Stocks Observer. com

ISLAMABAD: Adnan Afridi, Managing Director, Karachi Stock Exchange, has been elected as Chairman of the Executive Committee of South Asian Federation of Exchanges (SAFE). His election has taken place during the 8th Annual General Assembly meeting of the SAFE held in Abu Dhabi on March 11, 2009. Mr. Afridi’s election to the office of the Chairman of the Federation was proposed by Mr. Mahesh L. Soneji, ex-Chairman SAFE and MD/CEO Bombay Stock Exchange. He was unanimously elected by the votes of all the regional exchanges of various members comprising of the regional depositories and clearing companies whose representatives were present during the aforesaid General Assembly meeting. Afridi was congratulated by all the representative of the member entities. The Members expected that the SAFE would progress further under the dynamic leadership of Afridi.

KARACHI: United Bank Limited’s profit after tax stood at Rs 8.4 billion in 2008, translating into earnings per share of Rs. 8.26, said a press release issued by the bank. The bank achieved consolidated profit before tax of Rs 14.1 billion in 2008, 2 percent higher than last year’s profit. Profitability in 2008 was partly impacted by the decision to charge 50 percent of the impairment loss on the equities portfolio amounting to Rs 1.88 billion against this year’s P&L statement, although the State Bank of Pakistan has allowed banks to defer booking the loss till 2009. Without the impairment loss, the bank’s profit before tax would have reached Rs 15.9 billion, 15 percent above last year’s profit, said a press release issued by the bank. Turmoil in the global financial markets in the later part of the year resulted in a marked slowdown in business momentum overseas. Net interest income before provisions rose to Rs 28.8 billion, which is 16 percent higher than last year, whereas non-in