3rd Quarter Results

ANNEXURE 'A'

CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UN-AUDITED)

FOR THE QUARTER & NINE MONTHS ENDED SEPTEMBER 30, 2008

 July - Sep 

 July - Sep 

 Jan - Sep 

 Jan - Sep 

 2008 

 2007 

 2008 

 2007 

--------------------------- (Rupees in '000) ---------------------------

Mark-up / return / interest earned

13,816,334 

10,463,677 

36,986,160 

30,195,100 

Mark-up / return / interest expensed

(6,208,576)

(4,272,453)

(16,162,597)

(12,102,949)

Net mark-up / return / interest income

7,607,758 

6,191,224 

20,823,563 

18,092,151 

Provision against non-performing loans and advances - net

(1,082,187)

(2,526,621)

(3,036,560)

(2,825,540)

General Provision against consumer loan

61,284 

(88,325)

149,013 

(198,646)

Provision for diminution in value of investments 

(38,248)

(2,250)

(38,248)

(15,750)

Bad debts written off directly

(279,583)

(241,608)

(956,949)

(560,653)

(1,338,734)

(2,858,804)

(3,882,744)

(3,600,589)

Net mark-up / return / interest income after provisions

6,269,024 

3,332,420 

16,940,819 

14,491,562 

Non mark-up / return / interest income

Fee, commission and brokerage income

1,639,080 

1,270,349 

4,690,549 

3,768,525 

Dividend income 

117,773 

125,269 

363,983 

464,725 

Income from dealing in foreign currencies

482,152 

218,405 

1,209,706 

641,799 

Unrealised surplus on revaluation of trading securities

(2,469)

3,435 

(3,671)

-

Other income 

615,946 

547,325 

2,626,326 

1,503,996 

Total non mark-up / return / interest income

2,852,482 

2,164,783 

8,886,893 

6,379,045 

9,121,506 

5,497,203 

25,827,712 

20,870,607 

Non mark-up / interest expenses

Administrative expenses

(4,203,353)

(3,409,379)

(11,635,226)

(9,680,273)

Other provisions / write offs / reversals

(77,691)

(3,650)

(272,217)

(132,267)

Other charges

(681)

(252)

(182,953)

(1,371)

Total non mark-up / interest expenses

(4,281,725)

(3,413,281)

(12,090,396)

(9,813,911)

Profit before taxation

4,839,781 

2,083,922 

13,737,316 

11,056,696 

Taxation

- Current - for the period

(1,860,115)

(861,767)

(5,501,682)

(4,016,675)

- Prior

(2,289)

17,863 

(47,275)

(420,706)

- Deferred

260,486 

212,049 

643,016 

463,719 

(1,601,918)

(631,855)

(4,905,941)

(3,973,662)

Profit after taxation

3,237,863 

1,452,067 

8,831,375 

7,083,034 

Unappropriated profit brought forward

15,837,790 

13,420,603 

15,653,703 

12,429,920 

19,075,653 

14,872,670 

24,485,078 

19,512,954 

Transfer from surplus on revaluation of fixed assets - net of tax

80,420 

23,614 

241,260 

70,841 

Profit before appropriations

19,156,073 

14,896,284 

24,726,338 

19,583,795 

Appropriations

Transfer to statutory reserve

(647,573)

(290,346)

(1,766,275)

(1,416,607)

Final cash dividend for the year ended December 31, 2007

and 2006 declared subsequent to the year end

-

-

(2,428,125)

(1,942,500)

Interim cash dividend for the half year ended June 30, 2008

declared subsequent to the period end

(1,517,578)

-

(1,517,578)

-

Transfer to reserve for issue of bonus shares

-

-

(2,023,438)

(1,618,750)

(2,165,151)

(290,346)

(7,735,416)

(4,977,857)

Unappropriated profit carried forward

16,990,922 

14,605,938 

16,990,922 

14,605,938 

(Rupees)

(Rupees)

Basic and diluted earnings per share

3.20 

1.44 

8.73 

7.00 

ANNEXURE 'B'

CONSOLIDATED CONSENSED INTERIM PROFIT AND LOSS ACCOUNT (UN-AUDITED)

