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Time for banks and DFIs quarterly statements extended

KARACHI (November 16 2003): The State Bank on Saturday extended the time for publication or circulation of quarterly financial statements by banks and development finance institutions (DFIs).

“On representation from banks it has been decided to extend the time for publication/circulation of quarterly financial statements from 30 to 45 days,” said a circular issued by the SBP.

Earlier, the banks and DFIs had to publish their quarterly report within 30 days, and half-yearly report in 60 days.

All banks and DFIs have been advised to ensure publication or 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 December 31, 2003, the circular added.

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