ISLAMABAD, April 28: Saudi Pak Commercial Bank Ltd (SPCBL) earned a net profit before tax of Rs979 million during 2003 as against the restated profit of Rs841.7 million made in 2002.
This increase in profit, chairman of the SPCBL Board Muhammad Rashid Zahir, informed the company's 10th Annual General Meeting here on Wednesday, was achieved despite the "softening in mark-up rate regime and the narrowing down of spreads".
The net profit after tax for the year amounted to Rs378.4 million as compared to the restated profit of Rs653.9 million of the previous year. The "most significant event of 2003" for the bank, its shareholders were informed, was increase in its paid up capital from Rs1,500 million to Rs2,250 million through the issuance of 50 per cent right shares.
Besides, the sponsors injected funds amounting to Rs650 million as subordinated debt. As a result, the bank achieved the Capital Adequacy Ratio (CAR) fixed by the State Bank of Pakistan.
