Summit Bank Limited’s financial results for the quarter ended march 31, 2012

Karachi, June 20, 2012 (PPI-OT): We have to inform you that the Board of Directors of Summit Bank Limited (SMBL) in their meeting held on June 20, 2012 at 11:00 a.m. at Arif Habib Centre, Karachi, recommended the following:

(1) Cash Dividend Nil

(2) Bonus Shares Nil

(3) Right Shares Nil

(4) Preference Shares 20% (i.e. 1 share for every 5 ordinary shares held by the shareholder)

(5) Any Other Entitlement/ Corporate Action Nil

(6) Any Other Price-Sensitive Information Nil

The Board of Directors has decided to issue convertible preference shares of Summit Bank Limited having the face value of Rs. 10/- each to the shareholders of the Bank in the ratio of 1:5 (1 preference share of the Bank for every 5 ordinary shares held by the shareholder) subject to approval from the regulatory authorities. The entitlement shall available to those shareholders whose name (s) shall appear on the shareholders’ register at the time of closure of shareholder register.

An application to list these convertible preference shares is being made to Karachi Stock Exchange (Guarantee) Limited.

Salient features of the convertible preference shares are as follows:

Instrument Listed, Convertible, Perpetual, Non-Cumulative, Irredeemable Preference Shares (“SMBLCPS”)
———– ————————————————————–
Entitlement SMBLCPS to be offered to the existing ordinary shareholders on the basis of 1 share for every 5 shares held i.e. 20%.
———– ————————————————————–
Tenor Upto five (5) Years
———– ————————————————————–
Issue Amount Rs. 2,155,959,160/-
———– ————————————————————–
Issue Price Shall be at par value i.e. PKR 10 per share.
———– ————————————————————–
Dividend Dividend rate at 5% in the form of bonus preference shares subject to profitability and regulatory compliance.
———– ————————————————————–
Conversion To converted in ordinary shares at audited book value as at December 31, 2012.

The financial results of the Bank as on March 31, 2012 are enclosed as Annexure “A”.

Annexure- “A”

Condensed Interim Profit and Loss Account (Unaudited) for the Period Ended March 31, 2012

March 31,

March 31,

2012

2011

Note

(Rupees in ‘000)

Mark-up / return / Interest earned

2,799,115

1,834,242

Mark-up / return / interest expensed

(2,672,349)

(1,678,202)

———

———

Net mark-up/ Interest income

126,766

156,040

Reversal/ (charge) of provision against non-performing loans and

9.3.1

142,253

(258,103)

Advances
Reversal of provision for diminution in the value of investments

6,250

653

Bad debts written off directly

9.4.1

(39,511)

-

———

———

108,992

(255,450)

———

———

Net mark-up / interest income / (loss) after provisions

235,758

(99,410)

Non Mark-Up/ Interest Income
Fee, commission and brokerage income

113,080

65,113

Dividend income

3,066

4,833

Gain from dealing in foreign currencies

97,138

15,948

Gain on sale of securities – net

38,286

11,423

Unrealised gain / (loss) on revaluation of investments
classified as held-for-trading

1,771

(7,077)

Other income

35,719

9,172

———

———

Total non-mark-up / interest income

286,080

99,412

———

———

521,818

2

Administrative expenses

(979,751)

(682,915)

Other provisions / write-offs

(470)

-

Other charges

(2,380)

(2,069)

———

———

Total non-mark-up / interest expenses

(982,601)

(684,984)

———

———

(460,783)         (684,982)
Extra ordinary / unusual items

-

-

———

———

Loss Before Taxation

(460,783)

(684,982)

Taxation
Current

(31,237)

(19,407)

Prior years

-

-

Deferred

(64,417)

221,930

———

———

(95,654)

202,523

———

———

Loss After Taxation

(666,437)

(482,459)

———

———

Loss per share (Rupees) – basic and diluted

14

(0.52)

(0.67)

The annexed notes from 1 to 18 form an integral part of these financial statements.

For more information, contact:
Summit Bank Limited
Arif Habib Center: Plot # B/C-1,
Mumtaz Hassan Road,
Off: I.I. Chundrigar Road, Karachi, Pakistan
PABX: (021) 32468400-10,
Fax: (021) 32468494,
Email: info@summitbank.com.pk
Website: www.summitbank.com.pk

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