KARACHI, Feb 24: Pakistan Industrial Credit and Investment Corporation Limited (PICIC) posted an after tax profit of Rs2.227 billion in 2005, up by 36 per cent over last year’s figure of Rs1.636 billion.

According to a PICIC press release issued here on Friday, the board of directors, which reviewed and approved the accounts for the year 2005, also declared cash dividend at a rate of 35 per cent, thus making the total dividend for the year at 85 per cent (cash dividend 50pc and bonus shares 35pc).

The cumulative income for the year 2005 increased by Rs1.593 billion, or 51 per cent, rising from Rs3.110 billion in 2004 to Rs4.703 billion in 2005.

Earning per share improved to Rs5.90 as against Rs4.64. The earning per share of the group increased from Rs6.88 to Rs9.43, showing a growth of 37 per cent.

PICIC is the largest private sector development finance institution, with equity of Rs8.5 billion. Its authorized capital was Rs5 billion as on December 2005.—APP