2004

CONTENTS
Vision 02
Mission 02
Core Values 03
Corporate Information 04
Financial Highlights - 2004 07
Five Year Performance at a Glance 08
Board of Directors 10
Senior Management 11
Notice of 56th Annual General Meeting 12
Statement Under Section 160 of The Companies Ordinance, 1984 14
Directors’ Report 16
Statement of Compliance with the Code of Corporate Governance 21
Auditors’ Review Report to the Members 23
Auditors’ Report to the Members 24
Financial Statements - 2004
Balance Sheet 26
Profit & Loss Account 27
Cash Flow Statement 28 1
Statement of Changes in Equity 29
Notes to the Financial Statements 30
Pattern of Shareholding 88
Categories of Shareholders 90
Head Office Management 92
Domestic Operations 100
Overseas Operations 108
Form of Proxy
We’re
Expanding horizons,
reaching out,
being there,bringing something
for Everyone,
Our vision is that we want to be the pre-eminent
financial institution in Pakistan and achieve
market recognition both in quality and delivery of
service as well as the range of product offering.
Our mission to be recognized in the market

place by institutionalizing a merit and
performance culture, creating a powerful and
distinctive brand identity, achieving top-tier
financial performance, and adopting and living
out our core values.
& following values to deliver to you.
We aim to be an organization that is founded on:
Growth through creation of sustainable relationships with our customers
Prudence to guide our business conduct
A national presence with a history of contribution to our communities
We shall work to:

Meet expectations through market-based solutions and products
Reward entrepreneurial efforts
Create value for all our stakeholders
We aim to be people who:

Care about relationships
Lead through the strength of our commitment and willingness to excel
Practice integrity, honesty and hard work. We believe that these are
measures of true success
We have confidence that tomorrow we will be:

Leaders in our industry
An organization maintaining the trust of our stakeholders
An innovative, creative and dynamic institution responding
to the changing needs of the internal and external environment
After all, we are T h e N a t i o n ’ s B a n k

CORPORATE INFORMATION
Board of Directors Syed Ali Raza

Chairman & President
Dr. Waqar Masood Khan
Iftikhar Ali Malik
Syed Shafqat Ali Shah Jamote
M. Zubair Motiwala
Sikandar Hayat Jamali
Muhammad Khalid Malik
Audit Committee Syed Shafqat Ali Shah Jamote

Chairman
M. Zubair Motiwala
Muhammad Khalid Malik
Auditors Taseer Hadi Khalid & Co.

Chartered Accountants
4 Ford Rhodes Sidat Hyder & Co.

Chartered Accountants
Legal Advisors Mandviwala & Zafar

Advocates & Legal Consultants
Registered & Head Office NBP Building

I. I. Chundrigar Road, Karachi, Pakistan
Registrar’s & THK Associates (Pvt.) Ltd.

Share Registration Office Shares Department, Ground Floor,
Modern Motors House,
Beaumont Road, Karachi, Pakistan
FINANCIAL HIGHLIGHTS - 2004
Rs. in million
AUTHORIZED CAPITAL 5,000
PAID-UP CAPITAL 4,924
SHAREHOLDERS’ EQUITY AND RESERVES 42,936
DEPOSITS 465,572
ADVANCES-NET 221,444
INVESTMENTS-NET 144,736
TOTAL ASSETS 549,741
PRE-TAX PROFIT 12,025 7
AFTER-TAX PROFIT 6,243
NO. OF BRANCHES 1,226
NO. OF EMPLOYEES 13,745

FIVE YEAR PERFORMANCE AT A GLANCE
(Rs. in Million)
Shareholders'
Total Assets Deposits Advances Investments Equity
2000 371,636 316,493 140,318 72,609 11,378
2001 415,089 349,617 170,319 71,759 11,959
2002 432,803 362,866 140,547 143,525 14,279
2003 468,972 395,492 161,266 166,196 18,134
2004 549,741 465,572 221,444 144,736 25,257
TOTAL ASSETS DEPOSITS
600000 549,741 500000 465,572
468,972 395,492
500000
432,803 400000 362,866
415,089 349,617
371,636 316,493
(Rs. in million)
(Rs. in million)
400000
300000
300000
200000
200000
100000
100000
2000 2001 2002 2003 2004 2000 2001 2002 2003 2004
ADVANCES SHAREHOLDERS’ EQUITY
250000 30000
221,444
25,257
25000
200000
170,319
161,266 18,134
20000
(Rs. in million)
(Rs. in million)
140,318 140,547
150000
14,279
15000
11,378 11,959
100000
10000
50000 5000
2000 2001 2002 2003 2004 2000 2001 2002 2003 2004
FIVE YEAR PERFORMANCE AT A GLANCE
(Rs. in Million)
Earning Return on Assets Number Number

Pre-Tax Profit After-Tax Profit Per Share (Rs.) (Pre-Tax Profit) of Branches of Employees
1,032 461 1.24 0.3% 1,428 15,351
3,016 1,149 3.08 0.8% 1,245 15,163
6,045 2,253 5.49 1.4% 1,204 12,195
9,009 4,198 8.53 2.0% 1,199 13,272
12,025 6,243 12.68 2.4% 1,226 13,745
PRE-TAX PROFIT AFTER-TAX PROFIT

16000 9000
14000 8000
12,025
7000 6,243
12000
(Rs. in million)
(Rs. in million)
6000
10000 9,009
5000 4,198
8000
6,045 4000
6000
3000 2,253
4000 3,016
2000
1,149
2000 1,032 461
1000
2000 2001 2002 2003 2004 2000 2001 2002 2003 2004
EARNING PER SHARE RETURN ON ASSETS (Pre-Tax Profit)
14 2.5 2.4
12.68
12 2.0
2.0
10
Percentage
8.53
1.4
Rupees
8 1.5
5.49
6
1.0 0.8
4 3.08
0.5 0.3
2 1.24
2000 2001 2002 2003 2004 2000 2001 2002 2003 2004
BOARD OF DIRECTORS
S. Ali Raza
Dr. Waqar Masood Khan Iftikhar Ali Malik
10
Syed Shafqat Ali Shah Jamote M. Zubair Motiwala
Sikandar Hayat Jamali Muhammad Khalid Malik

SENIOR MANAGEMENT
Masood Karim Shaikh
SEVP & Group Chief, Corporate & Investment Banking Group
Shahid Anwar Khan

SEVP & Group Chief, Commercial & Retail Banking Group
Dr. Asif A. Brohi

SEVP & Group Chief, Operations Group
Muhammad Sardar Khawaja

SEVP & Group Chief, Audit & Inspection Group
S. M. Rafique
SEVP & Secretary Board of Directors
Imam Bakhsh Baloch

SEVP & Group Chief, Compliance Group
Ziaullah Khan
SEVP & Group Chief, Special Assets Management Group
Amim Akhtar
EVP & PSO to the President
Javed Mehmood
EVP & Group Chief, Risk Management Group
Muhammad Nusrat Vohra

EVP & Group Chief, Treasury Management Group
Nadeem A. Dogar
EVP & Group Chief, Information Technology Group
Dr. Mirza Abrar Baig 11

EVP & Group Chief, Human Resources Management & Administration Group
Mrs. Khurshid Maqsood Ali

EVP & Divisional Head Employees Benefits, Disbursements & Trustee Division
Tahir Yaqoob
EVP & Group Chief, Overseas Coordination & Management Group
Mrs. Uzma Bashir

Group Chief, Organization Development & Training Group
Syed Farhan Ahmed

Financial Controller & Divisional Head Financial Control Division
NOTICE OF 56TH ANNUAL GENERAL MEETING
Notice is hereby given that the 56th Annual General Meeting of National bank of Pakistan, will InshaAllah, be held
on Wednesday, the 27th April, 2005, at 2:00 P.M. (PST), at Darbar Hall, Sheraton Hotel, Karachi.
The following business will be transacted in the meeting:
Ordinary Business:
1. To receive and adopt the Audited Accounts of the Bank for the year ended 31st December, 2004, together
with the Directors’ & Auditors’ Reports thereon.
2. To appoint auditors for the year ending 31st December, 2005 and fix their remuneration.
3. To consider and approve Cash Dividend @ 15% and Bonus Shares @ 20% (thereby increasing Paid-up
Capital of the Bank from Rs. 4,924,106,220/- to Rs. 5,908,927,460/-) as recommended by the Board of
Directors for the year ended 31st December, 2004 (subject to GoP / Regulatory approvals).
Special Business:
4. To approve increase in Bank’s Authorized Capital from Rs. 5 Billion (divided into 500 Million Ordinary
Shares of Rs. 10/- each) to Rs. 7.5 Billion (divided into 750 Million Ordinary Shares of Rs. 10/- each), as
approved by GoP, vide Finance Division’s Notification No. F.1(4) Bkg-III/2002 dated January 31, 2005, by
passing the following resolution:-
“RESOLVED THAT in terms of Section 4 (4) of The NBP Ordinance 1949, the increase in Bank’s
Authorized Capital from Rs. 5 Billion (divided into 500 Million Ordinary Shares of Rs. 10/- each) to
Rs. 7.5 Billion (divided into 750 Million Ordinary Shares of Rs. 10/- each) as approved by GoP,
Finance Division’s Notification No. F.1(4) Bkg-III/2002 dated January 31,2005, be and is hereby
approved.”
5. To approve placement of Bank’s Quarterly Accounts on the Bank’s Website instead of transmitting the
same to the shareholders by post subject to approval from Securities and Exchange Commission of
pakistan (SECP), by passing the following resultion:-
“RESOLVED THAT as per SECP’s Circular No. 19 dated April 14, 2004, placement of Bank’s
Quarterly Accounts on the Bank’s website instead of transmitting the same to the shareholders by
post, subject to SECP’s approval, be and is hereby approved.”
12
6. To approve / ratify the following donations aggregating Rs. 195,361.06, recommended/ approved by the
Board / Bank’s Management, by passing the following resolution.
“RESOLVED THAT the donation of Rs. 95,361.06, being the net sale proceeds of 993 fractional
Bonus Shares - 2003 to a Charitable Trust / Welfare Association, name of which will be approved by
the President (NBP), be and is hereby approved.”
“FURTHER RESOLVED THAT the decision taken by the Management / Board towards approving
donation of Rs. 100,000/-, to Special Olympics Pakistan, be and is hereby ratified.”
(Statement under Section 160 of The Companies Ordinance, 1984 in respect of Special Business is
enclosed with the notice sent to Bank’s shareholders.)
7. To transact any other business with the permission of the Chairman.
By Order of the Board
Karachi. (S. Ali Raza)

Dated: April 04, 2005 President
Note:
i) The Share Transfer Books of the Bank shall remain closed from 15-04-2005 to 27-04-2005 (both
days inclusive). Transfers received at Messers THK Associates (Pvt.) Ltd., Ground floor, Modern
Motors House, Beaumont Road, Karachi, the Bank’s Registrar and Share Transfer Agent, at the close
of the business on 14-04-2005 will be treated in time for purpose of the entitlement of Cash Dividend/
Bonus Shares.
ii) A member entitled to attend and vote at the Annual General Meeting is entitled to appoint another
member as a proxy to attend and vote on his / her behalf. The Government of pakistan and State
Bank of Pakistan and any Corporation(s), being member of the Bank, may nominate any person as
its representative to attend the Annual General Meeting under authority of a Power of Attorney or a
Board of Directors’ Resolution. Proxies or nominations, in order to be effective and valid, must be
received at the office of the Bank’s Registrar / Transfer Agent, Messrs THK Associates (Pvt.) Ltd.,
Ground floor, Modern Motors House, Beaumont Road, Karachi, not less than 48 hours before the
time of holding the Annual General Meeting.
iii) The CDC Account Holders and Sub-account Holders, whose Registration details are available in the
Share Book Detail Report shall be required to produce their respective Original National Identity
Cards (NICs) or original Passports at the time of attending the Annual General Meeting to facilitate
identification. Such Account Holders and Sub-Account Holders should also bring / know their
respective participant I.D. No. and the CDC Account Number. In case of proxy, he/she must enclose
an attested copy of his/ her NIC or Passport. Representative(s) of corporate member(s) should bring
usual documents required for such purpose.
iv) Members are requested to timely notify any change in their addresses to the Bank’s Registrar /
Transfer Agent, Messers THK Associates (Pvt.) Limited.
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STATEMENT UNDER SECTION 160
STATEMENT UNDER SECTION 160 OF THE COMPANIES ORDINANCE, 1984
This statement sets out the material facts concerning the Special Business, given in agenda item No. 4, 5 & 6
of the Notice, to be transacted at the 56th Annual General Meeting of National Bank of Pakistan.
Item No. 4:
TO APPROVE INCREASE IN BANK’S AUTHORIZED CAPITAL FROM RS. 5 BILLION TO RS.

7.5 BILLION, AS APPROVED BY GOP, FINANCE DIVISION’S NOTIFICATION NO. F.1(4)BKG-
III/2002 DATED JANUARY 31, 2005.
During the year 2001, GoP decided to enlist the Bank on domestic Stock Exchanges, Bank’s Authorized
Capital was increased from Rs. 2.5 Billion to Rs. 5 Billion vide GoP, Finance Division, Notification No.
F.1(4)BKG(11)/2000 dated January 01, 2001.
The Bank in addition to Cash Dividend also declared Bonus Shares during the period 2001 to 2003.
Resultantly, Bank’s Paid up Capital increased to Rs. 4.924 Billion. In view of insufficient cushion now available
for declaration of proposed and future bonus issue (s), the NBP Board in its 130th meeting held on March
18,2005 has recommended increase in Bank’s Authorized Capital from Rs. 5 Billion (divided into 500 Million
Ordinary Shares of Rs. 10/- each) to Rs. 7.5 Billion (divided into 750 Million Ordinary Shares of Rs. 10/- each).
The matter was taken up with the GoP, for approval of the aforesaid increase. GoP in terms of Section 4 (1) of
The NBP Ordinance 1949, has approved the said increase through Finance Division’s Notification No. F.1(4)
Bkg-III/2002 dated January 31, 2005. In this regard, Clearance / NOCs from SECP and SBP have also been
obtained through their under noted letters:
i) SECP’s letter No. EMD/233/627/02-4820 dated February 07, 2005.

ii) SBP’s letter No. BSD/SU-16/608/853/2005 dated February 11, 2005.
Item No. 5:
TO APPROVE PLACEMENT OF BANK’S QUARTERLY ACCOUNTS ON THE BANK’S

14
WEBSITE INSTEAD OF TRANSMITTING THE SAME TO THE SHAREHOLDERS BY POST
SUBJECT TO APPROVAL FROM SECURITIES & EXCHANGE COMMISSION OF PAKISTAN
(SECP)
Bank’s Quarterly Accounts are being sent to the shareholders by post. As per SECP’s Circular No. 19 dated
April 14, 2004 and in order to avoid unnecessary cost and cumbersome exercise, the Bank’s Board has
recommended placement of Bank’s Quarterly Accounts on the Bank’s Website instead of transmitting the same
to the shareholders by post subject to approval of shareholders / SECP. In this way, besides cost saving,
objective of legal provisions contained in Section 245 of The Companies Ordinance, 1984, will also be
achieved.
Item No. 6:
i) DONATION OF NET SALE PROCEEDS AMOUNTING TO RS. 95,361.06 OF 993 FRACTIONAL

BONUS SHARES-2003 TO A CHARITABLE TRUST / WELFARE ASSOCIATION:
STATEMENT UNDER SECTION 160
STATEMENT UNDER SECTION 160 OF THE COMPANIES ORDINANCE, 1984
On the basis of operating results for the year ended December 31, 2003, the Bank’s Board in its 120th
meeting held on April 30, 2004, recommended payment of 12.5% cash dividend and 20% Bonus Shares to
the Bank’s shareholders, which was also approved by the Bank’s shareholders in 55th AGM held on April 30,
2004.
Accordingly, Dividend Warrants and Bonus Shares were issued to the shareholders as per their entitlement.
In this connection, 993 Bonus Shares, being fractional shares, could not be distributed to the shareholders.
For disposal of these fractional 993 Bonus Shares, a consolidated Share Certificate No 061170 bearing
distinctive No. 492409630 to 492410622 in the name of “Secretary (Board), NBP”, was issued which was sold
on January 31, 2005, through a member of KSE, Messrs Sherman Securities (Pvt.) Ltd., against net sale
proceeds of Rs. 95,361.06.
On account of high cost of computer printing, post printing, distribution / postage and handling charges of the
fractional coupons, the NBP Board in its 128th meeting held on January 01, 2005 recommended that the sale
proceeds of the fractional Bonus Shares, be donated to a Charitable Trust / Welfare Association.
In this connection, approval of shareholders is now being solicited for donating the net sale proceeds
amounting to Rs. 95,361.06 of 993 fractional Bonus Shares - 2003, to a Charitable Trust / Welfare Association
name of which will be approved by the President ( NBP).
ii) DONATION OF RS. 100,000/- TO SPECIAL OLYMPICS PAKISTAN :
Special Olympics Pakistan is an international organization dedicated to improving individuals with mental
disabilities. The organization arranges programmes for children and adults with mental retardation for
developing improved physical fitness, greater self-confidence and a positive self-image. They organize
annually a fund raising programme, which was held on December 31, 2004 and requested NBP for
participation in the programme.
National Bank of Pakistan made a donation of Rs. 100,000/- for the aforesaid annual fund raising function
with the approval of the Operations Committee which was subsequently ratified by the Board of Directors in
15
its 128th meeting held on 01-01-2005.
The matter is now being placed before the shareholders for ratification in terms of SBP, BPRD Circular No. 4
dated February 02, 2000.
There is no interest, directly or indirectly, of any of the directors of NBP except as a shareholder of the Bank,
in the Special Business mentioned in Agenda item No. 4,5 & 6.
DIRECTORS’ REPORT
It gives me great pleasure to present on behalf of the

Board of Directors annual accounts for the year ended
December 31, 2004.
The year 2004 saw NBP continue its journey of remarkable

growth and performance as the bank once again posted the
highest ever profit in the Pakistan’s financial sector history, this
performance is a reflection of the strategic business and
organizational initiatives taken over the last few years coupled
with the consistent and effective economic policies of the
government leading to impressive growth in all the sectors of
the economy.
For the year 2004 the bank earned a pre-tax profit of Rs. 12
billion, an increase of 33% over last year. The performance is
based on growth in all the key performance indicators. Pre- tax
return on equity stood at 55%, pre-tax return on assets further
improved to 2.4% from 2.0% of the last year, cost to income
ratio of 0.39 remained very impressive, which is appreciably
the lowest amongst the peer banks in Pakistan. Earning per
share jumped to Rs. 12.68 from Rs. 8.53 of last year, one of
the highest in the banking sector. All the above-mentioned
ratios are in the top tier by global standards.
It is also important to note that the increase in profits by Rs. 3 billion was
achieved through strong growth in core banking income by Rs. 4 billion
over last year. In spite of soft interest rates, which continued for major
part of 2004 causing spreads to decline, the bank enhanced its net
interest income by Rs. 1,671 million (13%) through growth in the loan
portfolio which increased by Rs. 60 billion (37%). The growth was across
all sectors, in particular the high yielding consumer and retail banking
sector. Interest rates started to climb up in the latter half of 2004,
however, the impact of this increase will be reflected in 2005, when the
assets and liabilities are re-priced. Non–interest based revenue
excluding capital gains increased by impressive Rs. 2,456 million due to
16
higher fee related income. The bank continued its policy of strengthening
its balance sheet and proactively made additional provision for further
discounting of 10% forced sale values of mortgaged assets on the basis
of new Prudential Regulations issued by SBP. Non-performing loans
reduced by Rs. 3.6 billion due to cash recoveries and restructuring. Net
non-performing loans were down to Rs. 7 billion from Rs. 12 billion a
year ago. The bank’s loan loss provision to non-performing loans (NPLs)
improved to 80% from the last year’s 70%. Going forward, restructuring
of NPLs should continue to contribute to the bottom line given the 80%
cash provision coverage.
Total assets at the year end stood at Rs. 550 billion an increase of
Rs. 81 billion. Deposits increased by Rs. 70 billion to Rs. 466 billion. The
bank remains well capitalized and its capital adequacy ratio is well
above the banking industry average.
NBP further consolidated its position as one of the top players in

corporate and investment banking market of the country in 2004 and has
built a strong customer relationship with the premier corporate clients.
Our commitment to the corporate sector is driven by the basic principles
of customer needs, innovative solutions and quick turnaround time. The
Corporate and Investment banking group provides tailored financial
services to corporate and institutional clients. Our strength in this area is
DIRECTORS’ REPORT
further supplemented by balance sheet size and will further improve the quality of the workforce.
consequently the largest per party limit in the country.
In a highly competitive and challenging market NBP is cognizant of the importance of information
environment, NBP acted as lead advisor and arranger technology and is constantly investing to expand and
in landmark syndications, acquisitions, advisory and upgrade its technological platform. The IT strategy is
project financing transactions to substantially grow the fully aligned to business requirements to offer IT
loan book. enabled products and services for the highest level of
customer satisfaction.
With the focus on upgrading existing and developing
new distribution channels, creating new and more The bank is about to install 70 new top of the line ATMs,
competitive products, year 2004 was an excellent year set up a national call centre, introduce on-line banking
for retail banking. During the year, the bank significantly facilities and automate government business. NBP is
grew its customer footings, continued to expand its also on track for acquisition of a new core banking
delivery channels and further improve its process application to improve operational efficiency and
efficiencies, thus re-enforcing its leadership position in enhance customer service.
the market and enhancing its share of income
contribution to the bank. This business segment posted NBP branches are being upgraded with standardized
excellent results with strong revenue growth. premises and signage under the new brand. To cater to
to the needs for Islamic banking, the opening of the first
The momentum picked up by NBP in 2003 further Islamic banking branch is in the final stages. This
accelerated in 2004. "NBP Advance Salary" product initiative is expected to attract new customers besides
alone showed exceptional growth of more than 200% increasing revenue.
both in terms of portfolio and number of borrowers,
which swelled to over 500,000. Similarly "NBP SME The presence of NBP in major financial centers of the
Karsaz", a SME financing product has been disbursed world allows us to play a key role in promoting the
to over 18,000 customers. NBP is also the market country’s trade. NBP further expanded its international
leader in agriculture and commodity financing with presence in the year by opening branches in Jalalabad
approximately 200,000 customers. and Chittagong to increase the international presence
to 17 countries.
There are new products under launch, for example
"NBP Kissan Taqat", a programmed based lending In recognition of NBP’s excellent performance,
product for dairy farmers and debit cards branded as the bank was awarded the prestigious "Bank of the
"NBP cash card". E-banking products are set to year” in Pakistan by "The Banker" London in 2004.
enhance NBP fee based income considerably. The "Euromoney" magazine, a leading journal in its
main objectives are to remain the market leader with latest issue of March 2005 has listed NBP amongst the 17
effective MIS ensuring proper tracking and monitoring, top 100 banks in Asia, being the only Pakistani
to increase fee based revenue, and to provide best bank.
customer satisfaction as well as loyalty through top
class branded products. JCR- VIS Credit Rating Company Limited re-affirmed
the bank’s entity rating AAA/ A-1+. The medium to long
Progress was made in improving the overall risk term standalone rating of the bank has been upgraded
architecture. A comprehensive risk management from AA- to AA with a stable outlook. Rating has been
manual was put in place in line with Central Bank upgraded in view of the bank’s improving risk profile,
guidelines. The bank has initiated a well defined risk with a reduced level of asset impairment and
rating system. The bank is well aware of the challenges diversification of risk assets.
posed by risk management guidelines and Basel II
accord and is continuously improving the posture to With the rising interest rates and accelerated economic
cope up with the challenges. growth rate, we foresee 2005 as promising and
challenging year for the banking sector. We will
The bank firmly believes that a highly motivated and continue to build and leverage the strong franchise to
well trained workforce is the key factor to success. foster growth by offering a universe of branded
Heavy emphasis is being placed on institutionalizing a products in high growth potential sectors, strengthen
merit culture through performance based rewards and risk management function in line with Central Bank
career development. The bank remains committed to guidelines and proposed Basel II accord, reinforce
improve the quality and banking skills of its human compliance function, invest in IT, upgradation human
resource, to ensure its position as the market leader. resource development and branch premises in the
The regular hiring of 70-80 MBA’s annually since 2002 country.
DIRECTORS’ REPORT
Profit for the year 2004 after carry over of accumulated Recognizing the challenges posed by SBP Risk
profit of 2003 is proposed to be appropriated as follows: Management guide lines and Basel II, NBP is
continuously improving its posture to cope up
Rupees in million with forth coming challenges. Projects in pipe
Net Profit before taxation line to be completed during the year include:
for year 2004 12,025.158
• Redefining business discretionary powers,
Taxation • Setting control limit for risk concentration.
- Current year 4,950.000
- Prior year(s) 847.958 • Assigning capital based on risk return trade off.
- Deferred (15.729)
Corporate and financial reporting framework (Code
5,782.229 of Corporate Governance)
After Tax Profit 6,242.929 The board is fully aware of its responsibilities
Profit Brought Forward 5,897.163 established by the Code of Corporate Governance
Transfer from surplus on issued by the Securities & Exchange Commission of
revaluation of fixed assets 45.496 Pakistan (SECP). The Directors are pleased to give the
following declarations/statements to comply with the
Profit available for appropriation 12,185.588 requirements of the Code.
Transfer to Statutory Reserve (1,248.586) (a) The financial statements (Balance Sheet, Profit
& Loss Account, Cash Flow Statement,
Reserve for issue of Bonus Shares Statement of Changes in Equity and notes
(subject to regulatory approvals) (984.821) forming part thereof), prepared by the
management of the bank give the information
Proposed Dividend subject to required by the Companies Ordinance, 1984 in
(subject to regulatory approvals) (738.616) the manner so required and respectively give a
true and fair view of the state of the bank’s affairs
(2,972.023) as at December 31, 2004 and of the result of its
operations, changes in equity and its cash flows
Profit carried forward 9,213.565 for the year then ended.
(b) Proper books of accounts have been

18 Risk Management Framework maintained.
To comply with SBP’s directives NBP has taken a lead (c) Appropriate accounting policies have been
in many areas of risk management that include: consistently applied in the preparation of the
financial statements and accounting estimates
• Establishment of separate Risk Management are based on the reasonable and prudent
Group with well defined organizational structure. judgment.
• Developed Risk Policy Manual for independent (d) Approved Accounting Standards have been
risk review. followed in preparation of the financial
statements and there is no departure from the
• Set-up an Industrial Research & Analysis Wing. said standards.
• Initiated a well defined risk rating system.
(e) The system of internal control is sound in design
• Acquired Risk Management software. and has been effectively implemented and
monitored throughout the year. The Board is
• Developed a comprehensive Country Risk responsible for establishing and maintaining the
Policy. system of internal control in the bank and for its
ongoing monitoring. However, such a system is
• Introduced standard of qualifications, experience designed to manage rather than eliminate the
and skill sets for all levels of staff involved in the risk of failure to achieve objectives, and provide
credit process. reasonable but not absolute assurance against
material misstatements or loss.
DIRECTORS’ REPORT
The process used by the Board to review the (f) There are no significant doubts about the bank’s
efficiency and effectiveness of the system of ability to continue as a going concern.
internal control includes, the following:
(g) There has been no material departure from the
• The Board has formed an audit committee best practices of the corporate governance as
comprising of three non-executive directors. The detailed in the listing regulations.
audit committee has written terms of reference in
the form of a charter, which has been approved (h) Key operating and financial data is available in
by the Board of Directors. The committee is the annual report.
responsible for the oversight of the internal audit
function and reviews its approach and (i) The number of board meetings held during the
methodology from time to time. It also receives year were 11 and attended by the directors as
and reviews the internal and external audit follows:
reports to the internal control, accounts and
related matters. The committee on a continuous Syed Ali Raza 11
basis reviews the material control weaknesses Dr. Waqar Masood Khan 10
and areas of concern and actions to be taken by
Mr. Iftikhar Ali Malik 8
the executive management to address these
issues. Syed Shafqat Ali Shah Jamote 9
Mr. M. Zubair Motiwala 9
• Internal audit department of the bank conducts Mr. Sikandar Hayat Jamali 8
the audit of all branches, regions and groups at Mr. Muhammad Khalid Malik 11
Head office level on ongoing basis to evaluate Mr. Muhammad Arshad Chaudhry 1
the efficiency and effectiveness of internal
(Resigned during the year)
control system and proper follow up of
irregularities and control weaknesses is carried (j) Book value of investments of Employees’
out. Pension Fund as at December 31, 2004
(un-audited) is Rs. 10,953.151 million.
• The Board receives confirmations /
representations from all group and regional (k) The pattern of shareholding as required by the
heads on annual basis confirming effectiveness code is as follows:
of the internal control system established and
maintained by them within their function.
Associated companies, Total No. of
The principal features of the bank’s control framework 19
undertakings and Related parties shares held
include:
Taurus Securities Limited 23,551
• The bank has clearly defined organizational First National Bank Modarba 20,000
structure, which supports clear lines of
communications and reporting relationships. Directors, Chief Executive officer
and their spouse and minor children
• There exists properly defined financial and
administrative powers of various committees and Self Spouse Total
key management personnel, which supports S. Ali Raza 1,320 1,320 2,640
delegations of authority and accountability.
Executives
• The bank has effective budgeting system in S. M. Rafique 1,320 1,320 2,640
place. Annual budget of the bank is approved by
the Board and monthly comparisons of actual Banks, Development
results with the budget are prepared and Financial Institutions, Non Banking
reviewed by the senior management. Financial Institutions 17,768,776
The bank has a comprehensive framework of written Insurance Companies 11,449,658

policies and procedures on all major areas of Modarabas and Mutual Funds 23,332,418
operations such as Credit, Treasury Operations,
Finance, Internal audit and Compliance approved by
the Board.
DIRECTORS’ REPORT
Shareholders holding ten percent auditors are reviewed and measures are taken by the
or more voting interest in the bank management to address the control weakness.
- State Bank of Pakistan 370,243,964
We assess that the Internal Control environment is
Pattern of Share holding showing signs of improvement as compared to
previous years in all areas of the bank. The bank is
The pattern of share holding as at endeavoring to further refine its internal control design
December 31, 2004 is annexed with the report. and assessment process as per guidelines issued by
the State Bank of Pakistan. Additionally, Bank is
Earning per share making all possible efforts to improve the professional
skills and competency level of the staff through need-
After tax earning per share for the year 2004 based training programs.
is Rs. 12.68.
Appointment of Auditors
Reporting of Internal Control System
Messers Taseer Hadi Khalid & Co. Chartered
Internal Control System in the Bank comprises of Accountants and Ford Rhodes Sidat Hyder & Co.
policies, plans and processes as approved by the Chartered Accountants statutory auditors of the bank,
board of directors and performed on continuous basis being eligible have offered themselves for re-
by the senior management and all levels of employees appointment for the year ending December 31, 2005.
within the bank. The system of internal controls
includes financial, operational and compliance controls. Finally, we extend our appreciations to the bank’s staff
While safeguarding the bank’s assets, internal controls for their commitment, dedication and hard work in
primarily aim to support the management in the achieving these excellent results. We would like to
identification and mitigation of those risks which the express our appreciation to our stakeholders,
Bank may encounter in the fulfillment of its business regulators and our valued customers in showing their
objectives. continued confidence in NBP. With the continued
support of our stakeholders, we are confident of
The management ensures that an efficient and remaining the pre-eminent financial institution in
effective Internal Control System is in place by Pakistan.
identifying control objectives, reviewing existing
procedures and policies and ensuring that control On behalf of the Board of Directors
procedures and policies are amended from time to time
wherever required. S.ALI RAZA
20
However, Internal Control System is designed to
manage rather than eliminate the risk of failure to
achieve objectives, and provide reasonable but not Date: March 18, 2005
absolute assurance against material misstatement or
loss.
Evaluation Of Internal Control
The Bank has an independent Internal Audit Group that

conducts audit of al Branches, Regions and Groups at
Head Office on a ongoing basis to evaluate the
efficiency and effectiveness of Internal Control System.
In addition to that a Compliance Group is also in place
with independent Compliance Officers in 112 branches
and 29 Regional Compliance Chiefs with supporting
staff to take care of compliance related issues to
strengthen the control environment.
For the year 2004 the bank has made its best efforts to
ensure that an effective Internal Control System
continues to perform in letter and spirit. The
observations made by the external and internal
COMPLIANCE WITH CODE OF CORPORATE GOVERNANCE
STATEMENT OF COMPLIANCE WITH CODE OF CORPORATE GOVERNANCE
FOR THE YEAR ENDED DECEMBER 31, 2004
This Statement is being presented to comply the Code 6. The Bank has prepared “statement of Ethics and
of Corporate Governance (the Code) contained in the Business Practices”, which is already approved
Regulation No. 37, XIII & 36 of Listing Regulations of by the Board of Directors.
Karachi, Lahore & Islamabad Stock Exchange
(Guarantee) Limited for the purpose of establishing a
framework of good governance, whereby a Listed 7. The Board has approved the vision, mission,
Company is managed in compliance with the best Core values, Objectives and NBP Strategic plan
practices of Corporate Governance. 2003-2006.
The Bank has complied with the principles contained in 8. The bank has a comprehensive frame work of
the Code in the following manner. written policies and procedures on all major
areas of Operations such as Credit, Treasury
Operations, Finance, Internal audit and
1. The Board of Directors of the Bank is appointed Compliance etc. While many of these policies
by the Government of Pakistan (GoP) as per the have been approved by the Board and are being
provisions of the Bank’s (Nationalization) Act constantly reviewed.
1974. At present all the Directors (except for the
President / Chief Executive who is also the
Chairman of the Board) are independent non- 9. There exists in the bank a framework defining
executive Directors. However, matter of the limits of the authority of various Management
appointment of Directors representing Minority levels. All the powers were exercised by the
Shareholders as required by the Code has relevant authorities within the materiality
already been recommended by the Board to the thresholds.
Ministry of Finance, Government of Pakistan for
approval. 10. All the Powers of the Board have been duly
exercised and decisions on material transactions
2. The Directors have confirmed that none of them have been taken by the Board.
is serving as a Director in more than ten listed
companies including the Bank. 11. The meetings of Board of Directors were
presided over by the Chairman. Board met 11
21
3. All the Directors of the Bank are registered as times during the year. Written notices of the
Tax Payers and none of them has defaulted in Board meetings, along with agenda and working
payment of any loan to a Banking Company, a papers, were circulated atleast seven days
DFI or an NBFI or being a Member of a Stock before the meetings. The minutes of the
Exchange, has been declared as a defaulter by meetings were appropriately recorded.
that Stock Exchange.
12. The bank held orientation course for the
4. No Casual vacancy on the Board occurred directors in January 2005.
during the Year.
13. The appointment of Financial Controller,
5. The Directors have confirmed that neither them Company Secretary and Head of Internal Audit,
nor their spouses are engaged in the business of including their remuneration and terms and
stock brokerage. conditions of employment are duly approved by
the Board.
COMPLIANCE WITH CODE OF CORPORATE GOVERNANCE
STATEMENT OF COMPLIANCE WITH CODE OF CORPORATE GOVERNANCE
FOR THE YEAR ENDED DECEMBER 31, 2004
14. The Directors’ Report for the year has been children do not hold Shares of the Bank and that
prepared in compliance with the Code and fully the firms and all of their partners are in
describes the salient matters described in the compliance with International Federation of
Annual Report. Accountants (IFAC) on Code of Ethics as
adopted by the Institute of Chartered
Accountants of Pakistan.
15. The Financial Statements of the Bank were duly
endorsed by CEO and Financial Controller
before approval of the Board. 22. The Statutory Auditors or the persons associated
with them have not been appointed to provide
other services except in accordance with the
16. The Directors, CEO and Executives have Listing Regulations and the Auditors have
confirmed that they do not hold any interest in confirmed that they have observed IFAC
the shares of the Bank except as mentioned in guidelines in this regard.
the report.
23. We confirm that all the other material principles

