ASSUMPTIONS (In Rs Mn) Weights 2000 2001 2002 2003

Risk Weigted Assets (RWA) Err:522 Err:522 Err:522 Err:522

Capital Adequacy Ratio - Estimated Err:522 Err:522 Err:522 Err:522

Risk Weighted Assets - Actual

Capital Adequacy Ratio - Actual 12.0% 10.8% 12.0% 10.0%

LIABILITIES
Actual Deposits 30,360 41,200 51,732 61,657
Growth 35.7% 25.6% 19.2%

Deposit breakup - CURRENCY

Local currency 23,809 32,416 43,257 48,200
Foreign currency 6,551 8,784 8,474 13,457
TOTAL 30,360 41,200 51,732 61,657

In %
Local Currency 78% 79% 84% 78%
Foreign currency 22% 21% 16% 22%

Deposit breakup - CUSTOMER - Calculated

Fixed 5,679 7,741 7,732 6,763
Savings 20,364 27,785 37,054 43,083
Current - Non remunerative 3,879 5,027 6,507 11,406
FI deposits - Remunerative 342 619 438 404
TOTAL 30,264 41,172 51,732 61,657
26,385 36,145 45,224 50,250
In %
Fixed 19% 19% 15% 11%
Savings 67% 67% 72% 70%
Current - Non remunerative 13% 12% 13% 18%
FI deposits - Remunerative 1% 2% 1% 1%

Fixed 22% 21% 17% 13%

Savings 77% 77% 82% 86%
FI deposits - Remunerative 1% 2% 1% 1%

Borrowing from Financial Institutions 4,773 5,629 11,461 15,903

Growth 18% 104% 39%

Export Refinance 2,882 3,222 3,392 7,329

Growth 12% 5% 116%

Interbank liabilities and Others 1,891 2,407 8,069 8,575

% of Net advances 10.6% 10.3% 26.9% 19.1%

Breakup
Export refinance 60% 57% 30% 46%
Interbank liabilities 40% 43% 70% 54%

Bills Payable 192 320 608 974

Growth 67% 90% 60%

Other Liabilities 748 940 988 963

as % of gross interest income 33% 32% 33% 70%
Deferred Tax liabilites 185 263 1,297 807

ASSETS
Cash 0% 4,424 4,736 Err:522 Err:522
as % of deposits 11.5% Err:522 Err:522

Held with SBP 530 1,889 4,153 5,242

as % of deposits 1.7% 4.6% 8.0% 8.5%

Balances with other banks 20% 2,198 4,588 1,304 2,650

as % of deposits 7.2% 11.1% 2.5% 4.3%
Growth 109% -72% 103%

Lending to Financial Institutions 20% 3,435 4,112 3,414 5,771

as % of deposits 11.3% 10.0% 6.6% 9.4%
Growth 20% -17% 69%

Gross Investments Err:522 Err:522 Err:522 Err:522

Less: Provision for diminution (56) (56) - -
Add: Surplus on revaluations - - - -
Federal govt securities
Listed shares
Other securities
Deferred tax liability
Net Investments Err:522 Err:522 Err:522 Err:522
as % of deposits Err:522 Err:522 Err:522 Err:522

Details
FIB & PIB 2% 2,058 5,144 4,671 6,135
as % of Deposits 6.8% 12.5% 9.0% 9.9%

T-Bills 2% 6,000 5,334 18,686 12,245

as % of Deposits 19.8% 12.9% 36.1% 19.9%

(FIB+TBills) as % of Deposits 26.5% 25.4% 45.2% 29.8%

Other Government securities 0% - - - -

as % Deposits 0.0% 0.0% 0.0% 0.0%

Equity investment 100% 345 345 285 335

Listed companies (Ordinary & Preference shares) 96 96 41 90
Unlisted companies 56 56 56 56
Investment in Mutual funds - - - -
NIT 194 194 189 189
as % Deposits 0.8% 0.6% 0.5%

Bonds / TFCs / PTCs / Debentures & OTHERS 75% Err:522 Err:522 Err:522 Err:522
% of total investments Err:522 Err:522 Err:522
as % of DTL Err:522 Err:522 Err:522

Gross loans 18,564 24,241 31,342 46,341

Less: accumulated provisioning for NPL (672) (949) (1,306) (1,564)
Net Loans 85% 17,893 23,291 30,035 44,778
Growth in gross loans 30.6% 29.3% 47.9%
ADR 61% 59% 61% 75%
Details
 Other Advances 10,129 14,715 20,565 29,443
Growth 45% 40% 43%
as % of Gross loans 55% 61% 66% 64%

Export refinance 2,882 3,222 3,392 7,329

Growth 12% 5% 116%
as % of Gross loans 16% 13% 11% 16%

Bills discounted/purchased 5,553 6,303 7,384 9,570

Growth 13.5% 17.1% 29.6%
as % of Gross loans 29.9% 26.0% 23.6% 20.7%

Other Assets 100% 1,213 1,824 1,816 1,426

as % of Gross Interest Income 37.8% 42.9% 37.4% 35.0%

Fixed assets 100% 641 723 1,663 1,980

Contingencies & Commitment 0 - - -

Growth
Asset growth

Details
Guarantees for Govt, Banks and Suppliers 65%
Growth
Commitments to lend credit
Growth
Trade-related liabilities 5%
Growth
FX contract 1%
Growth

INCOME STATEMENT
Gross Interest Income - Actual 3,213 4,251 4,858 4,074
-16%
Gross Interest Income - Calculated - - - -
Difference (Actual-Calculated)

Details

Return from Cash balances

as % of last year's cash balance

Return on Lending to Financial Institutions

as % of Avg. Lending to FI

Return on Balances with other banks

as % of Avg. Balances with banks

Interest income from Investments

Return on PIB & FIB

Return on average PIB & FIB
Return on T-Bills
Return on average T-bill
Return on other Govt. securities
Return on average Govt. securities
Bonds/TFCs/PTCs
 Return on average TFC & Others

Interest income from Advances

Return on advances
Ret on advances/Avg advances

Return on export refinance

Return on Exp refin/Avg Exp refinance

Int on bills discounted

Inc from bills disc/Avg bills discounted

Actual
Weighted Average return on Advances

Breakup
Interest on NET loans
Interest on INVESTMENTS

Provision for non-performing loans Err:522 Err:522 357 Err:522

as % of Gross loans Err:522 Err:522 1.14% Err:522
as % on Incremental Advances Err:522 5.0% Err:522

Provision for diminution in value of investment - - - -

Bad debts written off 0 0 0 -

% of NPL 0.0% 0.0% 0.0%

Dividend Income - Actual 14 12 27 38

as % of average investment in listed shares 12.0% 39.3% 57.3%

Fee, Commision & Brokerage Income 381 551 417 525

as % of Import+Export of Askari 0.7% 0.8% 0.5% 0.5%
Growth 45% -24% 26%
as % of Advances 2.1% 2.4% 1.4% 1.2%

Total trade of PAKISTAN

US $ rate 54.10 61.91 58.00 58.00
Imports -In $ $10,810 $11,242 $11,162 $12,992
Growth 4% -1% 16%
Exports - In $ $8,914 $9,186 $9,826 $11,706
Growth 3% 7% 19%

Imports - In PKR 584,821 695,992 647,396 753,536

Exports - In PKR 482,247 568,705 569,908 678,948

Total Import and Export 1,067,068 1,264,697 1,217,304 1,432,484

Growth 19% -4% 18%

Total trade of Askari

Import and Export 56,800 70,800 87,500 105,500
Growth 24.6% 23.6% 20.6%
as % of total Trade 5.3% 5.6% 7.2% 7.4%

Total Imports 26,200 32,000 40,200 48,700

 Growth 22.1% 25.6% 21.1%
as % of total Imports 4.5% 4.6% 6.2% 6.5%

Total Exports 30,600 38,800 47,300 56,800

Growth 26.8% 21.9% 20.1%
% of total Exports 6.3% 6.8% 8.3% 8.4%

Other Income 108 108 163 200

Rent on lockers 6 6 7 7
Growth 10% 16% 2%
Net profit on sale of property & equipment 2 7 4 5
Recovery of expenses from customers 83 89 137 157
as % of Advances 0.5% 0.4% 0.5% 0.4%
Rent on property 17 6 14 31
Growth -65% 137% 116%

Income from dealing in Foreign currency 125 126 182 113

as % of Import+Export of Pakistan 0.01% 0.01% 0.01%
Growth 1% 44% -38%

Trading Income - - 57 79
as % of avg investment in ordinary shares 0.0% 83.8% 119.8%

Interest expense - Actual 2,274 2,903 3,017 1,380

-54.27%
Interest expense - Calculated - - - -
Difference (Actual - Calculated)

Interest on deposits - Actual

Interest on deposits - Calculated
Interest on Fixed deposits
% int on LCY dep (excluding current)

Interest on Savings deposits

% int on LCY dep (excluding current)

Interest on Financial Institutions Deposits

% int on LCY dep (excluding current)

Actual
Weighted average rate on Deposits
Excluding Zero

Interest on Financial Institutions Borrowings

% int on LCY dep (excluding current)

