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First Women Bank Limited Balance Sheet As at 31 December 2008

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First Women Bank Limited Balance Sheet As at 31 December 2008 First Women Bank Limited Balance Sheet As at 31 December 2008 Note 2008 2007 (Rupees in '000) Assets Cash and balances with treasury banks 6 575,929 809,657 Balances with other banks 7 400,761 384,792 Lendings to financial institutions 8 350,849 1,245,000 Investments - net 9 2,264,088 3,159,640 Advances - net 10 3,304,330 3,063,507 Operating fixed assets 11 174,833 148,686 Deferred tax assets - net 12 56,630 - Other assets - net 13 176,301 174,294 7,303,721 8,985,576 Liabilities Bills payable 15 101,993 193,321 Borrowings 16 27,140 21,543 Deposits and other accounts 17 5,939,308 7,569,059 Subordinated loan - - Liabilities against assets subject to finance lease - - Deferred tax liabilities - net 12 - 11,000 Other liabilities 18 132,247 102,409 6,200,688 7,897,332 Net assets 1,103,033 1,088,244 Represented by: Share capital 19 283,650 283,650 Reserves 228,540 207,336 Unappropriated profit 623,610 537,130 1,135,800 1,028,116 Surplus on revaluation of assets - net of tax 20 (32,767) 60,128 1,103,033 1,088,244 Contingencies and commitments 21 The annexed notes 1 to 41 form an integral part of these financial statements. The investments in securities held as 'Available-for-sale' are valued at prices quoted on stock exchange / net assets value as of 31 December 2008 and the resulting decline in market value below cost is reported in the 'Surplus / deficit on revaluation of available- for-sale securities - net of tax'. Had the full amount of impairment loss been charged to profit and loss account, net deficit on revaluation of available-for-sale securities would have been lower by Rs. 8.913 million with consequential effect on 'Unappropriated profit'. See note 9.6.1. _______________ _______________ Chief Financial Officer President and Chief Executive _______________ __________ __________ __________ President and Director Director Director Chief Executive First Women Bank Limited Profit and Loss Account For the year ended 31 December 2008 Note 2008 2007 (Rupees in '000) Mark-up / return / interest earned 23 736,103 685,346 Mark-up / return / interest expensed 24 212,601 171,694 Net mark-up / interest income 523,502 513,652 Provision for diminution in the value of investments 9.6.1 10,716 - Provision against advances - net 10.3.2 39,437 18,065 Bad debts written off directly - - 50,153 18,065 Net mark-up / interest income after provisions 473,349 495,587 Non-mark-up / interest income Fee, commission and brokerage income 24,511 31,672 Dividend income 9,088 9,375 Income from dealing in foreign currencies 31,902 4,406 Gain on sale of securities - net 25 7,250 24,115 Other income 26 17,592 12,917 Total non-mark-up / interest income 90,343 82,485 563,692 578,072 Non-mark-up / interest expenses Administrative expenses 27 367,798 332,517 Other provision / write offs / (reversals) 13.1 - (313) Other charges 28 5,451 7,446 Total non-mark-up / interest expenses 373,249 339,650 Extra ordinary / unusual item - - Profit before taxation 190,443 238,422 Taxation - current year 87,280 82,464 - prior years 16,878 (17,563) - deferred (19,735) 15,634 29 84,423 80,535 Profit after taxation 106,020 157,887 Unappropriated profit brought forward 537,130 409,070 Transferred to statutory reserve (21,204) (31,577) Transfer from surplus on revaluation of fixed assets - net of tax 20.1 1,664 1,750 517,590 379,243 Profit available for appropriation 623,610 537,130 Basic and diluted earnings per share - after tax 30 3.74 5.57 The annexed notes 1 to 41 form an integral part of these financial statements. In accordance with SRO 150(1) 2009 dated 13 February 2009, the impairment loss on securities held as 'Available-for-sale' has been reported in 'Surplus / deficit on revaulation of available-for-sale securities - net of tax'. In case the full amount of impairment loss was charged to profit and loss account, profit for the year would have been lower by Rs. 8.913 million and earnings per share would have been lower by Rs. 0.03. See note 9.6.1. __________________ _______________ Chief Financial Officer President and Chief Executive _______________ __________ __________ __________ President and Director Director Director Chief Executive First Women Bank Limited Cash Flow Statement For the year ended 31 December 2008 Note 2008 2007 (Rupees in '000) CASH FLOWS FROM OPERATING ACTIVITIES Profit before taxation 190,443 238,422 Dividend income (9,088) (9,375) 181,355 229,047 Adjustments for non-cash charges: Depreciation 15,429 16,111 Amortisation of intangible assets 1,747 2,184 Provision for diminution in value of investments 10,716 - Provision against advances - net 39,437 18,065 Provision against other assets - (313) Gain on sale of operating fixed assets (172) (155) Bad debts