17. The Bank has complied with all the Corporate contained in the Code have been complied.
and Financial Reporting requirements of the
Code.
On behalf of the Board of Directors
18. The Board has formed an Audit Committee

comprising of three Non Executive Directors.
19. The Meetings of Audit Committee were held 6 S. ALI RAZA

times including Meetings held prior to the Chairman & President
Approval of Interim and Final Results as required Date: March 18, 2005
by the Code. The Terms of reference of the
Committee have been framed and advised to the
Committee for Compliance.
22
20. The Board has setup an effective Internal Audit
function. All the Branches, Regions and Groups
are subject to audit. All the Internal Audit Reports
are accessible to the Audit Committee and
important points arising out of audit are reviewed
by the Audit Committee and important points
requiring Board’s attention are brought into their
notice.
21. The Statutory Auditors of the Bank have

confirmed that they have been given a
satisfactory rating under the Quality Control
Review Program of the Institute of Chartered
Accountants of Pakistan, that they or any of
partners of the firms, their spouses and minor
AUDITORS’ REVIEW REPORT TO THE MEMBERS
AUDITORS’ REVIEW REPORT TO THE MEMBERS
Auditors’ Review Report to the Members on Statement of

Compliance with best Practices of the Code of Corporate Governance
We have reviewed the Statement of Compliance with the best practices (the Statement) contained in the Code
of Corporate Governance (the Code) prepared by the Board of Directors of National Bank of Pakistan to comply
with Regulation G-1 of the Prudential Regulations for Corporate/Commercial Banking issued by the State Bank
of Pakistan, Listing Regulation No. 37 of the Karachi Stock Exchange, Chapter XIII of the Lahore Stock
Exchange and Chapter XI of the Islamabad Stock Exchange where the Bank is listed.
The responsibility for compliance with the Code is that of the Board of Directors of the Bank. Our responsibility
is to review, to the extent where such compliance can be objectively verified, whether the Statement reflects the
status of the Bank’s compliance with the provisions of the Code and report if it does not. A review is limited
primarily to inquiries of the Bank personnel and review of various documents prepared by the Bank to comply
with the Code.
As part of our audit of the financial statements we are required to obtain an understanding of the accounting and
internal control systems sufficient to plan the audit and develop an effective audit approach. We have not carried
out any special review of the internal control system to enable us to express an opinion as to whether the Board’s
statement on internal control covers all controls and the effectiveness of such internal controls.
Based on our review, nothing has come to our attention which causes us to believe that the Statement does not
appropriately reflect the Bank’s compliance, in all material respects, with the best practices contained in the Code
as applicable to the Bank for the year ended December 31,2004.
23
Ford Rhodes Sidat Hyder & Co. Taseer Hadi Khalid & Co.
Chartered Accountants Chartered Accountants
Karachi Karachi
Date: March 18, 2005

AUDITORS’ REPORT TO THE MEMBERS
AUDITORS’ REPORT TO THE MEMBERS
We have audited the annexed balance sheet of Banking Companies Ordinance, 1962
National Bank of Pakistan (the bank ) as at December (LVII of 1962), and the Companies
31,2004 and the related profit and loss account, Ordinance, 1984 (XLVII of 1984), and are
statement of changes in equity and cash flow in agreement with the books of account
statement, together with the notes forming part thereof and are further in accordance with
(here-in-after referred to as the ‘financial statements’ ) accounting policies consistently applied
for the year then ended, in which are incorporated the except for the changes stated in note 5.1
unaudited certified returns from the branches except for with which we concur;
fifty eight branches which have been audited by us and
fourteen branches audited by auditors abroad and we ii) the expenditure incurred during the year
state that we have obtained all the information and was for the purpose of the bank’s
explanations which, to the best of our knowledge and business; and
belief, were necessary for the purposes of our audit. iii) the business conducted, investments
made and the expenditure incurred during
It is the responsibility of the bank’s Board of Directors the year were in accordance with the
of establish and maintain a system of internal control, objects of the bank and the transactions of
and prepare and present the financial statements in the bank which have come to our notice
conformity with approved accounting standards and the have been within the powers of the bank;
requirements of the Banking Companies Ordinance,
1962 (LVII of 1962), and the Companies Ordinance, c) in our opinion and to the best of our information
1984 (XLVII of 1984). Our responsibility is to express and according to the explanations given to us the
an opinion on these statements based on our audit. balance sheet, profit and loss account,
statement of changes in equity and cash flow
We conducted our audit in accordance with the statement together with the notes forming part
International Standards on Auditing as applicable in thereof conform with the approved accounting
Pakistan. These standards require that we plan and standards as applicable in Pakistan and give the
preform the audit to obtain reasonable assurance about information required by the Banking Companies
whether the financial statements are free of any Ordinance, 1962 (LVII of 1962), and the
material misstatement. An audit includes examining,on Companies Ordinance, 1984 (XLVII of 1984), in
a test basis, evidence supporting amounts and the manner so required and give a true and fair
disclosures in the financial statements. An audit also view of the state of the bank’s affairs as at
includes assessing the accounting policies and December 31, 2004 and its true balance of the
significant estimates made by management, as well as, profit, changes in equity and its cash flows for the
evaluating the overall presentation of the financial year then ended;
24 statements. We believe that our audit provides a
reasonable basis for our opinion and after due d) in our opinion Zakat deductible at source under
verification, which in case of loans and advances the Zakat and Ushr Ordinance, 1980 (XVIII of
covered more than 60% of the total domestic loans and 1980) was deducted by the bank and deposited
advances of the bank, we report that: in the Central Zakat Fund established under
section 7 of that Ordinance.
a) in our opinion proper books of account have
been kept by the bank as required by the Previous year’s financial statements were audited by
Companies Ordinance, 1984 (XLVII of 1984), M. Yousuf Adil Saleem & Co. and Taseer Hadi Khalid
and the returns referred to above received from & Co.
the branches have been found adequate for the
purposes of our audit;
b) in our opinion: Ford Rhodes Sidat Hyder & Co. Taseer Hadi Khalid & Co.
Chartered Accountants Chartered Accountants
i) the balance sheet and profit and loss Karachi Karachi
account together with the notes thereon
have been drawn up in conformity with the Dated: March 18, 2005
FINANCIAL STATEMENTS - 2004
BALANCE SHEET (as at December 31, 2004)
2003 2004 2004 2003
US Dollars in ‘000 Note Rupees in ‘000
ASSETS
999,840 1,589,207 Cash and balances with treasury banks 6 94,446,552 59,420,502
406,429 837,706 Balances with other banks 7 49,784,884 24,154,070
503,750 176,869 Lendings to financial institutions 8 10,511,322 29,937,857
2,796,494 2,435,397 Investments 9 144,735,672 166,195,619
2,713,541 3,726,131 Advances 10 221,443,963 161,265,760
320,697 308,590 Other assets 11 18,339,514 19,059,031
150,420 154,854 Operating fixed assets 12 9,202,969 8,939,483
– 21,470 Deferred tax assets 13 1,275,949 –
7,891,171 9,250,224 549,740,825 468,972,322
LIABILITIES
92,491 121,398 Bills payable 14 7,214,671 5,496,738
278,810 186,518 Borrowings from financial institutions 15 11,084,790 16,569,673
6,654,759 7,833,951 Deposits and other accounts 16 465,571,717 395,492,331
– – Sub-ordinated loans – –
Liabilities against assets subject to
692 287 finance lease 17 17,058 41,117
390,250 385,599 Other liabilities 18 22,916,147 23,192,585
10,026 – Deferred tax liabilities 13 – 595,864
7,427,028 8,527,753 506,804,383 441,388,308
464,143 722,471 NET ASSETS 42,936,442 27,584,014
REPRESENTED BY
69,046 82,856 Share capital 19 4,924,106 4,103,422
26 136,855 187,104 Reserves 11,119,613 8,133,312
99,229 155,033 Unappropriated profit 9,213,565 5,897,163
305,130 424,993 25,257,284 18,133,897

159,013 297,478 Surplus on revaluation of assets 20 17,679,158 9,450,117
464,143 722,471 42,936,442 27,584,014
Contingencies and commitments 21
The annexed notes 1 to 45 form an integral part of these financial statements.
S. Ali Raza Dr. Waqar Masood Khan Syed Shafqat Ali Shah Jamote M. Zubair Motiwala
Chairman & President Director Director Director
PROFIT AND LOSS ACCOUNT (for the year ended December 31, 2004)
2003 2004 2004 2003
327,314 352,470 Mark-up/return/interest earned 22 20,947,333 19,452,317

113,336 110,372 Mark-up/return/interest expensed 23 6,559,398 6,735,579
213,978 242,098 Net mark-up/interest income 14,387,935 12,716,738
28,349 25,498 Provision against non-performing advances 10.3 1,515,354 1,684,777
7,732 3,125 Provision for diminution in the value of investments 9.12 185,707 459,523
7,988 241 Provision against off balance sheet obligations 18.1 14,297 474,743
– 552 Bad debts written off directly 10.4.1 32,807 –
44,069 29,416 1,748,165 2,619,043
169,909 212,682 Net mark-up/interest income after provisions 12,639,770 10,097,695
NON MARK-UP/INTEREST INCOME

54,869 85,802 Fee, commission and brokerage income 5,099,195 3,260,863
18,959 21,435 Dividend income 1,273,863 1,126,742
11,959 16,978 Income from dealing in foreign currencies 24 1,008,988 710,726
2 800 Share of profit from a joint venture 9.10 47,557 108
36,174 14,725 Other income 25 875,113 2,149,800
121,963 139,740 Total non mark-up/interest income 8,304,716 7,248,239
291,872 352,422 20,944,486 17,345,934
NON MARK-UP/INTEREST EXPENSES

139,338 149,399 Administrative expenses 26 8,878,801 8,280,878
563 543 Other provisions/write offs 32,243 33,454
385 139 Other charges 27 8,284 22,894
140,286 150,081 Total non mark-up/interest expenses 8,919,328 8,337,226
151,586 202,341 12,025,158 9,008,708
– – Extra ordinary items – –
151,586 202,341 Profit before tax 12,025,158 9,008,708
78,243 83,291 Taxation - Current 4,950,000 4,650,000
24,221 14,268 - Prior year(s) 847,958 1,439,444
(21,518) (265) - Deferred (15,729) (1,278,839)
80,946 97,294 28 5,782,229 4,810,605
70,640 105,047 Profit after tax 6,242,929 4,198,103
57,287 99,228 Unappropriated profit brought forward 5,897,163 3,404,593 27
806 766 Transfer from surplus on revaluation of fixed assets 12.5 45,496 47,890
58,093 99,994 5,942,659 3,452,483
128,733 205,041 Profit available for appropriation 12,185,588 7,650,586
Appropriations
Transfer to:
(7,064) (21,009) Statutory reserve (1,248,586) (419,811)
– – Capital reserve – –
– – Revenue reserve – –
Reserve for issue of bonus shares @ 20%
(13,809) (16,571) (2003: 20%) (984,821) (820,684)
Proposed cash dividend Rs. 1.50 per share
(8,631) (12,428) (2003: Rs.1.25 per share) (738,616) (512,928)
(29,504) (50,008) (2,972,023) (1,753,423)
99,229 155,033 Unappropriated profit carried forward 9,213,565 5,897,163
0.14 0.21 Basic/diluted earnings per share (Rupees) 29 12.68 8.53
CASH FLOW STATEMENT (for the year ended December 31, 2004)
2003 2004 2004 2003
CASH FLOW FROM OPERATING ACTIVITIES

151,586 202,341 Profit before taxation 12,025,158 9,008,708
18,959 21,435 Less: Dividend income 1,273,863 1,126,742
132,627 180,906 10,751,295 7,881,966
Adjustments for non-cash charges
6,506 7,307 Depreciation 434,273 386,662
28,349 25,498 Provision against non-performing advances 1,515,354 1,684,777
7,732 3,125 Provision for diminution in the value of investments 185,707 459,523
7,988 241 Provision against off balance sheet obligations 14,297 474,743
4,940 (6,217) (Reversal)/Provision for voluntary handshake scheme (369,475) 293,612
(127) (30) (Gain) on sale of fixed assets (1,806) (7,568)
212 77 Financial charges on leased assets 4,549 12,584
563 543 Other provisions 32,243 33,454
(2) (800) Share of (profit) of a joint venture (47,557) (108)
56,161 29,744 1,767,585 3,337,679
188,788 210,650 12,518,880 11,219,645
(Increase)/decrease in operating assets
(138,332) 326,881 Lendings to financial institutions 19,426,535 (8,221,055)
(1,704) (4,126) Held-for-trading securities (245,231) (101,263)
(376,967) (1,038,088) Advances (61,693,557) (22,403,163)
77,969 (37,097) Other assets (2,204,647) 4,633,716
(439,034) (752,430) (44,716,900) (26,091,765)
Increase/(decrease) in operating liabilities
35,857 28,907 Bills payable 1,717,933 2,130,994
101,901 (94,256) Borrowings from financial institutions (5,601,619) 6,055,992
548,994 1,179,192 Deposits 70,079,386 32,626,694
(70,848) (9,375) Other liabilities (557,144) (4,210,500)
615,904 1,104,468 65,638,556 36,603,180
(87,741) (48,898) Income tax paid (2,906,037) (5,214,439)
(5,002) 6,101 Voluntary handshake scheme cost received/(paid) 362,605 (297,240)
(212) (77) Financial charges paid (4,549) (12,584)
(92,955) (42,874) (2,547,981) (5,524,263)
272,703 519,814 Net cash flows from operating activities 30,892,555 16,206,797
28 CASH FLOW FROM INVESTING ACTIVITIES

(408,389) 658,284 Net investments in available-for-sale securities 39,121,839 (24,270,585)
(2,130) (162,672) Net investments in held-to-maturity securities (9,667,572) (126,557)
18,959 21,435 Dividend received 1,273,863 1,126,742
(9,837) (11,741) Investment in operating fixed assets (697,759) (584,586)
(4,489) 98 Investment in subsidiaries, associates and joint venture 5,837 (266,768)
266 69 Sale proceeds of property and equipment disposed off 4,080 15,799
(405,620) 505,473 30,040,288 (24,105,955)
(405,620) 505,473 Net cash flows from/(used) in investing activities 30,040,288 (24,105,955)
CASH FLOW FROM FINANCING ACTIVITIES

(7,804) (8,618) Dividend paid (512,149) (463,814)
(554) (405) Payments of lease obligations (24,059) (32,934)
(8,358) (9,023) Net cash (used) in financing activities (536,208) (496,748)
Effects of exchange rate changes on cash and
1,336 2,414 cash equivalents 143,493 79,378
(139,939) 1,018,678 Increase/(decrease) in cash and cash equivalents 60,540,128 (8,316,528)
1,527,376 1,387,437 Cash and cash equivalents at beginning of the year 82,455,432 90,771,960
1,387,437 2,406,115 Cash and cash equivalents at end of the year 30 142,995,560 82,455,432
STATEMENT OF CHANGES IN EQUITY (for the year ended December 31, 2004)
Capital Reserves Revenue Reserves
Share Exchange Reserve for Statutory General Unappropriated Total
Capital Equalization issue of Reserve Reserve Profit
Reserve Bonus Shares
Note Rupees in '000
Balance as at December 31, 2002 3,730,384 2,179,374 373,038 4,070,576 521,338 3,404,593 14,279,303
Profit after taxation for the year

ended December 31, 2003 – – – – – 4,198,103 4,198,103
Transfer to statutory reserve – – – 419,811 – (419,811) –
Issue of bonus shares 373,038 – (373,038) – – – –
Proposed cash dividend – – – – – (512,928) (512,928)
Transferred to reserve for

issue of bonus shares – – 820,684 – – (820,684) –
Exchange adjustments on
revaluation of capital
of foreign branches – 186,968 – – – – 186,968
Transfer from surplus on revaluation

of fixed assets - incremental depreciation – – – – – 47,890 47,890
Deferred tax liability recognized

on exchange equalization reserve – (65,439) – – – – (65,439)
Profit after taxation for the year

ended December 31, 2004 – – – – – 6,242,929 6,242,929
Transfer to statutory reserve – – – 1,248,586 – (1,248,586) –
Issue of bonus shares 820,684 – (820,684) – – – –
Proposed cash dividend – – – – – (738,616) (738,616)
Transferred to reserve for

issue of bonus shares – – 984,821 – – (984,821) –
29
Exchange adjustments on
revaluation of capital
of foreign branches – 769,630 – – – – 769,630
Reversal in respect of investment

outside Pakistan 9.8 – (435,000) – – – – (435,000)
Transfer from surplus on revaluation

of fixed assets - incremental depreciation – – – – – 45,496 45,496
Deferred tax liability reversed

on exchange equalization reserve 13.1 – 1,238,948 – – – – 1,238,948
NOTES TO THE FINANCIAL STATEMENTS - 2004
NOTES TO THE FINANCIAL STATEMENTS (for the year ended December 31, 2004)
1. STATUS AND NATURE OF BUSINESS

National Bank of Pakistan (the bank) was established under the National Bank of Pakistan Ordinance, 1949 and is listed
on all the stock exchanges in Pakistan. Its registered and head office is situated at I.I. Chundrigar Road, Karachi. The
bank is engaged in providing commercial banking and related services in Pakistan and overseas. The bank also handles
treasury transactions for the Government of Pakistan (GoP) as an agent to the State Bank of Pakistan (SBP). The bank
operates 1,208 (2003: 1,183) branches in Pakistan and 18 (2003:16) overseas branches (including the Export
Processing Zone branch, Karachi). Under a Trust Deed, the bank also provides services as trustee to National
Investment Trust (NIT) including safe custody of securities on behalf of NIT.
2. BASIS OF PRESENTATION
In accordance with the directives of the Federal Government regarding the shifting of the banking system to Islamic
modes, the SBP has issued various circulars from time to time. Permissible form of trade related mode of financing
includes purchase of goods by the bank from their customers and immediate resale to them at appropriate mark-up in
price on deferred payment basis. The purchases and sales arising under these arrangements are not reflected in these
accounts as such but are restricted to the amount of facility actually utilized and the appropriate portion of mark-up
thereon.
US Dollar equivalent
The US Dollar amounts shown on the balance sheet, profit and loss account and cash flow statement are stated as
additional information solely for the convenience of readers. For the purpose of conversion to US Dollars, the rate of
Rs.59.43 to one US Dollar has been used for both 2004 and 2003 as it was the prevalent rate as on December 31,
2004.
3. STATEMENT OF COMPLIANCE
These financial statements are prepared in accordance with approved accounting standards as applicable in Pakistan
and the requirements of the Companies Ordinance, 1984 and the Banking Companies Ordinance, 1962. Approved
accounting standards comprise of such International Accounting Standards as notified under the provisions of the
Companies Ordinance, 1984. Wherever the requirements of the Companies Ordinance, 1984, Banking Companies
Ordinance, 1962 or directives issued by the Securities and Exchange Commission of Pakistan (SECP) and the State
Bank of Pakistan (SBP) differ with requirements of these standards the requirements of the Companies Ordinance,
1984, Banking Companies Ordinance, 1962 or the requirements of the said directives take precedence.
The SECP has approved the adoption of International Accounting Standard 39, Financial Instruments: Recognition
and Measurement and International Accounting Standard 40, Investment Property. The requirements of these
standards have not been taken into account for the purpose of these financial statements as the implementation of the
said standards have been deferred by SBP, vide BSD circular number 10 dated August 26, 2002, for banks in Pakistan
till further instructions. However, investments have been classified and valued in accordance with the requirements of
30 various circulars issued by SBP.
Consolidation
The bank accounts for its investments in associates and subsidiaries at cost. The details of these investments are given
in notes 9.9 and 9.11
The bank considers that the effect of consolidation of subsidiaries' financial statements will not have any material impact
on bank's financial position or results and accordingly consolidated financial statements have not been prepared. The
SECP has granted an exemption to the bank from the requirements of sub section (1) of section 237 of the Companies
Ordinance, 1984 vide its letter No. EMD/ EA/627/2003-304 dated July 6, 2004 for the financial statements for the year
ended December 31, 2004.
4. BASIS OF MEASUREMENT
These financial statements have been prepared under the historical cost convention as modified by revaluation of land
and buildings and valuation of certain investments and derivative financial instruments at fair value.
5. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
5.1 Change in accounting policy
During the year, the bank has changed its accounting policy in respect of accounting for investment to comply with
requirements of BSD Circular No. 10 dated July 13, 2004, BSD Circular No. 11 dated August 4, 2004 and BSD Circular
No. 14 dated September 24, 2004 issued by the State Bank of Pakistan (SBP). Investments are now being accounted
for as disclosed in note 5.3. Previously, all quoted investments were being marked to market and the resulting
surplus/(deficit) on revaluation being taken to surplus/(deficit) of securities account in accordance with SBP's instruction
vide BSD Circular No. 20 dated August 4, 2000.
In addition, as allowed by SBP, the accounting policy for valuation of NIT units, covered by Letter of Comfort (LoC)
issued by Government of Pakistan, has been changed as described in note 9.6. Previously, these units were being
valued at lower of cost and price agreed in LoC
Had there been no change, profit for the year would have been higher by Rs.13.753 million, investments would have
been lower by Rs. 9,608.913 millon and surplus on revaluation of securities would have been lower by Rs.9,622.666
million. Restated proforma information which assumes that the new policy had always been in use is given in note 42
to these finacial statements.
5.2 Cash and cash equivalents
Cash and cash equivalents include cash and balances with treasury banks and balances with other banks in current
and deposit accounts less overdrawn nostro accounts.
5.3 Investments
All investments acquired by the bank are initially recognized at cost, being the fair value of consideration given including
acquisition cost.
The bank has classified its investment portfolio, except for investments in subsidiaries, associates and joint venture, into
‘held-for-trading’, ‘held-to-maturity’ and ‘available-for-sale’ portfolios as follows:
– Held-for-trading – These are securities which are acquired with the intention to trade by taking advantage of short-
term market/interest rate movements and are to be sold within 90 days. These are carried at market value, with the
related surplus/(deficit) being taken to profit and loss account.
– Held-to-maturity – These are securities with fixed or determinable payments and fixed maturity that are held with
the intention and ability to hold to maturity. These are carried at amortised cost.
– Available-for-sale – These are investments that do not fall under the held-for-trading or held-to-maturity categories.
These are carried at market value with the surplus/(deficit) taken to ‘surplus/(deficit) on revaluation of assets’
account below equity, except for the following:
a) available-for-sale investments in unquoted shares, debentures, bonds, participation term certificates, term finance 31
certificates, federal, provincial and foreign government securities (except for Treasury Bills, Federal Investment
Bonds and Pakistan Investment Bonds) are stated at cost less provision for impairment, if any. Provision in respect
of unquoted shares is calculated with reference to break-up value. Provision for unquoted debt securities is
calculated with reference to the time-based criteria as per the SBP's Prudential Regulations.
b) Investment in Bank Al-Jazira shares is stated at lower of cost or market value as per the related stock exchange. (note 9.8)
On derecognition or impairment in quoted available-for-sale investments the cumulative gain or loss previously reported
as “surplus/(deficit) on revaluation of assets” below equity is included in the profit and loss account for the period.
Held-for-trading and quoted available-for-sale securities are marked to market with reference to ready quotes on
Reuters page (PKRV) or the Stock Exchanges.
Premium or discount on debt securities classified as available-for-sale and held-to-maturity securities is ammortised
using the effective interest method and taken to interest income.
Investments in subsidiaries and associates are stated at cost, whereas investment in joint venture is accounted for
under the equity method. Provision is made for any impairment in value.
Gains and losses on disposal of investments are dealt with through the profit and loss account in the year in which they arise.
The carrying values of investments are reviewed for impairment at each balance sheet date. Where any such indications
exist that the carrying values exceed the estimated recoverable amounts, provision for impairment is made through the
profit and loss account.
5.4 Repurchase and resale agreements
Assets sold with a simultaneous commitment to repurchase at a specified future date (repos) continue to be recognised
in the balance sheet and are measured in accordance with accounting policies for investment securities. The
counterparty liability for amounts received under these agreements is included in borrowings from financial institutions.
The difference between sale and repurchase price is treated as mark-up/return/interest expense and accrued over the
life of the repo agreement using effective yield method.
Assets purchased with a corresponding commitment to resell at a specified future date (reverse repos) are not
recognised in the balance sheet, as the bank does not obtain control over the assets. Amounts paid under these
agreements are included in lendings to financial institutions. The difference between purchase and resale price is
treated as mark-up/return/interest income and accrued over the life of the reverse repo agreement using effective
yield method.
5.5 Derivative financial instruments
Derivative financial instruments include forward foreign exchange contracts, equity futures and interest rate swaps.
These are initially recognized at cost and are subsequently remeasured at fair value. Fair value is calculated by
reference to quoted market price. In the event of non-availability of market prices, discounted cash flow model is used
to determine the fair value. Any change in the fair value of derivative instruments is taken to the profit and loss account.
5.6 Trade date accounting
All regular way purchases/sales of investments are recognised on the trade date, i.e., the date the bank commits to
purchase/sell the investments. Regular way purchases or sales of investments require delivery of securities within three
days after the transaction date as required by stock exchange regulations.
5.7 Financial instruments
All the financial assets and financial liabilities are recognized at the time when the bank becomes a party to the
contractual provisions of the instrument. Any gain or loss on derecognition of the financial assets and financial liabilities
is taken to income currently.
5.8 Advances
Advances are stated net of provisions for non-performing advances. Provision is made in accordance with the
requirements of Prudential Regulations issued by SBP and charged to the profit and loss account. Revised Prudential
Regulations for corporate and commercial banking, became effective from January 1, 2004. Provision in respect of
overseas branches are made in accordance with the respective central bank's requirements. Advances are written off
where there are no realistic prospects of recovery.
32
In respect of advances of former Mehran Bank Limited (MBL) amalgamated with the bank, the provision is calculated
in line with the guiding principles of the amalgamation deed (the Deed), whereby the bank shall not suffer any loss as
a direct consequence of amalgamation. Considering the guideline of the Deed, the funded credits are provided on the
basis of security shortfall and the provision is made against unfunded credits to the extent of subsequent cash payments
made against them on the basis of shortfall in the value of security.
5.9 Operating fixed assets and depreciation
Owned assets
Fixed assets are stated at cost or valuation less accumulated depreciation and impairment losses, if any. Depreciation
is charged to income applying the diminishing balance method except vehicles, computers and furnishing limit to
executives, which are depreciated on straight-line method at the rates stated in note 12.2. A full annual rate of
depreciation is applied on the cost of additions before June 30 while no depreciation is charged on assets deleted during
the year.
Maintenance and normal repairs are charged to the profit and loss account as and when incurred. However, major
additions and renewals are capitalized.
Gains and losses on disposal of fixed assets are included in income currently.
Fixed assets carried at valuation less accumulated depreciation are revalued by professionally qualified valuers with
sufficient regularity to ensure that their carrying amount does not differ materially from their fair value.
Surplus on revaluation of fixed assets to the extent of incremental depreciation charged to the related assets is
transferred to retained earnings (net of deferred tax).
Leased assets
Assets subject to finance lease are accounted for by recording the assets and the related liability. These are recorded
at lower of fair value and the present value of minimum lease payments at the inception of lease and subsequently
stated net of accumulated depreciation. Depreciation is charged on the basis similar to the owned assets. Financial
charges are allocated over the period of lease term so as to provide a constant periodic rate of financial charge on the
outstanding liability.
Capital work in progress
Capital work in progress is stated at cost.
5.10 Taxation
Current
Provision for current taxation is based on taxable income at the current rates of taxation after taking into consideration
tax credits available, if any.
Deferred
Deferred income tax is provided, using the liability method, on all temporary differences at the balance sheet date
between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.
Deferred income tax liabilities are not recognised in respect of taxable temporary differences associated with interests
in joint venture and branches, where the timing of the reversal of the temporary difference can be controlled and it is
probable that the temporary difference will not reverse in the foreseeable future.
Deferred income tax assets are recognised for all deductible temporary differences, carry-forward of unused tax assets
and any unused tax losses, to the extent that it is probable that taxable profit will be available against which the
deductible temporary differences, carry-forward of unused tax assets and unused tax losses can be utilised.
The carrying amount of deferred income tax assets is reviewed at each balance sheet date and reduced to the extent
that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax
asset to be utilised.
Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the period when
the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively
33
enacted at the balance sheet date.
Income tax relating to the items recognized directly in equity are recognized in equity and not in the profit and loss account.
5.11 Employees’ benefits
Pension scheme
The bank operates defined benefit approved funded pension scheme for its eligible employees. The bank's costs are
determined based on actuarial valuation carried out using Projected Unit Credit Method. Net cumulative un-
recognized actuarial gains/losses relating to previous reporting period in excess of the higher of 10% of present value
of defined benefit obligation or 10% of the fair value of plan assets are recognized as income or expense over the
estimated working lives of the employees. Where the fair value of plan assets exceeds the present value of defined
benefit obligation together with unrecognized actuarial gains or losses and unrecognized past service cost, the bank
reduces the resulting asset to an amount equal to the total of present value of any economic benefit in the form of
reduction in future contributions to the plan and unrecognized actuarial losses and past service costs.
Employees' compensated absences

The bank accounts for all accumulating compensated absences when employees render service that increases their
entitlement to future compensated absences. The liability is determined based on actuarial valuation carried out using
the Projected Unit Credit Method.
Post retirement medical benefits
The bank operates an un-funded defined benefit-post retirement medical benefits scheme for all of its employees.
Provision is made in the financial statements for the benefit based on actuarial valuation carried out using the Projected
Unit Credit Method. Actuarial gains/losses are accounted for in a manner similar to the pension scheme.
Benevolent scheme
The bank also operates an un-funded defined benefit benevolent scheme for its eligible employees. Provision is made
in the financial statements based on the actuarial valuation using the Projected Unit Credit Method. Actuarial
gains/losses are recognized in the period in which they arise.
5.12 Revenue recognition
Mark-up/return/interest on advances and return on investments are recognized on time proportion basis except in case
of advances classified under the Prudential Regulations on which mark-up is recognized on receipt basis.
Interest/mark-up on rescheduled/restructured advances and investments is recognized in accordance with the
Prudential Regulations of SBP.
Fee, commission and brokerage income and remuneration for trustee services is recognized at the time of performance
of services.
Dividend income on equity investments is recognized when right to receive is established. Dividend received on equity
investments acquired after the announcement of dividend till the book closure date are not taken to income but reflected
as reduction in the cost of investment.
5.13 Foreign currencies translation
Foreign currency transactions are converted into Rupees applying the exchange rate at the date of the respective
transactions. Assets and liabilities in foreign currencies including assets/liabilities of foreign branches are translated
into Rupees at the rates of exchange prevailing at the balance sheet date. Forward exchange contracts are valued at
rates applicable to their respective maturities.
Profit and loss account balances of foreign branches are translated at average exchange rate prevailing during the year.
Gains and losses on translation are included in the profit and loss account except net gain arising on translation of net
investment in foreign branches and joint venture, which is credited to an exchange equalization reserve reflected under
reserves.
34 5.14 Provision for off balance sheet obligations
Provision for guarantees, claims and other off balance sheet obligations is made when the bank has legal or constructive
obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation
and a reliable estimate of amount can be made. Charge to profit and loss account is stated net of expected recoveries.
5.15 Off setting
Financial assets and financial liabilities are only set off and the net amount is reported in the financial statements when
there is a legally enforceable right to set off and the bank intends either to settle on a net basis, or to realize the assets
and to settle the liabilities simultaneously.
5.16 Related party transactions
Transactions between the bank and its related parties other than staff loans and deposits of provident fund are carried
out on an arm's length basis at prices determined under "Comparable Uncontrolled Price Method". Mark-up on
advances to the employees is charged at reduced rates in accordance with the terms of employment and mark-up on
deposits by Employees' Provident Fund is paid at the rate equivalent to rates paid by GoP on its Employees General
Provident Fund.
5.17 Fiduciary assets
Assets held in a fiduciary capacity are not treated as assets of the bank in the balance sheet.
2004 2003
Note Rupees in ‘000
6. CASH AND BALANCES WITH TREASURY BANKS
In hand
Local currency 8,889,176 8,483,783
Foreign currency 1,082,798 943,005
9,971,974 9,426,788
With State Bank of Pakistan in
Local currency current account 6.1 30,669,962 15,797,711
Local currency deposit account 29 29
30,669,991 15,797,740
Foreign currency current account 6.2 1,189,600 1,046,433

