Annual Report Bank Al Habib 2010

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Bank AL Habib

VISION STATEMENT
TO BE A QUALITY FINANCIAL SERVICE PROVIDER MAINTAINING THE HIGHEST STANDARDS IN BANKING PRACTICES

MISSION STATEMENT
TO BE A STRONG AND STABLE FINANCIAL INSTITUTION OFFERING INNOVATIVE PRODUCTS AND SERVICES WHILE CONTRIBUTING TOWARDS THE NATIONAL ECONOMIC AND SOCIAL DEVELOPMENT

Bank AL Habib

Contents

Corporate Information Directors' Report Statement of Compliance with the Code of Corporate Governance Review Report to the Members on Statement of Compliance with the Best Practices of the Code of Corporate Governance Statement on Internal Controls Auditors' Report to the Members Statement of Financial Position Profit and Loss Account Statement of Comprehensive Income Statement of Changes in Equity Cash Flow Statement Notes to the Financial Statements Report of Shariah Advisor Notice of Annual General Meeting Pattern of Shareholding Consolidated Financial Statements Branch Network Form of Proxy

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9 10 11 12 13 14 15 16 18 84 85 87 89 165

Bank AL Habib

Corporate Information
Board of Directors Ali Raza D. Habib Abbas D. Habib Anwar Haji Karim Hasnain A. Habib Imtiaz Alam Hanfi Murtaza H. Habib Qumail R. Habib Shameem Ahmed Syed Mazhar Abbas Wazir Ali Khoja Syed Mazhar Abbas Ali Raza D. Habib Anwar Haji Karim Shameem Ahmed Murtaza H. Habib Chairman Chief Executive & Managing Director

Executive Director

Audit Committee

Chairman Member Member Member Member

Company Secretary Statutory Auditors Legal Advisor Registered Office Principal Office

A. Saeed Siddiqui Ernst & Young Ford Rhodes Sidat Hyder Chartered Accountants Liaquat Merchant Associates Advocates and Corporate Legal Consultants 126-C, Old Bahawalpur Road, Multan 2nd Floor, Mackinnons Building, I.I. Chundrigar Road, Karachi M/s. Gangjees Registrar Services (Pvt) Ltd. 516, Clifton Centre, Khayaban-e-Roomi, Block - 5, Clifton, Karachi-75600. www.bankalhabib.com

Share Registrar

Website

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Bank AL Habib

Directors' Report
The Directors are pleased to present the Twentieth Annual Report together with the audited financial statements of the Bank for the year ended December 31, 2010. The operating results and appropriations, as recommended by the Board, are given below: (Rupees in '000) Profit for the year before tax Taxation Profit for the year after tax Unappropriated profit brought forward Transfer from surplus on revaluation of fixed assets – net of tax 5,656,211 (2,054,050) 3,602,161 2,520,579 30,713 2,551,292 Profit available for appropriations Appropriations: Transfer to Statutory Reserve Cash Dividend – 2009 Issue of Bonus Shares – 2009 (720,432) (1,220,273) (1,220,273) (3,160,978) Unappropriated profit carried forward Basic / Diluted earnings per share - after tax 2,992,475 Rs. 4.92 6,153,453

For the year ended December 31, 2010, the Directors propose a cash dividend of 20%, i.e., Rs.2/- per share and bonus shares of 20%, i.e., 20 shares for every 100 shares held. Performance Review Alhamdolillah, the performance of your Bank continued to be satisfactory during the year. Deposits rose to Rs. 249,774 million against Rs. 189,280 million a year earlier, while advances increased to Rs. 125,773 million from Rs. 105,985 million. Foreign Trade Business handled by the Bank during the year was Rs. 392,556 million. Profit before tax for the year increased to Rs. 5,656 million as compared to Rs. 4,512 million last year, while profit after tax increased to Rs. 3,602 million against Rs. 2,856 million last year. It may be mentioned that the net profit for the year 2010 was arrived at after making a general provision of Rs. 450 million, which is over and above what is required in terms of Prudential Regulations of State Bank of Pakistan. This is being done in line with the Bank’s prudent policies and serves to provide further strength to the Bank. During the year, the Bank opened 22 branches, 25 sub-branches, and a Representative Office in Dubai, U.A.E. bringing our network to 303, which...
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