OUTREACH | SUSTAINABILITY | IMPACT | TRANSPARENCY
A N N U A L R E P O R T
FMFB Annual Repor t 2019
CONTENTS
COMPLIANCE REVIEW 70Compliance Risk ManagementRisk Management Framework
OperationsDevelopmentGovernance/Security
INTERNAL CONTROLENVIRONMENT
74Statement on Internal ControlRecord ManagementBusiness Continuity and Disaster RecoverySocial and Environmental Responsibility Policy
FMFB PRODUCTSAND SERVICES
78Liability ProductsAsset ProductsMicro InsuranceDigital Access Channels
Financial Performance Trend Analysis Financial Results 2012 - 2019Financial Summary and Ratios 2012 - 2019Vertical Analysis 2012 - 2019Horizontal Analysis 2012 - 2019Income Summary 2012 - 2019Commentary on FinancialsMajor Capital ExpenditureCash Flow Statement - Direct Method
DIRECTORS' REPORT TOTHE SHAREHOLDERS
86
FINANCIAL ANALYSIS
Stakeholders’ EngagementStatement of Value Added
STAKEHOLDERS RELATIONSHIPAND ENGAGEMENT
92
106
AUDITOR'S REPORT TO THE MEMBERS 110
FINANCIAL STATEMENTS 116
FMFB PRESENCE 180INFORMATION TECHNOLOGYAND GOVERNANCE 66Information Technology (Initiatives & Innovations) – 2019 67
CORPORATE VALUE STATEMENTS 02Vision & MissionCore ValuesOur CommitmentOur Brief HistoryOur Ownership Structure
34556
676868
75757676
79808182
9395969899
100101103104
7172
CODE OF ETHICS ANDBUSINESS CONDUCT 56
60HUMAN RESOURCES
Code of Ethics and Business ConductCode of EthicsWhistle Blowing Procedure
Human Capital Developments in Year 2019Talent Development and Employer BrandRight Organizational DesignCulture and Employee EngagementCapability ManagementCompensation and Bene�ts AlignmentDiversity and Inclusion
575758
GOVERNANCE ANDMANAGEMENT 22Corporate InformationChairperson's MessagePresident/Chief Executive Of�cer MessageBoard of DirectorsManagementOverview of the BoardRelated PartiesSalient Features of TORs of the Board Committees
2324263337414142
61616162636364
SOCIAL IMPACT 48FMFB's 9 Social GoalsFinancial Consumer Protection JourneyFinancial LiteracyService Quality
505153
STRATEGY AND RESOURCE ALLOCATION 07Strategic Objectives and Resource Allocation 9
17 YEARS AT A GLANCE 12
2019: THE YEAR IN FOCUS 18
107108
Expand outreach in a sustainable and responsible manner by creating �nancial solutions for our customers
OUR VISION
OUR MISSION
Enable people to improve their quality of life with inclusive and innovative �nancial solutions
CORE VALUES
1. EXCELLENCEAt the core of everything the bank does, excellence is the one value
that shines through everything. FMFB needs to be the best in everything we do in a highly competitive market.
2. PROGRESSIVENESS We believe in improving society through enlightening
working practice, innovative ideas and the of enterprise.
3. INTEGRITY The success of our business depends on trust. Our customers and the nation as a whole expect us to maintain high levels
of professional standards and moral principles.
5. MERITOCRACY We believe in giving opportunities and advantages to our employees
on the basisof their ability andachievement alone.
4. CUSTOMER FOCUSWe constantly listen to our customers. It helps us fully understand
their needs and enables us to offer products and services that are right for them.
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FMFB Annual Repor t 2019
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FMFB Annual Repor t 2019
This commitment uni�es our priority towards, both, our internal as well as external stakeholders and assists in nurturing and sustaining a culture of responsible and socially conscious business practices. All our �nancial services are structured to the varying needs of our ever evolving target market, which is segmented into various categories including industry, gender, income and region. Our commitment comes with an obligation to be an
institution that drives its sustainability solely from its client centricity service structure; this alone sets us apart from our competition and gives us the competitive edge required to become a leading �nancial services provider within the industry. We are committed in achieving our customers’ success through best services, best products and best practices.
At The First MicroFinanceBank Ltd, we stand committed to our strategic objective of providing �nancial services seamlessly and transparently, to the underprivileged and �nancially excluded; with an aim to constructively impact the socio economic well-being and bringing about a meaningful change in the community at large.
The First MicroFinanceBank Ltd (FMFB) was licensed in 2002 by the State Bank of Pakistan (SBP), for operating as a nation-wide micro�nance bank.
FMFB’s history dates back to 1982 when the Aga Khan Rural Support Programme (AKRSP) pioneered a microlending initiative in the Gilgit-Baltistan and Chitral (GBC) regions. After
OUR COMMITMENT
having successfully operated as an integrated development programme for over 20 years, the credit and savings component of AKRSP was structurally transformed into a stand-alone micro�nance bank, under the then newly issued Micro�nance Banking Companies Ordinance of the Government of Pakistan to promote and regulate a credible micro�nance business segment within the �nancial sector of the country.
FMFB was established with the mission of supporting �nancial inclusion of millions of under-privileged and �nancially excluded households, thereby enabling broader poverty reduction and impacting the social and economic well-being of the society in Pakistan. Since inception, FMFB has enabled its countless clients in building their �nancial, physical and human capital besides strengthening their entrepreneurial base. FMFB is proud to have secured the future of many of its clients through targeted �nancial and multi-sectoral products and services structured according
to the evolving needs of its target market.
Over the years, FMFB has established itself as one of the strongest and most pro�table micro�nance banks in Pakistan. FMFB has also continued to witness a strong growth and expansion in its outreach and has played a pivotal role in furthering �nancial inclusion in the country. In its last credit rating review by JCR VIS, FMFB has been bestowed with “A+/A-1” (Single A Plus/A-One) rating with a “Stable” outlook. Amongst many other awards and accolades to its credit, FMFB is proud to have been recognized by Internal Rating Agencies for its transparency and client centricity. Additionally, FMFB’s efforts to support entrepreneurial capacity building were recognized, by Citi Foundation and Pakistan Poverty Alleviation Fund under their Citi Microentrepreneurship Awards, via its clients who have consistently been presented national & regional awards for outstanding microentrepreneurship year after year.
OUR BRIEF HISTORY
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FMFB Annual Repor t 2019
OUR OWNERSHIP STRUCTURE
Habib Bank Limited
Aga Khan Agency for Micro�nance
Aga Khan Rural Support Program
Japan International Cooperation Agency
Others
Pakistan
Switzerland
Pakistan
Japan
Pakistan
137,931,035
81,150,030
30,000,000
24,000,000
50
273,081,115
1,379,310,350
811,500,300
300,000,000
240,000,000
500
2,730,811,150
No. Share Amountof SharesNationalityShareholder's Name
09
FMFB Annual Repor t 2019
FMFB will continue to ensure the mission of enabling individuals while generating employment opportunities in poor and vulnerable households. FMFB’s strategic objective not only covers business expansion and growth but also it emphasizes on building a corporate culture of excellence, professionalism, integrity, customer focus, meritocracy and by encouraging
teamwork among the FMFB family In order to attain synergy. FMFB intensely focuses on being a socially responsible organization.
FMFB’s Strategy in long term is delivering remarkable returns to the stake holders by achieving sustainable performance by ensuring operational ef�ciency; enhance delivering capability and high service standard, by developing strong compliance culture with robust risk management framework, and by creating a corporate culture of equality, trust and team spirit.
FMFB is transforming its conventional micro�nance operations with enhancement in controls, ef�ciency and productivity by digitizing and exploring new horizons to ensure �nancial inclusion through digital �nancial services. It will continue to service small farmers in agriculture and livestock, education, housing and small enterprises.
FMFB will continue its efforts to penetrate in un-banked/ underserved and rural areas along with its penetration to the peri-urban locations, while expanding its outreach in various geographies/ territories/ provinces based on overall potential and FMFB's affordability from time to time.
CPEC routes will be covered for expanding footprint where there is potential for maximum economic activity FMFB will continue its focus on far �ung and hard areas of Gilgit-Baltistan-Chitral (GBC) from both digital and micro�nance perspective by tailoring products and services to capture new markets; to show FMFB’s commitment towards GBC, the bank is constructing its regional of�ce in Gilgit.
FMFB will be enhancing and improving its focus of risk management, compliance and internal audit. FMFB will continue to ensure zero tolerance against fraud & forgery and malpractices within all operating activities and business. FMFB is determined to inculcate and enrich a compliance culture at all levels while assuring compliance to regulatory regimes and internal policies.
FMFB will continue its effort on becoming employer of choice. Given the overall growth strategy of FMFB, Human
STRATEGIC OBJECTIVES ANDRESOURCE ALLOCATION
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FMFB Annual Repor t 2019
Resource Management will be a focus area in terms of hiring quality resource and enhancing skill sets of existing resource through continuous training and development.
FMFB is working on enhancing its product suite through implementation of digital �nancial services with a focus on client centricity and �nancial inclusion. The bank is also focusing on leveraging technology to digitalize work processes and improve ef�ciencies.
FMFB aims to become an organization focusing on social goals along with �nancial sustainability goals. The Bank has identi�ed a speci�c set of social goals along with target indicators, which the Bank intends to achieve while balancing its �nancial goals during the next �ve years. With the changing environment, the bank continues to review the social goals to adjust and update these as per the requirements of varying times.
