PICIC Bank declares 15 percent dividend

KARACHI (August 12 2004): Picic Commercial Bank has posted a record pre-tax profit of Rs 556 million for the first half of the year ended June 30, 2004, showing a rise of about 70 percent as compared to the corresponding period of the last year.

The bank had recorded a pre-tax profit of Rs 331 million during the same period of the last year.

Picic Commercial Bank Board of Directors Chairman Manzoorul Haq stated this, after presiding over the meeting of board of directors here on Wednesday.

He said that the board has approved an interim dividend of 15 percent for the period under review.

He said that Picic Bank has concentrated on deposit mobilisation which surged by Rs 10.622 billion or 38 percent during six months, raising the existing deposits to Rs 38.299 billion at the end of June 30, 2004.

Our advances also grew by Rs 10.525 billion or record 124 percent to Rs 18.979 billion by June 30, 2004, Manzoorul Haq said.

He said that earning per share increased from Rs 1.73 in June 2003 to Rs 3.8 in June 2004, while income surged to Rs 1.3 billion in just six months.

He said that most of the targets were achieved and the board focussed on core banking activities, which included lending to SMEs, consumer banking, trade financing and deposit mobilisation.

Trade financing was the strongest area during the first half of 2004, as the bank's trade financing business surged by 20 percent to Rs 21.704 billion as compared to Rs 18.127 billion in 2003.

There has been a significant decrease in investment of Rs 5.494 billion or 26 percent as compared to the corresponding period of the last year.

The net fund base income increased by 993 percent to Rs 503 million by the end of June 2004 as against Rs 46 million in June 2003.

Manzoorul Haq said that the issue of bonus and right shares has resulted in the increase of bank's equity, which was enhanced to Rs 3.287 billion as on June 30, 2004.

With the addition of 29 proposed branches, the total number of branch network will be increased to 100 by the end of June 2004.

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