Escort Investment Bank Limited’s financial results for the year ended 30th September 2011

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Karachi: We have to inform you that the Board of Directors of our company in their meeting held at 03:30 PM on Friday, 23rd December 2011 approved the un-audited quarterly Accounts of the company for the quarter ended September 2011.

The financial results of the Company are enclosed.

We shall be sending you the required copies of printed accounts for distribution amongst the members of the Exchange in due course of time.

Condensed Interim Profit and Loss Account (Un-Audited) for the Three Months Ended 30 September 2011

Three months ended

	30-Sep-11	30-Sep-10
	Rupees	Rupees
Income
Profit on financing	12,939,324	9,700,225
Mark-up on lease finance	74,202	750,780
Return on placements	23,038,480	6,858,275
Return on investments	22,983,403	19,085,931
Fees and Commission	1,555,000	–
Profit on bank deposits	188,591	272,942
Other income	6,420,742	146,554
	———-	———-
	67,199,742	36,914,707
Expenses
Return on certificates of deposit	20,982,269	13,556,894
Return on term finance certificates	6,090,394	11,729,601
Mark – up on short term running finance	102,994	–
Mark – up on borrowing from financial institutions	25,782,272	11,486,031
Amortization of premium on held to maturity investments	3,462,735	3,054,549
Administrative and other operating expenses	12,756,641	18,717,506
Other financial charges	157,255	36,070
	———-	———-
	69,334,560	58,580,651
	———-	———-
Operating loss before taxation	(2,134,818)	(21,665,944)
Taxation	(567,780)	(175,973)
	———-	———-
Loss after taxation	(2,702,598)	(21,841,917)
	———-	———-
Other comprehensive income – net of tax	–	–
	———-	———-
Total comprehensive loss – net of tax	(2,702,598)	(21,841,917)
	———-	———-
(Loss) / Earnings per share – basic and diluted	(0.06)	(0.50)

 

For more information, contact:
Kamran Hafeez
Company Secretary
Escort Investment Bank Limited
Escort House, 26 Davis Road,
Lahore, Pakistan
Tel: (92-21) 3637 1931
Fax: (92-21) 3637 5950