Interest on Subordinated Debt

Administrative expenses 679 853 1,090 1,436

Salaries expense 294 358 454 587

Growth 22% 27% 29%

Salary expense - per EMPLOYEE 256,568 279,798 312,121 340,493

Growth 9.1% 11.6% 9.1%
 Salary expense - per BRANCH 10,147,724 9,956,139 9,879,304 10,115,000
Growth -1.9% -0.8% 2.4%

No. of Staff 1,147 1,281 1,456 1,723

Hiring / (Retrenchment) 134 175 267
Number of branches 29 36 46 58
New branches 7 10 12
Ratio of staff per branch 39.6 35.6 31.7 29.7

Charge / (reversal) for defined benefit plans 21 17 30 34

Growth -20% 78% 14%

Wages as % of Admin expenses 46.4% 44.0% 44.4% 43.2%

Depreciation 74 84 112 168

Other administrative expense 290 394 495 648

Growth 35% 26% 31%
Other admin expense / branch - Rs Mn 10.02 10.93 10.75 11.17
Growth 9% -2% 4%

Other provisions / (reversals) / writeoffs - - - -

Other charges 0 1 2 1
% of NPL 0.0% 0.1% 0.0%

Tax - Actual 436 458 557 799

Current year 484 355 437 874
Prior year - - -
Deferred (48) 104 120 (75)

Tax - Calculated Err:522 544 Err:522

Corporate Tax rate 50.0% 47.0% 44.0%

Income tax on statutory rate Err:522 582 Err:522

Change in tax rate - - -

Income taxed at reduced rate (5) (11) (15)
Income exempt from taxes - (27) (35)
Other difference - - -
Prior year provision - - -

SPREAD ANALYSIS
Earning Assets (Loans + Invest + FI lend - Equity Inv) Err:522 Err:522 Err:522 Err:522
Return on earning assets 3,213 4,251 4,858 4,074
Return on average EA Err:522 Err:522 Err:522

Borrowings (Deposits+Borrowings from FI) 35,133 46,829 63,192 77,560

Return paid on borowings 2,274 2,903 3,017 1,380
Return on average borrowings 7.1% 5.5% 2.0%

Spreads 939 1,348 1,841 2,694

NIMs (Spread on EA - as % of EA) Err:522 Err:522 Err:522

 Spread on EA - as diff b/w lend. & borr. Cost 0.0% Err:522 Err:522 Err:522

Cost of fund 7.1% 5.5% 2.0%

Return on EA Err:522 Err:522 Err:522
NIMS Err:522 Err:522 Err:522

AKBL M
Cost of fund
6.0%
5.5%
5.0%
4.5%
4.0%
3.5%
3.0%
2.5%
2.0%
1.5%
1.0%
CY04A CY05A
 2004 2005 2006 2007 2008 2009 2010 2011 2012

Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522

Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522

108,019 127,691
8.5% 11.2% 10.9%

83,319 118,795 131,839 143,037 163,062 185,075 209,135

35.1% 42.6% 11.0% 8.5% 14.0% 13.5% 13.0%

64,205 98,379 110,008 123,506 140,796 159,804 180,579

19,113 20,416 21,831 19,531 22,265 25,271 28,556
83,319 118,795 131,839 143,037 163,062 185,075 209,135

77% 83% 83% 86% 86% 86% 86%

23% 17% 17% 14% 14% 14% 14%

13,275 38,000 40,350 29,998 58,702 68,478 77,380

51,292 59,361 66,389 83,753 73,378 83,284 94,111
18,464 20,089 23,925 28,468 32,453 36,835 41,623
288 1,344 1,175 818 (1,472) (3,521) (3,979)
83,319 118,795 131,839 143,037 163,062 185,075 209,135
64,855 98,705 107,914 114,569 130,608 148,241 167,512

16% 32% 31% 21% 36% 37% 37%

62% 50% 50% 59% 45% 45% 45%
22% 17% 18% 20% 20% 20% 20%
0% 1% 1% 1% -1% -2% -2%

20% 38% 37% 26% 45% 46% 46%

79% 60% 62% 73% 56% 56% 56%
0% 1% 1% 1% -1% -2% -2%

13,782 10,562 14,963 17,554 Err:522 Err:522 Err:522

-13% -23% 41.7% 17.3% Err:522 Err:522 Err:522

9,777 9,465 13,378 9,918 6,943 6,943 6,943

33% -3% 41% -26% 0% 0% 0%

4,005 1,097 1,584 7,635 Err:522 Err:522 Err:522

5.7% 1.3% Err:522 Err:522 Err:522 Err:522 Err:522

71% 90% 89% 57% Err:522 Err:522 Err:522

29% 10% 11% 43% Err:522 Err:522 Err:522

1,227 1,316 1,839 2,627 3,753 5,361 7,657

26% 7% 40% 43% 43% 43% 43%

1,283 2,045 2,603 3,220 Err:522 Err:522 Err:522

115% 48% 37% 37% 37% 37% 37%
 527 567 736 472 472 472 472

Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522

Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522

6,774 9,342 12,127 10,469 9,066 10,216 11,544

8.1% 7.9% 9.2% 7.3% 5.9% 5.9% 5.9%

4,848 5,550 7,333 3,497 3,497 3,497 3,497

5.8% 4.7% 5.6% 2.4% 2.1% 1.9% 1.7%
83% 14% 32% -52% 0% 0% 0%

2,325 10,172 8,393 14,444 13,860 14,806 15,685

2.8% 8.6% 8.5% 8.5% 8.5% 8.0% 7.5%
-60% 338% -17% 72% -4% 0% 6%

Err:522 Err:522 Err:522 39,196 36,467 41,402 46,821

(38) (2) (2) (3) (3) (3) (3)
- 1,263 1,535 236 241 247 253 261 269
128 289 200 200 200 200 200 200
1,145 1,254 30 35 40 47 54 63
(10) (8) 6 6 6 6 6 6
(45) (101) (70) (70) (70) (70) (70) (70)
Err:522 Err:522 Err:522 39,429 36,705 41,645 47,071
Err:522 Err:522 Err:522 27.6% 22.5% 22.5% 22.5%

5,250 4,634 4,564 4,785 5,455 6,191 6,996

6.3% 3.9% 3.5% 3.3% 3.3% 3.3% 3.3%

7,670 14,492 16,929 26,064 21,198 24,060 27,188

9.2% 12.2% 12.8% 18.2% 13.0% 13.0% 13.0%

15.5% 16.1% 16.3% 21.6% 16.3% 16.3% 16.3%

599 1,260 1,284 1,488 1,697 1,926 2,176

0.7% 1.1% 1.0% 1.0% 1.0% 1.0% 1.0%

1,035 1,875 2,034 2,837 3,226 3,673 4,188

979 1,719 1,878 2,593 2,982 3,430 3,944
56 156 156 196 196 196 196
- - - - - - -
- - - 47 47 47 47
1.2% 1.6% 1.5% 2.0% 2.0% 2.0% 2.0%

Err:522 Err:522 Err:522 4,022 4,892 5,552 6,274

Err:522 Err:522 Err:522 10.2% 13.3% 13.3% 13.3%
Err:522 Err:522 3.0% 3.0% 3.0% 3.0% 3.0%

71,619 88,396 102,725 108,189 122,394 139,732 160,957

(1,780) (2,419) Err:522 Err:522 Err:522 Err:522 Err:522
69,838 85,977 Err:522 Err:522 Err:522 Err:522 Err:522
54.5% 23.4% 16.2% 5.3% 13.1% 14.2% 15.2%
86% 74% 78% 76% 75% 76% 77%
47,340 64,169 72,152 84,406 95,379 108,732 125,041
61% 36% 12% 17% 13.0% 14.0% 15.0%
66% 73% 70% 78% 78% 78% 78%

9,777 9,465 13,378 9,918 9,918 9,918 9,918

33% -3% 41% -26% 0% 0% 0%
14% 11% 13% 9% 8% 7% 6%

14,503 14,761 17,195 13,864 17,097 21,082 25,997

51.5% 1.8% 16.5% -19.4% 23.3% 23.3% 23.3%
20.2% 16.7% 16.7% 12.8% 14.0% 15.1% 16.2%

1,559 2,733 3,813 5,535 Err:522 Err:522 Err:522

34.8% 31.1% 30.3% 36.6% 34.2% 33.6% 33.4%

2,595 3,193 3,810 5,128 5,189 5,117 5,014

35,120 71,008 93,560 Err:522 Err:522 Err:522 Err:522

102% 32% Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522

34,912 44,441 Err:522 Err:522 Err:522 Err:522

397 1,716 4,567 Err:522 Err:522 Err:522 Err:522

20,180 22,483 28,222 Err:522 Err:522 Err:522 Err:522

14,543 11,897 16,330 Err:522 Err:522 Err:522 Err:522

4,487 8,781 12,597 15,143 Err:522 Err:522 Err:522

10% 96% 43% 20%
- - Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522

range mentioned in A/c

Err:522 Err:522 Err:522 Err:522 Err:522
4.7% 4.7% 4.7% 4.7% 4.7%

898 1,104 1,401 1,419 1,509

9.65-12.5% 9.7% 9.7% 9.9% 9.9% 9.9%

193 162 105 105 105

2.37-4.69% 3.0% 3.0% 3.0% 3.0% 3.0%

Err:522 Err:522 3,266 3,348 3,791

368 491 512 582 659

7-14% 8.0% 10.5% 10.0% 10.0% 10.0%
1,414 1,935 2,127 2,037 2,306
9-9.44% 9.0% 9.0% 9.0% 9.0% 9.0%
102 139 159 181 205
8.0% 10.0% 10.0% 10.0% 10.0%
Err:522 Err:522 468 548 621
 8.45-14.40% 8.9% 10.5% 10.5% 10.5% 10.5%