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FMFB Annual Repor t 2019
2019
2018
2017
2016
FMFB staff contribution in National Financial Literacy Program recognized by SBPIn Digi-Awards Insta 48 won as Best Banking Tech & First Awaaz as Best Online Streaming ServiceFirst Family App nominated in EFMA Awards under the workforce experience category 2018 Annual Report won 2nd Position under the category of Best Corporate and Sustainability Reporting – silver award, recognized by ICMAP & ICAPAwarded Five Regional Awards at the 13th Citi PPAF Awards
Insta 48 Launched
No of BorrowersGross Loans (MM) No of DepositorsDeposited Amount (MM)
485,50531,066
1,221,70138,404
Certi�cations/Awards
Milestones
Loan ProductsNilDeposit ProductsNil
Branches 163SOs 0736PBs
FOOT PRINT 206
Certi�cations/Awards
No of BorrowersGross Loans (MM) No of DepositorsDeposited Amount (MM)
423,58923,404
986,81431,129
Won Smart Certi�cation Award for Client Protection Won Gold Price Disclosure Award by MicroFinanza Rating Awarded Five National/Regional Awards at 12th Citi PPAF Awards
First ATM LaunchedMilestones
Loan ProductsRoshanZar Plus
Deposit ProductsFirst Premium Saving Account
First Current Plus AccountBranches 155
SOs 1929PBs
FOOT PRINT 203
Awarded Best Partner Institute for NFL Program by SBP Awarded Three Regional awards at 11th Citi PPAF Awards
No of BorrowersGross Loans (MM) No of DepositorsDeposited Amount (MM)
304,56314,308
718,10720,887
Loan Products
Certi�cations/Awards
MilestonesLaunched Social Media Channels Joined hands with LFD for Enhancing Financial Inclusion Signed agreement with TPS Pakistan to enable Digital Payment Platforms Launched FMFB VANBank
First Home LoanStudent Finance
Deposit ProductsUmeed Bunyadi Bachat AccountDiamond TDR Product
Branches 112SOs 4133PBs
FOOT PRINT 186
Certi�cations/Awards
No of BorrowersGross Loans (MM) No of DepositorsDeposited Amount (MM)
220,4938,203
458,21012,237 Five National/Regional Awards at
10th Citi PPAF Awards
HBL acquired 50.5% sharesMilestones
Loan ProductsNil
Deposit Products
NilBranches 100
SOs 3920PBs
FOOT PRINT 159
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FMFB Annual Repor t 2019
2014
2013
2011
2015
2012
Four National/Regional Awards at the Citi PPAF Awards
Approved Employer accredition by ACCA
No of BorrowersGross Loans (MM) No of DepositorsDeposited Amount (MM)
176,7385,588
296,2489,661
Certi�cations/Awards
Milestones
Loan ProductsBEIP Product
Deposit ProductsNil
Branches 89SOs 4220PBs
FOOT PRINT 151
Certi�cations/Awards
270,787
No of BorrowersGross Loans (MM) No of DepositorsDeposited Amount (MM)
148,3254,430
8,750
Awarded Seal of Pricing Transparency by MF Transparency
Milestones
Loan ProductsRoshanZar
Renewable Energy Finance
Deposit ProductsBranches 84
SOs 3616PBs
FOOT PRINT 136
Deposited Amount (MM) 7,815
Certi�cations/Awards
No of BorrowersGross Loans (MM) No of Depositors
129,9873,466
263,437
National Award at 7th Citi PPAF Awards
NilMilestones Loan Products
First Karobar SarmayaFirst Kissan SarmayaFirst Maveshi SarmayaFirst Roshan Mustaqbil SarmayaMulti Input Resettlement ProductSocial Loan Product
Deposit Products
NilBranches 79SOs 5008PBs
FOOT PRINT 137
Certi�cations/Awards
250,212
No of BorrowersGross Loans (MM) No of DepositorsDeposited Amount (MM)
122,8563,027
6,571
National/Regional Awards at 6th Citi PPAF Awards
NilMilestones
Loan ProductsIndividual Finance Against Gold
First Sawari SarmayaGeneral Purpose Loan
Asaan AccountvDeposit Products
Nil
Branches 77SOs 4407PBs
FOOT PRINT 132
Certi�cations/Awards
No of BorrowersGross Loans (MM) No of DepositorsDeposited Amount (MM)
118,7062,377
240,3945,920
Nil
Nil
Milestones Loan Products
Deposit Products
Nil
Individual Finance (Against Cash Near Cash) BACIP Product
Branches 71SOs 5009PBs
FOOT PRINT 130
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FMFB Annual Repor t 2019
2010
2008
2007
2009
Certi�cate of Recognition in Silver Category by Micro�nance Informa-tion ExchangeNational Award at 5th Citi PPAF Awards
Nil
No of BorrowersGross Loans (MM) No of DepositorsDeposited Amount (MM)
151,5322,353
227,0395,344
Certi�cations/AwardsMilestones
Loan ProductsNil
Deposit ProductsNil
Branches 82SOs 6401PBs
FOOT PRINT 147
Certi�cations/Awards
No of BorrowersGross Loans (MM) No of DepositorsDeposited Amount (MM)
199,4582,751
189,8785,219
Social Rating carried out by M’Cril Collaboration with Harvard University for social performance research
Milestones
Loan ProductsStart Up Finance
Deposit ProductsNil
Nil
Branches 84SOs 6804PBs
FOOT PRINT 156
Certi�caitons/Awards
No of BorrowersGross Loans (MM) No of DepositorsDeposited Amount (MM)
167,9152,082
144,8983,305
NilMilestones
Loan ProductsLivestock Finance
Deposit Products
Nil
Ranked 7th amongst the top 100 MFIs of the world in 2008 MIX Global 100 Composite Rankings
Branches 85SOs 6804PBs
FOOT PRINT 157
Certi�cations/Awards
80,107
No of BorrowersGross Loans (MM) No of DepositorsDeposited Amount (MM)
101,1931199
2,036
Ranked 14th amongst the top 100 MFIs of the world in 2007 MIX Global 100 Composite RankingsLaunched the �rst branchless banking unique partnership with the Pakistan Post for increasing outreach in remote areas
NilMilestones
Loan ProductsNil
Deposit ProductsFirst Bachat Tanzeem Branches 76
SOs Nil04PBsFOOT PRINT 80
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FMFB Annual Repor t 2019
2005
2004
2002
2006
2003
Certi�cations/Awards
No of BorrowersGross Loans (MM) No of DepositorsDeposited Amount (MM)
52,135668
39,154925
NilMilestones
Loan ProductsShubinakMicro Enterprise Finance
Deposit ProductsNil
Awarded the top “Financial Financial Transparency Award 2006” by CGAP
Branches 21SOs Nil15(8)PBs
FOOT PRINT 44
First MFP in Pakistan to become a member of the global Micro�nance Network
No of BorrowersGross Loans (MM) No of DepositorsDeposited Amount (MM)
16,855355
27,932651
NilCerti�cations/AwardsMilestones
Loan ProductsNISA
MDPL
Deposit ProductsNil
Branches 15SOs Nil03(9)PBs
FOOT PRINT 27
Certi�cations/Awards
No of BorrowersDisbursed Amount (MM) No of DepositorsDeposited Amount (MM)
9,543212
18,589469
Awarded ‘5-Diamond’ Status for high level disclo-sure on the Micro�nance Information Exchange
Milestones
Loan ProductsMicro Pensioner Loan
Low Salary Employees LoanWomen Entrepreneurship Loan
Deposit ProductsNil
Nil
Branches 21SOs Nil(02)POL
FOOT PRINT 23
Certi�cations/Awards
No of BorrowersGross Loans (MM) No of DepositorsDeposited Amount (MM)
3,55866
10,151392
Nil
Nil
MilestonesLoan ProductsVillage Group Finance SchemeUrban Group Finance SchemeHousing Imrovement LoanIndividual Loan
Deposit ProductsNil
Branches 19SOs Nil(01)POL
FOOT PRINT 20
Certi�cations/Awards
2,773
No of BorrowersGross Loans (MM) No of DepositorsDeposited Amount (MM)
71318
64
Inaugurated by His Highness the Aga Khan & President of Pakistan
Nil
Milestones
Loan ProductsUrban Group LoanVillage Group LoanBusiness GroupBusiness Committee
Deposit ProductsTerm Deposit AccountCurrent AccountSaving Account Micro Cash Maximizer
Branches 07SOs Nil(01)POL
FOOT PRINT 08
49%
CASA RATIO
ACTIVEBORROWERS
485,505
DEPOSITORS
NEWACCOUNTS
253,605
3.5%
1,221,701
PORTFOLIOQUALITY - NPL%
DEPOSITBASE '000
38,403,643
GROSS LOANPORTFOLIO '000
31,066,130
33%
NEWBORROWERS
217,637
NETWORKLOCATIONS
206
WOMENRATIOBORROWERS BASE
PRE-TAXPROFIT - PKR '000
701,161
RATIO OF RURALBORROWERS
67%
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FMFB Annual Repor t 2019
173,929
ATMs
76
3,296
DIGI AWARDS
Given by Pakistan Digital Awards on Best Banking Tech of the Year (Insta - 48) andBest Online Streaming (FIRST Awaaz)
DIGITALDISBURSEMENTS -INSTA48
17,951
NFLPRECOGNITION
Given by SBP on best partner institute on National Financial Literacy Program
BEST CORPORATE& SUSTAINABILITY REPORT AWARD
Given by ICAP (The Institute of Chartered Accounts of Pakistan) and ICMAP (the Institute of Cost and Management Accountants of Pakistan), FMFB won 2nd position
The bank nominated for the EFMA awards 2019 with its Digital products Insta1, Insta 48, FIRST Awaaz web casting and FIRST Family Employee App under the categories of innovation, Phygital Distribution & Experience and Digital Marketing & Communication
EFMANOMINATION
GDIBAWARD WINNER
Given by Diversity Hub Pakistan on creating diversity and inclusive culture in the organization
Given by Citi Foundation and the Pakistan Poverty Alleviation Fund under the umbrella of 13th Citi Micro Entrepreneurship Awards, FMFB won 5 Awards (3 Regional winners and 2 Regional Runnersup)
CMAAWARDS
DEBITCARDS ISSUED
A+/A-1
CREDIT RATING
STAFF
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FMFB Annual Repor t 2019
CORPORATE INFORMATION
Rayomond KotwalAbrar Ahmed Mir
Jesse Culain FrippMaria Christine Largey
Masanari YanagiuchiMaya Inayat Ismail
Sobia ChughtaiZahir Riaz
Muhammad Amir Khan
ChairpersonDirectorDirectorIndependent Director DirectorDirector DirectorIndependent DirectorPresident & CEO
BOARD OF DIRECTORS
COMPANY SECRETARYYasir Masud
LEGAL ADVISORKhawaja & Kamal Attorneys at Law
AUDITORA.F. Ferguson & Co. Chartered Accountants A member �rm of the PwC
HEAD OFFICE & REGISTERED OFFICEThe First MicroFinanceBank Ltd. 16th & 17th Floors Habib Bank Tower Blue Area,
Islamabad Phone: (+92-51) 2824450
ENTITY RATINGSLong Term: A+ Short Term: A-1 By JCR-VIS
Maria Christine LargeySobia Chughtai
Maya Inayat IsmailMuhammad Siddique
ChairpersonMemberMemberSecretary
AUDIT COMMITTEE
Rayomond KotwalMaya Inayat Ismail
Zahir RaizWajid Ali
ChairpersonMemberMemberSecretary
HUMAN RESOURCE COMMITTEE
Jesse Culain FrippSobia Chughtai
Abrar Ahmed MirZehra Khalikdina
ChairpersonMemberMemberSecretary
RISK COMMITTEE
Abrar Ahmed Mir Jesse Culain Fripp
Maria Christine LargeySohail Malik
ChairpersonMemberMemberSecretary
FINANCIAL INCLUSION AND IT COMMITTEE
BOARD COMMITTEES
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FMFB Annual Repor t 2019
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FMFB Annual Repor t 2019
FMFB’s borrowers are from the most vulnerable segments of the population – our mandate is to provide them with access to �nancial services so that they are able to improve their quality of lives. To this end, I am pleased to share that the Bank ful�lled its mandate of provid-ing banking services to the unbanked – a continuously growing customer base of over 1.4 million, is testament to this while maintaining its loan portfolio quality. FMFB’s performance during 2019 was delivered in the backdrop of a challenging external environment and the bank was able to navigate through these headwinds as a result of substan-tial investments made over the past couple of years in the risk framework and �nancial discipline. We are proud to report that by the end of 2019, FMFB had strengthened its market position to become the 2nd largest
THE CHAIRMAN MESSAGE
micro�nance bank in Pakistan. We disbursed PKR 31.6 billion in loans, once again the highest ever in our history, to more than 430,000 clients, growing the loan portfolio by 33% to PKR 31 billion; deposits increased by 23% to over PKR 38 billion. The strength and stability of our franchise was recognized by VIS who reaf�rmed our credit rating at A+/A-1, the highest possible in the micro�nance sector.
FMFB remains committed to accelerating its transformation to digitize all customer interactions. This will enable the Bank to ramp up �nancial inclusion while greatly expanding its outreach and revolutionize the customer on-boarding journey. In 2019, the Bank initiated the rollout of Insta48, a fully digital loan origination system that enables end-to-end disbursement within 48 hours. Internal digitalization initiatives serve to kick-start a digital journey and during the year, we launched the First Family App – an application that enables HR interactions via smartphones. This has received extremely positive feedback, internal as well as external. I am delighted to share with you that our digitization efforts have received external recognition with Insta48, being awarded at the Annual DigiAwards 2019 in the category of “Best Banking Tech” and the First Family App being nominated under the category of Workforce Experience in the annual EFMA - Accenture Customer Insight & Growth Banking Innovation Awards 2019. The �ght against �nancial crime continues to be of paramount importance to us. FMFB has made great strides in strengthening its Compliance Framework to ensure compliance with local regulations as well as global best practices.
