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CORPORATE WATCH

2017-02-25
Bank Alfalah`s profit rises to Rs7.9bn KARACHl: Bank Alfalah posted a net profit ofRs7.9 billion for 2016, up 5 per cent from a year ago, a press release said on Friday.

The bank did not announce a cash dividend.

Earnings per share were reported at Rs4.96 against Rs4.73 last year.

The bank`s total revenue remained Rs37.6bn against Rs37.5bn recorded in 2015. Growth of non-markup expenses remained restricted to 3.7pc.

The bank`s total assets at the end of 2016 stood at Rs917bn against Rs903bn a year ago.Indian behind `cheapest smartphone` held NEW DELHl: The former managing director of alittle-known Indian company that claimed to be selling the world`s cheapest smartphone has been arrested for fraud, police said Friday.

Mohit Goel, boss of the domestic handset maker Ringing Bells, was taken into custody in Ghaziabad late Thursday after a distributor complained it had not received phones worth 1.6 million rupees (around $24,000). Ayam Enterprises said it had paid 3 million rupees ($45,000) after Goel persuaded it to distribute the Freedom 251 smartphone in November 2015 but only received 1.4 million rupees` worth.-AFP