Professional Documents
Culture Documents
Sustainability
As part of the Bank's Sustainability agenda, our efforts are noticeable in the field of Education, Preventable Blindness, HIV awareness among youth and disaster response efforts
Brand Promise
Here for good
Values
We stand up for what we believe is right
Courageous
Responsive
International
Creative
Trustworthy
Competitive Positioning
Collaborating to combine global capability and deep local knowledge to provide innovative solutions
Delivery
Building long term relationships with our customers and clients, delighting them with our service and solutions
Balancing the pursuit of growth with firm control of costs and risks
Discipline
Commitment to Stakeholders
A great place to work, enabling individuals to grow and teams to succeed
Our People
Communities
Investors
Regulators
Company Information
Board of Directors
Mr. Christos Papadopoulos Mr. Mohsin Ali Nathani Mr. Andrew James Hardacre Mr. Raheel Ahmed Mr. Najam I. Chaudhri Mr. Shahid Zaki Mr. Parvez Ghias Chairman Chief Executive Officer
Registered Office
Standard Chartered Bank (Pakistan) Limited P.O. Box No. 5556, I.I. Chundrigar Road Karachi 74000 Pakistan Tel: (021) 32450000 Fax: (021) 32414914
Main Office
Standard Chartered Bank (Pakistan) Limited P.O. Box No. 5556, I.I. Chundrigar Road Karachi 74000 Pakistan Tel: (021) 32450000 Fax: (021) 32414914
Company Secretary
Mr. Asif Iqbal Alam
Website
www.standardchartered.com.pk
Auditors
M/s KPMG Taseer Hadi & Co Chartered Accountants
Legal Advisors
Haidermota & Co Barristers at Law & Corporate Counselors
www.standardchartered.com.pk
01
Directors Report
On behalf of the Board of Directors, I am pleased to present the Directors' Report of Standard Chartered Bank (Pakistan) Limited (SCBPL) along with its un-audited condensed interim financial statements for the period ended 30 September 2011. Economy Strong growth in remittances and decline in headline inflation have helped to sustain the recovery in Q3 2011 with the economy on track to achieve growth target of 4.2% in the current fiscal year FY12, up from 2.4% in FY11. However, downside risks remain due to floods in Sindh, a deepening energy crisis and weaker outlook for the main export markets in the US and EU. On the positive front headline inflation has declined to 10.5% in September 2011, down from 13.3% in June 2011 on account of tighter money supply and a strong build up in FX reserves. Overseas workers remitted USD 3.3 billion in Q3 2011, an increase of 24.6% y/y from USD 2.6 billion in corresponding period last year, helping to contain the C/A deficit and strengthen FX reserve position. This has given room for the central bank to ease policy rates in Q3 by 200bps. The move is expected to increase private investment spending and lower the governments funding costs; with the government aiming to increase investment spending to 4% of GDP in FY12 from 2.7% in FY11. Banks are well capitalized and highly liquid with ADR ratio at 56.7% by end June 2011 compared to 63% in the corresponding period last year. Operating Results and Business Overview Balance Sheet Paid-up capital Total equity Deposits Advances - gross Advances - net Investments - net 30 Sep 2011 (PKR millions) 38,716 52,790 235,417 172,090 150,783 107,501 Period ended 30 Sep 2011 (PKR millions) 19,622 9,888 236 9,498 3,639 5,859 3,768 31 December 2010 (PKR millions) 38,716 51,073 220,266 157,906 139,269 72,637 Period ended 30 Sep 2010 (PKR millions) 17,066 9,959 537 6,570 3,566 3,004 1,944
Profit and Loss Revenue Administrative expenses Other non mark-up expenses Operating profit (before provisions and tax) Provisions (net of recoveries) Profit before tax Profit after tax
02 3rd Quarterly Report 2011 www.standardchartered.com.pk
With stable revenue growth and disciplined cost base the Bank is gradually moving ahead resulting in improved performance. Though the economic situation remains challenging due to political, security and energy issues, we continue to stride ahead cautiously with a conservative and healthy balance sheet. Our profit before tax for the nine months ended September 2011 has almost doubled in comparison with the same period last year, to PKR 5.859 billion. Profit after tax has increased from PKR 1.944 billion to PKR 3.768 billion, while EPS has moved up from 50 paisas per share to 97 paisas per share. Net interest income has increased by 18% from PKR 12.66 billion to PKR 14.97 billion, while non interest income has grown by 6% to PKR 4.65 billion against PKR 4.41 billion in the comparative period. The revenue growth achieved by the Bank is primarily a function of our balance sheet