Annual Report 2010 of Summit Bank Limited

It is a broadly described annual report of Summit Bank Limited in the year of 2010. Summit Bank Limited was formerly known as Arif Habib Bank Limited and changed its name to Summit Bank in August 2010. During the financial year, Total Assets of the Bank grew by 30.70 %to Rs. 49.9 billion with advances (net of provision) showing a growth of 23.25 % to Rs. 22.8 billion. The Bank was able to achieve deposit growth of 35.10 % increasing its deposit base to Rs. 42.3 billion during the year, and in the process, also reduced its cost of deposits to 9.70 % as compared to 9.90% last year. The pre-tax loss of Rs. 549.5 million during the year, as compared to a loss of Rs. 2,285.6 million in 2009. The loss after taxation for the year Rs. (322,697) million. Basic and diluted (loss)/earnings per share (EPS) Rs. (0.65).

The minimum paid-up capital requirement (free of losses) of the Bank at 31^st December 2010 was Rs. 7 billion. The paid-up capital (free of losses) of the Bank as at 31^st December 2010 is Rs. 3.743 billion.

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