BANKING SURVEY. Prepared by Junaidy Shoaib Asad Chartered Accountant

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1 2014 BANKING SURVEY Prepared by Chartered Accountant

2 Table of Contents Purpose of the survey... 4 Structure of the survey... 4 About Us... 5 Liability Disclaimer... 5 Banking Activities... 9 Income Streams... 9 Expenses Profitability Value Addition Gross Advances Non-Performing Assets Non-Performing Advances and Corresponding Provisions Banking Liabilities: Deposits Deposits Deposits Composition Growth in Deposits Current and Savings Deposits

3 Ratio Analysis Advance to Deposit Ratio Capital Adequacy Ratio Earnings per Share (After Tax) Asset Quality: Non-Performing Assets over Performing Assets Mark-up Spread Other Banking Ratios Credit Rating Glossary

4 Purpose of the survey The purpose of this survey is to summarize the financial performance of the banking industry of Pakistan during the year 2014 and comparing the performance of different banks when compared with the year For this intended purpose, the banking sector is divided into following three categories, namely: Private Banks Public Sector Banks Islamic Banks There are other classifications of the banking sector as well, but the selected categories provide the major insight into each sector. The information contained in this survey has been obtained from the published consolidated financial statements of the banks, statistical bulletins and quarterly / annual reports published by State Bank of Pakistan ( SBP ), analysts and research reports and information published in business magazines and newspapers. To enhance the understanding of ratios and analysis of performance of a particular bank, reference should be made to the published financial statements of the banks and glossary included at the end of this survey. We have tried to provide relevant financial analysis of banks, which we thought would be useful for benchmarking and comparison purposes. Structure of the survey As mentioned earlier, the banking industry is broken into three sectors. These three sectors are evaluated under perspectives of Profitability, Asset Allocation and Liability. Under these perspectives, the banks are individually analyzed and compared with their peers. The Profitability perspective analysis the revenue streams of the banks with stress on mark-up income and non-mark-up income. While under the Assets Allocation perspective, the performing and non-performing assets are discussed on the basis of available information. The survey then discusses the liabilities of the respective banks with a focus on the composition and growth in deposits. At the end of this survey, some significant ratios are calculated for each bank and discussed in detail with the aim of highlighting the respective banks performance. A detailed list of banks operating in Pakistan is presented on the pg. 5. 4

5 We feel that the performance could be analyzed in more detail however given the availability of limited information and time we have restrained the survey to the analysis as desired in this survey. We would however encourage readers to provide further insight for making the survey more meaningful and useful for banking regulators, banking sector and deposit holders. You can your suggestion to About Us The firm was established in 2007 and represent Morison International as its member in Pakistan. The firm is delivering value added prompt professional services to its valued clients with strong professional team lead by its Partners and qualified staff through its offices in Karachi, Lahore and Islamabad. Over the last nine years that the firm is operating, it has made its presence felt in the market and has built strong reputation as providers of quality services with almost respect for the Ethical & Moral Standards. The list of our clients to whom we provide professional services include Non Banking Financial Institutions, Public and Private Limited Companies operating in manufacturing, service and trading sectors. JSA provides industry-focused services to its clients in order to build public trust and enhance value through the application of what we call Linked Ideas. Our service culture combined with our cumulative knowledge culminates into innovative solutions to help promote the growth of our client s business. Before rendering innovative advice we minutely ensure that all the legal and ethical obligations are respected. This is what we call Innovative Solutions. In brief our firm is in the profession of audit, accountancy, taxation, corporate finance and corporate advisory services which include professional services on other related laws like competition law, Foreign Exchange Regulations, etc. Liability Disclaimer, makes no warranties or representations about this survey or any of its content. We are not responsible for any direct, indirect or consequential loss suffered in connection with the use of this survey. We exclude, to the extent permitted by law, any liability which may arise as a result of use of this survey. 5

6 By using this survey on the Banking Industry of Pakistan, you agree to indemnify us for any loss or liability arising out of your use of this survey. This material is produced by, under the voluntary capacity and is based on public information. It is intended to provide general information in summary form on banking industry performance for the year 2013 and The contents do not constitute advice and should not be relied upon as such. However, formal advice may be sought in particular matters, if considered necessary. To the extent possible we have avoided expressing opinion on the performance of banking companies analyzed in this survey. However if any analyses is purported to constitute our opinion the same could only be inadvertent. We have also endeavored to carry out the analysis on uniform criterion which we consider necessary for establishing benchmarking criteria. Readers are therefore encouraged to enlighten us if they feel some additional criterion or further refinement in the criterion used is necessitated. Date: April 2015 Karachi 6

7 PUBLIC SECTOR BANKS PRIVATE SECTOR BANKS ISLAMIC BANKS FOREIGN BANKS MICROFINANC E BANKS 1- National Bank of Pakistan (NBP); 2- Sindh Bank Limited; 3- First Women Bank Limited (FWBL); 4- The Bank of Punjab(BOP); and 5- The Bank of Khyber (BOK) 1- Allied Bank Limited (ABL); 2- Askari Bank Limited; 3- Bank Alfalah Limited (BAF); 4- Bank Al Habib Limited (BAH); 5- Faysal Bank Limited; 6- Habib Bank Limited (HBL); 7- Habib Metropolitan Bank Limited (HMB); 8- JS Bank Limited; 9- KASB Bank Limited; 10- MCB Bank Limited; 11- NIB Bank Limited; 12- SAMBA Bank Limited; 13- SILK Bank Limited 1- AlBaraka Bank (Pakistan) Limited (AB); 2- BankIslami Pakistan Limited (BI); 3- Burj Bank Limited; 4- Dubai Islamic Bank Pakistan Limited (DIB); 5- Meezan Bank Limited (MB) 1- Barclays Bank PLC; 2- Citibank N.A.- Pakistan Operations; 3- HSBC Bank Pakistan Operations; 4- Industrial and Commercial Bank of China Limited Pakistan Branches; and 5- The Bank of Tokyo- Mitsubishi UFJ Limited Pakistan Operations 1- Khushhali Bank Limited; 2- APNA Microfinance Bank Limited; 3- NRSP Microfinance Bank Limited; 4- Pak Oman Microfinance Bank Limited; 5- Tameer Microfinance Bank Limited; 6- Waseela Microfinance Bank Limited; and 7- ADVANS Pakistan Microfinance Bank Limited 14- Soneri Bank Limited; 15- Standard Chartered Bank (Pakistan) Limited (SCB); 16- Summit Bank Limited; and 17- United Bank Limited (UBL) 7

