The 98th Meeting of the Board of Directors of Pak Oman Investment Company (Pak Oman) was recently held in Karachi. The meeting was chaired by His Excellency Yahya Al-Jabri.
Bahauddin Khan, Managing Director Pak Oman, updated the Board of Directors regarding the ensuing strategy being followed by the management to further strengthen and consolidate its position in the financial sector. The Managing Director stated that despite challenges to economy the Company recorded Profit after tax of Rs504 million compared to corresponding period profit after tax of Rs464 million, this depicts an increase of 9% over 2018. Total revenue for the year was reported at Rs1,257 million compared to Rs1,001 in 2018, improving by 26%. Positive volumetric growth in average earning assets and improving spreads have contributed 22% rise in net interest income compared to 2018 despite re-pricing leg between earning assets and remunerative liabilities.
Robust risk management systems and strong SOP of the Company resulted in low infection ratio of 3.3% along with a strong coverage ratio of 81%, well above the September 2019's DFIs averages of 15% and 66% respectively. Advances portfolio stood at Rs20,024 million compared to Rs20,481 million in 2018. Our loan growth strategy is focused on the acquisition of quality advances and maintaining an efficient risk weighted assets profile. Due to well-planned and executed strategy, deposits of the company grew to Rs8,576 million, the Company holds one of the largest deposit portfolio amongst the peer group. During the year under review retail deposits grew to Rs1,692 million compared to Rs1,236 million in 2018. Your Company's capital adequacy ratio (CAR) stood at 15.57% as of December 31, 2019, meeting the requirement of the SBP, whereas consolidated CAR stood at 15.13%, depicting a well-capitalised position of the Company.-PR
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