Lets start a fruitful partnership


June 21 - 27, 2004





CresBank (formerly MashreqBank Pakistan Limited) is one of the newest licensed banks to join the fraternity of commercial banks in Pakistan. The Bank's vision is to be a progressive, vibrant and resourceful bank aiming to be a household name by winning over customers through quality services.

It came into existence on July 9, 2003, then under the name of MashreqBank Pakistan Limited, which name was changed to Crescent Commercial Bank Limited on March 31, 2004.

CresBank is the outcome of the amalgamation of Pakistan branches of Mashreqbank psc, of UAE and Crescent Investment Bank Ltd. of Pakistan, with major shareholders comprising the Crescent group undertakings, MashreqBank psc, and the general public. The bank prides itself with a quality management team comprising of professionals and experienced bankers with substantial exposure in their respective fields of specialization. Together they provide providing the bank with a fine blend of banking expertise in the various disciplines under one roof.

The bank's activities, in the field of finance are aided by the skills of the combining partners, Crescent Investment Bank Limited in the field of asset management and capital markets where it was a leader whilst Mashreqbank psc with its second to none status in the Gulf in technology based commercial banking.

The stated Mission of the bank as per their latest annual report is to be:

A bank distinguished for offering the widest range of competitive and innovative products and services to its customers with efficiency and personalized service.

A bank for:

*Corporate's: Addressing their commercial and investment banking requirements
*Individuals: Fulfilling their personal and household requirements
*SMEs: Recognizing and supporting their potential for growth.

1. A responsible corporate citizen, maintaining high level of governance, ethical standards and prudence.
2. Leveraging technology to meet customers' changing needs.
3. A challenging and rewarding work environment resulting in gains for all stakeholders.




The outgoing financial year has been a good one for Pakistan, with the economy achieving real GDP growth of 6.0 percent, with rising revenue collections, higher forex reserves, improving balance of payments and increasing exports, all contributing towards the stabilization of the macro-economic conditions.

The banking industry too performed well, leveraging on a substantial growth in deposits, aggressive marketing, improved efficiency and realization of investment gains, partly the result of a buoyant stock market and partly due to falling interest rates.

A substantial portion of banks' earnings therefore resulted from non-interest income, including capital gains on equity investments and fixed income securities. The State Bank of Pakistan's easy monetary policy, especially during the first half of the year, kept Rupee-lending rates under pressure. In the low-interest scenario, there was intense pressure on banks to maintain profitability through core-business and therefore we witnessed a greater thrust towards consumer financing, COT financing and investment in long-term bonds. The capital market maintained its upward journey and emerged as one of the best performing equity markets in the world.

The State Bank of Pakistan issued three separate sets of Prudential Regulations for i) Corporate/Commercial Banking; ii) SMEs financing; and iii) Consumer Financing. These guidelines/regulations, which are based on the latest developments in the financial markets and international 'best practices', are bound to provide the framework for better risk management and improved corporate governance.

The economy witnessed slight inflationary pressures and consequent tightening of the short term interest rates. The Pak Rupee in the inter-bank market remained stable. There is ample liquidity in the market which coupled with State Bank's continuing signals at maintaining interest rate stability, will keep the rates in check.

By the end of first quarter of 2004, the bank earned an after tax profit of Rs. 30.464 million. This came to an annualized earning per share of Rs. 0.82. Net mark-up income contributed Rs.36.663 million to the gross earnings whereas non mark-up income contributed Rs. 38.802 million. Major contributions towards the non-mark up income were through capital gains on sale of investments amounting to Rs. 16.548 million.

Administrative expenses during the period amounted to Rs. 41.501 million. As a percentage of average total assets, this works out to 3.06 percent on an annualized basis. Total assets as at March 31, 2004, stood at Rs. 5,549.74 million.


The bank has also been working to build its technology infrastructure to embank on its plans for business expansion. The bank plans to market superior banking services so as to reach the largest number of clients by technology-based products both for it's consumer and corporate clientele.


Commercial banks in Pakistan sitting on huge liquidity are gearing to provide a growing range of consumer financing. Consumer financing through credit cards, auto loans, housing finance, personal and consumer durables financing have shown a spectacular growth of 639 percent in FY2003, compared with the position as at end of FY2000. According to the State Bank of Pakistan report for FY2002-03, auto loans accounted for 35 per cent of the total consumer credit approved by the commercial banks in FY2003. Keeping in view a substantial untapped potential CresBank also entered the arena of consumer financing with "CarKey" on April 19, 2004, one of the most competitive auto financing options available in the market.



CarKey is the first ever online (web based) auto-financing scheme in Pakistan, which offers the customer the facility to check his eligibility as well as apply online. Not only does CarKey offer the convenience of applying while sitting in the comfort of home, it also offers the shortest processing time, lowest total amount paid at the end of the tenure, and finally maximum flexibility, with equity participation ranging from 10% up to 60%, tenures from 1 to 5 years, financing of new & used vehicles, balance transfer facility and competitive insurance rates from two different insurance companies. The product has received a highly encouraging response and customer acceptance in the initial two months of its launch.

Where CresBank has made applying for auto loans AS EASY AS ABC through CarKey it is planning to bring SAB SAY BARI KHUSHI of owning a home through its HomeKey, housing finance product, in July 2004.


At present CresBank has its Head Office in Karachi and six branches located in Karachi, Lahore, Islamabad and Peshawar. It plans to open at least 4 new branches in 2004 and another 10 over the next 12 months.


The Chairman of the Board is Mr. Shamim Ahmad Khan, a former Chairman of the Corporate Law Authority the predecessor to SECP and the Chief Executive Officer of the bank is Mr. Azmat Ashraf, a senior commercial banker having served at home and abroad in a service career spanning over 24 years. The senior management comprises of professionals and experienced bankers with substantial exposure in their respective fields of specialization.

While laying the foundation of its business plan a lot of care has been taken to build a strong team of qualified and motivated professionals. The main focus of the bank's 3 years strategic plan is on consumer finance, SME, investment banking & asset management.





CUSTOMER FIRST: Customer centered while planning, designing and introducing new products, services and technology

OUTSTANDING QUALITY: Getting it right the first time. Achieve excellence in the products and services we offer through innovation and efficiency

MOTIVATED & WELL TRAINED STAFF: Our competitive edge is our human resource. We will endeavor to train our employees and to introduce a culture of reward and recognition.

PROFESSIONALISM & INTEGRITY: Honesty, integrity, prudence and fairness is our organization's ethos and shall be reflected in our dealings with customers and colleagues creating a bond of trust and confidence.

EMPOWERMENT: Empower individuals at all levels, delegate authority, encourage use of judgment and create responsible leadership.

TEAM WORK: We believe that the workplace should operate like a cohesive unit. With common goals and team spirit we will uphold our values and achieve our corporate goals.

ENHANCED VALUE: Provide a solid foundation to build