The Presidents/Chief Executives,
All Banks/DFIs/MFBs,
Dear
Sir/Madam,
Financial
Statements – Frequency, Timelines &
Posting on Website
Please refer to BSD Circular
No. 01 of 2004 and BSD Circular Letter No. 7
of 2005. In order to align the frequency and
timelines of financial disclosures of banks/DFIs/MFBs
(listed or non-listed) including branches of
foreign banks with the Companies Act 2017 and
best practices, it has been decided that:
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At the end of each financial
year, all banks/MFBs are required to prepare
their annual financial statements in the prescribed
manner, as on the last working day of that year.
These financial statements together with the
auditor’s report, directors’ report
and chairman’s review report, as passed
in the Annual General Meeting, shall be circulated
in hard form to the shareholders as well as
furnished as returns, to the SBP within ninety
(90) days of the close of the period to which
they relate. The banks shall publish an abridged
version of the annual financial statements in
the newspaper(s) within the stipulated time.
Whereas, the MFBs shall follow instructions
contained in section 16 of the Microfinance
Institution Ordinance, 2001.
-
All DFIs are required to
prepare their annual financial statements in
the prescribed manner, at the end of each financial
year as on the last working day of that year.
These financial statements together with the
auditor’s report, directors’ report
and chairman’s review report, as passed
in the Annual General Meeting, shall be circulated
to the shareholders and furnished as returns
to the SBP within ninety (90) days of the close
of the financial period to which they relate.
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All branches of foreign
banks operating in Pakistan shall prepare their
annual financial statements, at the end of each
financial year as on the last working day of
that year. These financial statements together
with the auditor’s report shall be published
and furnished as returns to the SBP within ninety
(90) days of the close of the financial period
to which they relate.
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For the 1st and 3rd quarter,
all banks, DFIs and MFBs, including the branches
of foreign banks operating in Pakistan, shall
prepare their quarterly financial statements
within thirty (30) days of the end of the quarter
to which they relate. The instructions of publishing
an
abridged version of quarterly and half-yearly
financial statements in the newspaper(s) by
all banks/DFIs including branches of foreign
banks, stands withdrawn. Henceforth, these financial
statements of banks/DFIs/MFBs including branches
of foreign banks shall be placed on their website
within the aforesaid time.
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The half-yearly (2nd quarter)
financial statements, with limited scope review
by the statutory auditors, shall be prepared
by all banks/DFIs/MFBs, including the branches
of foreign banks, within the period of sixty
(60) days of the close of their half-year (2nd
quarter). These financials statements shall
also be placed on their website within the aforesaid
time.
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The banks (including the
branches of foreign banks) /DFIs / MFBs will
advertise in leading daily newspaper(s) regarding
the posting of their quarterly/half-yearly/annual
financial statements on their websites for the
information of the stakeholders, within their
respective period, as mentioned above. The address
of website link to these financial statements
should also be mentioned in the advertisement
and the website link should be accessible from
the main-page/homepage of the website. However,
the quarterly/half-yearly financial statements
shall be provided by the banks/DFIs/MFBs in
physical form to their shareholder(s) without
any cost or fee, if requested by the shareholder(s).
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The banks/DFIs/MFBs including
branches of foreign banks are required to post
their quarterly, half-yearly and annual financial
statements of the last ten years on their website.
These financial statements should be in readable,
searchable, and user-friendly format.
2. These instructions will
supersede the earlier instructions, issued on
the subject. Nonetheless, the Quarterly Report
of Condition, and other returns / reports, presently
being submitted by the banks/DFIs/MFBs to SBP
shall continue to be submitted as required.
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