BankIslami Pakistan Limited’s financial results for the half year ended June 30, 2011

Karachi: The Board of Directors of our Bank in their meeting held on September 26, 2011 at 3:00 pm at Registered Office recommended the following:

 

1.Cash DividendNil
2.Bonus SharesNil
3.Right SharesNil
4.Any other Entitlement / Corporate ActionNil
5.Any other price sensitive informationNil

 

The financial results for the half year ended June 30, 2011 approved by the Board are attached.

Condensed Interim Statement of Financial Position as at June 30, 2011

 

Un-audited

Audited

Note

June 30,

2011

December 31,

2010

Rupees in ’000’

Assets
Cash and balances with treasury banks3,523,8713,035,148
Balances with other banks8492,049569,622
Due from financial institutions97,512,2344,513,132
Investments1017,976,48513,732,132
Financings-net1115,490,15616,670,125
Operating fixed assets121,943,2382,066,680
Deferred tax assets- net13386,489402,183
Other assets 4,573,3334,046,681
 ———-———-
 51,897,85545,035,703
Liabilities
Bills payable601,982563,020
Due to financial institutions14600,000353,000
Deposits and other accounts1544,474,13238,198,320
Sub-ordinated loans   -
Liabilities against assets subject to finance lease
Deferred tax liabilities – net --
Other liabilities1,343,7101,154,977
 ———- ———-
47,019,82440,269,317
———-———-
Net Assets4,878,0314,766,386
 ———- ———-
Represented By
Share capital5,279,679 5,279,679
Reserves9,310 9,310
Accumulated losses(427,660)(554,985)
 ———-———-
 4,861,3294,734,004
Surplus on revaluation assets- net of tax1616,702 32,382
 ———-———-
4,878,0314,766,386
 ———- ———-
Contingencies and Comments17

 

The annexed notes 1 to 23 form an integral part of this condensed interim financial information.

Condensed Interim Profit and Loss Account (Un-Audited) for the Quarter and Half Year Ended June 30, 2011

 

Note

Quarter ended

Half year ended

June 30,

2011

June 30,

2010

June 30,

2011

June 30,

2010

Rupees in ‘000’

Profit/ return on financings, investments and

Placements earned

181,364,595 921,3792,572,7211,723,370
Return on deposits and other dues expensed702,003494,5651,339,816940,075
 ——— ——– ——— ———
Net spread earned662,592 426,8141,232,905783,794
Provision / (Reversal) against non-performing financings11.464,445 (3,962)70,780(9,031)
Provision for diminution in the value of investments - ---
Bad debts written off -- --
 —————–——————
 61,445(3,952)70,780(9,031)
—————– ——— ———
Net spread after provisions598,147430,7761,162,125792,325
Other Income
Fee, commission and brokerage Income23,48520,213 41,00845,147
Dividend income ----
Income from dealing in foreign currencies29,8209,70635,81440,451
Other income8,82915,38023,33523,594
—————– ——————
Total other income62,13445,299100,157109,192
 —————– ——————
550,281475,0751,262,282901,517
Other expenses
Administrative expenses554,562482,4391,080,217921,660
Other provisions250 - 250-
Other charges1,265 1,693 2,453 2,613
  ——— ——– ——————
Total other expenses556,077 484,1371,082,920924,273
 —————–——————
104,204(8,057)179,362 (22,756)
Extra ordinary / unusual items----
 —————– ——— ———
Profit / (loss) before taxation104,204(8,057)179,362(22,756)
Taxation
-Current15,52513,80127,89818,090
-Prior years----
Deferred10,474(15,616)24,139(24,716)
—————– ——————
25,999(1,815)52,037(6,626)
—————–——————
Profit / (loss) after taxation78,205 (6,242)127,325(16,130)
Accumulated loss through forward(515,689)(602,113)(554,985)(592,225)
Transferred to statutory reserve 9,824 - --
——— ——–——————
Accumulated loss carried forward(427,660)(608,355)(427,660)(608,355)
—————– ——— ———
Basic / diluted earnings / (loss) per share – (Rupees)190.148(0.012)0.241(0.031)

 

The annexed notes 1 to 23form an integral part of this condensed interim financial information

For more information, contact:
BankIslami Pakistan Limited
11th Floor, Executive,
Tower Dolmen City,
Marine Drive,
Block- 4, Clifton Karachi.
Tel: 35839906
Fax: 35378373
Website: www.bankislami.com.pk