8 BANKING ACTIVITIES

9 Banking Activities Income Streams Income is generated by banks through the mark-up it earns and non mark-up income generated through other avenues. The following graphical statistics are expected to help the reader understand the composition of the income streams of the banking industry of Pakistan. 450,000 Mark-up & Non Mark-up Income (PKR Million) 400, , , , , , , , ,000 50,000-36,304 49,005 7,228 21,980 Public Sector Private Sector Islamic Banks Mark-up Income Non Mark-up Income 9

10 Public Sector: Income Compsition (PKR Million) 100% 90% 956 1,066 2,800 80% 31,399 70% 83 60% 50% 40% 3,414 3,306 7,798 30% 34,450 20% 37 10% 0% FWBL NBP Sindh BOK BOP Mark-Up Income Non Mark-up Income 10

11 Private Sector: Income Compsition (PKR Million) 100% 90% 80% 13,185 23,513 14,334 21,356 5,526 9,036 3,949 4,374 5,766 3, ,720 2,645 7,400 70% 4,129 3,205 60% 50% 40% 30% 26,918 67,308 45,014 45,301 11,541 19,945 18,507 11,561 9,132 3,624 1,857 3,131 5,696 20,912 20% 2,159 1,831 10% 0% ABL HBL MCB UBL Askari BAF BAH FAYSAL HMB JS NIB SAMBA SILK SONERI SCB SUMMIT Mark-up Income Non Mark-Up Income 11

12 Islamic Banks: Income Compsition (PKR Million) 100% 90% 80% 70% 60% 2,066 3,313 3,801 12,800 50% 40% 30% 20% 10% ,117 4,754 0% AlBaraka Islami DIB Meezan Non Mark-Up Income Mark-up Income 12

13 Mark-up Income Composition: Public Banks (PKR Million) Sindh 4,170,261 3,675, , ,795 NBP 621,258 33,251,478 9,947,062 68,623,830 FWBL 978,390 22, , ,036 BOP 14,761,929 36,523 12,105,586 1,365,808 BOK 0 5,266, ,678 3,312,174 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% on loans & advances from customers on loans & advances from financial institutions on investments in securities available for sale on investments in securities held to maturity on investments in securities held for trading on deposits with financial institutions on securities purchased under resale agreement Others 13

14 Mark-up Income Composition: Private Banks (PKR Million) UBL 37,157,993 28,102,249 16,990,543 1,598,121 Summit 5,855,532 3,588, ,594 SCB 15,473,675 17,591, ,894 0 Soneri 9,706,279 6,235, ,974 Silk 7,834,980 1,327, ,306 0 Samba 1,981, ,739 1,016, ,428 NIB 9,215,769 4,719,368 36,078 MCB 28,921,508 47,052, ,608 JS Bank 4,957,184 4,033,390 1,472,409 HMBL 11,157,916 17,756,220 2,470,273 HBL 52,890,270 64,785,406 8,227,545 Faysal 21,041,398 8,645,104 1,643,252 BAH 15,090,563 16,446,465 11,970,285 BAF 27,497,999 17,826,937 6,219, ,063 Askari 17,653,400 15,777, ,9180 ABL 30,044,307 19,925,295 16,009,049 84,839 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% on loans & advances from customers on loans & advances from financial institutions on investments in securities available for sale on investments in securities held to maturity on investments in securities held for trading on deposits with financial institutions on securities purchased under resale agreement Others 14

15 Mark-up Income Composition: Islamic Banks (PKR Millions) Meezan 12,343,431 10,209,350 80,167 6,170,111 DIB 1,891,841 55,762 1,002,612 4,573,056 BankIslami 3,860, ,154 2,987,215 42,310 Albaraka 0 1,769,160 51, ,083 4,284,279 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% on loans & advances from customers on loans & advances from financial institutions on investments in securities available for sale on investments in securities held to maturity on investments in securities held for trading on deposits with financial institutions on securities purchased under resale agreement Others 15

16 Non Mark-up Income Composition: Public Banks (PKR Million) Sindh 184, ,603 66, ,365 3,914 NBP 12,931,130 2,076,669 4,735,988 8,660,224 3,608,540 FWBL 34,676 9,241 10,986 6,938 20,943 BOP 909,596 39,918183, ,322 1,000,173 BOK 233,055 83, , ,586 70,836 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Fee, commission and brokerage income Dividend income Income from dealing in foreign currencies Gain on sale of securities Other Income 16

17 Non Mark-up Income Composition: Private Banks (PKR Million) UBL 13,044,855 1,819,136 3,091,592 2,063,436 1,365,821 Summit 1,120,425 35, ,237 1,330,012 89,821 SCB 3,300,165 84,204 2,908, , ,029 Soneri 1,326, , , , ,101 Silk 868,263 47, , ,592 92,615 Samba 104,664 3,673 48,221 37,193 9,831 NIB 1,616,869 1,126, , ,014 89,578 MCB 7,225,093 1,060,729 1,443,180 2,141,840 1,566,475 JS Bank 834, , ,827 1,173,579 HMBL 2,458,011 51,889 1,039,545 1,875, ,063 HBL 12,119,283 1,132,493 2,846,844 2,048,674 2,865,353 Faysal 2,075, ,435 1,072, , ,898 BAH 1,984, , ,437 22, ,131 BAF 3,120, ,348 2,042,957 1,058,167 2,162,836 Askari 1,435, , ,323 1,803, ,134 ABL 3,301,188 3,512, ,592 4,167,097 1,127,832-20% 0% 20% 40% 60% 80% 100% Fee, commission and brokerage income Dividend income Income from dealing in foreign currencies Gain on sale of securities Other Income 17

18 Non Mark-up Income Composition: Islamic Banks (PKR Million) Meezan 1,569, ,633 1,626,363 1,148, ,062 DIB 806, , , BankIslami 387, ,356 32,173 40,074 Albaraka 401,845 7, , ,759 5,242 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Fee, commission and brokerage income Dividend income Income from dealing in foreign currencies Gain on sale of securities Other Income 18

