Financial results of First National Bank Modaraba for period ended March 31, 2016

Karachi, First National Bank Modaraba informed Pakistan Stock Exchange about the recommendations made by the board of directors in the meeting held at Karachi on April 28, 2016.

The agenda of the meeting was discussion of profit and loss account for nine months period and quarter ended March 31, 2016 which portrayed a loss of Rs. 60,407,521 and Rs. 10,770,037 with loss per share 2.42 and 0.43 basic and diluted respectively.

Further, nil payment of cash dividend, bonus shares and right shares was agreed.

First National Bank Modaraba is a multipurpose, perpetual and multi dimensional modaraba formed under the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 and rules framed there under and is managed by National Bank Modaraba Management Company Limited (a wholly owned subsidiary of National Bank of Pakistan), incorporated in Pakistan under the Companies Ordinance, 1984 and registered with registrar of Modaraba Companies. The Modaraba commenced its business operations on December 04, 2003 and is currently engaged in various islamic modes of financing and operations including Ijarah, Musharaka and Morabaha arrangements. The shares of the company are quoted on Karachi and Lahore Stock Exchanges of Pakistan. The registered office of the company is situated at Lahore.

The symbol “FNBM” is being used by the stock exchange for the shares of First National Bank Modaraba.