Nestlé disburses Rs114m among

farmers under PM’s Youth Loan Scheme

LAHORE (Staff Reporter): Nestle Pakistan has disbursed Rs114 million among almost 100 dairy farmers through National Bank of Pakistan under the PM’s Youth Loan Scheme. Nestle Pakistan and the NBP had entered a partnership in 2015 to facilitate young farmers under the PM’s Youth Loan Scheme. Around 400 farmers had applied for loan assistance whereas, other applications are being processed. Agriculture is an important segment of the national economy and it is important that farmers be provided the necessary incentives. More than half of the population of Pakistan lives in rural areas. Among them, over 46 percent of those employed are in the agriculture sector. Commenting on the disbursement of loans to the farmers, Waqar Ahmad, Nestlé Pakistan’s Head of Corporate Affairs said, “Pakistan has achieved an important place in the world as a major producer of milk and this is what further encourages us to assist the dairy farmers.”

 

This partnership has helped Nestle to play a constructive role in the lives of young farmers and to help them take advantage of incentives that would assist them in their future growth, he added.

 

 

 

FPCCI lauds govt for hosting ECO summit

 

ISLAMABAD (APP): Federation of Pakistan Chamber of Commerce and Industry (FPCCI) has appreciated the government for hosting the 13th summit of Economic Cooperation Organisation (ECO) and termed it a milestone for economic integration among the ECO countries. Including the landlocked Central Asian States (CARs), Iran and Turkey would have huge potential for multilateral trade in the ECO region, FPCCI Senior Vice President Mian Shaukat Masud told APP. He said the forum would play an important role for enhancing cooperation and integration between the ECO member states. Shaukat said the ECO had provided a platform to the member states for improving development and promote trade and investment opportunities for the benefit of the entire region. The member states of the organisation include Pakistan, Iran, Turkey, Afghanistan, Azerbaijan, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan. The FPCCI VP said the organisation had huge potential to be emerged as new economic bloc in the region.

 

 

Tobacco export increases 72 percent

 

ISLAMABAD (APP): Tobacco exports from the country during first seven months of current financial year grew by 72.15 percent as compared the exports of corresponding period of last year. During the period from July-January, 2016-17, about 2,456 metric ton of tobacco worth $9.60 million exported as compared to the exports of 1,695 metric ton valuing $5.263 million of the same period last year. Meanwhile, exports of fresh fruits increased by 0.76 percent, where as vegetables exports decreased by 20.22 percent, data of Pakistan Bureau of Statistics said. During the period under review about 340,641 metric ton of fruits worth $259.174 million exported as compared to the exports of 413,753 metric ton valuing $257.213 million of the same period last year. In last seven months, about 275,700 metric ton of vegetables worth $81.494 million exported as compared to the exports of 351,489 metric ton valuing $102.147 million of the same period during last year.

 

Silkbank declares profit of Rs1.23b

 

KARACHI (Staff Reporter): Silkbank Limited held its Board of Directors meeting here on Wednesday and declared an operating profit of Rs1.23 billion, with a Profit After Tax of Rs739 million. The results were a turnaround for the bank with a net profit increase of Rs2.58 billion over the previous year’s result. The growth was driven by a formidable increase of 40.31 percent in Net Interest Income, with Non-Interest Income also reflecting a strong growth of 16.81 percent. Despite recording the extra ordinary growth in earnings, the administrative expenses only grew marginally by 4.4 percent. During this period deposits grew by Rs5.69 billion and advances by Rs2.3 billion, with Non-Performing Loans (NPL’s) reducing by Rs2.7 billion. Silkbank is already Capital and CAR compliant as per the SBP regulations. The growth and profit expectations for 2017 remain very strong specially driven by the bank’s high earning consumer assets and card portfolios where the bank maintains a leadership position in several products.