Latest news with #JSBank
Business Recorder
13-05-2025
- Business
- Business Recorder
JS Bank launches first maternity insurance through JS Her
KARACHI: In a move to support women's health and financial well-being, JS Bank, through its women-focused banking platform JS Her, has launched Pakistan's first dedicated maternity insurance, offering care and coverage for new mothers. Timed to honour mothers on Mother's Day, this innovative insurance plan provides financial support during one of life's most critical moments. The coverage includes up to Rs100,000 for normal deliveries and Rs125,000 for complicated deliveries or C-sections. Women between the ages of 18 to 50 years are eligible for the plan. Atif Malik, Chief Operating Officer at JS Bank, shared his thoughts on the initiative and said that JS Bank is committed to building financial solutions that support women at every stage of life. With the launch of Pakistan's first maternity insurance under JS Her, the banks is offering care, confidence, and a safety net when it's needed most. This is a step towards more inclusive banking, where every woman feels valued and supported, he added. Copyright Business Recorder, 2025
Business Recorder
02-05-2025
- Business
- Business Recorder
CM Maryam vows to safeguard rights of workers
LAHORE: Chief Minister Punjab Maryam Nawaz Sharif, while paying rich tribute to the industrial services of workers, miners and labourers said that a total package worth Rs. 84 billion approximately was given for the well-being of labourers. The CM said,' I salute the greatness of every worker, miner and labourer. A labourer is a friend of Allah Almighty and we profoundly value as well as hold in high esteem the friend of Allah Almighty. The miners and workers will be able to get a monthly subsidy of Rs 3000/ through ration cards.' She added, 'Workers will be able to get 13 other benefits including digital cash transfer, advance salary and Labour Day prizes through JS Bank cards.' The Chief Minister while congratulating the workers and labourers apprised that 50-bedded social security hospitals have been inaugurated in Kasur and Sargodha, while a 50-bedded social security hospital will also be built in Rahim Yar Khan for the workers and labourers. She apprised that state-of-the-art 'Wellness Centres' will be built in three cities for the welfare of workers. The Chief Minister revealed that a first-of-its-kind 200-bedded modern cardiac city will be built in Lahore for the workers. She disclosed that 'Teleclinics' are being set up to provide medical treatment facilities to the workers from the best doctors. She said the inauguration of a labour colony in Taxila and a Workers Welfare Complex in the Sundar Industrial Estate is welcoming. She said, 'A new labour colony will be built in Warburton and its Phase-II will be built in Multan. 300 Day Care Centres are being built for the convenience of female workers working in factories. For the first time, payment of minimum wage is being ensured across the province. I salute the greatness of our workers and labourers as without them no country can achieve progress and prosperity among the comity of nations.' Copyright Business Recorder, 2025
Express Tribune
01-05-2025
- Business
- Express Tribune
CM announces labour health, housing projects
Punjab Chief Minister Maryam Nawaz Sharif a package worth Rs84 billion has been launched for the well-being of labourers ahead of the International Labour Day. The miners and workers will be able to get a monthly subsidy of Rs3,000 through ration cards, she stated in her message issued to mark the day. She added, "Workers will be able to get 13 other benefits, including digital cash transfer, advance salary and Labour Day prizes through JS Bank cards." The chief minister said 50-bed social security hospitals had been inaugurated in Kasur and Sargodha, while a hospital would also be built in Rahim Yar Khan for the labourers. She said state-of-the-art wellness centres would be built in three cities for the workers. The chief minister revealed that a first-of-its-kind 200-bed modern cardiac city would be built in Lahore for the workers. She disclosed that 'teleclinics' were being set up to provide medical facilities to the workers from the best doctors. She said the inauguration of a labour colony in Taxila and a Workers Welfare Complex in the Sundar Industrial Estate was a welcome step. She said, "A new labour colony will be built in Warburton and Phase-II of the colony in Multan will be built, while 300 day care centres are being built for the convenience of female workers of factories." The chief minister added, "For the first time, payment of minimum wage is being ensured across the province." Meanwhile, Special Assistant to Chief Minister (SACM) Punjab Rashid Iqbal Nasrullah and Deputy Commissioner Lahore Syed Musa Raza on Thursday paid glowing tributes to workers across the province, acknowledging their crucial role in Pakistan's development and progress on the occasion of International Labour Day. SACM Rashid Iqbal Nasrullah, in his message, called workers the "backbone of society," praising their unwavering dedication and tireless efforts that drive national growth. "Your labour is not only a source of pride but also a cornerstone for the nation's reconstruction," he said. He emphasised that under the leadership of Punjab Chief Minister Maryam Nawaz Sharif, the provincial government is taking meaningful steps to protect workers' rights and improve their quality of life. "The Chief Minister has not only raised workers' wages but also ensured their effective implementation across Punjab," he noted. Nasrullah added that new welfare initiatives aimed at uplifting the working class will be launched soon. Echoing these sentiments, Deputy Commissioner Lahore Syed Musa Raza paid homage to the labour force's resilience and indispensable contributions to the city's development. "Without the contribution of labourers, the prosperity of Lahore would not be possible," he stated in his message. The DC highlighted the vital role played by workers in diverse sectors including construction, transport, manufacturing, sanitation, and services, calling them the pillars of Lahore's economic and social life. He reiterated the district administration's commitment to safeguarding workers' rights, health, and safety, ensuring they receive fair treatment and dignified working conditions. "Labourers are the backbone of our economy, and the administration stands in solidarity with them," said the DC, assuring continued prioritisation of worker welfare and empowerment in Lahore and across Punjab.