19 Expenses The following graphical statistics are expected to be helpful in understanding the respective composition of the administrative expenses of the banks from the three sectors under survey. Admin Expenses Composition: Public Banks (PKR Million) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 443, ,423 10,873, ,933 2,073, ,037 2,723, , , ,195 1,309,858 3,214,300 23,412, ,002 1,221,050 BOK BOP FWBL NBP Sindh Bank Salaries Rents, Taxes, Insurance and Electricity Legal & Professional Charges Communications Repairs & Maintenance Stationary & Printing Advertisment & Publicity Auditor's Remuneration Travelling & Entertainment Donation Others 19

20 Admin Expenses Composition: Private Banks (PKR Million) 100% 90% 80% 3,937,769 2,319,640 3,915,424 2,996,835 2,719,911 8,411,302 1,768, ,577 4,982,195 1,162, , ,466 1,831,647 3,145,142 1,078,572 10,848,345 70% 60% 50% 40% 30% 20% 10% 9,215,685 5,161,727 8,776,226 5,380,017 5,474,022 20,415,771 3,528,039 1,474,768 8,755,227 2,927, ,350 2,176,932 2,133,962 5,238,432 1,719,476 11,194,109 0% ABL Askari BAF BAH Faysal Bank HBL HMBL JS Bank MCB NIB Samba Silk Bank Soneri Bank SCB Summit UBL Salaries Rents, Taxes, Insurance and Electricity Legal & Professional Charges Communications Repairs & Maintenance Stationary & Printing Advertisment & Publicity Auditor's Remuneration Travelling & Entertainment Donation Others 20

21 Admin Expenses Composition: Islamic Banks (PKR Million) 100% 90% 80% 656, , ,621 2,847,665 70% 60% 50% 522, , ,272 1,574,433 40% 30% 20% 1,036,358 1,433,366 1,610,134 4,756,341 10% 0% Albaraka BankIslami DIB Meezan Salaries Rents, Taxes, Insurance and Electricity Legal & Professional Charges Communications Repairs & Maintenance Stationary & Printing Advertisment & Publicity Auditor's Remuneration Travelling & Entertainment Donation Others 21

22 Public Banks: Mark-Up Income Vs Expense (PKR Million) 100% 90% 80% 6,210,111 20,525,783 1,117,808 70,099,505 5,496,985 70% 60% 50% 40% 30% 9,750,676 29,517,673 1,798, ,251,748 8,932,332 20% 10% 0% BOK BOP FWBL NBP Sindh Mark-up Income Mark-up Expense 22

23 Private Banks: Mark-up Income Vs. Expense (PKR Million) 100% 90% 80% 38,815,342 22,710,924 33,505,003 24,933,172 18,480,191 68,755,574 21,078,626 7,259,340 33,756,685 11,254,631 2,805,889 5,969,099 10,626,395 13,242,563 7,400,632 38,846,868 70% 60% 50% 40% 30% 67,001,497 34,604,210 55,378,477 44,007,124 32,312, ,842,428 32,288,259 11,113,380 77,268,988 15,071,457 4,618,568 9,429,216 16,871,475 34,105,789 9,826,877 85,760,646 20% 10% 0% ABL Askari BAF BAH Faysal HBL HMBL JS Bank MCB NIB Samba Silk Soneri SCB Summit UBL Mark-up Income Mark-up Expense 23

24 Islamic Banks: Mark-Up Earned over Expensed (PKR Million) 100% 90% 80% 4,513,250 4,459,070 3,433,969 15,440,250 70% 60% 50% 40% 30% 6,682,974 7,812,302 7,523,271 28,803,059 20% 10% 0% Albaraka BankIslami DIB Meezan Interest Earned Interest Expensed 24

25 Profitability The banks included in this survey have reported a total net Profit before Tax ( PBT ) for the year ended 31 December 2014 amounting to PKR billion (2013: PKR billion), whereas, total net Profit after Tax ( PAT ) was PKR billion (2013: PKR billion). The banks have managed to earn total gross revenue of PKR 1, billion during the year (2013: PKR billion); non-funded income contributed to around PKR billion (2013: PKR billion), accounting for around 15.9% of total gross revenue for the year (2013: 15.8%). Fee, commission & brokerage income of PKR billion (2013: PKR billion), comprising around 45.1% of total non-funded income (2013: 47.8%) was recorded during the year, whereas PKR billion (2013: PKR billion) was booked on account of gain on sale of securities, which comprises around 19.5% (2013: 16.6%) of total non-funded income. The banks under the survey had also generated PKR billion (2013: PKR billion) on account of income from dealing in foreign currency and PKR billion (2013: PKR billion) as dividend income. Operating expenses for the year stood at PKR billion (2013: PKR billion). Staff costs remained one of the most significant costs for the banks, averaging approximately 50.4% (2013: 51.6%) of total operating expenses. Furthermore, provisions amounting to PKR billion (2013: PKR billion) had been booked by the banks during the year, out of which, PKR billion was booked against NPL (2013: PKR billion). The following chart lists the PBT of each sector in the years It also contains the change in the two years and variance accordingly. PBT Increase / (decrease) Variance % Private Sector % Public Sector % Islamic Banks % % 25

26 PAT Increase / (decrease) Variance % Private % Public % Islamic % % Profit before tax 12.7% 3.6% 83.7% Private Sector Public Sector Islamic Banks Private Sector Banks have registered net PBT of PKR billion (2013: PKR billion) during the year, i.e. around 83.7% (2013: 89.6%) of total net PBT booked by the banks in this survey. Net PAT for the sector stood at PKR billion for the year (2013: PKR billion). Contribution of total gross revenue had been of PKR billion (2013: PKR billion), whereas PKR billion (2013: PKR billion) had been incurred on account of interest / mark-up / return expense. The overall net provision booked in this sector was PKR billion 26

