Escorts Investment Banks Limited (EIBL) on Thursday announced the half-yearly report ending December 2004, which shows a post-tax profit Rs 42 million. Though the profit remained stagnant as compared to the last year's profit, the bank's total assets increased by 31 percent, shareholders' equity by 46 percent, certificate of investment deposits by 38 percent, Modaraba financing by 12 percent and investment (including placements) by 15 percent.
"Sizeable expansion of equity and total assets is planned through the just announcement of right issue of 40 percent," said bank's President and Chief Executive Officer (CEO) Rashid Mansur in its half-yearly report.
This should allow the bank to enter into new activities like leasing, after completing the necessary formalities and obtaining the required approvals, he said.
In quality terms, he said that considerable progress had also been made towards further strengthening the internal audit function, expansion of branch network, deployment of state of the art, tailor-made software systems for out brokerage and investment banking and continued commitment to regulatory compliance.
The EIBL currently has six branches, while a new branch is about to open in Faisalabad.
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