ICIBL returns to profit
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.