NIB HY1 JUN 2013

8/12/2019 NIB HY1 JUN 2013

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8/12/2019 NIB HY1 JUN 2013


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1NIB BANK LIMITED

Company Information

Directors’ Review

Independent Auditors’ Report on Review of Unconsolidated CondensedInterim Financial Information to the Members

Unconsolidated Condensed Interim Statement of Financial Position

Unconsolidated Condensed Interim Profit and Loss Account

Unconsolidated Condensed Interim Statement of Comprehensive Income

Unconsolidated Condensed Interim Statement of Changes in Equity

Unconsolidated Condensed Interim Cash Flow Statement

Notes to the Unconsolidated Condensed Interim Financial Information

Independent Auditors’ Report on Review of Consolidated CondensedInterim Financial Information to the Members

Consolidated Condensed Interim Statement of Financial Position

Consolidated Condensed Interim Profit and Loss Account

Consolidated Condensed Interim Statement of Comprehensive Income

Consolidated Condensed Interim Statement of Changes in Equity

Consolidated Condensed Interim Cash Flow Statement

Notes to the Consolidated Condensed Interim Financial Information

02

Contents

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Board of Directors Teo Cheng San, Roland Chairman

Tejpal Singh Hora Director

Chia Yew Hock, Wilson Director

Ong Kian Ngee Director

Asif Jooma Director

Najmus Saquib Hameed Director

Muhammad Abdullah Yusuf Director

Badar Kazmi Director &President / CEO

Board Audit Committee Muhammad Abdullah Yusuf Chairman

Najmus Saquib Hameed MemberChia Yew Hock, Wilson Member

Board Risk Management Tejpal Singh Hora Chairman

Committee Asif Jooma Member

Badar Kazmi Member

Board Human Resource Teo Cheng San, Roland Chairman

Committee Asif Jooma Member

Ong Kian Ngee Member

Badar Kazmi Member

Company Secretary Ather Ali Khan

Chief Financial Officer Yameen Kerai

Registered Office First Floor, Post MallF-7 Markaz, Islamabad.

Head Office PNSC Building

M.T. Khan Road

Karachi-74000.

UAN: +9221 111 333 111

Email & URL Email: [email protected]

URL: www.nibpk.com

Share Registrar Office THK Associates (Pvt.) Limited

Ground Floor, State Life Building No. 3

Dr. Ziauddin Ahmed Road

Karachi-75530.

UAN: +9221 111 000 322

Auditors M/s. KPMG Taseer Hadi & Co.Chartered Accountants

Legal Advisor M/s. Mandviwalla & Zafar

Advocates

Credit Rating Long Term: AA-

Short Term: A1+

NIB TFC: A+

Rating Agency: PACRA

Company Information

2 NIB BANK LIMITED

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ECONOMY & BANKING SECTOR

Despite difficult economic conditions, inflation remained within single digits, averaging 6.5%for H1 2013. Following successful elections and peaceful democratic transition in the country,focus on economic growth has revived. The Central Bank recognizing the need to revive growthand lower inflation reduced the discount rate to 9% in June 2013. However, the fiscal deficitand the balance of payments remained the prime concern for policymakers.

A record deficit of Rs 2 trn or 8.8% of GDP was registered in fiscal 2013. Shortfall in taxcollection and higher than budgeted electricity subsidies led to increased government borrowing,pushing debt servicing costs to over Rs 1 trn in fiscal 2013.The new government is already

targeting measures to improve tax collection by raising sales tax, reducing subsidies by revisingelectricity tariff and driving austerity on the expenditure side. These measures are expectedto reduce the fiscal deficit to 6.3% in fiscal 2014. In the first phase of its attempt to aggressivelyresolve the power crisis, the government has settled inter-corporate circular debt of Rs 503 bnwhich is fortified to improved domestic liquidity.

Overall foreign exchange reserves depleted by USD 3.7 bn relative to December 2012 mainlydue to repayments of external loans. As a result, the country is now in the process of enteringinto another IMF program which is expected to materialize by the end of the year.

In the backdrop of aggressive monetary easing, the Banking sector continued to face pressureon net interest margins. Since June 2012, banking spreads have declined by 79 bps onaverage, due to a 160 bps decline in average lending rates. Private Sector credit off-take hasfailed to improve despite the reduction in rates, indicating low demand for fresh credit due topoor economic conditions, persistence of the energy crisis and lack of fresh foreign investmentin the country. Banks resultantly continued to channel deposit growth (14% growth in H1 2013

compared to same period last year) towards government securities and public sector lending.Further austerity by the SBP in the form of reduced open market operations leading to excessliquidity will put further stress on net interest margins in the event that private sector lendingdoes not pick up.

BANK’S PERFORMANCE

As a consequence of the Banks improvements in operational efficiencies, organizationaleffectiveness and a sharp focus on prudent lending and low cost deposit mobilisaton, the corefranchise is effectively positioned for growth. The yield erosion precipitated by a 3% reductionin interest rates in the last 18 months was addressed by increasing loan volumes in blue chipand public sector corporates, larger commercial enterprises and secured consumer loans. Exitfrom weaker names and installment based repayments of consumer loans have mostly offsetthe incremental lending. The increased exposures in selected segments were governed by atightly controlled risk management framework and clearly defined product programs.

On the liability side, the Bank pro-actively reduced reliance on high cost deposits, whilst at the

same time offered transactions based solutions to customers across all business segments.Growth has increasingly been driven by improved service quality at each customer touch pointaided by innovative technological support. Consequently, low-cost deposits grew both throughdeepening of existing relationships as well as from new customers, with cost of funds reducingby 1.88% in the 18 months ending June 30, 2013. The treasury function also played a key roleby exploiting opportunities in the bond and equity markets whilst remaining within the definedmarket risk parameters. Through active balance sheet management, the decline in gross interestincome was more than offset by lower gross interest expense, driving net interest income higherby 23% between H1 2012 and H1 2013.

Directors’ ReviewFor the half year ended June 30, 201 3

3NIB BANK LIMITED

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The Bank's growth and profitability has been driven by diligently focusing on its geographicalfootprint, its clients and products. With 179 branches in 59 cities across Pakistan, the Bank'sreach is ideally positioned to be able to deliver integrated transaction services, acquire newcustomers through supplier/customer integration and also benefit from the agrarian boom fromsmaller city and peripheral large city branches. Emphasis on branch as a distribution unit forall products has resulted in a significant increase in branch profitability in the last 18 months.However, the Bank is aware that the relatively low per branch volume provides a significantopportunity for growth without increasing the branch count in the short term. Nevertheless,some branch relocations will be beneficial by relocating to areas with more potential for growththereby fully leveraging on geographical footprint.

Client acquisition and deepening is now exclusively based on risk-adjusted returns as well aspotential opportunities for cross-sell not only directly but also indirectly to the client's employees,customers and suppliers. Client acquisition in consumer lending is also based on strict selectioncriteria. The Bank has significantly increased its product range and with the recent launchof the first ever Master Card chip-based debit card in Pakistan, its product suite is comparablenot only to its peers but to larger banks as well. By introducing product champions for trade,foreign exchange, general banking products, bancassurance, cash management, investmentadvisory etc, there is sharper accountability and pricing focus across all products. In additionto its impact on net interest income, the result of these efforts is also noticeable in non-fundedincome which grew by 19% between H1 2012 and H1 2013.

The Bank is acutely aware that growth needs to be self-funded. Therefore, to distinguish goodspend from bad, investments in people, infrastructure and technology are based onwell-defined payback criteria. Additionally, a central unit dedicated to optimize expensesthrough technological innovation, process re-engineering and strict monitoring has been

formed. The success of these efforts is evidenced by the fact that the impressive growth inrevenue of 21% between H1 2012 and H1 2013 was achieved by keeping administrative expensesalmost flat in the same period, thereby significantly reducing the cost to income ratio.

In H1 2013 compared to H1 2012 on an unconsolidated basis:

• Revenue grew by 21%

• Costs almost flat

• Operating profit of Rs 383 mn vs operating loss of Rs 131 mn

• Profit before tax of Rs 1,004 mn vs loss before tax of Rs 154 mn

As the Bank enters the next phase of transformation, the goal of delivering consistent and highquality earnings will be achieved through flawless execution. The transformation in itself hascreated a belief, and, a positive energy that will no doubt enable the Bank to achieve morechallenging milestones in the future. NIB is grateful to its customers for their continued support.The Bank would also like to acknowledge the unstinted support from its shareholders. We alsoappreciate the guidance and continued support from our regulators State Bank of Pakistan

and SECP. NIB would especially like to recognize and applaud the efforts of its employeesfor their hard work in the significantly improved performance and more importantly for livingits values of responsive, one bank, integrity and excellence.

On behalf of the Board

Teo Cheng San, Roland Badar Kazmi

Chairman Director / President & CEO

4 NIB BANK LIMITED

Directors’ ReviewFor the quarter ended March 31, 2013

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Unconsolidated

Condensed Interim

Financial Statements

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6 NIB BANK LIMITED

Date: 21 August 2013

Karachi

Introduction

We have reviewed the accompanying unconsolidated condensed interim Statement of

financial position of NIB Bank Limited (“the Bank”) as at June 30, 2013 and the related

unconsolidated condensed interim profit and loss account, unconsolidated condensed

interim statement of comprehensive income, unconsolidated condensed interim cash flow

statement, unconsolidated condensed interim statement of changes in equity and notes to

the condensed interim financial information for the six-months period then ended (herein

after referred to as the "unconsolidated condensed interim financial information"). Management

is responsible for the preparation and presentation of the unconsolidated condensed interim

financial information in accordance with approved accounting standards as applicable in

Pakistan for interim financial reporting. Our responsibility is to express a conclusion on this

unconsolidated condensed interim financial information based on our review.

Scope of Review

We conducted our review in accordance with International Standard on Review Engagements

2410, "Review of Interim Financial Information Performed by the Independent Auditor of the

Entity." A review of unconsolidated condensed interim financial information consists of making

inquiries, primarily of persons responsible for financial and accounting matters, and applying

analytical and other review procedures. A review is substantially less in scope than an audit

conducted in accordance with International Standards on Auditing and consequently does

not enable us to obtain assurance that we would become aware of all significant matters

that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the

accompanying unconsolidated condensed interim financial information is not prepared, in

all material respects, in accordance with approved accounting standards as applicable in

Pakistan for interim financial reporting.

Other Matter

The figures of the unconsolidated condensed interim profit and loss account and the

unconsolidated condensed interim statement of comprehensive income for the quarters ended

June 30, 2013 have not been reviewed, and we do not express a conclusion on them.

KPMG Taseer Hadi & Co.Chartered AccountantsAmir Jamil Abbasi

Independent Auditors’ Report on Review of UnconsolidatedCondensed Interim Financial Information to the Members

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Note

(Rupees '000')

The annexed notes from 1 to 18 form an integral part of these unconsolidated condensed interimfinancial information.