During the unprecedented global COVID pandemic, we
have taken all possible measures to ensure uninterrupted provision of the complete range of banking services to our clients while adopting the best recommended personal protective practices for our staff, as well as for our custom-ers across the country – for FMFB, the safety and physical well-being of our staff and clients is of paramount impor-tance. A public awareness campaign has been launched on our all social media channels as well as on print media to encourage clients to use alternate digital delivery channels instead of visiting the branches. During these dif�cult times, FMFB stands �rm with its clients by continu-ing to take care of their business needs – and will support them through this cycle, including through relief measures in line with regulatory guidelines where necessary. With the onset of the pandemic and the ensuing lockdown, many daily wage earners were faced with starvation, FMFB, in collaboration with HBL and Jubilee Insurance, arranged to distribute food rations to families of daily wage earners across the country. Over 180,000 people have bene�ted from this program that reached people in remote areas of Gilgit-Baltistan and Chitral to the slums of Karachi.
The COVID-19 impact will be long lasting and, in many ways, has already changed the world forever, requiring new ways of interaction and working. This has provided further impetus for FMFB to fast-track its digital journey with the clear objective to operate effectively and safely. To meet this objective, FMFB will invest more in developing and acquir-ing state-of-the-art technology to improve the customer experience throughout their entire relationship while providing them seamless convenience at their �ngertips, reduced human interaction and faster turnaround time. We would not have become one of the leading micro�nance banks today without the unwavering support of our custom-
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FMFB Annual Repor t 2019
FMFB’s borrowers are from the most vulnerable segments of the population – our mandate is to provide them with access to �nancial services so that they are able to improve their quality of lives. To this end, I am pleased to share that the Bank ful�lled its mandate of provid-ing banking services to the unbanked – a continuously growing customer base of over 1.4 million, is testament to this while maintaining its loan portfolio quality. FMFB’s performance during 2019 was delivered in the backdrop of a challenging external environment and the bank was able to navigate through these headwinds as a result of substan-tial investments made over the past couple of years in the risk framework and �nancial discipline. We are proud to report that by the end of 2019, FMFB had strengthened its market position to become the 2nd largest
EARNINGS PER SHARE (AFTER TAX)
1.95 9.2%
73.3% 25.5%
RETURNON EQUITY
COST TOINCOME RATIO
ASSETGROWTH
ers and we thank them for their loyalty and trust. Our greatest strength shall always be our human resource, the FMFB Family. They have been at the forefront of facing the challenging market conditions, while ensuring that FMFB continues to serve its customers through superior products and services. The Board expresses its gratitude for their perseverance, commitment to the mission of the Bank, and for positioning FMFB for a brighter and more prosper-ous future. The Board remains resolute to its vision of human capital development and capacity building for better service delivery at all levels. The values of equality and equity, respect for customers and employees and zero tolerance for non-compliance are core components as we drive towards our goal of attaining market leadership in the sector.
In the end, I would like to express my profound gratitude for the regulators SBP and SECP for their guidance and contin-uous support to the overall banking industry during a critical time for the national economy on the whole and for the banking sector in particular. The Board and I remain committed to ensure that FMFB continues to play a leading role in �nancial inclusion in Pakistan.
Mr. Rayomond Kotwal
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FMFB Annual Repor t 2019
THE PRESIDENT AND CEO’s MESSAGE FMFB today is a stronger, more innovative and resilient bank all set to attain what few have achieved in the market.
During the course of the last couple of years, the key focus of the FMFB Management has been �ve priority areas, achieve sustainable growth by focusing on core competencies, embrace digital as the way forward, ensure excellent governance and the highest ethical standards, improve the quality of life of clients and, lastly, strengthen the bank’s resilience to external shocks. These form the main pillars of FMFBs long term sustainability and enabled the Bank to grow exponentially as well as responsibly. Micro�nance in Pakistan is going through a major evolutionary leap, with key partner institutes eyeing digital �nancial solutions to expand their outreach, is clear indication that in the near future we would witness �nancial services that are cost ef�cient, business models that are robust and outreach that extends to the customer’s doorstep. While there were clear links between the sector’s slowdown and the country’s overall macroeconomic conditions, as one of the top micro�nance banks in the market, we at FMFB realize our responsibilities towards poverty alleviation and the impact of our �nancial interventions on the lives of millions of underprivileged and �nancially excluded individuals. While these temporary market conditions are corrections, administered by the policy makers to ensure sustainable long term economic recovery, they provide an excellent opportunity for introspection for resilience to upheavals. During the year, we reaped what we have sown in the past, improvements in governance frameworks, stress testing of our risk thresholds and �nancial remodeling of the core bottom line enabled the bank to continue its growth strategy. During the year, we extended micro loans to 217,637 new customers and were able to close the year with the gross loan portfolio of Pkr 31.6 Billion, a growth of 32.5% over 2018.
The Bank’s deposit book grew by 23.4% and was Pkr 38.4 Billion on December 31st, 2019. The CASA ratio in the overall deposits witnessed an impressive growth of 49.2% and stood at 48.7% of the overall deposits. This was possible via a strategic shift in the deposit acquisition strategy, one where the reliance on long term �xed institutional deposits was replaced by transactional banking accounts. We would continue with this strategic shift in the long term via digital innovations structured to support growth in low cost mobile wallets for small depositors as well as current accounts for small businesses
that require tailored cash management solutions for their everyday business needs. Our strategy for expanding our outreach has started to yield results. At one end we continue to increase our brick and mortar footprint, while on the other, we strengthened our digital channel uptake. In 2019, we expanded our branch network by 3 branches, 1 PB. We also converted 5 PBs to full service branches and11 SO were upgraded to the status of fully licensed locations. While we continue to push for greater uptake of our digital channels, we believe it to be highly essential to leverage the client connectivity achieved through a physical footprint.
In 2019, we witnessed our digital interventions yield results beyond our expectations. We became the micro�nance sector’s largest PayPak Debit Card issuer and at the close of the year our debit card transactions volume was an approximate Pkr 6.9 billion. Our Mobile Applications, First Touch Banking, achieved 2,839 activations and hosted a transaction volume of Pkr 1.1 Billion. But for us the biggest winner remained the First Awaaz Streaming service, our primary tool for greater �nancial literacy and recognized in Digi Awards 2019 as the “Best Online Streaming Service”.Over the years, FMFB has established its reputation as an innovator, having founded its roots in the credit and savings program of AKRSP, the bank has been the birthplace of major �nancial interventions that are being adopted by partnering institutions in the sector today. Structured
27
FMFB Annual Repor t 2019
During the course of the last couple of years, the key focus of the FMFB Management has been �ve priority areas, achieve sustainable growth by focusing on core competencies, embrace digital as the way forward, ensure excellent governance and the highest ethical standards, improve the quality of life of clients and, lastly, strengthen the bank’s resilience to external shocks. These form the main pillars of FMFBs long term sustainability and enabled the Bank to grow exponentially as well as responsibly. Micro�nance in Pakistan is going through a major evolutionary leap, with key partner institutes eyeing digital �nancial solutions to expand their outreach, is clear indication that in the near future we would witness �nancial services that are cost ef�cient, business models that are robust and outreach that extends to the customer’s doorstep. While there were clear links between the sector’s slowdown and the country’s
CUMULATIVE VALUEOF LOANS DISBURSED
3,101,013
125.756 IN BILLION 48.018 IN BILLION
CUMULATIVE VALUE OF LOANS DISBURSED TO
AGRI/LIVESTOCK FARMERS
CUMULATIVE VALUE OF LOANS DISBURSED TO MICRO ENTERPRISES
CUMULATIVE VALUEOF LOANS DISBURSED
TO FEMALES
1,318,762
909,196
38.789 IN BILLION 34.308 IN BILLION
1,014,094
around the varying needs of the targeted clientele, these innovations have not only led to notable improvements in the quality of life of individuals but have also impacted communities that bene�t from increased employment opportunities arising from small businesses. These individuals through access to formal �nance have become role models for generations to come and their innovations and entrepreneurial abilities have received recognition by forums such as the Citi Foundation’s Citi Entrepreneurship Award. In 2019, 5 of FMFB’s clients emanating from remote localities of Gilgit, Baltistan and Balochistan received recognition for their valued impact. Our strategy to develop and strengthen the Compliance and Governance structure of the Bank started to payback its dividends in 2019. To ensure that the Bank complies to local as well as internal standards, adequate investments were made not just in systems or policy but more so in developing a culture where each individual in the Bank understands his / her obligations and implications towards non-compliance. In order to ensure that our digital future remains secure, for us and for our customers, the Bank rede�ned its risk management approach and acquired capacities at all levels of the value chain to ensure that its bulwarks to cyber-attacks are world class. We are proud of our history and heritage, as in them lies the direction which we are bound to follow in the future. We shall continue to be a bank where the customer is at the heart of all innovations. While we continue to steer forward towards a digital future, we ensure that our service delivery complies with the highest quality standards, as in this lies the secret to our sustainable growth, market positioning and most of all our identity.
With a target to achieve a customer base of 12 Million by
2024, we have all the components in our DNA to attain exponential growth as a market leader in the sector and of all the components we have nurtured, our employees remain the most potent catalyst behind FMFB’s growth trajectory. We have a unique workforce that fuels our future aspirations. Through the principles of diversity, equality, career progression and accountability, we have ensured a continuity that complements our progression and stride forward. The Board and I, express our deepest gratitude to our employees.
FMFB continues to work with the regulator to foster and develop pioneering interventions in the micro�nance industry. FMFB has developed various innovative programs in the �eld of Value Chain Financing and Renewable Energy Financing. The bank is also working in close coordination with the regulator in order to improve �nancial inclusion through digital channels. We are proud of the trust placed by the regulator in FMFB and intend to continue working with the regulator for the betterment of the micro�nance industry in Pakistan.
The groundbreaking ceremony of FMFB’s new Regional Headquarters Building in June 2019 marked the start of a new era of FMFB’s commitment towards the communities of Gilgit, Baltistan and Chitral Region. The institution has its origins from this region, and therefore, it is close to our heart. Spread over 11,505 sq ft, the building is planned to be completed in 2 years and shall house Bank Branch, Bank Of�ces, Training Development Centre, Regional and Area Of�ces. The building will be the �rst-of-its-kind LEED certi�ed and environmentally friendly structure in Gilgit Baltistan. It would also employ solar as a source of power which would add to its green credentials.
We believe customer experience is the key differentiator for
28
FMFB Annual Repor t 2019
During the course of the last couple of years, the key focus of the FMFB Management has been �ve priority areas, achieve sustainable growth by focusing on core competencies, embrace digital as the way forward, ensure excellent governance and the highest ethical standards, improve the quality of life of clients and, lastly, strengthen the bank’s resilience to external shocks. These form the main pillars of FMFBs long term sustainability and enabled the Bank to grow exponentially as well as responsibly. Micro�nance in Pakistan is going through a major evolutionary leap, with key partner institutes eyeing digital �nancial solutions to expand their outreach, is clear indication that in the near future we would witness �nancial services that are cost ef�cient, business models that are robust and outreach that extends to the customer’s doorstep. While there were clear links between the sector’s slowdown and the country’s
FMFB in today’s competitive micro�nance industry. In order to enhance customer experience FMFB had previously developed and piloted a completely digital tablet-based Loan Origination System (LOS) which allowed FMFB to deliver a simpler and shorter customer onboarding experience. Based on the last 2 years’ of learning and investment FMFB has continuously improved this application for the bene�t of its customers. Over the course of the next year, this application would be further upgraded to include a state-of-the-art credit scoring mechanism which would further strengthen the credit underwriting process. With this innovation FMFB intends to unlock new markets and customer segments.
4FMFB is committed to its vision and mission to expand outreach by continuing to grow its presence in all provinces, especially the underserved regions of Pakistan. In the coming year, the bank plans to open branches in 14 new locations.
FMFB believes in the importance of human capital
development via acquisition of competencies and capacity building of its people. The values of excellence, progressiveness, integrity, customer focus and meritocracy are key to ensuring that FMFB continues to grow with responsibility and in a sustainable manner. The bank shall invest on developing the aptitude and competence of its people through well-designed training programs which emphasize continues learning.
I would like to close my statement by thanking all our stakeholders, our customers, our board of directors and above all, our customers. Your continual support has been a source of inspiration that motivates us to grow, improve and innovate. Thank You.
