First Credit and Investment Bank : Transmission of Quarterly Report for the period Ended March 31,2024

First Credit and Investment Bank Limited

Vision

Be a preferred investment bank enhancing value

for the stakeholders and contributing to the

National goals.

Mission Statement

Contributing through innovative financing and

investment in quality portfolio, advisory services

delivered in an environment of trust and

customer confidence supported by a team of

professionals.

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First Credit and Investment Bank Limited

C O N T E N T S
Board of Directors	01
Company Information	02
Directors' Review Report to the Members	03
Condensed Interim Statement of Financial Position	06
Condensed Interim Statement of Profit or Loss Account	07
Condensed Interim Statement of Comprehensive Income	08
Condensed Interim Statement of Changes In Equity	09
Condensed Interim Statement of Cash Flows	10
Notes To The Condensed Interim Financial Statements	11

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First Credit and Investment Bank Limited

BOARD OF DIRECTORS

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First Credit and Investment Bank Limited
COMPANY INFORMATION
AUDIT COMMITTEE:
Mr. Jamal Nasim	Chairman
Mr. Asad Ullah Saleem	Member
Syed Irfan Husnain Rizvi	Member
HR AND REMUNERATION COMMITTEE:
Mrs. Nina Afridi	Chairperson
Mr. Faisal Ahmed Topra	Member
Syed Irfan Husnian Rizvi	Member
RISK MANAGEMENT COMMITTEE:
Mr. Asad Ullah Saleem	Chairman
Mr. Masood Raza	Member
Mr. Amjad Iqbal	Member
Mr. Muhammad Mohsin Ali	President/CEO
COMPANY SECRETARY:
Mr. Muhammad Amin Khatri
AUDITORS:
Crowe Hussain Chaudhry & Co.
Chartered Accountants
LEGAL ADVISOR:
Ahmed & Qazi
BANKERS:
National Bank of Pakistan
MCB Bank Limited
Allied Bank Limited
FINCA Microfinance Bank Limited
NRSP Microfinance Bank Limited
Tameer Microfinance Bank Limited
Khushhali Bank Limited
U Microfinance Bank Limited
HBL Microfinance Bank Limited
SHARE REGISTRAR:
THK Associates (Pvt.) Limited
Plot # 32-C, Jami Commercial Street # 2,
D.H.A, Phase-VII,Karachi-75500.
Ph. # [phone]
Fax # [phone]
HEAD OFFICE I REGISTERED OFFICE:
2nd Floor, Sidco Avenue Centre,
Stratchen Road, Karachi - 74200 Pakistan.
Ph. # : 35658750-1, 35670452, 35688490
Fax. # : [phone]
E-mail: [e-mail]
Website: www.fcibank.com.pk
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First Credit and Investment Bank Limited

DIRECTORS' REVIEW

On behalf of the Board of Directors, we have the privilege of presenting condensed interim financial statements (un-audited) of First Credit and Investment Bank Limited, for the nine months period ended March 31, 2024.

Operating Results

Amidst the challenges of the prevailing business environment particularly for investment banking sector, the Company has delivered strong financial results for the nine months period ended March 31, 2024 by achieving unparalleled increase in operating profit. During the period, the Company re-profiled its investment portfolio, hired competent staff for its brokerage and investment banking operations and also took business expansion measures which resulted in tremendous growth in profit from its core business activities. The Profit before tax has witnessed 41% growth while 71% increase was registered in profit after tax. Total income for the nine months ended March 31, 2024 was increased by Rs.112.37 million to Rs.315.48 million as compared to Rs.203.11 million of the same period of 2023. The Company registered operating profit of Rs.22.09 million, as compared to operating profit of Rs.2.36 million for the corresponding period of last year. Further, after taking effect of reversals of provisions made against non performing investments, the Company earned a profit before tax of Rs.39.50 million during the third quarter of FY 2023-24 as against Rs.28.00 million reported for the corresponding period of last year. Similarly, the Company closed the third quarter by registering after tax profit of Rs.29.46 million as against profit after tax of Rs.17.26 million posted for the corresponding period of last year. As a result, shareholders equity net of deficit on re-measurement of available for sale investments is reported at Rs.772.90 million as of March 31, 2024. Total balance sheet footing as at March 31, 2024 increased to Rs.2,531.03 million from Rs,1,851.31 million as of June 30, 2023.

Keeping in view the current economic situation the management would continue to follow prudent approach towards deployment of funds focusing more on recoveries and advisory services.

