DOCSLIB.ORG

Auditors' Report to the Members

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Auditors' Report to the Members Auditors’ Report to the Members We have audited the annexed consolidated financial statements comprising consolidated Balance Sheet of The Bank of Punjab (the Bank ) and its subsidiary company as at 31 December 2008 and the related consolidated Profit and Loss account, 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 fifteen branches, which have been audited by us. We have also expressed a separate opinion on the financial statements of The Bank of Punjab. Its subsidiary company Punjab Modaraba Services (Private) Limited, however, was audited by another firm of Chartered Accountants, 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 auditors. These financial statements are the responsibility of the Bank’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the International Standards on auditing as applicable in Pakistan. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of any material misstatement. An audit includes examining, on test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting policies and significant estimates made by the management, as well as, evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the consolidated financial statements examined by us, based on fifteen branches and the returns referred to above received from the branches which have been found adequate for the purposes of our audit, present fairly the financial position of The Bank of Punjab and its subsidiary company as at 31 December 2008 and the results of their operations, their cash flows and changes in equity for the year then ended in accordance with approved accounting standards as applicable in Pakistan. Without qualifying our opinion we draw attention to Note 1 to the financial statements which fully explain actions and the undertaking of the Government of Punjab in respect of the deficiency in capital, equity injection and non-provision against certain advances. Ford Rhodes Sidat Hyder & Co. Lahore Chartered Accountants June 04, 2009 93 Consolidated Balance Sheet as at December 31, 2008 Note 2008 2007 (Rupees in ‘000) Assets Cash and balances with treasury banks 7 10,685,058 14,210,302 Balances with other banks 8 2,178,455 1,927,662 Lendings to financial institutions 9 633,333 2,450,000 Investments 10 22,689,608 73,461,693 Advances 11 131,724,113 133,899,143 Operating fixed assets 12 3,471,838 3,252,759 Deferred tax assets 13 8,388,162 - Other assets 14 6,122,406 5,816,021 185,892,973 235,017,580 Liabilities Bills payable 16 1,219,801 937,647 Borrowings 17 12,278,773 17,842,915 Deposits and other accounts 18 164,071,732 191,968,377 Sub-ordinated loans - - Liabilities against assets subject to finance lease 19 30,632 40,321 Deferred tax liabilities 13 - 2,205,530 Other liabilities 20 4,564,481 3,010,882 182,165,419 216,005,672 Net Assets 3,727,554 19,011,908 Represented By Share capital 21 5,287,974 4,230,379 Reserves 22 7,427,232 7,427,232 (Accumulated loss) / Unappropriated profit * (7,674,257) 3,468,956 5,040,949 15,126,567 (Deficit) / Surplus on revaluation of assets 23 * (1,313,395) 3,885,341 3,727,554 19,011,908 Contingencies and Commitments 24 * The above deficit on revaluation of assets include impairment loss (net of tax) of Rs 1,119,824 (thou- sand) in respect of listed equity securities / mutual funds held under ‘Available-for-sale’ category of investments as allowed under BSD Circular no. 4 dated 13 February 2009 of the SBP. The said im- pairment loss has been determined on the basis of valuation of such listed equity securities / mutual funds using the market prices quoted on the Stock Exchange / net assets values as of 31 December 2008. Had the impairment loss been fully charged to profit and loss account, loss after tax for the year would have been increased by Rs 1,119,824 (thousand) and loss per share would have been increased by Rs. 2.12. (see note 23.3) The annexed notes from 1 to 46, annexure - I & II form an integral part of these financial state- ments. Chairman President Director Director Director 94 Consolidated Profit and Loss Account for the year ended December 31, 2008 Note 2008 