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Chinese authorities defend yuan following Moody's outlook downgrade. Soft US ADP Employment change. Australian economic growth eases to slowest pace in 12 months; Markets likely to enter into a holding pattern ahead of US non-farm jobs numbers
Moody's decision to downgrade some of the group companies come after MSCI cut the free-float status of four Adani firms: Adani Enterprises, Adani Total Gas, Adani Transmission, and ACC.
Daily Market Wrap - Oct 19, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities equitybulls.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from equitybulls.com Daily Mail and Mail on Sunday newspapers.
A significant increase in gains on securities to Rs14bn from losses of Rs65 million in 2019 also supported the three banks’ bottom-line profitability. AFP/File
ISLAMABAD: Moody’s Investor Services on Thursday said that despite lower interest margins, higher provisioning for non-performing loans amid the pandemic, leading Pakistani banks post strong profit growth in 2020.
In a statement, the Moody’s said the financial results announced by three leading banks – MCB, Allied and Habib Bank – as of Feb 22 were credit positive and reflect containment of the pandemic’s adverse effects. “However, we expect pressure on 2021 profitability amid narrower net interest margins and ongoing asset quality deterioration,” it said.