Foreign currency deposit account 6.2 3,588,061 3,139,299
Foreign currency collection account 268,875 –
Foreign currency placement accounts 6.3 29,730,650 28,734,250
34,777,186 32,919,982
With other central banks in
Foreign currency current accounts 6.4 18,056,749 298,055
Foreign currency deposit accounts 6.5 970,652 977,937
19,027,401 1,275,992
94,446,552 59,420,502
6.1 This includes statutory liquidity reserves maintained with the SBP under Section 22 of the Banking Companies Ordinance,
1962.
6.2 These represent mandatory reserves maintained in respect of foreign currency deposits under FE-25 scheme, as
prescribed by the State Bank of Pakistan.
6.3 This represents US Dollar placements and carry interest rate at Libor + 1% and mature within six months.
6.4 These balances pertain to the foreign branches and are held with central banks of respective countries. These include
balances to meet the statutory and central bank regulatory requirements. It also includes placements with the central 35
banks for short periods at 2% to 6% per annum.
6.5 These carry mark-up rates ranging from 0.6% to 5%.
7. BALANCES WITH OTHER BANKS

2004 2003
In Pakistan
On deposit account 1,600 1,600
Outside Pakistan
On current accounts 2,372,495 4,174,405
On deposit accounts 7.1 47,410,789 19,978,065
49,783,284 24,152,470
49,784,884 24,154,070
7.1 These include various deposits with correspondent banks and carry mark-up rates ranging from 0.005% to 7% per
annum.
2004 2003
8. LENDINGS TO FINANCIAL INSTITUTIONS
Call money lendings 8.1 2,004,000 904,000

Repurchase agreement lendings (Reverse Repo) 8.2 & 8.3 8,507,322 29,033,857
10,511,322 29,937,857
8.1 These carry mark-up at rates ranging from 4.1% to 5.75% per annum (2003: 2.5% to 5% per annum).
8.2 These carry mark-up at rates ranging from 2.0% to 4.9% per annum (2003: 1.25% to 6.5% per annum).
8.2.1 Securities held as collateral against lendings to financial institutions
2004 2003
Further Further
Held by given as Held by given as
bank collateral Total bank collateral Total
Rupees in ‘000 Rupees in ‘000
Market Treasury Bills 5,767,322 – 5,767,322 22,516,857 – 22,516,857

Pakistan Investment Bonds 2,740,000 – 2,740,000 6,417,000 – 6,417,000
Federal Investment Bonds – – – 100,000 – 100,000
8,507,322 – 8,507,322 29,033,857 – 29,033,857
8.3 Market value of the securities under repurchase agreement lendings amount to Rs.8,625 million.
36
9. INVESTMENTS
2004 2003
Held by Given as Total Held by Given as Total
bank collateral bank collateral
….....….. Rupees in '000 ….....….. ….....….. Rupees in '000 ….....…..
9.1 Investments by type:

Held-for-trading securities
Ordinary shares of listed companies 460,668 – 460,668 215,437 – 215,437
Available- for- sale securities
Ordinary shares of listed companies 3,677,487 – 3,677,487 3,792,151 – 3,792,151
Ordinary shares of unlisted companies 477,324 – 477,324 445,770 – 445,770
Less: Provision for diminution in
value of investments 227,112 – 227,112 264,553 – 264,553
250,212 – 250,212 181,217 – 181,217
Market Treasury Bills 51,967,129 3,727,527 55,694,656 81,095,162 9,837,012 90,932,174
Preference shares 460,025 – 460,025 312,241 – 312,241
318,000 – 318,000 128,305 – 128,305
Pakistan Investment Bonds 14,921,381 76,483 14,997,864 21,492,068 – 21,492,068
Federal Investment Bonds 2,467,884 1,253,564 3,721,448 5,188,648 2,455,000 7,643,648
Term Finance Certificates 5,193,078 – 5,193,078 – – –
Investments in mutual funds 934,504 – 934,504 808,670 – 808,670
Investment outside Pakistan 463,295 – 463,295 536,200 – 536,200
National Investment Trust Units 13,752,415 – 13,752,415 4,899,414 – 4,899,414
Total available- for- sale securities 93,945,385 5,057,574 99,002,959 118,121,835 12,292,012 130,413,847
Held-to-maturity securities
Government Compensation Bonds 2,549,817 – 2,549,817 2,695,050 – 2,695,050
Provincial Government Securities 36,513 – 36,513 76,565 – 76,565
Pakistan Investment Bonds 12,143,498 – 12,143,498 – – –
GoP Foreign Currency Bonds 8,233,567 – 8,233,567 7,180,940 – 7,180,940
Foreign Government Securities 5,160,570 – 5,160,570 2,164,843 – 2,164,843
Debentures, Bonds, Participation Term
Certificates and Term Finance Certificates 15,055,906 – 15,055,906 21,394,901 – 21,394,901
(note 9.7)
Less: Provision for diminution in 37
value of investments 1,411,802 – 1,411,802 1,482,568 – 1,482,568
13,644,104 – 13,644,104 19,912,333 – 19,912,333
Certificates of investment 2,050 – 2,050 2,050 – 2,050
– – – – – –
Total held-to-maturity securities (note 9.3) 41,768,069 – 41,768,069 32,029,731 – 32,029,731
Investments in associates 1,015,472 – 1,015,472 972,292 – 972,292
557,429 – 557,429 823,733 – 823,733
Investment in a joint venture 1,602,352 – 1,602,352 1,380,856 – 1,380,856
Investments in subsidiaries 1,352,458 – 1,352,458 1,335,260 – 1,335,260
1,344,195 – 1,344,195 1,332,015 – 1,332,015
139,678,098 5,057,574 144,735,672 153,903,607 12,292,012 166,195,619

2004 2003
9.2 Investments by segment
Federal Government Securities
Market Treasury Bills 55,694,656 90,932,174
Pakistan Investment Bonds 9.4 27,141,362 21,492,068
Federal Investment Bonds 9.5 3,721,448 7,643,648
Others
– Government Compensation Bonds 9.13 2,549,817 2,695,050
– GoP Foreign Currency Bonds 8,233,567 7,180,940
10,783,384 9,875,990
97,340,850 129,943,880
Provincial Government Securities 36,513 76,565

Foreign Government Securities 5,160,570 2,164,843
Fully Paid up Ordinary Shares

– Listed Companies 9.13 4,138,155 4,007,588
– Unlisted Companies 9.13 477,324 445,770
4,615,479 4,453,358
Investments in mutual funds 9.13 934,504 808,670
National Investment Trust Units 9.6 13,752,415 4,899,414
Preference Shares 9.13 460,025 312,241
Certificates of Investment 2,050 2,050
Debentures, Bonds, Participation Term

Certificates and Term Finance Certificates
– Listed 9.13 343,112 273,321
– Unlisted 9.7 & 9.13 19,905,872 21,121,580
20,248,984 21,394,901
Investment outside Pakistan 9.8 463,295 536,200

Investments in Associates 9.9 1,015,472 972,292
Investment in a Joint Venture 9.10 1,602,352 1,380,856
Investments in Subsidiaries 9.11 1,352,458 1,335,260
38 146,984,967 168,280,530
Less : Provision for diminution in value of investments 9.12 2,249,295 2,084,911

144,735,672 166,195,619
9.3 Market value of held-to-maturity investment is Rs.41,018 million.

9.4 These include Pakistan Investment Bonds amounting to Rs.75 million (2003: Rs.Nil) provided against demand loans
and TT/DD discounting facilities.
9.5 These include Federal Investment Bonds amounting to Rs.940 million (2003: Rs.1,040 million) provided to payoff
liabilities relating to former MBL.
9.6 NIT Units
Includes 365,284,216 NIT units in respect of which Government of Pakistan issued a Letter of Comfort (LoC) dated
August 8, 2001 stating that on bank's willingness to continue holding the units for five years from the date of LoC, NIT
will be facilitated to redeem the units at Rs.13.70 per unit. Upto last year, these units were valued at lower of cost or
price agreed in LoC. This year in accordance with SBP’s concurrence vide their letter no. BSD/SU-15/503/1504/2005
dated March 16, 2005, these units have been valued at market value (repurchase price) aggregating Rs. 13,662 million
(2003: Rs. 9,910 million).
9.7 Term Finance Certificates, Debentures, Bonds and Participation Term Certificates include Rs.932 million (2003:
Rs.2,380 million) which are considered non-performing.
Term Finance Certificates (TFCs) include Rs.341.998 million and Rs.1,040.256 million in respect of unlisted TFCs relating
to Pakland Cement Limited and Saadi Cement Limited transformed as a new debt under Revised Scheme of Arrangement
sanctioned by the Honorable High Court of Sindh. These new TFCs are in the process of being issued. The State Bank of
Pakistan has allowed, vide letter No. BPD/PU-22/22.03/X/2005/1836 dated February 15, 2005, to all concerned
banks/DFIs that the above restructuring may be treated as a fresh financing and old loans/leases may be considered as
redeemed and paid off for the purpose of Prudential Regulation R-8. The existing provision has however been retained.
9.8 Bank Al-Jazira
The bank holds 875,000 (2003: 700,000) shares in Bank Al-Jazira incorporated in the Kingdom of Saudi Arabia, being 5.83%
(2003: 5.83%) holding in total equity. The investment is recorded at lower of (Rupee) cost or market value as per the Saudi
Stock Exchange as allowed to the bank by the State Bank of Pakistan. The market value of these shares at December 31,
2004 amounted to equivalent of Rs.5,435 million (2003: Rs.2,681 million) [SR 392 per share (2003: SR 250 per share)].
This investment in previous years was revalued at current exchange rates and the resulting adjustment was credited to
exchange equalization reserve. During the year, the adjustment amounting to Rs.435 million has been reversed in
accordance with the requirement of International Accounting Standard - 21 "The Effects of Changes in Foreign
Exchange Rates" regarding translation of non-monetary items. This change has not been accounted for retrospectively
as there is no impact on the profit and loss account and no material impact on the balance sheet. Furthermore, this
investment has been reclassified as available-for-sale from held-to-maturity in line with the definitions given in note 5.3.
2004 2003
Number of Percentage Rupees in ‘000
shares holding
9.9 Investments in associates
Un-quoted
National Custodian and Vault Services – – – 20,160
Pakistan Emerging Venture Limited 12,500,000 33.33 64,415 71,415
First Credit and Discounting Corporation 4,726,563 50.00 157,429 157,429
Information System Associates Limited 2,300,000 28.07 1,719 1,719
National Finance and Investment
Services Limited 1,400,000 30.07 – –
National Fructose Company Limited 1,300,000 39.50 6,500 6,500
Pakistan Insulation Limited 494,500 24.79 695 695
Ali Textile (Jhang) Limited 926,500 32.46 9,265 9,265
Venture Capital Fund Management 33,333 33.33 333 333
Ashraf Sugar Mills Limited 2,059,271 20.44 – –
Kamal Enterprises Limited 11,000 20.37 – –
Mehran Industries Limited 37,500 32.05 – –
Qurell Cassettes Limited 46,250 30.83 – –
Tharparkar Sugar Mills Limited 2,500,000 21.50 – –
Youth Investment Promotion Society 644,508 25.00 – –
Khushhali Bank 400 23.45 400,000 400,000
Dadabhoy Energy Supply Company Limited 9,900,000 33.00 32,105 32,105 39
K-Agricole Limited 5,000 20.00 – –
New Pak Limited 200,000 20.00 – –
Prudential Fund Management 150,000 20.00 – –
672,461 699,621
Quoted
National Fibres Limited 17,119,476 20.19 – –
Asian Leasing Company Limited 2,863,600 27.39 3,866 3,866
Taha Spinning Mills Limited 833,800 20.59 2,501 2,501
Kohat Textile Mills Limited 2,906,900 33.03 29,069 29,069
Land Mark Spining Mills Limited 3,970,960 32.75 39,710 39,710
S.G. Fibres Limited 3,754,900 25.03 218,535 218,535
Nina Industries Limited 4,933,000 20.38 49,330 49,330
343,011 343,011
1,015,472 1,042,632
Less: Deficit on revaluation of quoted associates – 70,340
1,015,472 972,292
Less: Provision for diminution in value of investments 458,043 148,559
557,429 823,733
9.9.1 Associates with zero carrying amount, represent the investment acquired from former NDFC which have negative equity
or closed operations.
9.9.2 The details of break-up value based on latest available financial statements of un-quoted investment in associates are
as follows:
Break-up value
of bank's share
Year ended Rs in '000
Pakistan Emerging Venture Limited June 30, 2004 15,373

First Credit and Discounting Corporation June 30, 2004 215,230
Information System Associates Limited June 30, 2003 11,300
Pakistan Insulation Limited June 30, 2001 2,630
Ali Textile (Jhang) Limited September 30, 2001 10,049
Venture Capital Fund Management June 30, 2003 1,226
Ashraf Sugar Mills Limited September 30, 2002 (34,290)
Mehran Industries Limited June 30, 2001 5,681
Tharparkar Sugar Mills Limited September 30, 2001 (83,140)
Khushhali Bank December 31, 2003 415,156
Dadabhoy Energy Supply Company Limited June 30, 2003 60,121
2004 2003
Rupees in ‘000
9.10 Investment in joint venture company - under equity method
United National Bank Limited
Opening Balance 1,380,856 1,267,267

Exchange equalization reserve recognized during the year 173,939 113,481
Share of profit after tax for the year 47,557 108
1,602,352 1,380,856
Under a joint venture agreement, the bank holds 13.5 million ordinary shares (45%) and United Bank Limited (UBL)
holds 16.5 million ordinary shares (55%) in the venture. In addition to ordinary shares, four preference shares categories
as "A", "B", "C" and "D" have been issued and allotted. The "B" and "D" category shares are held by the bank and
category "A" and "C" are held by UBL. Dividends payable on "A" and "B" shares are related to the ability of the venture
to utilize tax losses that have been surrendered to it on transfer of business from the bank or UBL as appropriate. Upto
December 31, 2004 dividends of amount equivalent to Rs.31.447 million ( 2003: Rs.10.749 million ) have been earned
by the bank. Dividends payable on "C" and "D" shares are related to loans transferred to the venture by the bank or
UBL that have been written-off or provided for at the point of transfer and the ability of the venture to realize in excess
of such loan value. Upto December 31, 2004 no dividends have been received by the bank on these shares.
40
2004 2003
Rupees in ‘000
Percentage
9.11 Investments in subsidiaries holding
NBP Capital Limited 100.00 500,000 500,000

CJSC Subsidiary Bank of NBP in Kazakhstan 100.00 419,488 402,290
NBP Exchange Company Limited 100.00 300,000 300,000
NBP Modaraba Management Company Limited 100.00 105,000 105,000
Taurus Securities Limited 58.32 24,725 24,725
National Agriculture & Storage Company Limited 100.00 2,000 2,000
Cast-N-Link Products Limited 76.51 1,245 1,245
1,352,458 1,335,260
Less: Provision for diminution in value of investments 8,263 3,245
1,344,195 1,332,015
9.11.1 Details of assets, liabilities and equity position of the subsidiaries on the basis of latest audited financial statements are
given below:
Year Ended Total Assets Total Liabilities Net Equity
Rupees in ‘000
NBP Capital Limited June 30, 2004 1,262,446 637,445 625,001

CJSC Subsidiary Bank in Kazakhstan December 31, 2004 737,738 233,244 504,494
NBP Exchange Company Limited June 30, 2004 369,882 61,082 308,800
NBP Modaraba Management Company Limited June 30, 2004 108,817 6,489 102,328
Tauras Securities Limited June 30, 2004 537,452 385,086 152,366
National Agriculture & Storage Company Limited June 30, 2004 2,932 2,349 583
Cast-N-Link Products Limited
*
* This investment was acquired as a result of amalgamation of NDFC with the bank. The latest financial statements
of this company are not available and investment is fully provided for.
2004 2003
Rupees in ‘000
9.12 Particulars of provision for diminution in value of investments
Opening balance 2,084,911 1,625,388
Charge for the year 363,861 674,229
Reversals (178,154) (214,706)
185,707 459,523
Amount written off (21,323) –
Closing balance 2,249,295 2,084,911
9.13 Information relating to investments in shares of listed, unlisted companies, redeemable capital and bonds is given in
Annexure "I" and is an integral part of these financial statements.
2004 2003
10. ADVANCES
Loans, cash credits, running finances, etc.
In Pakistan 211,753,452 154,133,120
Outside Pakistan 23,623,106 24,189,112
41
235,376,558 178,322,232
Bills discounted and purchased (excluding Government treasury bills)
Payable in Pakistan 4,061,473 3,960,110
Payable outside Pakistan 10,351,611 6,400,931
14,413,084 10,361,041
Financing in respect of carry over transactions 10.6 & 45.3 705,099 275,495
250,494,741 188,958,768
Less: Provision against non-performing loans 10.3 29,050,778 27,693,008
10.1 221,443,963 161,265,760
10.1 Particulars of advances
10.1.1 In local currency 188,376,087 130,686,823
In foreign currencies 33,067,876 30,578,937
221,443,963 161,265,760
10.1.2 Short-term (for upto one year) 139,096,033 101,699,360

Long-term (for over one year) 82,347,930 59,566,400
221,443,963 161,265,760
10.2 Advances include Rs.36,099 million (2003: Rs.39,772 million) which have been placed under the non-performing status
as detailed below:
2004
Category of Classification Domestic Overseas Total Provision Provision
Required Held
……………………...… Rupees in '000 ……………………...…
Other Assets Especially Mentioned 958,133 2,676 960,809 – –

Substandard 530,890 – 530,890 82,483 82,483
Doubtful 1,177,426 – 1,177,426 361,800 361,800
Loss 33,132,895 297,278 33,430,173 27,928,071 27,928,071
35,799,344 299,954 36,099,298 28,372,354 28,372,354
Revised Prudential Regulations for corporate and commercial banking, became effective from January 1, 2004. These
regulations among other things require discounting of forced sale value of securities used by the bank against
non-performing loans by 20%, 30% and 50% respectively in the first, second and third year. Although revised regulations
became effective in the current year, the bank had adopted these requirements effective from year 2003 and accordingly
it had discounted forced sale values used in computing the provision against non-performing loans by 30%. In the
current year as a result of further discounting of forced sales values by 10%, a provision of Rs.722.529 million has been
made.
The Prudential Regulations issued by the State Bank of Pakistan effective from January 1, 2004 and SBP letter dated
July 31, 2004 requires banks to maintain a general reserve equivalent to 1.5% of consumer portfolio, which is secured
and 5% of the consumer portfolio which is unsecured to protect the banks from the risk associated with the economic
cyclical nature of this business .The State Bank of Pakistan has allowed the bank to make the provision amounting to
Rs.1,331 million in 2005 and 2006. However, the bank has made a provision of Rs.419 million during the year.
10.3 Particulars of provision against non-performing advances

2004 2003
Specific General Total Specific General Total
Note …..............................……. Rupees in '000 …..............................…...
Opening balance 27,453,807 239,201 27,693,008 25,459,083 75,726 25,534,809

42 Exchange adjustments 8,637 22,379 31,016 289 – 289
Transfer from off balance sheet
obligations 18.1 579,323 – 579,323 – – –
Transfer (to) other assets – – – (435,080) – (435,080)
Transfer from other liabilities – – – – 136,196 136,196
Adjustment due to transfer of
advances from CIRC * – – – 983,303 – 983,303
Charge for the year 2,748,301 429,105 3,177,406 3,368,048 29,855 3,397,903
Reversals (1,649,791) (12,261) (1,662,052) (1,710,550) (2,576) (1,713,126)
Net charge for the year 1,098,510 416,844 1,515,354 1,657,498 27,279 1,684,777
Other movements – – – 77,430 – 77,430
Amounts written off 10.4.1 (767,923) – (767,923) (288,716) – (288,716)
Closing balance 10.2 28,372,354 678,424 29,050,778 27,453,807 239,201 27,693,008
* Corporate and Industrial Restructuring Corporation (CIRC)

2004 2003
10.4 Particulars of write offs
10.4.1 Against provisions 10.3 767,923 288,716

Directly charged to profit and loss account 32,807 –
800,730 288,716
10.4.2 Write offs of Rs.500,000 and above 10.5 789,121 282,040

Write offs of below Rs.500,000 11,609 6,676
800,730 288,716
10.5 Details of loans written off Rs.500,000 and above
In terms of sub-section 3 of section 33A of the Banking Companies Ordinance, 1962 the statement in respect of
written-off loans or any other financial relief of Rs.500,000 or above allowed to a person(s) during the year ended
December 31, 2004 is given in Annexure-II.
10.6 These are secured against shares of listed companies, market value of which amounted to Rs.706.09 million at the
balance sheet date. These carry mark-up ranging from 8.27% to 18.53% and are maturing within one week.
10.7 Particulars of loans and advances

to directors, associated companies, etc.
Max. total amount of

advances including
temporary advances
Balance as at granted during the
December 31, 2004 year*
Rupees in ‘000
Debts due by directors, executives, officers and staff

of the bank or any of them either severally or jointly
with any other persons 9,766,179 9,766,179
Debts due by companies or firms in which the directors

of the bank are interested as directors, partners or
in the case of private companies as members 119,896 119,896 43
Debts due by subsidiary companies, controlled firms,

managed modaraba and other related parties 2,306,267 2,306,267
* The maximum amount has been calculated by reference to month end balances.
2004 2003
11. OTHER ASSETS
Income/mark-up accrued in local currency 5,475,078 4,668,055

Income/mark-up accrued in foreign currencies 714,577 494,873
Commission receivable 1,215,399 782,094
Advances, deposits, advance rent and other prepayments 608,673 350,373
Advance taxation (payments less provisions) 21.4.2 7,451,666 10,343,587
Stationary and stamps on hand 181,477 188,807
Un-realized gain on forward exchange contracts 4,761 –
Prepaid exchange risk fee 1,109 15,614
Barter trade balances 45.3 182,503 182,503
Receivable from CIRC 11.1 359,498 365,163
Receivable on account of Government transactions 11.2 176,813 281,052
Receivable from Government under VHS scheme 11.3 437,211 806,686

Less: amount charged/provision 437,211 806,686
– –
Receivable from pension fund 32.1 2,047,859 1,672,929
Prize bonds on hand 225,695 182,946
Receivable from brokers 104,900 –
Others 11.4 1,184,083 1,077,847
19,934,091 20,605,843
Less: Provision held against other assets 11.5
Income/mark-up accrued in local currency/foreign currencies 579,520 579,520
Stationary and stamps on hand 50,214 50,214
Barter trade balances 182,503 153,064
Others 782,340 764,014
1,594,577 1,546,812
18,339,514 19,059,031
44 11.1 According to the terms of agreement with CIRC, the balance is payable at earlier of date of sale or completion of three
years from the date the units were transferred to CIRC. The amount is payable in cash to the extent net proceeds are
realized by CIRC and the balance is payable in the form of three years bonds carrying mark-up on the sharia based
system.
11.2 This represents amount receivable from Government of Pakistan on account of encashment of various instruments
handled by the bank for Government of Pakistan as an agent of SBP.
11.3 This represents payments made under the Voluntary Handshake Scheme (VHS), recoverable from Government of
Pakistan. Due to uncertainty about its recoverability, although a claim has been lodged, full amount has been provided
for.
11.4 This includes the net book deficiency of former Eastern Mercantile Bank and Eastern Banking Corporation amounting
to Rs.10.39 million as at November 16, 1973 pursuant to the Bank (Transfer of Assets & Liabilities) Ordinance, 1973.
The revised net deficiency evaluated as at December 31, 1974 of Rs.29.11 million has been conveyed to GoP.
2004 2003
11.5 Provisions held against other assets
Opening balance 1,546,812 730,133

Transfer from provision against non-performing advances – 435,080
Amount transferred from other liabilities 15,522 –
Closing balance 1,594,577 1,546,812
12. OPERATING FIXED ASSETS
Capital work-in-progress 12.1 218,840 138,379

Property and equipment 12.2 8,984,129 8,801,104
9,202,969 8,939,483
12.1 Capital work-in-progress
Civil works 205,117 132,514

Equipment 1,997 4,270
Advances to suppliers and contractors 11,726 1,595
218,840 138,379
45
12.2 Property and equipment
Cost/revalued amount Accumulated depreciation

Charge for Book Rate of
At Revaluation Additions/ At At the year/ At Value at depreciation
January surplus/ (deletions) December January (deletions) December December
1, 2004 (deficit) 31, 2004 1, 2004 31, 2004 31, 2004
..................................................................... Rupees in '000 .....................................................................
Owned
Land
- freehold 2,748,926 32,387 – 2,781,313 – – – 2,781,313 Nil

– –
- leasehold 2,703,841 33,096 29,845 2,766,782 – – – 2,766,782 Nil

– –
Buildings on land:
- freehold 1,730,993 (43,002) 30,057 1,718,048 299,224 80,891 380,115 1,337,933 5% on book value
– –
- leasehold 1,173,547 3,321 47,292 1,224,160 159,427 54,068 213,495 1,010,665 5% on book value
– –
Furniture and fixtures 974,285 – 58,340 1,027,001 684,150 35,118 715,629 311,372 10% to 30% on
(5,624) (3,639) book value and
20% on straight-
line on new
furnishing limit
to executives
Computer & peripheral equipments 656,655 – 233,348 890,003 423,246 157,690 580,936 309,067 33% on cost
– –
Electrical & office equipments 909,212 – 155,604 1,064,085 682,981 67,819 750,358 313,727 20% on book value
(731) (442)
Vehicles 184,491 – 39,284 218,223 103,478 16,356 114,282 103,941 20% on cost
(5,552) (5,552)
11,081,950 25,802 593,770 11,689,615 2,352,506 411,942 2,754,815 8,934,800

(11,907) (9,633)
46 Under finance lease
Vehicles 111,913 – – 111,913 40,253 22,331 62,584 49,329 20% on cost

– –
2004 11,193,863 25,802 593,770 11,801,528 2,392,759 434,273 2,817,399 8,984,129

(11,907) (9,633)
2003 10,028,720 546,825 656,811 11,193,863 2,036,359 386,662 2,392,759 8,801,104

(38,493) (30,262)
12.3 During the year certain of the bank's domestic properties were revalued by M/s Younus Mirza & Co. on the basis of
market value which resulted in net surplus of Rs.25.802 million over the book value of the assets as on December 31,
2004.
In the year 2003, certain bank's domestic properties were revalued by M/s Younus Mirza & Co. and M/s Iqbal A. Nanji
& Co. on the basis of market value which resulted in net surplus of Rs. 546.825 million over the book value of the assets.
In the year 2002, the bank's domestic properties were revalued by M/s Younus Mirza & Co. on the basis of market value
which resulted in net surplus of Rs.1,199.625 million over the book value of the assets.
12.4 Had the revaluation not been carried out, the net book value of the revalued assets at December 31, 2004 would have
been as follows:
Land Buildings on land Total
Leasehold Freehold Leasehold Freehold
Rupees in '000
369,986 284,179 126,332 128,915 909,412
2004 2003
12.5 Movement in surplus on revaluation of properties
Surplus on revaluation on January 1, 5,988,510 5,515,362

Net surplus on revaluation of bank's properties during the year 12.2 25,802 546,825
Transferred to unappropriated profit in respect of incremental
depreciation charged during the year -net of deferred tax (45,496) (47,890)
Related deferred tax liability (24,498) (25,787)
(69,994) (73,677)
5,944,318 5,988,510
Less: Related deferred tax liability on:

Revaluation as at January 1, 530,324 515,738
Revaluation of bank's properties during the year (13,888) 40,373
Incremental depreciation charged during the year
transferred to profit and loss account (24,498) (25,787)
13 491,938 530,324
Surplus on revaluation of fixed assets on December 31, 20 5,452,380 5,458,186
12.6 Carrying amount of temporarily idle property and equipment as at December 31, 2004 is Rs.534 million (2003: Rs.562 47
million).
12.7 DETAILS OF DISPOSALS OF FIXED ASSETS
Details of assets whose original cost or the book value exceeds rupees one million or two hundred fifty thousand
rupees, whichever is lower are given below:
Particulars of assets Original Book Sale Profit/

cost value proceeds (loss)
(Note 25)
Rupees in '000
Other assets (having book value of less than

Rs.250,000 and cost of less than Rs.1,000,000) 11,907 2,274 4,080 1,806
11,907 2,274 4,080 1,806
2004 2003
13. DEFERRED TAX (ASSETS)/LIABILITIES
Deferred tax (assets) arising in respect of
Provision for diminution in the value of investments (677,336) (677,336)

Provision against advances - due to discounting of FSVs/general provisions (599,325) (599,385)
Other provision (242,149) (197,826)
Charge against defined benefits plans (323,947) (223,336)
Excess of accounting book value of leased assets over lease liabilities (6,482) (13,904)
Difference between accounting book value of fixed assets and tax base (63,842) (159,125)
Provision against off-balance sheet obligation (115,222) (166,160)
(2,028,303) (2,037,072)
Deferred tax liabilities arising in respect of
Revaluation of securities 20 260,416 863,664

Revaluation of fixed assets 12.5 491,938 530,324
Exchange equalization reserve 13.1 – 1,238,948
752,354 2,632,936
Net deferred tax (assets)/liabilities (1,275,949) 595,864
13.1 Deferred tax liability, in respect of exchange equalization reserves, recorded in earlier years has been reversed as the
bank considers that it has the ability to control the timing of the reversal of the temporary differences and it is probable
that these temporary differences will not reverse in the foreseeable future.
14. BILLS PAYABLE
In Pakistan - local currency 7,181,705 5,462,683

Outside Pakistan - foreign currencies 32,966 34,055
7,214,671 5,496,738
48
15. BORROWINGS FROM FINANCIAL INSTITUTIONS
In Pakistan 8,717,621 14,432,786

Outside Pakistan 2,367,169 2,136,887
15.1 & 15.2 11,084,790 16,569,673
15.1 Particulars of borrowings from financial institutions
In local currency 8,717,621 14,432,786

In foreign currencies 2,367,169 2,136,887
15.2 11,084,790 16,569,673
2004 2003
15.2 Details of borrowings from financial institutions

Secured
Borrowings from State Bank of Pakistan against
Export refinance 3,175,666 1,912,708
Locally Manufactured Machinery 12,735 76,159
Finance to payoff liabilities relating to former MBL 15.2.1 1,740,000 2,540,000
Others 66,907 66,907
4,995,308 4,595,774
Repurchase agreement borrowings 3,722,313 9,837,012

8,717,621 14,432,786
Unsecured
Call borrowings 1,056,128 933,853
Overdrawn nostro accounts 1,235,876 1,119,140
Others 75,165 83,894
2,367,169 2,136,887
15.2.2 11,084,790 16,569,673
15.2.1 This comprises of balances of two loans of Rs.4,000 million extended in 1995 and Rs.940 million extended in 1999.
Both loans are interest free and are repayable in five equal annual installments after an initial grace period of five years.
15.2.2 Mark-up/interest rates and other terms are as follows:
– Export refinance loans from SBP are at the rate of 3.5% per annum (2003: 1.5% per annum).
– Locally Manufactured Machinery Loans from SBP are at the rate of 3.5% per annum (2003: 1.5% per annum).
– Secured borrowings "Others" from SBP are interest free.
– Repurchase agreement borrowings carry mark-up at the rate of 3.7% to 4.1% per annum (2003: 1.75% to 7% per
annum).
– Call borrowings carry interest ranging from 2.13% to 7% per annum (2003: 2.45% to 7% per annum).
– Overdrawn nostro accounts carry interest at the rate of 1% to 5% per annum (2003: 1% to 5% per annum).
– Unsecured borrowings "Others" carry interest at the rate 4.62% to 10% per annum (2003: 4.62% to 10% per 49
annum).
2004 2003
16. DEPOSITS AND OTHER ACCOUNTS
Customers
Fixed deposits 78,127,168 75,141,568
Savings deposits 158,640,336 139,734,765
Current accounts - remunerative 73,665,385 58,974,188
Current accounts - non-remunerative 85,093,282 72,864,680
395,526,171 346,715,201
Financial Institutions
Remunerative deposits 38,830,121 38,743,915

Non-remunerative deposits 31,215,425 10,033,215
70,045,546 48,777,130
16.1 465,571,717 395,492,331
2004 2003
Rupees in ‘000
16.1 Particulars of deposits

In local currency 348,578,913 299,843,032
In foreign currencies [including deposits of foreign branches
of Rs.94,292 million (2003: Rs.73,646 million)] 116,992,804 95,649,299
465,571,717 395,492,331
17. LIABILITIES AGAINST ASSETS SUBJECT TO FINANCE LEASE
2004 2003
Minimum Financial Principal Minimum Financial Principal
lease charges for outstanding lease charges for outstanding
payments future periods payments future periods
Rupees in ‘000 Rupees in ‘000
Not later than one year 18,435 1,377 17,058 28,510 4,451 24,059
Later than one year and
not later than five years – – – 18,435 1,377 17,058
18,435 1,377 17,058 46,945 5,828 41,117
The bank has entered into lease agreements with various leasing companies for lease of vehicles. Lease rentals are
payable in quarterly installments. Financial charges included in lease rentals are determined on the basis of discount
factors applied at the rates ranging from 14% to 20%. At the end of lease term, the bank has the option to acquire the
assets subject to adjustment of security deposits.
2004 2003
18. OTHER LIABILITIES
Mark-up/ return/ interest payable in local currency 1,963,508 1,927,379
Mark-up/ return/ interest payable in foreign currencies 466,019 351,665
Unearned commission and income on bills discounted 102,063 107,108
50 Accrued expenses 873,562 712,057
Advance payments 42,688 93,068
Unclaimed dividends 3,545 2,766
Proposed dividend 738,616 512,928
Un-realized loss on forward foreign exchange contracts – 2,697
Branch adjustment account - net 78,801 1,534,228
Liabilities relating to:
Bangladesh (former East Pakistan) 227,089 227,089
Barter trade agreements 45.3 8,445,856 8,236,526
Special separation package 79,951 86,821
Post retirement medical benefits 32.2 1,771,898 1,579,904
Compensated absences 32.3 1,219,566 1,281,741
Benevolent fund 32.4 733,572 638,103
Payable to GoP for NDFC amalgamation 57,351 57,351
Staff welfare fund 882,862 859,457
Provision against off balance sheet obligations 18.1 425,824 990,850
Un-realized loss on derivative financial instruments 18.2 126,638 –
Payable to brokers 399,929 –
Others [(including provision of Rs.178 million (2003: Rs.178 million)
for contingencies)] 4,276,809 3,990,847
22,916,147 23,192,585
2004 2003
18.1 Provision against off balance sheet obligations
Opening balance 990,850 516,107
Amount transferred to provision against advances 10.3 (579,323) –
Closing balance 425,824 990,850
18.2 Derivative financial instruments

