CITICORP INVESTMENT BANK

Aug 17 - 23, 1996

Investment Banks: Strong results in this sector came from the Citicorp Investment Bank for the half-year ended June 30, 1996. Comparing the figures for this period with those for the half-year ended June 30, 1995, total income shows an increase of as much as 114% from just over Rs 65 million to aalmost Rs 139 million. Total expendiuture also rose substantially by 92% from almost Rs 51 million to just over Rs 98 million.

Breaking up this expenditure, interest expenditure in the form of return on certificates of investment climbed 140% from just over Rs 35 million to almost Rs 84 million. Administrative and other operating expenses, however, registrered a 7% fall from just over Rs 15 million to just over Rs 14 million.

Profit before tax increased by a massive 185% from Rs 14.3 million to almost Rs 41 million, and after tax profits also registered an increase of 173% from Rs 9.7 million to Rs 26.5 million for the six month period.

Earnings per share were Rs 2.64 and although profit levels were excellent, Citicorp did not decalre a dividend, perhaps because, according to some reports, the bank recently bought a seat on the Karachi Stock Exchangee for a sum of Rs 36.5 million.