27 (2013: PKR billion), out of which, PKR billion (2013: PKR billion) was booked against NPL. Total operating cost in this sector was PKR billion (2013: PKR billion). During the current year, HBL had posted the highest PBT of PKR billion and PAT of PKR billion. Highest total provisions of PKR billion was booked by Faysal, out of which, PKR billion was booked against NPL. MCB has recognized the highest reversal of NPL provision of PKR billion during the year. 60,000 Private Sector: Profit before taxation (PKR Million) 50,000 40,000 30,000 20,000 10,000 - (10,000) (20,000) ABL HBL MCB UBL Askari BAF BAH Faysal HMB JS NIB SAMBA SILK Soneri SCB Summit ,432 48,515 37,235 35,617 5,869 8,514 10,003 3,551 7,336 2,589 (108) ,442 15, ,931 36,134 32,857 28,964 (8,323) 6,807 7,552 2,172 5,117 1,078 2, (1,529) 1,530 16,368 (1,386) Public Sector Banks have contributed up to PKR billion and PKR billion on account of net PBT and net PAT respectively during the year. Although the total revenue, net of mark-up expense, earned by banks in this sector was PKR billion, the operating expenses incurred were PKR billion. 27

28 Net provision booked in this sector was PKR billion, out of which, provision against NPL was PKR billion, the highest of all the sectors in this survey. NBP has been the major contributor to NPL provision for the year, recording provision hit of PKR billion, still managed to register the highest PBT and PAT for the year of PKR billion and PKR billion respectively. FWBL is the only bank in this sector to post a loss before tax and loss after tax of PKR billion and PKR billion respectively. 25,000 Public Sector: Profit before taxation (PKR Million) 20,000 15,000 10,000 5,000 - (5,000) FWBL NBP Sindh BOK BOP 2014 (666) 23,136 1,611 1,901 4, (222) 7, ,669 2,978 Islamic Banks have posted net PBT and net PAT of PKR billion (2013: PKR billion) and PKR billion (2013: PKR billion) respectively. Total gross revenue earned during the year was PKR billion (2013: PKR billion) and return expense was PKR billion (2013: PKR billion). This sector has also recognized a total provision of PKR billion (2013: PKR billion) out of which, NPL provision of PKR billion (2013: PKR billion) was recorded. Further, operating expenses amounting to PKR billion (2013: PKR billion) was also recognized during the current year. 28

29 During the current year, Meezan has registered the highest PBT and PAT of PKR billion and PKR billion respectively. Further, the highest total provisions of PKR billion was also booked by Meezan, out of which, PKR billion was booked against NPL. Islamic Banks: Profit before taxation (PKR Million) 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 - (1,000) (2,000) (3,000) AlBaraka Islami Burj DIB Meezan , (34) 308 (1,739) 212 5,646 Value Addition During the year ended 31 December 2014, total value added by the banks under survey amounted to PKR billion (2013: billion), after taking into account the Service Cost of PKR billion (2013: PKR billion). Out of the said value addition, PKR billion (2013: PKR billion) was allocated to Employees, PKR billion (2013: PKR billion) was allocated to Shareholders and PKR billion (2013: PKR billion) was allocated Growth & Expansion by the banks. 29

30 Private Public Islamic Total Sector Sector Income from banking services Cost of services (99.157) (16.262) (9.383) ( ) Value added by banking services % Value Added 4.9% 2014 Non-banking income Provisions against non-performing assets (14.521) (12.796) (0.995) (28.312) 78.2% Total value added Value allocated to: Employees Government Growth & expansion Society Shareholders Retained / (absorbed) in business % % 80.2% Private Sector Public Sector Islamic Banks 30

31 BANKING ASSETS

32 Gross Advances Total gross loans, advances, Islamic financing and related assets ( Advances ) of banks under review stood at PKR 4, billion as at 31 December 2014 (2013: PKR 4, billion). Sector wise break-up of Advances is as under: Gross Advances Increase / (decrease) Variance % 6.9% Private Sector 3, , % Public Sector 1, % 21.2% 71.9% 2014 Islamic Banks % 8.8% 4, , % Net Advances Increase / (decrease) Variance % Private Sector 3, , % Public Sector % 21.8% 71.9% 2013 Islamic Banks % 4, , % Private Sector Public Sector Islamic Banks 32

33 700,000 Private Sector: Gross Advances (PKR Million) 600, , , , , ,000 - ABL HBL MCB UBL Askari BAF BAH Faysal HMB JS NIB SAMBA SILK Soneri SCB Summit ,86 661,47 322,75 514,28 198,67 304,84 187,97 204,67 150,16 58, ,65 23,916 64, ,72 150,02 77, ,41 630,42 268,47 461,67 192,17 273,82 173,65 204,34 144,14 35, ,58 20,562 61, ,31 168,42 65,

34 200, , , , , ,000 80,000 60,000 40,000 20,000 - Islamic Banks: Gross Advances (PKR Million) AlBaraka Islami Burj DIB Meezan ,835 41,698-60, , ,314 38,932 30,481 36, , , , , , , , , ,000 - Public Sector: Gross Advance (PKR Million) FWBL NBP Sindh BOK BOP , ,980 41,204 43, , , ,042 26,565 38, ,

35 Non-Performing Assets Gross Advances include PKR billion (2013: PKR billion), which had been placed under non-performing status, against which, provision of PKR billion (2013: PKR billion) had been booked by the banks under survey. Aggregate provision to NPL ratio stood at 80.01% (2013: 77.03%) NPL Provision NPL Provision Private Sector Public Sector Islamic Banks % % 32.0% 31.6% 65.5% 65.6% Private Sector Public Sector Islamic Banks 35

36 90,000 Private Sector: Non-Performing Loans (PKR Million) 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 - ABL HBL MCB UBL Askari BAF BAH Faysal HMB JS NIB SAMBA SILK Soneri SCB Summit ,922 79,527 21,908 57,105 31,376 19,412 5,025 29,293 19,325 2,813 29,017 2,144 8,222 10,224 23,096 14, ,424 79,868 23,268 54,835 33,120 17,947 3,700 27,619 16,974 2,758 29,905 2,341 9,872 10,424 24,938 17,

37 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 - Islamic Banks: Non-Performing Loans (PKR Million) AlBaraka Islami Burj DIB Meezan ,177 1,062-2,369 6, ,248 1,109 1,758 2,603 4, Public Sector: Non-Performing Loans (PKR Million) 140, , ,000 80,000 60,000 40,000 20,000 - FWBL NBP Sindh BOK BOP , , ,509 55, , ,857 59,

