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Gulf Commercial Bank earns over Rs 231m pre-tax profit in 1999

RECORDER REPORT

KARACHI: Gulf Commercial Bank earned a pre-tax profit of Rs 231 million in 1999 , showing an increase of 84 percent compared with 1998's earnings.

The board of directors of Gulf Commercial Bank in their meeting at Karachi on Wednesday approved accounts for the year ended December 31, 1999.

The bank earned a pre-tax profit of Rs 231.153 million and after making provision for taxation of Rs 140.500 million, the net profit amounted to Rs 90.663 million.

The board has recommended a cash dividend of 10 percent, i.e. Rs 1 (One) per share of the face value of Rs 10 for the period under review.

The deposits of the bank rose by 9 percent to Rs 6.330 billion in 1999 compared with 1998 while the foreign trade handled by the bank denoted an improvement of 21 percent to Rs 13.833 billion in 1999 compared with the preceding year.

The directors commended the management for establishing a prudent and strategic growth plan to strengthen the bank's earning capability. The year 2000 for the bank is seen to be the realization of some vital projects which includes investment in information technology, human resource training and achieving 100 percent computer literacy within the bank.

The board reviewed a number of customer friendly consumer products out of which the Gulf Taleemi Plan was noted for the valuable social benefits it carries for society in general.