Karachi: First Habib Modaraba (FHM), a prominent subsidiary of Habib Metropolitan Bank, reported unprecedented financial performance for the fiscal year 2023-24, achieving all-time high figures in profit, disbursements, and asset size. According to information available from the Pakistan Stock Exchange (PSX), FHM's pre-tax profit soared to Rs. 1.19 billion, marking the highest since its inception, driven by robust business growth and strategic financial management.

During the period, FHM achieved a significant milestone by increasing its financing assets to Rs. 25.1 billion and balance sheet footing to approximately Rs. 26.4 billion. The disbursement reached a new peak at Rs. 15.2 billion, reflecting the company's strong market position and confidence among investors and stakeholders.

Further details indicate that fund mobilization through deposits and fund lines also reached a new high of Rs. 19.2 billion. After-tax profits stood at Rs. 690 million, another record for the company, demonstrating effective cost management and operational efficiencies.

In addition to financial growth, First Habib Modaraba successfully adjusted the face value of its Modaraba Certificates from Rs. 5 to Rs. 10, effectively halving the number of certificates in circulation as of March 8, 2024. This strategic decision underscores the company's commitment to enhance shareholder value and align its capital structure with long-term business objectives.