BankIslami Pakistan Limited’s financial results for the year ended December 31, 2011

Karachi: The Board of Directors of our Bank in their meeting held on March 7, 2012 at 4:00 pm at Registered Office recommended the following:

1-Cash Dividend                                      Nil

2-Bonus Shares                                       Nil

3-Right Shares                                       Nil

4-Any other Entitlement / Corporate Action           Nil

5-Any tuber price sensitive information              Nil

The financial results for the year ended December 31, 2011 approved by the Board are attached.

We will be sending you 300 copies of printed Annual Report for distribution amongst the members of the Exchange in due course of time.

Profit and Loss Account for the Year Ended December 31, 2011

 

Note 2011 2010
Rupees in ‘000
Profit / return earned 22 5,502,154 3,807,197
Profit/ return expensed 23 2,883,355 2,057,533
——— ———
Net spread earned 2,618,799 1,749,664
Provision / (Reversal of provision) against non-performing financings- net 21,423 (7,424)
Provision for diminution in the value of investments - -
Bad debts written off directly - -
——— ———
21,423 (7,424)
——— ———
Net spread after provisions / (reversals) 2,597,376 1,757,088
Other Income
Fee, commission and brokerage income 110,118 94,207
Dividend income 2 1
Income from dealing in foreign currencies 63,285 59,124
Gain on sale of securities - -
Unrealised gain on revaluation of investments classified as held for trading - -
Other income 24 53,304 52,784
——— ———
Total other income 226,709 206,116
——— ———
2,824,085 1,963,204
Other Expenses
Administrative expenses 25 2,147,527 1,895,476
Other provisions / write offs 63,310 11,528
Other charges 25 4,661 11,657
——— ———
Total other expenses 2,215,498 1,918,661
——— ———
608,587 44,543
Extra ordinary / unusual items - -
——— ———
Profit before Taxation 608,587 44,543
Taxation
- Current 27 57,242 (42,269)
- Prior years 27 1,340 -
- Deferred 27 140,449 44,276
——— ———
199,031 2,007
——— ———
Profit after Taxation 409,556 46,550
Accumulated loss brought forward (554,985) (592,225)
——— ———
(145,429) (545,675)
——— ———
Basic earnings per share – Rupees 28 0.78 0.09
——— ———
Diluted earnings per share – Rupees 28 0.78 0.09

 

The annexed notes 1 to 40 and Annexure 1 form an integral part of these financial statements.

Statement of Financial Position as at December 31, 2011

 

Note 2011 2010
Rupees in ‘000
Cash and balances with treasury banks 5 4,684,826 3,035,148
Balances with other banks 7 549,277 569,622
Due from financial institution 8 4,436,264 4,513,132
Investments 9 21,067,082 13,732,132
Financings 10 20,110,401 16,670,125
Operating fixed assets 11 1,811,628 2,066,680
Deferred tax assets 12 188,130 402,183
Other assets 13 5,973,706 4,046,681
———- ———-
58,821,314 45,035,703
Liabilities
Bills payable 14 798,853 563,020
Due to financial institutions 15 800,000 353,000
Deposits and other accounts 16 50,568,785 38,198,320
Sub-ordinated loans - -
Liabilities against assets subject to finance lease - -
Deferred tax liabilities - -
Other liabilities 17 1,341,038 1,154,977
———- ———-
53,508,676 40,269,317
———- ———-
Net Assets 5,312,638 4,766,386
———- ———-
Represented By
Share capital 18 5,279,679 5,279,679
Reserves 19 91,221 9,310
Accumulated losses (227,340) (554,985)
———- ———-
5,143,560 4,734,004
Surplus on revaluation of assets – net 20 169,078 32,382
———- ———-
5,312,638 4,766,386
———- ———-
Contingencies and Commitments 21

 

The annexed notes 1 to 40 and Annexure 1 form an integral part of these financial statements.

For more information, Contact:
BankIslami Pakistan Limited
11th Floor, Executive, Tower Dolmen City,
Marine Drive, Block- 4, Clifton Karachi.
Tel: 111 – (BIP) 247-111
Fax: 35378373, 111-475-264 (ISLAMI)
Website: www.bankislami.com.pk

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