National Bank of Pakistan (NBP) president Syed Ali Raza on Thursday said that the NBP has earned a record pre-tax profit of Rs 9 billion during last year.
The bank has recorded 18 to 19 times increase in its profit during the last four years.
He stated this while inaugurating the exchange company launched by the NBP. The NBP is first bank to launch such a company.
NBP's Islamabad branch managing-director Naeemuddin and other bank officials were also present on the occasion.
Addressing the gathering, Ali Raza said that the bank has become a profit making institution. He claimed that no other bank has ever earned such a huge profit in the country's banking history.
Highlighting the importance of the exchange company, he was of the view that it would be an effective tool to eliminate the 'Hundi Hawala' system.
The NBP president announced that six new branches of the NBP Exchange Company would be set up in next six months all across the country.
"We would have NBP Exchange Company branches at Peshawar, Mirpur, Lahore, Gujrat, Gujranwala and Sialkot in the near future," Raza added.
The main objective of these branches is to make sure that the foreign exchange comes through official channel, he said.
"We have taken this decision in the best national interest as 50 percent of the remittances were coming through 'Hundi Hawala' system," he further added.
Ali Raza informed that the NBP is operating in 18 countries including America, Japan, France, Germany, Hong Kong.
Besides representation in 18 countries, the NBP has unique distinction of franchise in Central Asia, he added.
The NBP has made arrangements with Western Union Bank to facilitate expatriates for easy transfer of their money to Western Union's branches also, he said.
Giving further details of the NBP Exchange Company, Raza said that the NBP is the first commercial bank to venture in this area.
"The whole system is paperless. It will be totally documented, which is a great benefit to our customers. The government wants to encourage the practice of documentation," he remarked.
Syed Ali Raza visited the Islamabad branch of the bank's exchange company.
NBP Exchange Company will offer a full range of foreign currency exchange services to individuals and companies.
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