Faysal Bank Limited Subsidiaries Consolidated Financial Statements for the

Faysal Bank Limited & Subsidiaries Consolidated Financial Statements for the quarter & nine months ended September 30, 2008 Page 21 DIRECTORS’ REVIEW ON CONSOLIDATED FINANCIAL STATEMENTS It gives me great pleasure to present, on behalf of the Board of Directors, the consolidated condensed interim financial statements for the nine months period ended September 30, 2008. Group For the purpose of these financial statements group is defined as below: Holding Company: Subsidiary Company: Faysal Bank Limited Faysal Management Services (Pvt) Limited (FMSL) FMSL is a company formed to float and manage modarabas under the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980. Till 2006 Fayzan Manufacturing Modaraba (FMM) managed by FMSL was also a subsidiary and on completing its term FMM was liquidated. All winding up formalities of FMM have been completed. Due to winding up of modaraba, FMSL is now expected to launch another venture in near future. Rating Based on performance, the holding company has been assigned the highest short term rating of A1+ (A One Plus) and AA (Double A) for the long term by JCR-VIS and PACRA (credit rating companies). These ratings denote a very low expectation of credit risk emanating from a very strong capacity for timely payment of financial commitments. Financial Highlights For the quarter ended For the nine months ended Sept 30, Sept 30, Sept 30, Sept 30, 2008 2007 2008 2007 Rupees in million Profit before taxation Taxation Profit after taxation Profit attributable to minority interest Un-appropriated profit brought forward Appropriations : Final cash dividend 2007 @25% (2006: @ 25%) Bonus Shares 2007: @ 25% Transfer to Capital Market Reserve Un appropriated profit carried forward Earning Per Share (Rupees) 1,287 239 1,047 1 1,046 926 1,972 1.98 1,266 231 1,035 1 1,034 2,083 (1,059) 2,058 1.95 2,430 636 1,794 3 1,791 1,505 (1,324) 1,972 3.38 3,108 794 2,314 2 2,312 1,897 (1,059) (1,059) (33) 2,058 4.36 Net Mark-up Income representing the core banking activity has gone up by Rs.556 million or 17.6% during the nine months ended September 30, 2008 primarily due to higher volume of financing and Investment in government securities. However, the Non Mark-up income for the period shows decline of Rs.180 million mainly due to cutting of loss on equity portfolio. Further, last year the Group had a net reversal in provision of Rs 173 million whereas in current period there is a net charge of Rs. 1,042 million. The current year charge would have been lower if benefit of the Forced Sale Value (FSV) had continued as was the case in the corresponding period last year. Page 22 Quarter & Nine months Ended September 30, 2008 (Un-audited) Administrative expenses have increased by Rs.219 million or 10.3%, mainly due to opening of 31 new branches in the second half of 2007 and first nine months of 2008, annual salary increases and inflation. Accordingly, the profit after tax for the quarter and nine months ended September 30, 2008 stood at Rs.1,047 million and Rs.1,794 million as against Rs. 1,634 million and Rs.2,313 million respectively last year. This translates into EPS for the period of Rs 3.38 versus Rs.4.36 last year. Net assets have reduced by Rs.5.9 billion or 4.1 % over last year mainly due to reduction in surplus on revaluation of investments in NIT in line with stock market index. Advances show a growth of Rs.4.1billion. Deposits have declined by Rs. 9.6 billion due to strategy of reducing reliance on the hot institutional deposits and to optimize the deposit mix. Outlook In view of challenges being faced by the banking industry due to deteriorating microeconomic indicators and tightening of monetary policy by the State Bank of Pakistan the Group is pursuing a managed growth approach without compromising on quality. The focus is on increasing the core banking income to ensure sustainable profitability Acknowledgement I would like to take this opportunity to thank, on behalf of the Board and Management of the Group, the State Bank of Pakistan and the Securities and Exchange Commission of Pakistan for their continued support and guidance, the customers for their patronage and the shareholders for the trust they have reposed in the Bank. I would also like to express sincere appreciation for the employees of the Group for their dedication and hard work. On behalf of the Board of Directors Karachi Dated: October 16, 2008 PRESIDENT & CEO Page 23 CONSOLIDATED CONDENSED INTERIM BALANCE SHEET As at September 30, 2008 Note Un-audited September 30, 2008 Audited December 31, 2007 Rupees in ' 000 ASSETS Cash and balances with treasury banks Balances with other banks Lendings to financial institutions Investments Advances Operating fixed assets Deferred tax asset - net Other assets 9,557,116 2,061,350 2,717,109 23,589,051 91,341,492 2,551,228 3,505,214 135,322,560 6,872,035 3,708,451 7,078,102 31,463,993 87,346,401 2,514,959 2,204,849 141,188,790 10 11 12 13 14 LIABILITIES Bills payable Borrowings from financial institutions Deposits and other accounts Sub-ordinated loans Liabilities against assets subject to finance lease Deferred tax liabilities - net Other liabilities NET ASSETS REPRESENTED BY Share capital Reserves Unappropriated profit Minority interest Surplus on revaluation of assets 5,296,445 3,567,034 1,972,134 10,835,613 73,439 10,909,052 1,741,739 12,650,791 16 5,296,445 3,567,033 1,505,053 10,368,531 75,333 10,443,864 5,811,357 16,255,221 1,604,112 18,089,110 92,327,158 999,800 5,735 1,860,600 7,785,254 122,671,769 12,650,791 2,406,927 9,995,855 101,879,244 1,000,000 7,827 2,691,966 6,951,750 124,933,569 16,255,221 15 CONTINGENCIES AND COMMITMENTS The annexed notes 1 to 22 form an integral part of these condensed interim consolidated financial statements. President & CEO Director Director Director Page 24 Quarter & Nine months Ended September 30, 2008 (Un-audited) CONSOLIDATED CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UN-AUDITED) FOR THE QUARTER AND NINE MONTHS ENDED SEPTEMBER 30, 2008 Note For the quarter ended For the nine months