strength, fostered by the mobilisation of low cost Current and Savings Accounts (CASA) on the consumer front and a prudent and quality build-up of wholesale and SME loan assets. CASA accounts for 82% of our deposit book and have surged to PKR 193.68 billion from PKR 174.29 billion, while we continue to shed expensive term deposits which are down by 9%. Wholesale gross loans have increased significantly, while SME lending book has registered a double digit growth. This is a direct result of our continuous focus on strengthening and deepening our customer relationships. The Bank's balance sheet is highly liquid with an AD ratio of 64% with surplus liquidity invested in short-term government bonds. Despite double digit inflation, costs (excluding Head Office expenses under the 'Advisory and Service Agreement') have increased by only 7%. Achieving cost discipline is our priority, as we aim to achieve efficiency to enable room for investment in our key initiatives, including intellectual capital and distribution network. We believe that these investments will play a pivotal role in augmenting the Bank's profitability in coming years, and hence are considered necessary in view of the envisaged benefits in the long term. Provisions against loans are slightly up by 2% from PKR 3.56 billion to PKR 3.64 billion. Our NPL ratio continues to hover around 15%, while our loss coverage ratio is as high as 85%. The year so far reflects improved performance, and we'll strive to carry on with the same momentum. We are highly liquid, well capitalised and delivering well against our strategies. We are cognizant of the difficulties posed by the current economic and political situation, and expect challenges on the road ahead, especially in terms of pressure on margins. However, we are vigilant on the risk management front, and well prepared to face these challenges. Credit Rating Pakistan Credit Rating Agency (PACRA) has rated the Bank as "AAA" (Triple A) - long term, and "A1+" (A One Plus) - short term. The outstanding listed subordinated Term Finance Certificates have also been assigned "AAA" rating. These ratings denote the lowest expectation of credit risk emanating from an exceptionally strong capacity for timely payment of financial commitments. Performance of the Group In compliance with section 236(5) of the Companies Ordinance, 1984, attached with this report are the consolidated condensed interim financial statements of SCBPL and its subsidiaries (the
www.standardchartered.com.pk 3rd Quarterly Report 2011 03
Group) namely - Standard Chartered Leasing Limited, Standard Chartered Services of Pakistan (Private) Limited and Standard Chartered Modarba, for the period ended 30 September 2011. Key highlights of the Group's performance are given below: 30 Sep 2011 (PKR millions) 38,716 53,930 235,216 157,882 107,126 31 December 2010 (PKR millions) 38,716 52,100 220,188 144,722 72,294
Balance Sheet Paid-up capital Total equity Deposits Advances - net Investments - net
Profit and Loss Revenue Administrative expenses Other non mark-up expenses Operating profit (before provisions and tax) Provisions (net of recoveries) Profit before tax Profit after tax Appreciation and Acknowledgment
Period ended 30 Sep 2011 (PKR millions) 19,926 10,022 239 9,665 3,661 6,003 3,879
Period ended 30 Sep 2010 (PKR millions) 17,278 10,073 541 6,664 3,559 3,105 2,022
We take this opportunity to express our gratitude to our customers and business partners for their continued support and trust. We offer sincere appreciation to the State Bank of Pakistan for their guidance and cooperation extended to the Bank. Finally, we are also thankful to our associates, staff and colleagues for their committed services provided to our valued customers. On behalf of the Board
04
www.standardchartered.com.pk
www.standardchartered.com.pk
05
Notes ASSETS Cash and balances with treasury banks Balances with other banks Lendings to financial institutions Investments Advances Operating fixed assets Intangible assets Deferred tax assets Other assets LIABILITIES Bills payable Borrowings from financial institutions Deposits and other accounts Sub-ordinated loans Other liabilities NET ASSETS REPRESENTED BY: Share capital Reserves Unappropriated profit Surplus on revaluation of assets - net of deferred tax
6 7 8
25,805,722 1,950,712 10,475,409 107,500,565 150,783,251 6,431,807 26,479,043 2,889,824 21,551,293 353,867,626
24,087,842 821,931 30,421,885 72,637,401 139,269,413 6,601,893 26,681,268 3,393,322 18,008,022 321,922,977
10
The annexed notes 1 to 18 form an integral part of these condensed interim un-consolidated financial statements.