Mr. Muhammad Amir Khan
29
FMFB Annual Repor t 2019
FMFB continued its growth trajectory in 2019 despite a challenging economic environment. The gross loan portfolio increased by 33%, while active clients increased by 15% to 485,505. FMFB offers a diversi�ed range of credit products
based on customer needs for economic activities like agriculture, livestock, micro-enterprises and for other social needs such as housing and education.
FMFBs gross loan portfolio encompasses diversi�ed customer segments, re�ecting FMFBs market-leading range of loan products. The main customer segment is livestock/agriculture, a mainstay of Pakistan’s economy, which comprises of 44% of FMFBs overall portfolio. This is followed by Enterprise Finance (up to PKR 150K – 17%) and
Upper End Micro Enterprise �nance (PKR 150K to PKR 1MM – 16%), which forms 33% of FMFBs loan portfolio. The third main client segment, Fixed Income (Pension/Salary), comprises of 13% of FMFBs portfolio. The share of Housing Finance in FMFBs portfolio has continued to increase since its launch in 2017 and reached 10% in 2019.
LOAN PORTFOLIO
ASSET PORTFOLIOIn 2019, FMFB’s network expanded to 206 locations encompassing 163 full service branches, 36 Permanent Booths (PBs) and 7 Pakistan Post sub-of�ces in Pakistan. The
geographical spread of FMFB, especially presence in remote locations, enables the organization to achieve its mission of �nancial inclusion.
Punjab
Sindh
Gilgit-Baltistan
Khyber Pakhtunkhuwa
Azad Jammu Kashmir
Balochistan
Capital Territory
Total
77
40
22
15
2
6
1
163
28
8
-
-
-
-
-
36
3
4
-
-
-
-
-
7
108
52
22
15
2
6
1
206
74
40
19
15
2
4
1
155
22
5
2
-
-
-
-
29
12
7
-
-
-
-
-
19
108
52
21
15
2
4
1
203
ProvinceBranch PB SO Total Branch PB SO Total
2019 2018
ASSET PORTFOLIO
Number of Active Borrowers (’000)600
500
400
300
200
100
-
194
305
424 486
2016 2017 2018 2019
Gross Loan Portfolio (PKR Million)35,000
30,000
25,000
20,000
15,000
10,000
5,000
-
6,988
14,308
23,404
31,066
2016 2017 2018 2019
30
FMFB Annual Repor t 2019
Average Loan Size Disbursed - PKR
Loan Size-Wise Disbursement % - 2019
37,42647,690
56,214
73,355
2016 2017 2018 2019
The average loan size in FMFBs loan portfolio increased by 30% to PKR 73,355 re�ecting the high in�ation rate in 2019 and FMFBs continued growth in the Upper End Microenterprise segment (PKR 150K to PKR 1 MM) and Housing Finance (PKR 150K to PKR 0.5 MM).
LOAN SIZE
Outstanding Portfolio - PKR in Million
12,000
10,000
8,000
7,000
6,000
4,000
2,000
-Agriculture Livestock Enterprise Upper End
MicroEnterprise
FixedIncome
HousingFinance
2016 2017 2018 2019
Agriculture Livestock Roshanzar Roshanzar + Fixed Income HousingFinance
StudentLoan
PIFEnterprise
100%
80%
60%
40%
20%
0%
UptoPKR 1mln UptoPKR 500k UptoPKR 150k UptoPKR 100k UptoPKR 50k
In terms of active borrowers, the ratio of male-female borrowers was 67:33. FMFBs Female Borrower portfolio
exhibited a 7% YoY Client Growth and 19% YoY Portfolio Growth.
GENDER MIX
Number of Customers (’000)
600
500
400
300
200
100
-
143
196
274325
2016 2017 2018 2019
Outstanding Portfolio - PKR in Million
6,123
10,67417,685
23,777
2016 2017 2018 2019
Male Female
35,000
30,000
25,000
20,000
15,000
10,000
5,000
-
31
FMFB Annual Repor t 2019
In FMFBs loan portfolio 67% of total clients are classi�ed as residing in rural areas, demonstrating the institution's
commitment to �nancial inclusion.
RURAL AND URBAN CONCENTRATION
Number of Customers (’000)
600
500
400
300
200
100
-
143
196
274325
2016 2017 2018 2019
Outstanding Portfolio - PKR in Million
35,000
30,000
25,000
20,000
15,000
10,000
5,000
-
2,730
4,854
7,951
9,069
2016 2017 2018 2019
Urban Rural
In 2019, FMFBs liability portfolio grew by 23% to PKR 38.4 Bn. Liability products of the FMFB are targeted at multiple market segments – individuals, enterprises and corporations. FMFB focuses on both high net worth
individuals and low income segments, women, professionals, private organizations and government departments, etc.
LIABILITY PORTFOLIO
Number of Depositors (’000)
1,400
1,200
1,000
800
600
400
200
-
45,00040,00035,00030,00025,00020,00015,000
5,000-
458
718
9871,222
2016 2017 2018 2019
Amount of Deposits - PKR in Million
12,217
20,887
31,129
38,404
2016 2017 2018 2019
Outstanding Portfolio - PKR in Million
25,000
20,000
15,000
10,000
5,000
-CurrentAccount
FirstCurrent
PlusAccount
FirstSaving
Account
FirstPro�t
Account
FirstPensionAccount
UBBA TermDeposit
2017 2018 2019
32
FMFB Annual Repor t 2019
1. Hunar Foundation The First Micro�nance Bank entered into an alliance with the Hunar Foundation, a technical training institute providing vocational training to the youth, in order to provide �nancing to its Alumni for their enterprises.
2. Winrock – PAD As part of an alliance with Winrock Ltd. Under the Pakistan Agricultural Development (PAD) Project , FMFB is to offer �nancing to farmers trained by Winrock Ltd on 4 small crops: Dates, Chilli, Banana and Tomato.
3. Saeeda Mandviwalla/Essensuals Hairdressing The First Micro�nance Bank collaborated with Saeeda Mandviwalla of TONI&GUY Karachi, to provide vocational training skills, mainly entrepreneurial and leadership skills, to beauty parlour owners and technicians. The aim of this endeavour is to encourage these women to improve their livelihoods by facilitating the growth of their businesses, while availing �nancing from FMFB. This seminar took place on 23rd October at Beach Luxury Hotel, Karachi.
ALLIANCES
1. LOS – Insta 48 FMFBs Loan Origination System (LOS)- Insta-48 providing end to end loan processing was developed and launched in Jan 2019. The tablet based LOS leads to quicker processing of loans, increased work-�ow ef�ciency and provides greater client- convenience. By end-2019 41 Branches were disbursing loans through Insta 48. A total of 18,225 loans were disbursed using the system.
2. Loan Repayment through UBL Omni As part of FMFBs alliance with UBL OMNI for repayment of loans 112K transactions were conducted of PKR 643 Mn in 2019.
3. Mobile Banking App – FIRST Touch Banking FMFB continued to improve the features and functionality of its mobile banking app –FIRST Touch
Banking. In 2019, 90K transactions were conducted through FIRST Touch Banking App of PKR 1.15 Bn.
4. LRMIS Implementation In order to promote agriculture lending, Punjab Land Revenue Authority (PLRA) trained FMFB staff and allowed access to digitalized land records through web based access to their system i.e. Land Records MIS (LRMIS). This provides time and place convenience to customers. Through LRMIS FMFB can generate documents related to agricultural lands and mutation of these lands at the branch level. The pilot for the same was initiated in one branch in South Punjab in 2019. The same is being expanded to other rural branches of Punjab in 2020.
DIGITAL
33
FMFB Annual Repor t 2019
BOARD OF DIRECTORS
Rayomond Kotwal has over three decades of experience. He has worked in senior �nance roles with United Bank Limited, NIB Bank Limited, Citibank NA, Citi Cards Canada Inc. and ICI Pakistan Limited. Mr. Kotwal is currently the Chief Financial Of�cer of Habib Bank Limited. Mr. Kotwal holds a Masters in Business Administra-tion (Finance) from the Institute of Business Administration, Karachi and a BS and MS in Electrical Engineering from the Massachusetts Institute of Technology, Cambridge Massachusetts. In addition to FMFB, Mr. Kotwal current directorships include: Habib Allied Holdings Limited, UK – Director, HBL Bank, UK – Director, HBL Asset Management Limited – Director.
Rayomond KotwalChairperson
Jesse C. Fripp has over two decades of experience in strategic leadership and governance, �nancial services delivery, capital strategy and fundraising, and human and organizational development. Currently, Mr. Fripp is the General Manager of the Aga Khan Agency for micro�nance. Past experience includes Enclude Ltd, ShoreBank International, Bearing Point Emerging Markets, and Global Communities/Vitas Finance. Mr. Fripp has built and led inclusive �nance institutions, corporate consulting business lines, commercial micro�nance and digital �nancial services business lines, and multiple merger, acquisition and business transformation initiatives in more than two dozen emerging markets around the world. Mr. Fripp holds a Masters in Public Management with concentration in International Economic Development from University of Maryland (USA).
Jesse Culain Fripp
Abrar A. Mir has diversi�ed professional experience of over two decades with United Bank Limited, National Commercial Bank (Jeddah), Citibank N.A, Cupola Investment Ltd (Dubai), and ICI Pakistan Limited. At United Bank Limited, he was instrumental in conceiving and developing UBL Omni – mobile and branchless banking business, convincing the Government of Pakistan and multiple donor agencies to digitize payments i.e. Flood Relief Program (Watan cards), World Food Program, and Benazir Income Support Program (BISP). Mr. Mir led the Bank to win GSMA Global Mobile Award 2012 for “Best Use of Mobile in Emergency or Humanitarian Situations”, as well as “Best Internet Banking for Consumers – 2014” award by Global Finance. Currently, Mr. Mir is the Chief Innovation & Financial Inclusion Of�cer at Habib Bank Limited. He has been a speaker at various international and local forums organized by Bill & Melinda Gates Foundation, GSMA, EBRD, UNDP, FI 2020 by Accion, CGAP, Asobancaria Colombia, DFID, SEEP and State Bank of Pakistan. Mr. Mir holds a Masters in Business Administration from Illinois Institute of Technology, Chicago (USA) and a B.E Electronics engineering from the College of Electrical and Mechanical Engineering, Pakistan. He has also completed a course in “Strategic Leadership in Inclusive Finance” from the Harvard Business School (USA).
Abrar Ahmed Mir
34
FMFB Annual Repor t 2019
Masanari Yanagiuchi has over a decade and a half of professional experience in public bilateral institutions in Japan since he started his professional career in the Japan Bank for International Cooperation (JBIC). Currently, Mr. Yanagiuchi is a Director in Private Sector Partnership and Finance Department at the Japan International Cooperation Agency (JICA) where his responsibilities included a preparatory survey (PPP infrastructure projects) and portfolio management of private sector investment �nance by JICA. Mr. Yanagiuchi holds a Bachelor of Economics from the Hitotsubashi University, Tokyo (Japan).
Masanari Yanagiuchi
Maria C. Largey has over a decade and a half of varied experience in the �nancial sector, with CDC Group Plc, Agora Micro�nance Partners LLP, Opportunity International, and J.P Morgan Asset Management. She is currently the Investment Director with the CDC Group Plc, where she is leading CDC’s direct equity investments in �nancial institutions in Africa and Asia. Ms. Largey’s core competencies include structuring investments and designing and implementing fund raising strategies. Ms.Largey holds a Bachelor of Science (Biological Sciences) from the University of California, Santa Barbara (USA). Ms. Largey’s current Directorships include: Green Shoots Foundation -Chairperson, Advans Group – Chair of Governance Committee and Catalyst Micro�nance Investors – Director.