ended Sept. 30, Sept. 30, Sept. 30, Sept. 30, 2008 2007 2008 2007 Rupees in '000 3,388,118 2,086,718 1,301,400 543,342 209 (52,211) 491,340 810,060 210,022 1,053,115 110,432 (63,489) (2,713) 21,260 1,328,627 2,138,687 857,313 (6,061) 195 851,447 1,287,240 410,613 (170,765) 239,848 1,047,392 1,292 1,046,100 1,047,392 2,962,502 2,019,017 943,485 98,019 14,628 (3,953) 108,694 834,791 124,231 1,079,201 109,739 38,787 14,634 1,366,592 2,201,383 937,813 296 938,109 2,759 1,266,033 105,721 125,968 231,689 1,034,344 863 1,033,481 1,034,344 1.95 9,635,439 5,927,710 3,707,729 1,041,794 (91,391) (46,807) 903,596 2,804,133 573,043 1,155,181 235,194 (49,395) (2,713) 49,220 1,960,530 4,764,663 2,343,382 (6,061) 1,041 2,338,362 4,211 2,430,512 957,135 (320,963) 636,172 1,794,340 3,147 1,791,193 1,794,340 3.38 8,662,135 5,506,941 3,155,194 (173,062) 59,537 173,725 60,200 3,094,994 505,732 1,158,268 236,499 201,608 2,984 35,476 2,140,567 5,235,561 2,124,304 9,496 2,133,800 5,907 3,107,668 489,949 (48,433) 352,847 794,363 2,313,305 2,150 2,311,155 2,313,305 4.36 Mark-up / return / interest earned Mark-up / return / interest expensed Net mark-up / interest income Provision / (Reversal) against non-performing loans and advances 13.2 & 13.4 (Reversal) / Provision for consumer loans - general 13.3 Provision / (Reversal) for diminution in the value of investments Bad debts written off directly Net mark-up / interest income after provisions NON MARK-UP / INTEREST INCOME Fee, commission and brokerage income Dividend income Income from dealing in foreign currencies Gain on sale of investments Unrealised gain/(loss) on revaluation of securities classified as held-for-trading Other income Total non mark-up / interest income NON MARK-UP / INTEREST EXPENSES Administrative expenses Other provisions Other charges Total non mark-up/interest income Extraordinary items / unusual items Share of income from associates PROFIT BEFORE TAXATION Taxation - Current - Prior years - Deferred PROFIT AFTER TAXATION Profit attributable to minority interest Profit attributable to the equity holders Basic and diluted earnings per share attributable to the equity holders 18 1.98 The annexed notes 1 to 22 form an integral part of these condensed interim consolidated financial statements. President & CEO Director Director Director Page 25 CONSOLIDATED CONDENSED INTERIM CASH FLOW STATEMENT (UN-AUDITED) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2008 September 30, 2008 CASH FLOW FROM OPERATING ACTIVITIES Profit before taxation Less: Dividend income Profit on available-for-sale securities Adjustments for non-cash charges: Depreciation / Amortisation Provision / (Reversal) against non-performing advances (Reversal) / Provision for consumer loans - general Provision for diminution in the value of investments Provision for other assets Unrealised gain / (loss) on revaluation of held-for-trading financial instruments Bad debts written off directly (Gain)/loss on sale of fixed assets Finance charges on leased assets Exchange loss / (gain) (Increase)/ Decrease in operating assets: Lendings to financial institutions Held-for-trading securities Advances Others assets (excluding advance taxation) Increase/ (Decrease) in operating liabilities: Bills payable Borrowings from financial institutions Deposits Other liabilities Income tax (paid) / refund received Net cash flow from operating activities CASH FLOW FROM INVESTING ACTIVITIES Net investments in available-for-sale securities Dividend received Profit received on available-for-sale-securities Fixed capital expenditure Sale proceeds from disposal of fixed assets Net cash flow from investing activities CASH FLOW FROM FINANCING ACTIVITIES Payments of lease obligations Repayment of Sub-ordinated loans Dividends paid to Minority shareholders Dividends paid Net cash used in financing activities (decrease) / Increase in cash and cash equivalents Cash and cash equivalents at beginning of the period Effects of exchange rate changes on cash and cash equivalents Cash and cash equivalents at beginning of the period Cash and cash equivalents at end of the period 2,430,512 (1,155,181) (1,310,126) (34,795) 334,525 1,041,794 (91,391) (46,807) (6,061) (2,713) (9,484) 125 (147,508) 1,072,480 1,037,685 3,560,993 (186,847) (4,945,484) (278,442) (1,849,780) (802,815) 8,093,255 (9,552,086) 6,733 (2,254,913) (3,067,008) (134,205) (3,201,213) 3,587,135 108,997 1,279,657 (477,559) 31,167 4,529,397 (2,217) (200) (5,040) (1,320,257) (1,327,714) 470 11,380,488 147,508 11,527,996 11,528,466 December 31, 2007 3,107,668 (1,158,268) (887,698) 1,061,702 263,443 (173,062) 59,537 173,725 (2,984) (6,893) 598 (192,096) 122,268 1,183,970 (6,975,545) 26,960 (5,228,454) (754,268) (12,931,307) (2,670,151) (5,372,935) 31,523,430 1,628,476 25,108,820 13,361,483 (233,173) 13,128,310 (8,950,396) 1,110,784 876,450 (434,008) 26,917 (7,370,253) (5,312) (16,381) (1,059,060) (1,080,753) 4,677,304 10,091,038 192,096 10,283,134 14,960,438 Rupees in ' 000 The annexed notes 1 to 22 form an integral part of these condensed interim consolidated financial statements. President & CEO Director Director Director Page 26 Quarter & Nine months Ended September 30, 2008 (Un-audited) CONSOLIDATED CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UN-AUDITED) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2008 Share capital Capital Reserve for issue of bonus shares Attributable to the equity holders Revenue Statutory reserve UnapproCapital market priated profit reserve Rupees in ‘000 Total Minority Interest Total Equity Balance as at January 1, 2007 Changes in Equity for the nine months ended September 30, 2007 : Final cash dividend for the year ended December 31, 2006 at Rs.2.5 per share approved subsequent to the year end Profit after taxation for the nine months ended September 30, 2007 Transfer to capital market reserve Dividend paid Transfer to reserve for issue of bonus shares Balance as at September 30, 2007 Profit after taxation for the period October 01 to December 31, 2007 Bonus share issued Dividend Paid Transfer to statutory reserve Balance as at December 31, 2007 Changes in Equity for