38 Non-Performing Advances and Corresponding Provisions Overall NPL to gross advances has slightly improved by around 1% during the year ended 31 December The same stood at 11.9% as at year end (2013: 12.9%). Major contribution to NPL to Gross Advances ratio was made by Public Sector Banks of 17.9% during the year (2013: 18.6%). Provision to NPL ratio has further deteriorated to 80% during the current year (2013: 77%), majorly due to deteriorated ratio in Islamic Bank under survey to 86.1% during the current year (2013: 77.2%) NPL to Gross Advances Provision to NPL NPL to Gross Advances Provision to NPL Private Sector 10.8% 83.5% 11.7% 81.6% Public Sector 17.9% 72.4% 18.6% 67.4% Islamic Banks 4.3% 86.1% 5.6% 77.2% 11.9% 80.0% 12.9% 77.0% 38

39 NPL to Gross Advances 20.0% 18.0% 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% 10.8% 17.9% 4.3% 11.7% 18.6% 5.6% Provision to NPL 100.0% 90.0% 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% 83.5% 86.1% 81.6% 72.4% 67.4% Private Sector Public Sector Islamic Banks 77.2% 39

40 In the private banking sector, highest NPL stood with HBL, amounting to PKR billion, against which, provision of PKR billion was held. Samba has the lowest NPL of PKR billion and PKR billion had been booked there against. However, NIB has the highest NPL to gross advances of 24.66% and BAH enjoys the lowest percentage of 2.67%. 35.0% Private Sector 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% 24.7% 28.6% 27.2% 7.0% 6.8% 12.0% 12.7% 6.8% 8.7% 11.1% 11.9% 15.8% 17.2% 6.4% 6.6% 2.7% 2.1% 14.3% 13.5% 12.9% 11.8% 4.8% 7.8% 9.0% 11.4% 12.8% 16.1% 9.0% 10.0% 15.4% 14.8% 19.1% ABL HBL MCB UBL Askari BAF BAH Faysal HMB JS NIB SAMBA SILK Soneri SCB Summit

41 In the public banking sector, NBP held the highest NPL of PKR billion and had booked provision of PKR billion there against. Sindh had the lowest NPL of PKR billion. Maximum NPL to gross advances percentage is held by BOP of 28.22%. 35.0% Public Sector 30.0% 25.0% 20.0% 15.0% 28.2% 32.8% 10.0% 15.0% 16.6% 16.3% 5.0% 0.0% 7.9% 0.8% 0.2% 10.4% 10.1% FWBL NBP Sindh BOK BOP

42 In the Islamic banking sector, Bank Islami had managed to maintain the lowest NPL of PKR billion (2013: PKR billion), with the provision of PKR billion (2013: PKR billion) there against. Lowest NPL is held by Islami of PKR billion, whereas the highest is held by Meezan of PKR billion. 16.0% Islamic Banks 14.0% 12.0% 10.0% 8.0% 6.0% 13.3% 4.0% 2.0% 0.0% 8.4% 7.1% 5.8% 3.9% 3.8% 3.6% 2.5% 2.8% 0.0% AlBaraka Islami Burj DIB Meezan

43 BANKING LIABILITIES

44 Banking Liabilities: Deposits Deposits Total deposits of banks included in this survey stood at PKR 9, billion (2013: PKR 8, billion), including PKR billion from financial institutions (2013: PKR billion) Increase / (decrease) Variance % Fixed Deposits 2, , % Saving Deposits 3, , % Current Deposits - remunerative % Current Deposits - non remunerative 2, , % Other Deposits % Financial institution deposits % 9, , % 6.9% % 19.1% 18.9% Private Sector Public Sector 74.0% 74.4% Islamic Banks 44

45 Deposits Composition Banking Industry (PKR Million) , , , , , , % 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Fixed Deposits Saving Deposits Current Deposits - remunerative Current Deposits - non remunerative Other Deposits Financial institution deposits 45

46 Major contribution towards this deposit base had been from Private Sector Banks of PKR 6, billion (2013: PKR 6, billion). Private Sector Public Sector Islamic Total Fixed Deposits 1, , Saving Deposits 2, , Current Deposits - remunerative Current Deposits - non remunerative 2, , Other Deposits Financial institution deposits , , , Sectoral Deposit Composition (PKR Million) Islamic Public Sector Private Sector 1, , , % 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Fixed Deposits Saving Deposits Current Deposits - remunerative Current Deposits - non remunerative Other Deposits Financial institution deposits 46

47 Growth in Deposits Deposits for banks included in this survey increased by 11.2% as compared to Major increase in deposit was registered by Islamic Banks of 15.2% during the current year. Among all the private banks, HBL had the highest deposit base of PKR 1, billion as at the year end, contributing to around 22.5% to the total deposit base of Private Sector Banks under survey. The major deposit base from financial institution is held by BAF of PKR billion. ABL had the highest current deposit (remunerative) base of PKR billion, whereas the highest current deposits (non-remunerative) were held by HBL amounting to PKR billion. Deposits Comparison (PKR Million) 7, , , , , , , , , , , Private Banks Public Banks Islamic Banks 47

48 Increase / (decrease) Variance % ABL % HBL 1, , % MCB % UBL % Askari % BAF % BAH % Faysal % HMB % JS % NIB % SAMBA % SILK (0.664) -1.0% Soneri % SCB % Summit (1.034) -1.0% 6, , % 48

49 1, Private Sector: Deposits Growth (PKR Million) 1, , , , ABL HBL MCB UBL Askari BAF BAH Faysal HMB JS NIB SAMBA SILK Soneri SCB Summit , ,

50 Increase / (decrease) Varaince % FWBL (4.889) -26.7% NBP 1, , % Sindh % BOK % BOP % 1, , % Public Sector: Deposits Growth (PKR Million) 2, , , , , , FWBL NBP Sindh BOK BOP , , , ,

51 Increase / (decrease) Variance % AlBaraka % Islami % Burj (42.698) % DIB % Meezan % % Islamic Banks: Deposits Growth (PKR Million) AlBaraka Islami Burj DIB Meezan

