Circulars/Notifications - Banking Supervision Department  
 BSD Circular Letter No. 11
August 30, 2003 


The Presidents/Chief Executives
All Banks/ DFIs

Dear Sirs/Madam, 

Quarterly & Half yearly financial statements

In terms of Para 3 of Prudential Regulation No.XXIX regarding “Responsibilities of Board of Directors” notified vide BSD Circular No.15 dated 13th June, 2002, all banks/DFIs are, interalia, required to follow the ‘Code of Corporate Governance’ issued by the SECP so long as any provision thereof does not come into conflict with any provision of the Banking Companies Ordinance, 1962, Prudential Regulations and the instructions/guidelines issued by the State Bank. Subsequently, BSD Circular Letter No 9 of August 4, 2003, was issued to emphasize upon financial disclosure.

 

          We reiterate that all banks/DFIs – listed or non-listed – including branches of foreign banks and those which have peculiar share holding structure, need to follow clause XX and XXI of the Code of Corporate Governance. Clause XX requires listed institutions to publish and circulate un-audited financial statements along with directors’ review on the affairs of the listed company on quarterly basis and clause XXI requires that all listed companies shall ensure that half-yearly financial statements are subjected to a limited scope review by the statutory auditors.

 

All banks/DFIs are required to publish/circulate half-yearly financial statements, as of 30th June 2003, latest by 31st August 2003, under the Code of Corporate Governance. However, in case of non-listed banks/DFIs and foreign banks operating in Pakistan, last date for publication/circulation of half-yearly statements, as of 30th June 2003, is hereby extended up to 30th September 2003, for this half-year only. In future, they should ensure the publication/circulation of quarterly/half-yearly financial statements within stipulated time of two months.

 

Further, it is clarified that non-listed banks/DFIs may decide not to circulate printed copies of quarterly/half-yearly financial statements to all the members except SBP. In that event they will have to ensure publication of the same in the leading newspaper(s).

 

          Please acknowledge receipt
Yours faithfully,
(Jameel Ahmad)
Director
       
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