First Women Bank Limited (“FWBL” or the “Bank”) was incorporated on November 21, 1989, as a unique financial institution with a mandate to support and promote women's economic empowerment in Pakistan. Established under the initiative of the Government of Pakistan, FWBL operates as a full-service Commercial Bank. 

The Bank was established to address the banking needs of women, with a strategic focus on serving across all tiers of economic activity including micro, small and medium enterprises (SMEs), and corporate sectors. The Bank is primarily government-owned, with the majority shareholding held by the Ministry of Finance.

The FWBL operates through a network of 42 branches spread over 24 cities nationwide as of CY24 (CY23: 42 branches). The Bank maintains online connectivity for all its branches, providing basic online banking and ATM services to its customers. FWBL provides all types of banking services to corporates, SMEs and other commercial entities with a complete bouquet of services. 

The Ministry of Finance (MoF) holds a majority equity stake of 82.6% in First Women Bank Limited (FWBL), reflecting the Government of Pakistan's strong commitment to the institution’s mandate and sustainability. The remaining shareholding is distributed among five major commercial banks in the Country: National Bank of Pakistan (NBP), Habib Bank Limited (HBL), MCB Bank Limited (MCB), United Bank Limited (UBL), and Allied Bank Limited (ABL). Over the years, the Ministry of Finance has progressively increased its ownership in FWBL through multiple tranches of capital injections. Government of Pakistan will finalise the sale of its 82.64 percent stakes in First Women Bank Limited (FWBL).

Backed by the Government of Pakistan through the Ministry of Finance, First Women Bank Limited benefits from a stable and supportive ownership structure. The Bank is on the privatization list and would see the transition as per the plans of the Government. The planned privatization is expected to attract credible strategic partners and facilitate the infusion of private sector expertise, particularly in areas such as operational efficiency, technological innovation, and customer-centric service delivery.

The Government representation on Board reflects the infusion of valuable public-sector expertise and strategic oversight. This combination of governance strength and institutional knowledge contributes significantly to the Bank’s overall business acumen.

First Women Bank Limited (FWBL) received multiple capital injections till CY17, primarily to ensure compliance with the Minimum Capital Requirements (MCR) mandated by the State Bank of Pakistan (SBP). These capital infusions were critical in strengthening the Bank’s capital base, enhancing its financial soundness, and maintaining regulatory compliance within the evolving prudential framework of the banking sector. 

The overall control of the Bank vests with a seven-member Board of Directors (Board) including the CEO. Minitry of Finance has appointed Chairperson and Directors on the Board of First Women Bank Limited. In Sep'24, the Board was dissolved, and a newly reconstituted Board was formally established in Jan'25. Now, the Board of First Women Bank Limited comprises four independent directors, one nominee director, one ex-officio director, and one executive director, ensuring a balanced governance structure with diverse representation and oversight.

All the board members have diverse educational and work experience background. Mr. Najeeb Agrawalla - Chairperson, brings 33 years of extensive experience in the banking and financial services industry. He is also the CEO of 1LINK (Pvt.) Ltd. since 2016 and Chairman of First Women Bank Limited (FWBL) since 2021. With over 30 years of experience in banking and finance, he has held senior roles at institutions like Bank AL Habib, UBL, and American Express, and is a Chevening Scholar with degrees from IBA and the University of Manchester. Mr. Wajahat Rasul Khan - Independent Director is a seasoned banking professional with over 35 years of experience in financial management, strategic planning, and regulatory operations. He has held senior leadership roles at HBL and other prominent institutions, with expertise in international banking, mergers and acquisitions, and corporate governance. He is also a Certified Director and has participated in global leadership and risk management programs. Ms. Naghmana Alamgir Hashmi - Independent Director retired in July 2020 after a distinguished 37-year career in the Foreign Service of Pakistan, culminating as Special Foreign Secretary. She served as Pakistan’s Ambassador to China, the EU, Belgium, Luxembourg, and Ireland, and held several key roles at the Ministry of Foreign Affairs. She holds degrees in English Literature and Political Science and is fluent in English. Ms. Bushra Ehsan - Independent Director has more than 37 years of banking experience. She retired as Regional Business Head - Central, SVP from First Women Bank Limited. She holds deep expertise in banking operations, marketing, branch development, and regulatory compliance. A board member of Bunyad Foundation and ACE, she holds a Master’s in Economics and has completed director training in corporate governance. Ms. Saima Rehman - Nominee Director has been appointed in replacement of Ms. sumbul Munir in Aug'24. She is a senior corporate banker with 22 years' experience in the banking industry in Pakistan, Middle East, Asia Pacific, and Europe. She has previously worked with HSBC in multiple geographies in their Corporate and Commercial banking businesses. She returned to Pakistan in 2022 and joined HBL as their Corporate Banking Head -North. Currently, she is the Head of Corporate Banking - South for HBL Pakistan. Mr. Sheharyar Ahmed - Ex- Officio Director is a seasoned public policy and finance professional with extensive experience in government and international organizations. Currently serving as the Director to the Minister of Finance & Revenue. Mr. Sheharyar leads key initiatives for the Ministry of Finance & Revenue related to public finances, tax administration, and regulatory policy. He holds an M.S. in Public Policy & Data Analytics from Carnegie Mellon University and a BSc. in Economics & Mathematics. A recipient of the Fulbright Award. 

