KARACHI, Sept 13: The First Women Bank (FWB) has earned pre- tax profit of Rs81.3 million in eight months to August 2002 against the target of Rs63 million. The bank has also been able to wipe off by June 2002 its accumulated losses that stood at Rs138m at end-December 2000, and was brought down to Rs58 million by end-December 2001.

The deposits of the bank swelled to Rs6.2 billion in 2001 from Rs3.4 billion a year ago. The bank’s advances also went up to Rs833 million from Rs604 million — and its net pre- tax profit shot up to Rs115m from Rs26m. The shareholders equity of the bank also increased to Rs613 million.

The above key performance figures were highlighted at the annual meeting of the board of directors of FWB held here on Friday, says a press release.

SBP Governor Dr Ishrat Husain, who presided over the meeting in his capacity as the chairman of the board, expressed his satisfaction over the progress of the bank. While supporting the bank’s business plan and marketing strategy he said that the bank should place a greater focus on small and medium enterprises development.

And at the same time it should continue micro-credit and corporate financing. The governor once again made it clear that First Women Bank will not be privatized as it was playing an important role for socio-economic growth of women. The government has already excluded the FWB from the list of the banks that are being privatized.

The governor said the SBP would provide support to increase FWB equity. He advised that the bank should develop a special loan product to support talented female students for professional education.

President of the bank Zarine Aziz made a presentation to the board on the performance of the bank. She said the year 2001 was the year of turn-around for the bank.