Business Recorder
29-04-2025
- Business
- Business Recorder
US arbitrator orders Zia Chishti to pay $9.1mn to TRG International
In a big blow to former TRG Pakistan CEO Zia Chishti, a US arbitrator has ordered him to pay $9.1 million (Rs2.5 billion) to TRG International, Business Recorder learnt on Tuesday. The arbitration was regarding the legality of share pledges of TRG Pakistan that were central to Zia Chishti's borrowing Rs2.5 billion from JS Bank to buy additional shares of TRG Pakistan. TRG had alleged that it was part of a plan by him and the JS Group to illegally take over TRG Pakistan as a first step towards taking control of TRG's international assets. TRG Pakistan shared the development in a notice to the Pakistan Stock Exchange (PSX) on Tuesday. 'The company has been informed by its affiliate The Resource Group International Limited ('TRGIL') that a final award has been issued by a US arbitrator in respect of the arbitration initiated by TRGIL against Mr Chishti challenging the pledging by Mr Chishti of company shares owned by him. 'On January 27, 2025, the arbitrator had issued a partial final award which ruled, inter alia, that shares pledged by Mr Chishti, primarily to JS Bank as security for a loan, were in breach of contractual obligations of Mr Chishti. 'On April 22, 2025, the arbitrator issued a final award that, in addition to the remedies contained in the partial final award dated January 27, 2025, ordered Mr Chishti to pay TRGIL a sum of US$ 9.1 million,' the notice read. Zia Chishti 'resigns as CEO, director at TRG Pakistan' TRG contended that Chishti was not allowed to pledge the shares given his contractual undertakings, and had asked the arbitrator to order him to remove the pledge. In January 2025, the US arbitrator ruled in favour of TRG, and declared that Chishti had breached his contractual obligations by making the pledge. The court then ordered him to remove the pledge. In April 2025, the arbitrator has ordered Chishti to pay $9.1 million (or PKR 2.5 billion) to TRG. As questions are raised about the ability of former TRG Pakistan CEO to pay such a significant amount to TRG, the fate of Rs2.5 billion loan from JS Bank to Chishti remains unclear. In recent filings with the Sindh High Court, JS Bank has declared the loan to be in default. TRG has had stay orders in place from the Sindh High Court since 2023 preventing the exercise of security on the loan. Zia Chishti, The Telegraph settle libel suit over reporting of ex-employee's 'grooming' allegations It is unclear whether the loan continues to be carried on JS Bank's books given the default and the stay orders on collateral. During the most recent quarter ended March 31, 2025, JS Bank reported profit before tax of Rs2.7 billion, which could get wiped out with a write-off of this loan Market analysts have questioned the nature of the loan made in 2022, as it represented a huge exposure for JS Bank for a loan made to a single person. The loan was renewed in November 2024 despite the stay orders on the share pledge security were in place, only to be in default two months later. In the bourse notice on Tuesday, TRG Pakistan also shared that it had received copies of certified orders regarding the adjudication of Writ Petitions 3383 and 3395 of 2025 filed in the Lahore High Court and 693 of 2025 filed in the Islamabad High Court by Zia Chishti. SHC restrains Zia Chishti, wife from transferring shares of TRG Pakistan: notice In both writ petitions, Chishti had sought to suspend ad-interim orders of the Civil Judge in Lahore and Islamabad dated December 2, 2024, December 10, 2024, and February 11, 2025, respectively, that restrained the company in respect of its board elections. 'On April 8, 2025 the Honorable Islamabad High Court judge was pleased to dismiss Writ Petition 693 of 2025 and on April 11, 2025, the Honorable Lahore High Court judge was pleased to dismiss Writ Petitions 3383 and 3395 of 2025,' the notice read.
Business Recorder
28-04-2025
- Business
- Business Recorder
JS Bank reports Rs2.74bn profit before tax for Q1 2025
KARACHI: JS Bank has reported an unconsolidated Profit Before Tax of PKR 2.74 billion, while Profit After Tax stood at PKR 1.29 billion for the first quarter ended March 31, 2025. The Bank Earnings per share for the period were PKR 0.63, compared to PKR 0.84 in the same quarter last year. Despite significant reduction in the regulatory policy rate year-on-year, the Bank delivered steady growth in its core earnings. Net interest income increased by 5 percent year-on-year; to PKR 7.43 billion, while total revenue for the quarter reached PKR 10.61 billion. Core fee income also showed strong momentum, rising 19 percent year-on-year to PKR 1.31 billion. The growth in core earnings was primarily driven by an improvement in average non-remunerative deposits and volumetric expansion across the balance sheet. Operating expenses remained well-managed with a modest 13 percent year-on-year increase. The Bank's coverage ratio improved to 72.4 percent, compared to 70.7 percent at year-end December 31, 2024. On a year-on-year basis, the Bank's average non-remunerative deposits grew by PKR 22 billion. As of March 31, 2025, period-end non-remunerative deposits stood at PKR 179.95 billion, representing 34 percent of the deposit mix. The Bank's total assets increased to PKR 670 billion, up from PKR 636 billion at year-end 2024. The net investment portfolio grew by 19 percent to PKR 361 billion, while customer deposits rose to PKR 534 billion. Net advances stood at PKR 193 billion, reflecting a prudent lending approach. On a consolidated basis, the Bank posted a Profit Before Tax of PKR 7.49 billion and a Profit After Tax of PKR 3.10 billion. Consolidated earnings per share were reported at PKR 1.18. Basir Shamsie, President and CEO of JS Bank, said 'Our performance this quarter reflects the strength of our strategy and our continued focus on delivering value to our customers. As we move forward, we're focused on scaling our impact through innovation, expanding access to financial services, and supporting the country's economic progress.' Copyright Business Recorder, 2025