FOR THE QUARTER & NINE MONTHS ENDED SEPTEMBER 30, 2008

 Jul - Sep 

 Jul - Sep 

 Jan - Sep 

 Jan - Sep 

 2008 

 2007 

 2008 

 2007 

--------------------------- (Rupees in '000) ---------------------------

Mark-up / return / interest earned

14,042,114 

10,688,779 

37,641,060 

30,880,859 

Mark-up / return / interest expensed

(6,258,965)

(4,332,860)

(16,312,206)

(12,306,018)

Net mark-up / return / interest income

7,783,150 

6,355,919 

21,328,854 

18,574,841 

Provision against non-performing loans and advances - net

(1,081,732)

(2,530,891)

(3,031,771)

(2,826,340)

General provision against consumer loans

61,284 

(88,325)

149,013 

(198,646)

Provision for diminution in value of investments 

(38,248)

(2,250)

(38,248)

(15,750)

Bad debts written off directly

(279,583)

(241,608)

(956,949)

(560,653)

(1,338,279)

(2,863,074)

(3,877,955)

(3,601,389)

Net mark-up / return / interest income after provisions

6,444,870 

3,492,845 

17,450,899 

14,973,452 

Non mark-up / return / interest income

Fee, commission and brokerage income

1,914,041 

1,476,536 

5,476,468 

4,240,166 

Dividend income 

113,798 

260,656 

365,087 

925,661 

Income from dealing in foreign currencies

501,450 

233,223 

1,256,425 

692,144 

Unrealised surplus on revaluation of trading securities

(2,469)

3,435 

(3,671)

-

Other income 

626,764 

424,555 

2,665,048 

887,488 

Total non mark-up / return / interest income

3,153,584 

2,398,405 

9,759,357 

6,745,459 

9,598,454 

5,891,250 

27,210,257 

21,718,911 

Non mark-up / interest expenses

Administrative expenses

(4,554,981)

(3,626,231)

(12,553,156)

(10,306,594)

Other provisions / write offs / reversals

(77,691)

(3,650)

(272,217)

(132,267)

Other charges

(681)

(252)

(182,953)

(1,371)

Total non mark-up / interest expenses

(4,633,353)

(3,630,133)

(13,008,326)

(10,440,232)

4,965,101 

2,261,117 

14,201,930 

11,278,679 

Share of income from associates

(155,927)

1,996 

(182,786)

119,163 

Profit before taxation

4,809,174 

2,263,113 

14,019,144 

11,397,842 

Taxation 

- Current - for the period

(1,869,757)

(889,490)

(5,561,224)

(4,058,063)

 - Prior

(2,289)

17,863 

(47,275)

(420,706)

 - Deferred

260,185 

211,746 

642,513 

460,602 

(1,611,862)

(659,881)

(4,965,986)

(4,018,167)

Profit after taxation

3,197,312 

1,603,232 

9,053,158 

7,379,675 

Minority interest

(30,467)

(12,911)

(88,299)

(91,918)

3,166,845 

1,590,321 

8,964,859 

7,287,757 

Unappropriated profit brought forward

17,116,908 

13,987,496 

16,728,318 

12,930,344 

20,283,753 

15,577,817 

25,693,178 

20,218,101 

80,420 

23,614 

241,260 

70,841 

Profit before appropriations

20,364,173 

15,601,431 

25,934,438 

20,288,942 

Appropriations

Transfer to statutory reserve

(647,573)

(290,346)

(1,766,275)

(1,416,607)

Final cash dividend for the year ended December 31, 2007 

and December 31, 2006 declared in 2008 and 2007 respectively

-

-

(2,428,125)

(1,942,500)

Interim cash dividend for the half year ended June 30, 2008

declared subsequent to the period end

(1,517,578)

-

(1,517,578)

-

Transfer to reserve for issue of bonus shares

-

-

(2,023,438)

(1,618,750)

(2,165,151)

(290,346)

(7,735,416)

(4,977,857)

Unappropriated profit carried forward

18,199,022 

15,311,085 

18,199,022 

15,311,085 

(Rupees)

(Rupees)

Basic and diluted earnings per share

3.13 

1.57 

8.86 

7.20