An Eye On The
Future!
It is a matter of great satisfaction for me to
report that the Quarter under review
has been another Quarter of overall growth and increased profitability
for our
Bank. While considerable progress has been made towards our Broader
Strategic Goals in the areas of Asset Quality, Product and Revenue
Diversification, Cost and Time Efficiency, Quality Human Resource,
Risk Management and Brand Promotion, substantial Value Creation has also been achieved for the shareholders.
The following table depicts the Quarter-on-Quarter
growth under almost all the areas of the operation of the Bank.
Financial Highlights
| UNAUDITED FIGURES |
Rupees in Million |
Sr.#
|
Description |
Jun ~ Sep
2003 |
Jun ~ Sep
2002 |
Growth |
Growth
% |
| 1 |
Profit Before Tax |
31 |
12 |
19 |
158 |
| 2 |
Surplus on Revaluation of Securities |
75 |
40 |
35 |
88 |
| 3 |
Deposits & Borrowings |
1,496 |
891 |
605 |
68 |
| 4 |
Morabaha Financing |
357 |
235 |
122 |
52 |
| 5 |
Investment in Government Securities |
759 |
324 |
435 |
134 |
| 6 |
Investment in TFCs |
149 |
126 |
23 |
18 |
| 7 |
Investment in Shares & COT |
231 |
123 |
108 |
88 |
| 8 |
Total Assets |
2,043 |
1,313 |
730 |
56 |
| 9 |
Earnings Per Share
(for three months) ............Rs. |
1.36 |
0.38 |
0.98 |
262 |
Credit Rating
I am very pleased to report that taking into
account the overall progress that our bank has made during the last
two years, JCR- VIS Rating Agency has, for the
second time upgrade the Credit Rating of our Bank. The present medium
to long
term rating for our bank is A - , ( A minus) up from BBB + . The
short-term rating
has been maintained at A 2, (A two) with a Stable Outlook.
Future Outlook
Moving forward, the outlook for Escorts Investment
Bank remains very positive.
In the coming months our focus is going to be on the establishment
and consolidation of our new areas of operation namely, The Brokerage
Business
through our recently acquired Corporate Memberships at the Lahore
and the
Karachi Stock Exchanges and also on our newly established Structured
Finance Division. Needless to mention that our Treasury at Karachi
still maintains its
position as a major driver of profitability.
I take this opportunity to thank the Board of
Directors for their most valuable guidance. I would also like to
place on record my sincere appreciation and
respectful admiration for each and every member of the Escorts Team
for their unrelenting efforts and total commitment to professional
excellence.
Sincerely,
Rashid Mansur
President & CEO
October 28,
2003
Lahore
|
