KARACHI, Sept 8: The board of directors of Habib Bank Financial Services (Pvt) Limited (HBFS), the management company of First Habib Bank Modaraba (FHBM), has approved and declared a final profit distribution of Rs1.30, i.e. 13 per cent per modaraba certificate for the year ended on June 30.

The board in its meeting held on September 3 noted that new leases of Rs640 million were written during the year and the lease disbursements posted a record 53 per cent growth over the last year. Lease rentals have shown a robust 75 per cent growth over 2004, and net lease income increased by 38 per cent during the period under review.

Net leased assets of the modaraba crossed the Rs1-billion mark due to a well-defined business strategy and proactive marketing.—APP