Unaudited June 30,

2013

AuditedDecember 31,

2012

7NIB BANK LIMITED

Restated

ASSETS

Cash and balances with treasury banks 9,318,533 7,672,866Balances with other banks 795,413 960,850Lendings to financial institutions 2,203,027 3,440,910Investments 7 55,857,846 85,386,110

Advances 8 72,678,667 71,564,237Operating fixed assets 9 2,726,460 2,708,498Intangible assets 1,555,410 1,720,424Deferred tax assets - net 10 10,803,271 10,881,284Other assets 11 5,964,862 6,274,182

161,903,489 190,609,361

LIABILITIES

Bills payable 8,147,946 2,430,030Borrowings 42,868,521 76,179,065Deposits and other accounts 12 89,461,977 91,291,234Sub-ordinated loans 13 3,992,000 3,992,800Liabilities against assets subject to finance lease – –Deferred tax liabilities – –Other liabilities 2,457,441 2,687,610

146,927,885 176,580,739

NET ASSETS 14,975,604 14,028,622

REPRESENTED BY:

Share capital 14 103,028,512 103,028,512Reserves 393,280 225,889Discount on issue of shares (45,769,623) (45,769,623)Accumulated loss (43,174,868) (43,847,814)

Shareholders' equity 14,477,301 13,636,964Surplus on revaluation of assets - net 498,303 391,658

14,975,604 14,028,622

CONTINGENCIES AND COMMITMENTS 15

Teo Cheng San, Roland

Chairman / Director

Ong Kian Ngee

Director

Asif Jooma

Director

Badar Kazmi

President / Chief Executive

NIB Bank LimitedUnconsolidated Condensed Interim Statement of Financial Position

As at June 30, 2013

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8 NIB BANK LIMITED

(Rupees '000')

June 30,2013

Half year ended

June 30,2012

June 30,2013

Quarter ended

June 30,2012


Mark-up / Return / Interest earned 6,837,690 6,987,619 3,408,954 3,615,240

Mark-up / Return / Interest expensed 5,179,000 5,637,738 2,640,447 2,848,125

Net Mark-up / Interest Income 1,658,690 1,349,881 768,507 767,115

(Reversal) / Provision against non-performing loans

and advances (494,084) 169,530 (124,985) 11,486

(Reversal) / Provision for diminution in the value

of investments (165,953) (153,724) (113,255) 6,711

Bad debts written off directly 2,654 2,707 43 808

(657,383) 18,513 (238,197) 19,005

Net Mark-up / Interest income after provisions 2,316,073 1,331,368 1,006,704 748,110

NON MARK-UP / INTEREST INCOME

Fee, commission and brokerage income 594,912 404,580 299,448 214,845

Dividend income 165,841 210,583 150,001 2,906

Income from dealing in foreign currencies 188,305 176,794 114,407 54,776

Gain on sale of securities 306,895 243,556 168,423 172,099

Unrealized gain on revaluation of

investments classified as held-for-trading – – – –

Other income 49,032 57,416 42,084 54,939

Total Non Mark-up / Interest income 1,304,985 1,092,929 774,363 499,565

3,621,058 2,424,297 1,781,067 1,247,675

NON MARK-UP / INTEREST EXPENSES

Administrative expenses 2,529,512 2,566,490 1,241,217 1,297,565

Other provisions / write offs 36,301 4,603 36,301 4,603

Other charges 50,857 7,280 48,354 1,115

Total Non Mark-up / Interest expenses 2,616,670 2,578,373 1,325,872 1,303,283

1,004,388 (154,076) 455,195 (55,608)

Extraordinary / Unusual items – – – –

PROFIT / (LOSS) BEFORE TAXATION 1,004,388 (154,076) 455,195 (55,608)

Taxation - Current 81,431 40,403 61,634 (6,254)

- Prior years 86,000 – 71,000 –

- Deferred – – – –

167,431 40,403 132,634 (6,254)

PROFIT / (LOSS) AFTER TAXATION 836,957 (194,479) 322,561 (49,354)

Basic / diluted earnings / (loss) per share (Rupees) 0.08 (0.02) 0.03 (0.00)


Chairman / Director

Ong Kian Ngee

Director

Asif Jooma

Director

Badar Kazmi


NIB Bank LimitedUnconsolidated Condensed Interim Profit and Loss Account (Unaudited)For the half year and quarter ended June 30, 201 3

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9NIB BANK LIMITED

Profit / (Loss) after taxation for the period 836,957 (194,479) 322,561 (49,354)

Other comprehensive income

Effect of change in accounting policy with respect to accounting for actuarial gains and losses 3,380 4,324 3,380 2,162

Total comprehensive income for the period 840,337 (190,155) 325,941 (47,192)

(Rupees '000')

June 30,2013

Half year ended

June 30,2012

June 30,2013

Quarter ended

June 30,2012

Surplus / deficit on revaluation of ''Available-for-Sale'' securities is presented under a separatehead below equity as ''surplus / deficit on revaluation of assets'' in accordance with the requirementsspecified by the Companies Ordinance, 1984, and the State Bank of Pakistan vide its BSD Circular20 dated August 4, 2000 and BSD Circular 10 dated July 13, 2004.



Chairman / Director

Ong Kian Ngee

Director

Asif Jooma

Director

Badar Kazmi


NIB Bank LimitedUnconsolidated Condensed Interim Statement of Comprehensive Income (Unaudited)For the half year and quarter ended June 30, 2013

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C a pita l R es erv es R ev en ue R es erv es

S h a re D is c o u n t o n S ta tu to ry G en e ra l A c c u m ula te d To ta lc a p ita l is s u e o f s h a re s re s e rv e re s e rv e lo s s

(Rupees '000')

10 NIB BANK LIMITED

B a l a n c e a s a t D e c e m b e r 3 1 , 2 0 1 1 -a s p re v io u s ly re p o r te d 1 0 3 ,0 2 8 ,5 1 2 (4 5 ,7 6 9 ,6 2 3 ) 2 1 2 ,8 0 4 5 ,4 7 2 (4 3 ,8 9 3 ,0 9 5 ) 1 3 ,5 8 4 ,0 7 0

Ef fec t o f re t rospect ive change ina c c o u n t i n g p o l i c y w i t h r e s p e c tto account ing fo r ac tuar ia l ga ins

a n d lo s s e s – – – – 6 ,1 8 1 6 ,1 8 1B a l a n c e a s a t D e c e m b e r 3 1 , 2 0 1 1 -

re s ta te d 1 0 3 ,0 2 8 ,5 1 2 (4 5 ,7 6 9 ,6 2 3 ) 2 1 2 ,8 0 4 5 ,4 7 2 (4 3 ,8 8 6 ,9 1 4 ) 1 3 ,5 9 0 ,2 5 1

T o t a l c o m p r e h e n s i v e i n c o m e /( loss) fo r the per iod

Ef fec t o f re t rospect ive change ina c c o u n t i n g p o l i c y w i t h r e s p e c tto account ing fo r ac tuar ia l ga insa n d lo s s e s – – – – 4 ,3 2 4 4 ,3 2 4

L o s s a fte r ta x a tio n fo r th e p e r io d – – – – (1 9 4 ,4 7 9 ) (1 9 4 ,4 7 9 )

B a l a n c e a s a t J u n e 3 0 , 2 0 1 2 -re s ta te d 1 0 3 ,0 2 8 ,5 1 2 (4 5 ,7 6 9 ,6 2 3 ) 2 1 2 ,8 0 4 5 ,4 7 2 (4 4 ,0 7 7 ,0 6 9 ) 1 3 ,4 0 0 ,0 9 6


Ef fec t o f re t rospect ive change ina c c o u n t i n g p o l i c y w i t h r e s p e c tto account ing fo r ac tuar ia l ga insa n d lo s s e s – – – – 4 ,3 2 3 4 ,3 2 3

P ro fit a fte r ta x a tio n fo r th e p e rio d – – – – 2 3 2 ,5 4 5 2 3 2 ,5 4 5

T ra n s fe r to s ta tu to ry re s e rv e – – 7 ,6 1 3 – (7 ,6 1 3 ) –

B a l a n c e a s a t D e c e m b e r 3 1 , 2 0 1 2 -re s ta te d 1 0 3 ,0 2 8 ,5 1 2 (4 5 ,7 6 9 ,6 2 3 ) 2 2 0 ,4 1 7 5 ,4 7 2 (4 3 ,8 4 7 ,8 1 4 ) 1 3 ,6 3 6 ,9 6 4


Ef fec t o f change in account ingpo l icy wi th respect to account ingfo r a c tu a r ia l g a in s a n d lo s s e s – – – – 3 ,3 8 0 3 ,3 8 0

P ro fit a fte r ta x a tio n fo r th e p e rio d – – – – 8 3 6 ,9 5 7 8 3 6 ,9 5 7

T ra n s fe r to s ta tu to ry re s e rv e – – 1 6 7 ,3 9 1 – (1 6 7 ,3 9 1 ) –

B a la n c e a s a t J u n e 3 0 , 2 0 1 3 1 0 3 ,0 2 8 ,5 1 2 (4 5 ,7 6 9 ,6 2 3 ) 3 8 7 ,8 0 8 5 ,4 7 2 (4 3 ,1 7 4 ,8 6 8 ) 1 4 ,4 7 7 ,3 0 1



Chairman / Director

Ong Kian Ngee

Director

Asif Jooma

Director

Badar Kazmi


NIB Bank LimitedUnconsolidated Condensed Interim Statement of Changes in Equity (Unaudited)For the half year ended June 30, 2013

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11NIB BANK LIMITED

June 30,2013

June 30,2012

(Rupees '000')


CASH FLOWS FROM OPERATING ACTIVITIES

Profit / (loss) before taxation 1,004,388 (154,076)Dividend income (165,841) (210,583)

838,547 (364,659)Adjustments for non-cash itemsDepreciation 138,467 115,730Amortization 165,014 183,812

(Reversal) / Provision against non-performing loans and advances (494,084) 169,530Bad debts written off directly 2,654 2,707Fixed assets written off – 45,970Gain on sale of operating fixed assets (29,114) (5,465)Gain on sale of securities (306,895) (243,556)Reversal for diminution in the value of investments (165,953) (153,724)Other provisions / write offs 36,301 4,603

(653,610) 119,607

184,937 (245,052)(Increase) / decrease in operating assetsLendings to financial institutions 1,237,883 11,823,534Advances (623,000) (3,465,577)Other assets (excluding advance taxation) (660,441) (1,679,518)

Increase / (decrease) in operating liabilitiesBills payable 5,717,916 546,807Borrowings (33,310,544) (16,487,286)Deposits and other accounts (1,829,257) 4,673,289Other liabilities (excluding current taxation) (301,881) 8,190

(29,584,387) (4,825,613)Income tax paid (146,289) (148,299)

Net cash used in operating activities (29,730,676) (4,973,912)

CASH FLOWS FROM INVESTING ACTIVITIESNet Investments in available-for-sale securities 29,266,806 4,403,275Net Investments in held-to-maturity securities 1,831,281 48,248Dividend received 165,841 210,580Payments for capital work in progress (50,260) (96,428)Acquisition of property and equipment (61,970) (33,399)Acquisition of intangible assets – (2,850)Sale proceeds of property and equipment disposed of 60,091 14,295

Net cash from investing activities 31,211,789 4,543,721

CASH FLOWS FROM FINANCING ACTIVITIESRedemption of sub-ordinated loans (800) (800)Dividend paid (83) (230)

Net cash used in financing activities (883) (1,030)

Net increase / (decrease) in cash and cash equivalents 1,480,230 (431,221)Cash and cash equivalents at the beginning of the period 8,633,716 9,455,874

Cash and cash equivalents at the end of the period 10,113,946 9,024,653


Chairman / Director

Ong Kian Ngee

Director

Asif Jooma

Director

Badar Kazmi


NIB Bank LimitedUnconsolidated Condensed Interim Cash Flow Statement (Unaudited)For the half year ended June 30, 2013

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1. STATUS AND NATURE OF BUSINESS

NIB Bank Limited “the Bank” is incorporated in Pakistan and its registered office is situatedat first floor, Post Mall, F-7 Markaz, Islamabad. The Bank is listed on all the stock exchanges

in Pakistan and has 179 branches (December 31, 2012: 179 branches). The Bank is a scheduledcommercial bank and is principally engaged in the business of banking as defined in theBanking Companies Ordinance, 1962.

NIB Bank Limited is a subsidiary of Bugis Investments (Mauritius) Pte. Limited which is a wholly

owned subsidiary of Fullerton Financial Holdings Pte. Limited which in turn is a wholly ownedsubsidiary of Temasek Holdings, an investment arm of the Government of Singapore.

2. STATEMENT OF COMPLIANCE

2.1 These unconsolidated condensed interim financial statements of the Bank for the six monthsperiod ended June 30, 2013 have been prepared in accordance with the requirements ofInternational Accounting Standard (IAS) 34 - Interim Financial Reporting, the provisions of and

directives issued under the Companies Ordinance, 1984, the Banking Companies Ordinance,1962 and directives issued by the Securities and Exchange Commission of Pakistan (SECP)and the State Bank of Pakistan (SBP). In case requirements differ, the provisions of anddirectives issued under the Companies Ordinance, 1984, the Banking Companies Ordinance,

1962 and the said directives have been followed.