Err:522 Err:522 Err:522 Err:522 Err:522

Err:522 Err:522 Err:522 Err:522 Err:522

11.1% 11.9% 12.4% 12.4% 12.4%

857 874 744 744 744

7.5% 7.5% 7.5% 7.5% 7.5%

1,198 1,304 1,533 1,890 2,330

7.5% 8.4% 9.9% 9.9% 9.9%

10.2%
10.0% 11.0% 11.7% 11.7% 11.7%

Err:522 Err:522 Err:522 Err:522 Err:522

Err:522 Err:522 Err:522 Err:522 Err:522

Err:522 Err:522 Err:522 3,922 796 838 966

Err:522 Err:522 Err:522 3.62% 0.65% 0.60% 0.60%
Err:522 Err:522 Err:522 71.8% 5.6% 4.8% 4.6%

38 (37) 0 (2) - - -

0 - - - - - -
0.0% 0.0% -0.4% -0.4% -0.4% -0.4% -0.4%

26 51 109 137 171 197 226

4.9% 3.8% 6.1% 6.1% 6.1% 6.1% 6.1%

708 839 1,014 1,073 Err:522 Err:522 Err:522

0.5% 0.4% 0.5% 0.4% Err:522 Err:522 Err:522
35% 18% 21% 6% Err:522 Err:522 Err:522
1.0% 1.0% Err:522 Err:522 Err:522 Err:522 Err:522

58.00 59.00 60.10 61.00 61.92 62.85 63.79

$17,580 $20,569 $30,853 $37,023 $42,577 $46,835 $50,581
35% 17% 50% 20% 15% 10% 8%
$12,967 $15,042 $16,546 $19,028 $21,882 $25,164 $27,681
11% 16% 10% 15% 15% 15% 10%

1,019,640 1,213,547 1,854,259 2,258,488 2,636,220 2,943,340 3,226,489

752,086 887,461 994,408 1,160,723 1,354,854 1,581,453 1,765,692

1,771,726 2,101,009 2,848,667 3,419,211 3,991,074 4,524,793 4,992,181

24% 19% 36% 20% 17% 13% 10%

145,300 190,300 216,600 265,719 318,143 371,259 420,292

37.7% 31.0% 13.8% 22.7% 19.7% 16.7% 13.2%
8.2% 9.1% 7.6% 7.8% 8.0% 8.2% 8.4%

75,200 98,300 119,300 149,824 180,155 207,030 233,399

 54.4% 30.7% 21.4% 25.6% 20.2% 14.9% 12.7%
7.4% 8.1% 6.4% 6.6% 6.8% 7.0% 7.2%

70,100 92,000 97,300 115,895 137,988 164,229 186,894

23.4% 31.2% 5.8% 19.1% 19.1% 19.0% 13.8%
9.3% 10.4% 9.8% 10.0% 10.2% 10.4% 10.6%

178 207 322 337 384 420 460

8 8 10 11 12 14 15
8% 6% 15% 12% 12% 12% 12%
5 7 7 6 20 20 20
132 155 281 293 323 355 390
0.2% 0.2% Err:522 Err:522 Err:522 Err:522 Err:522
33 37 24 26 29 31 34
8% 12% -35% 9% 9% 9% 9%

181 356 584 656 775 891 996

0.01% 0.02% 0.02% 0.02% 0.02% 0.02% 0.02%
60% 97% 64% 12% 18% 15% 12%

540 100 110 2,363 418 481 553

101.0% 7.4% 6.1% 105.7% 15.0% 15.0% 15.0%

1,117 4,278 6,977 8,686 Err:522 Err:522 Err:522

-19.02% 282.95% 63.08% 24.48%
- - 6,979 8,686 Err:522 Err:522 Err:522
(1) 0 Err:522 Err:522 Err:522

5,823 7,321
5,852 7,325
3,526 3,482 4,657 6,995 8,022
7.0% 9.0% 9.9% 10.5% 11.0% 11.0%

2,264 3,754 3,928 3,917 4,435

2.5% 3.6% 5.0% 5.0% 5.0% 5.0%

63 90 (32) (247) (371)

6.0% 5.0% 9.0% 9.9% 9.9% 9.9%

3.6% 5.1%
3.6% 4.6% 5.1% 5.9% 6.1% 6.1%
4.3% 5.6% 6.3%

791 1,024 Err:522 Err:522 Err:522

6.2% 6.3% 6.3% 6.3% 6.3%

335 336 336 336 336

11.2% 11.2% 11.2% 11.2% 11.2%

1,845 2,592 3,277 4,790 5,564 6,252 6,929

797 1,105 1,439 2,288 2,632 2,954 3,235

36% 39% 30% 59% 15% 12% 9%

376,411 401,121 443,908 596,715 644,452 689,564 737,833

10.5% 6.6% 10.7% 34.4% 8.0% 7.0% 7.0%
10,629,853 11,158,455 11,792,680 15,252,033 15,951,166 16,880,521 17,484,653
5.1% 5.0% 5.7% 29.3% 4.6% 5.8% 3.6%

2,118 2,754 3,241 3,834 4,084 4,284 4,384

395 636 487 593 250 200 100
75 99 122 150 165 175 185
17 24 23 28 15 10 10
28.2 27.8 26.6 25.6 24.8 24.5 23.7

24 58 76 118 136 152 167

-29% 139% 32% 55% 15% 12% 9%

44.5% 44.8% 46.2% 50.2% 49.7% 49.7% 49.1%

200 275 340 400 440 471 503

824 1,155 1,423 1,983 2,356 2,674 3,025

27% 40% 23% 39% 19% 13% 13%
10.99 11.66 11.67 13.22 14.28 15.28 16.35
-2% 6% 0% 13% 8% 7% 7%

- - - - 1 2 3

0 2 6 12 13 14 15
0.0% 0.0% 0.0% 0.1% 0.1% 0.1% 0.2%

920 837 1,097 (381) Err:522 Err:522 Err:522

876 829 984 99
- (188) - (234)
44 197 113 (246)

Err:522 Err:522 Err:522 (63) Err:522 Err:522 Err:522

41.0% 38.0% 35.0% 35.0% 35.0% 35.0% 35.0%

Err:522 Err:522 Err:522 805 Err:522 Err:522 Err:522

- - - - - - -
(9) (17) (33) (41) (51) (59) (68)
(221) (38) (39) (827) (146) (168) (194)
- - - - - - -
- - - - - - -

Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522

4,487 8,781 12,597 15,143 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522
97,100 129,357 146,802 160,590 Err:522 Err:522 Err:522
1,117 4,278 6,977 8,686 Err:522 Err:522 Err:522
1.3% 3.8% 5.1% 5.7% Err:522 Err:522 Err:522
0.6%
3,370 4,502 5,620 6,458 Err:522 Err:522 Err:522

Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522

 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522

CY04A CY05A CY06A CY07A

1.3% 3.8% 5.1% 5.7% Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522

AKBL Margins
Cost of fund Return on EA NIMS
%
%
%
%
%
%
%
%
%
%
%
CY04A CY05A CY06A CY07A
2013 2014 2015 2016 2017 2018 2019 2020

10.45
7.59
18.04
279 291 304 320 338 359 384 412
200 200 200 200 200 200 200 200
73 84 98 113 132 153 177 205
6 6 6 6 6 6 6 6
(70) (70) (70) (70) (70) (70) (70) (70)
PROVISIONING (In Rs Mn) 2000 2001 2002 2003 2004 2005
Opening balance 538 Err:522 Err:522 Err:522 Err:522 Err:522
Exchange adjustment - - - - - -
Charge for the year Err:522 Err:522 357 Err:522 Err:522 Err:522
Amounts written off (1) (5) 0 (51) (60) 0
Miscellaneous adjustment - - - -

Closing balance Err:522 Err:522 Err:522 Err:522 Err:522 Err:522

Writeoff as % of initial Prov. -0.2% Err:522 Err:522 Err:522 Err:522 Err:522

Classificaiton of Provisioning
Other Assets Espcially Mentioned (OAEM) - 64 64
Substandard 7 5 52
Doubtful 7 25 175
Loss 574 786 1,120
General Err:522 Err:522 Err:522
TOTAL Err:522 Err:522 Err:522 Err:522 Err:522 Err:522

Non Performing Loan (NPL)

Total NPL 1,085 1,162 1,246 1,278 1,166 2,373
Gross Advances 18,564 24,241 31,342 46,341 71,619 88,396
NPL as % of Gross loans 5.8% 4.8% 4.0% 2.8% 1.6% 2.7%

Loss Coverage Err:522 Err:522 Err:522 Err:522 Err:522 Err:522

Change in NPL 77 84 32 (112) 1,207

Classificaiton of NPLs
Other Assets Espcially Mentioned (OAEM) 32 42 -
Substandard 94 70 305
Doubtful 91 91 551
Loss 945 1,074 1,517
TOTAL 1,085 1,162 1,246 1,278 1,166 2,373
2006 2007 2008 2009 2010
Err:522 Err:522 Err:522 Err:522 Err:522
- - - - -
Err:522 3,922 796 838 966
(2) (34) Err:522 Err:522 Err:522
(23)

