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

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

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