The State Bank of Pakistan has given approval to Habib Bank Limited (HBL) to create ‘HBL Zarai Services Limited’ as a wholly-owned subsidiary to help Pakistan’s agriculture sector. HBL shared this news with the Pakistan Stock Exchange. The approval is subject to following all laws and regulations. HBL’s board had previously approved the incorporation of ‘HBL Zarai Services Limited’ in July. Agriculture is important for Pakistan’s economy, but its growth has slowed down. HBL also posted good financial results for the first nine months of 2023, with a 50% increase in profit before tax (PBT) and a 82% increase in profit after tax (PAT) compared to the same period last year. Earnings per share for the first nine months were also higher. This is despite heavy taxes on the banking sector.
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