Notes
Mark-up / return / interest earned Mark-up / return / interest expensed Net mark-up/ return / interest income Provision against non-performing loans and advances Recovery of amounts written off Provision for diminution in the value of investments Bad debts written off directly Net mark-up / return / interest income after provisions NON MARK-UP / NON INTEREST INCOME Fees, commission and brokerage income Dividend income Income from dealing in foreign currencies Gain on sale of securities Unrealized gain on revaluation of investments classified as held for trading Other income Total non mark-up / non interest income NON MARK-UP / NON INTEREST EXPENSES Administrative expenses Other provisions / assets write offs Other charges Total non mark-up / non interest expenses Extra-ordinary / unusual items PROFIT BEFORE TAXATION Taxation - current - prior years - deferred PROFIT AFTER TAXATION
790,037 523,671 274,418 12,623 (34,288) 1,566,461 6,017,929 (2,791,952) (63,941) (2,855,893) 3,162,036 3,162,036 (743,708) (364,707) (1,108,415) 2,053,621 Rupees 0.53
2,482,099 1,469,146 466,706 132,619 97,895 4,648,465 15,982,409 (9,887,690) (80,617) (155,514) (10,123,821) 5,858,588 5,858,588 (1,743,720) (346,455) (2,090,175) 3,768,413 Rupees 0.97
792,403 426,293 198,007 6,782 (15,655) 1,407,830 4,554,174 (3,623,210) (11,748) (16,099) (3,651,057) 903,117 903,117 (232,148) (84,389) (316,537) 586,580 Rupees 0.15
2,687,301 1,121,055 545,749 75,251 (23,336) 4,406,020 13,500,281 (9,958,938) (456,181) (81,566) (10,496,685) 3,003,596 3,003,596 (656,946) (402,511) (1,059,457) 1,944,139 Rupees 0.50
12
13
The annexed notes 1 to 18 form an integral part of the condensed interim unconsolidated financial statements.
Other Comprehensive Income: Surplus / (deficit) on revaluation of 'Available for Sale' financial assets Surplus / (deficit) on revaluation of fixed assets Actuarial gain / (loss) on defined benefit plans Deferred tax on acturial gain / (loss) Total comprehensive income for the period
(i) (ii)
3,768,413
1,944,139
(i) Surplus / deficit on revaluation of 'Available for Sale' securities is presented under a separate head below equity as 'surplus / deficit on revaluation of assets' in accordance with the requirements specified by the State Bank of Pakistan vide its BSD circular 20 dated 04 August 2000 and BSD circular 10 dated 13 July 2004. (ii) Surplus on revaluation of fixed assets is presented under a separate head below equity as 'surplus / deficit on revaluation of assets' in accordance with the requirements of section 235 of the Companies Ordinance, 1984.
The annexed notes 1 to 18 form an integral part of the condensed interim un-consolidated financial statements.
5,858,588 5,858,588 327,341 202,225 (5,400) (132,619) 80,617 3,639,296 4,111,460 9,970,048 19,946,476 516,800 (15,153,134) (2,820,602) 2,489,540 (1,159,925) 13,366,904 15,151,531 3,282,643 30,641,153 43,100,741 (2,547,003) 40,553,738 (34,798,714) (157,298) 5,443 (34,950,569) (436,700) (2,319,808) (2,756,508) 2,846,661 24,909,773 27,756,434
The annexed notes 1 to 18 form an integral part of the condensed interim un-consolidated financial statements.
The annexed notes 1 to 18 form an integral part of the condensed interim un-consolidated financial statements.