the nine months ended September 30, 2008 : Final cash dividend for the year ended December 31, 2007 at Rs.2.5 per share approved subsequent to the year end Profit after taxation for the nine months ended September 30, 2007 Dividend paid Transfer to reserve for issue of bonus shares Balance as at September 30, 2008 4,237,157 - 2,723,070 356,457 1,897,574 9,214,258 96,425 9,310,683 - - - - (1,059,289) (1,059,289) - (1,059,289) - 1,059,289 - 33,085 - 2,311,155 (33,085) (1,059,289) 2,311,155 2,150 2,313,305 - (16,381) (16,381) 4,237,157 1,059,289 2,723,070 389,542 2,057,066 10,466,124 82,194 10,548,318 1,059,288 (1,059,288) - - (97,593) - (97,593) - 1,144 (8,005) (96,449) (8,005) 5,296,445 - 454,421 3,177,491 389,542 (454,421) 1,505,052 10,368,531 75,333 10,443,864 - - - - (1,324,111) (1,324,111) - (1,324,111) - - - - 1,791,193 1,791,193 3,147 (5,041) 1,794,340 (5,041) 5,296,445 - 3,177,491 389,542 1,972,134 10,835,613 73,439 10,909,052 The annexed notes 1 to 22 form an integral part of these condensed interim consolidated financial statements. President & CEO Director Director Director Page 27 NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS (UN-AUDITED) FOR THE QUARTER AND NINE MONTHS ENDED SEPTEMBER 30, 2008 1. THE GROUP AND ITS OPERATIONS The group consists of following entities: Holding Company Faysal Bank Limited (FBL, the bank) Subsidiary Company Faysal Management Services (Private) Limited (shareholding – 60.00%) Faysal Bank Limited was incorporated in Pakistan on October 3, 1994 as a public limited company under the Companies Ordinance, 1984. Its shares are listed on all Stock Exchanges in Pakistan. The bank is engaged in Commercial, Consumer, Corporate and Investment banking activities. The bank has a branch network of 115 branches (September 30, 2007: 88 branches) and operates 6 sales and service centres (September 30,2007: Nil). The Registered Office (Head Office) of the bank is situated at Faysal House Shahra-e-Faisal, Karachi. Ithmaar Bank B.S.C., an Investment Bank listed in Bahrain, is the ultimate holding company of Faysal Bank Limited. Faysal Management Services (Private) Limited is a company formed under the Companies Ordinance, 1984 as a private limited company to float and manage modarabas under the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980. Fayzan Manufacturing Modaraba (FMM) which was a subsidiary in 2006 was liquidated last year. The modaraba had finished its term on September 27, 2006 and redeemed its capital. The liquidator conducted the final meeting on December 12, 2007 to approve liquidators account of Fayzan Manufacturing Modaraba. All winding up legal requirements have been completed. 2. BASIS OF PRESENTATION In accordance with the directives of the Federal Government regarding the shifting of the banking system to Islamic modes, the State Bank of Pakistan has issued various circulars from time to time. Permissible forms of trade related modes of financing include purchase of goods by group from their customers and immediate resale to them at appropriate mark-up in price on deferred payment basis. The purchases and sales arising under these arrangements are not reflected in these condensed consolidated financial statements as such but are restricted to the amount of facility actually utilized and the appropriate portion of mark-up thereon. 3. BASIS OF CONSOLIDATION The basis of consolidation of the financial statement of subsidiary is the same as that applied in the preparation of the consolidated financial statements of the group for the year ended December 31, 2007. 4. STATEMENT OF COMPLIANCE These consolidated interim financial statements are presented in a condensed form in accordance with the requirements of approved accounting standards as applicable in Pakistan for interim financial reporting. The disclosures made in these consolidated condensed interim financial statements have been limited based on the format prescribed by the State Bank of Pakistan vide BSD Circular Letter No. 2 dated May 12, 2004 and approved accounting standards as applicable in Pakistan for interim financial reporting. These consolidated condensed interim financial statements do not include all of the information required for full financial statements and should be read in conjunction with the financial statement of the Group for the year ended December 31, 2007. 5. BASIS OF MEASUREMENT These consolidated condensed interim financial statements have been prepared under the historical cost convention, except for the following financial instruments: - Derivative financial instruments are measured at fair value; and - Investments classified as held for trading and available-for-sale are also measured at fair values. Page 28 Quarter & Nine months Ended September 30, 2008 (Un-audited) 6. FUNCTIONAL AND PRESENTATION CURRENCY These consolidated condensed interim financial statements have been presented in Pakistani Rupee, which is the group's functional currency as well as the reporting currency. 7. SIGNIFICANT ACCOUNTING POLICIES The accounting policies adopted for preparation of these condensed interim financial statements are the same as those applied in preparation of the annual financial statements of the group for the year ended December 31, 2007 . 8. USE OF ESTIMATES AND JUDGEMENTS The preparation of these consolidated condensed interim financial statements in accordance with approved accounting standards requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses in the current and future reporting periods. The actual results may differ from these estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including reasonable expectations of future events. Revisions to accounting estimates (other than adjusting events) are recognized prospectively commencing from the period of revision. Significant judgements made by the management and the key sources of estimating uncertainty in preparation of these condensed interim consolidated financial statements were same as those applied to the annual financial statements for the year ended December 31, 2007. 