ISLAMABAD – Pakistanis face another increase in fuel costs after the federal government raised petrol by Rs1.54 per litre and high-speed diesel (HSD) by Rs2.16 per litre for Tuesday.
OGRA linked the adjustment to developments in international markets, including changes in Platts benchmark rates, premiums and incidental costs.
Diesel users have now faced two successive increases. On Friday, the government raised HSD by Rs1.91 per litre while leaving petrol unchanged. Together, the two revisions have added Rs4.07 per litre to diesel prices.
The domestic increase comes as global crude markets pulled back on Monday, with hopes of easing hostilities between the United States and Iran reducing some supply concerns. However, persistent attacks on Saudi Arabia kept investors cautious and oil prices near six-month highs.
Brent crude futures fell $2.03, or 1.7%, to $114.70 per barrel at 10:37am ET, equivalent to 1437 GMT. US West Texas Intermediate crude dropped $2.60, or 2.5%, to $100.71 per barrel.
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LAHORE — A meeting of Board of Directors of The Bank of Punjab (BOP) was held on October 26, 2026, wherein the Bank’s unaudited financial results for the nine months ended September 30, 2026, were reviewed and approved.
Building on its strong performance during the first half of the year, the Bank maintained its steady growth momentum, delivering sustained business expansion, robust core earnings, and consistent operational performance. The results reflect BOP’s strengthening financial fundamentals, effective strategic execution, and growing competitive position within Pakistan’s banking industry, reinforcing its commitment to sustainable growth and long-term value creation for stakeholders.
| Financial Performance | 9M 2026 | YoY Growth |
| Net Interest Income | Rs. 69.40 billion | 19% |
| Non-Markup Income
(excluding gains) |
Rs. 18.04 billion | 47% |
| Operating Profit
(before provisions and gains) |
Rs. 34.42 billion | 34% |
| Profit Before Tax | Rs. 30.46 billion | 15% |
| Profit After Tax | Rs. 14.53 billion | 22% |
The Bank of Punjab continued its upward earnings trajectory during the nine months ended September 30, 2026, demonstrating the strength of its core banking franchise and the effectiveness of its business strategy. Operating Profit (before provisions and gains) climbed to Rs. 34.42 billion, marking an impressive 34% year-on-year increase. The Bank’s revenue performance remained equally encouraging, with Net Interest Income reaching Rs. 69.40 billion, up 19%, while Non-Markup Income (excluding gains) advanced to Rs. 18.04 billion, recording 47% growth. These results highlight the Bank’s ability to generate sustainable earnings through strategic balance sheet management, strengthening non-funded income streams, and a diversified revenue base.
The sustained strength in core earnings, complemented by disciplined expense management, continued to support the Bank’s overall profitability. Profit Before Tax rose to Rs. 30.46 billion, representing 15% year-on-year growth, while Profit After Tax increased to Rs. 14.53 billion, reflecting a 22% improvement over the corresponding period last year. The Bank’s continued focus on productivity, cost optimization, and operational discipline contributed to improved efficiency, with the Cost-to-Income Ratio (excluding gains) improving by 3.03%. This combination of revenue growth, profitability, and enhanced operating efficiency reflects BOP’s progress towards building a stronger, more competitive, and financially resilient banking institution.
The Bank also demonstrated sustained business momentum during the nine months ended September 30, 2026, with gross advances registering an impressive 28% year-on-year growth, reflecting the Bank’s expanding lending footprint and continued support for economic activity. Despite a broadly stable overall balance sheet, the Bank made significant strides in strengthening its core deposit franchise, with current deposits growing by 16% year-on-year, while average current deposits recorded a remarkable 25% increase over the corresponding period last year. This strong growth in low-cost deposits underscores the Bank’s continued focus on improving its funding mix, enhancing funding efficiency, and building a more sustainable foundation for long-term profitability. Total assets and deposits stood at Rs. 2,456 billion and Rs. 1,928 billion, respectively, while gross advances reached Rs. 1,073 billion, highlighting the Bank’s continued emphasis on productive asset deployment and strengthening its core banking business.
