April 21, 2004
While welcoming Ms. Zarine Aziz President First Women Bank Ltd., keynote speaker of the Business Breakfast talk today at the Institute of Bankers, Pakistan, Mr.Saleem Umer Chief Executive IBP said that the phenomenal financial turnaround of First Women Bank Ltd. is the real example of self determination, hardwork, professionalism, sense of responsibility and commitment.

He congratulated Ms. Zarine Aziz President FWBL and her team for setting new trends in the financial sector. Mr. Umer said that FWBL’s achieving the balance sheet of Rs. 10 Billion is a small miracle compared with overall turnaround of the bank, as result of strategic insight of the bank’s management. Ms. Zarine Aziz President FWBL in her key note address on the topic “THE WILL POWER FOR A TURNAROUND” said that as professionals, we had invested a great deal in FWBL, but our commitment to the institution actually stems from our collective belief in the model as bankers, as women and as Pakistanis. She said that it is not only a bank for the women and by the women, it is a dream and a hope for socio-economic change for the Pakistani women. She said that FWBL with a glorious past, suffered massive debacle in 1996 and the bank was put-up for privatization. In March 2001, the government of President General Musharraf reversed the decision of privatization, but the damage had already been done in the form of low profitability, poor customer services and weak infrastructure.

Highlighting the bank’s performance Ms. Zarine Aziz said that turnaround resulted through phase wise restructuring and reorganisation, strategic directions of the management and the commitment of the team, from the lowest to the top level. She stated that support came in from the Government, SBP and the loyal clients, who never left the bank. Deposits increased from Rs. 3.4 Billion in 2000 to Rs. 8.1 Billion in 2003, reflecting growth of 138% over 2000. Advances increased from Rs. 604 Million in 2000 to Rs.1.3 Billion in 2003, an increase of 117% over 2000. Net equity increased from Rs. 110 Million in 2000 to Rs. 629 Million in 2003, reflecting growth of of 472% over 2000. Net profit before tax increased from Rs. 26 Million in 2000 to Rs. 270 Million reflecting overall growths of 938% over 2000. Earning per share increased from Rs. 2.07 in 2000 to Rs. 8.03 in 2003 reflecting growth of 288% over 2000. Investments and lending to financial institutions increased from Rs. 2.5 Billion to Rs. 7.5 Billion, growth of 120%.

Ms. Aziz stated that the entire network of 38 branches has been fully automated.