The First Habib Bank Modaraba (FHBM) on Tuesday announced that it has registered a 13 percent new lease growth for the year ending June 2004 as compared to the preceding year.
This was announced in the annual review meeting of the FHBM held here.
FHBM Chief Executive Saeed Uddin Khan highlighted the performance of the Modaraba to the certificate holders.
Despite difficult operating environment, the FHBM has successfully met the market challenges with a customer focus strategy and well-defined goals, he said.
New leases of Rs 418 million were written off during 2004, ie, 13 percent growth over the preceding year and the net leased assets increased by 32 percent from Rs 551 million of the last year to Rs 729 million during the year under review. Improved business volumes led to increase in total assets by 14 percent as compared to the last year.
The FHBM declared profit distribution of 16 percent in 2004 as compared to 18 percent in 2003.