Maria Christine Largey
Maya I. Ismail has over a decade and a half of experience in the �nancial services sector, with Habib Bank Limited, The First MicroFinanceBank Ltd. and Global Securities Pakistan Ltd. Currently Ms. Ismail is the Head of Strategic Investments at Habib Bank Limited (HBL). She has extensive experience in the monitoring of �nancial services institutions, managing strategic partnerships and strategy formulation. Ms. Ismail holds a Bachelor of Arts (Economics and International Relations) from Smith College, Northampton (USA) and is an Accredited Mediator from the Center for Effective Dispute Resolution, UK
Maya Inayat Ismail
35
FMFB Annual Repor t 2019
Zahir Riaz is a Partner at Orr, Dignam & Co. and heads the Firm’s Islamabad of�ce. Mr. Riaz has more than three and half decades of experience and specializes in the areas of corporate / commercial law, mergers & acquisitions, banking & �nancing, capital markets, construction & infrastructure, privatizations and energy & natural resources. Mr. Riaz continues to act on behalf of leading domestic and multinational organizations and has been consistently ranked by Chambers & Partners and Legal 500 as a leading lawyer of Pakistan. He completed his legal education from the London School of Economics and Political Science and the University of Cambridge (UK), and quali�ed as a Barrister from Gray’s Inn (UK).
Zahir Riaz
Muhammad Amir Khan - CEO
Sobia Chughtai is an experienced professional with more than two decades of experience in the �nancial sector. She has worked with Habib Bank Limited, Al Faysal Investment Bank Limited and Fauji Fertilizer Company. She has served as the Regional Corporate Banking Head-HBL for 10 years. Currently, Ms. Chughtai is the Senior Credit Of�cer- Corporate Risk with Habib Bank Limited. Ms. Chughtai holds a Masters in Business Administration from the Lahore University of Management Sciences (Pakistan), and a B.Sc Electrical Engineering from the University of Engineering and Technology, Lahore (Pakistan). She has attended several local and international courses and seminars.
Muhammad Amir Khan brings with him over 22 years of extensive experience in consumer and commercial banking with the Standard Chartered Bank, ABN Amro Bank and Royal Bank of Scotland. He has also served as the CEO of Mobilink Micro�nance Bank (then Waseela), where he played an instrumental role in setting up the new micro�nance bank.He joined FMFB in 2012. Amir holds a Masters in Business Administration from the Institute of Business Administration, Karachi (Pakistan).
Sobia Chughtai
BOARD OF DIRECTORS
L TO R (FRONT ROW)
Maya Inayat IsmailSobia ChughtaiRayomond KotwalAbrar Ahmed MirMasanari Yanagiuchi
Director
Director
Chairman
Director
Director
L TO R (BACK ROW)
Amir Masood KhanZahir RiazJesse Culain FrippMaria Christine Largey
Chief Executive Of�cer
Independent Director
Director
Independent Director
36
FMFB Annual Repor t 2019
MANAGEMENT
Muhammad Amir Khan brings with him over 28 years of extensive experience in consumer and commercial banking with the Standard Chartered Bank, ABN Amro Bank and Royal Bank of Scotland. He has also served as the CEO of Mobilink Micro-�nance Bank (then Waseela), where he played an instrumental role in setting up the new micro�nance bank.He joined FMFB in 2012. Amir holds a Masters in Business Administration from the Institute of Business Administration, Karachi (Pakistan).
Muhammad Amir KhanChief Executive Of�cer & President
Wajid Ali has more than 32 years of diversi�ed experience with Pakistan Tobacco Limited (PTC) and Khushhali Bank. He has worked at multiple senior roles in PTC, speci�cally in the Human Resource department, both at factory locations and the Head Of�ce. His last assignment in PTC was as Area Head of Reward for South Asia Area. Thereafter, Wajid was sent on a secondment to British American Tobacco, Indonesia as HR and Reward Advisor. After almost three decades of serving PTC, Wajid moved to Khushhali Bank as Head-Human Resources and served in the micro�nance sector for almost six and half years. Wajid holds a Masters in Economics from University of Peshawar and has completed numerous certi�cations in HR from international institutions.
Wajid AliHead, Human Resources
Ali Raza Anjum has over 26 years of diversi�ed experience in Risk Management, Compliance, Credit, Internal Audit, Banking Operations and Human Resource functions in leading commercial and micro�nance banks at senior management levels. Ali joined the FMFB in 2012. He holds multiple national and international quali�cations including FCMA, DAIBP, CIA, CISA, CFE, CRISC, CRMA and a Masters in Public Administration from Quaid-e-Azam University, Islamabad (Pakistan).
Ali Raza AnjumChief Operating Of�cer
Adil brings with him 17 years of diversi�ed experience of Corporate Governance, Corporate Restructuring, Strategic Planning & Implementation, Financial/Treasury Management, Financial Analysis, Reporting & Tax Planning. His last role was with IGI Financial Services as Chief Financial Of�cer and Company Secretary. He has also worked with Allmed Group of Companies as Group Financal Controller & Head of Legal for three years and was earlier associated with A.F. Ferguson & Co., Chartered Accountants (PwC Pakistan). He is a Chartered Accountant and holds LLB from University of Karachi (Pakistan).
Adil Ali AbbasiChief Financial Of�cer
37
FMFB Annual Repor t 2019
Jalal brings with him 21 years of diversify technological experience. During his career he has streamlined IT Departments, revamped infrastructure and introduced the latest technologies. Prior to FMFB joining, Jalal worked as Chief Information Of�cer at Service Sales Corporation for 4 years. He also worked with Warid Telecom for 10 years at various management positions, responsible for providing leadership and strategic planning of security, implementation of business processes, technical controls and deployed security management frameworks. His last role in Warid was Director IT Governance and Security. During his professional career he also worked with Department of National Defence – Canada for 3 years. Jalal holds MBA/MIS Degree from National College of Business Administration and Economics Lahore, Business Information Systems from Algonquin College Ontario. He also holds Certi�-cation of Lead Auditor Information Security Management Systems, Microsoft Certi�ed Systems Engineer and Lead Auditor Quality Management System.
Mr. Syed Jalal Shah AhmedChief Information Of�cer
Sohail Malik brings with him more than 21 years of diversi�ed experience and vast exposure in Digital Financial Services, Branchless Banking & Financial Inclusion areas in leading Commercial, Micro�nance Banks and Telecom industries, holding various senior management positions in both industries. He started his professional career with CITI Bank in 1999 and worked with various Pakistani and Multinational telecom companies and banks. His last position was with FINCA Micro�nance Bank as Head Digital Financial Services, Prior to this he was branchless banking head in MCB bank. Sohail is also registered consultant to Pakistan Telecommunication Authority (PTA). Sohail holds a Masters in Business Administration (Marketing) from Preston Institute of Management Sciences & Technologies (PIMSAT).
Sohail MalikChief Digital & Financial Inclusion Of�cer
Kashif Zafar brings with him more than 27 year experience in SME Lending, Product Development and Project Management. Kashif joined the bank in 2009 as Product Manager. Besides, Product Development, he has led the bank project team as Head PMO for transformation from indigenous distributed banking system to centralized core banking solution. He has also been playing leading role for digital projects as Head DFI Strategy. Currently he is looking after Product Management & Research Department in addition to Communications Department. Other than having MBA (Finance) degree, Kashif is also Associate Member of Institute of Bankers in Pakistan.
Kashif ZafarHead, Communications
Muhammad Imran Rao has over 27 years of experience in Banking Operation and Technology, and has worked with leading banks of Pakistan including MCB and Bank of Punjab. His core competencies include management of wholesale and offshore Banking Operations, Credit Operations, Business Continuity Management and Operational Risk. Imran holds a Masters in Business Administration degree from Philippine School of Business Administration, Manila and a B.A from University of Karachi. Imran has completed various local and international certi�cations on Banking and Management.
Muhammad Imran RaoHead, Banking Operations
38
FMFB Annual Repor t 2019
Yasir brings with him 19 years of diversi�ed experience in Corporate Law and Legal Governance and has worked nationally and internationally in the legal �eld. His core competency includes Strategic Legal Counsel, Complex Negotiations, Business Advisory & Solutions. His last role was with LMK Resources Pakistan (Private) Ltd as General Counsel. Yasir has joined FMFB in June 2017. He holds LLB(Honours) degree from University of Wolverhampton, Holborn College, London, (United Kingdom).
Yasir MasudCompany Secretary & General Counsel
Ch. Ihsan Mehmood has been a part of banking industry for over 14 years, with diversi�ed experience in the �eld of Risk Management, Compliance, Internal Audit and Banking Operations with reputable Micro�nance Banks. His core competencies include prevention of �nancial crimes, inculcating compliance culture, business process re-engineering, identi�cation, assessment & mitigation of compliance risk. Ihsan joined FMFB in November 2012. He holds a Masters in Business Administration with specialization in Finance, ACMA - Intermediate and Advance Leadership Course from Singapore.
Chaudhary Ihsan MehmoodHead, Compliance
Zehra has extensive experience of Risk Management spanning over more than 24 years in leading commercial banks of Pakistan. She is a commercial and Shariah compliant banking expert and her core competency includes enterprise-wide risk management. Zehra joined FMFB in 2015. She holds a Masters in Business Administrationfrom Institute of Business Administration, Karachi (Pakistan) and has completed a Banking Diploma from The Institute of Bankers in Pakistan. Zehra also holds various other local and international certi�cations in Risk Management and Islamic Banking.
Zehra KhalikdinaHead, Risk Management
Muhammad Siddique Ahmed is a seasoned auditor and a fraud examiner with 20 years of international experience across South Asia, Africa, Latin America and the United States. He has worked for FINCA International as the Regional Auditor where he served in various roles across FINCA’s vast network. He also served with the Big 4- KPMG and a leading telecommunication company. He has designed and implemented global internal audit, risk management and anti-fraud programs and performed complex corporate fraud investigations in several countries. Mr. Ahmed is an Associate Chartered Certi�ed Accountant (ACCA), Certi�ed Fraud Examiner (CFE), Certi�ed Professional Internal Auditor and a Certi�ed Financial Consultant.
Muhammad SiddiqueHead Internal Audit
39
FMFB Annual Repor t 2019
MANAGEMENT
L TO R (STANDING POSITION)
Adil Ali AbbasiMuhammad SiddiqueSyed Jalal Shah AhmedSohail MalikZehra KhalikdinaYasir MasudMuhammad Imran RaoKashif ZafarChaudhary Ihsan Mehmood
Chief Financial Of�cer
Head Internal Audit
Chief Information Of�cer
Chief Digital & Financial Inclusion Of�cer
Head Risk Management
Company Secretary & General Counsel
Head Banking Operations
Head Communication
Head Compliance
L TO R (SITTING POSITION)
Ali Raza AnjumAmir Masood KhanWajid Ali
Chief Operating Of�cer
Chief Executive Of�cer & President
Head, Human Resources
40
FMFB Annual Repor t 2019
41
FMFB Annual Repor t 2019
OVERVIEW OF THE BOARD
integrity and in compliance with the law, internationally accepted principles and best practices of corporate governance and business ethics. a) The Board ensures that the institution’s mission, long-term objectives are well de�ned and reviewed periodically. The Board directs management in the ful�lment of the mission. b) The Board approves the strategies necessary to achieve the institutional objectives, with a view to the social mission of the organisation, competitive landscape and the risks inherent in the strategies.c) The Board ensures that the institution has adequate resources or it acquires the necessary resources to implement the agreed upon strategies, in light of the institution’s short- and long-term �nancial and social objectives.d) The Board ensures that the Bank manages risk
effectively by approving the institution’s risk tolerance and the institution’s risk management framework.e) The Board works to enhance the image of the institution and plays an important part in shaping the institutions image, prestige and credibility.f) The Board ensures that the institution ful�ls its legal obligations to protect it from unnecessary liability and legal action. It monitors the institution’s compliance with its internal policies and procedures as well as pertinent legal requirements including statutory and regulatory requirements laid down by the Central Bank or other relevant regulatory authorities. g) The Board serves as the institution’s steward. It is the apex overnight body and is entrusted to protect the institution and ensure that it is managed in a manner that is consistent with agreed values and goals.