2.2 The SBP has deferred the applicability of IAS 39 - Financial Instruments: Recognition andMeasurement, and IAS 40 - Investment Property, for Banking Companies through BSD Circularletter no. 10, dated August 26, 2002. Further, according to the notification of SECP dated April

28, 2008, the IFRS 7 - Financial Instruments: Disclosures, has not been made applicable forbanks. Accordingly, the requirements of these standards have not been considered in the preparationof these condensed interim financial information. However, investments have been classified and

valued in accordance with the requirements of various circulars issued by the SBP.2.3 The disclosures made in these unconsolidated condensed interim financial information have

been limited based on the format prescribed by the SBP vide BSD circular letter no. 2 of May12, 2004 and IAS 34 - Interim Financial Reporting, and do not include all the information requiredin annual financial statements. Accordingly, these unconsolidated condensed interim financial

information should be read in conjunction with the unconsolidated financial statements of theBank for the year ended December 31, 2012.

2.4 These unconsolidated condensed interim financial statements represent separate financial

statements of the Bank. The consolidated condensed interim financial statements of the Bank,its subsidiaries and associates are presented separately.

3. BASIS OF MEASUREMENT

3.1 These unconsolidated condensed interim financial information have been prepared under thehistorical cost convention, except for the measurement of certain investments and commitmentsin respect of forward foreign exchange contracts that are stated at revalued amounts / fair

values, staff retirement benefits (Gratuity) which are stated at present value and certain financialassets that are stated net of provisions.

3.2 These unconsolidated condensed interim financial statements have been presented in PakistanRupees, which is the Bank's functional and presentation currency. The amounts are rounded

off to the nearest thousand rupees.

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accounting policies and method of computation adopted in the preparation of theseunconsolidated condensed interim financial information are the same as those applied in the

12 NIB BANK LIMITED

NIB Bank LimitedNotes to the Unconsolidated Condensed Interim Financial Information (Unaudited)For the half year ended June 30, 2013

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13NIB BANK LIMITED

preparation of the annual unconsolidated financial statements of the Bank for the year endedDecember 31, 2012 except as mentioned below:

4.1 Change in accounting policy - Employee Benefits (Defined Benefit Plan)

During the current period (with effect from January 1, 2013), the Bank adopted revised IAS19 - Employee Benefits, standard and changed its basis for recognition of actuarial gains andlosses. The revised IAS 19 require actuarial gains and losses to be recognised immediatelyin other comprehensive income. Previously, actuarial gains and losses were amortised using

the 10% corridor approach as allowed under the relevant provision of IAS 19.

Revised accounting policy of employee benefits - defined benefit plan is as follows:

4.2 Staff retirements benefits

Defined benefit plans

The Bank operates an unfunded gratuity scheme covering all eligible employees who have

attained the minimum qualifying period of five years. Eligible employees are those employeeswho have joined the service of the Bank on or before March 31, 2006. Provision is made inaccordance with actuarial recommendations. Actuarial valuation is carried out periodicallyusing the “Projected Unit Credit Method”. Actuarial gains and losses are recognised immediately

in other comprehensive income.

4.3 Effect of change in accounting policy

This change in accounting policy has been accounted for retrospectively in accordance with

International Accounting Standard - 8 “Accounting policies, Changes in Accounting Estimatesand Errors”, these have resulted in adjustment of prior year financial statements.

Effects of retrospective application of change in accounting policy are as follows:

Un-recognised actuarial gains and losses of prior periods have been recognised in the statementof financial position through other comprehensive income. The cumulative balance for un-recognisedactuarial losses that existed as at January 1, 2012 as well as the actual amounts recognised forthe year 2012 have been presented and disclosed as part of the statement of changes in equity,

while the corresponding period adjustment through other comprehensive income is presented anddisclosed as part of the Statement of Comprehensive Income. The Statement of Financial Positionalso presents the prior year numbers as restated, due to the said change.

Effect on statement of financial position

Decrease in payable to gratuity fund 78,416 (14,828) 63,588

Decrease in accumulated loss 43,862,642 (14,828) 43,847,814

(Rupees '000')

As previouslyreported

As at December 31, 2012

Effect ofchange

As Restated

Effect on other comprehensive Income

Actuarial gains / (losses) reclassified to other comprehensive income 3,380 4,323 4,324 6,181

(Rupees '000')

Six monthsperiod endedon June 30,

2013

Six monthsperiod ended

on December 31,2012


2012

Prior toJanuary 01,

2012

Notes to the Unconsolidated Condensed Interim Financial Information (Unaudited)For the half year ended June 30, 2013

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14 NIB BANK LIMITED


The new standards, amendments and interpretations that are effective for accounting periodsbeginning on or after January 1, 2013 and are not considered effective or do not have anysignificant effect on the Bank’s operations, are not detailed in these unconsolidated condensedinterim financial information.

5. ACCOUNTING ESTIMATES

The basis for the accounting estimates adopted in the preparation of these unconsolidatedcondensed interim financial statements are the same as those applied in the preparation of theannual unconsolidated financial statements of the Bank for the year ended December 31, 2012.

6. FINANCIAL RISK MANAGEMENT

The financial risk management objectives and policies adopted by the Bank are consistentwith those disclosed in the annual unconsolidated financial statements of the Bank for the yearended December 31, 2012.

Unaudited Audited

June 30, 2013 December 31, 2012

Held by Given as Total Held by Given as TotalBank collateral Bank collateral

(Rupees '000')

7. INVESTMENTS

Investments by types:

Available-for-sale securities

M arket T rea sury B ills 11 ,71 4,83 8 6 ,89 8,37 2 18 ,613 ,21 0 1 ,896 ,77 8 4 7,4 28,5 97 4 9,32 5,3 75

P ak is ta n In ve stm en t B on ds 5 ,7 98 ,0 00 1 3,7 68 ,7 23 1 9,5 66 ,7 23 3 67 ,8 76 1 2,5 47 ,3 72 1 2,9 15 ,2 48

G OP Ijara S uku k B ond s 4,03 0,13 8 – 4 ,030 ,13 8 9 ,559 ,18 0 – 9,55 9,1 80

Defense Savings Certificates – 2,730 2,730 – 2,730 2,730

Sukuk Bonds 1,486,865 – 1,486,865 502,117 – 502,117

C um ulative preferen ce sh ares 8 0,1 78 – 80 ,17 8 80 ,17 8 – 8 0,1 78

Ordinary shares / certificates in lis te d c om pa nie s / m o da ra ba s 6 1,0 32 – 6 1,0 32 1 67 ,2 32 – 1 67 ,2 32

Or d ina ry sha res o f un li st ed com pan ies 65 ,920 – 65 ,920 65 ,872 – 65 ,872

T erm F in an ce C ertifica tes 2,55 0,54 9 3 9,47 4 2 ,590 ,02 3 1 ,961 ,67 0 – 1,96 1,6 70

25 ,787 ,520 20 , 709 , 299 46 ,496 ,819 14 ,600 ,903 59 ,978 ,699 74 ,579 ,602

Held-to-maturity securities

P ak is ta n In ve stm en t B on ds 2 ,8 50 ,3 79 – 2 ,8 50 ,3 79 4 ,6 49 ,1 77 – 4 ,6 49 ,1 77

Term Finance Certificates 11,028 – 11,028 43,511 – 43,511

2,861,407 – 2,861,407 4,692,688 – 4,692,688

Associates 1,573,832 – 1,573,832 1,573,832 – 1,573,832

Subsidiaries 4,584,741 – 4,584,741 4,584,741 – 4,584,741

Investments at cost 34 ,807 ,500 20 , 709 , 299 55 ,516 ,799 25 ,452 ,164 59 ,978 ,699 85 ,430 ,863

Provision for diminution in the

value of investments (410,633) – (410,633) (611,775) – (611,775)

Investments - net of provisions 34 ,396 ,867 20 , 709 , 299 55 ,106 ,166 24 ,840 ,389 59 ,978 ,699 84 ,819 ,088

Surplus on revaluat ion of

available-for-sale securities 268,529 483,151 751,680 150,708 416,314 567,022

Net Investments 34 ,665 ,396 21 , 192 , 450 55 ,857 ,846 24 ,991 ,097 60 ,395 ,013 85 ,386 ,110

7.1 The SBP, vide Letter No. BPRD/BRD-(Policy)/2013-1857 dated February 15, 2013 has permitted

banks to maintain provision against Term Finance Certificates issued by Azgard Nine Limited,classified in Loss category, at 50% of the exposure. Had this relaxation not been received theprovision against TFC’s of Azgard Nine Ltd would have been higher by Rs. 8.135 million.

8/12/2019 NIB HY1 JUN 2013


15NIB BANK LIMITED

Unaudited AuditedJune 30, December 31,

2013 2012

8. ADVANCES

Loans, cash credits, running finance etc. - in Pakistan 90,314,935 88,990,934

Net investment in finance lease - in Pakistan 1,775,368 1,897,676

Bills discounted and purchased (excluding Treasury Bills)Payable in Pakistan 64,137 189,544

Payable outside Pakistan 3,336,649 3,779,947Advances - Gross 95,491,089 94,858,101

Provision against non performing advances - Specific (22,729,807) (23,214,941) - General (82,615) (78,923)

(22,812,422) (23,293,864)

Advances - Net of provisions 72,678,667 71,564,237

(Rupees '000')

Category of Classification

Substandard 2,788,104 – 2,788,104 630,841 630,841

Doubtful 1,338,515 – 1,338,515 317,354 317,354

Loss 27,686,831 – 27,686,831 21,781,612 21,781,612

31,813,450 – 31,813,450 22,729,807 22,729,807

Domestic Overseas Total Provision Provisionrequired held

(Rupees '000')

8.1 Advances include Rs. 31,813.450 million (December 31, 2012: Rs. 32,921.495 million),which have been placed under non-performing status as detailed below:

8.2 Included in the provision required is an amount of Rs. 303.889 million (2012: Rs. 410.960 million)which represents provision in excess of the requirements of the State Bank of Pakistan.

8.3 The SBP, vide Letter No. BPRD/BRD-04/Faysal/2013/1695 dated February 13, 2013 provided

relaxation for provision against Gulistan Group to the extent of 75% of the required provision byJune 30, 2013. Had this relaxation not been received the provision for non performing loans toGulistan group would have been higher by Rs. 72.322 million.

8.4 In accordance with BSD Circular No. 1 dated October 21, 2011 issued by the State Bank of

Pakistan, the Bank has availed the benefit of Forced Sale Value (FSV) against the non-performingadvances. During the half year ended June 30, 2013, total FSV benefit erosion resulted in decrease

in profit before tax of Rs. 491.791 million. Had the benefit under the said circular not been takenby the Bank, the specific provision against non-performing advances would have been higherby Rs. 5,427.380 million (December 31, 2012: Rs. 5,919.171 million). The FSV benefit recognised

will not be available for distribution of cash and stock dividend to shareholders.


8/12/2019 NIB HY1 JUN 2013


16 NIB BANK LIMITED

10. DEFERRED TAX ASSETS

The deferred tax asset recognised in the books has been restricted to Rs. 10,803 million due touncertainty of availability of future tax profits for utilization of the unrecognised deferred tax assets.The deductible differences available to the Bank are Rs. 11,485 million. Had the deferred taxasset been recognized on all deductible timing differences, the profit after tax for the half yearended on June 30, 2013 would have been higher by Rs. 682 million.

The management has recorded deferred tax asset based on financial projections indicatingabsorption of deferred tax asset over a number of future years through reversals as a result ofrecoveries from borrowers and absorption of remaining deferred tax asset against future taxableprofits. The financial projections involve certain key assumptions such as deposits composition,interest rates, growth of deposits and advances, investment returns and potential provision / reversals against assets. Any significant change in the key assumptions may have an effect onthe absorption of the deferred tax asset.

