First Credit and Investment Bank Limited’s financial results for the quarter ended December 31, 2012

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Karachi, February 25, 2013 (PPI-OT): We have to inform you that the Board of Directors of our company in their meeting held on February 23, 2013 at 3:30 p.m at Marriot Hotel, Karachi recommended the following:

(i) CASH DIVIDEND

An Interim Cash Dividend for the quarter ended December 31, 2012 at Rs. Nil per Share i.e. 0%. This is in addition to Interim Dividend (s) already paid at Rs. Nil per share i.e.0%.

AND/OR

(ii) BONUS SHARES

It has been recommended by the Board of Directors to issue Interim Bonus Shares in proportion of Nil share(s) for every Nil share(s) held i.e. 0%. This is in addition to the interim Bonus Shares already issued @0%.

AND/OR

(iii) Right Shares

The Board has recommended to issue 0% Right Shares at par/at a discount/premium of Rs. Nil per share in proportion of Nil share (s) for every Nil share(s). The entitlement of right shares being declared simultaneously will be/will not be applicable on Bonus Shares as declared above.

AND/OR

(iv) ANY OTHER ENTITLEMENT/ CORPORATE ACTION

AND/OR

(v) ANY OTHER PRICE-SENSITI VE INFORMATION

The financial results of the Company are as follows:

Complete Profit and Loss Accounts is attached.

Condensed Interim Profit and Loss Account (Reviewed) for the Six Months Period Ended December 31, 2012

		For the		For the
		Six months period ended		second quarter ended
		December 31,	December 31,	December 31,	December 31,
		2012	2011	2012	2011
	Note	Rupees
Income
Income for term finance and fund placements		1,153,393	14,611,000	335,095	7,002,150
Income from investments		45,276,317	52,406,842	19,131,875	26,391,279
Capital gains on disposal of securities		1,656,426	257,379	953,340	1,250
Dividend income		646,061	1,050,245	180,544	749,796
Fees and commission		289,553	687,154	239,553	377,127
Other Income		219,844	221,908	125,769	109,021
		———-	———-	———-	———-
		49,241,593	69,234,528	20,966,175	34,630,623
Finance costs
Mark-up bank loans		10,458,279	16,804,044	4,602,731	8,121,579
Mark-up on other short term borrowings		9,198,197	8,883,012	2,850,956	4,670,630
Mark-up on short term running finance		77,831	11,521	(9,105)	10,974
Mark-up on certificates of deposits		2,754,074	22,683,153	1,423,676	10,979,473
Other		19,877	31,351	16,935	11,272
		———-	———-	———-	———-
		22,508,258	48,413,081	8,885,193	23,794,029
Administrative and operating expenses		24,213,470	23,053,549	13,414,270	11,660,423
		———-	———-	———-	———-
		46,721,728	71,466,630	22,299,463	35,454,452
		———-	———-	———-	———-
Operating (loss)/profit		2,519,865	(2,232,102)	(1,333,288)	(823,829)
Provision for mark-up / income accrued		568,129	–	–	–
Provision for non performing investments		(8,303,151)	(33,204,254)	6,486,488	(33,204,254)
Provision for non performing finances		3,018,334	–	750,000	–
Unrealized loss on re-measurement of
investments classified as held-for-trading		5,809	(29,550)	5,809	(16,150)
		———-	———-	———-	———-
(loss) / Profit before taxation		(2,191,014)	(35,465,906)	5,909,009	(34,044,233)
Taxation	13	3,057,301	10,958,179	(2,788,942)	11,301,179
		———-	———-	———-	———-
(Loss)/Profit after taxation		866,287	(24,507,727)	3,120,067	(22,743,054)
		———-	———-	———-	———-
(Loss)/ Earnings per share – basic and diluted 14		0.01	(0.38)	0.05	(0.35)

The annexed notes from 1 to 17 form an integral part of these condensed interim financial statement.

For more information, contact:
First Credit and Investment Bank Limited
2nd Floor, SIDCO Avenue Centre,
Strachan Road Karichi-74200, Pakistan.
PABX: 92- 21- 35658750-52
Fax: 92-21- 35686310
E-mail: info@fcibank.com.pk