Notional amount
Interest rate swaps 4,400,000 4,400,000
Equity futures 342,037 –
4,742,037 4,400,000
Un-realized loss on
Interest rate swaps 119,765 –
Equity futures 6,873 –
126,638 –
19. SHARE CAPITAL
19.1 Authorized Capital
2003 2004
Number of shares
500,000,000 500,000,000 Ordinary shares of Rs.10 each 5,000,000 5,000,000
19.2 Issued, subscribed and paid-up
Ordinary shares of Rs.10 each

140,388,000 140,388,000 Fully paid in cash 1,403,880 1,403,880
269,954,185 352,022,622 Issued as bonus shares 3,520,226 2,699,542
410,342,185 492,410,622 4,924,106 4,103,422

51
19.3 The Board of Directors in their meeting held on March 18, 2005 have recommended to increase authorized capital to
Rs. 7,500,000,000 subject to approval of shareholders in the annual general meeting. A notification No. F-1(4) BKg.
III/2002 dated January 31, 2005 to this effect has been issued by the Government of Pakistan.
2004 2003
20. SURPLUS ON REVALUATION OF ASSETS
20.1 Surplus on revaluation of fixed assets - net of tax 12.5 5,452,380 5,458,186
20.2 Surplus on revaluation of securities - net of tax
Federal Government securities 654,623 2,106,499
Term Finance Certificates 30,682 –
Quoted shares 2,904,619 2,705,259
NIT Units 8,897,270 43,837
12,487,194 4,855,595
Deferred tax liability recognized 13 (260,416) (863,664)
17,679,158 9,450,117
21. CONTINGENCIES AND COMMITMENTS
21.1 Direct credit substitutes
Includes general guarantee of indebtedness, bank acceptance guarantees and standby letters of credit serving as
financial guarantees for loans and securities issued in favour of;
2004 2003
Rupees in ‘000
– Government 3,359,697 3,061,915

– Financial institutions 2,599,042 514,324
– Others 8,655,704 21,398,532
14,614,443 24,974,771
21.2 Transaction-related contingent liabilities
Includes performance bonds, bid bonds, warranties, advance payment guarantees, shipping guarantees and standby
letters of credit related to particular transactions issued in favour of;
– Government 6,361,465 263,890
– Financial institutions 1,735,613 3,186,854
– Others 7,958,198 3,295,947
16,055,276 6,746,691
21.3 Trade-related contingent liabilities
Letters of credit
Issued in favour of
– Government 37,206,465 31,092,109
– Financial institutions 18,743 61,850
– Others 26,085,973 21,312,985
63,311,181 52,466,944
21.4 Other contingencies
21.4.1 Claims against the bank not acknowledged as debts [including SBP liabilities on
Bangladesh borrowing and interest thereon amounting to Rs.155 million (2003:
52 Rs.152 million) and claims relating to former MBL amounting to
Rs.1,291 million (2003: Rs.1,287 million)]. 13,976,935 15,712,857
21.4.2 Taxation
The income tax assessments of the bank for global operations as well as Azad Kashmir have been finalized upto and
including the tax year 2003 (accounting year ended December 31, 2002). The income tax returns for the tax year 2004
(accounting year ended December 31, 2003) have been filed for global operations and Azad Kashmir and the same are
deemed to be assessment order under the provisions of section 120 of the Income Tax Ordinance, 2001, unless
amended otherwise. Appeals filed by the bank and tax department for certain assessment years including tax year 2003
are pending before various appellate forum/court of law. The major issues involved include taxability of interest credited
to suspense account and disallowances of cost incurred in respect of employees' special separation scheme. In the
event that the appeals are decided against the bank, a further tax liability of Rs.7,780 million may arise in addition to
amount already provided.
No provision has been made in these accounts for the above as the management, based on the opinion of tax lawyers
and consultants, considers that provision is not necessary because the bank is subjected to tax exceeding its normal
tax liability and will get relief in the appeals process.
21.4.3 Provident Fund
In 1977, in accordance with the GoP policy, the bank's employees benefits were changed from the Provident Fund to
an enhanced Pension Scheme and an option was given to the employees either to opt for the new scheme or retain
the existing benefits. Almost all employees opted for the new scheme. The bank considered that in accordance with the
policy decision of the Banking Council and Finance Division of GoP, the balance of bank's contribution lying in the
members' account in the Provident Fund upto that date should have been transferred to the Pension Fund to partially
cover the additional cost of the enhanced benefits.
Subsequently, three employees filed a writ petition in 1980 before a Single Bench of Lahore High Court claiming the
balance lying in their Provident Fund Account. This petition was dismissed by the Single Bench in July, 1982. Against
this petition of the Single Bench, the aggrieved employees filed Intra Court Appeal before the High Court which was
heard by a Division Bench of the Lahore High Court on a number of dates, extending over 16 years. Appeal against the
Order of Single Bench was finally dismissed by the Division Bench vide Order dated July 31, 1998. One employee filed
an appeal in the Supreme Court against the judgment of the Lahore High Court. Last year, such appeals were finally
decided by the Supreme Court of Pakistan against the bank. The Supreme Court directed the bank that the employees
shall be paid contribution made by the bank together with the interest upto the date of payment. The bank in accordance
with the legal opinion obtained, has commenced settlement of dues of eligible employees who had joined service of the
bank prior to 1977. For the purpose of settlement, interest has been calculated in accordance with Rule 12 of the
Provident Fund Rules at average redemption yield through the year of Central Government Rupee Loans of twenty
years maturity or thereabout and such interest has been calculated in accordance with Rule 19 i.e. to ex-employees
upto the date of retirement or death and to date in case of serving employees.
In the current year, certain employees have filed a contempt of court application before the Supreme Court, pointing out
the issue of rate of interest and date of payment. Pending outcome of the said application, the bank has decided not to
claim excess fund lying in the Provident Fund account although the management is confident that the payments being
made are in accordance with the Supreme Court's decision. The additional liability which may arise in case of different
interpretation of the Supreme Court's decision cannot be estimated until such interpretation is made.
2004 2003
Rupees in ‘000
21.5 Commitments in respect of forward exchange contracts
Purchase 20,585,795 29,952,862
Sale 19,867,414 10,618,838
21.6 Commitments in respect of trading of government securities

Sale – 500,000 53
Reverse repo forward deals against market treasury bills – 987,441
21.7 Commitments for the acquisition of operating fixed assets 132,180 124,952
22. MARK-UP/RETURN/INTEREST EARNED
On loans and advances to:

Customers and financial institutions 10,883,763 9,288,019
On Investments in:
Available-for-sale securities 3,825,231 4,895,647
Held-to-maturity securities 3,937,619 3,458,498
7,762,850 8,354,145
On deposits with financial institutions 1,792,077 1,365,992

On securities purchased under resale agreements 508,643 444,161
20,947,333 19,452,317
2004 2003
23. MARK-UP/RETURN/INTEREST EXPENSED
Deposits 6,379,735 6,612,334

Securities sold under repurchase agreements 114,239 51,217
Short-term borrowings 59,733 71,265
Long-term borrowings 5,691 763
6,559,398 6,735,579
24. INCOME FROM DEALING IN FOREIGN CURRENCIES
Income from dealing in foreign currencies 854,099 729,002

Revaluation of barter trade balances (275,969) 101,803
Revaluation of placements with foreign branches 430,858 (120,079)
1,008,988 710,726
25. OTHER INCOME
Rent on property 29,780 15,530

Net profit on sale of property and equipment and other assets 12.7 1,806 7,568
Capital gain / (loss) on sale of securities
- Equity investment 701,345 1,188,141
- Government securities (33,361) 878,867
Others 175,543 59,694
875,113 2,149,800
26. ADMINISTRATIVE EXPENSES

Salaries and allowances 5,686,264 4,761,408
Charge for defined benefit plans 460,245 280,632
(Reversal)/Provision for voluntary handshake scheme (369,475) 293,612
Non-executive directors' fee, allowances and other expenses 33 277 230
Rent, taxes, insurance, electricity, etc. 551,899 514,939
Legal and professional charges 84,667 73,261
Communications 186,786 203,346
Repairs and maintenance 159,487 122,635
54
Financial charges on leased assets 4,549 12,584
Stationery and printing 230,535 239,066
Advertisement and publicity 54,842 44,644
Donations 26.1 100 15,569
Auditors' remuneration 26.2 45,509 50,150
Depreciation 12.2 434,273 386,662
Conveyance 58,921 89,593
Entertainment 20,294 17,819
Traveling 132,423 116,116
Security services 374,667 353,168
Staff welfare fund 26.3 300,000 474,143
Others 462,538 231,301
8,878,801 8,280,878
26.1 Donations include following amounts exceeding Rs.0.1 million.
Special Olympics Pakistan 100 –

Prime Minister Flood Relief Fund – 15,009
Dr. Muhammad Uzair – 500
None of the directors/executives or their spouses have any interest in the donee.
26.2 Auditors' remuneration
Taseer Hadi Ford Rhodes 2004 2003
Khalid & Co. Sidat Hyder & Co. Total Total
Rupees in '000
Audit fee - Annual 1,708 1,708 3,416 3,106

- Interim 1,320 1,320 2,640 2,400
Fee for audit of domestic branches 2,265 2,265 4,530 4,118
Fee for special certifications and sundry
advisory services 546 546 1,092 3,423
Out-of-pocket expenses 1,062 960 2,022 1,864
Fee for audit of overseas branches including advisory
services and out-of-pocket expenses – – 31,809 35,239
6,901 6,799 45,509 50,150
26.3 The charge for staff welfare fund is based on estimated payments to be made out of current year's profits.
2004 2003
27. OTHER CHARGES
Penalties imposed by SBP
Current year 60 11,009
Prior year(s) 8,224 11,885
8,284 22,894
28. TAXATION
For the year
Current 4,950,000 4,650,000
Deferred (15,729) (1,278,839)
28.1 4,934,271 3,371,161
For the prior year(s) 847,958 1,439,444
5,782,229 4,810,605
55
Current taxation includes Rs.535 million (2003: Rs.511 million) of overseas branches.
The tax provisions for 2002, 2003 and 2004 have been made on estimated taxable income after charging provision
against non-performing advances for which certificates from SBP, as required by the taxation authorities, are yet
to be received.
28.1 RELATIONSHIP BETWEEN TAX EXPENSE AND ACCOUNTING PROFIT

Accounting profit before tax 12,025,158 9,008,708
Income tax at statutory rate @ 41% (2003: 44%) 4,930,315 3,963,832
Increase/(decrease) in taxes resulting from:
Inadmissible differences 674,907 335,434
Azad Kashmir taxation – 831
Income taxed at reduced rate (458,590) (463,720)
Income exempt from tax (187,863) (439,429)
Reversal of deferred tax liability on incremental depreciation (24,498) (25,787)
Tax charge for current year 4,934,271 3,371,161
2004 2003
29. BASIC/DILUTED EARNINGS PER SHARE
Profit for the year Rupees '000 6,242,929 4,198,103
Weighted average number of ordinary shares Numbers '000 492,411 492,411
Basic/diluted earnings per share Rupees 12.68 8.53
2004 2003
Rupees in ‘000
30. CASH AND CASH EQUIVALENTS
Cash and balances with treasury banks 94,446,552 59,420,502

Balances with other banks 49,784,884 24,154,070
Overdrawn nostros (1,235,876) (1,119,140)
142,995,560 82,455,432
Numbers
31. STAFF STRENGTH
Total number of employees at end of the year 13,745 13,272
32. DEFINED BENEFIT PLANS
The financial assumptions used in actuarial valuation at December 31, 2004 of pension fund, post retirement medical
benefits, non-encashable leaves, leave encashment and benevolent fund schemes are as follows:
Salary increase 8% per annum

Discount rate 8% per annum
Expected rate of return on plan assets 8% per annum
Pension indexation rate 5% per annum
Rate of inflation in the cost of medical benefits 7% per annum
56 2004 2003
32.1 Reconciliation of (recoverable from) pension fund
Present value of defined benefit obligations 8,889,166 7,721,627

Fair value of plan assets 32.1.1 (10,953,151) (10,900,651)
Net actuarial gains not recognized 16,126 1,506,095
11 (2,047,859) (1,672,929)
The recognized amount has been restricted to present value of any economic benefits available in the form of refunds
from the plan or reduction in future contribution to the plan.
32.1.1 Included herein is a sum of Rs.1,695 million placed under deposit maintained with the bank.
2004 2003
Movement in (recoverable from) pension fund
Opening net asset (1,672,929) (1,397,975)
Contribution to fund made during the year (433,494) (385,469)
(2,047,859) (1,672,929)
Charge for pension fund
Current service cost 322,699 240,484
Interest cost 540,514 414,626
Expected return on plan assets (763,046) (544,595)
Actuarial (gains)/losses recognized (41,603) –
58,564 110,515
Actual return on plan assets 991,746 1,050,754
32.2 Reconciliation of payable to medical benefit plan

Present value of defined benefit obligations 2,212,279 1,937,958
Fair value of plan assets – –
Net actuarial losses not recognized (440,381) (358,054)
18 1,771,898 1,579,904
Movement in net liability recognized
Opening net assets 1,579,904 1,420,338
Benefits paid (47,619) –
1,771,898 1,579,904
Charge for medical benefit plan
Expected return on plan assets – –
Actuarial (gains)/losses recognized 16,426 –
239,613 159,566
57
32.3 Movement in net liability recognized for compensated absences
Opening net assets 1,281,741 1,196,698
Net charge for the year (62,175) 85,043
18 1,219,566 1,281,741
32.4 Movement in net liability recognized for benevolent fund

Opening net assets 638,103 832,015
Charge for the year 162,032 (122,722)
Benefits paid (66,563) (71,190)
18 733,572 638,103
Charge for benevolent fund

Expected return on plan assets – –
Actuarial (gains)/losses recognized 97,052 (209,115)
162,032 (122,722)
33. REMUNERATION OF DIRECTORS AND EXECUTIVES

President Directors Executives
2004 2003 2004 2003 2004 2003
………...................................... Rupees in '000 ……….....................................
Fees – – 277 230 – –
Managerial remuneration 3,600 1,920 – – 104,020 48,500
Charge for defined benefit plan – – – – 9,168 4,685
Rent and house maintenance 3,600 2,496 – – 46,929 21,825
Utilities 526 518 – – 10,530 4,850
Medical 977 458 – – 7,324 1,871
Conveyance – – – – 19,135 8,882
Leave fare assistance 2,100 1,500 – – – –
Others 5,075 2,466 – – 11,547 –
15,878 9,358 277 230 208,653 90,613
Number of persons 1 1 6 6 143 59
The president and certain executives are also provided with free use of the bank's cars, household equipments and free
membership of clubs.
Executives mean officers, other than the chief executive and directors, whose basic salary exceeds five hundred
thousand rupees in the financial year.
34. MATURITIES OF ASSETS AND LIABILITIES
Liquidity risk
Liquidity risk is the risk that the bank will be unable to meet its liability when they fall due. To limit this risk, management
has arranged diversified funded sources, manages assets with liquidity in mind and monitors liquidity on daily basis. In
addition, the bank maintain statutory deposits with central banks inside and outside Pakistan.
Total Upto three Over 3 months Over one year Over five
months to one year to five years years
................................ Rupees in '000 ................................
Assets
Cash and balances with treasury banks 94,446,552 81,710,335 12,736,188 29 –
Balances with other banks 49,784,884 43,445,180 6,339,704 – –
Lendings to financial institutions 10,511,322 10,311,322 200,000 – –
Investments 144,735,672 50,096,887 26,160,800 28,111,563 40,366,422
Advances 221,443,963 88,421,201 50,674,832 61,089,927 21,258,003
58 Other assets 18,339,514 7,461,354 1,298,286 9,579,874 –
Operating fixed assets 9,202,969 – – – 9,202,969
Deferred tax assets 1,275,949 2,812,314 – (2,028,303) 491,938
549,740,825 284,258,593 97,409,810 96,753,090 71,319,332
Liabilities
Bills payable 7,214,671 7,214,671 – – –
Borrowings from financial institutions 11,084,790 7,548,432 2,458,647 1,006,907 70,804
Deposits and other accounts 465,571,717 386,798,188 14,417,859 62,754,963 1,600,707
Liabilities against assets subject to finance lease 17,058 17,058 – – –
Other liabilities 22,916,147 6,409,180 3,812,379 11,163,736 1,530,852
Deferred tax liabilities – – – – –
506,804,383 407,987,529 20,688,885 74,925,606 3,202,363
Net assets 42,936,442 (123,728,936) 76,720,925 21,827,484 68,116,969
Share capital 4,924,106

Reserves 11,119,613
Unappropriated profit 9,213,565
Surplus on revaluation of assets 17,679,158
42,936,442
Savings and current deposits have been classified as due upto three months as they do not have any fixed contractual
maturity. However, the bank does not expect these deposits to fall below their current level.
35. YIELD/INTEREST RATE RISK
Interest rate risk is the risk that the value of a financial instrument will fluctuate due to changes in the market interest
rates. The bank is exposed to interest/mark-up rate risk as a result of mismatches or gaps in the amount of
interest/mark-up based assets and liabilities that mature or re- price in a given period. The bank manages this risk by
matching/re-pricing of assets and liabilities. The bank is not excessively exposed to interest/mark-up rate risk as its
assets and liabilities are re-priced frequently. The Assets and Liabilities Committee (ALCO) of the bank monitors and
manages the interest rate risk with the objective of limiting the potential adverse effects on the profitability of the bank.
Yield/interest rate sensitivity position for on balance sheet financial instruments based on the earlier of contractual re-
pricing or maturity date is as follows:
2004
Effective Total Exposed to Yield/ Interest risk Not exposed
yield/ Upto three Over 3 months Over one year Over five to yield/
interest months to one year to five years years interest
rate risk
% …....…….................................... Rupees in '000 ……....…....................................
On-balance sheet financial instruments
Assets
Cash and balances with treasury banks 1.54 94,446,552 21,553,175 12,736,188 29 – 60,157,160
Balances with other banks 3.07 49,784,884 41,072,685 6,339,704 – – 2,372,495
Lendings to financial institutions 1.11 10,511,322 10,311,322 200,000 – – –
Investments 5.48 144,735,672 50,096,887 26,160,800 28,111,563 40,366,422 –
Advances 5.41 221,443,963 88,421,201 50,674,832 61,089,927 21,258,003 –
Other assets - 10,353,733 – – – – 10,353,733
531,276,126 211,455,270 96,111,524 89,201,519 61,624,425 72,883,388
Liabilities
Bills payable 7,214,671 – – – – 7,214,671
Borrowings from financial institutions 1.61 11,084,790 7,548,432 1,658,647 – 70,804 1,806,907
Deposits and other accounts 1.49 465,571,717 270,489,481 14,417,859 62,754,963 1,600,707 116,308,707
finance lease 17.1 17,058 17,058 – – – –
Other liabilities - 17,989,962 – – – – 17,989,962
501,878,198 278,054,971 16,076,506 62,754,963 1,671,511 143,320,247
On-balance sheet gap 29,397,928 (66,599,701) 80,035,018 26,446,556 59,952,914 (70,436,859)
Off-balance sheet financial instruments
Interest rate swap (notional amount) – 1,052,365 3,347,635 – – (4,400,000)
Off-balance sheet gap – 1,052,365 3,347,635 – – (4,400,000) 59
Total Yield/Interest Risk Sensitivity Gap (65,547,336) 83,382,653 26,446,556 59,952,914
Cumulative Yield/Interest Risk Sensitivity Gap (65,547,336) 17,835,317 44,281,873 104,234,787
36. CURRENCY RISK

2004
Assets Liabilities Off-balance Net foreign
sheet items currency
exposure
…....……............................. Rupees in '000 …......……..........................
Pakistan Rupee 398,470,047 378,252,033 (4,351,936) 15,866,078

United States Dollar 111,858,781 98,782,640 3,305,395 16,381,536
Great Britain Pound 3,987,513 2,386,853 147,905 1,748,565
Euro 7,927,397 3,995,049 277,384 4,209,732
Japanese Yen 20,767,884 19,546,991 (739,063) 463,830
Other currencies 6,729,203 3,822,817 1,360,315 4,266,701
151,270,778 128,522,350 4,351,936 27,070,364
549,740,825 506,804,383 – 42,936,442
Currency risk arises where the value of financial instrument changes due to changes in foreign exchange rates. In order
to manage currency risk exposure the bank enters into ready, spot, forward and swap transactions with the SBP and in
the inter bank market.
The bank’s foreign exchange exposure comprises of forward contracts, purchases of foreign bills, foreign currencies
cash in hand, balances with banks abroad, foreign placements with SBP and foreign currencies assets and liabilities.
The net open position is managed within the statutory limits, as fixed by the SBP. Counter-parties limits are also fixed
to limit risk concentration. Appropriate segregation of duties exist between the front and back office functions while
compliance with the net open position limit is independently monitored on an ongoing basis.
The liabilities in foreign currencies include a sum of Rs.1,095 million (2003: Rs.2,781 million) being deposits in foreign
currencies of local branches against which the bank has obtained forward cover through SBP.
37. FAIR VALUE OF FINANCIAL INSTRUMENTS

37.1 On-balance sheet financial instruments
2004 2003
Book Fair Book Fair
Value Value Value Value
….......................... Rupees in '000 …..........................
Assets
Cash and balances with treasury banks 94,446,552 94,446,552 59,420,502 59,420,502
Balances with other banks 49,784,884 49,784,884 24,154,070 24,154,070
Lendings to financial institutions 10,511,322 10,511,322 29,937,857 29,937,857
Investments 144,735,672 148,993,911 166,195,619 168,340,419
Advances 221,443,963 221,443,963 161,265,760 161,265,760
Other assets 10,353,733 10,353,733 11,135,219 11,135,219
531,276,126 535,534,365 452,109,027 454,253,827
Liabilities
Bills payable 7,214,671 7,214,671 5,496,738 5,496,738
Borrowings from financial institutions 11,084,790 11,084,790 16,569,673 16,569,673
Deposits and other accounts 465,571,717 465,571,717 395,492,331 395,492,331
finance lease 17,058 17,058 41,117 41,117
60 Other liabilities 17,989,962 17,989,962 19,874,530 19,874,530
501,878,198 501,878,198 437,474,389 437,474,389
37.2 Off-balance sheet financial instruments

Forward purchase of foreign exchange 20,585,795 20,611,212 29,952,862 29,952,862
Forward sale of foreign exchange 19,867,414 19,886,667 10,618,838 10,618,838
Coupon swap and quanta interest rate swaps 4,400,000 4,519,765 4,400,000 4,400,000
Equity futures sold 342,037 335,164 – –
All quoted investments have been stated at their market values. All un-quoted investments have been stated at lower
of cost or realisable value, being their estimated fair values.
Fair value of loans and advances cannot be determined with reasonable accuracy due to absence of current and active
market. Loans and advances are repriced frequently on market rates and are reduced for any impairment against non-
performing advances determined in accordance with Prudential Regulations.
Fair value of all other assets and liabilities including long-term deposits cannot be calculated with sufficient accuracy as
active market does not exist for these instruments. In the opinion of the management, fair value of these assets and
liabilities are not significantly different from their carrying values since assets and liabilities are either short term in nature
or in the case of deposits are frequently repriced.
Coupon swap and quanta interest rate swaps
The bank entered into coupon swap transaction for a notional amount of Rs.4,400 million in year 2003 to provide cross
currency interest rate hedge to one of its clients. To hedge the foreign currency leg of the transaction, the bank entered
into Quanta Interest Rate Swap with another bank. The bank is only exposed to PKR interest rate movements. The tenor
of both the transactions is 4 1/2 years beginning from December 31, 2003. Fair value of the Swap is the present value
of the future cash flows, which will keep changing depending on the interest rate movements.
The degree to which the bank is active in swap segment of hedging instruments is shown by means of notional amount.
The notional amount, however, gives no indication of the size of the cash flows and the risk attaching to derivative
transactions. Fair value of arrangement is considered to be equivalent to the carrying value.
38. SEGMENT BY CLASS OF BUSINESS
Advances Deposits Contingencies &

Commitments
Rupees in Percentage Rupees in Percentage Rupees in Percentage
'000 % '000 % '000 %
Chemical and pharmaceuticals 2,620,612 1.18 304,643 0.07 352,551 0.38

Agribusiness 9,479,183 4.28 9,815,655 2.11 262,404 0.28
Textile 42,711,358 19.29 1,532,445 0.33 6,441,069 6.85
Cement 4,613,292 2.08 776,337 0.17 4,067,686 4.33
Sugar 4,353,925 1.97 119,081 0.03 196,569 0.21
Shoes & leather garments 600,635 0.27 185,571 0.04 21,400 0.02
Automobile and
transportation equipment 1,486,553 0.67 409,554 0.09 13,560 0.01
Financial 9,704,197 4.38 70,045,903 15.05 6,721,688 7.15
Insurance 104,375 0.05 369,946 0.08 1,791 0.00
Transportation 4,943,711 2.23 3,373,468 0.72 1,213,614 1.29
Electronics and electrical
appliances 1,715,678 0.77 492,160 0.11 243,261 0.26
Production and transmission
of energy 6,161,514 2.78 4,535,924 0.97 3,947,929 4.20
Food and tobacco 2,233,479 1.01 374,052 0.08 164,482 0.18
Metal products 4,196,740 1.90 256,344 0.06 1,329,533 1.41
Oil, gas, petroleum
and energy 26,317,160 11.88 21,060,292 4.52 8,125,334 8.65
Telecommunication 7,350,944 3.32 17,142,272 3.68 5,767,061 6.14
Public sector commodity 61
operations 9,965,157 4.50 26,801,092 5.76 142,465 0.15
Individuals 37,718,840 17.03 169,288,816 36.36 1,472,958 1.57
General traders 4,290,128 1.94 9,508,877 2.04 615,051 0.65
Others 40,876,482 18.47 129,179,285 27.73 52,880,494 56.27
221,443,963 100.00 465,571,717 100.00 93,980,900 100.00
38.1 Segment by sector

Advances Deposits Contingencies &
Commitments
Rupees in Percentage Rupees in Percentage Rupees in Percentage
'000 % '000 % '000 %
Public/ Government 50,937,341 23.00 181,655,443 39.02 57,158,863 60.82

Private 170,506,622 77.00 283,916,274 60.98 36,822,037 39.18
221,443,963 100.00 465,571,717 100.00 93,980,900 100.00
39. CREDIT RISK AND CONCENTRATION OF CREDIT RISK

Credit risk exposure in respect of earning assets and off-balance sheet financial instruments represents carrying values
of assets and contingencies which could be impacted as a result of failure by the bank’s counter-parties to discharge
their obligations under financial instruments and cause the bank to incur financial loss.
Concentration of credit risk arises from exposures to customers having similar characteristics in terms of industry in
which they are engaged, geographical location in which they operate such that their ability to discharge contractual
obligations may be similarly affected by change in political, economical and other conditions. Significant concentrations
of bank’s risk assets by industrial and geographical sectors are set out in note 38 and 40.
Credit risk is managed in terms of lending policy, approved by the board of directors and other laid down procedures
outlined in the Standard Procedures Manual and related circulars. Credit limits are established for all counter-parties
after a careful assessment of their credit worthiness. An effective credit granting procedure, which requires pre-sanction
evaluation of credit proposal, adequacy of security and pre-disbursement examination of charge documents has been
established and managed by Risk Management Group (RMG) at Head Office. Where possible, all loans and advances
are secured by acceptable form of collateral to mitigate credit risk. The RMG is also responsible for continuing review
and monitoring of borrowers’ accounts and effective compliance of Prudential Regulations.
The bank maintains a sound advances portfolio diversified in nature to counter the risk of credit concentration and
further limits risk through diversification of its assets by geographical and industrial sector.
Cross border exposures are controlled by the bank by considering country/sovereign risk and these are updated on
regular basis.
Special Assets Management Group (SAMG) of the bank is responsible for monitoring the stuck up advances. It
negotiates with the borrowers and takes legal actions against the delinquent borrowers.
40. GEOGRAPHICAL SEGMENT ANALYSIS
Profit/(loss) Total assets Net assets Contingencies

before taxation employed employed and
commitments
….............................. Rupees in '000 ….............................
Pakistan 10,712,852 420,729,489 35,389,731 83,436,749

Asia Pacific (including South Asia) 304,685 33,601,716 3,016,498 2,068,249
Europe (16,251) 6,250,323 1,483,589 2,077,514
United States of America and Canada 212,068 17,417,125 1,271,285 6,398,388
Middle East 805,788 70,520,644 877,313 –
62 Africa 6,016 1,221,528 898,026 –
12,025,158 549,740,825 42,936,442 93,980,900
41. TRUST ACTIVITIES

41.1 National Investment Trust (NIT)
Under a trust deed, the bank provides services, as a trustee to NIT and is performing functions of sale/purchase of NIT
units, safe custody and maintaining unit holders accounts. The bank is keeping approximately 1.1 billion shares with
market value of Rs.61,260 million (2003: Rs.42,941 million) in safe custody/Central Depository Company on behalf of
NIT.
41.2 Long-term Credit Fund (LTCF)
Consequent upon the NDFC amalgamation, the bank manages on behalf of the GoP, LTCF established from the
proceeds of loans disbursed by various international funding agencies for financing private sector energy development
projects. Fund assets are accounted for separately from those of the bank and amounted to Rs.45 billion on December
31, 2004 (2003: Rs.48 billion). Administrative fee relating to the management of LTCF is accounted for on receipt basis.
However, the bank is in process of negotiating the charge of fee in consideration of administrative services to the LTCF.
41.3 Qarz-e-Hasna Fund
The work relating to Qarz-e-Hasna Scheme was attended by Pakistan Banking Council (PBC) since inception. PBC was
dissolved in January 1997. In order to fill the void created by the dissolution of PBC and in order to continue the scheme,
SBP decided to entrust all funds and transfer all record relating to Qarz-e-Hasna scheme for education to the bank with
the instructions to perform all work relating to the Fund.
Till December 31, 2004 SBP had transferred Rs.244 million (2003: Rs.244 million) to the bank. Assets and liabilities
relating to the Fund have been treated as off-balance sheet item in the financial statements.
42. CHANGE IN ACCOUNTING POLICY

Restated proforma information as referred to in note 5.1 of the financial statements is reproduced below:
Extracts of the profit and loss account
For the year ended Proforma

For the year ended
Restated Restated
December 31, December 31, December 31, December 31,
2004 2003 2004 2003
…......................... Rupees in '000 …..........................
Profit after taxation for the year before

incorporating the effect of change in
accounting policy 6,256,682 4,198,103 6,256,682 4,198,103
Cumulative effect of change in
accounting policy as restated above (13,753) – (32,421) 18,668
Profit after taxation for the year 6,242,929 4,198,103 6,224,261 4,216,771
43. RELATED PARTY TRANSACTIONS

Related parties include bank's subsidiaries, associates, joint venture, directors and the companies under common
directorship, key management personnel and employees' retirement benefit funds.
2004 2003
Rupees in ‘000
63
Balance outstanding at year end
Advances to:
Subsidiaries 632,255 132,255
Associates 1,674,012 1,463,816
Key management executives* 6,556 9,894
Debts due by company in which a director of the bank is interested as director 119,896 –
Placements with:
Joint venture 524,868 203,440
Investments with associates/subsidiaries 27,595 27,595
Deposits from:
Subsidiaries 536 3,089
Pension fund 1,694,934 755,083
Provident fund 4,927,090 4,371,962
* This includes loans extended to certain key management executives in accordance with the terms of employment.
2004 2003
Rupees in ‘000
Income for the year
On advances/placements to:
Associates 80,256 64,343
On placements with joint venture 6,661 10,910
Debts due by company in which a director of the bank is interested as director 3,487 –
Expenses for the year
On deposits of:
Subsidiaries 33 1,132
Provident fund ** 636,437 549,029
Commission paid to subsidiaries 3,010 3,361
Loan written-off of associates – 137,138
** Had the interest on deposits from provident fund paid at the average rate of twenty years Government paper, interest would
have been lower by Rs.198 million.
43.1 Although the Federal Government and the SBP held about 75.48% shares of the bank (2003: 75.48%), the transactions with
these entities have not been treated as related party transactions for the purpose of this disclosure.
44. DATE OF AUTHORIZATION FOR ISSUE
The financial statements were authorized for issue on March 18, 2005 by the Board of Directors of the Bank.
45. GENERAL
45.1 These accounts have been prepared in accordance with the revised format of the financial statements of the banks issued by
the State bank of Pakistan through its BSD Circular No. 36 dated October 10, 2001.
45.2 Figures have been rounded off to the nearest thousand rupees.
45.3 Comparative figures have been reclassified and re-arranged as follows:

64
- Financing against carry over transactions of Rs.275.476 million have been reclassified from lendings to financial institutions
to loans and advances (note 10).
- Borrowing for Locally Manufactured Machinery has been reclassified from deposits (note 15.2).
- Barter trade asset balances amounting to Rs.2,990 million have been offset against the related liability in accordance with
note 5.15 (note 18).
- Preference shares of SARF amounting to Rs.312.24 million have been reclassified from ordinary shares of unlisted
companies to preference shares (note 9.1).
Annexure 'I'
as referred to in note 9.13 to
the financial statements
1.1 Government Compensation Bonds
Investee Terms of Redemption Rate of 2004 2003

Principal Interest Interest % Cost Cost
Rupees in Rupees in
'000 '000
Govt. Bond (Public Sector Enterprises) 1-Jun-09 Annually 6% 755,859 755,859

Govt. Bond (Heavy Mechanical Complex) 1-Mar-09 Annually 6% 385,996 385,996
Govt. Bond (Shahnawaz Bhutto Sugar Mills) 30-Sep-09 Annually 6% 56,364 56,364
Govt. Bond (Public Sector Enterprises) 1-Jul-10 Annually 9% 1,132,963 1,132,963
6 months
average of
weighted
Govt. Bond (Pakistan Engineering Company) Semi-annually Semi-annually average yield of 139,224 232,060
Govt. Bond (Pakistan Engineering Company) Semi-annually Semi-annually T.Bills 79,411 131,808
2,549,817 2,695,050
1.2 Particulars of investments held in listed companies and modarabas

