First Credit and Investment Bank Limited’s Financial Results for the Year Ended June 30, 2011

Karachi: We have to inform you that the Board of Directors of our company in their meeting held on October 01, 2011 at 12:00 noon at Marriot Hotel, Karachi, recommended the following:

(1) Cash Dividend

A final Cash Dividend for the year ended June 30, 2011 at Rs. Nil per share i.e. 0%. This is in addition to Interim Dividend(s) already paid at Rs. Nil per share i.e. 0%.

And/ Or

(2) Bonus Shares

It has been recommended by the Board of Directors to issue Bonus Shares in the proportion of Nil share(s) for every Nil share(s) held i.e.0 %. This is in addition to the Interim Bonus Shares already issued @ 0%.

And/ Or

(3) Right Shares

The Board has recommended to issue 0% Right Shares at par/at a discount/premium of Rs. Nil per share in proportion of Nil share(s) for every Nil share(s). The entitlement of right shares being declared simultaneously will be/will not be applicable on Bonus Shares as declared above.

And/ Or

(4) Any Other Entitlement / Corporate Action

N/A

Profit and Loss Account for the Year Ended June 30, 2011

    2011 2010
  Note Rupees Rupees
Income      
Income from term finance and funds placements 27 23,886,880 37,547,758
Income from investments 28 112,772,359 123,177,656
Fees and commission 29 545,043 2,957,110
Other income   599,990 604,296
    ———– ———–
    137,804,272 164,281,820
Expenditure      
Finance cost 30 92,343,867 81,279,930
Administrative and operating expenses 31 49,176,673 49,064,080
Workers Welfare Fund   427,991
    ———– ———–
    141,520,540 130,772,001
    ———– ———–
Operating (loss)/profit before taxation and provisions   (3,716,268) 33,509,819
Provision for markup/ interest accrued   (30,606,106) (520,727)
Provision for non-performing investments 6.1-14 (94,243,496) (20,000,000)
Provision for non-performing finances 7.2.3 (7,839,063) (3,333,335)
Unrealized loss on held-for-trading investments 10.6 (14,320) (28,545)
    ———– ———–
Permanent Diminution   (4,611,870)
    ———– ———–
(Loss) / profit before taxation   (136,419,253) 5,015,342
Provision for taxation 32 47,956,878 2,858,949
    ———– ———–
(Loss) / profit for the year   (88,462,375) 7,874,291
    ———– ———–
(Loss)/ earnings per Share -basic and diluted 33 (1.36) 0.12

For more information, contact:
First Credit and Investment Bank Limited
2nd Floor, SIDCO Avenue Centre,
Stratchen Road Karachi-74200, Pakistan,
PABX: 92-21- 35658750-52
Fax: 92-21-35686310
E-mail: Info@fcibank.com.pk

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