9. FINANCIAL RISK MANAGEMENT The group's financial risk management objectives and policies are consistent with those disclosed in the consolidated annual financial statements for the year ended December 31, 2007. Note September 30, 2008 December 31, 2007 Rupees in '000 10. BALANCES WITH OTHER BANKS In Pakistan - Current accounts - Deposit accounts Outside Pakistan - Current accounts - Deposit accounts 792,252 1,154,627 2,061,350 11. LENDINGS TO FINANCIAL INSTITUTIONS Call money lendings Repurchase agreement lendings Certificates of investment 11.1 2,467,109 250,000 2,717,109 800,000 4,578,102 1,700,000 7,078,102 869,753 2,820,115 3,708,451 114,471 18,583 - Page 29 11.1 Repurchase agreement lendings : Held by bank September 30, 2008 Further given as collateral Total Held by bank December 31, 2007 Further Total given as collateral 2,504,602 2,073,500 4,578,102 Rupees in ‘000 Market Treasury Bills Pakistan Investments Bonds 12. INVESTMENTS 12.1 Investments by type 1,642,176 824,933 2,467,109 1,642,176 824,933 2,467,109 2,504,602 2,073,500 4,578,102 Held by bank Held for trading securities Fully paid up ordinary shares Available-for-sale securities Market Treasury Bills Pakistan Investment Bonds Units of open end mutual funds - Atlas Income Fund - Faysal Balanced Growth Fund - Faysal Income & Growth Fund - Faysal Savings Growth Fund - First Habib Income Fund - NAFA Cash Fund - National Investment (Unit) Trust - note 11.2. - United Money Market Fund - Golden Arrow Selected Fund Fully paid up ordinary shares / modaraba certificates / units of closed end mutual funds Fully paid up preference shares Term finance certificates and bonds Associates Shares of - Faysal Asset Management Ltd. Investments at cost Provision for diminution in the value of investments Investments (Net of Provisions) Surplus on revaluation of available for sale securities (net) Total investments at market value September 30, 2008 Further given as collateral - Total Held by bank Rupees in ‘000 December 31, 2007 Further Total given as collateral - 186,847 186,847 9,181,123 662,896 35,000 80,374 200,000 207,411 25,000 50,000 2,670,544 25,000 278 4,499,422 500,000 - 13,680,545 1,162,896 35,000 80,374 200,000 207,411 25,000 50,000 2,670,544 25,000 278 16,899,271 1,174,945 80,374 207,411 2,670,544 - - 16,899,271 1,174,945 80,374 207,411 2,670,544 - 1,484,877 492,677 1,588,685 16,703,864 4,999,422 1,484,877 492,677 1,588,685 21,703,286 1,421,466 517,677 2,350,039 25,321,727 - 1,421,466 517,677 2,350,039 25,321,727 68,097 16,958,809 (175,142) 16,783,668 4,999,422 4,999,422 68,097 21,958,231 (175,142) 21,783,090 33,885 25,355,612 (280,313) 25,075,299 - 33,885 25,355,612 (280,313) 25,075,299 1,805,962 18,589,629 4,999,422 1,805,962 23,589,051 6,388,694 31,463,993 - 6,388,694 31,463,993 12.2. This includes 150,268,315 NIT Units (December 31, 2007:150,268,315 NIT units) covered under letter of comfort (LOC) dated December 14, 2007 issued by the Federal Government with an expiry / renewal date of December 31, 2008. In accordance with the policy decision of the Government of Pakistan (GOP) and approval of the Board of Directors of National Investment Unit Trust (NITL), the NITL has been split in two broad segments from April 01, 2007 i.e. one belonging to the LOC holders and the other segment belonging to the non-LOC holders. The two segments are being managed separately from April 01, 2007. So far both GOP as well as the bank have exchanged proposals offering various exit options but the matter is yet to be finalised. Page 30 Quarter & Nine months Ended September 30, 2008 (Un-audited) Note 13. ADVANCES Loans, cash credits, running finances, etc. Net investment in finance lease- In Pakistan Bills discounted and purchased (excluding government market treasury bills) -Payable in Pakistan -Payable outside Pakistan September 30, December 31, 2008 2007 (Rupees in '000) 78,316,563 14,534,066 92,850,629 68,955,681 15,885,502 84,841,183 661,328 774,163 1,435,491 94,286,120 1,675,433 13.2 13.3 13.4 (4,126,089) (230,229) (263,952) 91,341,283 790,852 991,364 1,782,216 86,623,399 4,392,879 (3,174,305) (321,620) (173,952) 87,346,401 Margin financing / reverse repo transactions Provision for non-performing advances Provision for consumer loans - general Other provision 13.1 Advances includes Rs. 6.572 billion (December 31, 2007: Rs. 4.753 billion) which have been placed under non-performing status as detailed below: Domestic Category of classification Other assets especially mentioned - note 12.1.2 Substandard Doubtful Loss 302,340 2,055,590 744,294 3,469,402 6,571,626 302,340 2,055,590 744,294 3,469,402 6,571,626 459,320 300,946 3,307,158 4,067,424 459,320 300,946 3,307,158 4,067,424 September 30, 2008 Overseas Total Provision required Rupees in ‘000 Provision held Domestic Category of classification Other assets especially mentioned - note 12.1.2 Substandard Doubtful Loss 123,930 1,527,739 567,431 2,534,315 4,753,415 December 31, 2007 Overseas Total Rupees in ‘000 Provision required Provision held - 123,930 1,527,739 567,431 2,534,315 4,753,415 315,926 236,502 2,473,201 3,025,629 315,926 236,502 2,473,201 3,025,629 13.1.1 In accordance with the BSD Circular No. 07 dated October 12, 2007 issued by the State Bank of Pakistan, the bank has not considered the benefit of forced sale valuations while determining the requirement against non - performing advances (NPL), except home mortgage loans. Furthermore, as per the aforementioned circular the personal loans now require 100% provisioning if the amount is overdue by 180 days. Page 31 13.2 Particulars of provision for non-performing advances September 30, 2008 Specific General Total ------------- (Rupees in '000) ------------3,025,629 1,380,429 90,000 (428,635) 1,041,794 4,067,423 148,676 (90,000) (90,000) 58,676 3,174,305 1,380,429 (428,635) 951,794 4,126,099 Opening balance Charge for the period Transfer to specific provision from general provision Reversals during the period Write off during the period Closing balance December 31, 2007 Specific General Total ------------- (Rupees in '000) ------------Opening balance Charge for the period Reversals during the period Write off during the period Closing balance 13.3 Particulars of provision for consumer loans - general 1,304,339 1,977,376 (238,620) 1,738,756 (17,466) 3,025,629 263,952 58,676 (173,952) (115,276) 148,676 1,568,291 2,036,052 (412,572) 1,623,480 (17,466) 3,174,305 September 30, December 31, 2008 2007 (Rupees in '000) 321,620 (91,391) 230,229 247,083 74,537 321,620 Opening balance (Reversal) / Charge for the period Closing balance 13.3.1 General provision against consumer loans has been determined in accordance with the requirements of Prudential Regulations issued by the State Bank of Pakistan (i.e 1.5% secured loans and 5% of unsecured loans). 