Investments Banks/Investment Companies: ATLAS INVESTMENT BANK LIMITED - Half Year Ended December 31, 2003

The bank is a public limited company listed at all stock exchanges of the country. PACRA has upgraded the long term credit of Atlas Investment Bank Limited to 'A-' (single A minus) and maintained the short term rating at 'A2' (A two).
At present the share in the bank is trading at Rs 23.40 per 10 rupee share. During the last one year the price of the share increased to Rs 24.05 from Rs 10.10 per share.
There has been all round improvement both in asset and profitability which is quite impressive.
The bank continued with its strategy of increasing its asset base. The investment portfolio rose to Rs 2 billion from Rs 1.84 billion as of June 30, 2003.
Lease disbursement increased to Rs 877.07 million against Rs 600.46 million in the same period last year (SPLY). The Gross Income amounted to Rs 355.84 million compared to Rs 291.84 million of the SPLY.
Major components of income were Rs 161.88 million from investment, Rs 24.20 million from placements and Rs 130.83 million from leasing and lending operations.
Income from brokerage for the period amounted to Rs 38.05 million compared to Rs 15.24 million of the SPLY.
The administrative, financial and other expenses stood at Rs 180.55 million against Rs 190.40 million of the SPLY.
After making provision for doubtful finances at Rs 5.56 million the pre-tax profit stood at Rs 169.73 million against Rs 81.07 million in SPLY showing 109% increase which is highly commendable.

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Performance Statistics                (Million Rupees)

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Balance Sheet                                  -As At-

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                              December 31      June 30

                                     2003         2003

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Share Capital-Paid-up:             351.41       319.46

Reserves:                          292.96       200.22

Shareholders Equity:               644.37       519.68

Surplus On Revaluation

 of Investment-Net:                 66.18       137.31

L.T Debts:                         858.22       762.35

Deferred Taxation:                  98.99        88.02

Deferred Liability-

 Defined Benefit Plan:               1.61         1.62

L.T Deposits:                      249.08       196.13

L.T Registered

 Deposit Certificates:             189.55       209.56

Current Liabilities:             3,420.30     3,153.44

Fixed Assets:                       33.62        43.75

Rooms & Cards:                      37.25        37.25

L.T. Investments Held to Maturity: 148.84       158.86

Investment in a Subsidiary:         30.00        30.00

Net Investment in Lease Finance: 1,202.01       945.89

L.T Finances:                      252.90       172.13

L.T Deposits & Deferred Costs:       6.29         6.45

Current Assets:                  3,817.39     3,673.78

Total Assets:                    5,528.30     5,068.11

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Profit & Loss A/c For the

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Half Year Ended December 31          2003         2002

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Revenue

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Income From Investments:           161.88       101.21

Income From Leasing Operations:    101.89       109.54

Income From Term Finances:          28.94        38.55

Income From Placements:             24.20        20.89

Income From Brokerage:              38.05        15.24

Other Income:                        0.88         6.41

Total Income:                      355.84       291.84

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Expenditure & Provision

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Financial (Charges):              (107.42)    (145.35)

Admin & Operating (Expenses):      (68.26)     (44.69)

(Amortisation) of Deferred Costs:   (0.42)      (0.42)

Other Charges:                      (4.45)           -

(Provision):                        (5.56)     (20.31)

Total (Expenditure & Provision):  (186.11)      210.77

Profit Before Taxation:            169.73        81.07

Profit After Taxation:             124.69        64.58

Earning Per Share (Rs):              3.55         1.84

Share Price (Rs) Dated 13.04.2004:  23.40            -

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Financial Ratios

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Price/Earning Ratio:                 6.59            -

Book Value Per Share:               18.34        16.27

Price/Book Value Ratio:              1.28            -

Current Ratio:                       1.12         1.16

Net Profit Margin (%):              35.04        22.13

R.O.E (%):                          19.35        12.43

R.O.A (%):                           2.25         1.27

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COMPANY INFORMATION: Chairman: Yusuf H. Shirazi; President & CEO: Frahim Ali Khan; Company Secretary: M. Naeem Khan; Registered & Head Office: Ground Floor, Federation House Clifton Karachi; Other Offices: Lahore Office 27 Egerton Road Lahore; Islamabad Beverly Centre Blue Area Islamabad; Brokerage House: Room 428 Karachi Stock Exchange; Room 203 Lahore Stock Exchange.
Copyright Business Recorder, 2004