Network Microfinance Bank Limited’s financial results for the half-year ended June 30, 2011

Network Microfinance Bank Limited’s financial results for the half-year ended June 30, 2011

Karachi: We have to inform you that the Board of Directors of our Bank in their meeting held on Thursday, August 11, 2011 at 11:00 A.M., recommended as follows:

 

(1) Cash Dividend Nil
(2) Bonus issue Nil
(3) Rights Shares Nil
(4) Any Other Entitlement/Corporate Action Nil
(5) Any Other Price-Sensitive Information Nil

 

 

Find enclosed profit and loss statement.

Condensed Interim Profit and Loss Account (Un-Audited) for the Quarter and Half Year Ended June 30, 2011

 

Quarter

Ended

June 30,

2011

Half Year

Ended

June 30,

2011

Quarter

Ended

June 30,

2010

Half Year

Ended

June 30,

2010

Note

Rupees

Mark-up/return/interest earned 8 8,616,507 18,645,460 15,105,464 29,410,762
Mark-up/return/interest expensed (288,182) (610,681) (1,166,363) (2,290,582)
———- ———– ———- ———-
Net mark-up/interest income 8,328,325 18,034,779 13,939,101 27,120,200
Provision against non-performing loans and
Advances-Net (2,648.940) (5,610,898) (3,101,748) (3,840,290)
Provision for diminution in the value of
Investments
Bad debts written off directly (71,146) (71,146)
(2,720,088) (5,582,044) (3,101,748) (3,840,290)
———- ———– ———- ———-
Net mark-up/interest income after provisions 5,606,239 12,452,735 10,837,353 23,279,910
Non mark-up/non interest income
Fee, commission and brokerage income 338,667 731,426
Recovery against written off advances 807,325 1,448,717 923,424 1,487,994
Dividend Income
Unrealized gain on revaluation of investments –
held for trading security 636 636
Other income 63,581 60,295 57,165 83,670
Total non-mark-up/non interest income 860,886 1,509,012 1,319,882 2,303,726
———- ———– ———- ———-
6,469,125 13,961,747 12,157,235 25,583,636
Nap mark-up/non Interest expenses
Administrative expenses (10,795,401) (21,546,012) (14,816,988) (27,993,110)
Other provisions /Write offs
Other charges
———- ———– ———- ———-
Total non mark-up/non interest expenses (10,795,401) (21,546,012) (14,816,988) (27,993,110)
———- ———– ———- ———-
(4,328,276) (7,584,266) (2,659,753) (2,409,474)
Extra ordinary/unseal items
Loss before taxation (4,328,276) (7,584,266) (2,659,753) (2,409,474)
Taxation – Current 10 (86,185) (186,455) (156,013) (302,259)
Prior year
Deferred
——— ———– ———- ———-
Loss after taxation (4,412,441) (7,770,720) (2,614,766) (2,711,733)
Accumulated losses brought forward (83,284,423) (79,926,144) (61,286,040) (61,462,696)
———- ———– ———- ———-
Accumulated losses carried forward (87,696,864) (87,696,864) (64,100,806) (6,174,429)
———- ———– ———- ———-
Loss per share – basic (0.15) (0.28) (0.094) (0.090)

 

The annexed notes 1 to 14 form on integral part of these condensed Interim financial statements,

For more information, contact:
Network Microfinance Bank Limited
202, Azayan Plaza,
Opp. FTC Building,
S.M.CH.S. Shahrah-e-Faisal,
Karachi, Pakistan
PABX: 34311723 – 25
Fax: 34311722

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