Karachi: We have to inform you that the Board of Directors of our company in their meeting held on October 24, 2011 at 11:30 a.m., at Karachi approved the quarterly financial statements of First National Bank Modaraba for the period ended September 30, 2011.
The complete profit and loss account of First National Rank Modaraba for the quarter ended September 30, 2011 is enclosed.
Condensed Interim Profit and Loss Account (Unaudited) for the Period Ended September 30, 2011
|Income from ijarah||115,872,871||71,305,466|
|Profit on morabaha finances||30,855,512||26,494,846|
|Profit on musharaka finance||1,222,936||250,687|
|Profit on bank deposits||110,560||102,338|
|Gain/ (Loss) on short-tern, investments||(167,272)||(20,566)|
|Gain on sale of fixed asset||531,333||–|
|Depreciation on asset under Ijarah||79,338,129||47,466,734|
|Allowance for potential loss in Ijarah and Morabaha||5,000,000||3,000,000|
|Modaraba company’s management fee||778,137||759,323|
|Profit for the Quarter||7,003,230||6,833,903|
|Provision for taxation||–||–|
|Profit after Taxation||7,003,230||6,833,903|
|Unappropriated Profit Brought Forward||48,711,542||49,231,856|
|Profit Available for Appropriation||55,714,772||56,065,759|
|Transfer to statutory reserve||1,400,646||1,366,781|
|Dividend for year ended June 30, 2011 (2010: 25,000,000)||25,000,000||25,000,000|
|Unappropriated Profit Carried Forward||29,314,126||29,698,978|
|Earnings per Modaraba Certificate|
|Basic and diluted||0.28||0.27|
The annexed notes form an Integral part of these financial statements.
For more information, contact:
National Bank Modaraba Management Company Limited
26- Mclagon Road, Lahore.
Tel: (92-42) 99210641-70,
Ext: 3530 99213249,