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Consolidated Financial Statements

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Consolidated Financial Statements Annual Report | 2013 CONSOLIDATEDPic Change FINANCIAL STATEMENTS OF NBP AND ITS SUBSIDIARY COMPANIES 2013 Annual Report | 2013 Directors’ Report on Consolidated Financial Statement It gives me great pleasure to present on behalf of the Board of Directors, the Consolidated Annual Report of the National Bank of Pakistan for the year ended December 31, 2013 The operating results and appropriations, as recommended by the Board are given below: (Rupees In Million) 2013 2012 (Restated) Profit before taxation for the year 7,029 22,184 Taxation -Current year 6,230 7,870 -Prior year(s) 130 - -Deferred (4,639) (1,351) 1,722 6,519 After Tax Profit 5,307 15,665 Non Controlling Interest (32) (93) Profit brought forward-Restated 59,332 63,923 Other comprehensive income-net of tax 1,820 (4,358) Transfer from surplus on revaluation of fixed assets 132 106 Profit available for appropriation 66,559 75,244 Transfer to Statutory Reserve (1,100) (1,616) Bonus shares issued (2,775) (1,682) Cash dividend paid (12,950) (12,614) (16,825) (15,912) Profit carried forward 49,734 59,332 Basic and diluted earnings per share (Rupees) 2.48 7.32 Pattern of Share holding The pattern of share holding as at December 31, 2013 is given in Annual Report. On behalf of Board of Directors Mr. Muneer Kamal Chairman Date: March 3, 2014 162 Annual Report | 2013 Auditors’ Report on Consolidated Financial Statements Ernst & Young Ford Rhodes Sidat Hyder KPMG Taseer Hadi & Co. Chartered Accountants Chartered Accountants Progressive Plaza, Sheikh Sultan Trust Building No. 2 Beaumont Road Beaumont Road Karachi 75530, Pakistan Karachi 75530, Pakistan We have audited the annexed consolidated financial statements comprising consolidated statement of financial position of National Bank of Pakistan and its subsidiary companies (the Group) as at December 31, 2013 and the related consolidated profit and loss account, consolidated statement of comprehensive income, consolidated cash flow statement and consolidated statement of changes in equity together with the notes forming part thereof, for the year then ended. These financial statements include unaudited certified returns from the branches, except for 80 branches, which have been audited by us and 14 branches audited by the other auditors abroad. We have also expressed separate opinions on the financial statements of National Bank of Pakistan and its subsidiary companies namely Taurus Securities Limited, NBP Exchange Limited, NBP Fullerton Asset Management Limited, and NBP Leasing Limited and a review conclusion on NBP Modaraba Management Company Limited. The subsidiary companies CJSC Subsidiary Bank of NBP in Kazakhstan and First National Bank Modaraba which are being audited by other firms of auditors have been consolidated based on un-audited returns of these subsidiaries. The subsidiary company CJSC Subsidiary Bank of NBP in Tajikistan which was audited by other firm of auditors whose report has been furnished to us and our opinion, in so far as it relates to the amounts included for such company, is based solely on the report of such other auditors. These financial statements are responsibility of the Holding Company’s management. Our responsibility is to express an opinion on these financial statements based on our audit. Our audit was conducted in accordance with the International Standards on Auditing and accordingly included such tests of accounting records and such other auditing procedures as we considered necessary in the circumstances. In our opinion, the consolidated financial statements present fairly the financial position of National Bank of Pakistan and its subsidiary companies as at December 31, 2013 and the results of their operations for the year then ended. Ernst & Young Ford Rhodes Sidat Hyder KPMG Taseer Hadi & Co. Chartered Accountants Chartered Accountants Engagement Partner: Engagement Partner: Arslan Khalid Syed Iftikhar Anjum Karachi Date: March 03, 2014 163 Annual Report | 2013 Consolidated Statement of Financial Position For the year ended December 31, 2013 January 01, 2012 2013 Note 2013 2012 January 01, 2012 2012 ----------(US Dollars in '000)---------- ----------(Rupees in '000)---------- ----(Restated)---- ----(Restated)---- ASSETS 1,251,781 1,507,308 1,502,308 Cash and balances with treasury banks 6 158,230,033 158,756,638 131,843,344 266,513 293,333 174,591 Balances with other banks 7 18,388,738 30,895,173 28,070,350 417,505 78,624 493,160 