LAHORE – House Building Finance Corporation Limited (HBFCL) held its Annual General Meeting (AGM) today, in which it announced that it has achieved an operating profit for the first time in four years. HBFCL, the country’s leading housing finance institution has been steadily reducing its losses over the past three years and in the current financial year it further improved its financial position and realized a profit of Rs 113 million.
In 2007 and 2008, HBFCL reported a loss of Rs 959 million and Rs 414 million, respectively. In 2009 and under the new management, the loss was further reduced to Rs 109 million, followed now by a profit of Rs 113 million in Financial Year 2010. The steady turnaround in the financial results is the outcome of a comprehensive transformation strategy that HBFCL has executed for making the institution an efficient, customer-focused and profitable entity.
This transformation is holistic in its approach and aggressively seeks to bring new reforms in almost every section of the organisation -audit, legal, human resources, finance, credit, business development, customer services, strategy, marketing and public relations, corporate affairs and risk management.