The Bank further reinforced its capital position, supported by strong financial performance and continued equity support from the Government of Punjab. During the period, the Bank received Rs. 15.6 billion from the Government of Punjab under the equity injection arrangements, representing a significant step towards strengthening its capital base. As of September 30, 2026, the Bank’s Capital Adequacy Ratio (CAR) stood at 13.94%, while its Leverage Ratio reached 4.07%, both comfortably above the regulatory requirements prescribed by the State Bank of Pakistan. The Bank also maintained full compliance with applicable IFRS 9 provisioning requirements, reaffirming its commitment to prudent financial management, regulatory discipline, and long-term financial resilience.
The year 2026 marked significant strategic achievements for The Bank of Punjab, further strengthening its institutional standing and growth prospects. The Bank’s long-term credit rating was upgraded by PACRA to the highest AAA category with a Stable Outlook, reflecting its strengthened financial profile and institutional resilience. Expanding its international footprint, BOP also secured in-principle approval from the State Bank of Pakistan to establish an Overseas Wholesale Banking Unit in the Kingdom of Bahrain, opening new avenues for cross-border business and regional connectivity. Complementing these milestones, the Bank continued to earn prestigious national recognition, securing three accolades at the Pakistan Banking Awards 2026 for Agriculture Inclusion, SME Banking, and Women’s Inclusion. These achievements extend BOP’s remarkable track record of consecutive awards across key banking segments, reinforcing its growing market standing, commitment to financial inclusion, and pursuit of sustainable long-term growth.
The Bank of Punjab continues to strengthen its position as a dynamic and increasingly competitive financial institution, combining its established public-sector relationships with a growing commercial banking franchise. Beyond its traditional role as a key financial partner to the Government of Punjab, BOP is progressively broadening its business horizons through deeper customer engagement, diversification of banking services, and a sharper focus on sustainable, relationship-driven growth.
Bank remains committed to leveraging technology, digital innovation, and operational excellence to enhance customer experience, improve service delivery, and build a more efficient and agile banking model. With a clear emphasis on strengthening core banking capabilities, maintaining prudent risk management, and capitalizing on emerging domestic and international opportunities, BOP aims to translate its institutional progress into enduring financial performance. Looking ahead, the Bank’s strategic direction remains firmly anchored in profitable growth, customer-centric innovation, financial inclusion, and sustainable stakeholder value, while continuing to play a meaningful role in Pakistan’s economic development.
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The upcoming Budget is speculated to hit banks with an additional tax
© PA Wire
© PA Archive
© PA Archive
ISLAMABAD: Food Security Minister Rana Tanveer Hussain on Monday announced that the government would maintain strategic wheat reserves of up to six million tonnes, asserting there would be no shortage of wheat in Pakistan this year as adequate arrangements were in place to meet the national requirements.
“This will help ensure uninterrupted supplies and protect the country against potential market disruptions,” the minister said while addressing a press conference in Islamabad.
His remarks came days after Prime Minister Shehbaz Sharif announced the indicative price of Rs4,500 per maund of wheat for 2027, raising the price by Rs1,000 from last year.
Hussain noted that the government had fixed the indicative wheat support price at Rs4,500 per 40kg following extensive consultations with all provincial governments.
“The enhanced support price will not only maintain stability in the domestic wheat market but also enable the country to export wheat next year.”
The decision on the new indicative price reflected the approach aimed at safeguarding farmers’ interests, he contended.
The minister explained that imported wheat would also cost approximately Rs4,500 per maund, making domestic procurement a more suitable option. He reiterated that the government would prioritise Pakistani farmers rather than rely unnecessarily on imported wheat.
Providing details of wheat supplies, the minister disclosed that more than 1.3 million metric tonnes of wheat had been provided to the provinces from stocks of the Pakistan Agricultural Storage and Services Corporation (Passco).
