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Annual Report of HBL

Annual Report of HBL

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Published by Kamran Tahir

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Published by: Kamran Tahir on Jun 22, 2009
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Auditors Report to the Members
We have audited the annexed consolidated financial statements comprising consolidated balancesheet of Habib Bank Limited as at December 31, 2008 and the related consolidated profit andloss account, consolidated cash flow statement and consolidated statement of changes in equitytogether with the notes forming part thereof, for the year then ended. These financial statementsinclude unaudited certified returns from the branches, except for 82 branches, which have beenaudited by us and 37 branches audited by auditors abroad. The financial statements of subsidiaryHBL Stock Fund were reviewed in accordance with the International Standard on ReviewEngagements 2410 by another firm of chartered accountants, whose report has been furnished tous and our opinion in so far as it relates to the amounts included for the subsidiary, is basedsolely on the report of other auditor.These financial statements are responsibility of the Bank’s management. Our responsibility is toexpress our opinion on these financial statements based on our audit.We conducted our audit in accordance with the auditing standards as applicable in Pakistan.These standards require that we plan and perform the audit to obtain reasonable assurance aboutwhether the above said statements are free of any material misstatement. An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures in the above saidstatements. An audit also includes assessing the accounting policies and significant estimatesmade by management, as well as, evaluating the overall presentation of the above saidstatements. We believe that our audit provides a reasonable basis for our opinion.In our opinion the consolidated financial statements present fairly the financial position of HabibBank Limited as at December 31, 2008 and the results of its operations, its cash flows andchanges in equity for the year then ended in accordance with the approved accounting standardsas applicable in Pakistan.
Date: KPMG Taseer Hadi & Co.Chartered AccountantsKarachi
 
Habib Bank Limited
Consolidated Balance Sheet
 As at December 31, 2008
20082007
 Note
20082007ASSETS714,718 
701,501Cash and balances with treasury banks
5
56,533,134 
55,487,664 
496,941 
341,608Balances with other banks
39,307,321 
27,020,704 
78,305 
20,584Lendings to financial institutions
6,193,787 
1,628,130 
1,746,502 
2,249,629Investments
8
138,145,692 
177,942,251
5,769,458 
4,831,605Advances
9
456,355,507 
382,172,734
447,787 
345,722Other assets
10
35,419,252 
27,346,111 
186,492 
174,220Operating fixed assets
11
14,751,252 
13,780,555 
141,879 
83,609Deferred tax asset
12
11,222,444 
6,613,372 
9,582,082 
8,748,478 
757,928,389 
691,991,521
LIABILITIES125,720 
194,924Bills payable
13
9,944,257 
15,418,230 
592,236 
745,837Borrowings from financial institutions
14
46,844,990 
58,994,609 
7,548,696 
6,706,110Deposits and other accounts
15
597,090,545 
531,298,127
50,000 
50,000Sub-ordinated loans
16 
3,954,925 
3,100,000 
- 
-Liabilities against assets subject to finance lease
- 
- 
314,964 
252,130Other liabilities
17 
24,913,236 
19,943,126 
- 
-Deferred tax liability
- 
- 
8,631,616 
7,949,001 
682,747,953 
628,754,092
950,466 
799,477 
NET ASSETS75,180,436 
63,237,429 
REPRESENTED BY:Shareholders' equity95,956 
87,233Share capital
18
7,590,000 
6,900,000 
306,486 
250,592Reserves
24,243,254 
19,821,455 
498,724 
358,309Unappropriated profit
39,447,648 
28,341,670 
901,166 
696,134Total equity attributable to the equity holders of the Bank 
71,280,902 
55,063,125 
11,255 
12,208Minority interest
890,099 
965,642 
38,045 
91,135Surplus on revaluation of assets - net of deferred tax
19
3,009,435 
7,208,662 
950,466 
799,477 
75,180,436 
63,237,429 
CONTINGENCIES AND COMMITMENTS
20
The annexed notes 1 to 50 and annexures I to III form an integral part of these consolidated financial statements.
President and Chief Executive Officer DirectorDirectorDirector(US $ in '000)(Rupees in '000)
 
Habib Bank Limited
Consolidated Profit and Loss Account
For the year ended December 31, 2008
20082007
 Note
20082007(Rupees in '000)800,332 
638,205Mark-up / return / interest earned
22
63,305,033 
50,481,021
335,348 
242,153Mark-up / return / interest expensed
23
26,525,556 
19,153,957
464,984 
396,052Net mark-up / interest income
36,779,477 
31,327,064
87,295 
104,151Provision against non-performing loans and advances - net
9.4 / 9.4.1
6,904,919 
8,238,227 
4,711 
(691)Charge / (reversal) against off-balance sheet obligations
17.1
372,598 
(54,626) Charge / (reversal) of provision against diminution in the
24,146 
(1,066)value of investments
8.8
1,909,887 
(84,310) 
- 
-Bad debts written off directly
- 
- 
116,152 
102,394 
9,187,404 
8,099,291 
348,832 
293,658Net mark-up / interest income after provisions
27,592,073 
23,227,773
Non mark-up / interest income57,124 
43,238Fee, commission and brokerage income
4,518,408 
3,420,051 
29,953 
31,261Income / gain on investments
24
2,369,233 
2,472,663 
30,017 
18,804Income from dealing in foreign currencies
2,374,318 
1,487,374 
50,574 
-Gain on investments in associate
8.5.1
4,000,330 
- 
39,401 
33,415Other income
25
3,116,522 
2,643,076 
207,069 
126,718Total non-mark-up / interest income
16,378,811 
10,023,164
555,901 
420,376 
43,970,884 
33,250,937
Non mark-up / interest expense269,892 
231,323Administrative expenses
26 
21,348,016 
18,297,279
2,531 
(3,491)Other provisions / write offs - net
200,163 
(276,111) 
819 
1,077Other charges
27 
64,751 
85,152 
4,091 
-Workers welfare fund
28
323,575 
- 
277,333 
228,909Total non mark-up / interest expenses
21,936,505 
18,106,320
278,568 
191,467 
Profit before taxation22,034,379 
15,144,617
Taxation
29
109,498 
91,288- current
8,661,150 
7,220,717 
2,947 
21,095- prior years
233,100 
1,668,562 
(31,276) 
(48,404)- deferred
(2,473,891) 
(3,828,699) 
81,169 
63,979 
6,420,359 
5,060,580
197,399 
127,488 
Profit after taxation15,614,020 
10,084,037
Attributable to:196,400 
126,428Equity holders of the Bank 
15,535,011 
10,000,231
999 
1,060Minority interest
79,009 
83,806 
197,400 
127,488 
15,614,020 
10,084,037
0.259 
0.167Basic and diluted earnings per share
30
20.47 
13.18 The annexed notes 1 to 50 and annexures I to III form an integral part of these consolidated financial statements.
President and Chief Executive Officer DirectorDirectorDirector(US $ in '000)

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