The Board of Directors is a body of appointed members that jointly oversee the activities of the organisation, represent the interests of the organisation’s stakeholders and protect the organisation’s reputation. The Board of Directors is responsible for the governance of the institution and is committed to ensuring that its business and operations are conducted with
RELATED PARTIES
The Policy for related party transaction was previously part of the accounting policy. This policy is now prepared on a standalone basis for approval from the Board and will be reviewed / updated every two years or upon any change inthe regulatory / statutory requirement.
2. PURPOSE
This Policy is intended to provide guidance and direction with respect to identi�cation, review, approval and disclosure of Related Party Transactions. Detailed procedures will be developed as a part of implementation
of this policy which should be read in conjunction with those procedures.
It is intended to establish the bank’s policy and identify roles and responsibilities for approvals, exposure monitoring, reporting and disclosures of related party (RP) transactions. This document also sets out the rules to de�ne parties considered to be related under different applicable frameworks and regulations.
a) Approval of related party transactions by the Board of Directors onrecommendation of board audit
1. SCOPEThis policy sets out the basis for identi�cation and disclosure of related party transactions as required under:
i) International Accounting Standard (IAS) 24ii) SBP BSD Circular 11of 2003 under Note 33 for Related Party Transactions
42
FMFB Annual Repor t 2019
committee or, as relevant, the board riskmanagement committee.b) Financial statements disclosuresc) Submission to the SBP
d) Documentation related to RP transactions to be maintained as per SECP regulations.e) SBP BSD Circular 11of 2003 under Note 33 for Related Party Transactions
International Accounting Standards State Bank of Pakistan The Securities and Exchange Commission of Pakistan
SALIENT FEATURES OF TORs OF THE BOARDCOMMITTEES
TOR of HR Committee
The responsibilities of HR Committee are as follows:
1) Approve and recommend to the Board human resource related strategies and policies. 2) To review HR implementation and working on a quarterly basis or as required from time to time. 3) To recommend to the Board, all human resources polices including but not limited to policies for Remuneration, Bene�ts, Performance Management and Other Compensation Plans for all the staff members of the Bank including Policy for Staff Training, Career Development and Succession Planning.
4) To review staff appointment, evaluation mechanism and the policy of rewards and salaries to determine whether these are suf�cient, fair and clear in order to ensure quali�ed people are attracted and maintained in the institution. 5) To review staff handbook in order to ensure that the employee grievance handling procedures are functional and i mpartial. 6) Review the standards used in performance evaluation of all the staff throughout the organization. Recommend to the Board the policy and criteria for performance based bonuses for all employees of the Bank. 7) Periodically review the composition of the institution’s workforce in terms of diversity and equal opportunity. Periodically review the company’s overall recruitment, compensation, terminal & retirement bene�ts, development plans, succession planning, promotion, retention programmes, plan of organization design and re-structuring. 8) To recommend to the Board the selection, evaluation, compensation (including retirement bene�ts) and Succession Plan of the CEO. 9) Set the requirements and criteria of appointing members direct reportees of CEO speci�cally; Chief Operating Of�cer, Chief Financial Of�cer/Company Secretary, and Head of Internal Audit (based on the recommendations of the Audit Committee). Evaluate their performance and replacement plan. Ensure that clear policies are in place regarding the rewards, compensations, salaries and any other bene�ts to the Senior Management corresponding to their expertise and quali�cations. 10) Review recommendation made by CEO for dismissal of any direct reportees of CEO. Review exit interviews of Senior Managers (direct reports of CEO) when they leave the institution. 11) Approve the annual goals for the CEO, evaluating the performance of the CEO against those objectives and, after considering comparative data and other relevant information, recommending the CEO’s compensation to the Board for approval at the time of contract renewal or annually as appropriate. 12) To deal with any other HR related matter as may be decided by the Board.
COMPOSITIONMr. Rayomond KotwalChairperson
Ms. Maya Inayat IsmailMember
Mr. Zahir Riaz Member
Mr. Wajid Ali Committee Secretary
43
FMFB Annual Repor t 2019
a) Credit Risk Management• Setting the Bank’s broad credit risk parameters and limits and establishing overall credit risk management principles. This involves an effective portfolio management strategy, keeping in view the earnings growth target and capital constraints. • Ensuring that the bank has a robust risk management framework and the same incorporates the concept of authority with accountability. • Approving any exceptions to policies or tolerance limits whereby authority to do so has been delegated by the Board. • Reviewing portfolio quality (including classi�ed portfolio). • Reviewing the new product programs from the risk perspective and periodically reviewing the existing programs, if needed, for continuous alignment with changes in business dynamics and regulatory environment.
b) Market and Liquidity Risk Management• Maintain a sound and effective market and liquidity risk management architecture. • To supervise that the products/portfolios exposed to market risk and liquidity riskare identi�ed, measur and monitored. • Review the systems, tools and methodologies for measuring, monitoring and reporting market risk and liquidity risk.
d) Operational Risk• Review Operational Risk Management Framework and policy changes and set strategic direction in respect of operational risk. • Formulate and establish the Bank’s overall operational risk tolerance level. • Monitor key risk indicators. • Assess the effectiveness of operational risk management process, and address changes where required. • Monitoring the business continuity plan, Disaster Recovery measures and other risk mitigation techniques instituted by the FMFB.
c) Compliance Function• Recommend Compliance policy for the approval of Board. • Oversee that suf�cient resources, authority and tools are provided to compliance function and are aligned with the growing need of bank. • Oversee that compliance risk identi�cation, assessment, monitoring and controlling at appropriate levels. • Evaluate and supervise independence of compliance function. • Receive and review periodic compliance reports to oversee corrective measures. • Periodically assess the extent to which the bank is managing compliance awareness & culture and its compliance risk effectively.
5) Oversee the Bank’s overall portfolio including major risk exposures and concentrations. 6) Oversee that the Bank has proper systems/tools/methodologies and controls to measure, monitor and manage all material risks. 7) Review and ratify or approve exceptions to risk management policies where powers to do so have been delegated by the board.8) Oversee that the Bank has robust management information systems relating to risk reporting. 9) Oversee that risk management best practice is followed in all areas of the bank. 10) Supervises that resources allocated for risk management are adequate given the size nature and volume of the business. Staff of Risk Management and Compliance Function possesses suf�cient knowledge and expertise in their relevant �eld. 11) Following are the speci�c responsibilities under the Risk Committee:
TOR of Risk Committee:
The responsibilities of HR Committee are as follows:
1) Oversee that the Bank has clear, comprehensive and well documented framework relating to the management of all material risks. 2) Review policies in line with signi�cant changes in internal and external operating environment. 3) Supervision of the bank’s risk management policies and framework are adequate to support its overall business strategy.4) Review the Bank’s overall risk appetite for all material risks and oversee that it is consistent with the long-term strategy of the Bank.
COMPOSITIONMr. Jesse Culain FrippChairperson
Ms. Sobia ChughtaiMember
Mr. Abrar Ahmed MirMember
Ms. Zehra KhalikdinaCommittee Secretary
44
FMFB Annual Repor t 2019
3) Monitor the implementation of the technological developments in the FMFB-P as well as all other innovations in business operations, products and services, processes and procedures, delivery channels, risk management, marketing and brand development, etc. The Secretary -FIIC will update the FIIC members on a monthly basis, and the FIIC will and update BOD in quarterly meetings 4) The committee will also decide on improving / adopting / abandoning initiatives as required 5) Set and seek budget approvals from BOD for any digital and innovation initiative 6) To deal with any other business innovation matter as may be decided by the Board 7) Oversee and guide bank’s all new initiatives related to Digital and Technology, including Branchless Banking and Financial Inclusion.
TOR of Internal Audit Committee
The Internal Audit Committee is carrying out various responsibilities related to �nancial statements, internal control, internal and external audit, compliance related and reporting and other responsibilities which are narrated below:
1) Financial Statements
• Review signi�cant accounting and reporting issues, including complex or unusual transactions and highly judgmental areas, going-concern assumption, and recent professional and regulatory pronouncements, and understand their impact on the �nancial statements. • Review with management and the external auditors the results of the audit, including any dif�culties encountered. • Review the annual �nancial statements, and consider whether they are complete, consistent with information known to committee members and re�ect appropriate accounting principles. • Review with management and the external auditors all matters required to be communicated to the committee under Generally Accepted Auditing Standards. • Understand how management develops interim �nancial information, and the nature and extent of internal and external auditors’ involvement. • Review interim �nancial reports with management and the external auditors before �ling with regulatory authorities, and consider whether they are complete and consistent with the information known to committee members.
COMPOSITIONMr. Maria Christine Chairperson
Ms. Sobia ChughtaiMember
Mr. Maya Inayat IsmailMember
Mr. M. Siddique AhmedCommittee Secretary
e) Information Security• Recommend Information Security policy for the approval of Board. • Oversee implementation of information security framework including Cyber Security Action Plan and Incident Reporting Mechanism to identify vulnerability, assess its impact and accordingly implement controls along with continuous monitoring of gaps through test plans. • Review signi�cant threats and exposure to FMFB as per the risk assessments carried out on periodic basis. • Review measures and initiatives on IT security awareness across the organization. • Review of quarterly reporting on security threats, incidents and breaches (if any).
TOR of Financial Inclusion and Innovation Committee (FIIC)
The responsibilities of FIIC are as follows:
1) Review the existing Bank’s business activities, products and services, processes and procedures, client needs, market trends and benchmarks, competition, strategic growth opportunities etc. 2) Identify innovations, changes/modi�cations in every function of the Bank in line with the strategic direction and mission. Recommend and approve innovations and changes in policies in view of the innovations, as determined by market dynamics, competition, growth opportunities and strategic direction, as needed
COMPOSITIONMr. Abrar Ahmed MirChairperson
Ms. Jesse Culain FrippMember
Mr. Maria Christine Member
Mr. Sohail MalikCommittee Secretary
45
FMFB Annual Repor t 2019
2) Internal Control
• Consider the effectiveness of the Bank’s internal control over annual and interim �nancial reporting, including information technology security and control. • Understand the scope of internal and external auditors' review of internal control over �nancial reporting, and obtain reports on signi�cant �ndings and recommendations, together with management's responses.• Review critical process & control design gaps identi�ed during independent evaluation by the bank’s Internal Audit Department as well as by the external stakeholders such as the consultants, external auditors and State Bank of Pakistan and monitoring remediation status thereof.• Reviewing signi�cant violations reported in relation to the best practices of corporate governance identi�ed by Internal / External Audit and/or any other regulatory body and monitoring resolution thereof.
3) Internal Audit
• Review with management and the Head of Internal Audit Department (HIA) the Audit Policy & Procedures, plans, activities, staf�ng, and organizational structure of the internal audit function, if AC needs to discuss. • Ensure there are no unjusti�ed restrictions or limitations imposed on and review and concur in the appointment, replacement, or dismissal of the Head of Internal Audit. • Review the effectiveness of the internal audit function, including compliance with The Institute of Internal Auditors' Standards for the Professional Practice of Internal Auditing, applicable laws and regulations and internal policies. • Review all the reports issued by the HIA covering audits, investigations, reviews etc. and provide input and guidance wherever the committee desires so.• Take up with the President/CEO major �ndings of audits and internal investigations and management's response thereto.• On a regular basis, meet separately with the HIA to discuss any matters that the committee or HIA believes should be discussed privately. The HIA will coordinate with the committee to schedule such meetings and will also maintain minutes of such meetings.• Review the communication of key �ndings to external auditors
4) External Audit • Recommend to the Board of Directors the appointment of external auditors and consider any questions of resignation or removal of external auditors.• Review the external auditors' proposed audit scope and approach, including coordination of audit effort with internal audit. • Review the performance of the external auditors. • Review audit fees and provision of any service by external auditors to the Bank in addition to audit of its �nancial statements. • Review and con�rm the independence of the external auditors. • Ensure that, on an ongoing basis, the relationship with the external auditors meets all current international standards applicable to a proper bank/auditor relationship. • It must meet with the external auditors in the absence of management.