1.2.1. Ordinary shares
No. of shares/ Market

certificates held Value
Investee 2004 2003 2004 2003
Rupees in '000
Held-for-trading
Adamjee Insurance Company Limited 229,700 – 15,068 –
Bank of Punjab 5,000 – 330 –
Dewan Salman Fibres Limited 891,887 – 16,633 –
65
Engro Chemicals (Pak) Limited 375,000 – 48,488 –
Fauji Fertilizer Company Limited 91,000 – 12,689 –
Faysal Bank Limited 227,500 – 9,896 –
Jahangir Siddiqui Company Limited 10,000 – 880 –
Maple Leaf Cement Limited 225,000 – 6,953 –
Oil & Gas Development Corporation 468,000 – 35,077 –
Pakistan Oil Fields 51,000 – 12,577 –
Pakistan State Oil 412,300 327,100 132,565 94,368
Pakistan Petroleum Limited 756,000 – 108,981 –
Pakistan Telecommunication Limited 575,000 2,289,500 25,415 84,469
Pioneer Cement Limited 225,000 – 4,151 –
Sui Northern Gas Pipeline Company Limited 437,000 188,500 25,826 7,766
Sui Southern Gas Pipeline Company Limited 150,000 1,013,500 3,885 28,834
Telecard Limited 50,000 – 680 –
TRG Pakistan Limited 25,000 – 321 –
Worldcall Broad Band 25,000 – 253 –
460,668 215,437

Investee 2004 2003 2004 2003
Rupees in '000
Available-for-sale
Accord Textile Mills Limited 6,500 312,000 22 530
Al Ameen Textile Mills Limited – 32,800 – –
Al-Ghazi Tractors Limited 30,000 30,000 5,189 6,000
Al-Noor Sugar Mills Limited 368,300 378,300 3,978 1,305
Askari Commercial Bank Limited – 782,500 – 40,299
Askari Leasing Limited 42,000 42,000 1,283 796
Baig Spinning Mills Limited 662,050 662,050 5,296 5,296
Bank Al Habib 72 – 3 –
BOC Pakistan 45,786 45,786 8,514 7,784
Bolan Casting Limited 714,500 714,500 55,731 45,657
Cherat Cement 2,162 68,250 161 3,484
Cherat Papersack Limited 132,500 132,500 11,329 11,793
Clariant Pakistan Limited 117,670 154,470 24,711 21,317
Cynamid (Wyeth Pakistan)
(Face value: Rs.100 each) 1,830 1,684 2,406 2,694
Dandot Cement Limited 160,000 160,000 – –
Dewan Automotive Engg.
(formerly: Allied Motors Limited) 1,001,333 1,301,333 16,070 –
Dewan Salman Fibres Limited 9,592 8,923 179 173
DG Khan Cement 1,650 428,000 90 19,560
Escort Investment Bank Limited 1,000,000 1,000,000 14,750 11,100
Faran Sugar Mills Limited 284,500 326,500 4,822 1,959
Fauji Fertilizer Company Limited 4,754,934 4,800,013 663,076 458,401
Faysal Bank Limited – 11,500 – 414
Fecto Cement Limited – 955,441 – 9,316
Frontier Ceramics Limited 1,370,600 1,370,600 21,930 4,386
First Dawood Investment Bank Limited
(formerly: General Leasing Modaraba 1st.) 281,250 281,250 – 534
Glaxosmithkline (Glaxo Welcome) 182,179 130,680 32,974 24,966
Standard Chartered Modaraba
(formerly: First Grindlays Modaraba) 1,204,664 1,204,664 45,657 46,982
Guardian Leasing Modaraba 631,300 631,300 5,776 5,208
66 Habib Bank Modaraba 1st. 697,920 697,920 9,213 11,306
Haji Mohammad Ismail Mills 1,683,150 1,683,150 13,718 13,465
Hala Spinning Mills Limited 1,639,500 1,639,500 – –
Harum Textile 138,000 – – –
Hub Power Company Limited 11,596,000 14,127,000 372,232 543,183
ICI Pakistan Limited 87 875 8 74
Inter Asia Leasing Company Limited 50,000 50,000 113 70
Junaid Cotton Mills Limited 32,800 32,800 – –
Kaisar Arts & Krafts 850,000 850,000 – 850
Kaytex Mills Limited – 377,800 – –
KASB Bank Limited 14,835 760 204 9
Khairpur Sugar Mills Limited 3,088,000 3,088,000 – –
Kohinoor Energy Limited 153,500 153,500 4,789 5,373
Kohinoor Weaving Mills Limited 358,162 296,002 16,834 10,345
Libaas Textile Limited 250,000 250,000 – –
Lucky Cement Limited – 80,000 – –
Maple Leaf Cement Factory Limited – 28,125 – 880
Mehran Modaraba 1st. 117,960 130,460 295 339
Mehran Sugar Mills Limited
Millat Tractors Limited 261,000 174,000 63,162 41,856
Investee 2004 2003 2004 2003
Rupees in '000
Mirza Sugar Mills Limited 900,000 900,000 3,690 2,205
Modaraba Al-Mali 167,004 277,504 1,637 2,761
Mohib Exports Limited – 425,600 – –
Muslim Ghee Mills 181,000 181,000 1,810 –
Myfip Video Industries 537,300 – 5,465 –
National Refinery Limited 1,024,717 1,024,717 311,207 152,170
Nayab Spinning & Weaving Mills Limited – 138,000 – –
National Development Leasing Corporation 174,373 174,373 4,447 2,703
Oil & Gas Development Corporation 425,418 940,418 31,885 30,103
Orix Leasing Pakistan Limited 158,900 159,900 5,085 5,421
Packages Limited 153,168 153,168 30,457 25,717
Pak Elektron Limited – 13,750 – 413
Pak Apex Leasing Limited – 49,000 – 502
Pakistan Engineering Company Limited 135,240 135,240 10,143 1,941
Pakistan Industrial Leasing Corporation Limited – 100 – 1
Pakistan Oilfields Limited 80 297,580 20 7,800
PTA Pakistan Limited 262 – 3 –
Pakistan State Oil Company Limited 670,169 1,541,869 192,171 444,906
Pakland Cement Limited 1,000 1,000 22 14
Pangrio Sugar 600,400 – – –
Parke Davis Company Limited 1,400 1,600 1,372 1,360
Pakistan International Airlines Corporation "A-class" 20,260,813 20,260,813 277,573 416,360
Pakistan National Shipping Corporation 386,236 386,236 25,453 10,834
Pakistan Telecommuniction Company Limited 8,915,800 10,345,300 394,078 378,596
Punjab Oil Mills Limited 307,850 307,850 7,819 5,818
Ravi Ryon Limited – 73,800 – –
Reckitt Benckiser Pakistan Limited – 34,045 – 2,962
Redco Textile Mills Limited 5,300 98,300 – –
Refrigerator Manufacturing Company
Pakistan Limtied – 45,738 – 167
Saadi Cement Limited 354,000 2,724,500 4,602 23,703
Saif Textile Mills Limited 7,308 7,308 256 117
Sakrand Sugar Mills Limited 3,801,600 3,801,600 18,058 8,554
Saudi Pak Commercial Bank Limited 154,500 850,000 2,294 10,625
Searle Pakistan Limited 125,699 175,699 5,631 5,974
Shahmurad Sugar Mills Limited
(Face value: Rs.5000 each) 287,300 319,800 3,261 1,135 67
Shell Pakistan Limited 250,250 279,250 128,991 115,079
Siemens (Pakistan) Engineering Company Limited 200,000 200,000 118,790 81,910
Sitara Chemicals Industries Limited 118,894 118,894 12,900 8,204
Soneri Bank Limited 10,312 26,250 402 685
Sui Northern Gas Pipeline Company Limited 5,842,209 5,831,709 345,274 243,150
Sui Southern Gas Pipeline Company Limited 1,241,194 4,226,300 32,147 120,238
Sunshine Cotton Mills Limited 281,250 431,250 478 –
Taj Textile Mills Limited 1,875 11,375 10 39
TRG Pakistan Limited 6,773,000 7,500,000 87,032 118,421
Twakkal Garments Industries Limited 112,500 112,500 – –
Unilever (Pakistan) Limited
Unity Modaraba 1,000,000 1,000,000 – –
Zafar Textiles Mills Limited – 24,610 – –
4,138,155 4,007,588
All shares have a face value of Rs.10 each unless otherwise mentioned.
Cost of the above held-for-trading and available-for-sale investments amounted to Rs.449 million (2003: Rs.197
million) and Rs.1,042 million (2003: Rs.724 million).
1.2.2 Particulars of Investments held in un-listed companies

1.2.2.1 Ordinary Shares - Holding 10% and above
Investee Percentage No. of Cost of Investment Break-up Based on Name of
of holding Shares 2004 2003 value of accounts Chief Executive
held investment as at
............ Rupees in '000 ............
Avari Hotel Limited 12.7 9,459,200 94,592 94,592 (6,359) June 30,2000 Mr. Byram D Avari
Digri Sugar Mills Limited 19.1 2,000,000 4,063 4,063 8,126 Sep 30,1999 Mr. Naveed Ahmad Javeri
Engine System 16.5 788,500 – – (10,132) June 30,1998 Mr. Javed Burki
First Women Bank Limited 10.6 2,532,000 21,00 21,100 79,653 Dec. 31. 2003 Ms. Zareen Aziz
Gelcaps Pakistan Limited 14.6 2,000,000 4,665 4,665 22,599 June 30, 2004 Syed Aslam Ali
Intech International 18.6 275,000 – – …….. Not Available…..…… Mr. Hassan Zaidi
Investment Corporation of Pakistan
(Face value: Rs.100 each) 19.9 398,000 36,337 36,337 308,707 June 30,2004 Mr. Abdul Latif Uqali
Pakistan Agriculture Storage Service Corporation Maj. General Fahim
(Face value: Rs.1,000 each) 18.3 5,500 5,500 5,500 109,831 March 31,2003 Akhter Khan
Pakistan Export Finance (Guarantee) Agency Limited – – – 11,529 10,541 Dec 31,2001 Mr. S.M. Zaeem
Precision Engineering 16.8 15,100 – – …….. Not Available…..…… Mr. Zaheer Hussain
Resources and Engineering Management Corporation 10.0 66,125 – – (485) June 30,2000 Mr. Shafaat Ahmed
Safa Rice Mills Limited 15.8 450,000 – – …….. Not Available…..…… Mr. Pervaiz Alam
Sigma Knitting Mills 14.1 500,000 – – (6,793) June 30,1999 Mr. Nasir Sadruddin
SME Bank Limited – – – 26,950 50,225 Dec 31,2002 Mr. Mansur Khan
Textile City – 2,500,000 25,000 – ….........................…. Not Available …..........................….
191,257 204,736
1.2.2.2 Ordinary Shares - Holding below 10%

Investee No. of Cost of Investment Break-up Based on Name of
Shares 2004 2003 value of accounts Chief Executive
held investment as at
............ Rupees in '000 ............
Al-Ameen Textile Mills Limited 32,800 328 – ..................................... Not Available ....................................
Arabian Sea Country Club 650,000 – - 4,067 June 30, 2002 Mr. Aslam Mohsin ali
Attock Textile Mills Limited 100,000 1,000 1,000 (1,412) Sept. 30, 1998 Mr. Arshad Ali Chaudhry
Brikks Pvt Limited 39,050 – – ..................................... Not Available ....................................
Equity Participation Fund
(Face value: Rs.100 each) 40,000 4,000 4,000 18,644 June 30, 2004 Mr. Shahid Akhtar
F.T.C. Management 50,000 250 250 8,835 June 30,2003 .......... Not Available .........
Lt. Gen. (R) Syed
Fauji Oil Terminal & Distribution Company Limited 1,088,600 10,886 10,886 23,192 June 30,2004 Mohammad Amjad
Fortune Securities Limited 500,000 5,000 5,000 4,449 June 30,2002 Mr. Kamran Ahmed Khalili
Frontier Textile Mills Limited 50,000 500 500 272 Sep 30,2002 .......... Not Available .........
Gulistan Power Generation Limited 220,000 2,200 2,200 8,096 June 30,2000 Mr. Abdul Shakoor
Hazara Woolen Mills Limited 20,000 200 200 ..................................... Not Available ....................................
Insecta Pakistan Limited 50,000 – – 315 June 30,1997 Mr. Syed Tauqeer Haider
Indus Sugar 594,807 5,948 5,948 (4,829) Sep 30,2003 .......... Not Available .........
Kashmir Textile 165,000 1,650 1,650 ..................................... Not Available ....................................
Kronos Corporation 169,100 577 577 ..................................... Not Available ....................................
Kaytex Mills Limited 377,800 3,778 – ..................................... Not Available ....................................
Mohib Textile Mills Limited 125,600 – – ..................................... Not Available ....................................
National Construction Limited 99,999 500 500 (1,287) June 30, 2003 Not Available
National Industrial Co-operative Bank of Gujrat 1 – – ..................................... Not Available ....................................
68 National Institute of Banking & Finance (Guarantee) Limited 2,000,000 20,000 20,000 20,000 June 30, 2003 Mr. Kazi Abdul Muktadir
National Film Development Corporation Limited 10,000 – – 1,749 Sep 30, 2004 .......... Not Available .........
National Institution of Facilitation Technology (Pvt) Limited 472,744 1,526 1,526 7,421 June 30, 2004 Mr. M. M. Khan
National Investment (Unit) Trust
(Face value: Rs.100 each) 52,800 100 100 33,817 June 30, 2003 Mr. Tariq Iqbal Khan
National Woolen Mills Limited 18,300 183 183 ..................................... Not Available ....................................
Newyork Poly Clinic of Karachi 220,133 – – (241) June 30,1998 Mr. Akhter Aziz khan
Nowshehra Engineering Works Limited 4,950 41 – ..................................... Not Available ....................................
Pakistan Paper Corporation Limited 37,250 373 373 ..................................... Not Available ....................................
Pakistan Tourism Development Corporation 100,000 100 100 24,983 June 30,1996 Brig. (R) Hashim Khan
Pakistan Export Finance (Guarantee) Agency Limited 1,152,938 11,529 – 1,721 Dec 31,2003 .......... Not Available .........
People Steel Mills Limited 1,076,880 3,276 3,276 ..................................... Not Available ....................................
Phalia Sugar Mills Limited 1,087,949 44,031 44,031 34,169 Sept. 30, 2003 Mr. Monis Elahi
Al-Zamin Modaraba Management (Pvt) Limited 140,000 1,000 1,000 ..................................... Not Available ....................................
Qadri Textile Mills Limited 50,000 500 500 ..................................... Not Available ....................................
Refrigerator Manufacturing Company Limited 45,737 4,589 – ..................................... Not Available ....................................
Rousch Power Pakistan Limited 39,729,000 132,888 132,888 137,062 June 30,2003 Mr. Naseem Akhtar
Ruby Rice and General Mills Limited 75,000 750 750 ..................................... Not Available ....................................
Crescent Capital (fomerly: Shoaib Capital) 100,000 272 272 544 June 30,2000 Mr. Khawaja Zia Abbas
Saphire Power Generation – – 1,500 ..................................... Not Available ....................................
Sardarpur Textile Mills Limited – – 940 ..................................... Not Available ....................................
South Asia Regional Fund 5,000 287 287 (18,338) Dec 31,2003 Mr. Kandiah Balendra
Star Salica Industries Limited 26,650 267 267 ..................................... Not Available ....................................
SME Bank Limited 4,590,936 26,950 – 74,984 Dec 31,2004 Mr. Mansur Khan
Sunshine Cloth Mills 150,000 – – ..................................... Not Available ....................................
Transmobile Limited 644,508 – – (44) June 30,1997 Mr. Javed Burki
Zafar Textiles Mills Limited 247,100 258 – ..................................... Not Available ....................................
Zulsham Engineering Works Limited
(Face value: Rs.100 each) 3,300 330 330 ..................................... Not Available ....................................
286,067 241,034
All shares have a face value of Rs.10 each unless otherwise mentioned. 477,324 445,770
1.3 Particulars of Investments held in units of mutual funds

certificates held Value/cost
2004 2003 2004 2003
Rupees in '000
Listed:
ABAMCO Composite Fund 2,500,000 – 21,250 –
ABAMCO Stock Market Fund 131,003 – 1,546 –
Atlas Income Fund 50,000 50,000 25,779 25,000
BSJS Balanced Fund 1,237,500 1,000,000 12,561 12,450
Faysal Balance Growth Fund 500,000 – 52,025 –
Meezan Islamic Fund-Type-A Series
(nominal value: Rs.50 each) 1,000,400 1,000,400 62,265 53,902
Pakistan Capital Market Fund 4,900,000 – 49,980 –
Pakistan Income Fund – 575,595 – 30,040
Pakistan Strategic Allocation Fund 2,500,000 – 24,500 –
PICIC Growth Fund
(formerly: Investment Corporation of
Pakistan - SEMF) 8,816,800 11,560,800 468,613 553,762
PICIC Investment Fund 153,806 – 2,353 –
Unit Trust of Pakistan (ABAMCO)
(nominal value: Rs.5,000 each) 15,000 15,000 112,424 115,710
22nd ICP Mutual Fund – 907,925 – 11,394
23rd ICP Mutual Fund – 224,900 – 1,664
24th ICP Mutual Fund – 477,200 – 4,748
833,296 808,670
Cost of the above investment amounted to

Rs. 547 million (2003: Rs. 381 million )
Unlisted:
Atlas Stock Market Fund 100,000 – 51,208 –
Meezan Balance Fund 5,000,000 – 50,000 –
101,208 –
934,504 808,670
All certificates have a nominal value of Rs.10 per unit unless otherwise mentioned.
1.4 Particulars of Investments held in Preference shares
Cumulative/ Rate No. of certificates held Market value/cost

Non- 2004 2003 2004 2003 69
cumulative
Rupees in '000
Listed:
Chenab Limited Cummulative 9.25% 10,000,000 – 100,000 –
Cost of the above investment
amounted to Rs.100 million
(2003: Rs.Nil ).
Unlisted:
Dalda Food Cummulative 8.75% 9,300,000 – 93,000 –
Jamshoro Joint Venture limited Cummulative 15.00% 2,500,000 – 25,000 –
Pak Elektron Limited Cummulative 9.50% 10,000,000 – 100,000 –
South Asia Regional Fund
(Face value: USD 1 each) Cummulative 8.00% 1,907 4,176 142,025 312,241
United National Bank Limited
(Face value: GBP 1 each) Non-cumulative – 2 2 – –
360,025 312,241
460,025 312,241
All shares have a face value of Rs.10 each unless otherwise mentioned.
1.5 Debentures, Bonds, Participation Term Certificates and

Term Finance Certificates
1.5.1 Term finance certificates
Investee Rate of Profit Maturity No. of certificates held Market value/cost
interest Payment 2004 2003 2004 2003
Rupees in '000
Listed
Bank Al-Habib Limited * 5.00% Half yearly 28.06.2012 36,352 – 181,759 –
Dawood Leasing Company Limited * 13.05% Half yearly 07.09.2006 5,000 5,000 27,738 25,000
Dewan Salman Fibre Limited * 6.00% Half yearly 22.06.2005 4,992 28,000 25,876 84,868
Gulistan Textile Mills Limited. * 14.00% Half yearly 29.08.2006 6,661 9,996 35,618 49,960
Sui Southern Gas Company Limited * 14.10% Half yearly 26.05.2006 13,619 27,450 72,121 113,493
343,112 273,321
Unlisted
Ados Pakistan Limited 22.00% Overdue Overdue 14 14 706 706
Agro Dairies Limited 22.00% Overdue Overdue 20 20 4,237 4,237
Al-Azhar Textile Mills Limited 22.00% Overdue Overdue 14 14 6,059 6,059
Al-Barkat Industries Limited 22.00% Overdue Overdue 1 1 1,060 1,060
Al-Fahm Textile Mills Limited 22.00% Overdue Overdue 14 14 2,880 2,880
Al-Qaim Textile Mills Limited 22.00% Overdue Overdue 16 16 1,296 1,296
Anwar-Zaib Cement Industries Limited 22.00% Overdue Overdue 1 1 3,446 3,446
Apex Fabrics Limited 22.00% Overdue Overdue 16 16 2,640 2,640
Aqma Textile Mills Limited 22.00% Overdue Overdue 14 14 5,485 5,485
Aruj Textile Mills Limited 22.00% Overdue Overdue 5 5 986 1,479
Aswan Tentage & Canvas Mills Limited 22.00% Overdue Overdue 1 1 3,643 3,643
Azeem Tapes (Pvt) Limited 22.00% Overdue Overdue 34 34 4,429 4,429
Bachani Sugar Mills Limited 22.00% Overdue Overdue 28 28 35,896 35,896
Baluchistan Cotres Limited 22.00% Overdue Overdue 22 22 3,064 3,064
Bankers Equity Limited 22.00% Overdue Overdue 10 10 104,449 104,449
Bela Chemical Limited 22.00% Overdue Overdue 24 24 24,595 24,595
Bentonite Pak Limited 22.00% Overdue Overdue 31 31 3,417 3,417
Blue Star Spinning Mills Limited 22.00% Overdue Overdue 17 17 4,312 4,312
Brother Steel Limited 22.00% Overdue Overdue 17 17 3,094 3,094
Cast-N-Link Product Limited 22.00% Overdue Overdue 16 16 2,549 2,549
Chaudhry Wire Rope Industries Limited 22.00% Overdue Overdue 14 14 1,565 1,565
Chiniot Textile Mills Limited 22.00% Overdue Overdue 6 6 5,080 5,080
Chiragh Sun Engg Limited 22.00% Overdue Overdue 6 6 3,470 3,470
Dadabhoy Cement Limited 22.00% Overdue Overdue 16 16 8,077 8,077
70 Danneman Fabrics Limited 22.00% Overdue Overdue 14 14 4,584 4,584
Diamond Industries Limited 22.00% Overdue Overdue – 6 – 346
Elec Inf & Energy System Limited 22.00% Overdue Overdue 19 19 5,296 5,296
Faruki Pulp Mills Limited 22.00% Overdue Overdue 14 14 17,550 17,550
Frontier Ceramics Limited 22.00% Overdue Overdue 46 46 4,858 4,858
Frontier Dextrose Limited 22.00% Overdue Overdue 24 24 1,130 1,130
General Diaries & Food Limited 22.00% Overdue Overdue 6 6 1,875 1,875
Glorex Textile Mills Limited 22.00% Overdue Overdue 1 1 5,640 5,640
Gypsum Corporation Limited 22.00% Overdue Overdue 10 10 900 900
Haral Textile Mills Limited 22.00% Overdue Overdue 14 14 2,743 2,743
Hospitex International Limited 22.00% Overdue Overdue 16 16 511 511
Hub Textile Mills Limited 22.00% Overdue Overdue 14 14 3,887 3,887
Hussain Beverage Industries Limited 22.00% Overdue Overdue 18 18 5,906 5,906
Inayat Textile Mills Limited 22.00% Overdue Overdue 13 13 2,210 2,210
Indus sugar mills 22.00% Overdue Overdue – – 11,699 11,699
Jehangir Siddiqui & Company Limited * 7.44% Half yearly 17.05.2014 39,992 – 199,960 –
Kamal Ghee & Allied Industries Limited 22.00% Overdue Overdue 14 14 4,238 4,238
Karachi Electricity Supply Corporation – – – – 160 – 900,000
Kashmir Polytex Limited 22.00% Overdue Overdue 16 16 1,483 2,198
Khairpur Sugar Mills Limited 22.00% Overdue Overdue 28 28 8,394 8,394
Kiran Sugar Mills Limited 22.00% Overdue Overdue 24 24 11,600 11,600
Kohinoor Fabrics Limited 22.00% Overdue Overdue 22 22 641 641
Larr Sugar Mills Limited 22.00% Overdue Overdue 14 14 13,245 14,901
Latif Bawany Textile Mills Limited 22.00% Overdue Overdue 38 38 2,380 2,380
Investee Rate of Profit Maturity No. of certificates held Market value/cost
interest Payment 2004 2003 2004 2003
Rupees in '000
Malik Food Industries Limited 22.00% Overdue Overdue 11 11 2,472 2,472

Minaco Fabrics Limited 22.00% Overdue Overdue 14 14 7,350 7,350
MTM International 22.00% Overdue Overdue – 6 – 1,782
Mumtaz Shahbaz Textile Mills Limited 22.00% Overdue Overdue 14 14 3,908 3,908
Munalisa Fruit Juices 22.00% Overdue Overdue 14 14 1,500 1,500
Munawar Engineering Company Limited 22.00% Overdue Overdue 28 28 2,193 2,193
Munro & Millar Mills Limited 22.00% Overdue Overdue 20 20 1,113 1,113
National Fructose Company Limited 22.00% Overdue Overdue 14 14 1,714 1,714
National Tiles & Ceramics Limited 22.00% Overdue Overdue 16 16 2,469 2,469
Nishat Mills Limited * 6.55% Half yearly 29.08.2008 149,940 – 786,136 750,000
Novelty Fabric Processing Limited 22.00% Overdue Overdue 38 38 17,255 17,255
Pacific Pharmaceutical Limited 22.00% Overdue Overdue 16 16 – 718
Pak Arab Refinery Company Limited 22.00% Overdue Overdue – 49,840 – 148,611
Pak German Pre-Fabs Limited 22.00% Overdue Overdue 24 24 6,046 6,046
Pak Pattan Dairies Limited 22.00% Overdue Overdue 14 14 3,306 3,306
Pak Punjab Carpet Limited 22.00% Overdue Overdue 1 1 857 857
Pakistan Industrial Leasing Corporation 22.00% Overdue Overdue – 75 – 12,500
Pakistan International Airlines
Corp. Limited * 7.50% Half yearly 26.02.2011 699,979 – 3,499,895 3,499,965
Pakistan Laminates Limited 22.00% Overdue Overdue 1 1 95 95
Pakistan Services Limited * 9.75% Half yearly 16.09.2008 33,387 – 171,924 167,000
Pakland Cement Limited 3.92% – 30.06.2009 13 13 341,998 364,933
Pangrio Sugar Mills Limited 22.00% Overdue Overdue 16 16 2,057 2,057
Peshawar Pipe Mills Limited 22.00% Overdue Overdue 40 40 1,021 1,021
Phalia Sugur Mills Limited 22.00% Overdue Overdue – 17 – 19,600
Pirjee Weaving Mills Limited 22.00% Overdue Overdue 16 16 857 857
Prime Commercial Bank Limited * 7.84% Half yearly 08.12.2012 22,000 – 110,000 –
Prometals Limited 22.00% Overdue Overdue 20 20 1,526 2,398
Qand Ghar (Pvt) Limited 22.00% Overdue Overdue 2 2 21,966 21,966
Qand Ghar Sugar Mills Limited 22.00% Overdue Overdue 14 14 7,915 7,915
Rai Textile Mills Limited 22.00% Overdue Overdue 6 6 1,020 1,530
Raja Weaving Mills Limited Overdue Overdue 14 14 3,831 3,831
Regency Textile Mills Limited 22.00% Overdue Overdue 24 24 6,081 6,081
Rehman Sharif Textile Mills Limited 22.00% Overdue Overdue 14 14 973 973
Saadi Cement Company Limited 4.26% – 30.06.2010 13 13 1,040,256 1,111,562
Sarela Cement Limited 22.00% Overdue Overdue 32 32 10,259 10,259
Scan Recycling (Pak) Limited 22.00% Overdue Overdue 17 17 817 817
Seri Sugar Mills Limited 22.00% Overdue Overdue 24 24 6,095 6,095
Shah Jewana Textile Mills Limited 22.00% Overdue Overdue 26 26 776 776 71
Shazeb Industries Limited 22.00% Overdue Overdue 14 14 2,202 2,202
Sialkot Dairies 22.00% Overdue Overdue 13 13 2,320 2,320
Silverland Textile Mills Limited 22.00% Overdue Overdue 6 6 1,650 1,650
Sind Textile Industries 22.00% Overdue Overdue 15 15 15,163 15,163
Sinsas Enterprises Limited 22.00% Overdue Overdue 2 2 6,046 6,046
Solve Tech Limited 22.00% Overdue Overdue 14 14 3,413 3,413
Star Silica International 22.00% Overdue Overdue 16 16 1,799 1,799
Sunflo Juices Limited 22.00% Overdue Overdue 28 28 7,686 7,686
Taj Syringes (Pvt) Limited 22.00% Overdue Overdue 36 36 6,615 6,615
Tanocraft Limited 22.00% Overdue Overdue 22 22 1,315 1,315
Tawakkal Garments Industries Limited 22.00% Overdue Overdue 16 16 759 759
Tharparkar Sugar Mills Limited 22.00% Overdue Overdue 5 5 23,332 23,332
Trubo Tubes Limited 22.00% Overdue Overdue 2 2 122 122
Ultra Engineering Industries Limited 22.00% Overdue Overdue 16 16 1,211 1,211
United Bank Limited * 7.00% Half yearly 16.06.2012 16,909 – 82,051 –
Waleed Leather Industries Limited 22.00% Overdue Overdue 38 38 2,344 2,344
Zamir Textile Mills Limited 22.00% Overdue Overdue 14 14 12,891 12,891
6,783,765 7,532,808
* Cost of investment in TFCs marked to market amounted to Rs.5,162 million (2003: Rs.273 million).
All term finance certificates have a face value of Rs.5,000 each unless otherwise mentioned.
1.5.2 Debentures

Principal Interest Interest Carrying Carrying
value value
Rupees in '000
Aaj Textile Mills Limited Overdue Overdue 14% 1,005 1,005
Aaj Textile Mills Limited Overdue Overdue 12.5% 270 270
Ajax Industries Limited Overdue Overdue 11% 1,397 1,397
Ajax Industries Limited Overdue Overdue 14% 269 269
Ali Asbesotse Industries Limited Overdue Overdue 14% 930 930
Ali Asbesotse Industries Limited Overdue Overdue 11% 1,510 1,510
Alleey Hosiery Mills Limited Overdue Overdue 14% 200 200
Allied Ghee Industries Limited Overdue Overdue 16% 1,141 1,141
Allied Ghee Industries Limited Overdue Overdue Interest free 572 572
Allied Marbles Industries Overdue Overdue 14% 23 23
Allied Marbles Industries Overdue Overdue Interest free 15 15
Aslo Electrical Industries Overdue Overdue 11% 2,270 2,270
Aslo Electrical Industries Overdue Overdue 14% 281 281
Attock Textile Mills Limited Overdue Overdue 14% 863 863
Azad Kashmir Mineral Development Corporation Overdue Overdue 12% 3,288 3,288
Azad Kashmir Mineral Development Corporation Overdue Overdue 14% 1,998 1,998
Azad Kashmir Mineral Development Corporation Overdue Overdue 12.5% 2,336 2,336
Carbon Dioxide Limited Overdue Overdue 11% 495 495
Carbon Dioxide Limited Overdue Overdue 14% 95 95
Central Associated Limited Overdue Overdue 14% – 680
Chillya Corrugated Board Overdue Overdue 14% 549 549
Chillya Corrugated Board Overdue Overdue Interest free 453 453
Colony Textile Mills Limited Overdue Overdue Interest free 184 184
Consolidated Spinning & Textile Mills Limited Overdue Overdue 14% 180 180
Consolidated Sugar Mills Overdue Overdue 14% 1,875 1,875
Daaman Oil Mills Overdue Overdue 11% 170 170
Daaman Oil Mills Overdue Overdue 14% 580 580
Effef Industries Limited Overdue Overdue 14% 1,799 1,799
Effef Industries Limited Overdue Not Applicable Interest free 3,828 3,828
Electric Lamp Manufacturing Outstanding Overdue 11% 75 75
Electric Lamp Manufacturing Overdue Overdue 14% 150 150
Hassan Tanneries Limited Outstanding Outstanding 14% 437 437
72 Hassan Tanneries Limited Outstanding Outstanding 12.5% 58 58
Hazara Woolen Mills. Overdue Overdue 14% 1,148 1,148
Hydri Gas Limited Outstanding Outstanding 11% 47 47
Hydri Gas Limited Outstanding Outstanding 14% 50 50
Junaid Cotton Mills Limited Overdue Overdue 12.5% 165 165
Junaid Cotton Mills Limited Overdue Overdue 14% 990 990
Karachi Development Authority Overdue Overdue 12.5% 156,034 156,034
K.J. Vegetable Oil Mills Overdue Overdue 14% 27 27
Karachi Properties Inv. Co. (1974) Overdue Overdue 14% – 15,000
Khyber Textile Mills Limited Overdue Overdue 14% 1,000 1,000
Lahore Dyeing & Printing Mill Overdue Overdue 11% 1,013 1,013
Lahore Engineering Foundry Works
(Debenture Bonds) Regular Regular 5% 1,472 2,408
Mansoor Textile Mills Overdue Overdue 14% 510 510
Mehr Text. Mills Limited Overdue Overdue 11% 700 700
Mehr Text. Mills Limited Overdue Overdue 14% 750 750
Milly Leather Ind.Limited Overdue Overdue 14% 1,244 1,244
Morgah Valley Limited Overdue Overdue 11% 400 400
Principal Interest Interest Carrying Carrying
value value
Rupees in '000
Morgah Valley Limited Overdue Overdue 14% 160 160
National Woolen Mills Overdue Overdue 14% 134 134
Pakistan Machine Tool Factory Overdue Overdue 12.5% 0 13,306
Pakistan Paper Corporation Overdue Overdue 11% 506 506
Pakistan Polypropylene Packages Limited Overdue Overdue 14% 240 240
Printing Corporation of Frontier Overdue Overdue 11% 12 12
Printing Corporation of Frontier Overdue Overdue 14% 23 23
Progressive Tobacco Co. Overdue Overdue 14% 175 175
Qadri Textile Mills Limited Overdue Overdue 14% 489 489
Regal Ceramics Limited Overdue Overdue 14% 105 105
Rising Sun Knitwear Industries Overdue Overdue 14% 57 57
Rose Textile Mills Limited Overdue Overdue 14% 740 740
Saleem Tanneries Project 1 Overdue Overdue 12.5% 1,366 1,366
Saleem Tanneries Project 2 Overdue Overdue 12% 712 712
Sarhad Bricks Limited Overdue Overdue 11% 543 543
Sarhad Bricks Limited Overdue Overdue 14% 102 102
SDA-A/C Cold Storage Haripur -1 Overdue Overdue 12% 955 955
SDA-A/C Cold Storage Haripur -2 Overdue Overdue 12.5% 1,170 1,170
SDA-A/C Cold Storage Mardan -1 Overdue Overdue 12% 1,278 1,278
SDA-A/C Cold Storage Mardan -2 Overdue Overdue 12.5% 878 878
SDA-A/C Cold Storage Peshawar -1 Overdue Overdue 12% 1,341 1,341
SDA-A/C Cold Storage Peshawar -2 Overdue Overdue 12.5% 1,102 1,102
Shafaq Lamp Manufacturing Corporation Overdue Overdue 11% 368 368
Shafaq Lamp Manufacturing Corporation Overdue Overdue 14% 83 83
Shahdin Limited Overdue Overdue 14% 634 634
Shahyar Textile Mills Limited Overdue Overdue 14% 280 280
Spinzer Towel Industries Limited Overdue Overdue 12.5% 200 200
Spinzer Towel Industries Limited Overdue Overdue 14% 175 175
Sun Publications Limited Overdue Overdue 13.5% 178 178
Sun Shine Jute Mills Overdue Overdue 11% 3,010 3,010
Sun Shine Jute Mills Overdue Overdue 14% 990 990
United Sugar Mills Regular Outstanding 10% 29,036 41,480
Zulsham Engineering Works Limited Overdue Overdue 14% 239 239
242,127 284,493 73
1.5.3 Participation Term Certificates
Investee Number of Rate of Paid - up value 2004 2003

certificates interest per certificate Cost Cost
Rupees
Rupees in '000
Ali Paper Industries Limited 13 17% 261,000 3,393 3,393
Alipure Jute Mills Limited 53 17% 172,113 9,122 9,122
American Marbals Limited 12 17% 104,167 1,250 1,250
Azmat Oil Industries Limited 1 17% 226,000 226 226
Annis Garments Limited 12 17% 32,917 395 395
Bhawalpur Board Mills Limited 14 17% 137,000 1,918 1,918
Balochistan Clay Products 17 17% 227,176 3,862 3,862
Bela Chemicals limited 1 17% 10,500,000 10,500 10,500
Bela Ghee Mills Limited 14 17% 191,214 2,677 2,677
Calcium Limited 1 17% 300,000 300 300
Cotex Industries Limited 14 17% 16,357 229 229
Crystal Chemicals Limited 15 17% 259,800 3,897 3,897
Dadabhoy Cement Limited 1 17% 11,601,000 11,601 11,601
Delta Tyre & Rubber Co. 7 17% 268,714 1,881 1,881
Farooq Compost Fertilizer 15 17% 125,867 1,888 1,888
Frontier Ceramics Limited 10 17% 226,200 2,262 2,262
Gem Industries Limited 12 17% 126,417 1,517 1,517
Gypsum Corporation Limited 32 17% 32,594 1,043 1,043
Ittehad Industries Limited 1 17% 600,000 600 600
Jubilee Paper Board Mills 16 17% 431,938 6,911 6,911
Kamal Enterprises Limited 17 17% 64,294 1,093 1,093
Khalil Jute Mills Limited 16 17% 138,875 2,222 2,222
Khattak Edible Oil Limited 15 17% 82,467 1,237 1,237
Leatherite Limited 14 17% 69,643 975 975
Mass Dairies Limited 11 17% 229,364 2,523 2,523
Meditex International Limited 15 17% 87,800 1,317 1,317
Morgah Valley Limited 16 17% 29,250 468 468
National Fructose Limited 11 17% 550,818 6,059 6,059
Pak Belt Industries Limited 13 17% 94,692 1,231 1,231
Pangrio Sugar Mills Limited 29 17% 442,586 12,835 12,835
Punjab Building Products 12 17% 121,500 1,458 1,458
Punjab Cables Mills Limited 12 17% 388,667 4,664 4,664
74 Rainbow Packages Limited 23 17% 122,174 2,810 2,810
Sampak Paper Board Mills 11 17% 14,909 164 164
Sarela Cement Limited 35 17% 406,629 14,232 14,232
Sethi Industries Limited 15 17% 240,667 3,610 3,610
Shafi Woolen Industries Limited 11 17% 89,455 984 984
Sindh Glass Industries Limited 17 17% 598,765 10,179 10,179
Star Silica Industries Limited 15 17% 137,467 2,062 2,062
Suhail Jute Mills Limited 13 17% 80,769 1,050 1,050
Sunshine Jute Mills Limited 13 17% 54,077 703 703
United Wood (Veener) Limited 15 17% 51,000 765 765
Waziristan Oil Industries Limited 13 17% 88,385 1,149 1,149
Zafar Oil Industries Limited 11 17% 65,455 720 720
139,982 139,982
1.5.4 Government of Pakistan - Guaranteed bonds