Err:522 Err:522 Err:522 Err:522 Err:522

Err:522 Err:522 Err:522 Err:522 Err:522

64 209
22 45
47 407
2,607 5,867
Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522

3,656 6,908 7,815 8,922 10,277

102,725 108,189 122,394 139,732 160,957
3.6% 6.4% 6.4% 6.4% 6.4%

Err:522 Err:522 Err:522 Err:522 Err:522

1,283 3,251 907 1,107 1,355

3 5
107 210
103 819
3,442 5,874
3,656 6,908 7,815 8,922 10,277
KEY RATIOS 2000 2001 2002 2003 2004

Statutory requirement ratios

Risk Weighted Assets (RWA) Err:522 Err:522 Err:522 Err:522 Err:522
Equity / RWA - CAR Err:522 Err:522 Err:522 Err:522 Err:522

Cash held with SBP - CRR 4.6% 8.0% 8.5% 8.1%

Investment in Govt sec. / Deposits - SLR 29.3% 50.3% 32.4% 18.7%

Equity / Assets Err:522 Err:522 Err:522 Err:522 Err:522

Equity / Advances Err:522 Err:522 Err:522 Err:522 10.8%

Ordinary shares (Listed) / Total equity Err:522 Err:522 Err:522 Err:522 13.0%
Investment in Mutual funds / Equity Err:522 Err:522 Err:522 Err:522 0.0%
Equity investments / Total equity Err:522 Err:522 Err:522 Err:522 Err:522

Income analysis
Net interest Income / Total income 60% 63% 69% 74% 67%
Other income / Total income 40% 37% 31% 26% 33%

Loan loss coverage

Gross NPLs 1,085 1,162 1,246 1,278 1,166
Net NPLS Err:522 Err:522 Err:522 Err:522 Err:522
Total provisions / NPL - Provision coverage ratio Err:522 Err:522 Err:522 Err:522 Err:522
NPL / Loans 5.8% 4.8% 4.0% 2.8% 1.6%
Net NPL / Net loans Err:522 Err:522 Err:522 Err:522 Err:522
Net NPL / Equity Err:522 Err:522 Err:522 Err:522 Err:522
Provision for NPL / Profit before tax Err:522 Err:522 29% Err:522 Err:522

Return Ratios
ROE - CORE EQUITY Err:522 Err:522 Err:522 Err:522
ROE - INCLUDING EQUITY SURPLUS Err:522 Err:522 Err:522 Err:522
ROE - TOTAL EQUITY Err:522 Err:522 Err:522 Err:522
ROA Err:522 Err:522 Err:522 Err:522

NIM (Spreads) Err:522 Err:522 Err:522 Err:522

Err:522 Err:522 Err:522
Dupont analysis
NP / PBT Err:522 55% Err:522 Err:522
PBT / Avg. Loans Err:522 5% Err:522 Err:522
Avg. Loans / Avg assets Err:522 Err:522 Err:522 Err:522
Avg assets / Avg Equity (x) Err:522 Err:522 Err:522 Err:522
ROE Err:522 Err:522 Err:522 Err:522

Book value per share - CORE EQUITY Err:522 Err:522 Err:522 Err:522 23.7
Book value per share - INCLUDING EQUITY SURPLUS Err:522 Err:522 Err:522 Err:522 25.1
Book Value per share - TOTAL EQUITY Err:522 Err:522 Err:522 Err:522 25.1

Deposits
Deposits - INDUSTRY 1,325,000 1,457,000 1,662,000 1,947,000 2,376,000
Growth 10.0% 14.1% 17.1% 22.0%
Deposits - Askari 30,360 41,200 51,732 61,657 83,319
Growth 35.7% 25.6% 19.2% 35.1%

Askari deposit as % of industry 2.3% 2.8% 3.1% 3.2% 3.5%

Advances
Advances - INDUSTRY 896,000 926,000 945,000 1,146,000 1,616,000
Growth 3.3% 2.1% 21.3% 41.0%
Advances - Askari 17,893 23,291 30,035 44,778 69,838
Growth 30.2% 29.0% 49.1% 56.0%

Askari advances as % of industry 2.0% 2.5% 3.2% 3.9% 4.3%

Investments
Banking Industry Investments 320,051 312,884 625,201 745,291 626,046
Growth -2.2% 99.8% 19.2% -16.0%
Investments - Askari Err:522 Err:522 Err:522 Err:522 Err:522
Growth Err:522 Err:522 Err:522 Err:522

Askari investments as % of industry Err:522 Err:522 Err:522 Err:522 Err:522

Advance to deposit (ADR)

ADR (Net) - Industry 68% 64% 57% 59% 68%
ADR (Net) - Askari 59% 57% 58% 73% 84%

ADR (Gross) - Askari Err:522 Err:522 Err:522 Err:522 Err:522

ADR - Excluding Export refinance Err:522 Err:522 Err:522 Err:522 Err:522

Investment to Deposit (IDR)

Investment to Deposit (IDR) - INDUSTRY 24% 21% 38% 38% 26%
Investment to Deposit (IDR) - Askari Err:522 Err:522 Err:522 Err:522 Err:522

ADR + IDR
ADR + IDR - INDUSTRY 92% 85% 94% 97% 94%
ADR + IDR - Askari Err:522 Err:522 Err:522 Err:522 Err:522

Branch Analysis
Branches 29 36 46 58 75
Deposit / Branch - In Mn 1,047 1,144 1,125 1,063 1,111
Advance / Branch - In Mn 617 647 653 772 931
Admn expense / Branch - In Mn 10.02 10.93 10.75 11.17 10.99
Employee / Branch 39.6 35.6 31.7 29.7 28.2

Employee Analysis
No. of employees 1,147 1,281 1,456 1,723 2,118
Salaries / Employee - In Rs 256,568 279,798 312,121 340,493 376,411
Total Income / Employee - In Rs Err:522 Err:522 467,536 Err:522 Err:522

Growth
Advances 30% 29% 49% 56%
Deposits 36% 26% 19% 35%
Assets Err:522 Err:522 Err:522 Err:522

Deposit / Branch 9% -2% -5% 5%

Advances / Branch 5% 1% 18% 21%
 2005 2006 2007 2008 2009 2010 2011 2012 2013

Err:522 Err:522 Err:522 Err:522 Err:522 Err:522

Err:522 Err:522 Err:522 34.0% 37.2% 39.8%

7.9% 9.2% 7.3% 5.9% 5.9% 5.9%

20.2% 18.2% 23.5% 18.5% 18.5% 18.4%

Err:522 Err:522 Err:522 Err:522 Err:522 Err:522

10.3% Err:522 Err:522 Err:522 Err:522 Err:522

19.5% 17.0% Err:522 Err:522 Err:522 Err:522

0.0% 0.0% Err:522 Err:522 Err:522 Err:522
22.8% 21.3% 23.5% Err:522 Err:522 Err:522

74% 72% 59% Err:522 Err:522 Err:522

26% 28% 41% Err:522 Err:522 Err:522

2,373 3,656 6,908 7,815 8,922 10,277

Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
2.7% 3.6% 6.4% 6.4% 6.4% 6.4%
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 170% Err:522 Err:522 Err:522

Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522

Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522

Err:522 Err:522 Err:522 Err:522 Err:522 Err:522

Err:522 Err:522 Err:522

Err:522 Err:522 117% Err:522 Err:522 Err:522

Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522

25.3 32.0 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522

29.3 36.8 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
29.3 36.8 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522

2,818,000 3,175,886 3,636,389 4,145,484 4,705,124 5,316,790

18.6% 12.7% 14.5% 14.0% 13.5% 13.0%
118,795 131,839 143,037 163,062 185,075 209,135
42.6% 11.0% 8.5% 14.0% 13.5% 13.0%

4.2% 4.2% 3.9% 3.9% 3.9% 3.9%

2,036,000 2,400,444 2,760,511 3,146,982 3,556,090 4,018,381
26.0% 17.9% 15.0% 14.0% 13.0% 13.0%
85,977 Err:522 Err:522 Err:522 Err:522 Err:522
23.1% Err:522 Err:522 Err:522 Err:522 Err:522

4.2% Err:522 Err:522 Err:522 Err:522 Err:522

730,067 775,546 899,633 1,034,578 1,163,901 1,303,569

16.6% 6.2% 16.0% 15.0% 12.5% 12.0%
Err:522 Err:522 39,429 36,705 41,645 47,071
Err:522 Err:522 Err:522 -6.9% 13.5% 13.0%

Err:522 Err:522 4.4% 3.5% 3.6% 3.6%

72% 76% 76% 76% 76% 76%

72% Err:522 Err:522 Err:522 Err:522 Err:522

Err:522 Err:522 Err:522 Err:522 Err:522 Err:522

Err:522 Err:522 Err:522 Err:522 Err:522 Err:522

26% 24% 25% 25% 25% 25%

Err:522 Err:522 28% 23% 23% 23%

98% 100% 101% 101% 100% 100%

Err:522 Err:522 Err:522 Err:522 Err:522 Err:522

99 122 150 165 175 185

1,200 1,081 954 988 1,058 1,130
868 Err:522 Err:522 Err:522 Err:522 Err:522
11.66 11.67 13.22 14 15 16
27.8 26.6 25.6 24.8 24.5 23.7

