KARACHI (September 02 2003) : The State Bank of Pakistan (SBP) directed all the banks to publish and circulate un-audited financial statements on quarterly basis.
In a circular dated August 30, 2003, to heads of all banks and DFIs, the SBP said that these un-audited statements must also carry the directors review on the affairs of the listed company, and non-listed, including branches of foreign banks, and those which have peculiar share holding structure.
It further said that the listed companies should also ensure that half-yearly financial statements are subjected to a limited scope review by the statutory auditors.
The SBP directed that all banks/DFIs must also publish or circulate
half-yearly financial statements, as of 30th June 2003, latest by 31st August 2003, under the Code of Corporate Governance.
However, in case of non-listed banks/DFIs and foreign banks operating in Pakistan, the last date for publication/circulation of half-yearly statements, as of 30th June 2003, has been extended up to 30th September 2003, for this half-year only.
It said that in future, they should ensure the publication/circulation of quarterly/half-yearly financial statements within stipulated time of two months.
Further, it clarified that non-listed banks/DFIs may decide not to circulate printed copies of quarterly/half-yearly financial statements to all the members except SBP.
In that event they will have to ensure publication of the same in the leading newspapers.