Standard Chartered Leasing Limited Standard Chartered Modarba Standard Chartered Services of Pakistan (Private) Limited
These condensed interim financial statements are separate financial statements of the Bank in which investments in subsidiaries are accounted for on the basis of direct equity interest rather than on the basis of reported results. Consolidated condensed interim financial statements are presented separately. 2 STATEMENT OF COMPLIANCE These condensed interim financial statements have been prepared in accordance with approved accounting standards as applicable in Pakistan for interim financial reporting. The disclosures in the condensed interim financial information do not include the information reported for full annual financial statements and should therefore be read in conjunction with the financial statements for the year ended 31 December 2010. 3 ACCOUNTING POLICIES The accounting policies adopted in the preparation of the condensed interim financial information are the same as those applied in the preparation of the annual financial statements of the Bank for the year ended 31 December 2010. Corresponding figures have been restated as necessary to account for the impact of change in accounting policy as disclosed in the annual financial statements for the year ended December 2010 relating to amendments issued by International Accounting Standards Board (IASB) in International Financial Reporting Standard (IFRS) 2: Share-based payment. 4 ACCOUNTING ESTIMATES The basis for the accounting estimates adopted in the preparation of the condensed interim financial information are the same as those applied in the preparation of the annual financial statements of the Bank for the year ended 31 December 2010. 5 FINANCIAL RISK MANAGEMENT The financial risk management objectives and policies adopted by the Bank are consistent with those disclosed in the annual financial statements of the Bank for the year ended 31 December 2010.
www.standardchartered.com.pk
11
(Rupees in '000) Repurchase agreement lendings (Reverse Repo) Placements 2,222,235 8,253,174 10,475,409 6,457,638 23,964,247 30,421,885
INVESTMENTS
Investments by type Held for trading Market Treasury Bills Pakistan Investment Bonds Available for sale Market Treasury Bills Pakistan Investment Bonds Ordinary shares of unlisted companies Sukuk and Ijarah Bonds Subsidiaries Standard Chartered Services of Pakistan (Private) Limited Standard Chartered Modarba Standard Chartered Leasing Limited Investments at amortised cost Provision for diminution in the value of investments Investments (net of provisions) Surplus on revaluation of held for trading securities - net (Deficit) /surplus on revaluation of available for sale securities - net Total Investments
Held by Given as Total Held by Given as Total bank collateral bank collateral ---------------------------------- (Rupees in '000) -----------------------------
6,987,214 590,337
6,987,214 590,337
7,932,763 161,588
7,932,763 161,588
15,119,132 18,921 -
18,958 -
15,138,053
18,958
(133,157) 92,670,805
15,138,053
(133,157) 107,808,858
(133,157) 73,426,387
18,958
(133,157) 73,445,345
132,619
132,619
81,601
81,601
(438,775) 92,364,649
(2,137) 15,135,916
(440,912) 107,500,565
(886,824) 72,621,164
(2,721) 16,237
(889,545) 72,637,401
12
www.standardchartered.com.pk
(Rupees in '000) Loans, cash credits, running finances, etc. - In Pakistan - Outside Pakistan Bills discounted and purchased (excluding treasury bills) - Payable in Pakistan - Payable outside Pakistan Advances - gross Provision for non-performing advances Advances - net of provision 158,725,262 158,725,262 5,964,522 7,400,233 13,364,755 172,090,017 (21,306,766) 150,783,251 147,338,159 147,338,159 3,133,517 7,434,767 10,568,284 157,906,443 (18,637,030) 139,269,413
8.1 Advances include Rs 25,207.495 million (31 December 2010: Rs 22,107.709 million) which have been placed under non-performing status as detailed below:
September 30, 2011
Provision Required Provision Held Overseas Domestic Overseas To tal Domestic To tal Domestic Overseas To tal ------------------------------------------------------------------------------ (Rupees in '000) -----------------------------------------------------------------------------Category of classification Classified Advances
General Provision
25,207,495
25,207,495
21,306,766
31 December 2010
Classified Advances Domestic Overseas To tal Domestic -----------------------------------------------------------------------------Provision Required Provision Held
22,107,709
www.standardchartered.com.pk
13
14
www.standardchartered.com.pk