Unaudited UnauditedJune 30, June 30,

2013 2012

(Rupees '000')9. OPERATING FIXED ASSETS

9.1 Additions to fixed assets

The following additions have been made to fixed assets during the period ended June 30, 2013:

Furniture and fixtures 3,230 677Electrical, office and computer equipment 90,923 31,594Vehicles 5,748 –

Leasehold improvements 22,720 10,035Capital work in progress 50,503 97,112

9.2 Disposal of fixed assets - cost

The following disposals have been made from fixed assets during the period ended June 30, 2013:

Freehold land 18,920 –Leasehold land 13,157 –Furniture and fixtures 4,928 15,144Electrical, office and computer equipment 15,266 33,601Vehicles 457 2,999Leasehold improvements 156 150


2013 2012

(Rupees '000')

11. OTHER ASSETS 5,964,862 6,274,182

11.1 Other assets include settlement of certain accounts through acquiring properties from theborrowers amounting to Rs. 1,474.592 million (December 31, 2012: Rs. 1,245.592 million). Thesettlement agreements signed with borrowers in certain cases entails a buy back option.

12. DEPOSITS AND OTHER ACCOUNTS

CustomersFixed deposits 20,671,140 24,859,849Savings deposits 36,430,764 33,574,896Current accounts - Non remunerative 29,670,152 27,784,055Margin accounts 464,968 749,733

Financial InstitutionsRemunerative deposits 1,939,795 4,068,911Non-remunerative deposits 285,158 253,790

89,461,977 91,291,234


8/12/2019 NIB HY1 JUN 2013


17NIB BANK LIMITED

13. SUB-ORDINATED LOANS

Term Finance Certificates - Quoted, Unsecured 3,992,000 3,992,800

Mark-up Floating (no floor, no cap) rate of return at Base Rate +1.15% (The Base Rate is defined

as the average “Ask Side” rate of the six month Karachi Interbank Offered Rate (“KIBOR”))

Subordination The TFCs are subordinated to all other indebtedness of the Bank including deposits

Issue Date March 5, 2008

Issue Amount Rs. 4,000 million

Rating A+ (A plus)

Tenor 8 years from the Issue Date

Redemption Ten equal semi-annual installments of 0.02% of the Issue Amount for the first sixty months

followed by six equal semi-annual installments of 16.63% of the Issue Amount from the

sixty-sixth month onwards

Maturity March 5, 2016

Call Option The Bank can also exercise the Call Option or the Partial Call Option after obtaining written

approval from the State Bank of Pakistan at any time after a period of sixty months from

the Issue Date

13.1 The Bank has decided to redeem Term Finance Certificates and exercise call option after

completion of five years from the issue date.

1 2,0 00 ,0 00 ,0 00 1 2,0 00,0 00,0 00 O rd in ary sh are s of Rs. 10 e ac h 1 20 ,0 00 ,0 00 12 0,00 0,0 00

14. SHARE CAPITAL

14.1 Authorized

Unaudited Audited Unaudited AuditedJune 30, December 31, June 30, December 31,

2013 2012 2013 2012

(Number of shares) (Rupees '000')

Fully paid up ordinary shares of Rs. 10 each

3,278,902,659 3,278,902,659 Fully paid in cash 32,789,027 32,789,027

Issued for consideration

other than cash (under

764,824,417 764,824,417 schem es of amalgamation) 7,648,244 7,648,244

6,259,124,088 6,259,124,088 Issuance of shares on discount 62,591,241 62,591,241

10,302,851,164 10,302,851,164 103,028,512 103,028,512

14.2 Issued, subscribed and paid up

14.3 The holding Com pany Bugis Investments (Maurit ius) Pte. Limited holds 9,132,728,598 (Decem ber 31, 2012:

9,132,728,598) ordinary shares.


2013 2012

(Rupees '000')


8/12/2019 NIB HY1 JUN 2013


8/12/2019 NIB HY1 JUN 2013


8/12/2019 NIB HY1 JUN 2013


20 NIB BANK LIMITED


A d v a n c e s

A t t h e b e g i n n i n g o f t h e p e r i o d

/ y e a r

–

–

–

–

–

–

1 3 3 , 9

1 3

1 1 9 , 2

5 4

2 1 , 9

5 1

2 4 , 9

9 7

G i v e n / a d d i t i o n d u r i n g

t h e p e r i o d

/ y e a r

–

–

–

–

–

–

5 6 , 6

1 0

8 5 , 3

0 8

9 7 0

1 , 0

6 9

R e p a i d d u r i n g t h e p e r i o d / y e a r

–

–

–

–

–

–

( 5 0 , 8

4 3 )

( 7 0 , 6

4 9 )

( 1 , 4

4 1 )

( 4 , 1

1 5 )

A t t h e e n d

o f t h e p e r i o d / y e a r

–

–

–

–

–

–

1 3 9 , 6

8 0

1 3 3 , 9

1 3

2 1 , 4

8 0

2 1 , 9

5 1

D e p o s i t s


/ y e a r

3 2 , 8

2 3

4 2 , 6

5 3

1 9 6 , 7

8 7

1 6 , 0

3 8

6 1 1 , 3

1 6

2 9 8 , 7

5 1

3 3 , 4

3 3

4 2 , 0

1 3

5 4 , 1

2 6

9 4 , 2

0 0

D e p o s i t s

d u r i n g t h e

p e r i o d

/ y e a r

1 1 8

9 0 4

2 , 7

4 1 , 9

8 3

4 , 8 5

4 , 6

2 7

1 1 , 1

5 4 , 2

8 9

2 2 , 0

3 9 , 7

0 7

1 3 9 , 3

5 1

3 2 1 , 3

8 8

4 8 5 , 4

1 3

1 , 1

9 7 , 0

7 9

E x c h a n g e d i f f e r e n c e

2 3 3

9 2 6

–

–

–

–

( 1 3 8 )

1 , 8

9 3

( 5 4 )

7 , 9

1 0

W i t h d r a w a l d u r i n g

t h e p e r i o d

/ y e a r

( 1 1 , 1

4 6 )

( 1 1 , 6

6 0 )

( 2 , 9

2 1 , 9

8 7 )

( 4 , 6

7 3 , 8

7 8 )

( 1 1 , 3

1 1 , 5

7 4 )

( 2 1 , 7

2 7 , 1

4 2 )

( 1 4 3 , 0

5 2 )

( 3 3 1 , 8

6 1 )

( 4 7 3 , 2

1 7 )

( 1 , 2

4 5 , 0

6 3 )

A t t h e e n d


2 2 , 0

2 8

3 2 , 8

2 3

1 6 , 7

8 3

1 9 6 , 7

8 7

4 5 4 , 0

3 1

6 1 1 , 3

1 6

2 9 , 5

9 4

3 3 , 4

3 3

6 6 , 2

6 8

5 4 , 1

2 6

I n v e s t m

e n t i n

s h a r e s

/ m

u t u a l f u n d s - c o s t


/ y e a r

–

–

4 , 5

8 4 , 7

4 1

4 , 5 8

4 , 7

4 1

1 , 5

7 3 , 8

3 2

1 , 5

7 3 , 8

3 2

–

–

–

1 4 9 , 7

0 5

I n v e s

t m e n

t s m a

d e

d u r

i n g

t h e p e r i o

d

/ y e a

r

–

–

–

–

–

–

–

–

–

–

I n v e s

t m e n

t s s o

l d

d u r

i n g

t h e p e r

i o d

/ y e a r

–

–

–

–

–

–

–

–

–

( 1 4 9 , 7

0 5 )

A t t h e e n d


–

–

4 , 5

8 4 , 7

4 1

4 , 5 8

4 , 7

4 1

1 , 5

7 3 , 8

3 2

1 , 5

7 3 , 8

3 2

–

–

–

–

I n v e s t m

e n t i n

T e r m

F i n a n c e

C e r t i f i c a t e s - c o s

t

A t t h e e n d


–

–

–

–

–

–

–

–

–

1 , 0

7 8 , 9

0 9

R e c e i v a b l e s

A t t h e e n d


1 7 1

1 7 1

–

–

1 3 7

–

–

–

2 3 , 4

8 0

–

P a y a b l e s

A t t h e e n d


–

–

3 , 1

3 4

3 , 1

3 4

–

–

–

–

–

5 , 9

5 8

1 7 . 1

B a l a n c e s o u t s t a n d i n g

a s a t p e r i o d / y e a r e n d

1 7 .

R E L A T E D

P A R T Y T R A N S A C T I O N S

T h e B a n k h a s r e l a t e d p a r t y t r a n s a c t i o n s w i t h i t s h o l d i n g c o m p a n y ,

s u b s i d i a r i e s , a s s o c i a t e d u n d e r t a k i n g s , e m p

l o y e e b e n e f i t p l a n s a n d i t s k e y

m a n a g e m e n t p e r s o n n

e l . T r a n s a c t i o n s w i t h r e l a t e d p a r t i e s a r e e x e c u t e d o n t h e s a m e t e r m s a s t h o s e p r e v a i l i n g a t t h e t i m e f o r c o m p a r a b l e

t r a n s a c t i o n s w i t h u n r e l a t e d p a r t i e s .

T h e d e t a i l o f t r a n s a c t i o n s w i t h r

e l a t e d p a r t i e s i s g i v e n b e l o w :

( R u p e e s ' 0 0 0 ' )

H o l d i n g c o m

p a n y

S u b s i d i a r i e s

A s s o c i a t e s

K e y m

a n a g e m

e n t p e r s o n n e l

O t h e r r e l a t e d p a r t i e s

U n a u d i t e d

J u n e 3 0 ,

2 0 1 3

A u d i t e d

D e c e m

b e r 3 1 ,

2 0 1 2

U n a u d i t e d

J u n e 3 0 ,

2 0 1 3

A u d i t e d

D e c e m b

e r 3 1 ,

2 0 1

2

U n a u d i t e d

J u n e 3 0 ,

2 0 1 3

A u d i t e d

D e c e m

b e r 3 1 ,

2 0 1 2

U n a u d i t e d

J u n e 3 0 ,

2 0 1 3

A

u d i t e d

D e c

e m

b e r 3 1 ,

2 0 1 2

U n a u d i t e d

J u n e 3 0 ,

2 0 1 3

A u d i t e d

D e c e m

b e r 3 1 ,

2 0 1 2

8/12/2019 NIB HY1 JUN 2013


21NIB BANK LIMITED

1 8 .

D A T E O F A U T H O R I Z A

T I O N F O R I S S U E

T h e s e u n c o n s o l i d a t e d

c o n d e n s e d i n t e r i m f

i n a n c i a l s t a t e m e n t s w e r e

a u t h o r i z e d f o r i s s u e b y t h e B o a r d o f D i r e c t o r s

o f t h e B a n k o n A u g u s t

2 1 , 2 0 1 3 .

