First Credit and Investment Bank Limited

Vision

Be a preferred investment bank enhancing value for the stakeholders and contributing to the National goals.

Mission Statement

Contributing through innovative financing and investment in quality portfolio, advisory services delivered in an environment of trust and customer confidence supported by a team of professionals.

QUARTERLY REPORT SEPTEMBER 2023

First Credit and Investment Bank Limited

C O N T E N T S

BOARD OF DIRECTORS.........................................................................01

COMPANY INFORMATION......................................................................02

DIRECTORS' REVIEW ............................................................................03

CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION ........06

CONDENSED INTERIM STATEMENT OF

PROFIT OR LOSS ACCOUNT (UN-AUDITED) ......................................07

CONDENSED INTERIM STATEMENT OF

COMPREHENSIVE INCOME (UN-AUDITED).........................................08

CONDENSED INTERIM STATEMENT OF

CHANGES IN EQUITY (UN-AUDITED) ...................................................09

CONDENSED INTERIM STATEMENT OF

CASH FLOWS (UN-AUDITED) ................................................................10

NOTES TO THE CONDENSED INTERIM

FINANCIAL STATEMENTS (UN-AUDITED).............................................11

QUARTERLY REPORT SEPTEMBER 2023

First Credit and Investment Bank Limited

BOARD OF DIRECTORS

QUARTERLY REPORT SEPTEMBER 2023

1

First Credit and Investment Bank Limited

COMPANY INFORMATION

AUDIT COMMITTEE:

Mr. Jamal Nasim

Chairman

Mr. Asad Ullah Saleem

Member

Syed Irfan Husnain Rizvi

Member

HR AND REMUNERATION COMMITTEE:

Mrs. Nina Afridi

Chairperson

Mr. Faisal Ahmed Topra

Member

Syed Irfan Husnian Rizvi

Member

RISK MANAGEMENT COMMITTEE:

Mr. Asad Ullah Saleem

Chairman

Mr. Masood Raza

Member

Mr. Amjad Iqbal

Member

Mr. Muhammad Mohsin Ali

President/CEO

COMPANY SECRETARY:

Mr. Muhammad Amin Khatri

AUDITORS:

Crowe Hussain Chaudhry & Co.

Chartered Accountants

LEGAL ADVISOR:

Ahmed & Qazi

BANKERS:

National Bank of Pakistan

MCB Bank Limited

Allied Bank Limited

FINCA Microfinance Bank Limited

NRSP Microfinance Bank Limited

Tameer Microfinance Bank Limited

Khushhali Bank Limited

U Microfinance Bank Limited

HBL Microfinance Bank Limited

SHARE REGISTRAR:

THK Associates (Pvt.) Limited

Plot # 32-C, Jami Commercial Street # 2,

D.H.A, Phase-VII,Karachi-75500.

Ph. # +92 (21) 35310191-96

Fax # +92 (21) 35310190

HEAD OFFICE I REGISTERED OFFICE:

2nd Floor, Sidco Avenue Centre,

Stratchen Road, Karachi - 74200 Pakistan.

Ph. # : 35658750-1, 35670452, 35688490

Fax. # : 35689331, 35686310

E-mail: info@fcibank.com.pk

Website: www.fcibank.com.pk

QUARTERLY REPORT SEPTEMBER 2023

2

First Credit and Investment Bank Limited

DIRECTORS' REVIEW

On behalf of the Board of Directors, we have the privilege of presenting un-audited financial statements of First Credit and Investment Bank Limited for the first quarter ended September 30, 2023.

Operating Results

Amidst the challenges of the prevailing business environment particularly for investment banking sector, the Company has delivered strong financial results for the three?month period ended September 30, 2023 by achieving 153% growth in operating profit and 137% increase in profit after tax. Total income for the quarter ended September 30, 2023 increased by Rs.24.28 million to Rs.88.72 million as compared to Rs. 64.44 million for the quarter ended September 30, 2022. The increase in revenue is mainly attributable to the enhancement in treasury operations. The Company reports operating profit of Rs.2.30 million during the first quarter ended September 30, 2023 as compared to operating loss of Rs.4.30 million for the corresponding period of last year. Further, after taking effect of reversals of already made provisions against non-performing investments, the Company was able to report profit before taxation of Rs.8.90 million during the first quarter of FY 2023-24. The profit before taxation for the quarter ended September 30, 2022 was Rs.5.65 million. Similarly, the Company closed the current quarter registering net profit after taxation of Rs.6.33 million as against profit after taxation of Rs. 2.68 million for the corresponding quarter last year. Shareholders equity, net of deficit on re-measurement of investment, increased to Rs.728.66 million as at September 30, 2023 from Rs. 723.91 million as at June 30, 2023. Total balance sheet footing as at September 30, 2023 was Rs.1,905.89 million compared to Rs, 1,851.31 million as at June 30, 2023.

Credit Rating

VIS Credit Rating Company Limited vide its report dated December 30, 2022 maintained the medium to long-term entity rating of FCIBL at 'A' (Single A) and Short-term rating at 'A-2'(A-Two). The outlook of the rating is 'Stable'.

Future Outlook

It may not be out of context to state that FCIBL is the only NBFC which is fully operative and expanding its activities, though it is facing severe competition from large commercial banks. FCIBL is facing liquidity challenges, hence has initiated many new avenues for making profit. FCIBL is expanding its Money Market & Forex Brokerage business by hiring new talent from the market which would contribute more to the profitability in years to come. Similarly, expansion in treasury and money market operations has also witnessed growth during the year under review. These development in business are achieved in- spite of cut-throat competition from commercial banks and human resource challenges being faced by the entire Investment Banking sector. The Board is focusing more on expansion of our existing core business as well as diversification into new businesses as permitted under the NBF regulatory framework. Our vertical as well horizontal expansion strategy will increase revenue streams, which hopefully will be forthcoming with improvement in economic and business conditions of the country. Your Company will continue to improve its assets quality, infrastructure, build capacity through training of existing personnel and engaging professionals to diversify products and services, updating policies and procedures to meet the requirements of the new challenges and opportunities.