2,754 3,241 3,834 4,084 4,284 4,384

401,121 443,908 596,715 644,452 689,564 737,833
Err:522 Err:522 699,664 Err:522 Err:522 Err:522

23% Err:522 Err:522 Err:522 Err:522 Err:522

43% 11% 8% 14% 14% 13%
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522

8% -10% -12% 4% 7% 7%
-7% Err:522 Err:522 Err:522 Err:522 Err:522
2014 2015

Err:522 Err:522
Err:522 Err:522
Err:522 Err:522

Err:522 Err:522
Err:522 Err:522
Err:522 Err:522
QUARTERLY ANALYSIS 2005
Income Statement 1Q2005 2Q2005 1H2005 3Q2005 4Q2005 2005
Gross Interest Income 1,596 1,953 3,549 2,477 2,755 8,781
Interest Expense 615 858 1,472 1,256 1,550 4,278
Net Interest income (NII) 981 1,096 2,077 1,220 1,205 4,502
Gross spread ratio 61.5% 56.1% 58.5% 49.3% 43.7% 51.3%
YoY

Provisions and Writeoffs 146 248 394 29 Err:522 Err:522

Provision for NPL 146 248 394 29 Err:522 Err:522
Bad debts written off - - - - - -
Provision for diminution in value of investments - - - - (37) (37)

NII excluding provisons 835 848 1,683 1,191 Err:522 Err:522

Other income 392 358 750 405 397 1,553

Fee, commission & brokerage income 223 263 486 240 112 839
Dividend income 21 3 24 13 15 51
Income from dealing in foreign currencies 59 83 142 137 77 356
Trading Income 78 (2) 75 3 21 100
Other income 12 11 23 11 172 207

Non interest expenses 534 587 1,121 689 783 2,594

Administrative expense 534 585 1,120 689 783 2,592
Other provisions & writeoffs - - - - - -
Other charges - 1 1 0 0 2
Cost to income ratio 38.9% 40.3% 39.6% 42.4% 48.9% 42.8%

Profit before tax 692 619 1,312 907 Err:522 Err:522

Taxes 227 220 448 336 53 837

Current 219 202 420 246 162 829
Prior - - - - 197 197
Deferred 9 18 27 91 (306) (188)
Tax rate 32.8% 35.6% 34.1% 37.1% Err:522 Err:522

YoY
Profit after tax 465 399 864 570 Err:522 Err:522

EPS @ 300.65 mn shares 1.55 1.33 2.87 1.90 Err:522 Err:522

Total Dividends
DPS 0

Bonus 0%

Balance Sheet Mar-05 Jun-05 Sep-05 Dec-05

Assets & Liabilities

Advances 71,905 76,388 78,693 85,977
Investment 15,927 21,990 23,769 25,708
Deposits 80,848 103,646 97,629 118,795

ADR 74%
IDR 22%
ADR+IDR 96%
Core Equity 6,038 6,437 7,008 7,369
Revaluation on Fixed assets & Investments 354 276 732 1,218
Total Equity 6,393 6,713 7,740 8,587
Nos of share 300.65 300.65 300.65 300.65

BV - Core Equity 20.1 21.4 23.3 24.5

BV - Total Equity 21.3 22.3 25.7 28.6

Asset quality
NPL 2,373
Provisioning 2,419

Gross NPL / Gross Advances 2.7%

Net NPL / Net Advances -0.1%
Loss coverage ratio 102%

Branches 99

NIMs (NII /EA)

Earning Assets (Loans + Inv + FI lend - Equity Inv)
Provisions against loans & advances
Deposit
 2006 2007
1Q2006 2Q2006 1H2006 3Q2006 4Q2006 2006 1Q2007 2Q2007
2,830 3,006 5,835 3,258 3,504 12,597 25% 3,591 3,692
1,648 1,579 3,227 1,777 1,973 6,977 33% 2,102 2,195
1,181 1,427 2,608 1,481 1,531 5,620 15% 1,489 1,497
41.7% 47.5% 44.7% 45.5% 43.7% 44.6% 41.5% 40.5%
20% 30% 26% 21% 27% 25% 26% 5%

330 260 590 152 387 1,129 97 608

330 260 590 152 386 1,128 97 608
- - - - 0 0 (0)
- - - - - - - -
888
851 1,167 2,018 1,329 1,144 4,491 1,393 889

498 550 1,048 559 533 2,139 27% 587 746

232 254 485 259 269 1,014 11% 248 292
11 49 60 37 13 109 -3% 52 6
115 153 268 143 173 584 18% 146 170
79 13 93 38 (21) 110 165% 58 187
61 81 142 81 98 322 22% 84 90

759 787 1,546 933 805 3,283 29% 924 1,073

759 787 1,545 927 805 3,277 924 1,073
- - - - - - -
- 0 0 6 0 6 - 0
45.2% 39.8% 42.3% 45.7% 39.0% 42.3% 44.5% 47.8%

590 930 1,520 955 871 3,347 1,056 561

176 226 402 340 354 1,097 329 (203)

111 222 334 359 291 984
- (78) (78) - 78 -
65 82 147 (19) (15) 113
29.9% 24.3% 26.5% 35.6% 40.7% 32.8% 31.2% -36.2%

-11% 76% 29% 8% Err:522 Err:522 76% 9%

414 704 1,118 615 517 2,250 726 765

1.38 2.34 3.72 2.05 1.72 7.48 2.42 2.54

-
- -

0% 0%

Mar-06 Jun-06 Sep-06 Dec-06 Mar-07 Jun-07

85,588 89,811 89,780 Err:522 Err:522 97,190 97,172

25,817 28,152 28,477 Err:522 Err:522 30,767 36,236
107,381 122,543 122,701 131,839 8% 126,781 142,255

80% 76% 76% Err:522 80% 71%

24% 23% 23% Err:522 24% 25%
104% 99% 99% Err:522 104% 97%
 7,783 8,487 9,102 9,619 10,145 10,909
1,259 1,418 1,373 1,434 1,728 2,528
9,042 9,905 10,475 11,053 11,873 13,437
300.65 300.65 300.65 300.65 300.65 300.65

25.9 28.2 30.3 32.0 33.7 36.3

30.1 32.9 34.8 36.8 39.5 44.7

2,991 3,188 3,656 4,038 5,942

3,007 3,159 Err:522 3,642 4,250

3.2% 3.4% Err:522 4.0% 5.9%

0.0% 0.0% Err:522 0.4% 1.7%
101% 99% Err:522 90% 72%

104 122 122 121

2006 1Q2007 2Q2007

1.09% 1.02%
134,167 139,208 154,343
97 608
126,781
 2007
1H2007 3Q2007 4Q2007 2007 CY07A
7,284 3,898 3,962 15,143 15143.241
4,297 2,254 2,135 8,686 8685.624
2,986 1,644 1,827 6,458 6,458
41.0% 42.2% 46.1% 42.6% 9MCY07E 9MCY06A YoY
15% 11% 19% 15% Net interest income 4,630 4,089 13.2%
Provisioning & writeoffs 891 742 20.2%
705 187 3,029 3,920 3921.741 Other Income 1,912 1,607 19.0%
705 187 3,030 3,922 Profit before taxes 2,183 2,476 -11.8%
(1) - (1) (2) Net Profit 1,860 1,733 7.3%
- - - - EPS 6.19 5.77
DPS - -
2,282 1,458 (1,202) 2,537 2,536

1,333 579 2,654 4,565 4,565

540 272 260 1,073 1072.868
58 74 5 137 137.079
316 157 183 656 655.761
245 (9) 2,127 2,363 2362.979
174 85 78 337 336.809

1,997 1,471 1,334 4,802 4,802

1,997 1,470 1,322 4,790 4789.536
- - - - 0
- 1 11 12 12.051
46.2% 66.2% 29.8% 43.6%

1,618 565 118 2,301 2,300

126 197 (704) (381) (381)

- 197 99 98.535
- - (234) -233.95
- (246) -245.812
7.8% 34.9% -596.4% -16.6%

33% -40% 59% 19%

1,492 368 822 2,683 2,681

4.96 1.22 2.74 8.92 8.92

15%

Sep-07 Dec-07

94,877 Err:522
42,703 39,429
142,436 143,037

70% Err:522
30% 28%
100% Err:522
 11,277 Err:522
2,008 166
13,285 Err:522
300.65 300.65

37.5 Err:522
44.2 Err:522

6,509 6,908
4,403 Err:522

6.6% Err:522
2.2% Err:522
68% Err:522

1H2007 3Q2007
1.08%
150,098
705 187
142,255 142,436
INCOME STATEMENT (In PKR Mn) 2000 2001 2002 2003 2004 2005

CAGR
Gross Interest Income 3,213 4,251 4,858 4,074 4,487 8,781
Interest Expense 2,274 2,903 3,017 1,380 1,117 4,278
Net Interest income (NII) 939 1,348 1,841 2,694 3,370 4,502
Gross spread ratio 29.2% 31.7% 37.9% 66.1% 75.1% 51.3%
Growth 44% 37% 46% 25% 34%