(Rupees in '000) 41,733,368 98,789,898 92,983,216 571,671 733,303 234,811,456 605,837 235,417,293 45,968,703 90,401,741 81,552,663 951,052 930,283 219,804,442 461,320 220,265,762
11.1.1 Guarantees relating to Islamic Banking Business amount to Rs 2,157 million (2010: Rs 2,039 million). 11.2 Trade-related contingent liabilities Letters of credit 11.2.1 29,523,538 15,182,936
11.2.1 Letters of credit relating to Islamic Banking Business amount to Rs 7,935 million (2010: Rs 1,045 million). 11.3 Other contingencies Claims against the Bank not acknowledged as debt 11.4 Commitments in respect of forward foreign exchange contracts Purchase State Bank of Pakistan Other banks Customers Sale State Bank of Pakistan Other banks Customers 11.5 Commitments to extend credit The bank makes commitments to extend credit in the normal course of its business but these being revocable commitments do not attract any significant penalty or expense if the facility is unilaterally withdrawn. 19,823,250 29,359,441 12,394,701 44,343,903 2,219,538 19,914,750 17,348,621 15,368,507 2,176,875 33,108,590 1,290,420 12,843,565 12,432,208
www.standardchartered.com.pk
15
2010 *
98
125,021,858
204
8,800,720
Contracts with banks represent contracts entered with branches of Standard Chartered Bank, UK to obtain cover against the contracts with customers, except for 11 contracts with local banks having notional principal of Rs 17,304 million. Three months Period ended September 30, 2011 12 OTHER INCOME Income from Sri Lanka branch operations Rent on property Gain on disposal of fixed assets Loss on derivatives Others Nine months period ended September 30, 2011 (Rupees in '000) 9,266 29,249 5,400 (151,832) 205,812 97,895 Three months Nine months period ended period ended September 30, September 30, 2010 2010 (Rupees in '000) 4,136 13,650 1,590 (53,996) 18,965 (15,655) 9,499 22,218 8,074 (233,756) 170,629 (23,336)
16
www.standardchartered.com.pk
13
Asset write offs Other provisions (Reversal) provision against receivable under cross currency swaps arrangements Overdue mark up suspended
80,617
11,748
14
TAXATION Standard Chartered Bank (Pakistan) Limited The return for income year 2010 (tax year 2011) is due for filing by 30 October 2011. The tax department amended the assessments for income years 2007 to 2009 (tax years 2008 to 2010 respectively) under section 122 (5A) of the Income Tax Ordinance, 2001, determining additional tax liability of approximately Rs. 6,009 million in the aggregate on account of various issues. Appeals against the amended assessment orders are pending before different appellate forums. The management considers that a significant amount of the additional tax liability is the result of timing differences and is confident that the issues in the above mentioned tax years will be decided in favour of the Bank at appellate forums. Consequently, no additional provision is required. The Tax Authorities have passed an order levying Federal Excise Duty amounting to Rs. 114 million on certain items. The Bank is contesting the order in the appeal. The Bank has paid Rs.100 million under protest and the balance demand is legally stayed till the decision of the appeal. Standard Chartered Bank Branch Operations The assessments have been finalized upto and including tax year 2006. The Banks / departmental appeals for the assessment / tax years 1976-77 to 2006 are pending before different appellate forums on various issues. The management expects favourable decisions in pending appeals and consequently, no additional provision is required. Union Bank Limited The tax assessments for the assessment years 1993-94 through tax year 2007 are pending at various appeal forums against certain disallowances. The management expects favourable decision in pending appeals and consequently, no additional provision is required.
www.standardchartered.com.pk
17
------------------- (Rupees in '000) ----------------(9,297,620) 15,719,981 2,824,959 9,247,320 3,138,864 64,891 6,043,565 2,088,891 3,954,674 41,815 38,334 318,084,804 15,265,222 13,035,884 120,059,108 1.73% 6.31% 9,574,562 (746,741) 1,823,506 10,651,327 6,984,957 212,051 3,454,319 1,550,405 1,903,914 285,526 163,891 57,514,078 9,942,273 8,270,882 181,018,780 5.17% 3.28% 276,942 14,973,240 4,648,465 19,898,647 10,123,821 276,942 9,497,884 3,639,296 5,858,588 327,341 202,225 375,598,882 25,207,495 21,306,766 301,077,888 2.21% 4.36%
** ***
** ***
These expenses reflect a change in methodology which has been implemented from financial year starting Jan 1, 2011. Segment ROA = Net income / (Segment assets - Segment provisions)