52 Current and Savings Deposits Overall Current & Saving Deposits ( CASA ) for the current year was slightly increased to 70.46% (2013: 68.25%), the highest held by Private Sector Banks of 72.92% (2013: 71.27%) Increase / (decrease) Variance Private 72.9% 71.3% 1.6% 2.3% Public 62.6% 59.3% 3.3% 5.6% Islamic 65.8% 59.8% 6.0% 10.0% 201.3% 190.4% 11.0% 5.8% 80.0% 70.0% 60.0% 50.0% CASA to Deposits 40.0% 30.0% 20.0% 72.9% 71.3% 62.6% 59.3% 65.8% 59.8% 10.0% 0.0% Private Public Islamic

53 RATIO ANALYSIS

54 Ratio Analysis Advance to Deposit Ratio Overall Advances (gross) to Deposits Ratio ( ADR ) stood at 52.9% as at 31 December 2014 (2013: 54.1%). Public Sector Banks had the highest ADR of 58.6% (2013: 62.6%). 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 51.4% 52.2% 58.6% 62.6% 52.8% 50.6% 10.0% 0.0% Private Public Islamic Private sector banks have registered ADR of 51.4% (2013: 52.2%). Highest ADR was achieved by NIB of 111.9%, whereas lowest was booked by BAH of 42.12%. 54

55 120.0% Private Sector 100.0% 80.0% 60.0% 40.0% 20.0% 0.0% ABL HBL MCB UBL Askari BAF BAH Faysal HMB JS NIB SAMBA SILK Soneri SCB Summit % 43.4% 46.9% 54.0% 51.3% 50.3% 42.1% 72.2% 46.9% 54.7% 111.9% 75.6% 93.7% 69.7% 49.3% 73.9% % 45.0% 42.5% 51.9% 57.3% 52.1% 45.0% 75.4% 58.2% 43.9% 99.7% 83.5% 88.5% 74.2% 56.8% 61.7% Public sector banks have registered ADR of 58.6% (2013: 62.6%). Highest ADR was achieved by FWBL of 69.9%, whereas lowest was booked by BOK of 46.9%. 55

56 80.0% Public Sector 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% FWBL NBP Sindh BOK BOP % 59.3% 66.6% 46.9% 57.6% % 64.7% 58.1% 49.7% 59.7% Islamic banks have registered ADR of 52.8% (2013: 50.6%). Highest ADR was achieved by DIB of 71.9%, whereas lowest was booked by Bank Islami of 46.2%. 56

57 80.0% Islamic Banks 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% AlBaraka Islami Burj DIB Meezan % 46.2% 0.0% 72.0% 48.2% % 51.8% 71.4% 54.3% 46.1%

58 Capital Adequacy Ratio Private Sector 50.00% 40.00% 30.00% 20.00% 10.00% 0.00% ABL HBL MCB UBL Askari BAF BAH Faysal HMB JS NIB SAMBA SILK Soneri SCB Summit % 16.21% 20.41% 14.30% 13.18% 12.75% 14.97% 12.22% 17.39% 16.73% 11.98% 37.08% 9.14% 12.50% 18.91% 12.22% % 15.39% 22.25% 13.30% 10.53% 12.06% 14.51% 11.29% 16.29% 18.97% 11.94% 46.74% 7.65% 11.93% 16.87% 4.40% % 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% Public Sector FWBL NBP Sindh BOK BOP % 18.2% 22.6% 22.7% 10.2% % 16.1% 24.0% 24.0% 9.0%

59 Islamic Banks 25.00% 20.00% 15.00% 10.00% 5.00% 0.00% AlBaraka Islami Burj DIB Meezan % 16.70% 0.00% 17.08% 11.88% % 15.37% 20.76% 14.59% 12.31%

60 Earnings per Share (After Tax) (5.00) (10.00) Private Sector ABL HBL MCB UBL Askari BAF BAH Faysal HMB JS NIB SAMBA SILK Soneri SCB Summit (0.07) (5.90) (0.43) (2.00) (4.00) Public Sector FWBL NBP Sindh BOK BOP 2014 (2.75) (1.38)

61 Islamic Banks (1.00) (2.00) AlBaraka Islami Burj DIB Meezan (0.05) 0.35 (1.49)

62 Asset Quality: Non-Performing Assets over Performing Assets Asset Quality: Advances Composition (2014) Islamic Public Private , % 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Asset Quality: Advances Composition (2013) Islamic Public Private , % 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Non-Performing Loans Performing Loans 62

63 Public Banks: Asset Quality - Advances Composition BOP 55, ,472 BOK 4,509 38,733 Sindh ,863 NBP FWBL 121,680 1, ,300 7,990 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Islamic Banks: Asset Quality - Advances Composition (2013) Meezan 6, ,373 DIB 2,369 57,981 Burj - Islami 1,062 40,636 AlBaraka 4,177 45,658 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Non-Performing Loans Performing Loans 63

64 Private Banks: Asset Quality - Advances Composition Summit SCB Soneri SILK SAMBA NIB JS HMB Faysal BAH BAF Askari UBL MCB HBL ABL 14,838 23,096 10,224 8,222 2,144 29,017 2,813 19,325 29,293 5,025 19,412 31,376 57,105 21,908 79,527 22,922 62, , ,505 56,195 21,772 88,636 55, , , , , , , , , ,947 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Non-Performing Loans Performing Loans 64

65 Mark-up Spread 70,000 Private Banks (PKR Million) 60,000 50,000 40,000 30,000 20,000 10,000 - ABL HBL MCB UBL Askari BAF BAH Faysal HMB JS NIB SAMBA SILK Soneri SCB Summit ,661 55,398 37,967 39,509 8,599 16,895 14,261 10,845 9,072 2,457 3,293 1,384 2,160 4,850 18, ,173 69,086 43,641 46,914 11,910 21,873 19,074 13,833 11,209 4,069 3,826 1,813 3,460 6,245 21,396 2,436 65

66 45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 - Public Banks (PKR Million) FWBL NBP SINDH BOK BOP ,298 2,258 3,071 4, ,153 3,435 3,541 8,992 Islamic Banks (PKR Million) 14,000 12,000 10,000 8,000 6,000 4,000 2,000 - AlBaraka Islami Burj DubaiIslami Meezan ,791 2, ,114 10, ,170 3,353-4,089 13,363 66