13.4 Other Provision September 30, December 31, 2008 2007 (Rupees in '000) 173,952 90,000 263,952 173,952 173,952 Opening balance Charge for the period Closing balance 13.4.1 13.4.1 This includes specific provision of Rs. 173.952 million made on the instructions of SBP against a customer as a measure of prudence. Page 32 Quarter & Nine months Ended September 30, 2008 (Un-audited) For the nine months ended September 30, September 30, 2008 2007 (Rupees in '000) 14. 14.1 OPERATING FIXED ASSETS Additions to operating fixed assets Leasehold property and improvements Office furniture, fixtures, equipment and computers Vehicles-owned Capital Work-in-progress Intangibles Software Disposals of operating fixed assets Leasehold property and improvements Office furniture, fixtures, equipment and computers Vehicles-owned Vehicles-subject to finance lease 110,089 133,586 103,756 71,532 58,596 12,934 28,399 51,565 110,747 40,985 93,158 138,577 13,452 13,015 21,996 1,110 14.2 14.3 September 30, December 31, 2008 2007 (Rupees in '000) 15. DEPOSITS AND OTHER ACCOUNTS Term deposits Saving deposits Current accounts Margin accounts CONTINGENCIES AND COMMITMENTS Direct credit substitutes Contingent liability in respect of guarantees favouring: i) Government ii) Banking companies and other financial institutions iii) Others Transaction-related contingent liabilities Contingent liability in respect of performance bonds, bid bonds, shipping guarantees and standby letters of credit etc. favouring: i) Government ii) Banking companies and other financial institutions iii) Others Trade-related contingent liabilities Letters of credit Acceptances Other Contingencies i) Suit filed by a customer for recovery of alleged losses suffered, which is pending in the High Court of Sindh; Bank’s legal advisors are confident that the Bank has a strong case ii) Indemnity issued favouring the High Court in above case iii) Claims against the Bank not acknowledged as debt 46,287,523 26,924,216 17,131,707 1,983,711 92,327,158 57,180,368 25,848,248 18,163,165 875,641 102,067,422 16. 16.1 19,217 400,000 419,217 3,275 1,479,270 1,482,545 16.2 3,965,576 1,693,362 13,948,775 19,607,713 15,743,292 2,022,131 17,765,423 3,976,830 76,236 14,055,339 18,108,405 11,107,840 2,364,361 13,472,201 16.3 16.4 2,500,000 457,543 839,454 2,500,000 457,543 839,454 16.5 Income tax assessments of the holding company have been finalized upto tax year 2005 (accounting year 2004). Returns filed for tax year 2006 (acounting year 2005) and tax year 2007 (accounting year 2006) are also deemed to have been assessed as per tax law, unless selected for detailed audit. Page 33 September 30, December 31, 2008 2007 (Rupees in '000) 16.6 Commitments in respect of forward lending / sale Commitments to extend credit - Ijara financing Commitments to invest in securities 16.7 Commitments in respect of forward exchange contracts Purchase - Customers - Banks 300,000 1,200,000 1,000,000 217,411 3,059,788 3,277,199 734,181 1,940,112 2,674,293 Sale - Customers - Banks 6,929 3,304,078 3,311,006 58,608 136,434 3,887,537 4,023,971 67,860 16.8 16.9 Commitments for acquisition of operating fixed assets Commitments in respect of repo transactions Repurchase Resale 4,898,363 4,736,709 17. CAPITAL MARKET RESERVE The Group makes appropriation for capital market reserve in order to meet unforeseen future contingencies in the capital market. Appropriation in respect of the current year will be considered at the time of finalisation of the annual statutory financial statements. 18. BASIC / DILUTED EARNINGS PER SHARE For the Quarter ended For the nine months ended September 30, September 30, September 30, September 30, 2008 2007 2008 2007 ---------------------(Rupees in '000) --------------------Profit after taxation 1,046,100 1,033,481 1,791,193 2,311,155 Number of shares in thousands Weighted average number of ordinary shares Basic / diluted earnings per share 529,644 Rs. 1.98 529,644 Rs. 1.95 529,644 Rs. 3.38 529,644 Rs. 4.36 Page 34 Quarter & Nine months Ended September 30, 2008 (Un-audited) 19. SEGMENT DETAILS WITH RESPECT TO BUSINESS ACTIVITIES Primary segment information For management purposes the Group is organised into four major business segments Corporate Finance Trading and Sales Retail Banking and Commercial Banking All assets, liabilities, off balance sheet items, and items of income and expense are distributed in primary segments in accordance with the core functions performed by the business groups. Corporate Trading & Retail Commercial finance sales banking banking ------------------------- (Rupees in '000) ------------------------September 30, 2008 Total income Total expenses Net income (loss) Segment assets (Gross) Segment non performing financing / investment Segment provision required Segment liabilities Segment return on assets (ROA) (%) * Segment cost of funds (%) * September 30, 2007 Total income Total expenses Net income (loss) December 31, 2007 Segment assets (Gross) Segment non performing financing / investment Segment provision required Segment liabilities Segment return on assets (ROA) (%) * Segment cost of funds (%) * 7,657,073 273,186 (160,440) (1,301,319) 9.69 5.31 17,730,889 91,460 (61,248) (6,848,633) 11.25 4.96 46,120,943 2,105,390 (1,188,153) (44,593,360) 7.94 5.14 73,630,075 2,648,025 (2,540,349) (72,190,257) 8.96 6.00 863,072 (648,369) 214,703 1,737,565 (1,296,398) 441,167 2,948,551 (2,362,994) 585,557 5,264,796 (4,192,918) 1,071,878 460,443 (191,417) 269,026 4,557,162 200,000 (121,434) 1,418,622 13.47 7.63 1,024,568 (845,536) 179,032 9,108,157 824,089 (175,142) 7,248,537 15.00 8.70 3,917,151 (3,285,399) 631,752 50,712,602 1,216,797 (1,591,457) 48,353,467 10.30 5.93 6,198,018 (4,847,316) 1,350,702 75,825,193 5,354,829 (2,992,521) 65,651,143 10.90 6.10 *Segment ROA = Net income/ (Segment assets - Segment provisions). These percentages have been computed based on closing assets / liability figure instead of average balances. Note : The above table is based on best estimates / assumptions. Segment cost of funds include all expenses except non mark-up expenses. Page 35 20. RELATED PARTY TRANSACTIONS The Group has related party relations with its associated undertakings, subsidiary company, Group companies, employee benefit plans, and its directors and executive officers (including their associates). Transaction with key Management Personnel and entities in which the Group has strategic investment are also disclosed as part of related party transactions. Banking transactions with the related parties are executed substantially on the same terms, except transactions with directors and executive officers that are as per their terms of employment, including mark-up rates and collateral, as those prevailing at the time of comparable transactions with unrelated parties and do not involve more than a normal risk. Details of transactions / balances with related parties are as follows: September 30, 2008 Associates Strategic and other Group Investment Companies others ----------------- (Rupees in '000) ---------------- Directors and Key management Personnel Deposits Balance as at January 01, 2008 Placements during the period Withdrawals during the period Balance as at September 30, 2008 Financing Balance as at January 01, 2008 Disbursement during the period Repayment during the period Balance as at September 30, 2008 48,487 338,689 (356,979) 30,197 2,028 38,398 (39,848) 578 74 112,810 (111,525) 1,359 135,480 2,451,098 (2,487,754) 98,824 4,146 10,000 (3,146) 11,000 - - 806,989 441 (57,467) 749,963 September 30, 2008 Associates Strategic and other investments ------------ (Rupees in '000) ----------Investments Balance as at January 01, 2008 Investments during the period Sale proceed during the period Balance as at September 30, 2008 15,000 30,000 45,000 1,047,310 200,000 (86,519) 1,160,791 September 30, December 31, 2008 2007 (Rupees in '000) Foreign currency placement of funds / nostro balances 15,045 5,147 Page 36 Quarter & Nine months Ended September 30, 2008 (Un-audited) For the six months ended September 30, September 30, 2008 2007 (Rupees in '000) Income on foreign currency placement of funds Profit paid / accrued Profit / return earned Technical Fee Dividend paid to holding company Remuneration of key management personnel Salaries, bonuses and other short-term employee benefits Post-employment benefits Contribution to staff retirement benefits 21. DATE OF AUTHORISATION FOR ISSUE These consolidated condensed interim financial statements were authorised for issue on October 16, 2008 by the Board of Directors of the Group. 22. GENERAL Figures have been rounded off to the nearest thousand Rupees, unless otherwise stated. 5,681 53,339 10,969 10,215 10,174 63,418 29,562 709,117 87,710 4,476 30,372 384,234 5,652 42,577 President & CEO Director Director Director Page 37 FAYSAL BANK - BRANCH NETWORK SOUTHERN REGION Karachi Karachi Main Branch Faysal House, ST - 2, Shahrae Faisal, Karachi Phone No: 92 21 2795200, 111-747-747 Fax: 92 21 2795234 Karachi I.I. Chundrigar Road Branch 11/13, Trade Centre, I.I. Chundrigar Road, Karachi. Phone No: 92 21 2638011-20 Fax: 92 21 2637975 Karachi Clifton Branch Quality Heights, K.D.A. Scheme No.5, Clifton, Karachi. Phone No: 92-21-5863771-73 Fax: 92-21-5863774-75 Karachi Gulshan Branch B-35, Block 13-A, Main University Road, Gulshan-e-Iqbal, Karachi. Phone No: 92 21 4994261-63 Fax: 92 21 4994260 Karachi Jodia Bazar Branch G-2, Plot No.MR-6/52/1, Ismail Trade Centre, Ram Bharti Street, Jodia Bazar, Karachi. Phone No: 92 21 2443795, 2444073 Fax: 92 21 2444107 Karachi D.H.A. Branch 23-C, Phase-VI, Khayaban-e-Shahbaz, Defence Housing Authority, Karachi. Phone No: 92 21 5856053-54 Fax: 92 21 5857761, 5845490 Karachi Shaheed-e-Millat Road Branch Iqbal Arcade, Plot # 6, 3/7 D.M.C. Society, Shaheed-e-Millat Road, Karachi Phone No: 92 21 4388103-7 Fax: 92 21 4385547, 4388105 Karachi North Nazimabad Branch Plot No. D-6, Block-D, KDA Scheme No.2, North Nazimabad, Karachi. Phone No: 92-21-6625517-18 Fax: 92 21 6625578, 6670090 Karachi Shahrah-e-Faisal Branch Business Avenue Center, Block No.6, P.E.C.H.S., Karachi. Phone No: 92 21 4315634-36 Fax: 92 21 4315638, 4389437 Karachi Cloth Market Branch BR-2, 1/1, Bander Quarters, New Neham Road, Kharadar, Karachi. Phone No: 92 21 2439021-22, 2435923 Fax: 92 21 2432408 Karachi S.I.T.E. Branch Plot No. B-17, Estate Avenue, S.I.T.E., Karachi. Phone No: 92 21 2585921-23, 2855918 Fax: 92 21 2585337 Karachi Mohammad Ali Society Branch Plot No.2-F (Commercial), M.A.C.H.S., Karachi. Phone No: 92 21 4390511-13 Fax: 92 21 4390515 Karachi Korangi Road Branch Speedy Towers, 129/I & II, Main Korangi Road, Phase-I, DHA, Karachi. Phone No: 92 21-5390541-42, 539134547 Fax: 92 21 5805651 Karachi New Challi Branch Abid Chamber, Plot No. SR.6/9, Shahrah-e-Liaquat, Karachi. Phone No: 92 21 2214903-5 Fax: 92 21 2214907 North Karachi Industrial Area Branch SA-2 (ST 1/1) Sector 12-B, North Karachi Industrial Area, North Karachi Township, Karachi Phone No: 92 21 6957155, 6958033 Fax: 92 21 6924238 Karachi Gulshan Chowrangi Branch Shop No.1-4, Ground Floor, Sana Arcade, Plot No.ZC-6, Block No.7, Gulshan-e-Iqbal, KDA Scheme 24, Karachi. Phone No: 92 21 4815319, 4815308 Fax: 92 21 4815308 Karachi Korangi Industrial Area Branch Plot No.51 / 9, Sector 15, Main Road, Korangi Industrial Area, Phone No: 92 21 5077191-5 Fax: 92 21 5077196 Karachi Timber Market Branch Plot # 6/2 Old Haji Camp, Siddiq Wahab Road, Lee Quarters, Karachi. Phone No: 92 21 2745889-95 Fax: 92 21 2745901 Karachi Clifton Block II Branch B-3 & B-4, Plot No. FLI, Block II, Clifton, Karachi Phone No: 92 21 5877921-23 Fax: 92 21 5877925 Karachi Khayaban-e-Mujahid