M a r k - u p / R e t u r n / I n t e r e s t

e a r n e d o n a d v a n c e s

–

–

–

–

–

–

2 , 4 1 1

2 , 4 3 4

1 , 3 5 0

1 , 8 3 0

M a r k - u p / R e t u r n / I n t e r e s t e a

r n e d

o n T e r m F

i n a n c e C e r t i f i c a t e s

–

–

–

–

–

–

–

–

–

7 7 , 6 4 3

M a r k - u p / R e t u r n / I n t e r e s t

e x p e n s e d o n d e p o s i t s

–

–

3 , 6 1 2

3 , 1 4 0

3 6 , 1 5 1

3 1 , 1 4 5

3 5 5

5 2 4

1 , 2 0 2

6 , 3 5 5

D i v i d e n d i n c o m e f r o m

s h a r e s / m u t u a l f u n d s

–

–

1 5 0 , 0 0 0

1 6 5 , 0 0 0

–

–

–

–

–

2 , 8 8 5

B r o k e r a g e e x p e n s e

–

–

–

–

–

–

–

–

–

4 2 9

D i r e c t o r s r e m u n e r a t i o n

–

–

–

–

–

–

–

–

4 , 2 7 9

2 , 5 3 9

D i r e c t o r s t r a v e l l i n g e x p e n s e

2 , 0 1 3

4 , 0 0 0

–

–

–

–

–

–

2 , 2 1 9

2 7 9

R e m u n e r a t i o n t o

k e y m a n a g e m e n t p e r s o n

n e l *

–

–

–

–

–

–

2 0 4 , 3 5 1

1 1 2 , 1 8 5

–

–

C o n t r i b u t i o n t o p r o v i d e n t f u n d

–

–

–

–

–

–

–

–

4 8 , 7 7 6

4 3 , 9 9 2

R e n t e x p e n s e

–

–

–

1 , 0 4 2

–

–

–

–

–

–

F e e s a n d s u b s c r i p t i o n

–

–

–

–

–

–

–

–

4 5 0

–

C o m m i s s i o n i n c o m e

–

–

–

–

2 8 5

–

–

–

–

–

H o l d i n g

c o m

p a n y

S u b s i d i a r i e s

A s s o c i a t e s

K e y m

a n a g e m

e n t p e r s o n n

e l

O t h e r r e l a t e d

p a r t i e s

P e r i o d

e n d e d

P e r i o d

e n d e d

P e r i o d

e n d e d

P e r i o d

e n d e d

P e r i o d

e n d e d

J u n e 3 0 ,

J u n e

3 0 ,

J u n e

3 0 ,

J u n e 3 0

,

J u n e 3 0 ,

J u n e 3 0 ,

J u n e 3 0 ,

J u n e 3

0 ,

J u n e 3 0 ,

J u n e

3 0 ,

2 0 1 3

2 0 1 2

2 0 1 3

2 0 1 2

2 0 1 3

2 0 1 2

2 0 1 3

2 0 1 2

2 0 1 3

2 0 1 2

( R u p e e s ' 0 0 0 ' )

U n a u d i t e d

1 7 . 2

I n c o m e / E x p e n s e f o r

t h e p e r i o d

* A s a c o m p o n e n t o f t h e P r e s i d e n t ’ s c o m p e n s a t i o n , t h e P a r e n t o f t h e B a n k i s c o n s i d e r i n g g r a n t o f s h a r e s o f N

I B

B a n k L i m i t e d w h i c h

w o u l d b e s u b j e c t t o c e r t a i n p e r f o r m a n c e c r i t e r i a . C u r r e n t l y t h e e x

t e n t a n d t i m i n g o f t h i s c o m p o n e n t o f t h e P r e

s i d e n t ’ s c o m p e n s a t i o n

a r e b e i n g f i n a l i z e d a n d w i l l b e a c c o u n t e d f o r u n d e r r e l e v a n t a c c o

u n t i n g s t a n d a r d s o n c e f i n a l i z e d .

T e o C h e n g S a n , R o l a n d

C h a i r m a n / D i r e c t o r

O n g K i a n N g e e

D i r e c t o r

A s i f J o o m a

D i r e c t o r

B a d a r K a z m i

P r e s i d e n t / C h i e f E x e c u t i v e


8/12/2019 NIB HY1 JUN 2013


Consolidated

Condensed Interim

Financial Statements

8/12/2019 NIB HY1 JUN 2013


23NIB BANK LIMITED

Independent Auditors’ Report on Review of Co nsolidated CondensedInterim Financial Information to the Members

Introduction

We have reviewed the accompanying consolidated condensed interim statement of financialposition of NIB Bank Limited (“the Bank”) as at 30 June 2013 and the related consolidatedcondensed interim profit and loss account, consolidated condensed interim statement ofcomprehensive income, consolidated condensed interim cash flow statement, consolidatedcondensed interim statement of changes in equity and notes to the condensed interim financialinformation for the six months period then ended (here-in-after referred to as the “consolidatedcondensed interim financial information”). Management is responsible for the preparationand presentation of the consolidated condensed interim financial information in accordance

with approved accounting standards as applicable in Pakistan for interim financial reporting.Our responsibility is to express a conclusion on this consolidated condensed interim financialinformation based on our review.

Scope of Review

We conducted our review in accordance with International Standard on Review Engagements2410, “Review of Interim Financial Information Performed by the Independent Auditor of theEntity.” A review of consolidated condensed interim financial information consists of makinginquiries, primarily of persons responsible for financial and accounting matters, and applyinganalytical and other review procedures. A review is substantially less in scope than an auditconducted in accordance with International Standards on Auditing and consequently doesnot enable us to obtain assurance that we would become aware of all significant matters thatmight be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that theaccompanying consolidated condensed interim financial information is not prepared, in allmaterial respects, in accordance with approved accounting standards as applicable inPakistan for interim financial reporting.

Other Matter

The figures of the consolidated condensed interim profit and loss account and the consolidatedcondensed interim statement of comprehensive income for the quarters ended June 30, 2013have not been reviewed, and we do not express a conclusion on them.

Date: 21 August 2013

Karachi

KPMG Taseer Hadi & Co.Chartered AccountantsAmir Jamil Abbasi

8/12/2019 NIB HY1 JUN 2013


UnauditedJune 30,

2013

AuditedDecember 31,

2012(Restated)

Note

(Rupees '000')

The annexed notes from 1 to 19 form an integral part of these consolidated condensed interimfinancial information.

ASSETS

Cash and balances with treasury banks 9,325,520 7,672,866Balances with other banks 787,011 956,809Lendings to financial institutions 2,203,027 3,440,910

Investments 8 55,235,042 83,802,727Advances 9 72,701,055 71,585,896Operating fixed assets 10 2,772,418 2,754,051Intangible assets 3,284,415 3,449,976Deferred tax assets - net 11 10,636,869 10,766,279Other assets 12 6,130,742 6,425,663

163,076,099 190,855,177

LIABILITIES

Bills payable 8,147,946 2,430,030Borrowings 42,868,521 76,179,065Deposits and other accounts 13 89,445,193 91,094,447Sub-ordinated loans 14 3,992,000 3,992,800Liabilities against assets subject to finance lease – –Deferred tax liabilities – –Other liabilities 2,558,345 2,763,271

147,012,005 176,459,613

NET ASSETS 16,064,094 14,395,564

REPRESENTED BY:

Share capital 15 103,028,512 103,028,512Reserves 393,280 225,889Discount on issue of shares (45,769,623) (45,769,623)Accumulated loss (42,184,995) (43,069,410)

Shareholder’s Equity 15,467,174 14,415,368Surplus / (Deficit) on revaluation of assets - net 596,920 (19,804)

16,064,094 14,395,564

CONTINGENCIES AND COMMITMENTS 16

24 NIB BANK LIMITED

NIB Bank LimitedConsolidated Condensed Interim Statement of F inancial Position

As at June 30 , 2013


Chairman / Director

Ong Kian Ngee

Director

Asif Jooma

Director

Badar Kazmi


8/12/2019 NIB HY1 JUN 2013


25NIB BANK LIMITED

NIB Bank LimitedConsolidated Condensed Interim Profit and Loss Account (Unaudited)For the half year and quarter ended June 30, 20 13

M ark-up / Return / Interest earned 6,838,262 6,987,953 3,409,450 3,615,402M ark -up / R eturn / Interest expensed 5,175,388 5,6 34,599 2 ,63 9,846 2 ,84 5,8 76

Net Mark-up / Interest Income 1,662,874 1,353,354 769,604 769,526

(Reversal) / Provision against non-performing loans and advances (494,084) 169,530 (124,985) 11,486

Provision (Reversal) for diminution in the value of investments 36,497 (23,363) 36,497 (40,217)Bad debts written off directly 2,654 2,707 43 808

(454,933) 148,874 (88,445) (27,923)

Net Mark-up / Interest income after provisions 2,117,807 1,204,480 858,049 797,449

NON MARK-UP / INTEREST INCOME

Fee, commission and brokerage income 758,144 5 37,813 38 8,269 28 2,3 65Dividend income 20,883 50,692 1,779 4,309Income from dealing in fo reig n currencies 188 ,305 176 ,794 114 ,407 54,776Gain on sale of securities 326,317 257,792 186,072 173,336Unrealized gain on revaluation of investments classified as held-for-trading 15,672 3,138 8,311 (56)Other income 59,792 60,720 50,986 58,243

Total Non M ark-up / Interest income 1,369,113 1,086,949 749,824 572,973

3,486,920 2,291,429 1,607,873 1,370,422NON MARK-UP / INTEREST EXPENSES

Administrative expenses 2,604,984 2 ,635,652 1,270,855 1,327,079Other provisions / write offs 36,301 4,603 36,301 4,603Other charges 50,857 7,280 48,354 1,115Workers welfare fund 4,672 2,345 3,072 1,551

Total Non Mark -up / In terest exp enses 2 ,696 ,814 2 ,649 ,880 1 ,358 ,582 1 ,334 ,348

Share of profit of associates 514,385 387,049 346,463 39,119

Extraordinary / Unusual items – – – –

PROFIT / (LOSS) BEFORE TAXATION 1,304,491 28,598 595,754 75,193

Taxation - Current 111,382 34,207 79,002 (12,512)- Prior years 86,000 – 7 1,000 –- Deferred 51,397 39,211 34,565 4,137

248,779 73,418 184,567 (8,375)

PROFIT / (LOSS) AFTER TAXATION 1,055,712 (44,820) 411,187 83,568

Profit / (loss) attributable to:Equity shareholders of the Bank 1,048,426 (44,932) 403,262 83,482Minority unit holders of PICIC Stock Fund 7,286 112 7,925 86

1,055,712 (44,820) 411,187 83,568

Basic / diluted earnings / (loss) per share (Rupe es) 0.10 (0.00) 0.04 0 .01


(Rupees '000')

June 30,2013

Half year ended

June 30,2012

June 30,2013

Quarter ended

June 30,2012


Chairman / Director

Ong Kian Ngee

Director

Asif Jooma

Director

Badar Kazmi


8/12/2019 NIB HY1 JUN 2013


NIB Bank LimitedConsolidated Condensed Interim Statement of Comprehensive Income (Unaudited)For the half year and quarter ended June 30, 2013

26 NIB BANK LIMITED

Profit / (loss) after taxation for the period

attributable to:

Equity shareholders of the Bank 1,048,426 (44,932) 403,262 83,482

Minority unit holders of PICIC Stock Fund 7,286 112 7,925 86

Other comprehensive income – – – –

Effect of change in accounting policy with respect to accounting for actuarial gains and losses 3,380 4,324 3,380 2,162

Total comprehensive income for the period 1,059,092 (40,496) 414,567 85,730

Surplus / deficit on revaluation of ''Available-for-Sale'' securities is presented under a separatehead below equity as ''surplus / deficit on revaluation of assets'' in accordance with the requirements

specified by the Companies Ordinance, 1984, and the State Bank of Pakistan vide its BSD Circular20 dated August 4, 2000 and BSD Circular 10 dated July 13, 2004.


