Half-yearly accounts of EIBL approved

The Escorts Investment Bank Limited (EIBL) Board of Directors (BoD) has approved the half-yearly accounts for the period ended December 31, 2005. According to a bank's spokesman here on Tuesday, the approval was given during a Board of Directors meeting held recently.
In the meeting, bank's CEO and President Rashid Mansur presented half-yearly review, in which he highlighted that net profit after tax has doubled to rupees 81 million during the period under review in comparison to Rs 42 million in the corresponding year. He said the bank's equity base had increased by 21 percent during the period under review.
He averred that credit rating was upgraded once again, JCR VIS Credit Rating Agency upgraded the bank's short-term credit rating from A-2 to A-1 and medium to long-term credit rating had been maintained at A with stable outlook. "On the product diversification side, issuance of license to undertake leasing business by SECP has been an important development," he added.
According to him, the gross revenue of the bank had increased to Rs 317 million, which showed 107 percent increase, while deposits and borrowings had increased from Rs 2,338 million to Rs 3,410 million. The financing also showed improvement from Rs 440 million to Rs 579 million, an increase of 32 percent. Moreover, on December 31, 2005, the bank's total assets stood at Rs 4,256 million, which had increased from Rs 3,054 million in the corresponding year.
He said the bank's earning per share had also enhanced from Rs 1.28 per share in December 2004 to Rs 2.04 per share in December 2005.