Tag: NBP

  • Car sales up by 53.7 per cent in 2022, despite repeated price hikes

    Car sales up by 53.7 per cent in 2022, despite repeated price hikes

    The latest data provided by the Pakistan Automotive Manufacturing Association (PAMA) shows that overall car sales climbed by 53.78 per cent during the first nine months of the current fiscal year 2021-22 (July-March) compared to the same period in the past financial year.

    Keeping in view the recent figures, 172,612 vehicles were delivered in the time period under consideration, compared to 112,244 cars in the previous year. In March 2022, the country’s car sales climbed by 33.28 per cent on a year-over-year (YoY) basis when compared to the same month in 2021.

    In March 2022, car sales soared to 22,799 units, up from 17,105 units in the same month the previous year. considering the breakdown of the numbers, around 26,830 combined units of Honda Civic and City were sold in the fiscal year 2021-22, compared to 18,816 units in 2021, indicating a 42.59 per cent increase.

    The sale of Toyota Corolla and Yaris sedans increased by 24.93 per cent in the same time, rising to 43,695 units from 34,975 units the previous year. Suzuki Swift sales, on the other hand, fell by 73.78 per cent, from 1,896 units in July-March 2020-21 to 497 units. The drop witnessed in sales of Suzuki Swift was due to the production cut of the older Swift, which was scheduled to be replaced by the fourth generation in February of this year.

    Read more: Toyota Pakistan records highest monthly sales, selling 7,132 vehicles in March 2022

    With 53,241 units sold so far in the fiscal year 2022, Pakistan’s smallest engine size vehicle, the 660cc Alto, is now the most popular. It is worth noting that the mini hatchback is also the country’s ‘cheapest’ four wheeler from the big three.

  • National Bank to close branches in Bangladesh, Afghanistan

    National Bank to close branches in Bangladesh, Afghanistan

    The National Bank of Pakistan has decided to shut down its branches in Bangladesh and Afghanistan due to financial losses.

    According to reports, the NBP officials said that the government will shut down three branches in Bangladesh situated in Sylhet, Chittagong, and Dhaka along with some branches in Afghanistan.

    According to details, the NBP branch in Sylhet has been facing financial losses for the past eight years and that it would be shut down by the end of this year. The State Bank of Pakistan has approved the decision to close the branch down in Sylhet, while the remaining two in Bangladesh will also be closed soon.

    On Monday, the Senate’s Standing Committee of Finance and Revenue directed the National Bank of Pakistan to submit details of non-performing loans.

    Citing non-performing loans as reason, the NBP officials had informed the committee that the bank has closed two branches in Bangladesh and Afghanistan due to continuous losses, while more will be shut down soon.

    The meeting was further informed that 23 branches of the bank were established in various countries.