(Rupees '000')

June 30,2013

Half year ended

June 30,2012

June 30,2013

Quarter ended

June 30,2012


Chairman / Director

Ong Kian Ngee

Director

Asif Jooma

Director

Badar Kazmi


8/12/2019 NIB HY1 JUN 2013


C a p ita l R e v e n u e

S h a re D is c o u n t S ta tu to r y G e n e ra l A c c u m ula te d S u b N o n

c a p ita l o n is s u e o f re s e rv e r e s e rv e lo s s To ta l C o n tro ll in g To ta l

s h a r e s In te re s t( R u p e e s ' 0 0 0 ' )

B a l a n c e a s a t D e c e m b e r 3 1 , 2 0 1 1 –a s p re vio u s ly r e po rte d 1 03 ,0 28 ,5 12 ( 4 5,7 69 ,6 23 ) 2 12 ,8 04 5 ,4 72 ( 4 3,3 33 ,9 09 ) 1 4,1 43 ,2 56 9 1 4,1 43 ,2 65

E f f e c t o f re t r o s p e c t i v e c h a n g e i na c c o u n t i n g p o l i c y w i t h r e s p e c t t oa c c o un tin g fo r a c tu a r ia l g a in s a n d lo ss e s – – – – 6 ,1 8 1 6 ,1 8 1 – 6 ,1 8 1

M i n o r i t y u n i t h o l d e r s s h a r e o f P I C I C S t o c kF u n d tr a n s fe r re d to o th e r l ia b i l it ie s – – – – – – ( 9 ) ( 9 )

B a l a n c e a s a t D e c e m b e r3 1, 2 01 1 - r e st a te d 1 03 ,0 28 ,5 12 ( 4 5,7 69 ,6 23 ) 2 12 ,8 04 5 ,4 72 ( 4 3,3 27 ,7 28 ) 1 4,1 49 ,4 37 – 1 4,1 49 ,4 37

T o t a l c o m p r e h e n s i v e i n c o m e / ( lo s s ) f o r t h e p e r i o d

E f f e c t o f r e t r o s p e c t i v e c h a n g e i n a c c o u n t i n gp o l i c y w i t h r e s p e c t t o a c c o u n t i n g f o ra c tu a r ia l g a in s a n d lo s s e s – – – – 4 ,3 2 4 4 ,3 2 4 – 4 ,3 2 4

P ro fi t / ( lo ss ) a ft e r t a xa tio n fo r t h e p e r io d – – – – ( 4 4,8 20 ) (4 4,8 20 ) – ( 4 4,8 20 )

M i n o r i t y u n i t h o l d e r s s h a r e o f P I C I C S t o c kF u n d t r a n s fe r r e d to o th e r l ia b i l i t ie s – – – – ( 1 1 2 ) ( 1 1 2 ) – ( 1 1 2 )

B a l a n c e a s a t J u n e 3 0 , 2 0 1 2 - r e s ta t e d 1 0 3 ,0 2 8 ,5 1 2 ( 4 5 ,7 6 9 ,6 2 3 ) 2 1 2 ,8 0 4 5 , 47 2 ( 4 3 ,3 6 8 ,3 3 6 ) 1 4 ,1 0 8 ,8 2 9 – 1 4 , 10 8 ,8 2 9

T o t a l c o m p r e h e n s i v e i n c o m e / ( lo s s )f o r t h e p e r i o d


P ro fi t / ( lo ss ) a ft e r t a xa tio n fo r t h e p e rio d – – – – 3 0 6 ,9 0 0 3 0 6 ,9 0 0 – 3 0 6 ,9 0 0

T r a n s fe r t o s ta tu to r y r e s e r v e – – 7 ,6 1 3 – ( 7 ,6 1 3 ) – – –

M i n o r i t y u n i t h o l d e r s s h a r e o f P I C I C S t o c kF u n d t r a n s fe r r e d to o th e r l ia b i l i t ie s – – – – ( 4 ,6 8 4 ) ( 4 ,6 8 4 ) – ( 4 ,6 8 4 )

B a l a n c e a s a t D e c e m b e r 3 1 , 2 0 1 2 - r e s t a t e d 1 0 3 ,0 2 8 ,5 1 2 (4 5 ,7 6 9 ,6 2 3 ) 2 2 0 ,4 1 7 5 , 47 2 ( 4 3 ,0 6 9 ,4 1 0 ) 1 4 ,4 1 5 ,3 6 8 – 1 4 , 41 5 ,3 6 8

T o t a l c o m p r e h e n s i v e i n c o m e / ( lo s s )f o r t h e p e r i o d


P ro fi t / ( lo ss ) a ft e r t a xa tio n fo r t h e p e rio d – – – – 1 ,0 5 5 ,7 1 2 1 ,0 5 5,7 1 2 – 1 ,0 5 5 ,7 1 2

T r a n s fe r t o s ta tu to r y r e s e r v e – – 1 6 7 ,3 9 1 – ( 1 6 7 ,3 9 1 ) – – –

M i n o r i t y u n i t h o l d e r s s h a r e o f P I C I C S t o c k F u n dt r a n s fe r r e d to o th e r l ia b i l i t ie s – – – – ( 7 ,2 8 6 ) (7 ,2 8 6 ) – ( 7 ,2 8 6 )

B a la n ce a s a t J u ne 3 0 , 2 0 1 3 1 0 3,0 2 8 ,5 1 2 ( 4 5,7 6 9,6 2 3 ) 3 8 7,8 0 8 5 ,4 7 2 ( 42 ,1 8 4 ,9 9 5) 1 5 ,4 6 7,1 7 4 – 1 5 ,4 6 7 ,1 7 4

The annexed notes from 1 to 19 form an integral part of these consolidated condensed interim financialinformation.

27NIB BANK LIMITED

R e s e r v e s

A t t r ib u t a b l e t o o r d i n a r y s h a r e h o l d e r s o f t h e B a n k

NIB Bank LimitedConsolidated Condensed Interim Statement of Changes in Equity (Unaudited)For the half year ended June 30, 2013


Chairman / Director

Ong Kian Ngee

Director

Asif Jooma

Director

Badar Kazmi


8/12/2019 NIB HY1 JUN 2013


28 NIB BANK LIMITED

NIB Bank LimitedConsolidated Condensed Interim Cash Flow Statement (Unaudited)For the half year ended June 30, 2013


June 30,2013

June 30,2012

(Rupees '000')CASH FLOWS FROM OPERATING ACTIVITIES

Profit / (loss) before taxation 1,304,491 28,598Dividend income (20,883) (50,692)

1,283,608 (22,094)Adjustments for non-cash itemsDepreciation 143,178 119,711Amortization 165,561 184,982Workers welfare fund 4,672 2,345(Reversal) / Provision against non-performing loans and advances (494,084) 169,530

Bad debts written off directly 2,654 2,707Fixed assets written off 10,932 45,970Gain on sale of operating fixed assets (33,306) (8,830)Gain on sale of securities (326,317) (257,792)Unrealized gain on revaluation of investments classified as held-for-trading (15,672) –Provision / (Reversals) for diminution in the value of investments 36,497 (23,363)Other provisions / (reversal) / write offs 36,301 4,603Share of profit of associates (514,385) (387,049)

(983,969) (147,186)

299,639 (169,280)(Increase) / decrease in operating assetsLendings to financial institutions 1,237,883 11,823,534Net investments in held-for-trading securities (8,804) (12,587)Advances (623,729) (3,465,101)Other assets (excluding advance taxation) (693,970) (1,682,313)Increase / (decrease) in operating liabilitiesBills payable 5,717,916 546,807Borrowings (33,310,544) (16,487,286)Deposits and other accounts (1,649,254) 4,680,449Other liabilities (excluding current taxation) (299,813) (9,544)

(29,330,676) (4,775,321)

Income tax paid (157,648) (158,178)

Net cash used in operating activities (29,488,324) (4,933,499)

CASH FLOWS FROM INVESTING ACTIVITIESNet investments in available-for-sale securities 29,266,806 4,403,275Net investments in held-to-maturity securities 1,831,281 48,248Net investments in associates (94,667) 123,434Dividend received 21,419 50,507Payments for capital work in progress (50,260) (96,428)Acquisition of property and equipment (83,351) (40,421)Acquisition of intangible assets – (2,850)Sale proceeds of property and equipment disposed of 69,616 17,704

Net cash from investing activities 30,960,844 4,503,469

CASH FLOWS FROM FINANCING ACTIVITIESNet Payments against sub-ordinated loans (800) (800)Dividend paid (83) (230)Receipt from minority investor of PICIC Stock Fund 11,219 845

Net cash (used in) / financing activities 10,336 (185)

Net increase / (decrease) in cash and cash equivalents 1,482,856 (430,215)Cash and cash equivalents at the beginning of the period 8,629,675 9,455,604

Cash and cash equivalents at the end of the period 10,112,531 9,025,389


Chairman / Director

Ong Kian Ngee

Director

Asif Jooma

Director

Badar Kazmi


8/12/2019 NIB HY1 JUN 2013


1. STATUS AND NATURE OF BUSINESS

The "Group" consists of:

Holding Company: NIB Bank Limited (the Bank)

NIB Bank Limited "the Bank" is incorporated in Pakistan and its registered office is situatedat first floor, Post Mall, F-7 Markaz, Islamabad. The Bank is listed on all the stock exchangesin Pakistan and has 179 branches (December 31, 2012: 179 branches). The Bank is ascheduled commercial bank and is principally engaged in the business of banking as definedin the Banking Companies Ordinance, 1962.

NIB Bank Limited is a subsidiary of Bugis Investments (Mauritius) Pte. Limited which is a

wholly owned subsidiary of Fullerton Financial Holdings Pte. Limited which in turn is a whollyowned subsidiary of Temasek Holdings, an investment arm of the Government of Singapore.

Subsidiary Companies

PICIC Asset Management Company Limited (PICIC AMC)

PICIC AMC is a wholly owned subsidiary of the Bank and is an unquoted public limitedcompany with principal business to carry out investment advisory services and assetmanagement services. The Bank acquired interest in PICIC AMC by virtue of acquisition andamalgamation of Pakistan Industrial Credit and Investment Corporation Limited (PICIC) asof June 30, 2007.

PICIC Stock Fund (PSF)

The Group has acquired 86.94% interest in the PSF. PSF is an open ended mutual fundapproved by the Securities and Exchange Commission of Pakistan (SECP) and is listed onthe Islamabad Stock Exchange (Guarantee) Limited. The units of the PSF are offered to thepublic for subscription on a continuous basis and are transferable and redeemable bysurrendering them to the PSF. The investment objective of the Fund is to provide investors

a diversified equity portfolio with a primary objective of maximizing risk adjusted returns overlonger investment horizon through a combination of capital gains and dividend income.

Financial and Management Services (Private) Limited (FMSL)

The Bank also acquired 95.89% interest in Financial and Management Services (Private)Limited by virtue of acquisition and amalgamation of PICIC.

2. STATEMENT OF COMPLIANCE

2.1 These consolidated condensed interim financial statements of the Bank for the six monthsperiod ended June 30, 2013 have been prepared in accordance with the requirements ofInternational Accounting Standard (IAS) 34 - Interim Financial Reporting, the provisions ofand directives issued under the Companies Ordinance, 1984, the Banking CompaniesOrdinance, 1962 and directives issued by the Securities and Exchange Commission ofPakistan (SECP) and the State Bank of Pakistan (SBP). In case requirements differ, theprovisions of and directives issued under the Companies Ordinance, 1984, the BankingCompanies Ordinance, 1962 and the said directives have been followed.

2.2 The SBP has deferred the applicability of IAS 39 - Financial Instruments: Recognition and

Measurement, and IAS 40 - Investment Property, for Banking Companies through BSD Circularletter no. 10, dated August 26, 2002. Further, according to the notification of SECP datedApril 28, 2008, the IFRS 7 - Financial Instruments: Disclosures, has not been made applicablefor banks. Accordingly, the requirements of these standards have not been considered in thepreparation of these condensed interim financial information. However, investments havebeen classified and valued in accordance with the requirements of various circulars issuedby the SBP.

2.3 The disclosures made in these consolidated condensed interim financial information havebeen limited based on the format prescribed by SBP vide BSD circular letter no. 2 of May12, 2004 and IAS 34 - Interim Financial Reporting, and do not include all the information

29NIB BANK LIMITED

NIB Bank LimitedNotes to the Consolidated Condensed Interim Financial Information (Unaudited)For the half year ended June 30, 2013

8/12/2019 NIB HY1 JUN 2013


Notes to the Consolidated Condensed Interim Financial Information (Unaudited)For the half year ended June 30, 2013

30 NIB BANK LIMITED

required in annual financial statements. Accordingly, these consolidated condensed interimfinancial information should be read in conjunction with the consolidated financial statementsof the Bank for the year ended December 31, 2012.

3. BASIS OF MEASUREMENT

3.1 These consolidated condensed interim financial information have been prepared under thehistorical cost convention, except for the measurement of certain investments and commitmentsin respect of forward foreign exchange contracts that are stated at revalued amounts / fairvalues, staff retirement benefits (Gratuity) which are stated at present value and certainfinancial assets that are stated net of provisions.

3.2 These consolidated condensed interim financial statements have been presented in PakistanRupees, which is the Group's functional and presentation currency. The amounts are roundedoff to the nearest thousand rupees.

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accounting policies and method of computation adopted in the preparation of theseconsolidated condensed interim financial statements are the same as those applied in thepreparation of the annual consolidated financial statements of the Group for the year endedDecember 31, 2012 except as mentioned below:

4.1 Change in accounting policy - Employee Benefits (Defined Benefit Plan)

During the current period (with effect from January 1, 2013), the Bank adopted revised IAS19 - Employee Benefits, standard and changed its basis for recognition of actuarial gainsand losses. The revised IAS 19 require actuarial gains and losses to be recognised immediatelyin other comprehensive income. Previously, actuarial gains and losses were amortised usingthe 10% corridor approach as allowed under the relevant provision of IAS 19.