Branch 43-C, Stadium Lane 2, Khayaban-e-Mujahid, D.H.A. Phase 5, Karachi. Phone No: 92 21 5349109-13 Fax: 92 21 5349114 Karachi Gulistan-e-Jauhar Branch Shop # 29 & 30, Rufi Lake Drive, Block 18, K.D.A. Scheme No. 36, Gulistan-e-Jauhar, Karachi. Phone No: 92 21 4026856-57 Fax: 92 21 4026858 Karachi D.H.A. Phase IV Branch 14-C, Sunset Commercial Street No.2, Phase IV, D.H.A., Karachi. Phone No: 92 21 5802422 Fax: 92 21 5802426 Karachi Khayaban-e-Tanzeem Branch 14-C, Khayaban-e-Tanzeem, Tauheed Commercial, DHA Phase V Phone No: 92 21 5877908-10 Fax: 92 21 5877847 Karachi Dhoraji Branch Shop no. 4, Lubna Plaza, Plot no. 448, C.P Berar Co-Operative Housing Society, Dhoraji, Karachi Phone No: 92 21 4860851-3 Fax: 92 21 4860856 Karachi Nazimabad Branch Plot No. 16, Row No.1, Sub Block A, Block-III, (III-A, 1/16), Nazimabad, Karachi. Phone No: 92 21 6707418-24 Fax: 92 21 6707425 Karachi Saba Avenue Shop No. 2 & 3, Ground Floor, Plot No. 36-C, Badar Commercial Street, Street No.6, Phase-V Extension, DHA, Karachi. Phone No: 92 21 5245376-9, 5243985 Fax: 92 21 5348929 Karachi Khalid Bin Waleed Road Branch Plot No 89-B, Block-2, P.E.C.H.S, Karachi. Phone No: 92 21 4302245-51 Fax: 92 21 4302252 Karachi Saddar Branch Shop No. 10 & 11, Ground Floor, Madina Centre, Plot Srvey No. 31/2 Survey Sheet No. SB-5, Saddar Bazaar Quarters Karachi. Phone No: 92 21 5621501-02 Fax. 92 21 5621505 Karachi Korangi No. 2 Branch Q-14, Ground Floor, Sector 33-A, Korangi No.2, Korangi Township, Karachi Phone No. 92 21 5071758-60 Fax. 92 21 5071128 Karachi Gulshan Block. 2 Branch A-287, Block-2, KDA Scheme-24, Gulshan-e-Iqbal, Karachi Phone No. 92-21 4972673 Fax: 92 21 4972416 Karachi DHA Phase VIII Branch 43-C, Al-Murtaza Commercial Lane No. 4, D.H.A Phase VIII, Karachi Phone No. 92 21 5246011-16 Fax: 92 21 5246017 Karachi APWA Complex Garden Branch Shop No. SAO 5, Ground Floor, APWA Complex, Plot No 67-AC, Garden Road Karachi Phone No. 92-21 2294777-80 Fax: 92 21 2294776 Karachi Buffer Zone Branch Plot # R-2, Sector 15-A / 2,Buffer Zone North Karachi Phone No. 92 21 7653871-2 Page 38 Quarter & Nine months Ended September 30, 2008 (Un-audited) Karachi UP More Branch Shop # 4,5, & 6,Plot # LS-12 (ST-7), Sector 11K, North Karachi Town Ship Karachi Phone No. 92 21 6961032-33 Fax: 92 21 6961038 Hyderabad Hyderabad Branch Plot No.339, Main Bohra Bazar, Saddar, Hyderabad Phone No: 92 22 2728356-59 Fax: 92 22 2728360 Quetta Quetta Branch Shahrah-e-Adalat, Quetta Phone No: 92 81 2836451-2 Fax: 92 81 2824834 Quetta Fatima Jinnah Road Branch Yousuf Center, Fatima Jinnah Road, Quetta Phone No: 92 81 2824807-2824973 Fax: 92 81 2824834 CENTRAL REGION Lahore Lahore Mall Branch 43,Shahrah-e-Quaid-e-Azam, Lahore. Phone No: 92 42-7314051-54, 111-747-747 Fax: 92 42 7236018 Lahore Gulberg Branch 95, B-II, M.M. Alam Road, Gulberg-III, Lahore. Phone No: 92 42 5755190-94, 5712748 Fax: 92 42 5755196, 5763406 Lahore DHA-H Block Branch 136/1, Block-H, Commercial Area Phase-I, DHA, Lahore Cantt. Phone No: 92 42 5897712-17 Fax: 92 42 5897720, 5899794 Lahore Garden Town Branch 4-Aibak Block, Garden Town, Lahore. Phone No: 92 42 5889810-24 Fax: 92 42 5889675 Lahore Circular Road Branch Babar Center, 51, Circular Road, Lahore. Phone No: 92 42 7673001-6 Fax: 92 42 7673007 Lahore Shalimar Gardens Branch Chowk Shalimar Bagh, Baghbanpura, Lahore. Phone No: 92 42 6844712-14, 6844741-43 Fax: 92 42 6844744 Lahore Z-Block, DHA, Branch Z-10, Street no. 10, Phase III Lahore Cantt. Phone No: 92 42 5743741-43 Fax: 92 42 5743745 Lahore Allama Iqbal Town Branch 18-Hunza Block, Main Road, Allama Iqbal Town, Lahore Phone No: 92 42 5437006-10 Fax: 92 42 4537005 Lahore Upper Mall Branch 309-A, Upper Mall, Lahore. Phone No: 92 42-5715393-95, 5714844-45, 5713026 Fax: 92 42 5710187 Lahore Main Boulevard, Gulberg Branch 59-A, Main Boulevard, Gulberg, Lahore. Phone No: 92 42 5872811-14 Fax: 92 42 5872815 Lahore Model Town Branch 13-Bank Square Market, Model Town, Lahore. Phone No: 92 42 5884705-7 Fax: 92 42 5854816 Lahore Badami Bagh Branch 1-Taj Chambers, Badami Bagh, Lahore. Phone No: 92 42 7705536-43 Fax: 92 42 7705551 Lahore Faisal Town Branch 25-D, Main Boulevard, Faisal Town, Lahore Phone No: 92 42 5201992-7 Fax: 92 42 5201998 Lahore Thokar Niaz Baig Branch Jamal Market, Ali Town, Opp. Lahore University, Thokar Niaz Baig, Raiwind Road, Lahore. Phone No: 92 42 5304392 Fax: 92 42 5314016 Lahore Shah Alam Market Branch 41 - Alamgir Market, Main Shah Alam Market, Lahore. Phone No: 92 42 7675503-04, 7675619 Fax: 92 42 7675504 Lahore Shadman Branch 11 - A, Shadman 1, Jail Road, Lahore Phone No: 92-42-7599242 Fax: 92-42-7599363 Lahore Bedian Road Branch Bedian Road, Near DHA Phase VI, Lahore Cantt. Phone No: 92 42 5720254 Fax: 92 42 5740237 Lahore Urdu Bazar S-38, R-205-A, Cattle Street, Circular Road, Urdu Bazar, Lahore Phone No: 92 42 7314616-20 Fax: 92 42 7314629 Lahore Johar Town 435-G-I, Johar Town, Lahore Phone No: 92 42 5301392-93 Fax: 92 42 5301393 Lahore Shahdara Branch G.T.Road, Shahdara, Lahore. Phone No: 92 42 7902501-508 Fax. 92 42 7902508 Lahore Ichra Branch 172, Ferozpur Road, Ichra, Lahore. Phone No: 92 42 7569934-35 Fax: 92 42 7580488 Lahore Walton Cantt, Branch 36-Jinnah Plaza, Main Boulevard Defence Link DHA Road, Walton Cantt. Lahore. Phone No: 92 42 8550192-8550109 (Worldcall) 6604307 Fax: 92 42 6604308 Lahore Liberty Market Branch 37-E, III Saeed Alam Tower, Liberty Market, Gulberg III, Lahore. Phone No: 92 42 5752108-9, 5753425 Fax: 92 42 5750366 Lahore Mcleod Road Branch Usman Plaza, Opposite: Lahore Hotel Mcleod Road, Lahore. Phone No: 92 42 6370024 & 6370041 Fax: 92 42 6370041 Lahore Mughalpura Branch 3/15 Jahangir Road, Lal Pul, Near AFC Mughalpura, Lahore Phone No: 92 42 6352177-86 Fax: 92 42 652183 Lahore Qartaba Chowk Branch 3 Ferozpur Road, Muzang Chungi, Lahore Phone No: 92 42 7574680-82 Fax. 92 42 7574662 Lahore Ghazi Chowk Branch 8-A, Awaisia Cooperative Housing Society Ghazi Chowk, Link College Road, Lahore Phone No. 92-42-5212250-59 Fax. 92 42 5212257 Lahore Choburji Branch 50, Choburji Branch, Lahore Phone No. 92 42 7009302-04 Fax. 92 42 7568226 Lahore New Airport Road Branch Adjoining