may be noted that the first cornea was donated in 1968 by a prisoner Habibullah, and thereafter many death penalty convicted prisoners have signed Will Cards of Corneal Donation after death.
Qazi Sajid Ali, President, Pakistan Eye Bank Society thanked the prisoners and said that this is Sadqa Jaria that will continue.
Eye Camp was inaugurated by DIG Prisons, Mr. Mohammad Hasan Saheto. He said that the prisoners need to have their eyes checked within the premises. This gesture of holding Free Eye Camp by Pakistan Eye Bank Society is commendable and appreciated. Around 352 prisoners received complete checkup of their eyes by the Ophthalmologists of Pakistan Eye Bank Society. Eye Glasses and medicines were provided on the spot. Cataract Surgery Camp will now be held shortly to perform surgeries of those who have been found with defected Corneas.
Pakistan’s tobacco growers’ share global concerns over who decisions
A large group of premium tobacco producers and workers from a few tobacco growers’ countries, Colombia, Panama, Honduras and Nicaragua, have protested on February 5th in front of the Panama Convention Centre where the tenth Conference of the Parties (COP) of the World Health Organisation’s (WHO) Framework Convention on Tobacco Control (FCTC), is currently taking place. The concerns are also shared among tobacco growers in Pakistan.
The FCTC aims at protecting present and future generations from the impact of tobacco consumption and exposure to tobacco smoke by reducing both demand and supply of tobacco. Article 17 of the Convention requires parties to promote economically viable alternatives to tobacco. It states that “Parties shall, in cooperation with each other and with competent international and regional intergovernmental organisations, promote, as appropriate, economically viable alternatives for tobacco workers, growers and, as the case may be, individual sellers.”
At the protest, farmers denounced the “exclusion” and the “lack of transparency” in the WHO’s decisions about tobacco growing measures. They demand “respect for a tradition that dates back more than 500 years”.
They have also called for “common sense” to find viable solutions and consensus regarding the policies without risking millions of families’ livelihoods.
“The cultural influence of premium cigar production goes beyond the process. It is an integral part of our family and community values, as well as our legacy and our own history,” they alerted.
In Pakistan, tobacco growing has been a backbone of the economy, historically generating significant share of the export revenue.
Growers in Pakistan fear that the FCTC ratification could be Pakistan’s economic suicide. However, they hope that Pakistan being part of the discussions will offer viable economic solutions as the livelihood of millions of families and domestic economy will be impacted if tobacco production is terminated.
Fawad Khan, spokesperson for Mustehkam Pakistan, an advocacy platform to safeguard interests of marginalized and low income communities, said, Farmers primarily responsible to grow tobacco will resort to suicide if FCTC continue to ratify its stance on tobacco. Pakistan tobacco sector currently contributes more than $1 billion in taxes, which the government desperately needs to manage its IMF arrangement.
“Grow Food, Not Tobacco” – was the 2023 WHO’s World No Tobacco Day Theme. There is growing recognition that diversifying away from tobacco farming can contribute to progress towards the Sustainable Development Goals in lower- and middle-income countries. However, diversification projects are often limited in scope and impact because structural barriers to tobacco diversification make it easier to challenge them.
Mushfiq Khan, a tobacco grower and Head of All Pakistan Tobacco Farmer association also mentioned, reduction of demand and supply of tobacco will cause a loss to the national exchequer and will result in tobacco farmers resorting to criminal activities to make a living. Pakistan corruption and crime index is already in the amongst the top 10 countries and this will further escalate the crisis Pakistan is going through.
In all cases, tobacco growers consider that they should not be excluded from the discussions and should be invited to sit at the table when their future is being discussed.
ITA appoints Kazim Saeed as Chairman of the board
Idara-e-Taleem-o-Aagahi (ITA, Centre of Education and Consciousness) is pleased to announce the appointment of Mr. Kazim Saeed as the Chairman of its Board of Trustees.
ITA is a leading civil society organisation addressing the profound crisis of education in Pakistan through policy research, service delivery and advocacy. Among ITA’s flagship initiatives, the ASER survey stands out as Pakistan’s largest citizen-led survey, focusing on educational attainment among school-age children. ITA has undertaken programs related to education in emergencies, the Siyani Sahelian 2nd Chance Learning Program for Adolescent Girls, and Digital Safety.
ITA’s acclaimed Pakistan Learning Festival (PLF) has witnessed 91 editions across Pakistan, with 100,000 students participating in the most recent PLF held in Islamabad in November 2023. To date, ITA has positively impacted over 17 million beneficiaries across Pakistan and beyond its borders.
ITA founder and CEO Baela Jamil said: “We are delighted to welcome Kazim as ITA’s Chairman given his extensive work in multiple sectors of the economy with leading public and private institutions, as well as his commitment to evidence-based policy making and public service.”
Kazim Saeed is a policy and strategy professional focusing on economic development. For twenty-five years, he has provided energy policy advice to governments with the World Bank. Over the past decade, he has built new business models for growth in agriculture with Pakistan’s largest business groups, the ADB, USAID, FAO, etc., through Pakistan Agricultural Coalition, a non-profit he co-founded. Kazim serves on the boards of pioneering companies: Naymat Collateral, Khushhaal Kissan, and Indus Acres.