2007 (Rupees in ‘000) Mark-up/return/interest earned 25 17,752,652 17,539,538 Mark-up/return/interest expensed 26 16,614,000 13,939,377 Net mark-up/ interest income 1,138,652 3,600,161 Provision against non-performing loans and advances 11.5 18,863,580 1,616,421 Provision for diminution in the value of investments 10.3 388,757 24,479 Bad debts written off directly 11.6 - 246,869 19,252,337 1,887,769 Net mark-up/ interest income after provisions (18,113,685) 1,712,392 Non Mark-up/interest Income Fee, commission and brokerage income 27 579,520 659,488 Dividend income 2,025,160 1,812,870 Income from dealing in foreign currencies 324,327 377,233 Gain on sale and redemption of securities 28 733,787 2,039,535 Unrealized gain / (Loss) on revaluation of investments classified as held for trading - - Other income 29 526,186 547,635 Total non-markup/interest income 4,188,980 5,436,761 (13,924,705) 7,149,153 Non Mark-up/interest Expenses Administrative expenses 30 2,808,835 2,255,342 Provision against other assets 10,101 - Provision against off balance sheet items - 292 Other charges 31 114,700 37,950 Total non-markup/interest expenses 2,933,636 2,293,584 (16,858,341) 4,855,569 Extra ordinary/unusual items - - (Loss) / Profit Before Taxation (16,858,341) 4,855,569 Taxation - Current 207,600 170,700 - Prior years 1,052,000 (19,921) - Deferred (8,033,001) 250,772 32 (6,773,401) 401,551 (Loss) / Profit After Taxation (10,084,940) 4,454,018 Unappropriated profit brought forward 3,468,956 3,226,961 Reversal of excess management fee accrued last year 27 (6,250) - Transfer from surplus on revaluation of fixed assets - net of tax 5,572 5,866 3,468,278 3,232,827 (Accumulated loss) / profit available for appropriation (6,616,662) 7,686,845 Basic (loss) / Earnings per share (after tax) - Rupees 32.2 * (19.07) 8.42 Diluted (loss) / Earnings per share (after tax) - Rupees 34 * (19.07) 8.42 * The deficit on revaluation of assets include impairment loss (net of tax) of Rs 1,119,824 (thousand) in respect of listed equity securities / mutual funds held under ‘Available-for-sale’ category of investments as allowed under BSD Circular no. 4 dated 13 February 2009 of the SBP. The said impairment loss has been determined on the basis of valuation of such listed equity securities / mutual funds using the market prices quoted on the Stock Exchange / net assets values as of 31 December 2008. Had the impairment loss been fully charged to profit and loss account, loss after tax for the year would have been increased by Rs 1,119,824 (thousand) and loss per share would have been increased by Rs 2.12. (see note 23.3) The annexed notes from 1 to 46, annexure - I & II form an integral part of these financial statements. Chairman President Director Director Director 95 Consolidated Cash Flow Statement for the year ended December 31, 2008 Note 2008 2007 (Rupees in ‘000) Cash Flow From Operating Activities (Loss)/Profit before taxation (16,858,341) 4,855,569 Less: Dividend income (2,025,160) (1,812,870) (18,883,501) 3,042,699 Adjustments: Depreciation 215,783 142,553 Amortization on intangible assets 12,671 12,283 Amortization on premium on Pakistan Investment Bonds 72,198 69,285 Provision against non-performing advances 18,863,580 1,616,421 Bad debts written-off directly - 246,869 Provision for diminution in the value of investments 388,757 24,479 Provision for employees compensated absences 27,981 22,282 Provision for gratuity 37,042 - Provision against off-balance sheet items - 292 Provison against other assets 10,101 - (Gain) / Loss on sale of fixed assets (3,152) 2,955 Gain on sale and redemption of securities (733,787) (2,039,535) Financial charges on leased assets 4,454 3,760 18,895,628 101,644 12,127 3,144,343 (Increase)/ Decrease in operating assets: Lendings to financial institutions 816,667 9,896,823 Advances (16,688,550) (35,285,749) Others assets (298,763) (1,411,991) (16,170,646) (26,800,917) Increase/ (Decrease) in operating liabilities: Bills Payable 282,154 81,199 Borrowings from financial institutions (5,463,146) 10,594,265 Deposits (27,896,645) 54,240,833 Other liabilities 1,488,576 144,991 (31,589,061) 65,061,288 (47,747,580) 41,404,714 Financial charges paid (4,454) (3,760) Income tax paid (638,253) (840,476) Net cash (used in) / generated from operating activities (48,390,287) 40,560,478 Cash Flow From Investing Activities Net investments in available-for-sale securities 42,476,027 (43,322,302) Net investments in held-to-maturity securities 165,856 69,937 Dividend income 2,041,428 1,812,870 Investments in operating fixed assets (462,157) (543,135) Sale proceeds of property and equipment disposed-off 5,367 24,609 Net cash flow generated from / (used in) investing activities 44,226,521 (41,958,021) Cash Flow From Financing Activities Payment of lease obligations (9,689) (667) Net cash used
Load more

Recommended publications
  • 12. BANKING 12.1 Scheduled Banks Operating in Pakistan Pakistani Banks
    12. BANKING 12.1 Scheduled Banks Operating in Pakistan Pakistani Banks Public Sector Banks Nationalized Banks 1. First Women Bank Limited 2. National Bank of Pakistan Specialized Banks 1. Industrial Development Bank of Pakistan (IDBP) 2. Punjab Provincial Co-operative Bank Limited (PPCB) 3. Zarai Traqiati Bank Limited 4. SME Bank Ltd. Provincial Banks 1. The Bank of Khyber 2. The Bank of Punjab Private Domestic Banks Privatized Bank 1. Allied Bank of Pakistan Limited 2. Muslim Commercial Bank Limited 3. United Bank Limited 4. Habib Bank Ltd. Private Banks 1. Askari Commercial Bank Limited 2. Bank Al-Falah Ltd. 3. Bank Al-Habib Ltd. 4. Bolan Bank Ltd. 5. Faysal Bank Ltd. 6. KASB Bank Limited 7. Meezan Bank Ltd. 8. Metropolitan Bank Ltd 9. Prime Commercial Bank Ltd. 10. PICIC Commercial Bank Ltd. 11. Saudi-Pak Commercial Bank Limited 12. Soneri Bank Ltd. 13. Union Bank Ltd. Contd. 139 12.1 Scheduled Banks Operating in Pakistan Private Banks 14. Crescent Commercial Bank Ltd. 15. Dawood bank Ltd. 16. NDLC - IFIC Bank Ltd. Foreign Banks 1. ABN AMRO Bank NV 2. Al-Baraka Islamic Bank BSC 3. American Express Bank Ltd. 4. Citi Bank NA 5. Deutsche Bank AE 6. Habib Bank AG Zurich 7. Oman International Bank SAOG 8. Rupali Bank Ltd 9. Standard Chartered Bank Ltd. 10. The Bank of Tokyo-Mitsubishi Ltd. 11. The Hong Kong & Shanghai Banking Corporation Ltd. Source: SBP Note: Banks operating as on 30th June, 2004 140 12.2 State Bank of Pakistan - Assets of the Issue Department (Million Rupees) Last Day of June Particulars 2003 2004 2005 Total Assets 522,891.0 611,903.7 705,865.7 1.
    [Show full text]
  • Better STRONGER Together Better STRONGER Together
    ANNUAL REPORT 2016 Better STRONGER Together Better STRONGER Together TABLE of contents 02 Corporate Information 03 Vision, Mission Statement 05 Core Values 06 Management 10 Credit Rating 11 Six Years at a Glance 14 Corporate Social Responsibility (CSR) 18 President’s Message 22 Economic Review 24 Directors’ Report 45 Statement of Compliance with the Code of Corporate Governance 48 Auditors’ Review Report to the members on Code of Corporate Governance 49 Report of Shariah Board 54 Statement of Internal Controls 55 Notice of Annual General Meeting 59 Unsolidated Financial Statements of The Bank of Punjab 155 03Consolidated Financial Statements of The Bank of Punjab and its Subsidiary Punjab Modaraba Services (Pvt.) Limited 250 Pattern of Shareholding 256 Foreign Correspondents Form of Proxy ANNUAL REPORT 2016 01 CORPORATE information Board Of Directors Dr. Pervez Tahir Chairman Mr. Naeemuddin Khan President / CEO Mr. Mohammad Jehanzeb Khan Director Mr. Hamed Yaqoob Sheikh Director Dr. Umar Saif Director Syed Maratib Ali Director Dr. Muhammad Amjad Saqib Director Mr. Mohammed Afzaal Bhatti Director Khawaja Farooq Saeed Director Mr. Saeed Anwar Director Mr. Omar Saeed Director Mr. Raza Saeed Secretary to the Board Central Audit Committee (CAC) Khawaja Farooq Saeed Chairman Mr. Mohammed Afzaal Bhatti Member Mr. Saeed Anwar Member Mr. Omar Saeed Member Board Risk Management Committee (BRMC) Syed Maratib Ali Chairman Mr. Saeed Anwar Member Mr. Omar Saeed Member Human Resource & Remuneration Committee (HR&RC) Mr. Mohammad Jehanzeb Khan Chairman Syed Maratib Ali Member Mr. Mohammed Afzaal Bhatti Member Mr. Naeemuddin Khan Ex-oficio Member Auditors Deloitte Yousuf Adil Chartered Accountants Registered Ofce BOP Tower, 10-B, Block-E-II, Main Boulevard, Gulberg-III, Lahore.
