First National Bank Modaraba’s financial results for the year ended June 30, 2011

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Karachi: We have to inform you that the Board of Directors of National Bank Modaraba Management Company Limited in their meeting held on September 28, 2011 at 11:00 a.m., at Board Room NBP Head Office, Karachi recommended the following in respect of First National Bank Modaraba (FNBM):

(i) Cash Dividend: A final cash Dividend for the year ended June 30,2011 at Rs.1/- per Certificate i.e.10%

(ii) Bonus Shares: NIL

(iii)Right Shares: NIL

The Board of Directors in the meeting approved the financial statements for the year ended June 30, 2011. The complete Profit & Loss Account along with appropriations, earning per share and Comparative figures of immediately preceding corresponding period has been enclosed. In addition, the accounts do not contain any qualification/ observation by the auditors.

The Annual Review Meeting of the Modaraba will be held on October, 31, 2011 at 4th Floor, NBP RHQs Building, 26-McLagon Road Lahore at 11:00 a.m.

The certificate holders whose names will appear in the Register of Certificate Holders at close of business on October 22, 2011 will be entitled to attend the Annual Review Meeting.

The Share Transfer Books of the Company will be closed from October 24, 2011 to October 31, 2011 (both days inclusive). Transfers received at Hameed Majeed Associates, H.M. House, 7-Bank Square Lahore at the close of business on October 22, 2011 will be treated in time for the purpose of entitlement to receive dividends to the transferees.

First National Bank Modaraba Statement of Changes in Equity For the year ended June 30, 2011

 

		Reserves
Particulars	Certificate
	Capital	Statutory	Unrealized gain /  unappropriated	Total  Equity
	Reserve	(loss) on	profit	Total Investment
Balance as at June 30,2009	250,000,000	27,061,093	(167,821,982)	28,244,376	38,483,487	288,483,487
Total comprehensive income for	–	–	16,821,982	26,234,350	43,056,332	43,056,332
The year ended June 30,2010
Transfer to statutory reserve	–	5,246,870	–	(5,246,870)	–	–
	————-	————	————	————-	———–	————-
Balance as at June 30, 2010	250,000,000	32,307,963	–	49,231,856	81,539,819	331,539,819
Total comprehensive income for	–	–	–	30,599,608	30,599,608	30,599,608
The year ended June 30, 2011
Transfer to statutory reserve	–	6,119,922	–	(6,119,922)	–	–
Profit distributed for the year Ended June 30,2010				(25,000,000)	(25,000,000)	(25,000,000)
	————-	————	————	————-	———–	————-
Balance as at June 30, 2011	250,000,000	38,427,885	–	48,711,542	87,139,427	337,139,427

 

 

The annexed notes form an integral part of these financial statements.

 

Chief Executive

Director

Director

Chief Financial Officer

 

First National Bank Modaraba

Profit and Loss Account

For the year ended June 30,2011

 

		2011	2010
	Note	Rupees	Rupees
INCOME
Income from ijarah		359,029,514	239,731,340
Profit on murabaha investment		105,782,952	116,967,147
Profit on musharakah investment and sukur certificates		915,979	6,417,699
Profit on bank deposits		626,582	451,239
Income from short term investments- net	31	186,088	1,397,775
Other income	32	7,016,413	5,098,318
		————	————
		473,557,528	370,063,518
EXPENSES
Operating expenses	33	(15,695,281)	(16,895,109)
Depreciation on assets under ijarah		(235,561,653)	(110,418,415)
Finance cost	34	(175,878,029)	(195,198,797)
Other operating expenses	35	(12,423,000)	(18,401,919)
		————	————
		(439,557,963)	(340,914,240)
		————	————
		33,999,565	29,149,278
Modaraba Company’s management fee	36	(3,399,957)	(2,914,928)
Profit for the year		30,599,608	26,234,350
		————	————
Earnings per Modaraba Certificate – Basic and Diluted	37	1.22	1.05

 

The annexed notes form an integral part of these financial statements.

For more information, contact:
First National Bank Modaraba
Regional Headquarters Building,
5th Floor, 26 Mclagon Road Lahore.
Phone: 042-99210641-70 ext. 3523
Fax : 042-99213247
E-mail: info@nbmodaraba.com