The Bank of Punjab’s Non Submission of Annual/Quarterly Accounts

Karachi: In this respect, it is apprised certain matter related financial statement and capital support from SBP-and the government are still under process of finalization, we feel that issuance/publication of accounts without the above arrangements may jeopardize the interest of the shareholders and other stakeholders. In view of genuine difficulties faced by the Bank, State Bank of Pakistan vide letter dated 8.10.2010 and Government of Pakistan, Finance Division through notification dated 30.03.2010 has allowed submitting and publishing the quarterly accounts for the period ended March 31, 2009 to June 30, 2010 and AGM approved annual audited Accounts for the year ended December 31, 2009 not later than December 31, 2011 (Copies enclosed). Accordingly post dates quarterly and annual accounts also solely depend upon finalization of the same.

It is hoped it would satisfy your concern on the issue. It may kindly be further noted that we are committed to make best efforts to ensure that quarterly accounts, as well as half- yearly and annual accounts duly approved in AGM are made available in accordance with the law at the earliest.

Extension in Publication of Interim and Annual Financial Statements

Please refer to your letter no. PS/383 dated September 27, 2010 on the captioned subject.

The copy of the notification dated September 30, 2010 issued by Finance Division, Government of Pakistan is enclosed, which is self explanatory.

Moreover, the Bank of Punjab has been allowed to submit and publish the quarterly accounts for the periods ended March31, 2009; June 30, 2009; September 30, 2009; March 31, 2010 and June 30, 2010 not later than December 31, 2011.

However, you are advised to make concerted efforts to complete the activities leading to submission of the above mentioned financial statements well before the stipulated time.

Notification

F.No10 (2)-Bkg.1/2010.In exercise of powers conferred under the Section 93 of the Banking companies ordinance (BCO), 1962, the Federal Government, is pleased to exempt Bank of Punjab (BOP) from the provisions of Section 34 and 36 of BCO, 1962 and Rule 14 of Banking Companies Rules, 1963, relating to preparation, submission and publication of AGM approved annual audited accounts for the year ended December 31, 2009 with effect from 1st July, 2010 to December, 2011 or till finalization of Further capital injection to BOP which ever is earlier.

For more information, contact:
Raza Saeed
Secretary
Nadeem Amir
CFO
The Bank of Punjab
Secretary’s Office, BOP Tower,
10-B, F-II, Main Boulevard,
Tel: +9242 5783976,
Fax: +9242 5783975

Leave a Reply