67 Other Banking Ratios Private Banks % 80.00% 60.00% 40.00% 20.00% 0.00% ABL HBL MCb UBL Askari BAF BAH Faysal HMB JS NIB Samba Silk Soneri SCB Summit % Return on average equity (%) Return on average assets (%) Operating cost to net income ratio (%) Gross Spread Ratio (%) Net interest margin (%) Profit margin (%) 67

68 100.00% 90.00% 80.00% 70.00% 60.00% 50.00% 40.00% 30.00% 20.00% 10.00% 0.00% Islamic Banks AlBaraka Islamic DIB Meezan Return on average equity (%) Return on average assets (%) Operating cost to net income ratio (%) Gross Spread Ratio (%) Net interest margin (%) Profit margin (%) % Public Banks % 50.00% 0.00% % FWBL NBP Sindh BOK BOP Return on average equity (%) Return on average assets (%) Operating cost to net income ratio (%) Gross Spread Ratio (%) Net interest margin (%) Profit margin (%) 68

69 Commercial Banks Assets over Deposits ABL Askari BAF BAH Faysal HBL HMBL JS Bank MCB NIB Samba Silk Soneri SCB Summit UBL Deposits per Branch (PKR '000) 2,625,032 1,591, ,216 1,207, , ,356 1,034, , , , ,678 1,130, , , , ,060 ABL (998) Askari (321) BAF (637) BAH (459) Faysal Bank (274) HBL (1644) HMBL (201) JS Bank (238) MCB (1222) NIB (171) Samba (28) Silk Bank (88) Soneri SCB (116) Bank (246) Summit (188) UBL (1296) Chartered Accountant 69

70 Salaries & Travelling Expense Per Employee (PKR '000) ABL (10121) Askari (5913) BAF (7785) BAH (8122) Faysal Bank (5120) HBL (14123) HMBL (3934) JS Bank (2442) MCB (12113) NIB (3096) Samba (602) Silk Bank (2906) Salaries per Employee , ,069 1, , , Travelling per Employee Soneri Bank (3524) SCB (4400) Summit (2702) UBL (13771) Chartered Accountant 70

71 Expenses Per Branch (PKR '000) ABL (998) Askari (321) BAF (637) BAH (459) Faysal Bank (274) HBL (1644) Communications per Branch 350 1, , , ,572 2, , Stationary per Branch , Repairs & Maintainance per Branch 448 3,021 1,820 1,825 2,849 1,261 1,235 1,823 1,227 2,849 3,033 2, , ,333 Rents & Electricity per Branch 2,062 4,717 5,711 4,153 7,240 2,965 5,445 2,743 2,237 5,523 10,168 6,881 3,569 11,598 5,601 3,159 Legal Charges per Branch , , , , HMBL (201) JS Bank (238) MCB (1222) NIB (171) Samba (28) Silk Bank (88) Soneri Bank (246) SCB (116) Summit (188) UBL (1296) Chartered Accountant 71

72 Interest Expensed over Interest Earned (%) 75% 75% 58% 66% 61% 57% 57% 65% 65% 61% 63% 63% 50% 44% 39% 45% ABL Askari BAF BAH Faysal HBL HMBL JS Bank MCB NIB Samba Silk Soneri SCB Summit UBL Net Interest Income Per Branch (PKR '000) 179,855 28,243 37,051 34,338 41,555 50,483 42,024 55,769 16,193 35,607 22,321 64,739 39,320 25,387 12,906 36,227 ABL Askari BAF BAH Faysal HBL HMBL JS Bank MCB NIB Samba Silk Soneri SCB Summit UBL Chartered Accountant 72

73 Fee, Commission & Brokerage Income Per Branch (PKR '000) 28,450 3,308 4,471 4,898 4,323 7,576 7,372 12,229 3,508 5,913 9,455 3,738 9,867 5,391 5,960 10,073 ABL Askari BAF BAH Faysal HBL HMBL JS Bank MCB NIB Samba Silk Soneri SCB Summit UBL Income from dealing in foreign currencies Per Branch (PKR '000) 25, ,070 3,207 1,862 3,916 1,732 5,172 1,142 1,181 3,434 1,722 2,235 2,493 2,693 2,387 ABL Askari BAF BAH Faysal HBL HMBL JS Bank MCB NIB Samba Silk Soneri SCB Summit UBL Chartered Accountant 73

74 The following pie-charts are expected to help the reader understand the income streams of the commercial banks. The key to these charts is given on the next page. Allied Askari Alfalah Al Habib Faysal 10% 3% 1% 9% 8% 11% 6% 2% 8% 4% 3% 7% 2% 10% 7% 1% 4% 3% 9% 6% 3% 3% 1% 11% 69% 69% 71% 83% 76% Habib 3% 2% 3% 1% HMBL 2% JSBL MCB 2% 4% 3% 2% NIB 8% 7% 1% 14% 77% 6% 11% 15% 66% 4% 2% 18% 13% 60% 13% 76% 14% 21% 49% Chartered Accountant 74

75 Samba Silk Soneri SCB Summit 5% 2%2% 1% 4% 7% 2% 1% 4% 2% 2% 7% 10% 3%1% 2% 90% 17% 69% 15% 70% 12% 74% 24% 9% 1% 20% 44% UBL 4% 3% 2% 3% 19% 69% Chartered Accountant 75

76 Islamic Banks Assets over Deposits Albaraka BankIslami DIB Meezan Deposits per Branch (PKR '000) 888, , , ,111 Albaraka (130) BankIslami (213) DIB (175) Meezan (428) Chartered Accountant 76

77 Salaries & Travelling Expense Per Employee (PKR '000) Albaraka (1638) BankIslami (2529) DIB (2497) Meezan (7429) Salaries per Employee Travelling per Employee Expenses Per Branch (PKR '000) Albaraka (130) BankIslami (213) DIB (175) Meezan (428) Communications per Branch , Stationary per Branch Repairs & Maintainance per Branch , Rents & Electricity per Branch 4,021 3,386 5,539 3,679 Legal Charges per Branch Chartered Accountant 77