Divine Mega-2 Plaza, New Airport Road, Lahore Cantt Phone No. 92 42 5745791, 5730877 Fax. 92 42 5730877 Lahore Brandreth Road Branch 78 Brandreth, (Nishter Road Lahore) Phone No: 92 42 7367224-6 Fax. 92 42 7367233 Lahore Nila Gumbad Branch The Mall Road, Bank Square, Lahore Phone No: 92 42 7360040 Fax. 92 42 7360035 Bahawalpur Bahawalpur Branch 2 - Rehman Society, Noor Mahal Road, Bahawalpur Phone No: 92 62 2730691-94 Fax: 92 62 2730695 Page 39 Faisalabad Faisalabad Civil Lines Branch Bilal Road, Civil Lines, Faisalabad. Phone No: 92 41 2644481-84 111-747-747 Fax: 92 41 2644486 Faisalabad Liaquat Road Branch 3-Liaquat Road, Faisalabad Phone No: 92 41 2617403-08, 627808 Fax: 92 41 2627809 Faisalabad Ghulam Muhammadabad Branch 39-B, Usman Plaza, Sadar Bazar, Ghulam Muhammad Abad, Faisalabad. Phone No: 92 41 2691262, 2699162, 2691375, 2692575 Fax: 92 41 2692814 Faisalabad D-Ground Branch 447-D, Peoples Colony, Faisalabad Phone No: 92 41 8730403, 8730443 Fax: 92 41 8732196 Faisalabad Madina Town Branch Madina Town, Faisalabad Phone No: 92 41 8723317 Fax. 92 41 8723451 Gujranwala Gujranwala Branch Zia Plaza, G.T. Road, Gujranwala. Phone No: 92 55 3730301-3 Fax: 92 55 3730304 Jhang Jhang Branch P-10/1/A, Katcheryi Road, Near Session Chowk, Saddar, Jhang. Phone No: 92 47 7650650, 7626590 Fax: 92 47 7629545 Multan Multan Bosan Road Branch I/A-2, Officers Colony, Bosan Road, Multan Phone No: 92 61 6214902-13 Fax: 92 61 6214900 Multan Old Bahawalpur Road Branch 129/1, Old Bahawalpur Road, Multan. Phone No: 92 61 4784491-94 Fax: 92 61 4784490 Multan Qaddafi Chowk 709, Qaddafi Chowk Khanewal Road, Near Daewoo Terminal, Multan Phone No. 92 61 6784276-81 Fax. 92 61 6784271 Okara Okara Branch Mandi Road Phone No: 92 44 2551773 Fax: 92 44 2551774 Rahim Yar Khan Rahimyar Khan Branch 27- Town Hall opp. City Park Phone No: 92 68 5889413-15 Fax: 92 68 5889420 Sadiqabad Branch Allama Iqbal Road, Sadiqabad District, Rahim Yar Khan Phone No: 92 68 5702440 Fax: 92 68 5702139 Sargodha Sargodha Branch University Road, Sargodha. Phone No: 92 48 9230793-4 Fax: 92 48 9230792 Sialkot Sialkot Branch Plot No.B1-16S-98B, 17-Paras Road, Opp. CC & I, Sialkot. Phone No: 92-432-292501-3 Fax: 92-432-292444 Vehari Vehari Branch 47-A, Karkhana Bazar, Vehari. Phone No: 92 67 3366401, 3366491 Fax: 92 67 3366402 Dera Ghazi Khan Branch 342, Kampur Road, Dera Ghazi Khan Phone No: 92 642 468769-72 Fax: 92 642 468775 Burewala Burewala Branch 25-C, Multan Road, Burewala Phone No. 92 67 3773011-18 Fax: 92 67 3359331 Sahiwal Sahiwal Branch Sarwar Shaheed Road, Sahiwal. Phone No. 92 40 4224060-61 Fax: 92 40 4224015 Chichawatni Chichawatni Branch GT Road, Chichawatni Phone No. 92 40 5482314-15 Fax: 92 40 5482310 NORTHERN REGION Islamabad Islamabad Jinnah Avenue Branch 15-West, Jinnah Avenue, Blue Area, Islamabad. Phone No: 92 51 2275096-99 Fax: 92 51 2275095 Islammbad F-10 Markaz Branch 2-G, Capital Business Centre, F-10 Markaz, Islamabad. Phone No: 92 51 2104456-57 Fax: 92 51 2104459 Islamabad F-7 Markaz Branch Shop No.1, Plot 12-D, Jinnah Super Market, F-7 Markaz, Islamabad. Phone No: 92 51 2652386, 2652591 Fax: 92 51 2652665 Islamabad I-10 Markaz Branch 3-G, Munawar Plaza, Markaz I-10, Islamabad. Phone No: 92 51 4102105-8 Fax: 92 51 4102117 Islamabad F-11 Markaz Branch Plot No. 14, F-11 Markaz, Sector F-11, Islamabad. Phone No: 92 51 2228141-4 Fax: 92 51 2228145 Islamabad F-8 Markaz 13 Rawal Arcade, Markaz F-8, Islamabad Phone No. 92 51 2817256 Fax: 92 51 2817263 Islamabad Markaz G-10 Branch Shop # 20-A, Sardar Plaza, Sector G-10 Markaz, Islamabad Phone No. 92 51 2101271-3 Fax: 92 51 2101276 Rawalpindi Rawalpindi Haider Road Branch 32, Haider Road, Rawalpindi. Phone No: 92 51 5701018-22 Fax: 92 51 5525879 Rawalpindi Satellite Town Branch City Shopping Centre, 5th Road, Satellite Town, Rawalpindi Phone No: 92 51 4424969-72 Fax: 92 51 4424962 Rawalpindi Rajabazar Branch 1-U, Iqbal Road, Fawwara Chowk, Rajabazar, Rawalpindi. Phone No: 92 51 5530661 Fax: 92 51 5530671 Rawalpindi Westridge Branch RV Arcade, 1193-1196, Peshawar Road, Rawalpindi Phone No: 92 51 5468734-36 Fax: 92-51-5468737 Page 40 Quarter & Nine months Ended September 30, 2008 (Un-audited) Rawalpindi Sadiqabad Branch 72-C, Satellite Town (Sadiqabad Road) Rawalpindi, Opp. Bilal Hospital Phone No: 92 51 5204617-19 Fax: 92 51 4422794 Jehlum Jehlum Dina Branch 1880 Al-Bilal Plaza, GT Road, Dina, District Jehlum. Phone No: 92 54 4636828-32 Fax. 92 54 4636036 Jehlum Branch 225/226, Kohinoor Bank Square, Old G.T. Road, Jehlum Cantt District Jehlum. Phone No: 92 54 4624901 & 622153 Fax: 92 54 4626948 Peshawar Peshawar Cantt. Branch Cantonment Plaza, Supermarket, Saddar Road, Peshawar. Phone No: 92 91 5270176-78 Fax: 92 91 5270631 Peshawar Hayatabad Branch S.S./ Royal Plaza, Jamrud Road, Hayatabad, Peshawar. Phone No: 92 91 5818379, 5812049 Fax: 92 91 5811488 Peshawar City Branch Tariq Market, New Rampura Gate, Ashraf Road, Peshawar City Phone No: 92 91 2593827, 2591876 Fax: 92 91 2591817 Peshawar University Road Branch 4652-4670, Omer Plaza, Jahangirabad, University Road, Peshawar. Phone No: 92 91 5711401-6, 5711409 Peshawar Khyber Bazar Branch 417-D, outside Bajori Gate, (Shoba Chowk) Khyber Bazar, Peshawar. Phone No: 92 91 2219860 Fax: 92 91 2220471-3 Gujar Khan Gujar Khan Branch B-111-215-D, Ward No.5, Main G.T. Road, Gujar Khan. Phone No: 92 51 3514968, 3514996 Fax: 92 51 3514613 Gujrat Gujrat Branch Noble Furniture Plaza, G.T. Road, Gujrat Phone No: 92 53 3536781-4 Fax: 92 53 3524185 Kharian Kharian Branch Rizwan Plaza, G.T. Road, Kharian. Phone No: 92 537 536068-70 Fax: 92 537 536066 Mirpur (Azad Kashmir) Mirpur Branch Mian Muhammad Road, Opposite Quaid-e-Azam Stadium, Mirpur Azad Kashmir Phone No: 92 58610-45100-3 Fax: 92 58610-43601 Swat Mingora Branch 1st Floor, Abasin Plaza, Green Chowk, Madyan Road, Mingora-Swat. Phone No: 92 946 720001-3 Fax: 92 946 720004 Mandi Bahauddin Mandi Bahauddin Branch Furniture Point, Railway Road, Mandi Bahauddin. Phone No: 92546 600721-23, 0546-600733 Fax. 92 0546 600385 Abbotabad Abbotabad Branch Shop # 841, Farooqabad, Mansehra Road Abbottabad Phone No: 92 5921 385920 Fax. 92 0992 85921 Page 41