Summit Bank Limited’s financial results for the quarter ended march 31, 2012
Karachi, June 20, 2012 (PPI-OT): We have to inform you that the Board of Directors of Summit Bank Limited (SMBL) in their meeting held on June 20, 2012 at 11:00 a.m. at Arif Habib Centre, Karachi, recommended the following:
(1) Cash Dividend Nil
(2) Bonus Shares Nil
(3) Right Shares Nil
(4) Preference Shares 20% (i.e. 1 share for every 5 ordinary shares held by the shareholder)
(5) Any Other Entitlement/ Corporate Action Nil
(6) Any Other Price-Sensitive Information Nil
The Board of Directors has decided to issue convertible preference shares of Summit Bank Limited having the face value of Rs. 10/- each to the shareholders of the Bank in the ratio of 1:5 (1 preference share of the Bank for every 5 ordinary shares held by the shareholder) subject to approval from the regulatory authorities. The entitlement shall available to those shareholders whose name (s) shall appear on the shareholders’ register at the time of closure of shareholder register.
An application to list these convertible preference shares is being made to Karachi Stock Exchange (Guarantee) Limited.
Salient features of the convertible preference shares are as follows:
| Instrument | Listed, Convertible, Perpetual, Non-Cumulative, Irredeemable Preference Shares (“SMBLCPS”) |
| ———– | ————————————————————– |
| Entitlement | SMBLCPS to be offered to the existing ordinary shareholders on the basis of 1 share for every 5 shares held i.e. 20%. |
| ———– | ————————————————————– |
| Tenor | Upto five (5) Years |
| ———– | ————————————————————– |
| Issue Amount | Rs. 2,155,959,160/- |
| ———– | ————————————————————– |
| Issue Price | Shall be at par value i.e. PKR 10 per share. |
| ———– | ————————————————————– |
| Dividend | Dividend rate at 5% in the form of bonus preference shares subject to profitability and regulatory compliance. |
| ———– | ————————————————————– |
| Conversion | To converted in ordinary shares at audited book value as at December 31, 2012. |
The financial results of the Bank as on March 31, 2012 are enclosed as Annexure “A”.
Annexure- “A”
Condensed Interim Profit and Loss Account (Unaudited) for the Period Ended March 31, 2012
March 31, | March 31, | ||
2012 | 2011 | ||
| Note | (Rupees in ‘000) | ||
| Mark-up / return / Interest earned | 2,799,115 | 1,834,242 | |
| Mark-up / return / interest expensed | (2,672,349) | (1,678,202) | |
——— | ——— | ||
| Net mark-up/ Interest income | 126,766 | 156,040 | |
| Reversal/ (charge) of provision against non-performing loans and | 9.3.1 | 142,253 | (258,103) |
| Advances | |||
| Reversal of provision for diminution in the value of investments | 6,250 | 653 | |
| Bad debts written off directly | 9.4.1 | (39,511) | – |
——— | ——— | ||
108,992 | (255,450) | ||
——— | ——— | ||
| Net mark-up / interest income / (loss) after provisions | 235,758 | (99,410) | |
| Non Mark-Up/ Interest Income | |||
| Fee, commission and brokerage income | 113,080 | 65,113 | |
| Dividend income | 3,066 | 4,833 | |
| Gain from dealing in foreign currencies | 97,138 | 15,948 | |
| Gain on sale of securities – net | 38,286 | 11,423 | |
| Unrealised gain / (loss) on revaluation of investments | |||
| classified as held-for-trading | 1,771 | (7,077) | |
| Other income | 35,719 | 9,172 | |
——— | ——— | ||
| Total non-mark-up / interest income | 286,080 | 99,412 | |
——— | ——— | ||
521,818 | 2 | ||
| Administrative expenses | (979,751) | (682,915) | |
| Other provisions / write-offs | (470) | – | |
| Other charges | (2,380) | (2,069) | |
——— | ——— | ||
| Total non-mark-up / interest expenses | (982,601) | (684,984) | |
——— | ——— | ||
| (460,783) (684,982) | |||
| Extra ordinary / unusual items | – | – | |
——— | ——— | ||
| Loss Before Taxation | (460,783) | (684,982) | |
| Taxation | |||
| Current | (31,237) | (19,407) | |
| Prior years | – | – | |
| Deferred | (64,417) | 221,930 | |
——— | ——— | ||
(95,654) | 202,523 | ||
——— | ——— | ||
| Loss After Taxation | (666,437) | (482,459) | |
——— | ——— | ||
| Loss per share (Rupees) – basic and diluted | 14 | (0.52) | (0.67) |
The annexed notes from 1 to 18 form an integral part of these financial statements.
For more information, contact:
Summit Bank Limited
Arif Habib Center: Plot # B/C-1,
Mumtaz Hassan Road,
Off: I.I. Chundrigar Road, Karachi, Pakistan
PABX: (021) 32468400-10,
Fax: (021) 32468494,
Email: info@summitbank.com.pk
Website: www.summitbank.com.pk