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Wednesday, October 28th, 2020

Summit Bank Limited’s financial results for the year ended December 31, 2012

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Karachi, March 07, 2013 (PPI-OT): Further to our letter dated February 25, 2013 and March 5th 2013 we have to inform you that the Board of Directors of Summit Bank Limited (SMBL) at its meeting held on Tuesday, March 6th, 2013 at Karachi at 10:30 a.m. and approved the following:

1. Cash Dividend                                    Nil

2. Bonus Issue                                      Nil

3. Right Share                                      Nil

4. Any Other Entitlement / Corporate Action         Nil

5. Any Other Price-Sensitive Information            Nil

6. Financial Results:

The profit and loss account of Summit Bank Limited for the year ended December 31, 2012 is enclosed herewith as Annexure “A”.

7. The Board approved injection of further Capital of Rs.5 Billion before the end of 2013, from domestic and international market, subject to all regulatory approvals. The additional increase in the capital of the bank will exceed Minimum Capital Requirement of State Bank of Pakistan by end 20123.

Capital injection of 7.1 Billion during the year will support the bank to peruse its plans for sustainable profitability and business growth during the five years.

8. The General Meeting (AGM) of the bank will be held on Saturday, March 30th, 2013 at 10:30 a.m. at Serena Hotel Islamabad.

9. The share Transfer Books of the Bank will be closed from March 23, 2013 to March 30, 2013 (both days inclusive). Transfers received at the office of our share registrar, M/s Technology Trade (Pvt) Ltd., Dagia House 241-C, Block-2, P.E.C.H.S Off: Shahrah-e-Quaideen, Karachi at the close of business on March 22, 2013 will be treated in time for the purpose of entitlement to attend the said AGM. This book closure shall also apply for entitlement to Rights issue of preference shares of Rs. 2.1 Billion approved in the EOGM held on December 03, 2012.

We will be sending you 300 copies of printed accounts for distribution amongst the members of your exchange in due course of time.

Unconsolidated Profit and Loss Account for the Year Ended December 31, 2012

December 31,

December 31

2012

2011

(Restated-

Note 6)

Note

(Rupees in ‘000)

Mark-up/ return / interest earned

25

10,265,092

9,552,362

Mark-up/ return / interest expensed

26

(10,137,766)

(9,021,173)

———-

———

Net mark-up/ interest income

127,326

531,189

Provision against non-performing loans and advances net

12.3.1

(33,639)

(637,099)

Reversal for diminution in the value of investments

11.14

41,004

38,879

Bad debts written off directly

12.44

(39,746)

(2,250)

———-

———

(32,380)

(600,473)

———-

———

Net mark-up/ interest incomes/ (loss) after provisions

94,946

(69,284)

NON-MARK-UP / INTEREST INCOME
Fee, commission and brokerage income

620,220

444,483

Dividend income

141,826

100,120

Gain from dealing in foreign currencies

387,904

165,894

Gain / (loss) on sale of securities – net

27

339,444

(47,972)

Loss on disposal of operating fixed assets

13.2.3

(209,649)

(12,430)

Unrealised loss on revaluation of investments
classified as held-for-trading – net

11.17

(5)

(5,337)

Other income

28

97,360

87,147

———-

———

Total non-mark-up/ interest income

1,377,100

731,905

———-

———

1,472,046

662,621

NON MARK-UP / INTEREST EXPENSES
Administrative expenses

29

(3,958,079)

(3,815,856)

Other provisions / write-offs

30

(29,800)

(35,729)

Other charges

31

(9,083)

(19,354)

———-

———

Total non-mark-up/ interest expenses

(3,996,962)

(3,870,939)

———-

———

(2,524,916)          (3,208,318)
Extra ordinary / unusual items

———-

———

LOSS BEFORE TAXATION

(2,524,916)

(3,208,318)

Taxation

32

Current

(76,717)

(107,310)

Prior years

Deferred

(132,523)

2,106,360

———-

———

(209,240)

1,999,050

———-

———

LOSS AFTER TAXATION

(2,734,156)

(1,209,268)

———-

———

Attributable to:
Non-controlling interests

(135,582)

Owners of the parent

(2,734,156)

(1,073,686)

———-

———

(2,734,156)

(1,209,268)

———-

———

Loss per share – basic (Rupees)

33

(2.54)

(1.17)

The annexed notes from 1 to 45 and Annexure-1 form an integral part of these unconsolidated financial statements.

For more information, contact:
Summit Bank Limited
Arif Habib Center: Plot # 8/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

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