Consolidated Financial Statements

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<p>Consolidated Financial Statements of NBP and its Subsidiary COmpanies</p> <p>2010</p> <p>132</p> <p>Directors Report on Consolidated Financial StatementsIt gives me great pleasure to present to you on behalf of the Board of Directors, the Consolidated Annual Report of the National Bank of Pakistan for the year ended December 31, 2010. The operating results and appropriations, as recommended by the Board are given below:</p> <p>Rupees In Million 2010 Profit before taxation Taxation -Current year -Prior year(s) -Deferred After Tax Profit Non Controlling Interest Profit Brought Forward Transfer from surplus on revaluation of fixed assets Profit available for appropriation Transfer to Statutory Reserve (10% of after tax profit) Bonus shares issued Cash dividend paid Profit carried forward Earnings per Share (Rs) 24,622 9,872 (938) (2,050) 6,884 17,738 71 61,697 118 79,624 1,756 2,691 8,073 12,520 67,104 13.24 2009 (Restated) 21,199 8,890 (4,137) (1,003) 3,750 17,449 2 53,567 124 71,142 1,821 1,794 5,830 9,445 61,697 12.97</p> <p>Pattern of Share holdingThe pattern of share holding as at December 31, 2010 is given in Annual Report. On behalf of the Board of Directors</p> <p>Qamar Hussain President Date: March 01, 2011</p> <p>133</p> <p>Independent Auditors Report to the MembersM. Yousuf Adil Saleem &amp; Co.Chartered Accountants Cavish Court, A-35, Block 7 &amp; 8 KCHSU, Shara-e- Faisal Karachi 75350, Pakistan</p> <p>Anjum Asim Shahid Rahman</p> <p>Chartered Accountants 1st &amp; 3rd Floor, Modern Motors House Beaumont Road Karachi 75530, Pakistan</p> <p>We have audited the annexed consolidated financial statements of National Bank of Pakistan (the holding company) and its subsidiaries companies (together, the Group) which comprise consolidated statement of financial position as of December 31, 2010 and the related consolidated profit and loss account, consolidated statement of comprehensive income, consolidated cash flow statement and consolidated statement of changes in equity together with the notes forming part thereof, for the year then ended. These consolidated financial statements include unaudited certified returns from the branches, except for 80 branches audited by us and 14 branches audited by the auditors abroad. These consolidated financial statements are responsibility of the Groups management. Our responsibility is to express our opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with the auditing standards as applicable in Pakistan. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of any material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements. An audit also includes assessing the accounting policies and significant estimates made by management, as well as, evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides a reasonable basis for our opinion. In our opinion the consolidated financial statements present fairly, in all material respects, the financial position of the Group as at December 31, 2010 and the results of its operations, its comprehensive income, its cash flows and changes in equity for the year then ended in accordance with the approved accounting standards as applicable in Pakistan.