Credit Rating

VIS Credit Rating Company Limited vide its report dated February 26, 2024 has reaffirmed the medium to long-term rating of the Company at 'A'(Single A) and Short-term rating at 'A-2(A-Two). The outlook of the rating is 'Stable'.

Future Outlook

It may not be out of context to state that FCIBL is the only NBFC which is fully operative and expanding its activities, though it has been facing severe competition from large commercial banks. Apart from liquidity challenges, FCIBL has initiated many new avenues for making profit. FCIBL is expanding its Money Market & Forex Brokerage business by hiring new talent from the market which would contribute more to the profitability in years to come. Similarly, expansion in treasury and money market operations has also witnessed growth during the period under review. These development in business are achieved in-spite of cut-throat competition from commercial banks and human resource challenges being faced by the entire Investment Banking sector. The Board is focusing more on expansion of our existing core business as well as diversification into new businesses as permitted under the NBF regulatory framework. Our vertical as well horizontal expansion strategy will increase revenue streams, which hopefully will be forthcoming with improvement in economic and business conditions of the country. Your Company will continue to improve its assets quality, infrastructure, build capacity through training of existing personnel and engaging professionals to diversify products and services, updating policies and procedures to meet the requirements of the new challenges and opportunities.

Acknowledgement

The directors wish to express their appreciation to our stakeholders, valued customers and financial institutions for their continued trust and patronage. We are grateful to the regulatory authorities i.e. the Securities and Exchange Commission of Pakistan, the State Bank of Pakistan and the Pakistan Stock Exchange for their continued guidance and support. We also acknowledge hard work and dedication of the management and employees.

MUHAMMAD MOHSIN ALI	JAMAL NASIM
President and CEO	Director

Karachi:

April 25, 2024

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First Credit and Investment Bank Limited

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First Credit and Investment Bank Limited

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First Credit and Investment Bank Limited

CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION

AS AT MARCH 31, 2024

Note

ASSETS

Non-current Assets

March 31,	June 30,
2024	2023

……...…. Rupees …………..

(Un-audited) (Audited)

Property and equipment	6
Long-term investments	7
Long-term loans and finances
Net investment in finance lease	8
Term deposits receipts	9
Long-term security deposits
Deferred tax asset	10
Current Assets
Current portion of non-current assets	11
Short-term investments	12
Mark-up/interest accrued
Prepayments and other receivables
Advance taxation - net
Cash and bank balances
EQUITY AND LIABILITIES
SHAREHOLDERS' EQUITY
Authorized share capital
75,000,000 (June 30, 2023: 75,000,000)
shares of Rs. 10 each
Issued, subscribed and paid-up share capital
65,000,000 (June 30, 2023:65,000,000)
shares of Rs. 10 each
Accumulated profit
Deficit on remeasurements of investment-net	13
Total shareholders' equity
LIABILITIES
Non-current liabilities
Deferred liability - staff gratuity
Lease liability
Security deposit against finance lease
Current liabilities
Current portion of lease liability
Short-term repo borrowing
Unpaid dividend
Markup / Interest accrued	14
Accrued expenses and other payables
CONTINGENCIES AND COMMITMENTS	15

26,751,972

1,588,188,120

163,540,437

-

3,000,000

-

60,263,565

1,841,744,094

351,365,286

50,878,637

161,000,954

7,271,207

38,865,225

79,905,030

689,286,339

2,531,030,433

750,000,000

650,000,000

149,484,008

(26,582,637)

772,901,371

11,919,982

11,084,345

-

23,004,327

7,104,849

1,692,714,564

7,344,542

13,021,175

14,939,605

1,735,124,735

-

2,531,030,433

21,556,500

1,121,306,632

211,471,850

-

-

57,500

74,099,078

1,428,491,560

140,154,828

46,633,018

74,303,284

3,183,119

36,420,563

122,123,799

422,818,611

1,851,310,171

750,000,000

650,000,000

127,705,852

(53,793,131)

723,912,721

9,746,087

11,798,071

418,600

21,962,758

4,704,133

1,075,560,841

7,344,542

4,557,940

13,267,236

1,105,434,692

-

1,851,310,171

-- The annexed notes from 1 to 21 form an integral part of these condensed interim financial statements.

S. A. Mohsin	MUHAMMAD MOHSIN ALI	Jamal Nasim
Chief Financial Officer		President & CEO	Director

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