Annual Report (Financial Statements) 2009 of Summit Bank Limited

It is a broadly described annual report (financial statements) of Summit Bank Limited in the year of 2009. 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 stood at Rs. 38,173,375 billion compared to Rs. 24,802,817 billion in 2008. Deposits and other accounts of the Bank Rs. 31,307,488 billion. The Share capital of the Bank stood at Rs. 5,000,000 billion. The Bank incurred a loss before tax of Rs. 2,286 million as compared to a loss before tax of Rs. 347 million during last year. Loss after taxation for the year Rs. (2,066,790) million. The Bank’s equity decreased to Rs. 4.066 billion as at 31^st December 2009 as against last year’s equity of Rs. 6.133 billion, (i.e. a decrease of 33.70%). Basic and diluted (loss)/earnings per share (EPS) Rs. (4.13).

The authorized capital of the Bank has been increased from Rs. 6 billion to Rs. 11 billion during the financial year. The Bank has at present paid-up capital (free of losses) of Rs. 4.066 billion (2008: 6.13 billion). The CAR of the Bank as at 31^st December 2009 is 12.39% (2008: 20.85%) of its risk-weighted exposures.

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