Circulars/Notifications - Banking Supervision Department  
 BSD Circular Letter No. 2
May 12, 2004 

The Presidents / Chief Executives
All Banks/DFIs,

Dear Sirs / Madam

Quarterly & Half-yearly Financial Statements
– Format of Accounts and Mode of Disclosure

Please refer to ‘Para 3.2 and 3.3 of Master Circular on Financial Disclosure – Frequency & Timeline’ as issued vide BSD Circular No. 1 of 7th January 2004.

2 State Bank is pleased to prescribe a format for the quarterly and half-yearly financial statements, which the banks/DFIs are obliged to issue as per above circular.

3 Further, keeping in view the representations made by various banks regarding the difficulties faced by them in circulation of their quarterly and half-yearly financial statements to the shareholders as well as the cost involved in this process, it has been decided that henceforth:

a) Banks/DFIs shall publish their quarterly and half-yearly financial accounts in the newspaper(s) within the time limit as prescribed in above-mentioned circular.
b) Banks/DFIs may circulate their quarterly & half-yearly accounts to their shareholders, however, this requirement of circulation to the shareholders is not mandatory.
c) In addition to above, banks/DFIs are encouraged to post their quarterly & half-yearly accounts on their websites.

4 All banks/DFIs are advised to issue their quarterly and half-yearly financial statements as per enclosed format and ensure to get them published in the newspaper(s) within timeframe as prescribed in BSD Circular No. 01 of 7th January 2004.

5 Other instructions of the Companies Ordinance 1984; Banking Companies Ordinance 1962; directives/regulations of the SECP, the Stock Exchanges and the SBP, on the subject, shall remain the same.

6 Instructions stated under Para 4 are applicable from the quarter ending 30th June 2004 and onwards.

Please acknowledge receipt. 

Encl: As above: balance sheet, profit & Loss, Cash Flow, Changes in Equity,

notes(1-5), notes(6-7), notes(8-10)

Yours faithfully,
Sr. Joint Director
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