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Ishaq Dar keeps mum on eight banks’ exchange-rate scam

Ishaq Dar keeps mum on eight banks’ exchange-rate scam

ISLAMABAD: Finance Minister Senator Muhammad Ishaq Dar is keeping mum on eight banks’ involvement in the exchange-rate scam.

In a recent press conference, Dar told the media that the inquiry report was ready against the bank. He promised with media to share details of the report along with action against banks.

File photo of finance minister Senator Muhammad Ishaq Dar

In the first week of October 2022, Governor State Bank of Pakistan Jameel Ahmad briefed the National Assembly’s Standing Committee on Finance and Revenue.

He said that investigations had been launched against the banks’ role in the manipulation of the exchange rate.

He said that Standard Chartered Bank, United Bank, Habib Bank, National Bank, Meezan Bank, and Allied Bank are being investigated in this scam.

Governor SBP also pointed out that show-cause notices have been issued to NBP, ABL, and Standard Chartered.

SBP Governor Jameel said that the remaining banks would be investigated in the next phase.

Chairman of the committee, MNA Qaiser Sheikh, directed the central bank to take appropriate action against all the banks, found guilty of exchange-rate scams.

“The committee noted that during volatility in the exchange rate, the banks earned exorbitant profits.”

Minister of State for Finance, Secretary Finance, SBP Governor Jameel Ahmed, Chairman FBR, and other senior officials of the departments attended the meeting.

12 Banks report Rs 585 billion record profit in 2022

In sharp contrast to the ongoing economic crisis in Pakistan, 12 banks operating in Pakistan reported a record profit of 585 billion rupees in the calendar year 2022.

It is the pre-tax profit the banks reported to the State Bank of Pakistan and the Pakistan Stock Exchange in recent days. This time and, in fact, for the first time, Meezan Bank took the lead over all other leading banks in earning profit in 2022. Meezan Bank earned Rs 88 billion profit before tax for the year 2022.

The second highest profit-making bank in Pakistan was Habib Bank Limited. It reported 77.02 billion rupees in profit before paying taxes to the government. MCB Bank closely followed the HBL with 75.34 billion rupees in profit in the calendar year 2022.

United Bank Limited is the fourth largest bank in terms of profit-taking. It reported 68.43 billion rupees pre-tax profit last year. The state-run largest commercial bank in size _ the National Bank of Pakistan earned 63.60 billion in profit before tax.

In profit-making, Allied Bank Limited and Bank Al-Falah Limited remained far behind their competitors. Allied Bank reported 46.78 billion rupees profit while BAFL earned 36.67 billion profit before taxation.

Similarly, Bank Al-Habib emerged as the seventh largest bank in the country and it earned 33.05 billion pre-tax profit in 2022.

Askari Commercial Bank reported a 27.47 billion rupees profit. Habib Metropolitan Bank earned 28.46 billion rupees pre-tax profit last year, followed by Faysal Bank with a 22.39 billion profit. Bank of Punjab also earned 18.37 billion in profit before tax for the year 2022.

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