*** Segment cost of funds have been computed based on the average balances.
18
www.standardchartered.com.pk
16
RELATED PARTY TRANSACTIONS Related parties comprise of Standard Chartered Plc., ultimate parent company, its other subsidiaries and branches, key management personnel, employees' retirement benefit funds and other associated undertakings. The transactions with related parties are conducted at commercial terms. The Bank also provides advances to employees at reduced rates in accordance with their terms of employment. The transactions and balances with related parties are summarised as follows: OUTSTANDING BALANCES Group September 30, 2011 December 31, 2010
(Rupees in 000)
1,884,804 112,827 8,253,174 13,922 12,486 7,770,036 172,701 5,680 838,598 994,602 356 200,390 6,703 1,494 469 125,190 96,636 239,423 824 19,463 10,491 7,279 758,120 1,633,622 93,610 23,964,247 12,890 4,867,708 19,059 128,720 23,327 885,244 1,004,935 563 77,874 520 1,126 117,187 42,834 50,921 885 19,097 231 831
Nostro balances with other subsidiaries and branches of the holding company Vostro balances with other subsidiaries and branches of the holding company Placements with other subsidiaries and branches of the holding company Deposits of group companies Due from group companies Due to holding company Due to group company Due from associated undertakings Interest receivable from group companies Inter-company derivative assets Inter-company derivative liabilities Other receivables
Overdrawn nostro balances with other subsidiaries and branches of the holding company
Subsidiaries
Deposits of subsidiaries Accrued interest receivable Other receivables Accrued interest receivable
Loans and advances to key management personnel Deposits of key management personnel
Others
Deposits by staff retirement benefit funds Deposits by customers with common directorship Receivable from defined benefit plans Derivative asset Derivative liabilities
www.standardchartered.com.pk
19
Group Mark-up / interest expensed Mark-up / interest / income earned Fee and commission expense Fee and commission income Reimbursement of executive and general administrative expenses Payment to group company for direct sales services rendered Administrative expenses (including rent and other charges) Net loss on inter-company derivatives Royalty expense
Mark-up / interest / income earned Mark-up / interest expensed Sale of vehicles Salaries and benefits Post retirement benefits
Subsidiaries
Mark-up / interest expensed Mark-up / interest / income earned Lease rentals paid Administrative expenses (including rent and other charges) Reimbursement of salaries
Others
Contribution to defined contribution plans - net of payments received Charge for defined contribution plans Net income for defined benefit plans Mark-up / interest expensed on deposits of staff retirement benefit funds Mark-up / interest expensed on deposits of customers with common directorship Remuneration / fee paid to non-executive directors Net loss / (gain) on derivatives
20
www.standardchartered.com.pk
www.standardchartered.com.pk
21
(Rupees in '000)
3,738 (3,738) -
4,141 (4,141) -
DATE OF AUTHORIZATION These condensed interim unconsolidated financial statements were authorized for issue in the Board of Directors meeting held on 26 October 2011.
www.standardchartered.com.pk
23
(Rupees in '000) 25,805,828 2,050,712 10,475,409 107,126,465 157,881,552 6,434,627 26,479,043 2,891,498 21,793,143 360,938,277 24,087,885 921,931 30,421,885 72,294,275 144,721,557 6,606,225 26,681,948 3,429,115 18,132,579 327,297,400
LIABILITIES Bills payable Borrowings from financial institutions Deposits and other accounts Sub-ordinated loans Other liabilities NET ASSETS REPRESENTED BY: Share capital Reserves Unappropriated profit Attributable to equity holders of the Bank Minority interest Surplus on revaluation of assets - net of deferred tax 38,715,850 3,548,322 7,553,340 49,817,512 851,242 50,668,754 3,260,998 53,929,752 38,715,850 2,785,229 6,838,790 48,339,869 787,227 49,127,096 2,972,973 52,100,069 4,531,939 29,281,247 235,216,163 699,200 37,279,976 307,008,525 53,929,752 5,691,864 15,914,343 220,187,888 1,135,900 32,267,336 275,197,331 52,100,069
The annexed notes 1 to 6 form an integral part of these condensed interim consolidated financial statements.