Kazim Saeed’s award-winning book Dou Pakistan: Har Pakistani Gharanay Tak Khushhaali presents a comprehensive strategy for delivering prosperity to every Pakistani household by 2047–the 100th anniversary of Pakistan’s creation. Kazim holds dual bachelor degrees in Electrical Engineering and the History and Philosophy of Science from Cornell University (USA) and a Master’s degree in Public Affairs from Princeton University (USA).
Kazim Saeed said “I consider this a truly great honour. ITA is a shining example of how much a single Pakistani institution can achieve at the national and international levels. I hope to contribute to ITA’s outstanding work by helping connect it to new constituencies of support.”
ITA CEO Baela Jamil noted “We believe Kazim brings new enthusiasm towards our mission of building a national-wide social movement for progressive education, learning and skills for all children, adolescents, and youth.”
The current directors of ITA include Dr. Afshan Huma, Mr. Rashid Jehangir, Ms. Sara Khan, Mr. Kazim Saeed, Dr. Farrukh Seir, Ms. Salaina Haroon, Ms. Azra Naseem, and Ms. Rubina Tariq.
Adamjee Life collaborates with Kiran Foundation to empower future business leaders
Adamjee Life, a leading life insurance company, is proud to announce its collaboration with the Kiran Foundation, a renowned non-profit organisation dedicated to nurturing young minds, education and vocational training.
In an endeavour to foster entrepreneurship, Adamjee Life awarded to participants of the ‘Entrepreneurship Programme’, by providing support for their business start-ups, thereby facilitating the transformation of innovative ideas into successful ventures. The three winners were as (1) Uroosa Atif (2) Hunain Rizwan and (3) Mubashara Muhammad Hanif.
Driven by ambition, this programmr was curated by two students that was led by Alisha Tawawalla and assisted by Fatima Zehra; students at Karachi Grammar School, who initiated the ‘Entrepreneurship Programme’ at the Kiran Foundation. Their aim was to inspire the local community and bolster small businesses within the residents of Lyari. The Capital raised through this initiative was utilized as seed funding for three successful members selected from this programme.
Nabeela Darugar, Head of Corporate Sales and Marketing at Adamjee Life, conveyed her enthusiastic endorsement for the collaboration with Kiran Foundation and stated; “We are committed to foster a culture that champions innovation and entrepreneurial pursuits without any bias. By engaging with the participants and recognising their innovative ideas, we aim to support and inspire the underprivileged community and help them gain financial freedom as they become a contributing part of the business ecosystem.”
Sabeen Naz, Principal of DCTO Campus at Kiran Foundation, expressed her excitement about the collaboration, stating, “Our partnership with Adamjee Life underscores our joint dedication to nurturing the future leaders of our nation. Our collective goal is to empower people with essential knowledge and skills, preparing them to make meaningful contributions to the country.”
IBA Karachi participates as an Exclusive Partner at the 11th Deans and Directors Conference 2024 on ‘Navigating Disruption and Innovation in Business Education’
The 11th Deans and Directors Conference 2024 on ‘Navigating Disruption and Innovation in Business Education’ concluded at the Pearl Continental Hotel.
Hosted by the National Business Education Accreditation Council (NBEAC-HEC), this prestigious event brought together VCs, Deans, Directors, thought leaders, educators, and industry experts from across the country to deliberate on the future of business education amidst rapid technological advancements and evolving industry landscapes.
In his opening remarks, Executive Director IBA, Dr. S Akbar Zaidi stated that the IBA is delighted to be the Exclusive Partner for this esteemed conference and welcomed all local and international delegates. Emphasizing that access to quality education is the right of every Pakistani citizen, Dr. Zaidi stated that we need to improve the quality of higher education in Pakistan to make a significant stride towards adequately educating our population. He further added that being a leading public-sector higher education institution, the IBA takes pride in being compared to the best private sector universities in Pakistan and is a model for all universities to emulate.
Numerous seasoned IBA faculty members, Deans and the Executive Director contributed to various panel sessions in different capacities. Dr. Zaidi participated as a panelist in a session titled ‘Driving Excellence through Strategic Academic and Industry Partnerships’. While, Dr. Abdullah Sheikh, Dean, School of Business Studies (SBS) moderated a panel session on ‘Nurturing Responsible and Ethical Leadership in Business Schools’.
From February 12-13, attendees engaged in enriching discussions, insightful presentations, and interactive workshops aimed at addressing the challenges and opportunities presented by disruptive forces in the realm of business education. From adapting curriculum and pedagogy to embracing emerging technologies and fostering entrepreneurial mindsets, the conference explored various strategies for navigating the ever-changing landscape of business education.
KMBL Team visit Baithak School
Khushhali Microfinance Bank’s Corporate Office team recently visited the Baithak School Network in Islamabad. Led by Kashif Ahmed Khan, Head of Liability and ADC Sales, the team interacted with the students during this visit. They emphasized the importance of education, nurturing aspirations, and instilling financial literacy for a brighter future while also distributing school bags to deserving students.