KARACHI: Askari Bank’s profit after tax has drastically fallen to Rs386.225 million in the year 2008 against last year’s Rs2.681 billion. The bank has declared 25 per cent bonus share. According to financial results of the bank dispatched to Karachi Stock Exchange here on Monday, pre-tax profit also dropped to Rs461.382 million for the period ending December 2008.
The SECP’s Enforcement Department— while enforcing compliance of corporate and allied laws— initiated 86 show-cause proceedings and concluded 54 proceedings against chief executives, directors and auditors of companies in February and March. While facilitating companies to strengthen their capital base, the department allowed three listed companies to issue shares by way of otherwise than right at a discount and at par. In order to strengthen the existing regime of Corporate Social Responsibility (CSR) reporting, the SECP has joined hands with the ICAP for the external assurances of the CSR reports. CSR reports assist organizations in understanding and communicating their vision of combining a company’s profitability with social responsibility and environmental care. Both the SECP and the ICAP have reaffirmed their commitment to developing a framework for external assurance in accordance with prominent international assurance standards, and within a mutually agreed time f
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