Principal Interest Interest Cost Cost
Rupees in '000
WAPDA Bonds (8th issue) Bi-annual Bi-annual 12.5% 2,999,980 3,333,317
WAPDA Bonds (9th issue) Bi-annual Bi-annual 9.50% 1,067,995 1,423,995
WAPDA Bonds Bi-annual Bi-annual 12.5% 374,998 416,665
Rice Export Corporation of Pakistan - Bonds Repayable in Annual 14% 2,850,000 2,850,000
full on maturity
Rice Export Corporation of Pakistan - Bonds Annual Bi-annual Average of last six 1,229,943 1,517,653
months FIB rates
Cotton Export Corporation of Pakistan - Bonds Repayable in Annual 14% 584,760 584,760
full on maturity
Cotton Export Corporation of Pakistan - Bonds Annual Bi-annual Average of last six 32,865 49,297
months STB rates
Ghee Corporation of Pakistan - Bonds Annual Bi-annual Average of last six 810,156 1,000,156
months FIB rates
Trading Corporation of Pakistan - Bonds Annual Bi-annual Average of last six 614,016 768,639
months FIB rates
Saindak Metals Limited - Bonds Annual Bi-annual 15% 763,453 1,017,937
Saindak Metals Limited - Bonds Annual Bi-annual Average of last six 1,209,954 –
months KIBOR rates
Ghee Corporation of Pakistan - Bonds Annual Bi-annual 14% 43,902 43,902
Government of Pakistan - Bonds (former NDFC) Annual Annual 11% 71,938 71,938
75
Shahdadkot Textile Mills Limited Lumpsum Lumpsum 9% 57,221 57,221
Shahnawaz Bhutto Sugar Mills Lumpsum Lumpsum 6% 12,017 12,017
EM Oil Mills (GCP) Bi-annual Bi-annual 14% 16,800 16,800
12,739,998 13,164,297
19,905,872 21,121,580
Annexure - II
as referred to
Statement showing written off loans or any other financial in note no. 10.5
relief of five hundred thousand rupees or above provided
during the year ended December 31, 2004 (Rupees in million)
Outstanding Liabilities Other
Interest/
Name of individuals/ at beginning of the year Principal Financial
Sr. Name & Address of Father’s/ Mark-up Total
Partners/Directors Written Relief/
No. the Borrower Husband’s Name Written (9+10+11)
with NIC. No. Interest/ Off Waiver
Principal Others Total off
Mark-up Provided
1 2 3 4 5 6 7 8 9 10 11 12
1 Allah Rakha Allah Rakha 0.089 0.382 0.175 0.646 0.000 0.175 0.382 0.557
H#.118 St-17, NIC # 45060-177884
Hijaz Colony, Karachi
2 Jawed Iqbal Jawed Iqbal S/o. Ch. Ghulam Rasool 0.132 0.620 0.600 1.352 –00 0.601 0.620 1.221
H#.15/E,12/11, NIC # 505-87-135336
Qaddafi Road
Madni Colony
Karachi 0
3 Indus Oil (Pvt) Ltd Habib Ahmed Altaf 0.795 0.906 1.760 3.461 –00 –00 2.480 2.480
HBL Bldg. Hussain Abbas Ali
I. I. Chundrigar Road
Karachi
4 Al-farid Poultry Form Sh. M. Abdullah 0.817 0.548 –00 1.365 –00 0.165 0.383 0.548
L-4, Poultry Estat, 2.
5 Muhammad Yaqoob Muhammad Yaqoob S/o. Jummah Khan 0.132 0.448 0.121 0.701 –00 0.088 0.448 0.536
Baloch Balooch
Flat 10 Siddiqui Square NIC # 42301-7588679-5
M. Usman Road, Lyari
6 Digital Communication Saleem A Rehman 26.500 25.049 –00 51.549 12.214 –00 25.049 37.263
301-302 Fayyaz Center, Sarah Rehman
S.M.C.H.S., Tasneem Rahman
Karachi
7 Progressive Syndicates Khalid Rehmani Abdul 7.300 13.194 –00 20.494 4.448 –00 13.194 17.642
Haque
NIC # 270-43-145165
8 Saria Rope Shabbir Mustufa 10.000 9.764 0.004 19.768 –00 –00 4.942 4.942
Sakina Fatima
9 A.S.Z & Co. Shahid Razzaq 0.800 1.885 0.003 2.688 –00 –00 1.709 1.709
10 Expo International Ali Ahmed Khan 18.794 54.129 0.045 72.968 12.558 2.374 51.800 66.732
Iftikhar Ali Choudhery
76 Umer Hayat Arshad
11 Arshad Mehmood Arshad Mehmood Sardar Muhammad 0.461 0.610 0.014 1.085 –00 0.012 0.610 0.622
NIC # 42401-0374968-9
12 Khan Muhammad Khan Muhammad S/o. Surkhoro Khan 0.298 0.247 0.009 0.554 0.298 –00 0.247 0.545
NIC # 516-43-204262
13 Aleem Sons Haleem Ghouri 121.095 93.173 0.885 215.153 93.133 –00 94.058 187.191
Karim Ghouri
14 Rashid Ahmed Khan Rashid Ahmed Khan S/o. Basharat Khan 0.261 0.423 0.003 0.687 0.261 0.294 0.132 0.687
15 Wali Rehman Wali Rehman Ghafoor Khan 0.280 0.202 0.022 0.504 0.280 0.043 0.182 0.505
D-63, Block-5, NIC # 42101-3929655-9
Metrovill S.I.T.E.,
Karachi
16 Naqi Ahmed Khan Naqi Ahmed Khan 0.303 0.249 0.033 0.585 0.303 0.033 0.249 0.585
NIC # 506-58-234326
17 Dr. Nadeem Qamar Dr. Nadeem Qamar 0.400 2.850 0.210 3.460 –00 –00 2.244 2.244
F 14, Block-4, NIC # 451-58-019917
Karachi
18 Metro Garments Hanif R Rajwani 83.287 21.649 –00 104.936 49.879 –00 21.649 71.528
X-2/A, S.I.T.E., Farooq R Rajwan
Manghopir Road, Iqbal R Rajwani
Karachi
(Rupees in million)
Interest/
Mark-up Provided
1 2 3 4 5 6 7 8 9 10 11 12
19 J.V.T. Computer Joseph V Thomson 3.935 4.310 0.234 8.479 –00 –00 3.653 3.653
NIC # 517-94-039368
20 A. J. Soap Zulfiqar Hussain –00 4.505 0.237 4.742 –00 –00 3.501 3.501
C-2, S.I.T.E., Iftikhar Hussain
North Karachi NIC # 502-60-473503
21 Myco Industries Babar Younus 49.067 21.163 1.310 71.540 39.575 2.935 19.538 62.048
Plot # 34, Sec. 28, Junaid Younus
Korangi Ind. Area,
Karachi
22 Ruby Enterprise Shamim Ara 0.419 1.608 0.010 2.037 –00 0.230 1.608 1.838
NIC # 502-36-204804
23 Z. H. Enterprises Abdul Haseeb 0.219 2.698 –00 2.917 –00 –00 2.520 2.520
Mehar Jahan
NIC # 501-19-321419
24 M. Y. Bajwa & Co M.Younus Bajwa 5.586 11.944 –00 17.530 2.961 1.809 10.135 14.905
25 Arshad Arshad Sardar Muhammad 0.253 0.243 0.047 0.543 0.253 0.047 0.243 0.543
3540, Singho Lane, NIC # 809-00-003568
Layari, Karachi
26 Terry Pak Trading Co. Babar Younus 1.502 3.381 –00 4.883 0.902 0.510 2.878 4.290
27 Saqiba Textiles Mohiuddin 3.400 4.440 0.414 8.254 2.555 1.010 3.838 7.403
28 Muhammad Ibrahim & 21.708 6.599 0.062 28.369 4.355 0.062 6.599 11.016
Co. (Pvt) Ltd.
S.I.T.E., Karachi
29 Ramzan Ramzan Hassan Muhammad 0.165 0.525 0.015 0.705 –00 0.100 0.439 0.539
B-5, Kehkashan Society,
Malir Halt, Karachi
30 Khursheed Trading Co S. Khursheed –00 0.639 0.025 0.664 –00 –00 0.597 0.597
16A, 1/C, Fl-a, S. Abdul Mannan
Al-syed Arcade, S. Arshad Jamil
Karachi NIC # 518-85379040
77
31 Al-fazal Motors Fazal Muhammad 3.613 1.252 0.033 4.898 –00 0.283 0.941 1.224
217-A/2, P.E.C.H.S.,
Karachi
32 Muhammad Abbas (Late) Muhammad Abbas Amir Haider 0.294 0.518 0.035 0.847 0.294 0.035 0.518 0.847
NIC # 42301-101407-1
33 Spark Fashion Ishtiq Ahmed 0.790 1.078 –00 1.868 –00

173-Z, Block-2, NIC # 42201-51-124260 –00 0.960 0.960
P.E.C.H.S.,
Karachi
34 Prime Business Dr. Shoukat 1.342 4.321 0.165 5.828 0.300 1.132 3.189 4.621
C-161, Sec. 6B, NIC # 466-51-124260
North Karachi
35 Manzoor Hussain Late Manzoor Hussain Memon Faiz Muhammad 0.400 0.214 0.031 0.645 0.400 0.065 0.180 0.645
Memon R/O Flat # 7/A NIC # 453-52-169695
Al-amna Plaza Jahangir
Road Hyderabad.
36 Roopchand Roopchand Hamraj 0.560 1.884 0.310 2.754 0.652 –00 1.402 2.054
R/O Ward 72, Malhi NIC # 485-90-009743
Paro Khipro
(Rupees in million)
Interest/
Mark-up Provided
1 2 3 4 5 6 7 8 9 10 11 12
37 Farco Plastic Industries Ehsan Ahmed Mushtaque Ahmed 1.473 2.957 0.198 4.628 –00 0.507 2.184 2.691
38 Mohsin & Junaid Ghulam Qadir Haji Muhammad 2.199 1.704 –00 3.903 –00 –00 0.935 0.935
Construction Co. Siddique
39 Haque Bahoo Trading Muhammad Ibrahim Haji Faiz Muhammad –00 0.549 1.127 1.676 –00 0.250 1.127 1.377
Company
40 Ruby Rice Mills Haji Mehboob Ali Muhammad Saleh 2.994 127.315 0.927 131.236 0.114 0.645 127.597 128.356
41 Khaira Textile Mills 1. Mst.Naseem Akhtar Naz M. Iqbal Naz 1.861 3.046 0.130 5.037 1.860 0.500 2.406 4.766
NIC # 333-47-153067
2. Mr. Waheed Anwar Muhammad Anwar
NIC # 359-92-356159
42 Chem Pak (Pvt) Ltd. 1. Mr.Saeed Ahmed Qureshi Abdul Qayyum Qureshi 1.282 2.543 0.109 3.934 –00 –00 1.906 1.906
NIC # 346-60-241189
2. Mr.Sajjad Zahoor Qureshi M. Zahoor-ul-Haq
NIC # 518-51-019545.
3. Mr. Shazia Zahoor Sajjad Zahoor
NIC # 518-61-561345.
4. Mst. Yasmeen Haleem. Abdul Qayyum Qureshi
43 Naeem Enterprises Naeem Ahmed Khan Nazir Ahmed Khan 1.398 3.027 0.152 4.577 0.904 –00 2.518 3.422
Cold Storage NIC # 333-55-027845
Chak No.56/5-L G.T. Amtal Aziz D/o Abdul Majeed
Road Sahiwal NIC # 333-49-111334
Mehrab Gul Khan Zaffarullah Khan
NIC # 3333-90-094801
44 Yousaf Zai (Pvt) Ltd Abdul Razzaq Khan Muhammad Iqbal 6.941 9.694 0.147 16.782 2.941 0.147 9.693 12.781
11 Km Bahawalnagar NIC # 333-58-062242
Haveli Road Mst Zubaida Begum W/o Abdul Razzaq
Minchanabad NIC # 333-93-210705
Mst Hassan Askari Azmat Hussain
NIC # 501-33-519818
Mst Shahtaj Askari W/o Hassan Askari
NIC # 501-39-519819
Mst Anwar Begum W/o Ghulam Mustafa
NIC # 333-36-059121
78
45 Unimilk (Pvt)Ltd Muhammad Asghar Ch Abdul Rasheed 4.820 8.102 0.186 13.108 4.060 0.690 7.594 12.344
Depalpur Road NIC # 340-60-310002
Okara Mst Robina Abbas W/o Ghulam Abbas
NIC # 340-28-480587
Yasmin Abdul Sattar W/o Abdul Sattar
NIC # 340-56-108032
Ch Fateh Muhammad Ahmed Din
NIC # 340-28-140317
Nabeel A Sheikh Muhammad Ashraf
NIC # 340-89-083065
Anjum Gulzar Muhammad Gulzar
NIC # 340-90-484999
46 Breez Cosmetic & Maqsood Ahmad Mirza Mirza Yaqoob Baig 0.495 0.755 0.009 1.259 0.460 0.057 0.703 1.220
Perfuem Ward # 7, Madina
22-C, Auto Plaza, Colony, Multan
C.D.A. Multan NIC # 322-87-090692
47 Hussan Woolen Mills Kh. Muzaffar ud Din Muhammad Hasan Din 10.074 20.820 0.965 31.859 3.001 3.342 18.443 24.786
7-C, Industrial Estate Muhammad Tariq
Multan Muhammad Khalid
(Rupees in million)
Interest/
Mark-up Provided
1 2 3 4 5 6 7 8 9 10 11 12
48 Mubarak Textile Mills Mubarak Ahmad Sh. Fazal Rehman 50.382 39.267 0.100 89.749 44.940 –00 39.367 84.307
20 Km, Feroze Rehen Ahmad Mubarak Ahmad
Pura Road, Muzafar Ahmad Mubarak Ahmad
Lahore Mst. Amtas Saleem W/o Ahmed Faraz
Alias Seema Qamar
Abdul Aziz Abdul Saleem
Abdul Shakoor Abdul Qadoos
Maki Amjam Abdul Rahim
49 Umer Engineering Tariq Razaq Abdul Razaq 0.998 0.851 0.015 1.864 –00 –00 0.763 0.763
(I) 2/10, M Block Fazal Mehmood Fazal Ellahi
Gulberg-III, Khalid Razaq Abdul Razaq
Lahore Abdul Razaq Munshi Khan
Mst.Khurshad Begum W/o Abdul Razaq
Rukhsana Razzaq W/o Abdul Razaq
50 Yousaf Fabrics Ch. Muhammad Yasin Muhammad Yousaf 1.718 1.859 0.355 3.932 1.443 0.900 1.319 3.662
Thana Chowk Mailsi Ch. Muhammad Tahir Muhammad Hassan
Distt.Vehari Thana Chowk Mailsi
Distt.Vehari
51 Mehmood Cotton Fabrics Dr. Abida Tariq W/o Tariq Masood 1.670 6.843 1.299 9.812 –00 4.156 2.102 6.258
Fazal Pur Khanewal 20 - Askari Villas Shamsi
Road Multan. Road Lahore Cantt.
52 Mashallah Cotton Factory Ghulam Rasool Mian Jumma 2.635 0.871 0.340 3.846 1.217 0.691 0.929 2.837
53 Azmat Weaving Mill M. Hafeez Azmat Sh. Azmatullah Sh. 7.313 12.618 0.073 20.004 0.230 –00 12.691 12.921
Hameed Azmat Sh. Azmatullah Sh.
Tariq Azmat Sh. Azmatullah Sh.
Khalid Azmat Sh. Azmatullah Sh.
Old Punjab National
Sick Mills & Building
Mumtazabad Multan
54 Al-Karim Cotton & Oil Hasnain Ahmed Khan Manzoor Ahmed 2.017 1.644 0.057 3.718 –00 –00 1.157 1.157
Factory Tariq Tanveer Lagari Muhammad Afzal
Totypur Road Ishaq Khan Changwani Sardar Fazal Ahmed
Multan. Naeem Ullah Khan Muhammad Amanullah
Laghari 79
Mouza Gadai D.G.Khan
55 Ali Textile (Jhang) Limited Zulfiqar Ali Bokhari Syed Mubarak Ali Shah 12.600 29.107 0.145 41.852 6.600 –00 29.252 35.852
Sheharyar Ali Bokhari Syed Zulifiqar Ali Bokhari
Old: 210 Upper Mall, Mrs.Tehmeena Zulfiqar W/o Zulifiqar Ali Bokhari
Lahore. Ali
Mrs. Saima Ali Bokhari W/o Sheharyar Ali Bokhari
New: 23 Jail Road, Iftikhar Ali Bokhari Syed Mubarak Ali Shah
Lahore. NIC # 259-90-203525
Ch. Asghar Ali
Ch. Muhammad Ali
56 United Engineers Mushtaq Ahmed Khan Hasham Ali Khan –00 –00 1.308 1.308 –00 –00 0.654 0.654
63-Chenab Market, NIC # 244-88-471513
Madina Town,
Faisalabad. Zahid Hussain Hasham Ali Khan
Mst. Zaib-un-Nisa D/o Hasham Ali Khan
(Rupees in million)
Interest/
Mark-up Provided
1 2 3 4 5 6 7 8 9 10 11 12
57 Pride Spinning Mills Dr. Khalid Ahmad Khokhar Hazur Baksh Khokhar 183.212 180.153 –00 363.365 77.573 156.002 24.160 257.735
Private Limited NIC # 322-58-696472
Mills: 35 Km, Shahid Nasem Khokhar Naseem Hussain
Sheikhupura Road, NIC # 323-66-509405 Khokhar
Faisalabad. Zubair Ahmad Khokhar Hazur Baksh Khokhar
Office: 90-Qasim Road, NIC # 322-91-888466
Multan Cantt.
58 Al-khair Paper Products Mian Abdul Khaliq Mian Feroze Din 4.915 3.508 0.581 9.004 (0.885) 0.971 2.333 2.419
18-K.M Multan Road, NIC # 273-47-029265
Lahore. Mian Abdul Malik Mian Feroze Din
NIC # 273-53-003407
Mian Abdul Wahid Mian Feroze Din
NIC # 273-53-033880
Mian Abdul Razzaq Mian Feroze Din
NIC # 273-88-029246
Mian Atta Ullah Mian Lal Din
NIC # 273-86-131806
Mst. Wazir Salma Mian Atta Ullah
NIC # 273-33-131805
59 Sheikh Agro Industries Farooq Ahmed Sh. Muhammad Siddique 2.497 2.604 0.214 5.315 –00 –00 0.815 0.815
54 1St Floor NIC # 270-89-449536
Commercial Zone, Sh. Muhammad Iqbal Muhammad Siddique
Cavalary Ground, NIC # 266-51-153746
Lahore. Sh. Perveiz Akhtar Muhammad Siddique
NIC # 266-89-153745
Sh. Muhammad Idress Muhammad Siddique
NIC # 266-93-047055
60 Saki Ice Factory & Oil Fazal Ahmad Syed Syed Shafi Ullah 3.176 8.861 0.343 12.380 0.484 1.770 7.434 9.688
Mills NIC # 35202-6297664-7
28-K.M Raiwind Road, Naushad Mehmood Khan Shamshad Mehmood
Lahore. NIC # 277-85-366364 Khan
61 A.M. Breeders (Pvt) Ltd. Dr. Farrukh Naeem Muhammad Amin 10.262 2.606 0.758 13.626 6.272 0.808 2.556 9.636
5-K.M Sooa Asal Road, NIC # 35202-2616409-5
Kasur. Irfan Ul Haq Ahmad Saeed
NIC # 272-85-039264
Rehana Masood Masood Zafar
NIC # 212-91-291470
80
62 Pak Ariston Engineering Mirza Shahid Baig Mirza Rauf Baig 6.848 5.673 0.590 13.111 0.320 2.357 3.906 6.583
218-4B Multan Road, NIC # 35202-9101416-1
Saidpur,
Lahore.
63 Zamindara Paper & Abdul Shakoor Athar Abdul Hameed Ch. 14.000 9.994 0.168 24.162 10.991 –00 10.162 21.153
Board Mills (Pvt) Ltd. NIC # 270-92-470135
113-Latif Centre, Abdul Hameed Ch. Ch. M. Fazal Dad
101-Ferozepur Road, NIC # 272-87-257415
Lahore. Sadiqa Hameed Abdul Hameed Ch.
NIC # 244-42-446126
Abdul Rauf Abdul Hameed Ch.
NIC # 244-88-446129
64 Attock Board & Paper Iftikhar Ahmed Mian M. Rashid 9.850 8.210 0.130 18.190 3.820 6.443 10.263
Mills (Pvt) Ltd. NIC # 271-62-004854
Suite-27 Auriga Complex Muhammad Rashid Muhammad Shafi
Main Boulevard Gulberg, NIC # 271-35-004851
Lahore. M.Saeed Ahmed Mian M. Rashid
NIC # 271-90-004857
65 Ittefaq Traders Rerolling Muhammad Nadeem Haji Munir Hussain (Late) 4.965 7.477 0.136 12.578 –00 –00 5.779 5.779
Mills (Pvt) Ltd. Not Available
Lakhodar Road, Muhammad Saleem Haji Munir Hussain (Late)
Shalimar Town, NIC # 35201-0787034-7
Lahore. Muhammad Naeem Haji Munir Hussain (Late)
NIC # 35201-1339763-7
(Rupees in million)
Interest/
Mark-up Provided
1 2 3 4 5 6 7 8 9 10 11 12
66 Baba Fareed Ghee Fahim Haider Ch. Ghulam Haider –00 7.017 0.250 7.267 –00 –00 7.267 7.267
Industries (Pvt) Ltd. NIC # 340-48-190966
6 Km Okara Faisalabad Masued-ul-haq Ch. Rehmat Ali
Road, NIC # 273-45-033168
Okara. Mushtaq Ahmad Ch. Noor Ahmad
NIC # 340-30-191930
–00
67 PAKOBEL Muhammad Ali Muhammad Iqbal Haider 1.215 3.068 0.169 4.452 –00 –00 1.451 1.451
70 Shah Jamal NIC # 35202-2526435-1
Lahore. Ehsan Qadir Muhammad Iqbal Haider
NIC # 271-85-047904
68 Cotton Trends (Pvt) Ltd. Ch. Abdul Hameed Ch. Atta Muhammad 3.003 5.837 0.500 9.340 –00 –00 5.340 5.340
Defence Road Off NIC # 35201-1338235-3
Raiwind Road, Fawad Ishaq Muhammad Ishaq
Opposite Monnoo Mills NIC # 271-88-065664
Lahore. Mrs. Iffat Raza Ahmed Raza
NIC # 501-62-679230
69 Dera Oil Mills (Pvt) Ltd. Ch. Jamil Ahmad Muhammad Jamil 2.600 5.523 0.195 8.318 –00 –00 3.319 3.319
13-R Phase-ii D.H.A NIC # 514-85-130063
Lahore Cantt. Mrs. Aneeta Seest W/o Ch. Jamil Ahmad
Foreign National
70 Dera Flour Mills (Pvt) Ltd. Ch. Jamil Ahmad Muhammad Jamil 4.243 4.496 0.769 9.508 –00 0.981 0.660 1.641
13-R Phase-ii D.H.A NIC # 514-85-130063
Lahore Cantt. Mrs. Aneeta Seest W/o Ch. Jamil Ahmad
Foreign National
71 Ahmed Chemical Aftab Ahmed Khan Muhammad Iqbal Khan 7.404 5.195 –00 12.599 –00 –00 2.899 2.899
Industries Ltd. NIC # 270-30-112112
64-Ground Floor, Jehan Ara Khan Aftab Ahmed Khan
WAPDA House, NIC # 270-39-297887
Lahore. Mah Jabeen Saih Ud Din
NIC # 270-86-425907
Sabi Ud Din Mian Salih Ud Din
NIC # 270-51-050204
Iqbal Ahmed Khan Aftab Ahmed Khan
NIC # 270-50-346310
Muhammad Aftab Ahmed Aftab Ahmed Khan
NIC # 270-61-112113
Iram Aftab Muhammad Aftab Ahmed 81
NIC # 270-60-384581
Nighat Aftab Aftab Ahmed Khan
NIC # 270-93-485967
72 Malik Ghulam Asghar Malik Ghulam Asghar Hakeem Malik Noor 0.224 0.518 0.062 0.804 0.225 0.124 0.456 0.805
H # 185 St.12 Mohalla NIC # 253-88-458167 Ahmed
Dogarwala Guroo
Mangat Gulberg-III,
Lahore.
73 Transtech Limited Athar Maqbool Ch. Maqbool Ahmed 10.985 5.604 0.221 16.810 –00 –00 5.503 5.503
108 Ahmed Block, NIC # 32202-0544083-3
New Garden Town, Rab Nawaz Khan Muhammad Khan
Lahore. NIC # 36602-4501375-5
Muhammad Aslam Khan Sher Muhammad Khan
Khichi
NIC # 325-54-002873
Gul Hassan Khan Muhammad Khan
NIC # 36602-5345564-1
Rana Allah Ditta Rana Khadim Hussain
NIC # 33104-2110789-3
Abdul Qadeer Chaudhry Siddique Ahmed Ch.
NIC # 270-78-534679
Muhammad Akram Haji Hayat Muhammad
NIC # 36303-7466097-5
(Rupees in million)
Interest/
Mark-up Provided
1 2 3 4 5 6 7 8 9 10 11 12
74 Aman Fabrics (Pvt) Ltd. Intikhab Alam Naseer ud din Khan 5.000 9.173 0.159 14.332 1.940 9.332 11.272
52-J, Model Town, NIC # 35202-2970541-3
Lahore. Nayyar Iqbal Khan Not available
Not available
Khalida Aman Not available
Not available
Yasmin Nayyar Nayyar Iqbal Khan
Not available
75 Home Worthy Pannels Shakeel Ahmed Aziz Ahmed 2.523 3.901 0.135 6.559 –00 –00 2.279 2.279
(Pvt) Ltd. NIC # 271-85-008153
Katar Band Road Niaz Baig Mrs. Nasim Ahmed W/o Hafiz Aziz Ahmed
Thokar Off Multan Road, NIC # 35202-9310905-8
Lahore.
76 Saleem Mehmood Saleem Mehmood Riaz ul Haq 0.452 0.382 –00 0.834 0.452 0.096 0.287 0.835
239 Mlcchs, Lahore NIC # 274-48-043950
Cantt.
77 Asif Pervaiz Asif Pervaiz Sarfraz Hussain 0.262 0.345 0.011 0.618 0.262 0.130 0.226 0.618
NIC # 35202-9139917-1
78 Naseer Ahmed Naseer Ahmed Lal Din Butt 0.294 0.382 0.011 0.687 0.294 0.129 0.264 0.687
NIC # 265-87-248138
79 Muhammad Ashraf Muhammad Ashraf M. Siddique 0.261 0.390 0.013 0.664 0.261 0.152 0.251 0.664
NIC # 295-50-125636
80 Javed Ali Javed Ali Rehmet Ali 0.345 0.319 0.010 0.674 0.345 0.073 0.257 0.675
NIC # 35401-4056234-1
81 Wajid Ali Wajid Ali Muhammad Munir 0.362 0.319 0.011 0.692 0.362 0.060 0.270 0.692
NIC # 295-80-142701
82 Shahid Steel & Hardware Mr.Arshad Mahboob Sh.Muhammad Nazir 0.050 0.467 0.018 0.535 0.050 0.053 0.432 0.535
Corporation (Sole proprietorship) Nazir
13-E, Qazzafi Market, NIC # not available.
Brandreth Road,
Lahore.
83 Azhar & Brothers Mr.Azhar Javeed Nazir Muhammad 0.300 0.423 0.107 0.830 –00 0.041 0.489 0.530
82 69-Circular Road, NIC # 275-90-123245
Lahore. Sole Proprietor.
84 Mushtaq Hussain Mushtaq Hussain Shabbir Hussain 0.257 0.247 0.001 0.505 0.257 0.092 0.156 0.505
H.No. 5 St. No. 34 Afzal NIC # 272-91-525417
Road Sultan St. Usman
Gunj Sada Kalan,
Lahore.
85 Malik Muhammad Aslam Malik Muhammad Aslam Malik Muhammad 0.420 1.054 0.068 1.542 0.420 0.060 1.062 1.542
H.No. 5, St. No. 1 NIC # 267-31-074130 Hussain
Sartaj Colony, Near Govt.
Woman College
Baghbanpura,
Lahore.
86 Mian & Sons Mian Bashir Hussain Allah Ditta 0.340 0.519 0.040 0.899 –00 0.083 0.474 0.557
H.No. 23, Gali No. 4, NIC # 271-88--2-982
Sultan Ahmed Road Ichra
Lahore.
87 Pakistan Cricket Board Chairman/ –00 9.427 –00 9.427 –00 7.972 1.454 9.426
Gaddafi Stadium, Lt.Gen.Tauqir Zia
Lahore. NIC Not avaiable.
(Rupees in million)
Interest/
Mark-up Provided
1 2 3 4 5 6 7 8 9 10 11 12
88 Mohib Export Ltd. Muhammad Asif Saigal M. Rafiq Saigal –00 7.862 –00 7.862 –00 –00 7.861 7.861
8 K.M Manga Raiwind NIC # 270-57-006202
Road Muhammad Arif Saigal Muhammad Rafiq Saigal
Distt.Kasur. NIC # 270-59-006203
Muhammad Abid Saigal Mian Muhammad Rafiq
NIC # 270-62-006204 Saigal
Muhammad Kamran Zali
Abdul Ahad Farooqi
Muhammad Nasrullah
NIC # 274-50-250728 Ch. Ghulam Ghous
Abdul Waheed Khalid
89 Shabbir Ahmed Shabbir Ahmed M. Ismail 0.523 0.444 0.018 0.985 0.523 0.180 0.282 0.985
H.No. 8, St. No. 40, NIC # 273-43-117676
Musafar Gali,
Krishan Nagar,
Lahore.
90 Hem Travellers Hafiz Muhammad Younis –00 1.080 0.145 1.225 –00 0.232 0.879 1.111
112-Ghulam Hussain Park NIC # 35202-9476737-7
Shad Bagh, Mehtab Alam
Lahore. NIC # 35202-2337739-7
Ejaz-ur-Rehman
NIC # 35202-2317549-9
91 Javed Ahmed Javed Ahmed Habib Ullah Khan 0.380 0.365 0.001 0.746 0.380 0.041 0.324 0.745
H.No.3 St.30 Main Road 267-89-212702
Sultan Pura Lahore.
92 Alveena Jehangir Alveena Jehangir Muhammad Jehangir 0.464 0.366 0.006 0.836 0.283 0.225 0.147 0.655
66-A Mian Aziz Din NIC # 276-85-351522
Road Sanda Lahore.
93 Shishmahal Hosiery Naveed Sarwar Muhammad Sarwar 1.092 3.552 0.014 4.658 1.092 –00 3.566 4.658
& General Mill Not available
29-Ravi Road Lahore.
94 Madina Rubber Inds. Hafiz Muhammad Younis Muhammad Sharif 1.425 4.945 0.051 6.421 1.018 4.996 6.014
78-B, Bagh Lahore. Not available
95 Shishmahal Textile Mill Naveed Sarwar Muhammad Sarwar 0.644 1.843 0.028 2.515 0.644 –00 1.871 2.515
Not available 83
96 Imtiaz Cold. Storage. Malik Imtiaz Khaliq Haji Muhammad Ismail 2.574 –00 0.069 2.643 1.552 –00 –00 1.552
Shadipura Band Road 267-35-359696
Lahore Shadipura Band Road
Lahore
97 Rauf & Sons Engineering Abdul Rauf Khan Abdul Ghani Khan 7.037 4.659 0.106 11.802 0.240 –00 4.690 4.930
(Pvt) Limited NIC # 35202-2489425-3
Gardee Trust Building Mrs. Tasneem Rauf W/o Abdul Rauf Khan
Napier Rd. NIC # 35202-7961055-2
Lahore
Beltex (Pvt.) Ltd. Sh.Muhammad Anwar Sh. Muhammad Amin 22.311 21.323 0.159 43.793 3.236 –00 21.322 24.558
Grand Hotel & Towers NIC # 274-30-021334
98 Mrs.Safia Anwar W/o Sh. Muhammad
NIC # 274-37-021342 Anwar
Sh.Anjum Anwar Sh. Muhammad Anwar
NIC # 274-85-028564
Sh.Akbar Amin Sh. Muhammad Anwar
NIC # 274-60-021337
Sh.Intikhab Anwar Sh. Muhammad Anwar
NIC # 274-65-021339
(Rupees in million)
Interest/
Mark-up Provided
1 2 3 4 5 6 7 8 9 10 11 12
99 Maan Board Industry Amjad Pervaiz Maan Ghulam Sarwar Maan –00 2.486 0.107 2.593 –00 0.355 2.238 2.593
NIC # 35402-7325101-1
Ghulam Sarwar Hasnain Khan Maan
NIC # 276-14-018355
Durrey Najaf W/o Amjad Pervaiz Maan
NIC # 35401-9423461-6
100 Sher Bahadur Rice & Ice M. Aman ullah Khan Ch. Bahadur Ali Khan 2.000 2.298 0.301 4.599 –00 0.476 2.123 2.599
Factory NIC # 296-90-387447
Muhammad Ikramullah Ch. Bahadur Ali Khan
NIC # 296-65-3824487
Abdul Qayyum Ihsanullah
NIC # 296-90-139501
Muzammal Aman Muhammad Amanullah
NIC # 296-90-552454 Khan
101 Muhammad Ashraf Muhammad Ashraf Muhammad Shafi 0.275 0.219 0.011 0.505 0.275 0.086 0.144 0.505
NIC # 34301-3901536-9
102 Liaqat Ali Liaqat Ali Muhammad Sharif 0.465 0.506 –00 0.971 0.465 0.072 0.434 0.971
NIC # 34103-0538555-3
103 Barkat Oil & Soap Muhammad Idrees Sh. Muhammad Suleman 1.834 2.744 0.117 4.695 –00 –00 2.355 2.355
Factory NIC # 295-40-059617
Ghulam Rasool Muhammad Sharif
NIC # 295-40136914
104 Rao Ghulam Qadir Rao Ghulam Qadir Rao Muhammad Qadeer 0.733 1.363 0.031 2.127 –00 0.613 0.936 1.549
Flat No.27, J-S NIC # 271-92-056393
Headquarter,
Officer Apartment,
Shaheen
Road, Chaklala,
Rawalpindi
105 Zeb Gypsum Jehanzeb Khan Abdul Haleem Khan 1.200 2.951 –00 4.151 0.588 –00 2.951 3.539
Ghari Muwaz Khan NIC No.143-52-095227
Kohat. Saleem Khan Khushaldil Khan
106 Gul Rose Dairy Abdul Haleem Khan Gul Rose Khan 0.777 4.576 0.093 5.446 –00 –00 4.540 4.540
Farm Punj Pir
84 Distt: Swabi.
107 Shamsher Security 1- A Syed Tariq Ali Hashmi Iqtidar Ali Hashmi 0.426 1.285 0.041 1.752 –00 0.394 0.874 1.268
modern Socity,Tipu NIC # 517-90-205723
Sultan Road,Karachi
108 Saifullah Readymade Saifullah Khan Haji Gul Khan (0.584) 7.651 0.380 7.447 –00 0.111 4.475 4.586
Garments, Plot NIC # 101-91-455737
No.44,Street No.7,I/9
Islamabad.
109 Saifullah Khan House Saifullah Khan Haji Gul Khan (0.803) 7.299 0.415 6.911 –00 0.628 4.543 5.171
No. 21,Street No.22,F- NIC # 101-91-455737
8/2, Islamabad.
110 Shaikh Agencies Shaikh M.Saleem M.Umar 2.349 13.839 0.195 16.383 –00 –00 13.839 13.839
Rawalpindiwala NIC # 517-38-012421
Building,Sara
Road,Karachi.
111 Badar & Brothers Noor Ishaq Hussain N/A 2.270 3.280 0.042 5.592 –00 –00 1.664 1.664
Market Saddar Road
Peshawar
(Rupees in million)
Interest/
Mark-up Provided
1 2 3 4 5 6 7 8 9 10 11 12
112 Naeem Enterprises Naeem N/A 33.111 32.206 0.810 66.127 –00 –00 29.485 29.485
702,Stock Exchange NIC # 271-90-313149
Building, Karachi.
113 Galaxy International M. Nadeem N/A 27.841 28.108 0.794 56.743 –00 –00 25.299 25.299
702,Stock Exchange NIC # 501-86-416526
Building, Karachi.
114 National Leather Craft Rafiq A. Sattar Yousuf Shaikh 1.485 1.404 0.577 3.466 0.056 –00 1.404 1.460
Crafts, G - 02/B,Kashif NIC # 512-91-072716
Centre, Shahrah-e -
Fasial, Karachi.
115 Alvi International M.Anis N/A 0.540 0.548 0.016 1.104 0.390 0.045 0.503 0.938
7-6, 7th Floor Rimpa
Plaza M.A.Jinnah Road
Karachi.
116 Argus Knitwear Pvt. Ltd. Mahmud Ansari Masood Ahmed Ansari 32.142 4.102 7.576 43.820 11.142 –00 11.678 22.820
NIC # 502-49-431378 (Late)
Maqsood Ahmed Ansari Masood Ahmed Ansari
NIC # 514-88-145281 (Late)
Syed Ziauddin Ishaq Syed Ishaq
NIC # 516-49-139799
Syed Mohammad Hamid Syed Mohammad Tahir
NIC # 502-32-521010
117 Envicrete Limited Shahid Afridi Sultan ul Arfeen 52.433 38.941 1.181 92.555 14.454 –00 40.122 54.576
NIC # 517-50-031283
Jawad Afridi Ferozz ul Arfeen
NIC # 517-74-150948
Sultan Ul Arfeen Ferozz ul Arfeen
NIC # 517-33-150957
Ejaz Ul Arfeen
118 Information System Kunwar Idrees Chaudhry Aziz Ahmed 10.262 5.922 3.288 19.472 –00 –00 7.676 7.676
Associates Ltd. NIC # 510-33-141962
Samiullah Bajwa Rahmatullah Bajwa
NIC # 277-53-53100
Yawar Abbas Jilani Saleem Abbas Jilani 85
NIC # 136-87-006386
Omar Abbas Jilani Saleem Abbas Jilani
NIC # 101-67-607314
Muneer Nawaz Chaudhry Shah Nawaz
NIC # 277-47-070839
Chaudhry Mahmood Chaudhry Shah Nawaz
Nawaz
NIC # 514-35-019528
Chaudhry Mohammad Chaudhry Mohammad
Khalid Sharif
NIC # 517-33-193694
Chaudhry Mohammad Chaudhry Mohammad
Naeem Sharif
NIC # 517-40-193361
119 Siftaq International Tashfin I. Haq 80.463 23.615 0.616 104.694 72.030 0.616 23.615 96.261
Limited Shaheen Haq
Izhar-ul-haq
Ambreen Haq (Mrs)
Jamila Anwar (Mrs)
Muhammad Pindar
(Rupees in million)
Interest/
Mark-up Provided
1 2 3 4 5 6 7 8 9 10 11 12
120 Anoud Power Generation Shabir Ahmed Jumani Mir Mohammad Jumani 367.045 160.692 –00 527.737 –00 16.500 16.500
NIC # 516-24-121850
Tasveer Ahmed Jumani Shabir Ahmed Jumani
NIC # 516-52-060678
Shireen Jumani (Mrs) Tasveer Ahmed Jumani
NIC # 517-90-218396
Jawaid Ahmed Jumani Shabir Ahmed Jumani
NIC # 516-90-162651
Azra Jumani (Mrs) Jawaid Ahmed Jumani
NIC # 516-93-372196
Tatheer Jumani Shabir Ahmed Jumani
NIC # 516-54-162650
Ashraf Khatton (Mrs) Shabir Ahmed Jumani
NIC # 516-30-162602
121 Fauji Oil Terminal & Dist. Fauji Foundation Can –00 –00 24.204 24.204 –00 –00 9.681 9.681
Co. Ltd. Americal Holding Co.
Asian Development Bank
NDFC
BEL
122 Sheikhoo Cooking Oil Jehangir Ibrahim Khan Muhammad Ibrahim Khan 43.000 64.043 1.211 108.254 32.258 65.254 97.512
Mills Ltd Malik Attaullah Yar Muhammad
Mohammad
Malik Saeed Khan Yar Muhammad
Mrs. Nuzhat Jehangir Jehangir Ibrahim Khan
86
123 Oberoi Textile Mills Amjad Habib Oberoi Sh.Habibullah Oberoi 192.092 147.899 1.000 340.991 112.092 –00 148.899 260.991
Limited Tariq Habib Oberoi Sh.Habibullah Oberoi
Mrs.Munawar Iqbal Sh. Muhammad Iqbal
Hussain
124 Qurel Cassette Limited Mian Abdul Qayum, Mian Abdul Rashid 107.569 226.977 576.716 911.262 96.957 –00 803.963 900.920
Maj. Gen. (Rtd.)
Aumir Qayum Mian Abdul Qayum
Mrs. Rasheeda Qayum Mian Abdul Qayum
125 Attock Engineering Aftab Hussain Qazi Qazi Sultan Ahmad 14.891 16.809 0.301 32.001 8.381 –00 17.110 25.491
(Pvt) Limited Feroze Khan Malik Umar Hayat Malik
Dr.Muhammad Shafiq Ch.Muhammad Abdullah
Muhammad Aslam Sh.Ghulam Hussain
Muhammad Arif Mian Mian Muhammad Sadiq
126 Rakhshani Paper Board Masood Anwar Khan M. Anwar Khan 23.388 19.587 0.927 43.902 20.388 8.464 12.050 40.902
Mills Winder
127 Khalid Noor Jamali Noor Muhammad Jamali Noor M. Jamali 0.997 0.560 0.034 1.591 0.897 0.034 0.560 1.491
128 Paras Textile Mills Ltd. Pidb Project Pidb Project 31.588 42.362 –00 73.950 12.946 –00 42.362 55.308
(Rupees in million)
Interest/
Mark-up Provided
1 2 3 4 5 6 7 8 9 10 11 12
INVESTMENTS
129 Pakland Cement Ltd. ** Zaheer Mustufa Jaleel Ahmed Jalil Siddiqui 349.948 205.375 –00 555.323 –00 –00 249.801 249.801
Deewan Centre, NIC # 420007-245886-7 –00 196.446 –00 196.446 –00 –00 126.934 126.934
3A Lalazar, Farrukh Waqaruddin Waqaruddin Junaidi
Beach Hotel Road, Junaidi
Karachi NIC # 42301-7518478-7
Muhammad Habib Gulam Nabbi
NIC # 42301-5462662-3
S. Monis Abdullah Alvi Syed Riazuddin Alvi
NIC # 42201-6886191-3
Athar Naqi Hafiz Muhammad Din
NIC # 42000-4488387-3
Azizul Haq Noorul Haq
NIC # 42301-8514003-5
Khurshid Anwar Jamal Muhammad Yaqoob
NIC # 42201-0763190-5
Wajahat Ahmed Baqai Tasleemuddin Baqai
(Nominee Director on
behalf of creditors)
NIC # 42301-4699101-1
Muhammad Shabbir Muhammad Mobin
Alam
NIC # 516-73-164873
Basheer Ahmed Chowdry Karam Elahi
NIC # 42301-1067986-1
130 Saadi Cement Limited ** Zaheer Mustufa Jaleel Ahmed Jalil Siddiqui 1,086.740 637.780 –00 1,724.520 –00 –00 775.741 775.741
Deewan Centre, NIC # 420007-245886-7 –0 700.325 –00 700.325 –00 –00 490.228 490.228
3A Lalazar, Farrukh Waqaruddin Waqaruddin Junaidi
Beach Hotel Road, Junaidi
Karachi NIC # 42301-7518478-7
Muhammad Habib Gulam Nabbi
NIC # 42301-5462662-3
S. Monis Abdullah Alvi Syed Riazuddin Alvi
NIC # 42201-6886191-3
Athar Naqi Hafiz Muhammad Din
NIC # 42000-4488387-3
Azizul Haq Noorul Haq
NIC # 42301-8514003-5 87
Khurshid Anwar Jamal Muhammad Yaqoob
NIC # 42201-0763190-5
Javed Mehmood Rao Usman Ali Khan
NIC # 42301-5193440-3
Khalid Siddique Tirmizey Muhammad Siddique
(Nominee Director on Tauni
NIC # 42301-0995491-3
TOTAL: 3,261.059 3,515.551 641.705 7,418.315 789.121 208.414 3,641.029 4,638,564
** Pakland Cement Limited & Saadi Cement Limited have applied to SECP for change of name to Deewan Cement Limited and Deewan Hattar Cement
Limited respectively which is pending for approval at December 31, 2004
PATTERN OF SHAREHOLDING
PATTERN OF SHAREHOLDING (as of December 31, 2004)
NO. OF HAVING SHARES
SHAREHOLDERS FROM TO SHARES HELD PERCENTAGE
579 1 100 26091 .0052

