ICIBL re­turns to profit

The Pak Banker - - Front Page - Staff Re­porter


Chief Ex­ec­u­tive Of­fi­cer of In­vest Cap­i­tal In­vest­ment Bank Ltd (ICIBL) Khawaj Naveed said that the bank has re­cov­ered from loss to profit mak­ing in­sti­tu­tion while has planned to start its leas­ing ser­vices for small and medium en­ter­prises and car fi­nanc­ing.

He said the ad­min­is­tra­tion of the bank had suc­cess­fully brought it back to the growth once it was a loss mak­ing bank in the in­dus­try. The ICIBL had de­clared Rs 2.69, and Rs 1.53 earn­ing per share (EPS) losses dur­ing 2010, and 2011 re­spec­tively, man­aged to back on growth track and de­clared 0.03 paisa EPS dur­ing the last quar­ter of 2012. He said Zahid­jee Group had ac­quired the ma­jor share­hold­ings and man­age­ment con­trol of the bank from July 2011 with 56.80 per cent share­hold­ings. In fu­ture the bank has planed to in­tro­duce new prod­ucts from con­sumer bank­ing and SME sec­tor which would be started by the end of this fi­nan­cial year, he added. He men­tioned that the ad­min­is­tra­tion of the bank had faced an up­hill task of re­duce ad­min­is­tra­tive cost when it had ac­quired the bank in June 2010 as it was run­ning at higher cost as com­pared to the other com­peti­tors. This was re­duced by ex­e­cut­ing Hu­man Re­source re­struc­tur­ing as a re­sult of ad­min­is­tra­tion ef­forts, op­er­at­ing ex­penses were re­duced by around 31 per cent as com­pared to year 2011 and 75 per cent as com­pared to 2010. On the other hand when the new man­age­ment had taken over the bank July 2011, four fi­nan­cial state­ments were pend­ing for re­lease which was suc­cess­fully an­nounced by the new man­age­ment. He hoped that the bank will also com­ply with min­i­mum eq­uity re­quire­ments with the im­ple­men­ta­tion of Se­cu­rity and Ex­change Com­mis­sion of Pak­istan (SECP) re­forms of re­vival of Non Bank­ing Fi­nan­cial Com­pa­nies (NBFC) re­forms in the coming years.

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