First National Bank Modaraba : Transmission of Quarterly Accounts for Period the ended Sep 30,2022

QUARTERLY REPORT

SEPTEMBER 30,

2022

First National Bank Modaraba

First National Bank Modaraba

September 30, 2022

01

Quarterly Report-September 30, 2022

Corporate Information	4
Directors' Review Report	5
Condensed Interim Balance Sheet	6
Condensed Interim Profit and Loss Account	7
Condensed Interim Statement of Comprehensive Income	8
Condensed Interim Cash Flow Statement	9
Condensed Interim Statement of Changes in Equity	10
Notes to the Condensed Interim un-audited Financial Statements	11

02

First National Bank Modaraba

CORPORATE INFORMATION

Board of Directors*	Mr. Muhammad Imran Malik	Chairman
	Mr. Hakim Ali Leghari	Director
	Khawaja Waheed Raza	Director
	Mr. Muhammad Iqbal Hussain	Director
	Mr. Abbas Azam	CEO
Shari'ah Advisor	Mufti Ehsan Waquar Ahmed
Chief Financial Officer/	Farah Aslam
Company Secretary
Audit Committee	Mr. Muhammad Iqbal Hussain	Chairman
	Khawaja Waheed Raza	Member
HR & Remuneration
Committee	Khawaja Waheed Raza	Chairman
	Mr. Muhammad Iqbal Hussain	Member
Auditors	Rahman Sarfaraz Rahim Iqbal Rafiq
	Chartered Accountants
Bankers	National Bank of Pakistan
	Bank Alfalah Limited
	Al Baraka Islamic Bank
	Habib Bank Limited
	MCB Bank Limited
	Bank Islami Pakistan Limited
Legal Advisor	Muhammad Aqeel Malik
	Advocates Supreme Court
	Aqeel & Associates, Advocate/Legal Consultants
	Office No. 12, 1st Floor, Khawaja Arcade
	Wahdat Road, Lahore
	Tel.: [phone]
Shares Registrar	Hameed Majeed Associates (Pvt.) Limited
	H. M. House, 7 - Bank Square, Lahore
	Tel: [phone], Fax: [phone]
Registered Office	Ground Floor, NBP-RHQ Building,
	26 - McLagon Road, Lahore

Tel: [phone], Fax: [phone]

URL: http://www.nbmodaraba.com

E-mail: [e-mail]

03

Quarterly Report-September 30, 2022

Directors' Quarterly Review Report

On behalf of Board of Directors of National Bank Modaraba Management Company Limited (NBMMCL) the Management Company of First National Bank Modaraba(FNBM). I am presenting the quarterly report, together with un-audited financial statements of FNBM for the quarter and three months ended Sep 30, 2022.

During the period under review the focus of management remained on recovery, particularly from the classified portfolio. Various settlement arrangements were made with some defaulter customers and an amount of Rs.7.2 million was realized from them during the period the related provisioning reversals are reflected in the interim accounts.

On the operations side the total income figured to Rs.9.373 Million in the period under review as compared to Rs.24.98 Million in corresponding period last year. Financial cost remained at Rs.4.069 Million compared to Rs. 4.394 Million in the corresponding period. The operation expenses, despite prevailing inflation, slightly declined to Rs.3.082 Million compared to 3.589 Million in the corresponding period. The profit per certificate stood at Rs.0.08 to a profit per certificate of Rs 0.27 in the corresponding period.

First National Bank Modaraba has appointed M/S Rahman Sarfaraz Rahim Iqbal Rafiq Chartered Accountants as its Statutory Auditor for Financial Year Ending June 30, 2023 in Board meeting held on Oct 26,2022 subject to approval of Registrar Modarabas. Our retiring Auditor M/S Crowe Hussain Chaudhary & Co has completed its term of five years .

The Board would like to take this opportunity to thank its valued certificate holders and clients for their patronage and consistent patience. Beside, the board extends its sincere gratitude to Registrar Modarabas, SECP and NBFI & Modaraba Association of Pakistan for their continued guidance and support.

For and on behalf of the Board

Chief Executive Officer

Lahore: October 26, 2022

04