An Eye On The
Future!
It is a matter of great satisfaction that
the pattern of growth, that had been
initiated with the induction of the New Executive Management Team
in November 2001, has been sustained and further strengthened during
the Quarter under review.
The key strategic and operational measures, as laid down in my last
Annual
Review, (namely, Proactive Marketing; Optimizing Business Mix for
enhanced Profitability, Recognizing Treasury as a major Driver for
Value Addition; Securing Fresh Credit Lines; Reengineering Work
Processes for Time Efficiency; Adherence
to Good Corporate Governance; Deployment of Quality Human Resource)
have all been vigorously pursued and implemented. The sustained
success of the "New Strategy" is well reflected in the
Financial Highlights as appended below.
Financial
Highlights
| UNAUDITED FIGURES |
(Rs. in Million) |
Sr.#
|
Description |
Sep. 30,
2002 |
Sep. 30,
2001 |
Variance
% |
| 1 |
Profit Before Tax |
12 |
2 |
500 |
| 2 |
Surplus on Revaluation of Securities |
40 |
0 |
- |
| 3 |
Total Equity |
345 |
215 |
60 |
| 4 |
Certificates of Investments |
606 |
319 |
90 |
| 5 |
Morhaba Financing |
235 |
118 |
99 |
| 6 |
Government Securities |
324 |
31 |
945 |
| 7 |
Investment in Shares & COT |
123 |
14 |
779 |
| 8 |
Total Assets |
1,043 |
631 |
65 |
Future Outlook
Moving forward, the outlook
for Escorts Investment Bank Limited remains very positive.
There has been satisfactory progress on the issues of: A- Enhancement
of our Capital Base through a well-planned series of Mergers and
Acquisitions and B- Acquisition of a seat at the Lahore Stock Exchange.
The stated objective of "Value addition for our Shareholders
through enhanced business activity" will be diligently and
meticulously pursued.
I take this opportunity to thank the State
Bank of Pakistan and the Securities
and Exchange Commission of Pakistan for providing the necessary
enabling environment. I would also like to place on record my appreciation
for the hard
work and dedication put in by all the members of the Management
and Staff
of the Bank.
Sincerely,
Rashid Mansur
President & CEO
October 26, 2002
Lahore
|
