CONTACT:   Waqar Asghar
                      Saudi Pak Bank
                      waqarasghar@spcb.cm.pk
                      Tel No. (9221) 2460475-95
                      Fax No. (9221) 2460022

“Saudi Pak Bank Declares Its 2006 Financial Results”

March 8, 2007 Saudi Pak Commercial Bank has declared its financial result for the year ended 2006. The bank has shown substantial growth in key areas of banking during the year. The deposit increased by 32% to Rs.49 billion, and advances grew by 49% to Rs.29 billion. Total assets of the bank have increased by 24 percent.

During 2006 the bank continued with its two-pronged strategy – undertaking new business initiative to bring in growth, while, simultaneously cleaning up the balance sheet to make it more robust and profitable.

Major achievements in 2006 include introduction of technologically advanced innovative products, substantial recoveries of non-performing loans and improvement in customer service. In a short span of time the bank has managed to develop a diversified and growing product portfolio by introducing competitive liability and asset products that are now contributing positively to the balance sheet. After launching Top Gear – the Auto Loan Product, the bank is now working on other consumer products.

Profit before gross provisions and mark-up suspense, during the year amounted to Rs.522 million. The bank however, taking a very conservative and prudent approach and to make the credit portfolio neat and sound, made provisions against advances and suspended mark-up income. As a result, the bank incurred after tax loss of Rs.319 million. The provisions made would improve the risk profile of the bank and provide a stable base for further growth.

The bank with necessary infrastructure in place, improved internal controls, enhanced image in the market and  professional team on board is well positioned the take off for a better future.

Saudi Pak Commercial Bank Ltd is a subsidiary of the Saudi Pak Investment Company, a joint venture between the governments of Pakistan and Saudi Arabia. Over the years, this dynamic partnership has injected substantial amount of capital, thereby enhancing the Bank’s overall growth.

Today, Saudi Pak Bank has a constantly growing nationwide network of 50 online branches in 21 major cities, ATM facilities enhanced to over 1200 ATM locations including 3000 Points of Sale via switch connectivity and a diverse range of products and services.