PakStox Outlook

National Bank of Pakistan (PSX:NBP) reported a loss of Rs 4.3 per share for the 2nd Quarter ending June 2024. See Note Askari Bank Limited (PSX:AKBL) reported an EPS of Rs 3/- for the second quarter ending Ju 2024. NO cash dividend was declared. See Note Askari General Insurance Co Ltd (PSX:AGIC ) reported earnings for the second quarter ending Jun 2024. AGIC earned Rs 2.5 per share for the second quarter and declared an interim cash dividend of Rs 2 per share. See Note

AGIC:  Notes from Directors' Report  Dec 2022 The general insurance industry in Pakistan has faced several challenges, including intense competition, high claim costs and economic instability. The devaluation of the Pakistani rupee has also impacted the industry, as it has resulted in higher reinsurance costs for insurance companies. With reinsurers’ revenue and profitability declining in USD terms, Pakistan’s general insurance industry is losing ranks in reinsurer’s priorities. During 2022, SBP raised the policy rate to 16% , to moderate the aggregate demand and control the rising Current Account Deficit (CAD). This has negatively affected the overall business activity and resultantly the insurance industry as well.