</p> <p>M. Yousuf Adil Saleem &amp; Co. Chartered Accountants Engagement Partner: Syed Asad Ali Shah Karachi. Date: March 01,2011</p> <p>Anjum Asim Shahid Rahman Chartered Accountants Engagement Partner: Muhammad Shaukat Naseeb Karachi. Date: March 01, 2011</p> <p>134</p> <p>Consolidated Statement of Financial PositionAs at December 31, 20102008 2009 2010 -------------- US Dollars in '000 -------------(Restated) 85.8845 ASSETS 1,243,278 459,812 199,560 1,993,432 4,809,673 282,612 37,301 522,937 9,548,605 1,358,435 335,176 229,186 2,533,589 5,534,624 293,427 35,681 697,623 11,017,741 1,346,658 357,962 268,397 3,505,621 5,575,939 321,603 80,972 629,063 12,086,215 Cash and balances with treasury banks Balances with other banks Lendings to financial institutions - net Investments - net Advances - net Operating fixed assets Deferred tax assets - net Other assets - net Note 2010 2009 2008 ------------------- Rupees in '000 ----------------(Restated) 115,657,025 30,743,368 23,051,171 301,078,498 478,886,755 27,620,697 6,954,228 54,026,725 1,038,018,467 116,668,514 28,786,397 19,683,526 217,596,037 475,338,439 25,200,870 3,064,459 59,915,027 946,253,269 106,778,346 39,490,729 17,139,081 171,204,890 413,076,390 24,271,964 3,203,565 44,912,236 820,077,201</p> <p>6 7 8 9 10 11 12 13</p> <p>LIABILITIES 118,986 466,257 7,281,282 294 465,604 8,332,423 1,216,182 123,668 521,958 8,470,830 496 494,336 9,611,288 1,406,453 93,226 228,880 9,688,990 1,437 544,898 10,557,431 1,528,784 NET ASSETS REPRESENTED BY 104,440 238,423 623,713 966,576 1,312 967,888 248,294 1,216,182 125,328 272,401 718,366 1,116,095 1,292 1,117,387 289,066 1,406,453 156,660 292,596 781,324 1,230,580 5,799 1,236,379 292,405 1,528,784 CONTINGENCIES AND COMMITMENTS 21 The annexed notes 1 to 44 and Annexure I, II and III form an integral part of these consolidated financial statements. Share capital Reserves Unappropriated profit Non-controlling interest Surplus on revaluation of assets - net 20 19 13,454,629 25,129,425 67,103,611 105,687,665 498,076 106,185,741 25,113,091 131,298,832 10,763,702 23,395,059 61,696,594 95,855,355 110,930 95,966,285 24,826,267 120,792,552 8,969,751 20,476,863 53,567,323 83,013,937 112,699 83,126,636 21,324,569 104,451,205 Bills payable Borrowings Deposits and other accounts Sub-ordinated loans Liabilities against assets subject to finance lease Deferred tax liabilities Other liabilities 14 15 16 8,006,631 19,657,207 832,134,054 123,413 46,798,330 906,719,635 131,298,832 10,621,169 44,828,138 727,513,013 42,629 42,455,768 825,460,717 120,792,552 10,219,061 40,044,291 625,349,269 25,274 39,988,101 715,625,996 104,451,205</p> <p>17 18</p> <p>Chairman &amp; President</p> <p>Director</p> <p>Director</p> <p>Director</p> <p>135</p> <p>Consolidated Profit and Loss AccountFor the year ended December 31, 20102009 2010 US Dollars in '000 (Restated) 909,650 470,961 438,689 129,811 7,583 236 137,630 301,059 104,757 22,086 36,138 53,479 27 (486) 61 6,438 222,500 523,559 265,667 7,317 3,745 276,729 246,830 246,830 103,514 (48,173) (11,680) 43,661 203,169 1,032,566 525,936 506,630 81,598 33,824 1,078 46 116,546 390,084 114,941 12,427 26,534 29,253 78 (198) 779 2,097 25,430 211,341 601,425 311,256 2,094 1,384 314,734 286,691 286,691 114,941 (10,923) (23,865) 80,153 206,538 Mark-up / return / interest earned Mark-up / return / interest expensed Net mark-up / interest income Provision against non-performing advances - net Provision for diminution in the value of investments - net Impairment of goodwill Provision against off balance sheet obligations Bad debts written off directly Net mark-up / interest income after provisions NON MARK-UP / INTEREST INCOME Fee, commission and brokerage income Dividend income Income from dealing in foreign currencies Gain on sale and redemption of securities - net Unrealized gain on revaluation of investments classified as Held-for-trading Share of loss from joint ventures - net of tax Share of profits from associates - net of tax Gain on revaluation of previously held equity interest Other income Total non-markup / interest income NON MARK-UP / INTEREST EXPENSES Administrative expenses Other provisions / write offs Other charges Total non-markup / interest expenses Extra ordinary / unusual items PROFIT BEFORE TAXATION