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.