Revised accounting policy of employee benefits - defined benefit plan is as follows:

4.2 Staff retirements benefits

Defined benefit plans

The Bank operates an unfunded gratuity scheme covering all eligible employees who haveattained the minimum qualifying period of five years. Eligible employees are those employeeswho have joined the service of the Bank on or before March 31, 2006. Provision is made inaccordance with actuarial recommendations. Actuarial valuation is carried out periodicallyusing the “Projected Unit Credit Method”. Actuarial gains and losses are recognisedimmediately in other comprehensive income.

4.3 Effect of change in accounting policy

This change in accounting policy has been accounted for retrospectively in accordance withInternational Accounting Standard 8 - Accounting policies, Changes in Accounting Estimatesand Errors, these have resulted in adjustment of prior year financial statements.

Effects of retrospective application of change in accounting policy are as follows:

Un-recognised actuarial gains and losses of prior periods have been recognised in thestatement of financial position through other comprehensive income. The cumulative balancefor un-recognised actuarial losses that existed as at January 1, 2012 as well as the actualamounts recognised for the year 2012 have been presented and disclosed as part of thestatement of changes in equity, while the corresponding period adjustment through othercomprehensive income is presented and disclosed as part of the Statement of ComprehensiveIncome. The Statement of Financial Position also presents the prior year numbers as restated,due to the said change.

8/12/2019 NIB HY1 JUN 2013


31NIB BANK LIMITED


Effect on othercomprehensive income

Actuarial gains / (losses)

reclassified to othercomprehensive income 3,380 4,323 4,324 6,181

The new standards, amendments and interpretations that are effective for accounting periodsbeginning on or after January 1, 2013 and are not considered effective or do not have anysignificant effect on the Bank’s operations, are not detailed in these these consolidatedcondensed interim financial statements.

(Rupees '000')

As at December 31, 2012

As previouslyreported

Effect onchange

AsRestated

Effect on statement offinancial position

Decrease in payable to gratuity fund 78,416 (14,828) 63,588

Decrease in accumulated loss 43,084,238 (14,828) 43,069,410

Prior toJanuary 01,2012


2012

Six monthsperiod endedon December

31, 2012


2013

(Rupees '000')

5. ACCOUNTING ESTIMATES

The basis for the accounting estimates adopted in the preparation of these consolidatedcondensed interim financial statements are the same as those applied in the preparationof the annual consolidated financial statements of the Group for the year ended December31, 2012.

6. FINANCIAL RISK MANAGEMENT

The financial risk management objectives and policies adopted by the Group are consistentwith those disclosed in the annual consolidated financial statements of the Group for the yearended December 31, 2012.

7. BASIS OF CONSOLIDATION

The assets and liabilities of the subsidiary company have been consolidated on a line by linebasis and the carrying value of the investment in subsidiary held by the holding companyis eliminated against the shareholders' equity in the consolidated financial statements.

Material intra-group balances and transactions have been eliminated.Financial and Management Services (Private) Limited has not been consolidated as it is notmaterial and this investment has been fully provided.

8/12/2019 NIB HY1 JUN 2013



32 NIB BANK LIMITED

8.2 The SBP, vide Letter No. BPRD/BRD-(Policy)/2013-1857 dated February 15, 2013 haspermitted banks to maintain provision against Term Finance Certificates issued by AzgardNine Limited, classified in Loss category, at 50% of the exposure. Had this relaxation notbeen received the provision against TFC’s of Azgard Nine Ltd would have been higher byRs. 8.135 million.

8. INVESTMENTS

8.1 Investments by types:

Held-for-trading securities

Ordinary Shares / Certificates in

L isted Companies / Modarabas 150 ,975 8 ,460 159 ,435 121 ,748 6 ,184 127 ,932

150,975 8,460 159,435 121,748 6 ,184 127,932Available-for-sale securities

M arket Treasury Bills 1 1,714,838 6,898 ,3 72 18,613 ,2 10 1 ,8 96,778 47,428,597 49 ,3 25,375

Pak istan Investment B onds 5 ,798 ,000 13,768,723 19,566,723 367 ,876 12 ,547 ,372 12,915 ,248

GOP Ijara Sukkuk Bonds 4,030,138 – 4,030,138 9,559,180 – 9,559,180

Defense Savings Certificates – 2,730 2,730 – 2,730 2,730

Sukuk Bonds 1,486,865 – 1,486,865 502,117 – 502,117

Cumulative Preference Shares 80,178 – 80,178 80,178 – 80,178

Ordinary Shares / Certificates in

Listed Companies / Modarabas 61,032 – 61,032 167,232 – 167,232

Ordinary Shares of Unlisted Companies 65,920 – 65,920 65,872 – 65,872

Term Finance Certificates 2,550,549 39,474 2,590,023 1,961,670 – 1,961,670

25,787,520 20,709,299 46,496,819 14,600,903 59,978,699 74,579,602

Held-to-maturity securities

Pakistan Investment Bonds 2,850,379 – 2,850,379 4,649,177 – 4,649,177

Term Finance Certificates 11,028 – 11,028 43,511 – 43,511

2,861,407 – 2,861,407 4,692,688 – 4,692,688

Associates 5,088,588 – 5,088,588 3,969,457 – 3,969,457

Subsidiary 724 – 724 724 – 724

Total investments - Gross 33,889,214 20,717,759 54,606,973 23,385,520 59,984,883 83,370,403

Provision for diminution

in value of investments (139,283) – (139,283) (137,975) – (137,975)

Investments - net of provisions 33,749,931 20,717,759 54,467,690 23,247,545 59,984,883 83,232,428

Surplus / (Deficit) on revaluation of

held-for-trading securities 11,802 3 ,870 15,672 2 ,675 602 3 ,277

Surplus on revaluation of

availab le-for -sale securit ies 268,529 483,151 751,680 150,708 416,314 567,022

Net Investments 34,030,262 21,204,780 55,235,042 23,400,928 60,401,799 83,802,727

Unaudited Audited

June 30, 2013 December 31, 2012

Held by Given as Total Held by Given as TotalGroup collateral Group collateral

(Rupees '000')

8/12/2019 NIB HY1 JUN 2013


33NIB BANK LIMITED


9. ADVANCES

Loans, cash credits, running finance, etc. - in Pak istan 90 ,337,323 8 9,01 2,5 93

Net investment in finance lease - in Pakistan 1,775,368 1,897,676

Bills discounted and purchased (excluding Treasury Bills)

Payable in Pakistan 64,137 189,544Payable outside Pakistan 3,336,649 3,779,947

Advances - Gross 95,513,477 94,879,760

Provision against non-performing advances - Specific 9.1 (22,729,807) (23,214,941)- General (82,615) (78,923)

(22,812,4 22) (23,293,8 64)

Advances - Net of provisions 72,701,055 71,585,896

9.1 Advances include Rs. 31,813.450 million (December 31, 2012: Rs. 32,921.495 million),which have been placed under non-performing status as detailed below:


Note 2013 2012

(Rupees '000')

Category of Classification

Substandard 2,788,104 – 2,788,104 630,841 630,841Doubtful 1,338,515 – 1,338,515 317,354 317,354Loss 27,686,831 – 27,686,831 21,781,612 21,781,612

31,813,450 – 31,813,450 22,729,807 22,729,807

(Rupees '000')

Domestic Overseas Total Provision Provisionrequired held

9.2 Included in the provision required is an amount of Rs. 303.889 million (2012: Rs. 410.960million) which represents provision in excess of the requirements of the State Bank of Pakistan.

9.3 The SBP, vide Letter No. BPRD/BRD-04/Faysal/2013/1695 dated February 13, 2013 provided

relaxation for provision against Gulistan Group to the extent of 75% of the required provisionby June 30, 2013. Had this relaxation not been received the provision for non performingloans to Gulistan group would have been higher by Rs. 72.322 million.

9.4 In accordance with BSD Circular No. 1 dated October 21, 2011 issued by the State Bank

of Pakistan, the Bank has availed the benefit of Forced Sale Value (FSV) against thenon-performing advances. During the half year ended June 30, 2013, total FSV benefit erosionresulted in decrease in profit before tax of Rs. 491.791 million. Had the benefit under the saidcircular not been taken by the Bank, the specific provision against non-performing advances

would have been higher by Rs. 5,427.380 million (December 31, 2012: Rs. 5,919.171 million).The FSV benefit recognised will not be available for distribution of cash and stock dividendto shareholders.

8/12/2019 NIB HY1 JUN 2013



34 NIB BANK LIMITED

10. OPERATING FIXED ASSETS

10.1 Additions to fixed assets

The following additions have been made to fixed assets during the half year ended June 30, 2013:

Furniture and fixtures 4,857 2,073

Electrical, office and computer equipment 93,850 33,581

Vehicles 5,748 3,640

Leasehold improvements 53,174 10,035

Capital work in progress 50,503 97,112

10.2 Disposal of fixed assets - cost

The following disposals have been made from fixed assets during the half year ended June 30, 2013:

Freehold land 18,920 –

Leasehold land 13,157 –

Furniture and fixtures 9,730 15,144

Electrical, office and computer equipment 21,586 33,674

Vehicles 8,825 6,720

Leasehold improvements 156 150

Unaudited UnauditedJune 30, June 30,

2013 2012

(Rupees '000')

11. DEFERRED TAX ASSETS

The deferred tax asset recognised in the books has been restricted to Rs. 10,636 million dueto uncertainty of availability of future tax profits for utilization of the unrecognised deferredtax assets. The deductible differences available to the Bank are Rs. 11,318 million. Had thedeferred tax asset been recognized on all deductible timing differences, the profit after tax

for the half year ended on June 30, 2013 would have been higher by Rs. 682 million.

The management has recorded deferred tax asset based on financial projections indicatingabsorption of deferred tax asset over a number of future years through reversals as a result

of recoveries from borrowers and absorption of remaining deferred tax asset against futuretaxable profits. The financial projections involve certain key assumptions such as depositscomposition, interest rates, growth of deposits and advances, investment returns and potentialprovision / reversals against assets. Any significant change in the key assumptions may havean effect on the absorption of the deferred tax asset.

12. OTHER ASSETS 6,130,742 6,425,663

12.1 Other assets include settlement of certain accounts through acquiring properties from the

borrowers amounting to Rs. 1,474.592 million (December 31, 2012: Rs. 1,245.592 million).The settlement agreements signed with borrowers in certain cases entails a buy back option.


2013 2012

(Rupees '000')

8/12/2019 NIB HY1 JUN 2013


35NIB BANK LIMITED


13. DEPOSITS AND OTHER ACCOUNTS

Customers

Fixed deposits 20,671,140 24,859,849

Savings deposits 36,430,764 33,574,896

Current accounts - Non remunerative 29,670,152 27,784,055

Margin accounts 464,968 749,733

Financial Institutions

Remunerative deposits 1,923,011 3,872,124

Non-remunerative deposits 285,158 253,790

89,445,193 91,094,447

14. SUB-ORDINATED LOANS

Term Finance Certificates - Quoted, Unsecured 3,992,000 3,992,800

Mark-up Floating (no floor, no cap) rate of return at Base Rate +1 .15% (The Base Rate is defined

as the average “Ask Side” rate of the six month Karachi Interbank Offered Rate

(“KIBOR”))

Subordination The TFCs are subordinated to all other indebtedness of the Bank including deposits

Issue Date March 5, 2008

Issue Amount Rs. 4,000 million

Rating A+ (A plus)

Tenor 8 years from the Issue Date

Redemption Ten equal semi-annual instalments of 0.02% of the Issue A mount for the first sixty

months followed by six equal semi-annual instalments of 16.63% of the Issue Amount

from the sixty-sixth month onwards

Maturity March 5, 2016

Call Option The Bank can also exercise a Call Option or a Partial Call Option after obtaining written

approval from the State Bank of Pakistan at any time after a period of sixty months

from the Issue Date


2013 2012

(Rupees '000')

14.1 The Bank has decided to redeem Term Finance Certificates and exercise call option after completion

of five years from the issue date.