5) Compliance • Review the effectiveness of the system for monitoring compliance with laws and regulations and the results of management's investigation and follow-up (including disciplinary action) of any instances of non-compliance. • Review the status of compliance on exceptions/irregularities reported by regulating agencies (e.g. SBP inspections etc.) and external and internal auditors.• Review of audit report/management letter issued by regulatory bodies, external auditors and any other government agencies.
6) Other Responsibilities
In addition to above, the Committee may also like to review the following:
• Perform other activities related to these TOR as requested by the Board of Directors.
46
FMFB Annual Repor t 2019
• Institute and oversee special investigations as needed. • Review and assess the adequacy of the committee’s TOR as and when need arises, requesting Board approval for proposed changes. • Con�rm annually that all responsibilities outlined in these TOR have been carried out. • Evaluate the committee's and individual members' performance on a regular basis.• Review of IRAF for recommending to the board for approval(i) Whistle Blow Unit reporting to AC.(ii) Performance of the Head-IAD is reviewed by AC under Annual Performance Appraisal Process.
49
FMFB Annual Repor t 2019
50
FMFB Annual Repor t 2019
FMFB'S SOCIAL GOALSTo respond to its mission, FMFB has formulated a set of Social Goals for 2016-2020, with annual key performance indicators (KPIs) for a 5-year period. Board of FMFB
monitors and receives the achievement of the pre-set annual targets against each social goal.
The members of the Board of Directors are committed to the social mission of FMFB;
Target speci�c client segments and offer client centric products;
Improve access to social needs by offering client centric �nancial solutions;
Reduce barriers to �nancial inclusion for clients
Foster green environment friendly opportunities;
Clients understand their �nancial rights and obligations when dealing with FMFB;
Monitor employee satisfaction and maintain employee turnover;
Employee compensation levels are at least the national minimum wage;
FMFB’s clients have positive and sustainable improvement in Quality of Life (QOL) indicators
Strong participation A majority of employees completed the survey
Strong Comparison to the NormsNo items were notably below the Norms
Engagement scoreAll Engagement items are notably above the normFMFB employees look forward to coming to work signi�cantly more (+22%) than the norm
89%favorable
96%
As part of FMFB’s Social Goals, a mix-methods research project was initiated in order to evaluate and track the changes in the Quality of Life of FMFB’s clients attributable
to FMFB’s products. FMFB also developed an environmental risk policy and created awareness of environmentally responsible conduct among clients.
State of Compliance Score Key: Complete = 2, Partially Complete=1, Incomplete=0.Note on Methodology: To obtain the State of Compliance score for each social goal an equally weighted average of the state of compliance scores for annual targets of that social goal is calculated.
The achievement status against Annual KPIs for 2019:
2
1.5
1
0.5
0
Stat
e of
Com
plia
nce
BoD TargetClient
Segments
Access toSocialNeed
Products
Client Rights &
Obligations
FinancialInclusion
EmployeeSatisfaction
EmployeeCompensation
Environment
Annual Social Goals
51
FMFB Annual Repor t 2019
JUNE2015
MAY2017
FCP Framework Approved: A Financial Consumer Protection
Framework de�ning the objectives and principles of Financial
Consumer Protection at FMFB approved FMFBs Board of Directors.
Gap Analysis Conducted: FMFBs Financial Consumer
Protection Unit (FCP Unit) developed a gap analysis tool and conducted a gap analysis of FCP Essential Practices and
Standards which identi�ed gaps and recommendedactions to improve consumer protection
to the FCP Team which comprised of FMFBs CEO and
senior management.
Financial Literacy Infomercials Launched: FMFB’s client base contains a signi�cant number of clients who are illiteracy. In order to effectively increase �nancial literacy and promote �nancial inclusion FMFB developed 10 Financial Literacy infomercials in Urdu language covering topics such as Financial Planning and how to access �nancial products. The infomercials are displayed on Televisions in FMFB Branch waiting areas and are available online through FMFBs social media channels.
Achieved Smart Certi�cation for Client Protection: FMFB received Client Protection Certi�cation by The Smart Campaign after a rigorous independent evaluation of the banks’ policies, procedures and practices by Micro�nanza Rating SRL (MFR), an international rating agency specializing in micro�nance. ) The Smart Campaign is a global effort to embed a set of client-protection principles into the fabric of the micro�nance industry. This Certi�cation is awarded to �nancial organizations that institutionalize the Smart Campaign's seven Client Protection Principles and essential practices.
Gold Price Disclosure Award: l effort to embed a set of client-protection principles into the fabric of the micro�nance industry. This Certi�cation is awarded to �nancial organizations that institutionalize the Smart Campaign's seven Client Protection Principles and essential practices.
Q42017
APRIL2018
Customer Satisfaction, Client Quality of Life and Mystery Shopping Surveys conducted:As part of FMFBs commitment to improving client quality of life and obtaining client feedback to improving products and service delivery FMFB conducted a series of research surveys. The results of the survey were instrumental in improving FMFBs product and service quality and evaluating the effectiveness of consumer protection tools deployed.
OCT2015
Q4-2015TO
Q1 2016
FCP SOPs Approved: FMFBs Management approved Financial Consumer Protection Standard Operating Procedures
(SOPs) outlining the structure of FCP at FMFB and the Essential
Practices and Standards in order to institutionalize
consumer protection at FMFB,
Customer Service Of�cer Hired: Customer Service Of�cer Hired: In order to
assist clients in availing services and improve the dissemination of information about Bank products, Customer Services
of�cers were hired and deployed in key FMFB Branches. This was a
recommendation of the Mystery Shopping and Customer Satisfaction Surveys. MARCH
2018
Deposit KFS Launched:Key Fact Statement for deposit products was launched in order to increase client understanding of the features and costs
of FMFBs deposit products.
JUNE2018
Impact of Complaint Awareness in 2018: Number of complaints increased over 24 times from 186 in 2017 to 4,548 in 2018.
DEC2018
FCP Framework Revision: FMFBsFinancial Consumer Protection Framework was updated and approved by the Board of Directors.
2018 CAF Submitted: FMFBs pro�le for Conduct Assessment Framework, a diagnostic tool introduced by the SBP, submitted for the year to 31st Dec 2018.JAN
2019FEB
2019
JULY2018
FINANCIAL CONSUMER PROTECTION JOURNEY
JUNE2015
MAY2017
FCP Framework Approved: A Financial Consumer Protection
Framework de�ning the objectives and principles of Financial
Consumer Protection at FMFB approved FMFBs Board of Directors.
Gap Analysis Conducted: FMFBs Financial Consumer
Protection Unit (FCP Unit) developed a gap analysis tool and conducted a gap analysis of FCP Essential Practices and
Standards which identi�ed gaps and recommendedactions to improve consumer protection
to the FCP Team which comprised of FMFBs CEO and
senior management.
Financial Literacy Infomercials Launched: FMFB’s client base contains a signi�cant number of clients who are illiteracy. In order to effectively increase �nancial literacy and promote �nancial inclusion FMFB developed 10 Financial Literacy infomercials in Urdu language covering topics such as Financial Planning and how to access �nancial products. The infomercials are displayed on Televisions in FMFB Branch waiting areas and are available online through FMFBs social media channels.
Achieved Smart Certi�cation for Client Protection: FMFB received Client Protection Certi�cation by The Smart Campaign after a rigorous independent evaluation of the banks’ policies, procedures and practices by Micro�nanza Rating SRL (MFR), an international rating agency specializing in micro�nance. ) The Smart Campaign is a global effort to embed a set of client-protection principles into the fabric of the micro�nance industry. This Certi�cation is awarded to �nancial organizations that institutionalize the Smart Campaign's seven Client Protection Principles and essential practices.
Gold Price Disclosure Award: l effort to embed a set of client-protection principles into the fabric of the micro�nance industry. This Certi�cation is awarded to �nancial organizations that institutionalize the Smart Campaign's seven Client Protection Principles and essential practices.
Q42017
APRIL2018
Customer Satisfaction, Client Quality of Life and Mystery Shopping Surveys conducted:As part of FMFBs commitment to improving client quality of life and obtaining client feedback to improving products and service delivery FMFB conducted a series of research surveys. The results of the survey were instrumental in improving FMFBs product and service quality and evaluating the effectiveness of consumer protection tools deployed.
OCT2015
Q4-2015TO
Q1 2016
FCP SOPs Approved: FMFBs Management approved Financial Consumer Protection Standard Operating Procedures
(SOPs) outlining the structure of FCP at FMFB and the Essential
Practices and Standards in order to institutionalize
consumer protection at FMFB,
Customer Service Of�cer Hired: Customer Service Of�cer Hired: In order to
assist clients in availing services and improve the dissemination of information about Bank products, Customer Services
of�cers were hired and deployed in key FMFB Branches. This was a
recommendation of the Mystery Shopping and Customer Satisfaction Surveys. MARCH
2018
Deposit KFS Launched:Key Fact Statement for deposit products was launched in order to increase client understanding of the features and costs
of FMFBs deposit products.
JUNE2018
Impact of Complaint Awareness in 2018: Number of complaints increased over 24 times from 186 in 2017 to 4,548 in 2018.
DEC2018
FCP Framework Revision: FMFBsFinancial Consumer Protection Framework was updated and approved by the Board of Directors.
2018 CAF Submitted: FMFBs pro�le for Conduct Assessment Framework, a diagnostic tool introduced by the SBP, submitted for the year to 31st Dec 2018.JAN
2019FEB
2019
JULY2018
52
FMFB Annual Repor t 2019
MARCH2018
2017 CAF Submitted: FMFBs pro�le for Conduct Assessment Framework, a diagnostic tool introduced by the SBP, submitted for the year to 31st Dec 2017.
Service Quality Unit Created: A dedicated unit was created to improve service quality, a recommendation the Mystery Shopping Survey.
Loan KFS and Standard Product Dialogues Launched:
In order to improve the �nancial literacy of clients and increase
transparency to aid better decision making by clients,
FMFB launched Loan Key Fact Statement (KFS). The KFS is a
fact sheet about loan products and the Standard Product
Dialogues detail important information about the loan
products and loan process to ensure comprehensive verbal
communication to clients.
Client Rights & Responsibilities Placard
Displayed: Two placardswere designed to
illustrate the various rights and responsibilities of a client with
the objective of spread awareness about Rights and
Responsibilities as a client of a Financial Institution.These are
displayed in the client meeting rooms of all FMFB Branches.
NOV2016
JAN2017
Client Rights & Responsibilities
Placard Displayed: A Financial Consumer
Protection Training Module was developed
by the FCP Unit and deployed by FMFBs HR (Training) Department
as a mandatory component of Induction and
Refresher training courses for FMFB
employees. APRIL2017
APRIL2018
Complaints Infomercial Launched: An infomercial on FMFBs complaint
handling channels launched to inform clients about how to lodge a
complaint at FMFB. APRIL2018
JUNE2018
FCP SOPs Revision: FCP SOPs Revision: FMFBs Financial Consumer Protection Framework Standard Operating Procedures were updated to further describe the roles and responsibilities of the FCP Team and FCP Unit.
FCP Training Module Revision: FMFBsFinancial Consumer Protection Training Module was updated to include the revisions in FMFBs FCP SOPs and to further improve the training material for employees.MARCH
2019APRIL2019
NFLP Best Community Provider Award: FMFB was awarded the ‘Best Community Provider’ award at the 1st Annual Performance Review of National Financial Literacy Program (NFLP) of the State Bank of Pakistan in recognition of the effort and services of FMFB to provide �nancial literacy training to its clients.JULY
2018
Prohibited Conduct: A tool was developed and gap analysis was conducted to evaluate FMFBs compliance with SBP’s Prohibited Conduct guidelines. An action plan was formulated and implemented to close gaps identi�ed.