He further stated that arrangements could be made to import up to 550,000 metric tonnes of wheat in accordance with provincial requirements and demand.
Expressing concern over recent fluctuations in wheat prices, Hussain described the prevailing price hike as artificial and manipulated by certain market elements.
He maintained that sufficient wheat stocks were available in the country and expressed confidence that prices would return to normal within the next few days.
The food security minister emphasised that the government was closely monitoring market developments and would take necessary measures to discourage artificial shortages, speculative practices and unjustified price increases.
The minister said that the federal government, under the leadership of PM Shehbaz, was taking comprehensive measures to strengthen agricultural productivity, improve market regulation and ensure the availability of essential food commodities across the country.
Discussing broader agricultural reforms, Hussain stated that the government had also formulated policies relating to seeds, olives and biotechnology to modernise Pakistan’s agricultural sector, improve crop productivity and encourage innovation.
He reiterated that ensuring the “availability of quality seeds, promoting modern agricultural technologies and improving regulatory mechanisms” were essential for increasing agricultural productivity and reducing farmers’ production costs.
“Agriculture remains the backbone of Pakistan’s economy. Sustainable agricultural development is indispensable for national economic stability, rural prosperity and long-term food security,” Hussain reaffirmed.
Endorsing the government’s pledge to export wheat next year, Pakistan Kissan Ittehad President Khalid Mahmood Khokhar appreciated the government’s decision to fix the indicative wheat price at Rs4500 per 40kg.
He expressed his satisfaction over the consultation process and acknowledged the importance of providing farmers with a predictable and reasonable price for their produce.
Last month, the Pakistan Kissan Ittehad demanded a Rs5,000 per 40kg support price for wheat, warning that farmers may not sow wheat for the next season if the government delays announcing crop policies.
The association had maintained that the farmers were unable to afford balanced fertiliser use because they were not recovering production costs.h a predictable and reasonable price for their produce.
ISLAMABAD – The country’s foreign exchange reserves have reached a record high of $21.5 billion in the first quarter, according to the Ministry of Finance.
The ministry has released its report on economic performance for the first quarter of the current fiscal year. Exports, remittances and foreign investment have also increased. IT exports rose by 18 percent, while freelancers’ earnings grew by 46 percent.
According to the report, economic stability and investor confidence improved during July to September 2026. Foreign exchange reserves rose by 52 percent to a record high of $21.5 billion.
Exports stood at $11.2 billion and remittances at $10.9 billion. Foreign direct investment improved to $720 million. The net inflow of total foreign investment was recorded at $3.65 billion, compared with a net outflow of $33 million in the same period last year.
The report says goods exports rose 8 percent to $8.5 billion, while services exports grew 23 percent to $2.7 billion. IT exports increased 18 percent to $1.25 billion, while freelancers’ export earnings rose 46 percent to a record monthly high of $550 million.
Remittances from overseas Pakistanis rose 14 percent. Total inflows into Roshan Digital Accounts reached $14.3 billion.
According to the Ministry of Finance, FBR tax collection stood at Rs3.1 trillion, surpassing the first-quarter target. Private sector credit reached Rs11.28 trillion, up 16.6 percent year-on-year.
The report states that all three major global credit rating agencies have maintained Pakistan’s rating in the B category, with a stable outlook.
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Gernot Döllner criticised for in-person announcement of major investment in US days before midterm elections
The head of the luxury carmaker Audi is under fire in Germany for appearing at a rally with Donald Trump just days before the US midterm elections, to announce billions of dollars of investment in battleground state Georgia.
Gernot Döllner joined Trump on stage after the US president gave a speech criticised by the head of an elected body of employees at Audi’s parent company, Volkswagen, as being full of “racism, sexism, transphobia [and] contempt for democracy”.
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© Photograph: Edgar Su/Reuters
© Photograph: Edgar Su/Reuters
© Photograph: Edgar Su/Reuters
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