ISLAMABAD, April 27: Saudi-Pak Commercial Bank has posted a net mark up/interest income of Rs193.1 million during the year which ended on December 31, 2002, as compared to Rs48.7 million in 2001.

Speaking at the 9th annual general meeting on Saturday, the bank chairman, Rashid Zahir, said the bank had been turned into a profit earning entity from a loss incurring organization.

The bank registered a mark up/profit income of Rs768.7 million during the year in review as compared to Rs588.1 million in the previous year, he added.

The deposits of the bank have increased from Rs3.277 billion on September 19, 2001, to Rs12.340 billion on December 31, 2002, the chairman told the shareholders.

The bank’s equity has been improved to Rs803.3 million, which was negative at the time of acquisition of the organization, he added.

The advances have also increased from Rs4.536 billion on September 19, 2001, to Rs9.753 billion as on December 31, 2002. The advance-deposit ratio has improved from 132:100 to 79:100 during the same period, the chairman said. The total volume of foreign trade handled by the bank during the year 2002 amounted to Rs13.914 billion, he added.

The shareholders approved the audited accounts for the year which ended on December 31, 2002.

The bank has been successful in achieving the operational turn around within a short period since its acquisition in September, 2001. The key indicators of the bank have shown tremendous improvement since the change in management, Mr Zahid said.

He informed the shareholders that the bank had opened eight new branches in 2002. The bank management is paying special attention to introduce the latest technological developments taking place in the banking and financial sector, he added.