written off directly - - 67,157 35,892 248,512 264,939 Decrease / (increase) in operating assets Lendings to financial institutions 894,151 186,628 Advances (280,260) (15,323) Others assets (excluding advance taxation) (26,950) 25,717 586,941 197,022 (Decrease) / increase in operating liabilities Bills payable (91,328) 131,264 Borrowings 5,597 (909,977) Deposits and other accounts (1,629,751) 603,681 Other liabilities 29,838 6,594 (1,685,644) (168,438) (850,191) 293,523 Income tax paid (80,112) (79,132) Net cash flows from operating activities (930,303) 214,391 CASH FLOWS FROM INVESTING ACTIVITIES Net investments in available-for-sale investments 229,224 (375,147) Net investments in held-to-maturity investments 480,482 353,040 Dividend income 9,088 9,375 Investments in operating fixed assets (6,820) (14,719) Proceeds from disposal of operating fixed assets 570 750 Net cash flows from investing activities 712,544 (26,701) (Decrease) / increase in cash and cash equivalents (217,759) 187,690 Cash and cash equivalents at beginning of the year 1,194,449 1,006,759 Cash and cash equivalents at end of the year 31 976,690 1,194,449 The annexed notes 1 to 41 form an integral part of these financial statements. __________________ _______________ Chief Financial Officer President and Chief Executive _______________ __________ __________ __________ President and Director Director Director Chief Executive First Women Bank Limited Statement of Changes in Equity For the year ended 31 December 2008 Note Share Statutory Revenue reserve Total capital reserve unappropriated profit --------------------------------- (Rupees in '000) ------------------------------------ Balance as at 31 December 2006 283,650 175,759 409,070 868,479 Changes in equity for the year 2007 Profit after tax for the year ended 31 December 2007 - - 157,887 157,887 Transferred from surplus on revaluation of fixed assets to unappropriated profit - net of tax (recognised directly in equity) 20.1 - - 1,750 1,750 Total recognised income for the year ended 31 December 2007 - - 159,637 159,637 Transferred to statutory reserve - 31,577 (31,577) - Balance as at 31 December 2007 283,650 207,336 537,130 1,028,116 Changes in equity for the year 2008 Profit after tax for the year ended 31 December 2008 - - 106,020 106,020 Transferred from surplus on revaluation of fixed assets to unappropriated profit - net of tax (recognised directly in equity) 20.1 - - 1,664 1,664 Total recognised income for the year ended 31 December 2008 - - 107,684 107,684 Transferred to statutory reserve - 21,204 (21,204) - Balance as at 31 December 2008 283,650 228,540 623,610 1,135,800 The annexed notes 1 to 41 form an integral part of these financial statements. __________________ _______________ Chief Financial Officer President and Chief Executive _______________ __________ __________ __________ President and Director Director Director Chief Executive First Women Bank Limited Notes to the Financial Statements For the year ended 31 December 2008 1. STATUS AND NATURE OF BUSINESS 1.1 First Women Bank Limited ("the Bank") was incorporated under the Companies Ordinance, 1984 on 21 November 1989 in Pakistan as an unquoted public limited company and commenced operations on 2 December 1989. The Bank is engaged in commercial banking and related services. The registered office of the Bank is situated at ground floor, S.T.S.M. Foundation Building, Civil Lines, Karachi. The number of branches as at 31 December 2008 was thirty eight (31 December 2007: thirty eight). 2. BASIS OF PRESENTATION In accordance with the directives of the Federal Government regarding the shifting of the banking system to Islamic modes, the State Bank of Pakistan has issued various circulars from time to time. Permissible forms of trade related mode of financing include purchase of goods by the banks from their customers and immediate resale to them at appropriate mark-up in price on deferred payment basis. The purchases and sales arising under these arrangements are not reflected in these financial statements as such but are restricted to the amount of facility actually utilised and the appropriate portion of mark-up thereon. 3. STATEMENT OF COMPLIANCE 3.1 These financial statements have been prepared in accordance with approved accounting standards as applicable in Pakistan. Approved accounting standards comprise of such International Financial Reporting Standards issued by the International Accounting Standards Board as are notified under the Companies Ordinance, 1984, provisions of and directives issued under the Companies Ordinance, 1984 and Banking Companies Ordinance, 1962 and the directives issued by State Bank of Pakistan (SBP). In case the requirements differ, the provisions of and directives issued under the Companies Ordinance, 1984 and Banking Companies Ordinance, 1962 and the directives issued by SBP shall prevail.
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