KARACHI, Feb 28: Pakistan Industrial Credit and Investment Corporation Limited (PICIC) has announced bonus shares at 30 per cent for shareholders. Including the already paid interim cash dividend at 25 per cent, the total pay out for the year 2004 stood at 55 per cent.

A press release issued by PICIC stated that accounts and appropriation of profit for the period ended December 31, 2004 were approved at the 270th meeting of the board of directors held on Monday.

Profit after tax for the year ended Dec 31, 2004 rose by 81 per cent to Rs1636 million, from Rs902 million during the corresponding period (annualized) of 2003. Earning per share (eps) improved to Rs8.83 from Rs5.17 in the same period last year.

The corporation noted that its cumulative income for the year 2004 increased by 41 per cent or Rs899 million to Rs3,110 million, from Rs2,211 million the previous year.

Total expenses decreased by Rs54 million to Rs1204 million from Rs1258 million. Break-up value per share for the year ended Dec 31, 2004 worked out at Rs31.85 compared to Rs28.34 per share for the corresponding period (annualized) in 2003.

Highlighting the features of performance for 2004, the board observed that PICIC Asset Management Company was established with a paid-up capital of Rs3n, which the corporation claimed was the largest asset management company in terms of capitalization. "We are also the largest closed-end fund manager in the private sector," PICIC stated.

Moreover, PICIC Insurance Limited was established with a paid-up capital of Rs200 million; new lease financing products were introduced, including PICIC Power, PICIC CNG Station and PICIC Tourism. The corporation plans to float "PICIC Balanced Fund".

The corporation stated that the proposed merger of PICIC and PICIC Commercial Bank Ltd would create an organization that combines the strengths and capabilities of different entities for delivering complete range of banking solutions to clients and also help improve shareholders' value.