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37NIB BANK LIMITED


16.9 Tax contingencies

The income tax returns of NIB Bank Limited have been filed up to and including tax year

2012 relevant to the financial year ended December 31, 2011. The tax authorities have madecertain disallowances including additions on account of proration of expenses againstdividends and capital gains, disallowances of interest and administrative expenses andrenovation expenses incurred on rented premises (allowed historically) pertaining to tax years2003-2008 for Ex-Pakistan Industrial Credit and Investment Corporation Limited

(Ex-PICIC), pertaining to tax years 2004-2008 for Ex-PICIC Commercial Bank Limited(Ex-PCBL), pertaining to tax years 2003-2004 for Ex-National Development Leasing CorporationLimited (Ex-NDLC) and pertaining to tax years 2004-2008 for NIB Bank Limited. Thesedisallowances may result in additional tax aggregating to Rs. 1,370 million (2012: 1,370

million), which the management of the Bank in discussion with their tax consultants believesto be unjustified and not in accordance with the true interpretation of the law.

Appeals filed against orders are pending at various appellate forums. Management is

confident that the eventual outcome of the cases will be in favour of the Bank.


2013 2012

(Rupees '000')

The Bank makes commitments to extend credit in the normal course of its business but none

of these commitments are irrevocable and do not attract any significant penalty or expenseif the facility is ultimately withdrawn except commitments mentioned above.

16.6 Commitments in respect of forward exchange contracts

Purchase 23,810,858 17,670,541Sale 23,881,239 18,716,569

47,692,097 36,387,110

16.7 Commitments for the acquisition of operating fixed assets 101,197 65,530

16.8 Commitments with respect to Government Securities

Purchase – 513,980Sale 50,000 1,900,540

16.4 Other Contingencies

Claims against the Bank not acknowledged as debts 266,133 266,133

16.5 Commitments in respect of forward lending

Commitments to extend credit 6,908,000 1,292,340

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38 NIB BANK LIMITED

17. SEGMENT DETAILS WITH RESPECT TO BUSINESS ACTIVITIES

The Group comprises of the Bank, PICIC Asset Management Company and PICIC StockFund. The Bank is organised into reportable segments as disclosed in note 6.20.1 of theannual consolidated financial statements. These segments are managed by respectivesegment heads and the results of these segments are regularly reviewed by the Group'sPresident / Chief Executive. Segment performance is reviewed on the basis of various factorsincluding profit before taxation. The performance of PICIC Asset Management Company andPICIC Stock Fund is included in Head Office / Other.

Transactions between reportable segments are carried out on an arms length basis.

The segment analysis with respect to business activity is as follows:

As at June 30, 2013 (Unaudited)

Segment Assets (Gross of advancesprovisions) 79,329,336 25,793,036 83,324,824 42,069,621 11,787,793 (56,416,089)

S eg m en t N o n P er fo rm in g L oa ns 1 6, 14 7, 60 5 12 ,5 06 ,1 70 2 ,9 07 ,2 69 – 2 52 ,4 06 –

Segment Provision against advances( inc lud ing genera l p rov is ions) 13 ,034, 845 8 ,135, 767 1 ,421, 298 – 220, 512 –

S eg me nt A ss ets (N et) 6 6,2 94 ,4 91 1 7,6 57 ,2 69 8 1,9 03 ,5 26 4 2,0 69 ,6 21 1 1,5 67 ,2 81 (5 6,4 16 ,0 89 )

S eg me nt L ia bilitie s 6 4,2 62 ,5 51 1 7,0 50 ,0 15 8 0,2 23 ,3 81 4 1,3 70 ,2 67 5 21 ,8 80 (5 6,4 16 ,0 89 )

As at December 31, 2012 (Audited)

* The respective segment assets and liabilities incorporate intersegment lending and borrowing, with appropriatetransfer pricing. The adjustments column eliminates intersegment lending and borrowing.

Segment Assets (Gross of advancesprovisions) 74,436,950 2 8,055,858 83,903,677 75,683,089 8,862,297 (56,792,830)

S eg m en t N o n P er fo rm in g L oa ns 1 6, 89 8, 68 7 12 ,5 65 ,8 91 3 ,1 93 ,0 76 – 2 63 ,8 41 –

Segment Provision against advances( inc lud ing genera l p rov is ions) 13 ,819, 614 7 ,839, 657 1 ,421, 070 – 213, 523 –

S eg me nt A ss ets (N et) 6 0,6 17 ,3 36 2 0,2 16 ,2 01 8 2,4 82 ,6 07 7 5,6 83 ,0 89 8 ,6 48 ,7 74 (5 6,7 92 ,8 30 )

S eg me nt L ia bilitie s 5 8,1 88 ,9 64 1 9,5 68 ,3 33 8 0,7 60 ,8 09 7 4,6 38 ,3 27 9 6,0 10 (5 6,7 92 ,8 30 )

Net Interest Income (212,032) (278,429) 1,740,159 38,592 65,064 –Non Funded Income including share of

income of associates 220,610 66,888 186,060 415,340 585,100 –N et In te re st a nd n on m ark -u p In co me 8 ,5 78 (2 11 ,5 41 ) 1 ,9 26 ,2 19 4 53 ,9 32 6 50 ,1 64 –

Total expenses including provisions(excluding Impairment) (139,772) 708,377 2,082,134 100,607 70,771 –

Impairment against Investment (30,854) – – 7,491 – –T ota l e xp en se s in clu din g p ro vis io ns (1 70 ,6 26 ) 7 08 ,3 77 2 ,0 82 ,1 34 1 08 ,0 98 7 0,7 71 –

S eg me nt N et in com e / (lo ss) b efo re ta x 1 79 ,2 04 (9 19 ,9 18 ) (1 55 ,9 15 ) 3 45 ,8 34 5 79 ,3 93 –S eg me nt R etu rn o n ne t a ss ets (R OA ) (% ) 0 .4 0% (8 .7 3% ) (0 .2 4% ) 1 .2 3% – N /ASegment Cost of funds (% ) 10.45% 6.49% 5.65% 11.93% – N /A

For the Period ended June 30, 2012 (Unaudited)

N et Interest Income 121,712 (244,530) 1,503,585 194,336 87,771 –Non Funded Income including share of

income of associates 347,793 132,165 279,785 357,073 766,682 –N e t I nt er es t a nd n on m a rk -u p I nc om e 4 69 ,5 05 ( 11 2, 36 5) 1 ,7 83 ,3 70 5 51 ,4 09 8 54 ,4 53 –

Total expenses including provisions(excluding Impairment) (772,641) 923,436 1,822,454 142,566 89,569 –

Impairment against Investment 34,287 – – 2,210 – –T ota l e xp en se s in clu din g p ro vis io ns (7 38 ,3 54 ) 9 23 ,4 36 1 ,8 22 ,4 54 1 44 ,7 76 8 9,5 69 –

S eg m en t N e t i nc om e / ( lo ss ) b ef or e t ax 1 ,2 07 ,8 59 ( 1, 03 5, 80 1) ( 39 ,0 84 ) 4 06 ,6 33 7 64 ,8 84 –Segment Return on net assets (ROA) (% ) 3.59% (11.76% ) (0.34% ) 1.80% – N /ASegment Cost of funds (% ) 8.09% 4.33% 4.51% 9.44% – N /A

For the Period ended June 30, 2013 (Unaudited)

Corporateand Investment

Banking

Small & MediumEnterprises and

CommercialRetail Treasury

HeadOffice /Other

*Adjustments

(Rupees '000')

8/12/2019 NIB HY1 JUN 2013


39NIB BANK LIMITED


1 8 . 1

B a l a n c e s o u t s t a n d i n g a s

a t t h e y e a r e n d

1 8 .

R E L A T E D P A R T Y T R A N S A C T I O N S

T h e G r o u p h a s r e l a t e d p

a r t y t r a n s a c t i o n s w i t h i t s h o l d i n g c o m p a n y , u n

c o n s o l i d a t e d s u b s i d i a r i e s , a s s o c i a t e d u n d e r t a k i n g s , e m p l o y e e b e n e f i t p l a n s ,

i t s k e y m a n a g e m e n t p e r s o n n e l a n d o t h e r r e l a t e d p a r t i e s .

T r a n s a c t i o n s w i t h r e l a t e d

p a r t i e s a r e e x e c u t e d o n t h e s a m e t e r m s a s t h

o s e p r e v a i l i n g a t t h e t i m e f o r c o m p a r a b l e t r a n

s a c t i o n s w i t h u n r e l a t e d p a r t i e s .

T h e d e t a i l o f t r a n s a c t i o n s w i t h r e l a t e d p a r t i e s i s g i v e n b e l o w :

A d v a n c e s

A t t h e

b e g

i n n

i n g

o f t h e p e r i o

d

/ y e a

r

–

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1 5 5

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/ a

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( 1

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1 5 )

A t t h e e n

d

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1 6 2

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1 5 5

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D e p o s i t s

A t t h e

b e g

i n n

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d

/ y e a

r

3 2

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–

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7 1

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1 0 6

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D e p o s

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t h e p e r i o

d

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1 1 8

9 0 4

–

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1 1

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2 2

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1 6 1

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3 4 7

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4 9 0

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1 , 2

1 9

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E x c

h a n g e

d i f f e r e n c e

2 3 3

9 2 6

–

–

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( 1 3 8 )

1 , 8

9 3

( 5 4 )

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W

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l d u r

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( 2 1

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( 1 6 4

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( 3 5 6

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( 4 7 7

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A t t h e e n

d

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–

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3 5

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8 4

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7 1

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I n v e s t m

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s h a r e s

/ m

u t u a l f u n d s

A t t h e

b e g

i n n

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o f t h e y e a r

–

–

7 2 4

7 2 4

3 , 9

6 9

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3 , 5

6 5

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–

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1 8

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1 5 8

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I n v e s

t m e n

t s m a

d e

d u r

i n g

t h e y e a r

–

–

–

–

3 , 7

4 4

, 0 9 3

4 , 9

4 2

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–

–

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1 8

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I n v e s

t m e n

t s s o

l d

d u r i n g

t h e y e a r

–

–

–

–

( 3

, 6 4 9

, 4 2 6 )

( 5 , 2

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–

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( 1 8

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( 1 5 8

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E q u

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d

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1 , 0

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–

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5 , 0

8 8

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–

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I n v e s t m

e n t i n

T e r m

F i n a n c e

C e r t i f i c a t e s

- c o s t

A t t h e e n

d

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–

–

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–

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–

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1 , 0

7 8

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R e c e i v a b l e s

A t t h e e n

d

o f t h e p e r

i o d

/ y e a r

1 7 1

1 7 1

–

–

3 9

, 4 6 8

2 9

, 0 9 4

–

–

2 4

, 7 4 2

–

P a y a b l e s

A t t h e e n

d

o f t h e p e r

i o d

/ y e a r

–

–

–

–

–

–

–

–

6 2 5

6 , 7

7 2

( R u p e e s ' 0 0 0 ' )

H o l d i n g c o m p a n y

U n c o n s o l i d a t e d s u

b s i d i a r y

A s s o c i a t e s

K e y m a n a g e m e n t p e r s o n n e l

O t h e r r e l a t e d p a r t i e s

U n a u d i t e d

J u n e 3 0 ,

2 0 1 3

A u d i t e d

D e c e m b e r 3 1 ,

2 0 1 2

U n a u d i t e d

J u n e 3 0 ,

2 0 1 3

A

u d i t e d

D e c e

m b e r 3 1 ,

2 0 1 2

U n a u d i t e d

J u n e 3 0 ,

2 0 1 3

A u d i t e d

D e c e m b e r 3 1 ,

2 0 1 2

U n a u d i t e d

J u n e 3 0 ,

2 0 1 3

A u d i t e d

D e

c e m b e r 3 1 ,

2 0 1 2

U n a u d i t e d

J u n e 3 0 ,

2 0 1 3

A u d i t e d

D e c e m b e r 3 1 ,

2 0 1 2

8/12/2019 NIB HY1 JUN 2013


8/12/2019 NIB HY1 JUN 2013


Documents

NIB HY1 JUN 2013