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.