Taxation - Current - Prior year(s) - Deferred 29 PROFIT AFTER TAXATION Attributable to: 203,190 (21) 203,169 207,364 (826) 206,538 Shareholders of the bank Non-controlling interest 17,809,304 (70,899) 17,738,405 17,450,811 (1,769) 17,449,042 27 28 26,732,045 179,819 118,887 27,030,751 24,622,287 24,622,287 9,871,640 (938,158) (2,049,600) 6,883,882 17,738,405 22,816,665 628,391 321,647 23,766,703 21,198,842 21,198,842 8,890,206 (4,137,307) (1,003,099) 3,749,800 17,449,042 Note 23 24 10.4 9.10 18.1 2010 2009 Rupees in '000 (Restated) 88,681,381 45,169,744 43,511,637 7,007,975 2,904,949 92,593 3,965 10,009,482 33,502,155 9,871,667 1,067,273 2,278,898 2,512,363 6,730 (16,976) 66,906 180,131 2,183,891 18,150,883 51,653,038 78,124,796 40,448,291 37,676,505 11,148,773 651,282 20,237 11,820,292 25,856,213 8,996,973 1,896,817 3,103,673 4,593,041 2,355 (41,715) 5,238 552,950 19,109,332 44,965,545</p> <p>25 9.11 9.8.3 9.8.3 26</p> <p> US Dollars 0.15 0.15 0.15 0.15 Basic earnings per share for profit for the year attributable to shareholders of the bank Diluted earnings per share for profit for the year attributable to shareholders of the bank 30 31</p> <p> Rupees 13.24 13.24 12.97 12.97</p> <p>The annexed notes 1 to 44 and Annexure I, II and III form an integral part of these consolidated financial statements.</p> <p>Chairman &amp; President</p> <p>Director</p> <p>Director</p> <p>Director</p> <p>136</p> <p>For the year ended December 31, 20102009 2010 US Dollars in '000 (Restated) 246,830 (22,086) 224,744 10,198 70 129,811 7,583 236 (27) (45,127) (92) 122 486 (61) 7,316 110,515 335,259 (30,344) (15,941) (854,762) (118,740) (1,019,787) 4,682 56,955 1,189,548 28,616 1,279,801 (120,025) (122) (120,147) 475,126 85.8845 286,691 (12,427) 274,264 12,872 150 81,598 33,824 46 (78) (3,428) 1,078 (407) 253 198 (779) 2,094 127,421 401,685 (39,489) (48,476) (124,554) 53,700 (158,819) (30,442) (298,584) 1,218,160 52,014 941,148 (108,824) (253) (109,077) 1,074,937</p> <p>Consolidated Cash Flow StatementNote CASH FLOWS FROM OPERATING ACTIVITIES Profit before taxation Less: Dividend income Adjustments: Depreciation Amortization Provision against non-performing advances - net Provision for diminution in the value of investments - net Provision against off balance sheet obligations Unrealized gain on revaluation of Investments classified as Held-for-trading Capital gain on redemption of NI(U)T LoC Units Impairment of goodwill Gain on sale of fixed assets Financial charges on leased assets Share of loss from joint ventures - net of tax Share of profits from associates - net of tax Other provisions / write offs (Increase) / decrease in operating assets Lendings to financial institutions - gross Held-for-trading securities Advances - net Other assets (excluding advance tax) Increase in operating liabilities Bills payable Borrowings Deposits and other accounts Other liabilities (excluding current taxation) Income tax paid Financial charges paid Net cash generated from operating activities CASH FLOWS FROM INVESTING ACTIVITIES 11.2 11.3 10.4 9.10 18.1 9.1 9.5.1 2010 2009 Rupees in '000 (Restated) 24,622,287 (1,067,273) 23,555,014 1,105,494 12,920 7,007,975 2,904,949 3,965 (6,730) (294,424) 92,593 (34,968) 21,766 16,976 (66,906) 179,819 10,943,429 34,498,443 (3,391,495) (4,163,338) (10,697,281) 4,611,992 (13,640,122) (2,614,538) (25,643,768) 104,621,041 4,467,321 80,830,056 (9,346,271) (21,766) (9,368,037) 92,320,340 21,198,842 (1,896,817) 19,302,025 875,846 6,014 11,148,773 651,282 20,237 (2,355) (3,875,689) (7,926) 10,496 41,715 (5,238) 628,391 9,491,546 28,793,571 (2,606,095) (1,369,079) (73,410,823) (10,197,892) (87,583,889) 402,108 4,891,586 102,163,744 2,457,667 109,915,105 (10,308,272) (10,496) (10,318,768) 40,806,019</p> <p>9.8.3 