The Board had formulated various sub-committees 1) Board Human Resource,Nomination & Compensation Committee (BHRNCC) 2) Board Audit Committee (BAC) 3) Board Risk & Compliance Committee (BRCC) 4) Board Information Technology Committee (BIT). The reconsttitution of Board and privatization of FWBL will lead to new strategic direction that should produce positive results and provides support to the Bank to implement the effective strategies.

The incomplete audits of previous years has been completed and published on the website with the audited report. M/S BDO Ebrahim & Co., Chartered Accountants, classified in category 'A' by SBP and having a satisfactory QCR rating were the external auditors.

The Bank is designed with a functional structure, where each division is overseen by divisional heads who are responsible for their respective areas of expertise. These divisional heads, along with the various specialized management committees, maintain direct reporting lines to the CEO.

Mr. Farrukh Iqbal Khan - CEO of First Women Bank Ltd., is a seasoned banker with over 31 years of experience across credit, operations, digital banking, and mutual funds. He began his career at the State Bank of Pakistan and has since held senior roles at Askari Bank and served on the boards of 1Link, AGICO, and AIM. He holds an MBA, is CISA and CICA certified, and has completed Directors Education from PICG. Mr. M. Farrukh - CFO has a strong track record in financial leadership roles across multiple sectors. Prior to this, he served FWBL as Head of Financial Control & Policy from Apr'20 to Oct'21. His earlier roles include CFO & Company Secretary at Pak Oman Asset Management Company Ltd. and Chief Financial Officer at Unity Foods Limited. Mr. Furqaan Yaser - Company Secretary is a seasoned legal professional currently serving as Company Secretary and Head of Legal at First Women Bank Limited, where he has been associated for nearly a decade. Since July 2015, he has led the bank’s legal affairs and additionally took on the role of Head of Financial Risk Management Unit in Jan'18. His expertise spans legal administration, company law, and regulatory risk management. Mr. Aamir Zuberi - Chief Risk Officer is a seasoned risk management professional. He has held the position of Chief Risk Officer (CRO) at Askari Bank since November 2018. With over 18 years of experience at Habib Bank Limited, he held key leadership roles including General Manager Risk Management for commercial and retail lending, and later as GM and Senior Credit Officer in Corporate Banking. His extensive career reflects deep expertise in credit risk, corporate banking, and strategic financial oversight. Ms. Zarina Sial - Head of Compliance is a seasoned professional with nearly three decades of experience. She has held this pivotal role since Mar'96, demonstrating a longstanding commitment to regulatory oversight and institutional integrity. Her extensive tenure reflects a deep expertise in compliance and governance within the banking sector.

The senior management team at FWBL consists of highly experienced professionals with a strong track record in the banking industry. Recent inductions of seasoned and skilled individuals into key leadership positions have further strengthened the team, contributing to the effective implementation of the Bank’s business strategy.

The Bank's core-banking application, AB Premium was upgraded continued automating the operations. The software ensures efficient information retrieval and report generation while additional security measures are in place. The software also includes an audit trail that records a log of activities to improve monitoring.

FWBL's risk management framework, overseen by the Board Risk & Compliance Committee, includes independent functions like Corporate & Consumer Credit Risk, SME & Other Products Credit Risk, Enterprise Risk Management, Credit Administration, and Information Security. The internal Risk Rating Module is being used by the Bank. The module supports the Bank in its Obligor Risk Rating (ORR) process by adding more objectivity to the credit appraisal process. The Bank has assigned a to 40% of its obligors under "Good and above" credit risk rating , while another 40% fall under the "Marginal and above" category. Approximately 4% of obligors are rated under "Overdue but not Classified and above," and 8% are categorized under "Loss and above." The remaining 9% of obligors are currently unrated.

During CY24, Pakistan's Banking sector's total assets posted growth of ~15.81% YoY whilst investments surged by ~14.50% to PKR ~29.79trln (endDec23: PKR ~26trln). Gross Advances of the sector recorded growth of ~29.11% to stand at PKR ~16.914trln (end-Dec23: PKR ~13.101trln). Non-performing loans witnessed an increase of 7.34% YoY to PKR ~1,068bln (end-Dec23: ~995bln). The CAR averaged at 20.6% (end-Dec23: 19.7%). Looking ahead, given the expected monetary rate cut and high cost environment, Banks are likely to sustain some dilution in profitability by CY25.