Lendings to financial institutions 8 51,941,866 8,280,997 43,973,531 3,032,087 3,256,263 3,763,715 Investments 9 396,411,825 342,964,635 319,353,392 5,014,228 6,253,560 5,888,621 Advances 10 620,216,609 658,653,668 528,121,596 275,952 282,120 328,213 Operating fixed assets 11 34,568,864 29,714,221 29,064,564 104,930 93,366 104,143 Deferred tax assets 12 10,968,824 9,833,685 11,051,721 593,559 733,449 768,967 Other assets 13 80,991,187 77,250,240 62,516,147 10,956,555 12,498,023 13,023,718 1,371,717,946 1,316,349,257 1,153,994,645 LIABILITIES 86,444 136,413 131,922 Bills payable 14 13,894,667 14,367,639 9,104,710 262,728 495,213 218,508 Borrowings 15 23,014,353 52,158,143 27,671,746 8,805,261 9,846,219 10,461,424 Deposits and other accounts 16 1,101,845,283 1,037,049,090 927,410,553 - - - Sub-ordinated loans - - - Liabilities against assets subject to 880 364 545 finance lease 17 57,215 38,353 92,739 - - - Deferred tax liabilities - - - 564,713 644,248 685,907 Other liabilities 18 72,242,898 67,855,124 59,478,135 9,720,026 11,122,457 11,498,306 1,211,054,416 1,171,468,349 1,023,757,883 1,236,529 1,375,566 1,525,412 NET ASSETS 160,663,530 144,880,908 130,236,762 REPRESENTED BY 159,681 175,649 201,996 Share capital 19 21,275,131 18,500,114 16,818,285 248,874 287,732 318,413 Reserves 33,536,713 30,305,210 26,212,505 606,918 563,328 472,198 Unappropriated profit 49,734,161 59,332,321 63,923,439 1,015,473 1,026,709 992,607 104,546,005 108,137,645 106,954,229 6,842 7,509 7,791 Non-controlling interest 820,663 790,878 720,518 1,022,315 1,034,218 1,000,398 105,366,668 108,928,523 107,674,747 214,214 341,348 525,014 Surplus on revaluation of assets - net 20 55,296,862 35,952,385 22,562,015 1,236,529 1,375,566 1,525,412 160,663,530 144,880,908 130,236,762 CONTINGENCIES AND COMMITMENTS 21 The annexed notes 1 to 45 and Annexure I to IV form an integral part of these consolidated financial statements. Chairman President Director Director 164 Annual Report | 2013 Consolidated Profit and Loss Account For the year ended December 31, 2013 2012 2013 Note 2013 2012 (US Dollars in '000) ----(Rupees in '000)---- (Restated) (Restated) 960,136 951,272 Mark-up / return / interest earned 23 100,192,320 101,125,889 536,935 578,159 Mark-up / return / interest expensed 24 60,894,358 56,552,485 423,201 373,113 Net mark-up / interest income 39,297,962 44,573,404 93,482 165,767 Provision against non-performing advances - net 10.4 17,459,330 9,845,938 Provision for diminution 8,206 13,265 in the value of investments - net 9.10 1,397,122 864,296 29 Bad debts written off directly 3,020 - - 6,724 Provision against off balance sheet obligations 18.1 708,230 - 101,688 185,785 19,567,702 10,710,234 321,513 187,328 Net mark-up / interest income after provisions 19,730,260 33,863,170 NON MARK-UP / INTEREST INCOME 105,821 117,228 Fee, commission and brokerage income 12,346,947 11,145,569 19,747 25,265 Dividend income 2,661,077 2,079,795 36,036 37,277 Income from dealing in foreign currencies 25 3,926,204 3,795,448 30,576 36,907 Gain on sale and redemption of securities - net 26 3,887,164 3,220,442 Unrealized (loss) / gain on revaluation of 9 (1) investments classified as held-for-trading 9.11 (139) 976 Share of profit from joint venture 438,250 94,771 Share of (loss) / profit from associates - net of tax 9.9.1 (592,322) 1,855,623 24,799 31,185 Other income 27 3,284,497 2,611,937 216,988 247,861 Total non mark-up / interest income 25,951,678 24,804,561 538,501 435,189 45,681,938 58,667,731 NON MARK-UP / INTEREST EXPENSES 341,059 357,731 Administrative expenses 28 37,677,868 35,921,902 3,811 9,040 Other provisions / write offs 13.5/18.2 952,132 401,413 1,522 222 Other charges 29 23,395 160,324 346,392 366,993 Total non mark-up / interest expenses 38,653,395 36,483,639 192,109 68,196 7,028,543 22,184,092 - - Extra ordinary / unusual items - - 192,109 68,196 PROFIT BEFORE TAXATION 7,028,543 22,184,092 74,720 59,153 Taxation - Current 6,230,222 7,869,853 - 1,235 - Prior year(s) 130,079 - (12,829) (44,040) - Deferred (4,638,541) (1,351,189) 61,891 16,348 30 1,721,760 6,518,664 130,218 51,848 PROFIT AFTER TAXATION 5,306,783 15,665,428 Attributable to: 129,336 51,544 Shareholders of the bank 5,274,779 15,572,503 882 304 Non-controlling interest 32,004 92,925 130,218 51,848 5,306,783 15,665,428 --------------- US Dollars ------------ -------------- Rupees --------------- 0.07 0.02 Basic and diluted earnings per share 31 2.48 7.32 The annexed notes 1 to 45 and Annexure I to IV form an integral part of these consolidated financial statements.
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