KARACHI, Oct 16: First Habib Bank Modaraba (FHBM) has earned a pre-tax profit of Rs98 million in the fiscal year (July-June) 2002-03, up 21 per cent from Rs81m it earned in 2001-02.

According to a press release, the company declared profit distribution at a rate of 18 per cent in 2003, up from 16 per cent in 2002.

The release said the announcement was made at the annual review meeting of FHBM held on Wednesday under the chairmanship of its CEO Saeeduddin Khan.

FHBM wrote new leases of Rs369 million during the fiscal 2003 and its net assets reached the highest ever level of Rs551 million at the close of the last fiscal year.

“FHMB will continue to focus on the quality of its assets portfolio with a cautious and prudent approach,” is the commitment made by its management. JCR-VIS has assigned the company an entity rating of double A that is the highest rating given by it to any modaraba.