    [Show full text]
  • Consortium Contact Detail (Lahore).Xlsx
    Bank Name Bank of Punjab ‐ Taqwa Islamic Banking Bank Name Meezan Bank 1st Contact person detail 1st Contact person detail Name Ghulam Mustafa Name Muhammad Ehtisham Contact number 0300‐6980309 Contact number 0304‐0920521 / 0345‐4511110 e‐mail address [email protected] e‐mail address [email protected] BOP, 7th floor, big city plaza, liberty Address roundabout opposite monal restaurant, Address 60‐Main boulevard gulberg Lahore main boulevard gulberg Lahore 2nd Contact person detail 2nd Contact person detail Name Abdul Rasheed Name Tassawar Hussain Contact number 0322‐4662808 Contact number 0304‐0920597 / 0345‐4548548 e‐mail address [email protected] e‐mail address [email protected] BOP, 7th floor, Big City Plaza, Liberty Address Roundabout Opposite Monal Restaurant, Address 60‐Main Boulevard Gulberg Lahore Main Boulevard Gulberg III Lahore Bank Name Faysal Bank limited Bank Name National Bank limited 1st Contact person detail 1st Contact person detail Name Syed Mazhar Arslan Name Mr. Farhan Ashraf Contact number 0321‐9449778 Contact number 042‐99268193 / 0321‐4998908 e‐mail address [email protected] e‐mail address [email protected] Faysal Bank, 1‐C, Sikandar Malhi Road, Address Address NBP, 69‐B, Main Boulevard, Gulberg II, Lahore. Canal Park, Gulberg II, Lahore 2nd Contact person detail 2nd Contact person detail Name Fahad Ali Name Mr. Muhammad Ashraf Contact number 0334‐4108658 Contact number 042‐99268428 / 0333‐4786078 e‐mail address [email protected] e‐mail address [email protected] Faysal Bank, 1‐C, Sikandar Malhi Road, NBP, Mezzanine Floor, Pace Tower, 27‐H, College Address Address Canal Park, Gulberg II, Lahore Road, Gulberg II, Lahore.
    [Show full text]
  • Islamic Banking Bulletin December 2016
    Islamic Banking Bulletin December 2016 Islamic Banking Department State Bank of Pakistan Islamic Banking Bulletin October-December 2016 Table of Contents Page No. Seminar on “Unlocking Islamic Finance Potential in the China Pakistan Economic Corridor (CPEC) and Beyond” Organized by Centre of Excellence in Islamic Finance Education (CEIFE), Institute of Business Administration (IBA) 3 Address by Mr. Saeed Ahmad, Deputy Governor, State Bank of Pakistan Islamic Banking Industry – Progress and Market Share 6 Country Model: Kenya 10 A Brief on Islamic Financial Services Board (IFSB)-17: IFSB’s Core Principles for Islamic Finance Regulation (CPIFR) (Banking Segment) (CPIFR 14 to CPIFR 22) 11 Events and Developments at Islamic Banking Department 13 Islamic Banking News and Views 14 Annexure I: Islamic Banking Branch Network 19 Annexure II: Province-wise Break-up of Islamic Banking Branch Network 20 Annexure III: City-wise Break-up of Islamic Banking Branch Network 21 2 Islamic Banking Bulletin October-December 2016 Seminar on “Unlocking Islamic Finance Potential in China Pakistan Economic Corridor (CPEC) and Beyond” Organized by Centre of Excellence in Islamic Finance Education (CEIFE) Institute of Business Administration (IBA) Address by Mr. Saeed Ahmad, Deputy Governor, State Bank of Pakistan Institute of Business Administration (IBA), Karachi January 17, 2017 Distinguished Guests, Ladies & Gentlemen, Assalam-o-Alaikum I am honored to be a part of this high level international forum and look forward to the discussions here today that are likely to be beneficial for Islamic finance stakeholders in the context of CPEC and beyond. Ladies and Gentlemen; The risk and reward sharing nature of Islamic finance and the greater probability of increased efficiency in allocating resources to the real sectors of the economy make it a more stable financial system that ensures sustainable growth.