Acknowledgement

The directors wish to express their appreciation to stakeholders, valued customers and financial institutions for their continued trust and patronage. We are grateful to the regulatory authorities especially the Securities and Exchange Commission of Pakistan, the State Bank of Pakistan and the Pakistan Stock Exchange for their guidance and support. We also acknowledge hard work and dedication of the management and employees.

.

MUHAMMAD MOHSIN ALI

JAMAL NASIM

President and CEO

Director

Karachi:

October 25, 2023

QUARTERLY REPORT SEPTEMBER 2023

3

First Credit and Investment Bank Limited

QUARTERLY REPORT SEPTEMBER 2023

4

First Credit and Investment Bank Limited

QUARTERLY REPORT SEPTEMBER 2023

5

First Credit and Investment Bank Limited

CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION

AS AT SEPTEMBER 30, 2023

Note

ASSETS

Non-Current Assets

September 30,

June 30,

2023

2023

……...…. Rupees …………..

(Un-audited)

(Audited)

Property and equipment

6

Long-term investments

7

Long-term loans and finances

Net investment in finance lease

8

Term deposit receipts

9

Long-term deposits

Deferred tax asset

10

Total non-current assets

Current assets

Current portion of non-current assets

11

Short-term investments

12

Markup/interest accrued

Prepayments and other receivables

Taxation-net

Cash and bank balances

Total current assets

Total Assets

EQUITY & LIABILITIES

Shareholders' equity

Authorized share capital

75,000,000 (June 30, 2023: 75,000,000)

ordinary shares of Rs.10 each

Issued, subscribed and paid-up share capital 65,000,000

(June 30, 2023: 65,000,000) ordinary shares

of Rs.10 each

Accumulated profit

Deficit on remeasurement of investments - net

13

Total shareholders' equity

Non-Current Liabilities

Deferred liability - Staff gratuity

Lease liability

Security deposit against finance lease

Total non-current liabilities

Current Liabilities

Current portion of lease liability

Short-term repo borrowing

Un-paid dividend

Markup / interest accrued

14

Accrued expenses and other payables

Total current liabilities

Total liabilities

Contingencies and commitments

15

Total equity and liabilities

31,525,062

1,121,156,776

204,254,037

-

3,000,000

57,500

71,018,498

1,431,011,873

130,808,870

52,126,197

106,790,163

5,058,090

38,303,804

141,790,262

474,877,386

1,905,889,260

750,000,000

650,000,000

126,350,490

(47,688,714)

728,661,776

10,434,450

12,604,327

418,600

23,457,377

4,502,930

1,119,832,972

7,344,542

7,696,303

14,393,360

1,153,770,107

1,177,227,484

-

1,905,889,260

21,556,500

1,121,306,632

211,471,850

-

-

57,500

74,099,078

1,428,491,560

140,154,828

46,633,018

74,303,284

3,183,119

36,420,563

122,123,799

422,818,611

1,851,310,171

750,000,000

650,000,000

127,705,852

(53,793,131)

723,912,721

9,746,087

11,798,071

418,600

21,962,758

4,704,133

1,075,560,841

7,344,542

4,557,940

13,267,236

1,105,434,692

1,127,397,450

-

1,851,310,171

The annexed notes from 1 to 22 form an integral part of these condensed interim financial statements.

S. A. Mohsin

MUHAMMAD MOHSIN ALI

Jamal Nasim

Chief Financial Officer

President & CEO

Director

QUARTERLY REPORT SEPTEMBER 2023

6

First Credit and Investment Bank Limited

CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS ACCOUNT (UN-AUDITED)

FOR THE THREE MONTHS PERIOD ENDED SEPTEMBER 30, 2023

Note

September 30,

September 30,

2023

2022

(Un-audited) ……...…. Rupees …………..

Income from term finances and fund placements Income from investments

Urealized gain/(Loss) in investment classified as fair value through porfit or loss account

Fees and commission income Other income

Finance costs

Administrative and operating expenses

Operating (loss)/income before taxation and provisions

Reversals/(Provision)

Reversal against accreued mark-up

Reversal of diminution in value of long-term investments

7.1

Profit for the period before taxation

and workers' welfare fund

Workers' welfare fund

Profit for the period before taxation

Taxation

16

Profit for the period after taxation

Earnings per share -basic and diluted

17

25,481,813

60,341,275

490,775

2,197,587

203,229

88,714,679

(63,154,802)

(23,258,561)

2,301,316

78,164

6,577,341

8,956,821

(55,730)

8,901,091

(2,570,312)

6,330,779

0.10

17,784,400

46,221,656

(242,588)

668,000

5,402

64,436,870

(49,384,087)

(19,356,257)

(4,303,474)

2,000,000

7,950,000

5,646,526

-

5,646,526

(2,971,426)

2,675,100

0.04

The annexed notes from 1 to 22 form an integral part of these condensed interim financial statements.

S. A. Mohsin

MUHAMMAD MOHSIN ALI

Jamal Nasim

Chief Financial Officer

President & CEO

Director

QUARTERLY REPORT SEPTEMBER 2023

7

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First Credit & Investment Bank Ltd. published this content on 27 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 October 2023 09:52:43 UTC.