Network Microfinance Bank Limited’s financial results for the half-year ended June 30, 2011

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Karachi: We have to inform you that the Board of Directors of our Bank in their meeting held on Thursday, August 11, 2011 at 11:00 A.M., recommended as follows:

 

(1)	Cash Dividend	Nil
(2)	Bonus issue	Nil
(3)	Rights Shares	Nil
(4)	Any Other Entitlement/Corporate Action	Nil
(5)	Any Other Price-Sensitive Information	Nil

 

 

Find enclosed profit and loss statement.

Condensed Interim Profit and Loss Account (Un-Audited) for the Quarter and Half Year Ended June 30, 2011

 

		Quarter Ended June 30, 2011	Half Year Ended June 30, 2011	Quarter Ended June 30, 2010	Half Year Ended June 30, 2010
	Note
		Rupees
Mark-up/return/interest earned	8	8,616,507	18,645,460	15,105,464	29,410,762
Mark-up/return/interest expensed		(288,182)	(610,681)	(1,166,363)	(2,290,582)
		———-	———–	———-	———-
Net mark-up/interest income		8,328,325	18,034,779	13,939,101	27,120,200
Provision against non-performing loans and
Advances-Net		(2,648.940)	(5,610,898)	(3,101,748)	(3,840,290)
Provision for diminution in the value of
Investments		–	–	–	–
Bad debts written off directly		(71,146)	(71,146)	–	–
		(2,720,088)	(5,582,044)	(3,101,748)	(3,840,290)
		———-	———–	———-	———-
Net mark-up/interest income after provisions		5,606,239	12,452,735	10,837,353	23,279,910
Non mark-up/non interest income
Fee, commission and brokerage income		–	–	338,667	731,426
Recovery against written off advances		807,325	1,448,717	923,424	1,487,994
Dividend Income		–	–	–	–
Unrealized gain on revaluation of investments –
held for trading security		–	–	636	636
Other income		63,581	60,295	57,165	83,670
Total non-mark-up/non interest income		860,886	1,509,012	1,319,882	2,303,726
		———-	———–	———-	———-
		6,469,125	13,961,747	12,157,235	25,583,636
Nap mark-up/non Interest expenses
Administrative expenses		(10,795,401)	(21,546,012)	(14,816,988)	(27,993,110)
Other provisions /Write offs		–	–	–	–
Other charges		–	–	–	–
		———-	———–	———-	———-
Total non mark-up/non interest expenses		(10,795,401)	(21,546,012)	(14,816,988)	(27,993,110)
		———-	———–	———-	———-
		(4,328,276)	(7,584,266)	(2,659,753)	(2,409,474)
Extra ordinary/unseal items		–	–	–	–
Loss before taxation		(4,328,276)	(7,584,266)	(2,659,753)	(2,409,474)
Taxation – Current	10	(86,185)	(186,455)	(156,013)	(302,259)
Prior year		–	–	–	–
Deferred		–	–	–	–
		———	———–	———-	———-
Loss after taxation		(4,412,441)	(7,770,720)	(2,614,766)	(2,711,733)
Accumulated losses brought forward		(83,284,423)	(79,926,144)	(61,286,040)	(61,462,696)
		———-	———–	———-	———-
Accumulated losses carried forward		(87,696,864)	(87,696,864)	(64,100,806)	(6,174,429)
		———-	———–	———-	———-
Loss per share – basic		(0.15)	(0.28)	(0.094)	(0.090)

 

The annexed notes 1 to 14 form on integral part of these condensed Interim financial statements,

For more information, contact:
Network Microfinance Bank Limited
202, Azayan Plaza,
Opp. FTC Building,
S.M.CH.S. Shahrah-e-Faisal,
Karachi, Pakistan
PABX: 34311723 – 25
Fax: 34311722