914 101 500 232555 .0472
1470 501 1000 1043007 .2118
4802 1001 5000 8390303 1.7039
322 5001 10000 2377440 .4828
101 10001 15000 1247577 .2533
75 15001 20000 1358402 .2758
33 20001 25000 781238 .1586
24 25001 30000 680242 .1381
19 30001 35000 624392 .1268
16 35001 40000 619513 .1258
8 40001 45000 334256 .0678
17 45001 50000 841373 .1708
10 50001 55000 511414 .1038
6 55001 60000 354100 .0719
6 60001 65000 376796 .0765
4 65001 70000 268023 .0544
5 70001 75000 368332 .0748
6 75001 80000 470567 .0955
1 80001 85000 81829 .0166
7 85001 90000 615403 .1249
3 90001 95000 279940 .0568
7 95001 100000 700000 .1421
6 100001 105000 611213 .1241
4 105001 110000 428768 .0870
3 110001 115000 339100 .0688
2 115001 120000 237480 .0482
3 120001 125000 375000 .0761
1 130001 135000 130700 .0265
4 135001 140000 554031 .1125
2 140001 145000 286700 .0582
5 145001 150000 741557 .1505
3 150001 155000 453546 .0921
1 155001 160000 157254 .0319
1 160001 165000 160111 .0325
88 1 165001 170000 168000 .0341
3 175001 180000 531400 .1079
1 195001 200000 200000 .0406
2 200001 205000 404503 .0821
1 205001 210000 210000 .0426
1 215001 220000 218000 .0442
1 220001 225000 220669 .0448
2 230001 235000 467484 .0949
1 235001 240000 240000 .0487
1 275001 280000 275260 .0559
1 280001 285000 282210 .0573
2 285001 290000 577814 .1173
1 290001 295000 292492 .0594
2 295001 300000 600000 .1218
1 300001 305000 300340 .0609
1 320001 325000 321000 .0651
1 330001 335000 331338 .0672
2 335001 340000 675200 .1371
1 345001 350000 350000 .0710
2 350001 355000 706600 .1434
PATTERN OF SHAREHOLDING
PATTERN OF SHAREHOLDING (as of December 31, 2004)
NO. OF HAVING SHARES
SHAREHOLDERS FROM TO SHARES HELD PERCENTAGE
1 355001 360000 355826 .0722

1 370001 375000 375000 .0761
2 395001 400000 800000 .1624
1 430001 435000 435000 .0883
1 445001 450000 450000 .0913
1 475001 480000 480000 .0974
3 495001 500000 1495600 .3037
1 500001 505000 505000 .1025
1 505001 510000 506600 .1028
1 515001 520000 518228 .1052
1 525001 530000 530000 .1076
1 590001 595000 592360 .1202
1 615001 620000 618300 .1255
1 625001 630000 629200 .1277
1 665001 670000 667014 .1354
1 670001 675000 672500 .1365
1 685001 690000 687200 .1395
1 690001 695000 694646 .1410
1 695001 700000 695800 .1413
1 710001 715000 713600 .1449
2 730001 735000 1465799 .2976
1 860001 865000 864500 .1755
1 875001 880000 876840 .1780
1 995001 1000000 1000000 .2030
1 1055001 1060000 1057500 .2147
1 1070001 1075000 1074000 .2181
1 1095001 1100000 1096143 .2226
1 1220001 1225000 1223800 .2485
1 1250001 1255000 1251700 .2541
1 1440001 1445000 1443992 .2932
1 1475001 1480000 1480000 .3005
1 1660001 1665000 1663600 .3378
1 1675001 1680000 1679500 .3410
1 1850001 1855000 1854400 .3765
1 1995001 2000000 2000000 .4061
1 2100001 2105000 2103350 .4271 89
1 2195001 2200000 2200000 .4467
1 2205001 2210000 2209500 .4487
1 2385001 2390000 2386400 .4846
1 2450001 2455000 2453172 .4981
1 3120001 3125000 3123000 .6342
1 3850001 3855000 3852640 .7824
1 4640001 4645000 4644000 .9431
1 5080001 5085000 5085000 1.0326
1 5215001 5220000 5216000 1.0592
1 6860001 6865000 6860476 1.3932
1 7140001 7145000 7143909 1.4508
1 8000001 8005000 8005000 1.6256
1 370240001 370245000 370243964 75.1900
8551 492410622 100.0000

CATEGORIES OF SHAREHOLDERS
CATEGORIES OF SHAREHOLDERS (as of December 31, 2004)
PARTICULARS SHAREHOLDERS SHAREHOLDING PERCENTAGE
GOVERNMENT OF PAKISTAN 1 1443992 .2932
THE PRESIDENT OF PAKISTAN
THROUGH PRIVATIZATION COMMISSION 2 383464 .0779
STATE BANK OF PAKISTAN 1 370243964 75.1901
DIRECTORS, CEO & CHILDREN 2 2640 .0005
ASSOCIATED COMPANIES 3 43551 .0088
NIT & ICP 5 3185080 .6468
BANKS, DFI & NBFI 39 17768776 3.6085
INSURANCE COMPANIES 15 11449658 2.3252
MODARABAS & MUTUAL FUNDS 30 23332418 4.7384

90
GENERAL PUBLIC (LOCAL) 7963 27421860 5.5689
GENERAL PUBLIC (FOREIGN) 296 873514 .1774
OTHERS 194 36261705 7.3641
COMPANY TOTAL 8551 492410622 100.0000

HEAD OFFICE MANAGEMENT
S. Ali Raza COMMERCIAL & RETAIL BANKING GROUP

Shahid Anwar Khan
Suleman Shamsuddin Senior Executive Vice President
PS to the President & Group Chief
Tel: (021) 9212208, 9212200 Tel: (021) 9212177, 9212255
Fax: (021) 9212774 Fax: (021) 9212179
PRESIDENT's SECRETARIAT Agriculture Finance
Amim Akhtar Ch. Muhammad Mansha

Executive Vice President & Executive Vice President
PSO to the President / Head of P.R. Tel: (021) 9212231
Tel: (021) 9212234 Fax: (021) 9212296
Fax: (021) 9212253
Commercial Banking
SECRETARY BOARD OF DIRECTORS
Khurram Saeed Naik
S. M. Rafique Senior Vice President
Senior Executive Vice President & Secretary Board Tel: (021) 9212735
Tel: (021) 9212224 Fax: (021) 92121914
Fax: (021) 9212239
Product Policy
Iqbal Javed Shaheen
Senior Vice President Mrs. Azra Naila Uzair
Tel: (021) 9212224 Vice President
Fax: (021) 9212239 Tel: (021) 9213175
Fax: (021) 9212717
CORPORATE & INVESTMENT BANKING GROUP
Retail Banking
Masood Karim Shaikh
Senior Executive Vice President & Group Chief Amer Siddiqui
Tel: (021) 9212741 Executive Vice President
Fax: (021) 9212795 Tel: (021) 9212797, 9212793
Fax: (021) 9212790
Corporate Banking (North) Lahore
Riaz Hussain
Tajammal Hussain Bokharee Senior Vice President
Executive Vice President Tel: (021) 9212857
Tel: (042) 9211219-20 Fax: (021) 9212790
Fax: (042) 9211228
92 Imran Farooqui
Rizwan Hameed Vice President
Senior Vice President / Unit Head Tel: (021) 9213110
Tel: (042) 9213237 Fax: (021) 9212790
Fax: (042) 9211242
OPERATIONS GROUP
Corporate Banking (South) Karachi
Dr. Asif A. Brohi
Ms. Fareena Lodhi Senior Executive Vice President & Group Chief
Vice President / Unit Head Tel: (021) 9212794, 9212768
Tel: (021) 9211217 Fax: (021) 9212266
Fax: (021) 9212775
Customer Services & Govt. Business
Investment Banking
Salamatulla
Rizwan Abbass Panjwani Executive Vice President
Senior Vice President Tel: (021) 9212700
Tel: (021) 9212865 Fax: (021) 9212268
Fax: (021) 9212257
Syed Misbah Maqbool

Vice President & Portfolio Manager Equity
Tel: (021) 9211370
Fax: (021) 9212257
Logistic Support & Security EDPA&A
Agha Asadullah Imran Maqsood

Executive Vice President Vice President
Tel: (021) 9212720 Tel: (021) 9212243
Fax: (021) 9212831 Fax: (021) 9212243
Treasury Settlement Monitoring & Evaluation
Moizuddin Khan Syed Mohsin Iqbal Rizvi

Executive Vice President Vice President
Tel: (021) 9212754 Tel: (021) 9212210
Fax: (021) 9212816 Fax: (021) 9212210
Construction & Maintenance Area Audit Offices

Ekhlaq Ahmed
Qadir Buksh Memon EVP / Area Audit Chief, (Karachi.)
Chief Engineer (South) Karachi Tel: (021) 4310436-38, 4380670
Tel: (021) 9212299 Fax: (021) 4380369
Fax: (021) 9212822
Kaleemullah Shaikh
Kh. Abdul Jalil VP / Area Audit Chief (Hyderabad)
EVP / Chief Engineer (Central) Lahore Tel: (0221) 9200513, 9200362
Tel: (042) 9211216 Fax: (0221) 9200361
Fax: (042) 9211223
Syed Israr Ali
Kh. Abdul Jalil SVP / Area Audit Chief (Quetta)
EVP / Chief Engineer (North) Peshawar Tel: (081) 9202092
Tel: (091) 9211634 Fax: (081) 9201536
Fax: (091) 9211637
Naz Ahmed Khan
Inter Branch Reconciliation (IBR) SVP / Area Audit Chief (Multan)
Tel: (061) 9210137-38, 520693
Mushtaq Ahmed Madraswala Fax: (061) 9210137
Consultant
Tel: (021) 9212294 Iftekhar Rasul Anjum
Fax: (021) 9212189 EVP / Area Audit Chief (Faisalabad)
Tel: (041) 9200751-52
AUDIT & INSPECTION GROUP Fax: (041) 9200751
Muhammad Sardar Khawaja Jan Muhammad

Senior Executive Vice President & Group Chief EVP / Area Audit Chief (Lahore) 93
Tel: (021) 9212223, 9212742 Tel: (042) 5422331, 7447703
Fax: (021) 9212218 Fax: (042) 7842058
Admn. (A&IG) Fazalur Rehman

EVP / Area Audit Chief (Islamabad)
Mehmood Ahmed Mian Tel: (051) 9202390, 9202513
Senior Vice President Fax: (051) 9205201
Tel: (021) 9212721 Niaz M. Khan Durrani
Fax: (021) 9212721 SVP / Area Audit Chief (Peshawar)
Tel: (091) 9217112, 9217114
Internal Audit & Inspection Fax: (091) 9217113
Muhammad Khalid Idrees Muhammad Aslam Chishti

Vice President SVP / Area Audit Chief (Muzaffarabad)
Tel: (021) 9212240 Tel: (058810) 43071
Fax: (021) 9212240 Fax: (058810) 44015
System & Secretarial Support
Muhammad Shuaib Qureshi

Vice President
Tel: (021) 9212190
Fax: (021) 9212190
COMPLIANCE GROUP Tauseef Akram

AVP / Regional SAM Chief (Faisalabad)
Imam Bakhsh Baloch Tel: 041-9200108
Senior Executive Vice President & Group Chief Fax: 041-9200736, 9200741
Tel: (021) 9212758, 9212267
Fax: (021) 9212192 Gulrez Khan
SVP / Regional SAM Chief (Lahore)
Tel: 042-9213229
Muhammad Rafique Fax: 042-9211213, 9211205
Senior Vice President
Tel: (021) 9212254 Ejaz Ahmed
Fax: (021) 9212219 VP / Regional SAM Chief (Islamabad)
Tel: 051-9206242, 9204363
Ehsanul Haque Fax: 051-9206245
Vice President
Tel: (021) 9212812 Mehmood-ul-Hassan
Fax: (021) 9212812 SVP / Regional SAM Chief (Peshawar)
Tel: 091-9210647
SPECIAL ASSETS MANAGEMENT GROUP Fax: 091-9210646
Zia Ullah Khan Manzoor Ahmed

Senior Executive Vice President & Group Chief Regional SAM Chief (Quetta)
Tel: (021) 9212827, 9213189 Tel: 081-9201770
Fax: (021) 9212235 Fax: 081-9202624
Karachi Office
FINANCIAL CONTROL DIVISION
Sahibzada Rafat Raoof Ali
Senior Vice President Syed Farhan Ahmed
Tel: (021) 9213184 Financial Controller & Divisional Head
Fax: (021) 9212297 Tel: (021) 9211312
Fax: (021) 9213173
Muhammad Shabbir Alam
Senior Vice President Financial Control
Tel: (021) 9212237
Fax: (021) 9212297 Aamir Sattar
Manzurul-Haq Tel: (021) 9212772
Executive Vice President Fax: (021) 9212701
Tel: (021) 9203560, 9217124
Fax: (021) 9203591. 9217123 Shamsul Arfin
94 Vice President
Lahore Office Tel: (021) 9212871
Fax: (021) 9212701
Salim Ansar
Executive Vice President & Head - SAMG North Taxation
Tel: (042) 9220356, 9220357
Fax: (042) 9220276, 9220667 Abdul Rahim
Vice President
Regional SAM Offices Tel: (021) 9213183
Fax: (021) 9212701
Rizwana Ammar
AVP / Regional SAM Chief (Karachi) Equity & Investment
Tel: (021) 9251308
Fax: (021) 9251326 Muzaffar S. Khan
Vice President
Ghulam Mohyyddin Siddiqui Tel: (021) 9212859
VP / Regional SAM Chief (Hyderabad) Fax: (021) 9212841
Tel: (0221) 9200989
Fax: (0221) 9200559
Hamid Masood
SVP / Regional SAM Chief (Multan)
Tel: 061-9200522
Fax: 061-9200116
EMPLOYEES BENEFITS, DIBURSEMENTS Loans Examination
& TRUSTEE DIVISION
Mrs. Tahira Raza
Mrs. Khurshid Maqsood Ali Executive Vice President
Executive Vice President & Divisional Head Tel: (021) 9212222
Tel: (021) 9212206 Fax: (021) 9213118
Fax: (021) 9212249
Financial Institutions
Employees Benefits
Mrs. Amna Hafeez
Hafeezur Rehman Khan Vice President
Vice President Tel: (021) 9213104
Tel: (021) 9212872 Fax: (021) 9212765
Fax: (021) 9212249
Industry Research & Analysis
Payments
K. Ahsan Elahi
Ghulam Subhani Senior Vice President
Assistant Vice President Tel: (021) 9213115
Tel: (021) 9212262 Fax: (021) 9213116
Fax: (021) 9212249
Economic Research
Trustee Business
Miss. Aysha Mehmood
Syed Najamuddin Vice President / Economist
Tel: (021) 9212762 Fax: (021) 9212846
Fax: (021) 9212256
RISK MANAGEMENT GROUP TREASURY MANAGEMENT GROUP
Javed Mahmood Muhammad Nusrat Vohra

Executive Vice President & Group Chief Executive Vice President & Group Chief
Tel: (021) 9212744 Tel: (021) 9212737
Fax: (021) 9212820 Fax: (021) 9212857
Policy & Procedure Naveed Mundh

EVP & Chief Dealer
Muhammad Riaz Khokhar Tel: (021) 9212747
Executive Vice President Fax: (021) 9211439-440
Tel: (021) 9212714
Fax: (021) 9212278 Money Market Securities 95
RMG South (Domestic & Overseas) Shuja Haider
Assistant Vice President
Pervez Kamal Tel: (021) 9212842, 9212704
Executive Vice President Fax: (021) 9211439-440
Tel: (021) 9212748
Fax: (021) 9211152 Corporate Treasury
RMG North (Domestic & Overseas) Ehtesham Rashid

Vice President
Wajahat A. Baqai Tel: (021) 9211437
Senior Vice President Fax: (021) 9211439-440
Tel: (021) 9212703
Fax: (021) 9212863 Foreign Exchange
Rashid Ghani M. Ismail Usuf

Senior Vice President Assistant Vice President
Tel: (021) 9212825 Tel: (021) 9212739, 9212724
Fax: (021) 9212863 Fax: (021) 9211439-440
Derivative & Structured Products Legal Affairs
Ali Kashif Rizvi A. Saeed Khan

Assistant Vice President Senior Vice President
Tel: (021) 9212842, 9212704 Tel: (021) 9203536
Fax: (021) 9211439-440 Fax: (021) 9202392
INFORMATION TECHNOLOGY GROUP HR Policies & Projects
Nadeem A. Dogar M. Aftab Mehkri

Executive Vice President & Group Chief Senior Vice President
Tel: (021) 9212228 Tel: (021) 9212869
Fax: (021) 9211192 Fax: (021) 9212280
Admn. (IT) ORGANIZATION DEVELOPMENT &

TRAINING GROUP
Syed Javed Ali Nosha
Senior Vice President Mrs. Uzma Bashir
Tel: (021) 9212282 Group Chief
Fax: (021) 9212844 Tel: (021) 9211218
Fax: (021) 9212182
System Development
Usman Aziz
Syed Ziaul Hasan Senior Vice President
Tel: (021) 9212201 Fax: (021) 9212728
Fax: (021) 9212785
Mukhtar Ahmed
IT Operations Vice President
Tel: (021) 9212764
Muhammad Shahid Fax: (021) 9212728
Tel: (021) 9213160
Fax: (021) 9211181 Staff Colleges
HUMAN RESOURCES MANAGEMENT & Saghir Ahmed

ADMINISTRATION GROUP Principal
Staff College Lahore
Dr. Mirza Abrar Baig Tel: (042) 9211236, 9211287
Executive Vice President & Group Chief Fax: (042) 9211203
Tel: (021) 9212743
Fax: (021) 9211219 Muhammad Hanif
96 Principal
Institutional Disciplinary Staff College Islamabad
Tel: (051) 9206827
Hanif Bux Fax: (051) 9206030
Executive Vice President
Tel: (021) 9212752 Rehmatullah Khan
Fax: (021) 9212264 Principal
Staff College Peshawar
Staff Welfare Functions Tel: (091) 9217115
Fax: (091) 9217117
Abid Hussain Awan
Executive Vice President Syed Wahid Ali
Tel: (021) 9206038-9 Principal
Fax: (021) 9206037 Staff College Karachi
Tel: (021) 9202490-91
Industrial Relations Fax: (021) 9206050
S. Safdar Raza Rizvi

Tel: (021) 9212215
Fax: (021) 9212263
Personnel Administration
Muhammad Ishaque Abbasi

