ISLAMABAD, Feb 26: The Small and Medium Enterprises (SME) Bank posted 10-fold higher profit in 2004 compared to the figures of the year before, stated an official announcement issued here on Saturday.

The bank's consolidated pre-tax profit touched the figure of Rs743 million last year against Rs74 million in 2003. After-tax profit of the bank increased to Rs488 million in 2004 from Rs60 million in 2003. Likewise, the bank's earnings per share for 2004 increased to Rs4.17 million from Rs0.92 million in 2003.

The announcement stated that the marked improvement in the bank's profit was due to the restructuring programme initiated in early 2004, 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 embarked on an ambitious capacity-building programme through induction of professionals to further develop its business.