    [Show full text]
  • IBFT- Account Number Formats
    IBFT- Account Number Formats Allied Bank Please enter Allied Bank Account Number by following the layout below: Total Digits of Account Number: 13 or 20 Digits Format Example: BBBBAAAAAAAAA or BBBBAAAAAAAAAAAAAAAA BBBB = 4 Digit Branch Code, AAAAAAAAA = 9 Digit Account Number, AAAAAAAAAAAAAAAA = 16 Digit Account Number Apna Microfinance Bank Please enter Apna Microfinance Bank Account Number by following the layout below: Total Digits of Account Number: 16 Digits Format Example: BBBBAAAAAAAAAAAA BBBB = 4 Digit Branch Code, AAAAAAAAA = 12 Digits Askari Bank Please enter Askari Bank Account Number by following the layout below: Total Digits of Bank Account Number: 14 Digits Format Example: BBBB = 4 Digit Branch Code, AAAAAAAAAA = 10 Digit Account Number Branchless Banking Account # Always consist of 11 digits Mobile Number. Al-Baraka Please enter Bank Al-Baraka total digits of account Number: Total Digits of Account Number: 13 Digits Bank Alfalah Please enter Bank Alfalah Account Number by following the layout below: Conventional A/C#: Total Digits of Account Number: 14 Format Example: BBBBAAAAAAAAAA BBBB = 4 Digit Branch Code, AAAAAAAAAA = 10 Digit Account Number Islamic A/C#: Total Digits of Account Number: 18 Digit Format Example: BBBBAAAAAAAAAAAAAA BBBB = 4 Digit Branch Code, AAAAAAAAAAAAAA = 14 Digit Account Number Branchless Banking Account # : Always consist of 11 digits Mobile Number. Bank Al-Habib Please enter Bank Al-Habib Account Number by following the layout below: Total Digits of Account Number: 17 Digit Format
    [Show full text]
  • Wide Screen Template
    KPMG Taseer Hadi & Co. Chartered Accountants Snapshot of results ofBanks inPakistan Snapshot of results of banks in Pakistanfor the six months period ended 30 June2019 This snapshot has been prepared by KPMG Taseer Hadi & Co. and summarizes the performance of selected commercial banks in Pakistan for the six months period ended 30 June 2019. The information contained in this snapshot has been obtained from the published interim consolidated financial statements of the banks. Reference should be made to the published interim financial statements of the banks to enhance the understanding of ratios and analysis of performance of a particular bank. The interim financial statements of Summit Bank and First Woman Bank Limited were not published till the date of our publication, and accordingly their results are not included in this snapshot. We have tried to provide relevant financial analysis of the banks which we thought would be useful for benchmarking and comparison. However, we welcome any comments, which would facilitate in improving the contents of this document. The comments may be sent at [email protected] Dated: 25 September 2019 Karachi © 2019 KPMG Taseer Hadi & Co., a Partnership firm registered in Pakistan and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rightsreserved. 2 HBL NBP UBL MCB ABL BAH Meezan 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 Ranking By total assets 1 1 2 2 3 3 4 4 5 5 6 6 7
    [Show full text]
  • Snapshot of Results of Banks in Pakistan Snapshot of Results of Banks in Pakistan Six Months Period Ended 30 June 2016
    KPMG Taseer Hadi & Co. Chartered Accountants Snapshot of results of Banks in Pakistan Snapshot of results of banks in Pakistan Six months period ended 30 June 2016 This snapshot has been prepared by KPMG Taseer Hadi & Co. and summarizes the performance of selected banks in Pakistan for the 6 months period ended 30 June 2016. The information contained in this snapshot has been obtained from the published consolidated financial statements of the banks and where consolidated financial statements were not available, standalone financials have been used. Reference should be made to the published financial statements of the banks to enhance the understanding of ratios and analysis of performance of a particular bank. We have tried to provide relevant financial analysis of the banks which we thought would be useful for benchmarking and comparison. However, we welcome any comments, which would facilitate in improving the contents of this document. The comments may be sent on [email protected] Dated: 23 September 2016 Karachi © 2016 KPMG Taseer Hadi & Co., a Partnership firm registered in Pakistan and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 2 Document Classification: KPMG Public HBL NBP UBL MCB ABL BAF 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 Ranking By total assets 1 1 2 2 3 3 4 4 5 5 6 6 By net assets 1 1 2 2 3 3 4 4 5 5 7 7 By profit before tax 1 1 4 4 2 3 3 2 5 5 7 8 Profit before tax * 28,298
    [Show full text]
  • Annual Report 2013 Annual Report 2013 01
