Annual Report 2009 - Meezan Bank

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Notes to and forming part of the Financial Statements For the year ended December 31, 2009 37. SEGMENT ANALYSIS The segment analysis with respect to business activity is as follows: Corporate Trading & Retail Commercial Payment & Agency Assets Retail Others finance sales banking banking settlement services management brokerage Rupees in ‘000 2009 Total income 1,350,881 5,157,170 2,529,381 2,628,314 25,991 8,127 - - - Total expenses (666,209) (4,566,098) (1,577,532) (3,862,542) (1,624) (508) - - - Net income (loss) 684,672 591,072 951,850 (1,234,228) 24,367 7,619 - - - Segment Assets (Gross) 9,059,061 73,481,197 13,241,037 28,400,439 - - - - - Segment Non Performing Loans 250,000 - 551,045 3,098,118 - - - - - Segment Provision Required 58,668 - 316,298 2,212,246 - - - - - Segment Liabilities - 2,702,824 101,819,354 10,475,097 - - - - - Segment Return on Assets (ROA) (%) 7.56% 0.80% 7.19% - 4.35% - - - - - Segment Cost of funds (%) 5.66% 5.66% 5.66% 5.66% - - - - - 2008 Total income 1,089,434 1,712,388 1,118,905 3,546,230 22,231 21,933 - - - Total expenses (733,087) (2,385,990) (777,128) (2,990,480) (2,176) (1,073) - - - Net income (loss) 356,347 (673,602) 341,777 555,750 20,055 20,860 - - - Segment Assets (Gross) 8,719,025 39,921,589 6,696,364 29,939,092 - - - - - Segment Non Performing Loans - 200,089 242,105 1,818,003 - - - - - Segment Provision Required - 92,211 138,166 960,023 - - - - - Segment Liabilities - 490,550 70,233,875 8,576,666 - - - - - Segment Return on Assets (ROA) (%) 4.09% - 1.69% 5.10% 1.86% - - - - - Segment Cost of funds (%) 5.05% 5.05% 5.05% 5.05% - - - - - 38. RELATED PARTY TRANSACTIONS 38.1 Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial or operational decisions and includes a subsidiary company, associated companies with or without common directors, retirement benefit funds, directors and key management personnel. 38.2 A number of banking transactions were entered into with related parties in the normal course of business. These include loans, deposits and foreign currency transactions. These transactions were carried out on commercial terms and at market rates. 38.3 Subsidiary company - Al-Meezan Investment Management Limited 38.4 Key management personnel - President and Chief Executive Officer - Chief Operating Officer 96
Notes to and forming part of the Financial Statements For the year ended December 31, 2009 38.5 The volumes of related party transactions, outstanding balances at the year end, and related expense and income for the year are as follows: Total Subsidiary Associates Key Management Other Related Personnel Parties 2009 2008 2009 2008 2009 2008 2009 2008 2009 2008 Financing Rupees in ‘000 At January 1, 369,257 346,545 - 669 368,827 345,314 430 562 - - Disbursed during the year 58,127 347,671 - - 58,127 347,671 - - - - Repaid during the year (283,252) (324,959) - (669) (283,120) (324,158) (132) (132) - - At December 31 144,132 369,257 - - 143,834 368,827 298 430 - - Deposits At December 31 209,349 329,908 1,603 1,925 104,395 173,514 44,972 106,360 58,379 48,109 Borrowing 607,032 453,720 - - 607,032 453,720 - - - - Balances Profit receivable on financing 1,392 3,970 - - 1,392 3,970 - - - - Transfer agency fee receivable 1,150 900 1,150 900 - - - - - - Payable to defined benefit plan 40,347 29,803 - - - - - - 40,347 29,803 Service charges payable by the Bank 1,388 651 1,388 651 - - - - - - Profit payable on borrowing 36,436 29,921 - - 36,436 29,921 - - - - Letters of credit (unfunded) 180,780 35,106 - - 180,780 35,106 - - - - Prepaid Takaful 110,689 110,738 - - 110,689 110,738 - - - - Transactions, income and expenses Profit earned on financing 19,935 13,394 - 34 19,935 13,360 - - - - Return on deposits expensed 101,048 164,143 73 161 68,228 150,094 3,561 1,603 29,186 12,285 Takaful insurance on consumer financings 196,054 195,063 - - 196,054 195,063 - - - - Electricity charges - 30,575 - - - 30,575 - - - - Dividend income earned 115,725 146,002 - - 115,725 146,002 - - - - Capital gain - 1,367 - - - 1,367 - - - - Charge for defined benefit plan 40,347 29,803 - - - - - - 40,347 29,803 Charge for defined contribution plan 46,661 33,009 - - - - - - 46,661 33,009 Service charges incurred 3,752 2,032 2,867 1,088 366 944 - - 519 - Fees earned 7,332 17,016 4,689 4,923 2,643 12,093 - - - - Commission earned on letters of credit and acceptances - 1,901 - - - 1,901 - - - - 38.6 ASSOCIATES - KEY INFORMATION Particulars Mutual Funds Others Total Rupees in ‘000 Assets 15,251,095 1,085,536 16,336,631 Liabilities 251,293 765,556 1,016,849 Operating revenue 5,169,870 20,614 5,190,484 Profit after tax 5,099,441 11,918 5,111,359 2009 97
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Annual Report 2009 Rising Higher-Ex
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Contents Vision & Mission 02 Our Va
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Our Values Core Values Shariah Comp
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Key Figures at a Glance Profit and
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Shareholders Shareholding Structure
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Corporate Information Board of Dire
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History of Riba-Free Banking in Pak
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Chairman’s Review This year marks
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Charity for Social Welfare Alhamdul
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Business and Operations Review Busi
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Consumer Banking The Consumer banki
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Al Meezan Investment Management Ltd
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n n n n major Islamic banks; this i
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Information Technology A strong and
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anking and Meezan Bank. A 4-month I
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Directors’ Report to the Members
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The Islamic Banking industry contin
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Directors An Extraordinary General
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Statement of Value Added and Distri
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Shariah Advisor’s Report By the G
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In customer wise break-up of direct
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42 Meezan Bank Limited
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44 Meezan Bank Limited
Page 48 and 49: Statement of Compliance with the Co
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Page 52 and 53: Notice of Annual General Meeting No
Page 55: Financial Statements Auditors’ Re
Page 58 and 59: Profit and Loss Account For the yea
Page 60 and 61: Cash Flow Statement For the year en
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Page 116 and 117: Consolidated Profit and Loss Accoun
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Notes to and forming part of the Co
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Pattern of Shareholding as at Decem
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Correspondent Banking Network Count
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Branch Network Southern Region Hub
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Branch Network 184 Bahawalpur Bhawa
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Branch Network 186 Dera Ismail Khan
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The Company Secretary Meezan Bank L
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Annual Report 2009 - Meezan Bank

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