FWBL’s customer deposit base stood at PKR 30.9bln at the end of CY24 (CY23: PKR 31.1bln) marking a slight decline. The Bank’s market share in customer deposits remained unchanged at 0.1% (CY23: 0.1%), which continues to be on the lower side relative to the broader banking sector in Pakistan.

During CY24, the Bank recorded an decline of 37% in the net interest income standing at PKR 1,514mln (CY23: PKR 2,074mln). This decline is primarily attributable to decline in gross markup income which stood at PKR 10,970mln (CY23: PKR 12,477mln). The asset yield of the Bank decline to 19.2% (CY23: 24.8%). Whereas, the cost of funds improved at 15.3% (CY23: 19%). Consequently, the spread of the Bank narrowed to 3.9% at the end of CY24 (CY23: 5.8%). This underscores the need for the Bank to reassess its asset deployment strategy and explore avenues to optimize yield without compromising credit quality.

During CY24, the non markup income of the Bank surged by 1.1 times to stand at PKR 198mln (CY23: PKR 94mln). This notable increase was primarily driven by a one-off gain of PKR 114mln from the reassessment of a lease agreement. Fee and commission income of the Bank declined to PKR 77mln (CY23: PKR 82mln) whereas foreign exchange income of the Bank declined sharely to PKR 1mln (CY23: PKR 5mln). On the expense side, non-markup expenses registered a slight uptick to PKR 1,607mln (CY23: PKR 1,574mln), reflecting continued pressure on operational costs. As a result of a combination of rise in operating expenses, coupled with elevated taxation and declining net markup margins, the profit after tax for CY24 declined markedly to PKR 79mln (CY23: PKR 322mln). The Bank's earnings trajectory in CY24 suggests a need for strategic recalibration to improve core income generation and cost efficiency going forward. 

FWBL aims to expand its loan portfolio with a focus on improving asset quality and enhancing treasury operations. The Bank’s strategic direction emphasizes the growth of the SME segment while prioritizing the corporate banking business to drive sustainable improvements in bottom-line performance. 

During CY24, gross advances decreased by 8%, amounting to PKR 10,374mln (CY23: PKR 11,195mln). As of CY24, the Bank's Advance to Deposit Ratio (ADR) stood at 23.37% (CY23: 27.08%). Notably, gross non-performing loans (NPLs) shows a minor decline and standing at PKR 3.0bln (CY23: PKR 2.9mln). The infection ratio increased to 29% as of CY24 (CY23: 26%). The provision coverage ratio of the Bank stood at 99% at the end of CY24 (CY23: 99%), indicates resilience and proactive risk mitigation, positioning the Bank to absorb potential future credit shocks. Going forward, revitalizing loan growth particularly in quality segment will be critical to improving asset utilization and profitability.

The Bank’s investment portfolio entirely comprises government securities of PKR 52bln as of end of CY24 (Dec 23: PKR 44bln). Out of total investment book, PIBs represented a majority 98.9% of the overall portfolio, with mark-to-market gain recorded at PKR 147mln while the remaining investments were held in T-Bills. The Bank’s prudent strategy in government securities ensures capital preservation, mitigates risk secures steady returns and enhancing financial stability.

The investment mix continued to be concentrated in government securities, reflecting a prudent risk strategy, effective liquidity management, and a focus on safeguarding capital. FWBL's deposits remained largely intact to stand at PKR 31.6bln at end of CY24 (CY23: PKR 31.3bln). Whereas, the ’s Current Account (CA) ratio declined to 15.2% (CY23: 37.3%), while the Savings Account (SA) ratio increased significantly to 59.8% (CY23: 31.6%), suggests a shift towards interest-bearing deposits. While this may support deposit retention, it could exert pressure on the Bank’s cost of funds, potentially impacting net interest margins. Managing this shift effectively will be key to sustaining profitability while maintaining a competitive deposit profile.

After the change in the minimum capital requirement for FWBL from PKR 10bln to PKR 3bln (net of losses) and capital adequacy ratio of 18% at all times, subject to the condition that MCR level shall remain enforced until the Bank remains a public sector entity, the Bank will not be allowed to pay dividend until its paid up capital and reserves reach Rs. 6 billion and the per party exposure limit of the Bank will be 50% of the prudential regulations limits until the Bank's paid up capital and reserves reach Rs. 6 billion.. The paid up capital and reserves of Bank stood at PKR 4,558mln at the end of CY24. Whereas, Bank's total equity remains largely intact to PKR 3,150mln during the year (CY23: PKR 3,083mln). As of CY24, the Bank's Capital Adequacy Ratio (CAR) stood at a robust 31.71%, slightly lower than 32.26% recorded in CY23. Notably, the Bank has not incorporated any additional Tier I or Tier II capital and continues to meet its regulatory capital requirements solely through its core equity base, reflecting strong internal capital generation and a conservative capital structure.