The annexed notes 1 to 6 form an integral part of these condensed interim consolidated financial statements.
(Rupees in '000)
Profit for the period Other comprehensive income: Surplus / (deficit) on revaluation of 'Available for Sale' financial assets (i) Surplus / (deficit) on revaluation of fixed assets (ii) Actuarial gain / (loss) on defined benefit plans (iii) Deferred tax on acturial gain / (loss) Total comprehensive income for the period Attributable to: Equity holders of the bank Minority shareholders
3,879,480
2,022,419
(i) Surplus / deficit on revaluation of 'Available for Sale' securities is presented under a separate head below equity as 'surplus / deficit on revaluation of assets' in accordance with the requirements specified by the State Bank of Pakistan vide its BSD circular 20 dated 04 August 2000 and BSD circular 10 dated 13 July 2004. (ii) Surplus on revaluation of fixed assets is presented under a separate head below equity as 'surplus / deficit on revaluation of assets' in accordance with the requirements of section 235 of the Companies Ordinance, 1984.
The annexed notes 1 to 6 form an integral part of these condensed interim consolidated financial statements.
September 30, 2010 (Restated) (Rupees in '000) 6,002,978 3,104,906 6,002,978 3,104,906 422,545 287,774 (8,074) (75,251) 456,181 7,570 2,369 3,551,310 4,644,424 7,749,330 5,306,137 119,085 (4,790,533) (2,848,575) (2,213,886) (3,165) 849,946 15,437,164 (740,897) 15,543,048 21,078,492 (852,621) 20,225,871 (18,333,587) (133,092) 9,470 (18,457,209) (387,100) (2,369) (389,469) 1,379,193 23,827,483 25,206,676 23,798,600 1,408,076 25,206,676
328,062 202,225 (5,400) (132,619) 80,617 27,344 3,634,086 4,134,315 10,137,293 19,946,476 448,989 (16,794,081) (2,931,070) 670,314 (1,159,925) 13,366,904 15,028,275 5,012,640 32,247,894 43,055,501 (2,579,744) 40,475,757 (34,722,141) (155,827) 5,443 (34,872,525) (436,700) (2,319,808) (2,756,508) 2,846,724 25,009,816 27,856,540 25,805,828 2,050,712 27,856,540
The annexed notes 1 to 6 form an integral part of these condensed interim consolidated financial statements.
Standard Chartered Leasing Limited Standard Chartered Modaraba Standard Chartered Services of Pakistan (Private) Limited
These condensed interim financial statements are consolidated financial statements of Standard Chartered Bank (Pakistan) Limited and its subsidiaries ("the Group"). 2 STATEMENT OF COMPLIANCE These condensed interim consolidated financial statements have been prepared in accordance with approved accounting standards as applicable in Pakistan for interim financial reporting. The disclosures in the condensed interim consolidated financial information do not include the information reported for full annual consolidated financial statements and should therefore be read in conjunction with the consolidated financial statements for the year ended 31 December 2010. 3 ACCOUNTING POLICIES The accounting policies adopted in the preparation of the condensed interim consolidated financial information are the same as those applied in the preparation of the annual consolidated financial statements of the Bank for the year ended 31 December 2010. Corresponding figures have been restated as necessary to account for the impact of change in accounting policy as disclosed in the annual consolidated financial statements for the year ended December 2010 relating to amendments issued by International Accounting Standards Board (IASB) in International Financial Reporting Standard (IFRS) 2: Share-based payment.
www.standardchartered.com.pk
29
l l
So far 200,000 eye sights have been restored* Initiating Pakistan Urban Paediatric Eye Care Programme which will screen 1.7 million less privileged children for visual impairments by 2015 Being the first Bank in the country to hire visually impaired staff Organised a country wide programme through which 20,000 Lady Healthcare workers have been trained to provide Primary Eye Care at the community level
It costs only PKR 1,876 to sponsor a Cataract Operation. To give someone the invaluable Gift of Sight, log on to www.standardchartered.com.pk or call 111-002-002.
*As of December 2010