I am happy to learn that the First Women Bank Ltd has completed its 14th successful year of operation on December 2, 2003.

Since the year 2001 till date, FWBL has achieved excellent financial turnaround in the form of the highest ever profits and balance sheet growth. The bank in 2003, once again accomplished the highest results in all key components over the last 14 years, despite constraints, tough market competition and adverse economic conditions.

The bank's deposits increased from Rs 3.4 billion (Dec 2000) to 8.1 billion in year 2003 (reflecting growth of 139%). Advances enhanced from Rs 604 million (Dec 2000) to Rs 1.3 billion (reflecting growth of 117%). Profit increased from Rs 26 million (Dec 2000) to Rs 269 million (reflecting growth of 935%).
The net equity increased from Rs 110 million (Dec 2000) to Rs 629 million in year 2003 (reflecting growth of 472%).
The entire loss of Rs 138 million (Dec 2000) has been wiped of in May 2003.

The government has provided an enabling atmosphere to the financial sector to play its role in the economic development. Far-reaching reforms introduced by the State Bank and the SECP, have inducted transparency, promoted efficiency and have encouraged the bank to package and market consumer friendly products to promote real estate, consumer goods and automobile sector. The First Women Bank Limited could play its role by encouraging women to become equal development partners through enterprise and entrepreneurship. The First Women Bank Limited should, therefore, design women-specific products to generate self-employment among the women.

The establishment of FWBL is in fact a reflection of the fact that women entrepreneurs deserve credit, based on their merits and ability to pay and the right to credit is the right of every woman in Pakistan.

The FWBL should, therefore, encourage women entrepreneurship in agriculture, small and medium enterprises, consumer items and house finance. It should encourage women's partnership through professional consultancy to promote itself as career women support system to become an enviable financial outfit and set precedents for others to follow.

In the end, I am sure that the First Women Bank Ltd will grow from strength to strength.