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'FWBL not facing financial losses'

KARACHI: First Women Bank Ltd., (FWBL) on Saturday clarified a news item that was published in several national dailies wherein it was stated that the bank is facing financial losses and needs to restructure.

It is a fact that Dr. Ishrat Hussain, Governor, State Bank of Pakistan, desired the restructuring of the bank during his visit to the FWBL head office a few days back. But it does not mean that FWBL is in heavy losses, a Bank statement said.

After facing forex losses in 1996, the bank continues to show operational profit every year. Balance sheets of the bank may be consulted for this purpose.

However, the bank wished to give some figures for the information of our client and people, it added.

Operational profit for the year ending December 31, 1999 = Rs 22.541 million

Increase in Deposit against 1998 figure = 16 percent

Increase in Advances against 1998 figure = 16 percent

Total Disbursement so far = Rs 3297.445 million

No. of Entrepreneurs financed & developed = 15,727

Rate of Recovery = 90 percent

No. of Micro Businesses Financed = 13,984

During the 10 years of its operation the Bank has financed not only traditional businesses, but also identified and financed non-traditional businesses, the FWBL is not only a commercial bank, but also making effort to achieve its socio-economic objectives. FWBL business centres at Karachi, Lahore and Islamabad are striving to achieve these objectives.

In 1994, its performance was lauded by the international magazine and it was selected for Euromoney Award for its low administrative cost and high recovery rate.

On the basis of findings of survey conducted by the Japan International Co-operation Agency (Jica), First Women Bank has created 501,144 job opportunities for women.

"We also wish to clarify that Akram Khatoon, President of the Bank, was retired in September 1997 and in view of her past performance her service tenure was extended till further orders.

During this period the bank was offered for privatisation and this process prolonged for indefinite period. Khatoon has, however, repeatedly requested for her replacement and early release from the assignment," the FWBL statement added. APP