ISLAMABAD, Feb 28: Small and Medium Enterprise (SME) Bank has posted ten-fold higher profit in 2004 as compared to the year before, stated an official announcement issued here on Monday.

The bank's consolidated pre-tax profit had touched the figure of Rs743million last year as compared to Rs74million in 2003, reveal the official figures.

After-tax profit of the bank had increased to Rs488million in 2004 from Rs60million in 2003. The bank's earnings per share for 2004 had increased to Rs4.17 as compared to Rs0.92 in 2003.

The announcement stated that the marked improvement in the bank's profit was due to the restructuring programme initiated in early 2004 by the bank whereby it substantially reduced its expenditures/cost through reduction of staff and branches.

The bank, it said, had consolidated its new operations in eight locations and had embarked on an ambitious capacity building programme through induction of professionals to further develop its business.

The bank had been issued a commercial banking licence and expected to start full banking operations in the near future, it said. The bank's management, it added, will soon induct international experts who will introduce the best SME business models available world wide.