Provisions and Writeoffs Err:522 Err:522 357 Err:522 Err:522 Err:522

Provision for NPL Err:522 Err:522 357 Err:522 Err:522 Err:522
Provision for diminution of investments - - - - 38 (37)
Bad debts written off 0 0 0 - 0 -

NII excluding provisons Err:522 Err:522 1,484 Err:522 Err:522 Err:522

Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Other income 627 796 846 954 1,634 1,553
Fee, commission & brokerage income 381 551 417 525 708 839
Dividend income 14 12 27 38 26 51
Income from dealing in foreign currencies 125 126 182 113 181 356
Trading Income - - 57 79 540 100
Other income 108 108 163 200 178 207
#VALUE! 27% 6% 13% 71% -5%
Non interest expenses 680 854 1,093 1,438 1,845 2,594
Administrative expense 679 853 1,090 1,436 1,845 2,592
Other provisions / (reversals) / writeoffs - - - - - -
Other charges 0 1 2 1 0 2
Cost to income ratio 43.4% 39.8% 40.6% 39.4% 36.9% 42.8%
#VALUE! 26% 28% 32% 28% 41%
Extraordinary / Unusual items - - - - - -

Profit before tax Err:522 Err:522 1,238 Err:522 Err:522 Err:522

Growth Err:522 Err:522 Err:522 Err:522 Err:522
Taxes 436 458 557 799 920 837
Tax rate Err:522 Err:522 45.0% Err:522 Err:522 Err:522

CAGR
Profit after tax Err:522 Err:522 681 Err:522 Err:522 Err:522

EPS @ 300.65 mn shares Err:522 Err:522 1.68 Err:522 Err:522 Err:522

Growth Err:522 Err:522 Err:522 Err:522 Err:522

Unappropriated profit b/f 1 Err:522 Err:522 Err:522 Err:522 1,538

Total Profit available Err:522 Err:522 Err:522 Err:522 Err:522 Err:522

Appropriations
Transfer to:
Statutory Reserve 64 111 137 221 385 404
Revenue Reserve 1,036
Bonus:
Bonus: - 52 48 114 251
Bonus for previous year 251
Dividend:
 Interim Dividend
Final Dividend 148 207 217 228 251
Dividend for previous year 251
Unappropriated profit c/f Err:522 Err:522 Err:522 Err:522 1,538 Err:522

Statutory Reserve as % of PAT Err:522 Err:522 20.2% Err:522 Err:522 Err:522

Declaretion / Issued during the year
DPS
Interim - -
Final 2.00 1.50
Total 1.5 2 2 2 2.00 1.50
Total Dividend - Announced 148 207 217 228 251 226
Payout ratio Err:522 Err:522 32% Err:522 Err:522 Err:522
Growth in dividends 40% 5% 5% 10% -10%
Bonus
Interim 0%
Final 20% 33%
Total 5% 4% 10% 20% 33%

Share Capital 1,256 1,507

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
20%
35% 30% Err:522 Err:522 Err:522 Err:522
12,597 15,143 Err:522 Err:522 Err:522
6,977 8,686 Err:522 Err:522 Err:522
5,620 6,458 Err:522 Err:522 Err:522
44.6% 42.6% Err:522 Err:522 Err:522
25% 15% Err:522 Err:522 Err:522
24%
Err:522 3,920 796 838 966
Err:522 3,922 796 838 966
0 (2) - - -
- - - - -

Err:522 2,537 Err:522 Err:522 Err:522

Err:522 Err:522
2,139 4,565 Err:522 Err:522 Err:522
1,014 1,073 Err:522 Err:522 Err:522
109 137 171 197 226
584 656 775 891 996
110 2,363 418 481 553
322 337 384 420 460
38% 113%
3,283 4,802 5,578 6,268 6,947
3,277 4,790 5,564 6,252 6,929
- - 1 2 3
6 12 13 14 15
42.2% 43.4% Err:522 Err:522 Err:522
27% 46%
- - - - -

Err:522 2,301 Err:522 Err:522 Err:522

Err:522 Err:522
1,097 (381) Err:522 Err:522 Err:522
Err:522 -16.6% Err:522 Err:522 Err:522

Err:522 Err:522
Err:522 2,683 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522

Err:522 6.61 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 14% 13% 12% 11% 10%

1,618 1,800 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522

Err:522 4,482 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522

Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
894 597 597 597 597 597 597 597 597 597

- - - - - - -
497 1,002 1,052 - - - - - -
 - - - - - - -

226 200 451 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522

Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522

1.00 1.50 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
1.00 1.50 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
200 451 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 17% 25% 25% 30% 45% 45% 45% 50% 55%
-11% 125% Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522

0% 0%
50% 35%
50% 35% 0% 0% 0% 0% 0% 0% 0% 0%

2,004 3,006 4,059 4,059 4,059 4,059 4,059 4,059 4,059 4,059
AKBL Financial Highlights
(Rs mn) CY06A CY07A CY08F CY09F CY10F
Net Int. inc. 5,620 6,458 Err:522 Err:522 Err:522
Prov. & Writeoffs Err:522 3,920 796 838 966
Other income 2,139 4,565 Err:522 Err:522 Err:522
Non int. expense 3,283 4,802 5,578 6,268 6,947
Profit after tax Err:522 2,683 Err:522 Err:522 Err:522
EPS (Rs) @ 405.8mn Err:522 6.61 Err:522 Err:522 Err:522
DPS (Rs) #REF! #REF! 1.50 1.50 Err:522
ROE - Core Err:522 Err:522 Err:522 Err:522 Err:522
ROA Err:522 Err:522 Err:522 Err:522 Err:522
Source: Company Reports & InvestCap Research

AKBL Financial Highlights

(Rs mn) CY07A CY06A YoY
Net Int. income 6,458 5,620 15%
Prov. & Write offs 3,920 Err:522 Err:522
Other income 4,565 2,139 113%
Non int. expense 4,802 3,283 46%
Profit after tax 2,683 Err:522 Err:522
EPS (Rs) @ 405.8mn 6.61 Err:522
DPS (Rs) #REF! #REF!
Source: Company Reports & InvestCap Research

AKBL's Deposit Mix

Deposit Mix CY07 % to T.Dep CY06 % to T.Dep
Fixed 29,998 21% 40,350 31%
Savings 83,753 59% 66,389 50%
Current - Non 28,468 20% 23,925 18%
FI deposits - 818 1% 1,175 1%
Cash Flow Statement 2000 2001 2002 2003 2004 2005
Net Income Err:522 681 Err:522 Err:522 Err:522

Depreciation (CGS) 84 112 168 200 275

Operating Cash Flows Err:522 792 Err:522 Err:522 Err:522

Capex (167) (1,052) (485) (815) (873)

Change in Advances (5,399) (6,744) (14,742) (25,061) (16,139)
Change in Investments Err:522 Err:522 Err:522 Err:522 Err:522
Change in Balances with other banks (2,390) 3,284 (1,346) (2,198) (702)
Change in Lending to Financial Institutions (677) 697 (2,356) 3,446 (7,847)
Change in Other Assets (611) 7 390 (133) (1,173)

Investing Cash Flows Err:522 Err:522 Err:522 Err:522 Err:522

Fresh Equity Err:522 Err:522 Err:522 Err:522 Err:522

Change in Deposits 10,840 10,531 9,925 21,662 35,476
Change in Borrowings from FI 856 5,832 4,442 (2,122) (3,219)
Change in Bill payable 129 288 365 253 89
Change in Other liabilities 277 1,087 (533) 17 790
Subordinated debt - - - 1,000 2,000
Dividends paid (207) (217) (228) (251) (251)

Financing Cash Flows Err:522 Err:522 Err:522 Err:522 Err:522

Net Change in Cash Err:522 Err:522 Err:522 Err:522 Err:522

Beginning Cash Balance 4,424 Err:522 Err:522 Err:522 Err:522
Ending Cash Balance 4,424 Err:522 Err:522 Err:522 Err:522 Err:522
Reported Net Change in Cash 4,736 Err:522 Err:522 Err:522 Err:522
CHECK Err:522 Err:522 Err:522 Err:522 Err:522

Free cashflows Err:522 (259) Err:522 Err:522 Err:522

2006 2007 2008 2009 2010 2011 2012
Err:522 2,683 Err:522 Err:522 Err:522 #REF! #REF!

340 400 440 471 503 #REF! #REF!

Err:522 3,083 Err:522 Err:522 Err:522 #REF! #REF!

(957) (1,718) (500) (400) (400) #REF! #REF!

Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 #REF!
Err:522 Err:522 2,724 (4,940) (5,426) #REF! #REF!
(1,783) 3,836 - - - #REF! #REF!
1,779 (6,051) 584 (946) (879) #REF! #REF!
(1,080) (1,722) Err:522 Err:522 Err:522 Err:522 #REF!

Err:522 Err:522 Err:522 Err:522 Err:522 #REF! #REF!

Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 #REF!

13,045 11,197 20,025 22,013 24,060 #REF! #REF!
4,400 2,591 Err:522 Err:522 Err:522 Err:522 #REF!
523 788 1,126 1,608 2,297 #REF! #REF!
727 350 Err:522 Err:522 Err:522 #REF! #REF!
- (2) - - - #REF! #REF!
(226) (200) Err:522 Err:522 Err:522 #REF! #REF!

Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 #REF!

Err:522 Err:522 Err:522 Err:522 Err:522 #REF! #REF!

Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 #REF!
Err:522 Err:522 Err:522 Err:522 Err:522 #REF! #REF!
Err:522 Err:522 Err:522 Err:522 Err:522 #REF! #REF!
Err:522 Err:522 Err:522 Err:522 Err:522 #REF! #REF!

Err:522 1,364 Err:522 Err:522 Err:522 #REF! #REF!

 BS

BALANCE SHEET (In PKR Mn) 2000 2001 2002 2003 2004 2005 2006
Equity
Authorized Capital 1,500 1,500 1,500 1,500 4,000 4,000 4,000
Nos of Shares 98.62 103.55 108.73 114.17 125.58 150.70 200.43

Paid up capital 986 1,036 1,087 1,142 1,256 1,507 2,004

Reserves 1,227 1,521 1,939 2,760 4,317 4,471 5,815
Unapproriated profit Err:522 Err:522 Err:522 Err:522 1,538 1,618 1,800
Total Err:522 Err:522 Err:522 Err:522 7,112 7,595 9,619

Surplus on Fixed Assets - - - - - - -

Surplus on Investment (60) 22 1,146 1,146 443 1,218 1,434
Equity with revaluations Err:522 Err:522 Err:522 Err:522 7,555 8,813 11,053

Liabilities
Deposits 30,360 41,200 51,732 61,657 83,319 118,795 131,839
Fixed 5,679 7,741 7,732 6,763 13,275 38,000 40,350
Savings + Current (remunerative) 20,364 27,785 37,054 43,083 51,292 59,361 66,389
Current 3,879 5,027 6,507 11,406 18,464 20,089 23,925
Financial Institutions (FI) 342 619 438 404 288 1,344 1,175

Borrowings from Financial Institutions 4,773 5,629 11,461 15,903 13,782 10,562 14,963
Bills payable 192 320 608 974 1,227 1,316 1,839
Other liabilities 748 940 988 963 1,283 2,045 2,603
Deferred tax liabilities 185 263 1,297 807 527 567 736
Subordinated Debt - - - - 1,000 3,000 3,000
Liabilities against finance lease 42 49 55 37 14 1 1
Liabilities 36,300 48,402 66,140 80,340 101,151 136,286 154,982

Assets
Cash & balances with Central banks 4,424 4,736 Err:522 Err:522 Err:522 Err:522 Err:522
Balances with other banks 2,198 4,588 1,304 2,650 4,848 5,550 7,333
Lending to Fianancial Institutions 3,435 4,112 3,414 5,771 2,325 10,172 8,393
Investments Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Govt securities 8,058 10,478 23,357 18,380 13,519 20,387 22,777
Equity investment / Ordinary shares 345 345 285 335 1,035 1,875 2,034
Bonds Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Revaluations (56) (56) - - (38) (2) (2)

Advances 17,893 23,291 30,035 44,778 69,838 85,977 Err:522

Fixed Assets 641 723 1,663 1,980 2,595 3,193 3,810
Other Assets 1,213 1,824 1,816 1,426 1,559 2,733 3,813
Deferred Tax assets - - - - - - -
Total Assets Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522

Check Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522

Page 42
 BS

2007 2008 2009 2010 2011 2012 2013 2014 2015

4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000

300.65 405.87 405.87 405.87 405.87 405.87 405.87 405.87 405.87

3,006 4,059 4,059 4,059 4,059 4,059 4,059 4,059 4,059

Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522

- - - - - - - - -
166 171 177 183 183 183 183 183 183
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522

143,037 163,062 185,075 209,135

29,998 58,702 68,478 77,380
83,753 73,378 83,284 94,111
28,468 32,453 36,835 41,623
818 (1,472) (3,521) (3,979)

17,554 Err:522 Err:522 Err:522

2,627 3,753 5,361 7,657
3,220 Err:522 Err:522 Err:522
472 472 472 472
2,997 2,997 2,997 2,997
- - - -
169,906 Err:522 Err:522 Err:522

Err:522 Err:522 Err:522 Err:522

3,497 3,497 3,497 3,497
14,444 13,860 14,806 15,685
39,429 36,705 41,645 47,071
32,338 28,350 32,177 36,360
2,837 3,226 3,673 4,188
4,022 4,892 5,552 6,274
(3) (3) (3) (3)

Err:522 Err:522 Err:522 Err:522

5,128 5,189 5,117 5,014
5,535 Err:522 Err:522 Err:522
- - - -
Err:522 Err:522 Err:522 Err:522

Err:522 Err:522 Err:522 Err:522

Page 43
 BS

CY09F CY10F
1,507 2,004
0 0
38,000 40,350
567 736
0 0
3,192.86 3,810.33
0.00 0.00

Page 44
BALANCE SHEET (In PKR Mn) 2000 2001 2002 2003 2004 2005
Equity
Authorized Capital 5,000 5,000 5,000 5,000 5,000 7,500
Nos of Shares 98.62 103.55 108.73 114.17 125.58 150.70

Paid up capital Err:522 Err:522 Err:522 Err:522 Err:522 Err:522

Reserves Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Unapproriated profit Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Total Err:522 Err:522 Err:522 Err:522 Err:522 Err:522

Surplus on Fixed Assets Err:522 Err:522 Err:522 Err:522 Err:522 Err:522

Surplus on Investment Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Equity with revaluations Err:522 Err:522 Err:522 Err:522 Err:522 Err:522

Liabilities
Deposits Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Fixed 19% 19% 15% 11% 16% 32%
Savings + Current (remunerative) 67% 67% 72% 70% 62% 50%
Financial Institutions (FI) 1% 2% 1% 1% 0% 1%
Current 13% 12% 13% 18% 22% 17%

Borrowings from Financial Institutions Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Bills payable Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Other liabilities Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Deferred tax liabilities Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Subordinated Debt Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Liab sub to finance lease Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Liabilities Err:522 Err:522 Err:522 Err:522 Err:522 Err:522

Assets
Cash & balances with Central banks Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Balance with other banks Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Lending to Financial Institutions Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Investments Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Govt securities Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Equity investment / Ordinmary shares Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Bonds Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Revaluations Err:522 Err:522 Err:522 Err:522 Err:522 Err:522

Advances Err:522 Err:522 Err:522 Err:522 Err:522 Err:522

Fixed Assets Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Other Assets Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Deferred Tax assets Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Total Assets Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
 2006 2007 2008 2009 2010

7,500 7,500 7,500 7,500 7,500

200.43 300.65 405.87 405.87 405.87

Err:522 Err:522 Err:522 Err:522 Err:522

Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522

Err:522 Err:522 Err:522 Err:522 Err:522

Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522

Err:522 Err:522 Err:522 Err:522 Err:522

31% 21% 36% 37% 37%
50% 59% 45% 45% 45%
1% 1% -1% -2% -2%
18% 20% 20% 20% 20%

Err:522 Err:522 Err:522 Err:522 Err:522

Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522

Err:522 Err:522 Err:522 Err:522 Err:522

Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 82% 77% 77% 77%
Err:522 7% 9% 9% 9%
Err:522 10% 13% 13% 13%
Err:522 0% 0% 0% 0%

Err:522 Err:522 Err:522 Err:522 Err:522

Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522
DEPRECIATION SCHEDULE 2000 2001 2002 2003 2004 2005 2006
Operating Assets
Beginning balance 739 919 1,104 2,133 2,489 3,192 4,006
Additions 191 215 1,046 385 734 871 486
Disposals (11) (30) (17) (30) (30) (58) (77)
Revaluation surplus - - - - - - -
Ending balance 919 1,104 2,133 2,489 3,192 4,006 4,414

Depreciation for the year 74 84 112 168 200 275 340

Depreciation rate 8.0% 7.6% 5.2% 6.8% 6.3% 6.9% 7.7%

Accumulated depreciaiton - BEGINNING 274 341 399 496 639 817 1,049
Adjustments (7) (27) (14) (25) (23) (43) (60)
Reversals - - - - - - -
Accumulated depreciaiton - ENDING 341 399 496 639 817 1,049 1,328

Book value at the end of the year 578 705 1,637 1,849 2,376 2,957 3,086
Capital WIP 63 18 27 130 219 236 724
Intangible assets - - - - - - -

Total BV of Fixed Assets 641 723 1,663 1,980 2,595 3,193 3,810
2007 2008 2009 2010

4,414 5,066 5,566 5,966

739 500 400 400
(87) - - -
- - - -
5,066 5,566 5,966 6,366

400 440 471 503

7.9% 7.9% 7.9% 7.9%

1,328 1,681 2,121 2,593

(47) - - -
- - - -
1,681 2,121 2,593 3,096

3,385 3,445 3,374 3,271

1,743 1,743 1,743 1,743
- - - -

5,128 5,189 5,117 5,014

VALUATION 2006 2007 2008 2009 2010

PE Multiple
EPS Err:522 6.61 Err:522 Err:522 Err:522
Discounted EPS Err:522 7.75 Err:522 Err:522 Err:522
Discounted Average EPS Err:522

