LAHORE, Feb 20: First Women Bank Ltd hopes it would improve its net profit for the FY2001 to Rs118 million from previous year’s profit of Rs26 million.

This was stated by FWBL president Zarine Aziz, while speaking to businessmen here at Lahore Chamber of Commerce and Industry here on Wednesday.

She said the bank’s deposit went up to Rs6.167 billion and advances to Rs833 million during the year. Besides, the bank recovered Rs43.3 million in 2001 against Rs16 million the previous year.

She said the bank was not being privatized as it had been taken off the list of state-owned institutions to be sold out by the Privatization Commission.

Zarine said her bank planned to launch three new financing products for women next month as part of its efforts to empower them. The products would include business loans from Rs100,000 to Rs500,000, car financing, and loans for salaried and self- employed women. The terms for business loans would not be very tough, but the borrowers would be asked to place collateral — jewellry, land, etc. — with the bank for obtaining credit.

She said financial and legal support desks would also be set up at Karachi, Lahore and Islamabad to provide assistance to the women entrepreneurs about the tax-related problems.

She said the bank had disbursed loans worth Rs4.9 billion to over 21,505 women since its establishment despite various constraints.

To a question, the FWBL president said it would be a challenge for the bank to increase its equity to Rs1 billion by Dec 31, 2002, from the present Rs240 million as required by the central bank.