First National Bank Modaraba : Transmission of Quarterly accounts for the period ended Mar 31,2023

QUARTERLY REPORT

MARCH 31,

2023

First National Bank Modaraba

First National Bank Modaraba

Quarterly Report

March 31, 2023

Corporate Information	2
Directors' Report	3
Condensed Interim Balance Sheet	5
Condensed Interim Profit and Loss Account	6
Condensed Interim Statement of Comprehensive Income	7
Condensed Interim Cash Flow Statement	8
Condensed Interim Statement of Changes in Equity	9
Notes to the Condensed Interim Financial Statements	10

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Quarterly Report-March 31, 2023

CORPORATE INFORMATION

Board of Directors*	Mr. Muhammad Imran Malik	Chairman
	Mr. Hakim Ali Leghari	Director
	Khawaja Waheed Raza	Director
	Mr. Muhammad Iqbal Hussain	Director
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
	Mr. Hakim Ali Leghari	Member
HR & Remuneration
Committee	Khawaja Waheed Raza	Chairman
	Muhammad Imran Malik	Member
	Mr. Muhammad Iqbal Hussain	Member
	Mr. Hakim Ali Leghari	Member
Auditors	Rahman Sarfaraz Rahim Iqbal Rafiq
	Chartered Accountants
Bankers	National Bank of Pakistan
	Al Baraka Islamic Bank
	Habib Bank Limited
	Bank Islami Pakistan Limited
	The Bank of Punjab (Taqwa)
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]

*Office of Chief Executive Officer is vacant and hiring of new CEO is in process

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First National Bank Modaraba

Directors' Quarterly Review Report

On behalf of the Board of Directors of National Bank Modaraba Management Company Limited(NBMMCL), the Management of First National Bank Modaraba (FNBM), I am presenting the quarterly report, together with un-audited financial statements of FNBM for the quarter and nine months period ended March 31,2023.

During the period under review the focus of management remained on recovery. Settlement arrangements were made with some defaulter customers and amount of Rs. 20.324 million was realized from them during the period.

On the operations side the income from operations in the nine months period under review is Rs. 18.504 Million as compare to the corresponding period of Rs. 9.906 Million. However due to increase in market interest rates the finance cost on account of provisional mark-up charged on NBP RF Line amounting to Rs. 27.258 Million as compared to Rs. 15.620 Million in the corresponding period. Despite general inflation operating expenses stood at Rs. 9.715 Million when compared to Rs. 9.936 million in the corresponding period last year. The net result was a profit after tax of Rs. 0.619 Million as against profit of Rs. 8.658 Million in the corresponding period. The earnings per certificate stood at Rs. 0.02 as compared to a profit of Rs. 0.35 per certificate in the corresponding period.

Due to losses SECP has filed petition in the Modaraba Tribunal Lahore under section 23(I)(ii)(b) of Modaraba companies and Modaraba (Floatation and Control) Ordinance 1980 for winding up of FNBM, however it is important to clarify that these losses are not final and are substantially reversible upon recoveries from NPL's as they mainly represent provisioning charged there against.

The Board would like to take this opportunity to thank its valued certificate holders and clients for their patronage and consistent patience. Besides, 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

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Director

Director

Lahore: April 28, 2023

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Quarterly Report-March 31, 2023

23(I)(ii)(b)

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04