Picic pays 62.5 percent dividend in 18 months

Pakistan Industrial Credit and Investment Corporation (Picic) during the period of 18 months ended on December 31, 2003, paid total dividend of 62.5 percent to its share holders.
Of this, Picic Board of Directors meeting held in Karachi on Tuesday declared 35 percent bonus shares for this period.
The Corporation had earlier paid 12.5 percent cash dividend (Interim) and 15 percent interim bonus. Thus the total dividend of 62.5 percent includes 12.5 percent cash and 50 percent bonus.
The performance of Picic during the period under review was driven by increased income from investments which rose to Rs 1876 million. Income from advances, leases and carry over transaction accumulated to Rs 1203 million even under low credit demand.
Total income for this period stood at Rs 3270 million. Total expenses amounted to Rs 1840 million. Operating profit and profit after taxation for the period rose to Rs 1430 million and Rs 1353 million, respectively, on account of healthy earnings registered by Picic's investment activities.
Earning per share and break-up value per share for the 18 months stood at Rs 11.72 per share and Rs 28.34 per share, respectively.
Picic has always stood by its commitment to contribute significantly towards national cause of industrial development and providing leverage to its valuable customer base by offering new products and services under its umbrella of a financial supermarket.
Picic would continue to draw inspiration from its vision of being the premier financial institution of the country and would stand committed to its mission to enhance, with sustained growth, the value of shareholders/depositors' investments and make Picic "investor preferred institution".
Picic has been short-listed for the acquisition of National Investment Trust Ltd (NIT) by Privatisation Commission under the privatisation process and is poised to be the largest fund manager in Pakistan.
Picic's latest endeavour under its business diversification plan is the initiation of general insurance business under the head of Picic Insurance Ltd for which it is in the process of soliciting the requisite permission.
Formation of art asset management company is also in its final stages. Keeping intact with the social cause Picic plans to establish a university of international standard and repute having a degree awarding status backed by an international affiliation.
Picic plans to implement a group structure that would optimally harness the synergies between its various businesses to consolidate its position in the banking and financial services industry. An initiative under this strategy is the proposed merger of Picic & Picic Commercial Bank and all 13 funds of ICP Lot 'B' into one fund "PICIC Investment Fund" and ICP-SEMF to be renamed as Picic Growth Fund.