Justified PE multiple - MARKET 11.0

Justified PE multiple - BANKS 9.2

Fair value - Market PE Err:522

Fair value - Banking sector PE Err:522

Fair value - Average discounted earnings Err:522

CAPM Based Discount Rate

Beta 1.00
Risk free rate 11.2%
Risk premium 6.0%
Discount Rate 17.2%

Estimated Growth rate

ROE Err:522
Retention ratio 45%
Estimated terminal growth rate 10.0%
Justified PBV Multiple Err:522

Current date 31-Dec-2008

Dividend Discount Method - DDM

Result date 30-Dec-06 30-Dec-07 30-Dec-08 30-Dec-09 30-Dec-10
Dividend 200 451 Err:522 Err:522 Err:522
Discounted dividend Err:522 276 529 Err:522 Err:522 Err:522
Terminal Value Err:522
Discounted Terminal Value Err:522
Equity value Err:522
Nos of shares in Mn 405.87
Fair value of stock - DDM Err:522

Fair value Composition

PV of discounted Dividends Err:522
Terminal Value Err:522

Relative valuaiotns
BV - Core Equity 32.0 Err:522 Err:522 Err:522 Err:522
Discounted Value 44.0 Err:522 Err:522 Err:522 Err:522

Surplus on Investments 4.8 0.6 0.6 0.6 0.6

Discounted Value 6.6 0.6 0.6 0.5 0.4

Adjusted PBV Multiple - At Market Price 3.0 Err:522 Err:522 Err:522 Err:522
 Adjusted PBV Multiple - At Fair Value Err:522 Err:522 Err:522 Err:522 Err:522

Adjusted PE Multiple - At Market Price Err:522 15.1 Err:522 Err:522 Err:522

Adjusted PE Multiple - At Fair Value Err:522 Err:522 Err:522 Err:522 Err:522

Residual Income Method

PAT Err:522 2,683 Err:522 Err:522 Err:522
Equity Charge 1,654 Err:522 Err:522 Err:522 Err:522
Residual Income Err:522 Err:522 Err:522 Err:522 Err:522
Discounted Value Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Current Book Value 9,619
Terminal Value Err:522
Discounted Terminal Value Err:522
Equity value Err:522
Nos of shares in Mn 405.87
Value per share Err:522

Gain on investment 0.6

Fair value Composition

PV of discounted Residual Income Err:522
Current Book value Err:522
Discounted Terminal Value Err:522

AVERAGE QUOTED VALUE Err:522

Market capitalization Err:522
in USD Err:522
 2011 2012 2013 2014 2015

Err:522 Err:522 Err:522 Err:522 Err:522

Err:522 Err:522 Err:522 Err:522 Err:522

30-Dec-11 30-Dec-12 30-Dec-13 30-Dec-14 30-Dec-15

Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522

Err:522 Err:522 Err:522 Err:522 Err:522

Err:522 Err:522 Err:522 Err:522 Err:522

0.6 0.6 0.6 0.6 0.6

0.4 0.3 0.3 0.2 0.2

Err:522 Err:522 Err:522 Err:522 Err:522 100

Err:522 Err:522 Err:522 Err:522 Err:522

Err:522 Err:522 Err:522 Err:522 Err:522

Err:522 Err:522 Err:522 Err:522 Err:522

Err:522 Err:522 Err:522 Err:522 Err:522

Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522
Major equity investments - In Mn
Name Nos of shares % holding Share price Market value (Mn)
Allied bank Limited 19,651,327 140.00 2,751
Sui Northern Gas Pipeline Limited 2,420,022 68.00 165
Pakistan Strategic Allocation Fund 4,659,500 10.00 47
Pakistan Telecommunication Ltd. 2,633,000 57.00 150
Askari General Insurance 1,532,753

TOTAL 3,112
Recorded price Recorded Value (Mn) Excess value
21.38 420 2,331 11.63
9.76 24 141 0.70
10.73 50 (3) (0.02)
64.37 169 (19) (0.10)
7.30 11 -
-
674 2,449 12.22
 SHAREHOLDING PATTERN
Categories Nos of shares %
Individuals 45,798,727 22.9%

Investment Companies 19,622,299 9.8%

Financial Institutions 8,578,492 4.3%

Insurance companies 5,111,018 2.6%

AWT 94,764,280 47.3%

Foreign Shareholder 1,643,543 0.8%

Modarbas & Mutual Funds 3,467,475 1.7%

Joint Stock Companies 21,225,756 10.6%

Others 220,475 0.1%

TOTAL 200,432,064
Free Float 50%
 58173844.xls

Rs. Mn

1Q 01 2Q 01 1H 01 3Q 01 4Q 01 2H 01 FY 01 1Q 02 2Q 02 1H 02 3Q 02 4Q 02 2H 02 FY 02 1Q 03 2Q 03 1H 03 3Q 03 4Q 03 2H 03 FY 03 1Q 04 2Q 04 1H 04 3Q 04
INCOME STATEMENT
Gross Interest Income 14,868.0 14,868.0 22,248.4 22,248.4 #REF! 7,054.8 6,179.0 13,233.8 6,372.3 7,520.7 13,893.0 #REF! 5,338.4 5,343.3 10,681.7 4,509.3 4,261.3 8,770.6 #REF! 4,472.4 4,761.6 9,234.0 4,938.9
Less: Provisioning for NPL/Bad debt -600.0 -600.0 -1,100.0 -1,100.0 #REF! -306.0 -674.0 -980.0 -470.0 -372.2 -842.2 #REF! -400.0 -680.0 -1,080.0 -670.0 65.2 -604.8 #REF! -285.0 -520.9 -805.9 -263.0
Less Interest Expense -9,765.1 -9,765.1 -14,320.8 -14,321 #REF! -4,593.7 -3,218.2 -7,811.9 -3,613.7 -3,272.9 -6,887 #REF! -2,664.3 -1,865.2 -4,529.4 -1,872.3 -333.9 -2,206 #REF! -1,456.3 -1,765.7 -3,222.0 -1,766.2
Net interest margin 5,102.9 5,102.9 7,927.6 7,927.6 #REF! 2,461.1 2,960.8 5,421.9 2,758.6 3,855.7 7,006.4 #REF! 2,674.2 3,478.1 6,152.3 2,637.0 3,927.5 6,564.5 #REF! 3,016.1 2,996.0 6,012.0 3,172.7
50% 65% 58% 92% 67% 63% 64%
10,681.7
Non Interest income 6,152.3 57.6%
Commission and brokerage 1,492.7 1,492.7 596.9 797.1 1,394.0 #REF! 504.1 904.9 1,408.9 621.3 1,106.8 1,728.1 #REF! 569.6 1,052.5 1,622.1 698.2 940.6 1,638.8 #REF! 940.4 1,464.6 2,405.0 1,197.2
Dividend Income 210.3 210.3 42.3 358.1 400.4 #REF! 5.4 116.0 121.4 413.2 382.4 795.6 #REF! 11.1 174.6 185.7 709.5 231.6 941.1 #REF! 3.6 100.0 103.6 1,021.4
Income from foreign currency
Other Income with capital gain 972.2 325.9 494.7 820.6 399.5
Total non interest income 1,759.8 1,759.8 999.0 1,742.8 2,741.8 #REF! 743.9 1,183.4 1,927.3 1,253.3 2,028.5 3,281.8 #REF! 853.7 2,132.3 2,986.0 2,379.9 1,882.3 4,262.2 #REF! 1,269.9 2,059.3 3,329.2 2,618.1
Total non-markup expenses -4,048.8 -4,048.8 -2,027.7 -2,195.6 -4,223.3 #REF! -1,825.3 -2,166.0 -3,991.3 -1,921.3 -3,857.9 -5,779.2 #REF! -2,017.4 -2,287.5 -4,304.9 -2,197.8 -2,768.7 -4,966.6 #REF! -2,136.1 -2,362.9 -4,499.1 -2,334.0
Staff Welfare Fund -290.9 -159.7
Profit before tax 644.9 644.9 580.7 1,790.0 2,370.7 #REF! 934.2 1,353.9 2,288.0 1,529.0 2,227.7 3,756.8 #REF! 1,054.9 2,463.3 3,518.2 2,008.4 3,482.1 5,490.5 #REF! 1,864.9 2,171.4 4,036.3 3,034.1
Less: Provision for taxation -350.0 -350.0 -563.3 -953.8 -1,517.1 #REF! -646.0 -511.3 -1,157.3 -995.0 -1,639.1 -2,634.1 #REF! -493.6 -1,093.6 -1,587.1 -643.6 -2,579.9 -3,223.5 -4,810.6 -893.9 -953.3 -1,847.1 -1,021.4
Profit after tax 294.9 294.9 17.4 836.2 853.6 #REF! 288.1 842.6 1,130.7 534.0 588.6 1,122.7 #REF! 561.4 1,369.7 1,931.1 1,364.8 902.2 2,267.0 #REF! 971.0 1,218.1 2,189.1 2,012.7
No. of shares #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
EPS #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
Effective tax rate -54% -0.5 -97% -53% #REF! -69% -38% -1.1 -65% -74% #REF! -47% -44% -0.9 -32% -74% -48% -44% -34%
As per current no. of shares 492 mn #REF! 0.41 1.19 0.75 0.83 #REF! 0.79 1.93 2.72 1.92 1.27 #REF! #REF! 1.37 1.72 #REF! 2.84
Balance Sheet Items 4,201.8