78 Interest Expensed over Interest Earned (%) 57% 46% 54% 68% Albaraka BankIslami DIB Meezan Net Interest Income Per Branch (PKR '000) 16,690 15,743 23,367 31,222 Albaraka BankIslami DIB Meezan Chartered Accountant 78

79 Fee, Commission & Brokerage Income Per Branch (PKR '000) 3,091 1,818 4,608 3,667 Albaraka BankIslami DIB Meezan Income from dealing in foreign currencies Per Branch (PKR '000) 3,800 1, Albaraka BankIslami DIB Meezan Chartered Accountant 79

80 The following pie-charts are expected to help the reader understand the income stream of the Islamic banks. Albaraka 7% 5% 0% 0% 14% BankIslami 4% 1%1% 10% DubaiIslamic 2% 4% 0% 16% Meezan 6% 1% 1% 9% 9% 74% 84% 78% 74% Chartered Accountant 80

81 Public Banks Assets over Deposits BOK BOP FWBL NBP Sindh Deposits per Branch (PKR '000) 795, , , , ,061 BOK (116) BOP (364) FWBL (41) NBP (1354) Sindh Bank (230) Chartered Accountant 81

82 Salaries & Travelling Expense Per Employee (PKR '000) BOK (2083) BOP (6181) FWBL (573) NBP (16297) Sindh Bank (1776) Salaries per Employee , Travelling per Employee Expenses Per Branch (PKR '000) BOK (116) BOP (364) FWBL (41) NBP (1354) Sindh Bank (230) Communications per Branch Stationary per Branch Repairs & Maintainance per Branch Rents & Electricity per Branch 2,957 1,115 2,946 2,011 2,410 Legal Charges per Branch Chartered Accountant 82

83 Interest Expensed over Interest Earned (%) 70% 64% 62% 61% 62% BOK BOP FWBL NBP Sindh Net Interest Income Per Branch (PKR '000) 30,522 33,347 24,703 16,602 14,936 BOK BOP FWBL NBP Sindh Chartered Accountant 83

84 Fee, Commission & Brokerage Income Per Branch (PKR '000) 9,550 2,009 2, BOK BOP FWBL NBP Sindh Income from dealing in foreign currencies Per Branch (PKR '000) 3,498 1, BOK BOP FWBL NBP Sindh Chartered Accountant 84

85 The following pie-charts are expected to help the reader understand the income stream of the Public banks. BOK BOP FWBL NBP Sindh 2% 4% 5% 10% 2% 0% 8% 2% 6% 8% 5% 1%1% 1%3% 6% 3% 11% 5% 2% 4% 4% 12% 0% 77% 76% 89% 17% 58% 78% Chartered Accountant 85

86 CREDIT RATING

87 C Rating Private Banks Credit Rating Long Term Short Term ABL AA+ A1+ HBL AAA A1+ MCB AAA A1+ UBL AA+ A1+ Askari AA A1+ BAF AA A1+ BAH AA+ A1+ Faysal AA A1+ HMB AA+ A1+ JS A+ A1 NIB AA- A1+ SAMBA AA- A1 SILK A- A2 Soneri AA- A1+ SCB AAA A1+ Summit A A1 87

88 Public Banks Credit Rating Long Term Short Term FWBL BBB+ A2 NBP AAA A1 + Sindh AA A1 + BOK A A1 BOP AA- A1+ Islamic Banks Credit Rating Long Term Short Term AlBaraka A A1 Islami A+ A1 Burj A A1 DIB A+ A1 Meezan AA A1+ 88

89 Glossary Average Advances Average Assets Average Deposits Average Earning Assets Average Equity Earning Assets Equity Gross Advances Gross Spread Ratio Non-funded Income The average of opening and closing advances at two year ends. The average of opening and closing total assets at two year ends. The average of opening and closing deposits at two year ends. The average of opening and closing earning assets at two year ends. The average of opening and closing equity at two year ends. Deposits with treasury & other banks, lending to financial institutions, investments and advances. Equity includes shares capital, reserves, unappropriated profit/accumulated loss, minority interest and surplus / deficit on revaluation of assets. Loans, cash credits, overdrafts, ijaras, etc. and local & foreign bills discounted &purchased before provisions. Net mark-up return as a percentage of total mark-up income earned. Non-funded income comprises of non mark-up based income, which consists of fee, commission & brokerage income, income from dealing in foreign currencies, realized and un-realized gain on sale of assets & securities, etc. Net interest margin Mark-up / return / interest earned (before provisions) as a percentage of interest bearing assets less markup / return / interest expensed as a percentage of interest bearing liabilities. Operating costs Operating fixed assets Includes all expenses charged to arrive at profit before tax excluding cost of funds and provisions. Operating fixed assets include intangible assets. 89

90 Other assets Other liabilities Other assets include deferred tax assets. Other liabilities include deferred tax liabilities and liabilities against assets subject to finance lease. Provisions Total of specific and general provisions against gross advances, charge & reversal of provision against nonperforming advances, for diminution in value of investments, bad debts directly written-off and recoveries of previously written-off debts. Return on Average Assets Net Income as a percentage of average total assets. Return on Average Equity Profit before tax as a percentage of average equity. Staff Cost Taxations Salaries, allowances, etc., staff retirement benefits and cost of redundancy / voluntary retirement etc., excluding Workers Welfare Fund. Charge for current (including prior) and deferred taxation in the profit and loss account. 90

91 ,, a Partnership firm registered in Pakistan, is an independent member firm of Morison International. The firm is in the profession of audit, accountancy, taxation, corporate affairs management advisory services corporate and other related legal advisory services. The firm is poised to deliver value added prompt professional services to its valued clientele, with strong professional team lead by its Partners and professional staff with country wide reach through its offices in Karachi, Lahore and Islamabad. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. REGISTERED OFFICES KARACHI LAHORE ISLAMABAD 1/6 - P, Block 6, P.E.C.H.S., Room No. 9A, #77 A, St. 45, Mohtarma Laqeeq Begum Road, Third Floor F-10/4 Off Shara-e-Faisal, Imtiaz Plaza Islamabad Main Nursery Flyover, Shahra-e-Quaid-e-Azam Karachi Lahore CONTACT US Phone: Fax: info@jsa.com.pk URL: For feedback, please us at banking.survey@jsa.com.pk 91