    Annual Report 2013 Annual Report 2013 01 CONTENTS Corporate Information ........................................................04 Auditors’ Review Report to the members on Code of Corporate Governance......................................39 Vision & Mission Statement.................................................06 Shariah Advisor’s Report ....................................................40 Core Values .........................................................................07 Statement of Internal Controls ............................................42 Management .......................................................................08 Notice of Annual General Meeting .....................................44 Credit Rating .......................................................................10 Unconsolidated Financial Statements Six Years at a Glance ..........................................................12 of The Bank of Punjab..........................................................46 Corporate Social Responsibility (CSR).................................18 Consolidated Financial Statements President’s Message ..........................................................20 of The Bank of Punjab and its Subsidiary Economic Review ...............................................................23 Punjab Modaraba Services (Pvt.) Ltd. ..............................171 Directors’ Report ................................................................24 Pattern of Shareholding.....................................................293 Statement
    [Show full text]
  • IBFT Guideline
    MCB Bank Limited IBFT- Guidelines 1. Al Baraka Bank (Pakistan) Limited Please enter Bank Al-Baraka total digits of account Number: Total Digits of Account Number: 13 Digits Format Example: AAAAAAAAAAAAA Note: A = Account Number 2. Allied Bank Limited Please enter Allied Bank Account Number by following the layout below: Total Digits of Account Number: 13 or 20 Digits Format Example: BBBBAAAAAAAAA or BBBBAAAAAAAAAAAAAAAA Note: B = Branch Code, A = Account Number 3. APNA Microfinance Bank Please enter APNA Microfinance Bank Account Number by following the layout below: Total Digits of Account Number: 16 Digits Format Example: BBBBAAAAAAAAAAAA Note: B = Branch Code, A = Account Number 4. Askari Bank Limited Please enter Askari Bank Account Number by following the layout below: For Branch Banking: Total Digits of Bank Account Number: 14 Digits Format Example: BBBBAAAAAAAAAA Note: B = Branch Code, A = Account Number For Branchless Banking: Total Digits of Bank Account Number: 11 Digits Format Example: 03XXXXXXXXX 5. Bank Al-Habib Limited Please enter Bank Al-Habib Account Number by following the layout below: Total Digits of Account Number: 17 Digits Format Example: BBBBTTTTBBBBBBRRC Note: B = Branch Code, A = Account Number, T = Account Type, BBBB= Base Number, RR = Digit Running Number, C = Check Digit 111 000 622 mcb.com.pk /MCBBankPk Over 1350 Branches & ATMs 6. Bank Al-Falah Limited Please enter Bank Al-Falah Account Number by following the layout below: For Conventional Banking: Total Digits of Account Number: 14 Digits Format Example: BBBBAAAAAAAAAA Note: B = Branch Code, A = Account Number For Islamic Banking: Total Digits of Account Number: 18 Digits Format Example: BBBBAAAAAAAAAAAAAA Note: B = Branch Code, A = Account Number For Branchless Banking: Total Digits of Account Number: 11 Digits Format Example: 03XXXXXXXXX 7.
    [Show full text]
  • The Relative Efficiency of Commercial Banks in Pakistan with Respect to Size and Ownership Structure During and After Global Financial Crisis
    Journal of Accounting and Finance in Emerging Economies Vol 4, No 2, December 2018 Volume and Issues Obtainable at Center for Sustainability Research and Consultancy Journal of Accounting and Finance in Emerging Economies ISSN: 2519-0318ISSN (E) 2518-8488 Volume 4: Issue 2 December 2018 Journal homepage: publishing.globalcsrc.org/jafee The Relative Efficiency of Commercial Banks in Pakistan with Respect to Size and Ownership Structure During and After Global Financial Crisis 1Allah Bakhsh khan, 2Syed Zulfiqar Ali Shah, 3Muhammad Abbas, 4Qaiser Maqbool khan 1 Asst Professor (Commerce) Bahauddin Zakariya University, Multan, and PhD Scholar at International Islamic University, Islamabad. Pakistan. Email: [email protected] 2 Associate Professor, Faculty of Management Sciences, International Islamic University, Islamabad. Pakistan. 3 Assistant Professor, Air University, Multan Campus. Email: [email protected] 4 PhD Scholar at Department of Commerce, Bahauddin Zakariya University, Multan. Pakistan. Email:[email protected] ARTICLE DETAILS ABSTRACT History Purpose: This study has been carried out to find out the relative efficiency Revised format: Nov2018 of the commercial banks in Pakistan over a five- year period from 2006 to Available Online: Dec 2018 year 2010 using Frontier Approach of efficiency. The commercial banks included in this research paper are public sector banks, privatized banks, Keywords domestic private banks, and foreign banks. In addition to overall efficiency Efficiency, Banks, comparison of the commercial banks, this study has also tested the effect of Financial Intermediation, size and ownership structure of the commercial banks in Pakistan on their Moral Hazard, Data efficiency. Data/Design/Methodology/Approach: Out of 44 banks, 21 commercial JEL Classification: banks have been chosen, which, in terms of deposits, account for about 94 D61,E58,E44,Y10 percent of total deposits of the banking sector (Rs.5,124,308 million) as on December, 2010.
