The board of directors of Picic Commercial Bank Limited in its meeting at Karachi on Thursday has recommended to the shareholders' approval of the annual audited accounts for the year ended December 31, 2004. During the year, the bank continued to maintain its progressive tempo and posted a pre-tax profit of Rs 1,130 million and a post-tax profit of Rs 900 million, showing a growth of 37 percent and 45 percent, respectively.

The board has recommended issuance of bonus shares in the proportion of 25 shares for every 100 shares, ie, 25 percent for the year 2004 in addition to already declared interim cash dividend of 15 percent in August 2004.-PR

Copyright Business Recorder, 2005