The Presidents/Chief Executives
All Banks/DFIs

Dear Sirs/Madam,

QUARTERLY 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; BSD Circular Letter No 11 of 30th August 2003; and letter No BSD/SU-14/402/5678/2003 of 5th November 2003 were issued and it was clarified that banks/DFIs will ensure publication/circulation of quarterly financial statements within 30 days and half-yearly statements in 60 days.

On representation from banks the matter has been reviewed and it has been decided to extend the time for publication/circulation of quarterly financial statements from 30 to 45 days. All banks/DFIs, listed as well as non-listed, including branches of foreign banks, are advised to ensure publication/circulation of Quarterly Un-audited Financial Statements within a period of 45 days from the end of each quarter. This rule will be applicable from quarter ending on 31st December 2003.

Please acknowledge receipt.