    [Show full text]
  • Mr. Farooq Rahmatullah Khan
    Mr. Farooq Rahmatullah Khan Farooq Rahmatullah Khan is a Law graduate. He joined Burma Shell Oil & Distribution Company in 1968 and worked in different roles in Chemicals, Human Resources, Marketing, Supply, Distribution, Retail, etc. He was transferred to Shell International London in 1994 as a Manager in the Business Strategy Division and was involved in various portfolios covering over 140 countries. On his return in 1998, he was appointed as Head of Operations of Shell Pakistan and was looking after Middle East and South Asia (MESA). In 2001, he was appointed as Chairman of Shell Companies in Pakistan and Managing Director of Shell Pakistan Limited. He is currently leading an Expert Energy group which has developed a 25-year Integrated Energy Plan (first time ever in the history of energy planning) for the country. This plan has been in principle accepted by the Government, Pakistan Business Council, international agencies and some other stakeholders. The Expert Energy group continues to work in updating and revising the energy plan on an annual basis and engaging political leadership and other stakeholders. Key Positions Held Chairman of Shell Companies in Pakistan and Managing Director of Shell Pakistan Limited Founding Member of PAPCO (Pak Arab Pipeline Company Limited) Director General of Civil Aviation Authority of Pakistan Chairman of Oil and Gas Development Company Limited Chairman of LEADS Pakistan Chairman of Pakistan Refinery Limited Founding Member of Pakistan Human Development Fund Member of the Economic Advisory Council, Ministry of Finance, Government of Pakistan Member of National Commission of Government Reforms Director on the Boards of PCB, PIA and Pakistan Stone Development Company He is serving on the Boards of Directors of Faysal Bank Limited Society for Sustainable Development Resource Development Committee of Aga Khan University Hospital Pakistan Refinery Ltd.-Director and Chairman of the Board Hascol Oil Company He is also a Trustee of Legends Trust (Formed by the Government of Sindh) Address: House No.
    [Show full text]
  • State Bank of Pakistan SME Financing Products
    State Bank of Pakistan SME Financing Products Small and Medium Enterprises Department THE TEAM Mr. Mansoor Hassan Siddiqui Team Leader [email protected] Mr. Allauddin Achakzai Member [email protected] Mr. Farzand Ali Member [email protected] CONTENTS Chapters Preface Definitions 1. Right Product for the Right Purpose 1 2. Commercial Banks’ Financing Products 2 3. Islamic Banks’ Financing Products 22 4. Import/Export Related Products 27 5. Contact Information/Designated Branches 32 Disclaimer: This document is intended for general information only. It does not contain exhaustive advice or information relating to the subject matter nor should it be used as a substitute for legal advice. The information contained in this document is provided by the commercial banks which may be subject to change and may not exactly match with the concerned bank’s prevailing policies & practices. PREFACE State Bank of Pakistan has been endeavoring for the improvement of development finance in the country with special focus towards SMEs. An increased flow of finance in SME sector coupled with enhanced credit exposure is a driving theme for the regulators to achieve the targeted inclusive growth. One of the major constraints hindering a smooth flow of finance to SME sector has been the non-availability of organized financial information with regard to the various products being offered by the banks. The publication of this booklet which offers all the required basic information about the sector specific products offered by different banks would allow the financial education of SMEs and also help them to make more informed decisions.
    [Show full text]