Tel: (021) 9212868
Fax: (021) 9212792
OVERSEAS CO-ORDINATION &
MANAGEMENT GROUP
Tahir Yaqub
Executive Vice President & Group Chief
Tel: (021) 9212845
Fax: (021) 9212706
S. M. Baqar Bukhari
Tel: (021) 9212729
Fax: (021) 9213170
Funds Management
Nazir Ahmed
Vice President
Tel: (021) 9212309
Fax: (021) 9212770
F. I. Business
Muhammad Nadeem
Vice President
Tel: (021) 9213102
Fax: (021) 9213101
SPORTS
M. Iqbal Qasim
Tel: (021) 4527427
Fax: (021) 4527426
PUBLICITY & PUBLIC RELATIONS
Qamar Hussain
Senior Vice President 97
Tel: (021) 9212787
Fax: (021) 9212761
Raees Iqbal
Officer Incharge
Tel: (021) 9212259
Fax: (021) 9212761
DOMESTIC OPERATIONS
REGIONAL OFFICES
1. Karachi (South) 23
2. Karachi (West)
3. Hyderabad
27
4. Larkana 24
5. Sukkur
28
6. Quetta 25
20
7. Gawadar 29
8. Lahore (Central) 19 22
21
9. Lahore (East) 14 11
26
10. Gujranwala 12 10
11. Sailkot 8
12. Faisalabad 13
13. Jhang 18 9
15
6
17
16
5
4
14. Sarghoda
100 15. Multan
7 16. Bahawalpur
17. Dera Ghazi Khan
3
2 18. Sahiwal
19. Federal Capital - Islamabad
1 20. Rawalpindi
21. Jhelum
22. Gujrat
NBP has a vast network of 1208 branches
23. Gilgit
within Pakistan.
24. Peshawer
25. Mardan
It’s subsidaries are:
26. Dera Ismail Khan
NBP Capital Limited
27. Abbotabad
NBP Modaraba Management Company Limited
28. Muzaffarabad (A.K.)
NBP Exchange Company Limited
29. Mirpur (A.K.)
Taurus Securities Limited
DOMESTIC OPERATIONS
Regional Office, Karachi (South) Mukhtiar Hussain Jiskani
S.V.P. / Regional Operations Chief
Nadeem Anwar Ilyas Tel: (0221) 9200563
E.V.P. / Regional Business Chief Fax: (0221) 9200558
Tel: (021) 9250022, 9250033
Fax: (021) 9251300 Dr. Jalil Ahmed Tariq
A.V.P. / Regional Risk Management Chief
S. Zaheerullah Rizvi Tel: (0221) 9200560
V.P. / Regional Operations Chief Fax: (0221) 9201054
Tel: (021) 9251315 / 9251332
Fax: (021) 9251316 Muhammad Azam Bachani
A.V.P. / Regional Compliance Chief
Miss. Sultana Naheed Tel: (0221) 9200562
S.V.P. / Regional Risk Management Chief Fax: (0221) 9200559
Tel: (021) 9251317
Fax: (021) 9251318 Abdul Karim Bilali
V.P. / General Manager (HRM)
Rahim-ud-Din Tel: (0221) 9200617
S.V.P. / Regional Compliance Chief Fax: (0221) 9200558
Tel: (021) 9251313
Fax: (021) 9251312 Regional Office, Larkana
Miss Fauzia Mumtaz Dhani Bakhsh Baloach

A.V.P. / General Manager HRM S.V.P. / Regional Business Chief
Tel: (021) 9251347 Tel: (0741) 9410834, 9410838
Fax: (021) 9251325 Fax: (0741) 9410829
Regional Office, Karachi (West) Qurban Ali Kunbhar

V.P. / Regional Operations Chief
Mohsin Furqan Tel: (0741) 9410823, 9410867
Tel: (021) 9203533-34
Fax: (021) 9203535 Muhammad Zaman Khan
Tariq Akhtar Khan Tel: (0741) 9410869
S.V.P. / Regional Operations Chief Fax: (0741) 9410871
Tel: (021) 9202476, 9202497
Fax: (021) 9202481 Badaruddin U. Mashori
A.V.P. / Regional Compliance Chief 101
Abdul Wajid Tel: (0741) 9410863
V.P. / Regional Risk Management Chief Fax: (0741) 9410863
Tel: (021) 9203561, 9202471
Fax: (021) 9203545 Mushtaq Ahmed Shaikh
A.V.P. / General Manager (HRM)
Azmatullah Khan Tel: (0741) 9410864
V.P. / Regional Compliance Chief Fax: (0741) 9410864
Tel: (021) 9203550
Fax: (021) 9203509 Regional Office, Sukkur
Syed Fazal Aziz Muhammad Hassan Khaskheli

A.V.P. / General Manager (HRM) S.V.P. / Regional Business Chief
Tel: (021) 9203553 Tel: (071) 9310270, 9310275
Fax: (021) 9202393 Fax: (071) 9310262
Regional Office, Hyderabad Pervaiz Gill

A.V.P. / Regional Operations Chief
G. Mohiyuddin Siddiqui Tel: (071) 9310272
V.P. / Regional Business Chief Fax: (071) 9310271
Tel: (0221) 9200556, 9200616
Fax: (0221) 9200559
DOMESTIC OPERATIONS
Gulzar Ahmed Sanghar Naseem Ahmed

V.P. / Regional Risk Management Chief Regional Compliance Chief
Tel: (071) 9310274 Tel: (0864) 211549
Fax: (071) 9310271 Fax: (0864) 211549
Agha Shahzado Khan Pathan Regional Office, Lahore Central

V.P. / Regional Compliance Chief
Tel: (071) 9310273 Kamran Amin
Fax: (071) 9310271 E.V.P. / Regional Business Chief
Tel: (042) 9211221
Ghulam Muhammad Shaikh Fax: (042) 9211244
Tel: (071) 9310287 Muhammad Iqbal
Fax: (071) 9310271 V.P. / Regional Operations Chief
Tel: (042) 9211206
Regional Office, Quetta Fax: (042) 9211245
Tariq Jamali Khalid Bashir

E.V.P. / Regional Business Chief S.V.P. / Regional Risk Management Chief
Tel: (081) 9202624, 9202568 Tel: (042) 9211226
Fax: (081) 9202093 Fax: (042) 9211202
Muhammad Ali Durrani Muhammad Amjad

A.V.P. / Regional Operations Chief V.P. / Regional Compliance Chief
Tel: (081) 9201864 Tel: (042) 9213250
Fax: (081) 9201698 Fax: (042) 9213241
Manzoor Ahmed Amjad Rafi

A.V.P. / Regional Risk Management Chief S.V.P. / General Manager (HRM)
Tel: (081) 9202094 Tel: (042) 9211218
Fax: (081) 9202064 Fax: (042) 7242610
Anwar Ali Mirza Regional Office, Lahore East

Tel: (081) 9202235 Idris Haider Khawaja
Fax: (081) 9201086 S.V.P. / Regional Business Chief
Tel: (042) 9211211, 9211230
Ali Ahmed Fax: (042) 9211249
102 A.V.P. / General Manager (HRM)
Tel: (081) 9201350 Mirza Tariq Baig
Fax: (081) 9201350 S.V.P. / Regional Operations Chief
Tel: (042) 9211208, 9211233
Regional Office, Gawadar Fax: (042) 9211243
Muhammad Abdullah Baluch Akhtar Nawaz

E.V.P. / Regional Business Chief V.P. / Regional Risk Management Chief
Tel: (0864) 211167, 211546 Tel: (042) 9211210
Fax: (0864) 211521 Fax: (042) 9211217
Nisar Ahmed Syed Shabbir Ahmed

V.P. / Regional Operations Chief A.V.P. / Regional Compliance Chief
Tel: (0864) 211547 Tel: (042) 9211214
Fax: (0864) 211547
Rehmatullah Qambrani Muhammad Iqbal Malik

V.P. / Regional Risk Management Chief V.P. / General Manager (HRM)
Tel: (0864) 211549 Tel: (042) 9211232
Fax: (0864) 211549
DOMESTIC OPERATIONS
Regional Office, Gujranwala Inayat Ullah Khan
Ijaz Hussain Khan Tel: (041) 9200739
S.V.P. / Regional Business Chief Fax: (041) 9200322
Tel: (0431) 9200339-40
Fax: (0431) 9200314 Muhammad Akram
S.V.P. / Regional Risk Management Chief
Shahid Kamal Dewan Tel: (041) 9200735
Tel: (0431) 9200338
Fax: (0431) 9200314 Muhammad Tahir Chaudhry
Muhammad Saleem Tahir Tel: (041) 9200326
Tel: (0431) 9200337
Fax: (0431) 9200314 Tauseef Akram
Shahzad Ahmed Cheema Tel: (041) 9200108
A.V.P. / Regional Compliance Chief Fax: (041) 9200736
Tel: (0431) 9200246
Fax: (0431) 9200314 Regional Office, Jhang
Muhammad Rashid Butt Ch. Irshad Ahmed

V.P. / General Manager (HRM) V.P. / Regional Business Chief
Tel: (0431) 9200336 Tel: (0471) 611748, 613548
Fax: (0431) 9200314 Fax: (0471) 614248
Regional Office, Sialkot Ch. Ihsan-ul-Haq

Farman Ahmed Chaudhry Tel: (0471) 627857
Tel: (0432) 9250291, 9250292
Fax: (0432) 9250294 Atta Muhammad Qaiser
Shahid Iqbal Dar Tel: (0471) 628007
Tel: (0432) 9250117
Fax: (0432) 9250118 Imdad Hussain Khan
Muhammad Sajid Mirza Tel: (0471) 627932
A.V.P. / Regional Risk Management Chief Fax: (0471) 621025
Tel: (0432) 9250297
Fax: (0432) 9250299 Safdar Ali Chattha
Muhammad Riaz Tel: (0471) 626509
Tel: (0432) 9250119
Fax: (0432) 9250447 Regional Office, Sargodha
Syed Masood Hussain Karamat Ali Chaudhary

A.V.P. / General Manager (HRM) S.V.P. / Regional Business Chief
Tel: (0432) 9250120 Tel: (0451) 9230470, 9230471, 9230500
Fax: (0432) 9250294 Fax: (0451) 9230473
Regional Office, Faisalabad Muhammad Rafie-ul-Din

Muhammad Aslam Mirza Tel: (0451) 9230495, 9230602
Tel: (041) 9200737-38
Fax: (041) 9200741
DOMESTIC OPERATIONS
Abdul Jamal Tariq Hassan Basharat Hussain

V.P. / Regional Risk Management Chief V.P. / General Manager (HRM)
Tel: (0451) 9230596, 9230499 Tel: (0621) 9250134, 750450
Fax: (0621) 9250130
Jawad Hussain
A.V.P. / Regional Compliance Chief Regional Office, D. G. Khan
Tel: (0451) 9230499, 9230501
Fax: (0451) 9230704 Muhammad Ishaq Bhatti
V.P. / Regional Business Chief
Muhammad Siddique Tel: (0641) 9260408
V.P. / General Manager (HRM) Fax: (0641) 9260409
Tel: (0451) 9230499, 9230501
Ghulam Murtaza Shah
Regional Office, Multan A.V.P. / Regional Operations Chief
Tel: (0641) 472672
Fayyaz Rabbani Fax: (0641) 9260409
E.V.P. / Regional Business Chief
Tel: (061) 9200866-67 Muhammad Younas
Fax: (061) 9200116 A.V.P. / Regional Risk Management Chief
Tel: (0641) 9260394
Fayyaz Ahmed Fax: (0641) 9260394
Tel: (061) 9200521 Iqbal Ahmed Baloach
Fax: (061) 9200120 A.V.P. / Regional Compliance Chief
Tel: (0641) 9260395
Afzal Mohy-ud-din Fax: (0641) 9260395
V.P. / Regional Risk Management Chief
Tel: (061) 9200714 Tariq Mehmood Rashid
Fax: (061) 9200870 OG-I / General Manager (HRM)
Tel: (0641) 9260410
Asghar Ali Shah Fax: (0641) 9260410
Tel: (061) 9200119 Regional Office, Sahiwal
Fax: (061) 9200120
Shahzad A. Shami
Abdul Rauf S.V.P. / Regional Business Chief
S.V.P. / General Manager (HRM) Tel: (0441) 65215
Tel: (061) 9200846 Fax: (0441) 65217
104 Fax: (061) 9200716
Khalid Jameel Siddiqui
Regional Office, Bahawalpur V.P. / Regional Operations Chief
Tel: (0441) 65216
Muhammad Rafique Fax: (0441) 65217
S.V.P. / Regional Business Chief
Tel: (0621) 9250128-29 Abdul Ghafoor
Fax: (0621) 9250130 V.P. / Regional Risk Management Chief
Tel: (0441) 227795
Altaf Hussain Rana Fax: (0441) 227795
Tel: (0621) 9250132 Iqtidar-ul-Hassan Butt
Fax: (0621) 9250130 V.P. / Regional Compliance Chief
Tel: (0441) 227791
Muhammad Asad Sarla Fax: (0441) 65217
Tel: (0621) 9250242 Muhammad Zulfiqar Haider
Fax: (0621) 9250130 V.P. / General Manager (HRM)
Tel: (0441) 227796
Iqbal Anwar Fax: (0441) 65217
Tel: (0621) 9250135
Fax: (0621) 9250135
DOMESTIC OPERATIONS
Regional Office, Federal Capital Ata ul Mohsin Tahir
Khawar Saeed Tel: (0541) 9270183
Tel: (051) 9206570, 9202454
Fax: (051) 9204987 Ch. Muhammad Riaz
Raja Asad Habib Tel: (0541) 9270121
Tel: (051) 9204042, 9204664
Fax: (051) 9204717 Ch. Tanvir Yaqub
Muhammad Afzal Tel: (0541) 9270120
Tel: (051) 9206490
Fax: (051) 9206246 Ajaz Ahmed Shamsi
Shahid Iqbal Qureshi Tel: (0541) 9270122
A.V.P. / Regional Compliance Chief Fax: (0541) 9270024
Tel: (051) 9202946
Fax: (051) 9206378 Regional Office, Gujrat
Muhammad Ikram-ur-Rehman Siddiqui Ch. Basharat Ali Chattha

V.P. / General Manager (HRM) S.V.P. / Regional Business Chief
Tel: (051) 9203727 Tel: (0533) 9260150
Fax: (051) 9207260 Fax: (0533) 9260151
Regional Office, Rawalpindi Iftikhar Ahmed Ch.

Ghulam Ahmed Tel: (0533) 9260152
Tel: (051) 9272660-61
Fax: (051) 9272662 Shabber Muhammad Khan
Ch. Manzoor Ahmed Tel: (0533) 9260163
Tel: (051) 9272663-64
Fax: (051) 9272768 Aamir Manzoor
Tariq Mehmood Tel: (0533) 9260164
Tel: (051) 9272771
Fax: (051) 9272662 Muhammad Ashraf
Malik Muhammad Hayat Tel: (0533) 9260178
Tel: (051) 9272665
Fax: (051) 9272770 Regional Office, Gilgit
Farooq Ahmed Muhammad Arif

S.V.P. / General Manager (HRM) S.V.P. / Regional Business Chief
Tel: (051) 9272772 Tel: (05811) 52565, 50385
Fax: (051) 9272662 Fax: (05811) 52685
Regional Office, Jhelum Malik Muhammad Issa Khan

V. P. / Regional Operations Chief
M. Abrar Hussain Rathore Tel: (05811) 52255
Tel: (0541) 9270119
Fax: (0541) 9270123
DOMESTIC OPERATIONS
Regional Office, Peshawar Ghazanfar H. K. Tareen

Shah Jehan Khan Tel: (0966) 9280432
Tel: (091) 9211355-6
Fax: (091) 9210646 Sharif Gul Bangash
Tabraiz Hassan Butt Tel: (0966) 9280433
Regional Operations Chief Fax: (0966) 9280441
Tel: (091) 9211358
Fax: (091) 9211639 Jamil Ahmed Paracha
Moeen ud Din Tel: (0966) 9280434
Regional Risk Management Chief Fax: (0966) 9280057
Tel: (091) 9213182
Fax: (091) 9210650 Syed Haji Hussain
General Manager (HRM)
Safdar Ali Tel: (0966) 9280435
Regional Compliance Chief Fax: (0966) 9280435
Tel: (091) 9211357
Fax: (091) 9211357 Regional Office, Abbottabad
Syed Waseem Akhtar Muhammad Ashraf Khan

General Manager (HRD) S.V.P. / Regional Business Chief
Tel: (091) 9211359 Tel: (0992) 9310141, 9310143
Fax: (091) 9210650 Fax: (0992) 9310142
Regional Office, Mardan Shaheryar Qasrani

Muhammad Hanif Khan Tel: (0992) 9310144
Tel: (0937) 9230053-56
Fax: (0937) 9230057 Manzoor Ellahi Lughmani
Sardar Alam Khan Tel: (0992) 9310146
Tel: (0937) 9230328
Fax: (0937) 9230057 Liaquat Hussain
106 V.P. / Regional Compliance Chief
Muhammad Iqbal Tel: (0992) 9310147
S.V.P. / Regional Risk Management Chief Fax: (0992) 9310147
Tel: (0937) 9230326
Fax: (0937) 9230057 Taranum Sarwar
Saminullah Khan Tel: (0992) 9310313
Tel: (0937) 9230327
Fax: (0937) 9230327 Regional Office, Muzaffarabad (A.K.)
Mir Abdullah Abdul Hameed Raja

V.P. / General Manager (HRM) V.P. / Regional Business Chief
Tel: (0937) 9230019 Tel: (058810) 32382, 32064
Fax: (0937) 9230057 Fax: (058810) 32379
Regional Office, Dera Ismail Khan Muhammad Ashfaq Khan

Zahir Shah Tel: (058810) 32065, 51970
Tel: (0966) 9280431, 810489
Fax: (0966) 9280430
DOMESTIC OPERATIONS
Mushtaq Ahmed Sheikh
Tel: (058810) 32378
Fax: (058810) 32379
Muhammad Aslam Ch.

Tel: (058810) 32378
Fax: (058810) 32379
Qurban Hussain
Tel: (058810) 32381
Fax: (058810) 32379
Regional Office, Mirpur (A.K.)
Zafeer Masood
V.P. / Regional Business Chief
Tel: (058610) 43662
Fax: (058610) 46007
Mushtaq Ahmed Awan

Tel: (058610) 42549
Fax: (058610) 46339
Muhammad Manzoor-ul-Haq
Tel: (058610) 42625
Fax: (058610) 46340
Javed Anwar Khan

Tel: (058610) 45199
Fax: (058610) 45199
Muhammad Salim Ch.

107
Tel: (058610) 42547
Fax: (058610) 46007
OVERSEAS OPERATIONS
Canada
United Kingdom
United States of America

France
Egypt
108
18 Overseas Branches Subsidiary NBP Almaty

Joint Venture United National Bank (UK)
United States of America 2 Afghanistan 2
France 1 Bangladesh 2 Representative Office
Egypt 1 Canada
Republic of Korea 1
Germany 1 USA (Chicago)
Kyrgyzstan 1
Bahrain 1
Japan 2 China
Turkmenistan 1
Pakistan EPZ 1 Hong Kong 2 Uzbekistan
Azerbaijan
OVERSEAS OPERATIONS
People’s Republic of China
Kazakhstan Republic of Korea

Germany Turkmenistan Uzbakistan
Azerbaijan
Afghanistan
Kyrgyzstan Japan
Pakistan Bangladesh
Bahrain
Hong Kong
109
NBP is the only Pakistani bank to have representative offices in Canada,

China, Uzbekistan and Azerbaijan. The economic potential of these
locations is enormous. NBP was the first international bank to open its
branch in Kabul in October 2003.
SENIOR MANAGEMENT OVERSEAS OPERATIONS
R.A. Kaleemi
SEVP / Chief Representative, Canada Office
M. Rafique Bengali
SEVP & Regional Chief Executive, America Region
Asif Hassan
SEVP & Regional Chief Executive, Far East
Region
Nausherwan Adil
SEVP & Regional Chief Executive, Europe Region
M. Farooq Saleem
EVP & Regional Chief Executive, Central Asian
110 Republics Region
Zubair Ahmed
EVP & Regional Chief Executive, Middle East, Africa
& South Asia Region
OVERSEAS OPERATIONS
REPRESENTATIVE OFFICE, TORONTO, CANADA Paris Branch (France)
Rasool Ahmed Kaleemi, Maurice Lemoine
SEVP/Chief Representative General Manager,
Representative Office, Toronto (Canada) Paris Branch (France)
175 Commerce Valley Drive West 90 Avenue Des Champs Elysees 75008 Paris
Suite 210 Thornhill, Ontario L3T 7P6 Tel: 331-4256-0911
Tel # (905) 707 0244 Fax: 331-4563-6604
Fax # (05) 707 1040 Telex: 290828 F
E-mail: [email protected].
Frankfurt Branch (Germany)
AMERICAS REGION Amjad Hamid,
M. Rafiq Bengali, General Manager
SEVP & Regional Chief Executive Frankfurt Branch (Germany)
Regional Office, New York Holzgraben 31
100 Wall Street, P.O. Box 500 New York, N.Y.10005 Fillale Frankfurt/Framlfirt Nramcj
Tel: 212-344-8822 60313 Frankfurt am Main
212-344-8833 P. O. Box 101643, Germany
Fax: 212-344-8826 Tel: 069-97 57 12-0
Telex: 232455 PAKBURB & 62652 NATPA Fax: 069-74 81 51
SWIFT: NBPAUS33 Telex: 414103 A NBP D
E-mail: [email protected]. E-mail: [email protected].
Wall Street Branch FAR EAST REGION HONG KONG

Raheem Khanani
Executive Vice President, Wall Street Branch Regional Office, Hong Kong
100 Wall Street, P.O. Box 500 New York N.Y. 10005 Asif Hassan,
Tel: 212-344-8825 SEVP/Regional Chief Executive
212-344-9922 Regional Office, Hong Kong
Fax: 212-809-4720 1801-1805, 18th Floor, ING, Towers, 308-320
Telex: 232455 PAKBUR & 62652 NATPA DES VOEUX Road Central HONG KONG
SWIFT: NBPAUS 333 Tel: 852-25217321
E-mail: [email protected]. 852-25215292
Fax: (852) 2139-0298
Washington D. C. Branch Telex: 75137 MILLAT HX
Amjad Ali Sheikh, E-mail: [email protected].
Manager,
Washington D.C. Branch Main Branch, Hong Kong
1875 Connecticut Avenue N.W. Ghulam Hussain Azhar,
Washington D.C. 20009 Chief Executive, 111
Tel: 202-462-7373-3880 Main Branch, Hong Kong
Fax: 202-667-2515 1801-1805, 18th Floor,ING, Tower, 308-320
Telex: 6737932 NATPAK D.C. DES VOEUX Road Central HONG KONG
Tel: 852-25217321, 25231491 & 25375292
Chicago Representative Office Fax: (852) 28451703
2315 West Devon Avenue Telex: 75137 MILLAT HX
Chicago Illinois 60659 E-mail: [email protected].
Tel: 773-508-9728-9738
Fax: 773-508-9723 Kowloon Branch
Telex: 6871772 NBP UW Muhammad Yaqub,
E-mail: [email protected]. Manager, Kowloon Branch
1103 Fourseas Building,
EUROPE REGION 208-212 Nathan Road, Kowloon
Nausherwan Adil T.S.T. P.O. Box 99006
SEVP & Regional Chief Executive Tel: 852-23697355 – 7 Lines
Regional Office, Paris (France) 852-27245622
90 Avenue Des Champs Elysees 75008 Paris Fax: 852-23691780
Tel: 331-4256-0911 Telex: 34357 MILBA HX
Fax: 331-4563-6604 E-mail: [email protected].
Telex: 290828 F
OVERSEAS OPERATIONS
Tokyo Branch (Japan) Bahrain OBU

Ch. Muhammad Rafique, Nadir Khan,
General Manager, Tokyo Branch (Japan) Manager,
S. K. Building No. 20, 3F 7-4, Bahrain OBU
Nishi Shimbashi-2 Chome Minato-KU 9 Manama Centre, Government Avenue
Tokyo, Japan. P. O. Box No.775, Manama, State of Bahrain.
P. O. Box Shiba 272 Tokyo 105-91 Tel: 973-224451, 224461, 224191
Tel: 813-3504-1835 Fax: 973-224411, 217964
813-3502-0331 - 34 Telex: 9222 NATPAK BN
Fax: 813-3502-0359/5402 E-mail: [email protected]
Telex: J-23847 MILLBANK
E-mail: [email protected]. Cairo Branch (Egypt)
Mujahid Abbas Khan,
Osaka Branch (Japan) General Manager, Cairo Branch
Shahzad Ahmed, 64 Gameat Al-Dawal, Al-Arabia Street
Manager, Osaka Branch (Japan) 3rd Floor, P. O. Box No. 168 Mohandessin, Giza, Cairo
Sanei Shinsaibashi Building, 4th Floor 1-13-15 Tel: 202-7498955
Nishi Shinsaibashi 202-7498307
Osaka 542-0086, Japan Fax: 202-7498955
Tel: 816-6244-8934 Telex: 92527 MILLAT U.N.
816-6244-8936 E-mail: [email protected]
Fax: 816-6244-8938
Telex: 5222701 NBPOSKJ Dhaka Branch (Bangladesh)
E-mail: [email protected] Q. S. M. Jehanzeb
General Manager, Dhaka Branch (Bangladesh)
Seoul Branch (Republic of Korea) 79, Motijheel Commercial Area, Dhaka-1000
Abdul Ghafoor, Tel: 880-295-60248
Manager, Seoul Branch (Republic of Korea) 880-295-60249
12/F, Kyobo Building 1-Chongro IKA, Fax: 880-295-60247
Chongo-Ku Seoul, 110, 121, Telex: 632393 NBP-BJ
KPO Box 1663 E-mail: [email protected]
Tel: 822-734-5815
822-734-0277 Chittagong Branch (Bangladesh)
Fax: 822-734-5817 DAAR-E-SHAHIDI
Telex: K32149 MILLAT 69, Agrabad Commercial Area Chittagong (Bangladesh)
E-mail: [email protected] Tel # 00-880-31-810272 & 00-880-31-810292
Fax # 00-880-31-810305
Representative Office, Beijing (China) Telex: 63315 NBPCT BJ
112 Nasir Hussain, E-Mail: [email protected]
Manager, Beijing Representative Office (China)
435 Kun Lun Hotel 21-Liangamagiao
Chaoyang District, Beijing
Tel: 86-10-65903388 EXT.435 Export Processing Zone Branch, Karachi (Pakistan)
Fax: 86-10-65903762 Abdus Samad Burney,
Telex: 210327 BJK:H CN Manager, Export Processing Branch, Karachi
E-mail: [email protected]. Off-Shore Banking Branch EPZ
P. O. Box No. 17004 Landhi, Karachi-75160
REGIONAL OFFICE MIDDLE EAST, AFRICA Tel: (021) 5082218 & 5082220
& SOUTH ASIA REGION Fax: (021) 5082219
Telex: (021) 27642 NBEPZ
Regional Office, Bahrain
Zubair Ahmed,
EVP/Regional Chief Executive
Regional Office, Bahrain
9 Manama Centre, Government Avenue
P. O. Box No.775, Manama, State of Bahrain.
Tel: 973-224451, 224461, 224191
Fax: 973-224411, 217964
Telex: 9221 NATPAK BN
E-mail: [email protected]
OVERSEAS OPERATIONS
CENTRAL ASIA REGION Kabul Branch (Afghanistan)
Syed Mahmood-ul Hassan
Regional Office, Almaty (Kazakhstan) General Manager,
Muhammad Farooq Saleem House No. 2, Street No. 10
EVP/Regional Chief Executive, Wazir Akbar Khan
Regional Office, Central Asian Republics Kabul (Afghanistan).
Building No.105, Dostyk Avenue, 480051 Tel: 00-93-2301660
Almaty (Kazakhstan) Fax: 00-93-2301659
Tel: (7-3272) 60-89-93
(7-3272) 59-76-01 Jalalabad Branch (Afghanistan)
Fax: (7-3272) 60-89-92 Noor-ul Islam,
E-mail: [email protected] Manager,
Bank Street
NBP SUBSIDIARY ALMATY Near Haji Qadeer House
Syed Azhar Ali, Nahya Awal Jalalabad
General Manager, Subsidiary Bank Afghanistan
Building No.105, Dostyk Avenue, 480051 Tel # 93791-80639
Almaty (Kazakhstan) Fax # 93791-80643
Tel: (7-3272) 597602, (7-3272) 597604
& (7-3272) 597606
Fax: (7-3272) 597603
Telex: 0785471042
E-mail: nbpalmaty@ducatmail-KZ
Ashgabat Branch (Turkmenistan)

Muhammad Fuad Mohsin
SUBSIDIARIES’ ACCOUNTS
General Manager, Ashgabat Branch
World Trade Complex, Ground Floor,
1 Seidi Street, 744000 Ashgabat (Turkmenistan) Copies of the auditied accounts of the
Tel: 993-12-351204 subsidiaries can be inspected by the shareholders
993-12-353516 of the bank during business hours at the
Fax: 993-12-350465 registered office of the bank.
Bishkek Branch (Kyrgyz Republic)

Naeemullah Jan
General Manager,
Bishkek Branch (Kyrgyz Republic)
Building No.84, Moscowskaya Street, 113
Bishkek 720021
Kyrgyz Republic
Tel: 996-312-627245 & 996-312-627246-52
Fax: 996-312-900661 & 996-312-627244
SWIFT: NBPAKG22
Representative Office, Tashkent (Uzbekistan)

2nd Floor, Room No. 254,
56-Buyuk Turon Street,
Le-Meridien Tashkent Palace Hotel,
Tashkent (Uzbekistan)
Tel: (998-71) 1326183 & (998-71) 1205800 (Ext 254)
Fax: (998-71) 1206632
Representative Office, Baku (Azerbaijan)

130, Zargarpalan Street,
Inden 1065, Baku. Azerbaijan
Tel: (99-412) 947916
Fax: (99-412) 947916
PAGE LEFT INTENTIONALLY BLANK
56TH ANNUAL GENERAL MEETING OF NATIONAL BANK OF PAKISTAN
FORM OF PROXY
Folio No. or CDC participant identity No. CDC A/C No.

I / we
of
being a member(s) of the National bank of Pakistan holding shares No.
HEREBY APPOINT of
also a member of the National Bank of Pakistan (Folio No. ) or failing him/her
of also a member of National Bank of Pakistan (Folio No. ) as my/our
proxy to vote for me / us and on my / our behalf at the 56th Annual General Meeting of National Bank of Pakistan,
to be held at 2:00 p.m. on Wednesday, the 27th day of April 2005 and at any adjournment thereof.
Signed this day of 2005.
Witnesses:
1. Name:
Affix Revenue Stamp
Address: of Five Rupees
N.I.C. No.
2. Name: Signature ________________

(Signature should agree with
Address:
the specimen signature
N.I. C. No: registered with the Bank).
NOTES:
A. General
1. A member entitled to attend and vote at a General Meeting is entitled to appoint a proxy to attend and vote instead of him/her. No person shall
act as a proxy, who is not a member of the bank except that Government of Pakistan / State Bank of Pakistan / Corporation may appoint a
person who is not a member.
2. The instrument appointing a proxy should be signed by the member or his/ her attorney duly authorized in writing. If the member is a corporation
(other than Government of Pakistan and State Bank of Pakistan), its common seal should be affixed on the instrument.
3. The instrument appointing a proxy, together with the Power of Attorney, if any, under which it is signed or a notarially certified copy thereof,
should be deposited, with our Registrar / Transfer Agents, Messrs THK Associates (Pvt.) Ltd. Ground Floor, Modern Motors House, Beaumont
Road, Karachi, not less than 48 hours before the time of holding the meeting.
4. If a member appoints more than one proxy, and more than one instrument of proxy are deposited by a member with the bank, all such
instruments of proxy shall be rendered invalid.
B. For CDC Account Holders:
1. The proxy form shall be witnessed by two persons whose names, addresses and NIC numbers shall be mentioned on the form.
2. Attested copies of NIC or the passport of the beneficial owners and the proxy shall be furnished with the proxy form.
3. The proxy shall produce his / her original NIC or original passport at the time of the meeting.
4. In case of Government of Pakistan / State Bank of Pakistan / Corporate entity, the Board of Directors’ resolution / power of attorney with
specimen signature shall be submitted along with proxy form to the bank.

2004

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CONTENTS

Financial Highlights - 2004 07

Five Year Performance at a Glance 08

Notice of 56th Annual General Meeting 12

Statement Under Section 160 of The Companies Ordinance, 1984 14

Statement of Compliance with the Code of Corporate Governance 21

Auditors’ Review Report to the Members 23

Auditors’ Report to the Members 24

Financial Statements - 2004

Profit & Loss Account 27

Cash Flow Statement 28 1

Statement of Changes in Equity 29

Notes to the Financial Statements 30

Head Office Management 92

Domestic Operations 100

Overseas Operations 108

Our mission to be recognized in the market

We shall work to:

We aim to be people who:

We have confidence that tomorrow we will be:

After all, we are T h e N a t i o n ’ s B a n k

Board of Directors Syed Ali Raza

Dr. Waqar Masood Khan

Iftikhar Ali Malik

Syed Shafqat Ali Shah Jamote

Sikandar Hayat Jamali

Muhammad Khalid Malik

Audit Committee Syed Shafqat Ali Shah Jamote

Muhammad Khalid Malik

Auditors Taseer Hadi Khalid & Co.

4 Ford Rhodes Sidat Hyder & Co.

Legal Advisors Mandviwala & Zafar

Registered & Head Office NBP Building

Registrar’s & THK Associates (Pvt.) Ltd.

AUTHORIZED CAPITAL 5,000

PAID-UP CAPITAL 4,924

SHAREHOLDERS’ EQUITY AND RESERVES 42,936

TOTAL ASSETS 549,741

PRE-TAX PROFIT 12,025 7

AFTER-TAX PROFIT 6,243

NO. OF BRANCHES 1,226

NO. OF EMPLOYEES 13,745

2000 371,636 316,493 140,318 72,609 11,378

2001 415,089 349,617 170,319 71,759 11,959

2002 432,803 362,866 140,547 143,525 14,279

2003 468,972 395,492 161,266 166,196 18,134

2004 549,741 465,572 221,444 144,736 25,257

TOTAL ASSETS DEPOSITS

600000 549,741 500000 465,572

ADVANCES SHAREHOLDERS’ EQUITY

Earning Return on Assets Number Number

1,032 461 1.24 0.3% 1,428 15,351

3,016 1,149 3.08 0.8% 1,245 15,163

6,045 2,253 5.49 1.4% 1,204 12,195

9,009 4,198 8.53 2.0% 1,199 13,272

12,025 6,243 12.68 2.4% 1,226 13,745

PRE-TAX PROFIT AFTER-TAX PROFIT

EARNING PER SHARE RETURN ON ASSETS (Pre-Tax Profit)

Dr. Waqar Masood Khan Iftikhar Ali Malik

Syed Shafqat Ali Shah Jamote M. Zubair Motiwala