9.8.3</p> <p>(556,992) 127,722 22,086 (20,684) (349) 163 (428,054)</p> <p>(1,060,051) 106,431 12,427 (32,112) (2,437) 736 (975,006)</p> <p>Net investments in available-for-sale securities Net proceeds from held-to-maturity securities Dividend income received Investment in operating fixed assets Investment in subsidiary and associates Sale proceeds of property and equipment disposed off Net cash (used) in investing activities CASH FLOWS FROM FINANCING ACTIVITIES</p> <p>(91,041,973) 9,140,800 1,067,273 (2,757,917) (209,288) 63,185 (83,737,920)</p> <p>(47,836,997) 10,969,303 1,896,817 (1,776,322) (30,000) 13,997 (36,763,202)</p> <p>(302) (67,769) (68,071) 12,773 (8,226) 1,701,088 1,692,862</p> <p>(318) (93,853) (94,171) (256) 5,504 1,692,863 1,698,367</p> <p>Payments of lease obligations Dividend paid Net cash (used) in financing activities Effects of exchange differences on translation of the net assets of foreign branches, subsidiary and joint venture Increase / (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of the year Cash and cash equivalents at end of the year 32</p> <p>(27,310) (8,060,510) (8,087,820) (21,955) 472,645 145,390,674 145,863,319</p> <p>(25,915) (5,820,338) (5,846,253) 1,097,011 (706,425) 146,097,099 145,390,674</p> <p>The annexed notes 1 to 44 and Annexure I, II and III form an integral part of these consolidated financial statements.</p> <p>Chairman &amp; President</p> <p>Director</p> <p>Director</p> <p>Director</p> <p>137</p> <p>Consolidated Statement of Comprehensive IncomeFor the year ended December 31, 20102009 2010 US Dollars in '000 (Restated) 85.8845 203,169 206,538 2010 2009 Rupees in '000 (Restated) Profit after taxation for the year Other comprehensive income: Exchange adjustments on translation of net assets of foreign branches, subsidiary and joint venture Total comprehensive income for the year - net of tax 17,738,405 17,449,042</p> <p>12,773 215,942</p> <p>(256) 206,282</p> <p>(21,955) 17,716,450</p> <p>1,097,011 18,546,053</p> <p>Total comprehensive income attributable to: 215,963 (21) 215,942 207,108 (826) 206,282 Share holders of the bank Non-controlling interest 17,787,349 (70,899) 17,716,450 18,547,822 (1,769) 18,546,053</p> <p>Surplus arising on revaluation of assets has been reported in accordance with the requirements of the Companies Ordinance, 1984 and the directives of the State Bank of Pakistan in a separate account below equity.</p> <p>The annexed notes 1 to 44 and Annexure I, II and III form an integral part of these consolidated financial statements.</p> <p>Chairman &amp; President</p> <p>Director</p> <p>Director</p> <p>Director</p> <p>138</p> <p>Consolidated Statement of Changes in EquityFor the year ended December 31, 2010Share capital Attributable to the shareholders of the bank Reserves Unappropriated Capital Revenue profit Exchange General Statutory Translation Sub Total Non Controlling Interest Total</p> <p>---------------------------------------------------- Rupees in '000 ---------------------------------------------------Balance as at January 1, 2009 Comprehensive income Profit after tax for the year ended December 31, 2009 [Restated (note 21.4.3)] Other comprehensive income - net of tax Transferred from surplus on revaluation of fixed assets to unappropriated profit - net of tax Transfer to statutory reserve Transactions with owners Issue of bonus shares (20%) Cash dividend (Rs. 6.5 per share) Balance as at December 31, 2009 1,793,951 10,763,702 7,529,156 15,344,565 521,338 (1,793,951) (5,830,338) 61,696,594 (5,830,338) 95,855,355 110,930 (5,830,338) 95,966,285 1,097,011 1,097,011 1,821,185 17,450,811 17,450,811 123,934 (1,821,185) 17,450,811 1,097,011 18,547,822 123,934 (1,769) (1,769) 17,449,042...</p>

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