Q42018
Financial Literacy Training in 2018: Delivered SBP National Financial Literacy Program training to 23,518 participants in 2018 and provided Financial Literacy Training through Infomercials and posters in all FMFB Branches.
Q42018
CMS Launched: Complaint Management
System, an automated system to lodge and
track complaints, was launched by the
Complaints Management Unit at FMFB.This was a recommendation of the
Mystery Shopping Survey.
Financial Literacy Booklet Launch (Updated Edition):
FMFB developed Financial Literacy Booklets in Urdu
languageto introduce basic �nancial concepts to its
clients in 2014. This Booklet received a major update in
2018 to include updated information and new sections
and was dispatched to all FMFB Branches for
distribution to clients.
MARCH2018
2017 CAF Submitted: FMFBs pro�le for Conduct Assessment Framework, a diagnostic tool introduced by the SBP, submitted for the year to 31st Dec 2017.
Service Quality Unit Created: A dedicated unit was created to improve service quality, a recommendation the Mystery Shopping Survey.
Loan KFS and Standard Product Dialogues Launched:
In order to improve the �nancial literacy of clients and increase
transparency to aid better decision making by clients,
FMFB launched Loan Key Fact Statement (KFS). The KFS is a
fact sheet about loan products and the Standard Product
Dialogues detail important information about the loan
products and loan process to ensure comprehensive verbal
communication to clients.
Client Rights & Responsibilities Placard
Displayed: Two placardswere designed to
illustrate the various rights and responsibilities of a client with
the objective of spread awareness about Rights and
Responsibilities as a client of a Financial Institution.These are
displayed in the client meeting rooms of all FMFB Branches.
NOV2016
JAN2017
Client Rights & Responsibilities
Placard Displayed: A Financial Consumer
Protection Training Module was developed
by the FCP Unit and deployed by FMFBs HR (Training) Department
as a mandatory component of Induction and
Refresher training courses for FMFB
employees. APRIL2017
APRIL2018
Complaints Infomercial Launched: An infomercial on FMFBs complaint
handling channels launched to inform clients about how to lodge a
complaint at FMFB. APRIL2018
JUNE2018
FCP SOPs Revision: FCP SOPs Revision: FMFBs Financial Consumer Protection Framework Standard Operating Procedures were updated to further describe the roles and responsibilities of the FCP Team and FCP Unit.
FCP Training Module Revision: FMFBsFinancial Consumer Protection Training Module was updated to include the revisions in FMFBs FCP SOPs and to further improve the training material for employees.MARCH
2019APRIL2019
NFLP Best Community Provider Award: FMFB was awarded the ‘Best Community Provider’ award at the 1st Annual Performance Review of National Financial Literacy Program (NFLP) of the State Bank of Pakistan in recognition of the effort and services of FMFB to provide �nancial literacy training to its clients.JULY
2018
Prohibited Conduct: A tool was developed and gap analysis was conducted to evaluate FMFBs compliance with SBP’s Prohibited Conduct guidelines. An action plan was formulated and implemented to close gaps identi�ed.
Q42018
Financial Literacy Training in 2018: Delivered SBP National Financial Literacy Program training to 23,518 participants in 2018 and provided Financial Literacy Training through Infomercials and posters in all FMFB Branches.
Q42018
CMS Launched: Complaint Management
System, an automated system to lodge and
track complaints, was launched by the
Complaints Management Unit at FMFB.This was a recommendation of the
Mystery Shopping Survey.
Financial Literacy Booklet Launch (Updated Edition):
FMFB developed Financial Literacy Booklets in Urdu
languageto introduce basic �nancial concepts to its
clients in 2014. This Booklet received a major update in
2018 to include updated information and new sections
and was dispatched to all FMFB Branches for
distribution to clients.
53
FMFB Annual Repor t 2019
FINACIAL LITERACY
The program revolves around knowledge-based workshops/sessions conducted to teach people money management skills and encourage use of the formal banking system. NFLP's scope includes an intended change in attitudes and behavior, especially in marginalized communities of both urban and rural areas in Pakistan. Its pictorial handbooks and activity-based workshops are geared to the learning capacity and situations of its target
audience, many of whom may be functionally illiterate.
In 2019 FMFB achieved its target before the close of �nancial year and also support other banks to achieve their targets. In the year 2019 bank received two awards from the SBP; First on the on its performance as “Best Partnership” in June and second on achieving the targets.
The National Financial Literacy Program (NFLP) has been sponsored by the Asian Development Bank and launched by State Bank of Pakistan. The purpose of this program is to impart knowledge & understanding of basic �nancial concepts, products and services to low-income Pakistanis to enable better economic decisions.
Training Conducted as Lead Bank
SAP Session TotalGeneralSession
SAP Session TotalGeneralSession
70,000
60,000
50,000
40,000
30,000
20,000
10,000
-
Training Conducted as Partner Bank35,000
30,000
25,000
20,000
15,000
10,000
5,000
-
No, of Account Oped
No, of Bene�ciaries/ Particpants
No. of Class Room Sessions
SERVICE QUALITY FMFB is committed to deliver excellence service culture to its customers through all banking channels. To embed such services and bring all the staff at one point the bank implemented service custodian of the day, monthly service quality meeting and telephone etiquettes & one pager product across pan Pakistan. In 2019 further enhancement taken with respect to services
BRANCH SERVICE SCORE CARD: Service score card is a tool to monitor the entire customer experience and maintain service visibility across bank. The tool provides a transparent service rating and monitoring method, built on relevant accountable and ownership levels. This card records actions and behaviors of all customers facing service staff and all operational staff services. The Branch Service Score card is based on six key Service indicators along with their respective weightages are mentioned below
54
FMFB Annual Repor t 2019
KEY SERVICE INDICATORS WEIGHTAGESKSI - 1 Telephone Timeliness score
- Telephone timelines and courtesy protocols.Telephone timeliness indicator score * 10% BSS weightage
KSI - 2 Telephonic Product/Process Knowledge
Telephonic score * 20% BSS weightage
KSI - 3 Self-AssessmentKSI - 4 Voice of Customer (VoC) Deposit Base
Voice of Customer (VoC) satisfaction score * 20% BSS weightage
KSI - 5 Service Custodian of the Day KSI - 6 Monthly Service Meeting
Front of�ce Back Service meeting * 5% BSS weightageTOTAL
KSI - 7 Complaint Management5 points will be deducted from BSS on each valid complaint per instance
10%
20%
20%20%
20%
10%
100%
Negative Marking 5%
Below is the Indicator wise and quarter wise service score achieved during the year 2019.
KSI'S TREND- YEAR 2019 QUARTER WISE SERVICE SCORE CARD- 201984%
83%
82%
81%
80%
79%
78%
77%
79%
82%
83%
81%
Q-1 2019 Q-2 2019 Q-3 2019 Q-4 2019
86% 78%87%
99%82% 81%
120%100%
80%60%40%20%
0%
KSI 1 -Branch Call
Audit
KSI 2 -Product
KnowledgeAudit
KSI 3 - SelfAssessment
KSI 4 - SCD KSI 5 - VOCNTB
KSI 6 -MSQMNTB
• VOICE OF CUSTOMERS: In order to gather meaningful information regarding FMFB customers’ life style and their �nancial needs various activities are performed to identify and bridge gaps to manage the banks existing and new initiatives more ef�ciently.
1. VOC-New To Bank (NTB) Customers: This covers those customers who have become part of our books in the last 3 months to gauge customer on-boarding experience of the Bank.
2. VOC-Debit Card Activation: This covers those customers who have activated their debit card in last month, check their satisfaction level and give awareness on complaint channels.
• AWARENESS INITIATIVES: Service quality drives awareness enhancement program that focused increasing staff awareness level on product, Channels & customer handling techniques.
COMPLAINT MANAGEMENT SYSTEM:FMFB always consider its customers’ complains positive and constructive feedback which helps during improvements in products/services. The Bank has used the fair, transparent, accessible and ef�cient complaint handling process to satisfy customer's in an appropriate manner. In 2019 FMFB
has enhanced its scope by coordinating with the stakeholders for upcoming challenges, reviewed customer complaints and resolving them in the shortest possible time.
This year the bank received total 5,221 complaints from customers while average resolution time was 5 days. Following initiatives were taken to bring improvement in complaint process:
• Complaints Turnaround Time Revised • Complaints Accountability Mechanism• Card Activation through FMFB ATM• Customer Intimation on Card Issuance
COMPALINTS -YEARLY TREND
6000
4000
2000
0139
4494
5221
57
FMFB Annual Repor t 2019
CODE OF BUSINESS CONDUCT
CODE OF ETHICS The programs and activities of FMFB are based on values shared by its personnel and by all other individuals associ-ated with FMFB.
It is FMFB’s policy to ensure that no individual associated with it in any capacity (staff, volunteers, governance or external service providers) is subjected to any practices that infringe upon human dignity and that FMFB activities are conducted in accordance with the highest standards of honesty, integrity and professionalism.
The purpose of this Code of Ethics is to de�ne the values which must underlie the activities of every individual associated with FMFB, irrespective of their status or position, and to establish a reporting and protection mech-anism designed to ensure the strict application of the described principles.
APPLICATION OF THE CODE This Code applies to all staff members of FMFB in their decisions and activities within the scope of employment, or when representing FMFB in any capacity. A copy of the Code is given to every employee for review. Each employee is required to sign a written con�rmation that they have reviewed, understood and agreed to adhere to the Code. In case of any additions / changes in the Code, the same is noti�ed by the manner / means prevalent at FMFB.
THE CODE OF ETHICS OF THE BANK COVERS / INCLUDES1. Maintaining Of�ce Decorum
2. Con�dentiality3. Professional Relationships4. Compliance with Laws and Regulations5. Compliance with Local Customs and Traditions6. Con�ict of Interest7. Insider Information8. Gifts and Entertainment9. Outside Pressure10. Money Laundering11. Customers, Vendors & Counter Parties12. Protecting the Banks Resources13. Accurate Record-Keeping and Reporting14. Media/Public Speaking15. Copyrights16. Regulators and Auditors17. Zero Tolerance to Workplace Violence18. Drug-Free Workplace19. Equal Employment Opportunity20. Nepotism21. Discrimination or Harassment22. Fraud, Forgery, Corruption and Bribery Practices23. Gainful Employment24. Other Acts of Misconduct25. Reporting Procedure26. Protection of Whistle Blowers27. Political Activities During Bank Service28. Responsibilities After Leaving the Bank29. Violation of Code
It is the policy of The First MicroFinanceBank Ltd (FMFB) to conduct the business of the Bank in full compliance with the laws, rules and regulations, norms, customs, culture and practices of Pakistan and to adhere to the highest ethical standards as embodied in the Code of Ethics and Business Conduct.To these ends, the employees are expected and directed to manage the business of FMFB with:
• The highest ethical standards of integrity and candor in conformity with the Code of Ethics and Business Conduct;• Due diligence and pro�ciency in all business activities; compliance of all legal and regulatory requirements; • A manner that no disfavor will re�ect on the Bank, both on and off the job;
This Code lays down the principles and sets the tone for
proper conduct and ethical behavior in conducting business at FMFB. The Board, the Chairperson and the President have ultimate responsibility for ensuring the legality and integrity of the Bank’s operations. Day-to-day responsibility lies with line management. However, each employee of the Bank, whatever her/his position is in the Bank, is personally responsible for ensuring that she/he acts fully in accordance with the Bank’s standards.
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FMFB Annual Repor t 2019
• The whistle blower is invited to share the concerns in writing by setting out the background and history of the concern, giving names, dates and places where possible, and the reason the whistle blower is particularly concerned about the situation. The earlier the whistle blower expresses the concern, the easier it is to take action.
Dedicated email address whistleblowing@ mfb.com.pk where the whistle blower can share his/her concern. The designated ethics of�cer is required to forward the complaint to the Whistle Blowing Unit. The whistle blower can also send the concern by post addressing to Head of HR/ Head of IAD/ Ethics Of�cer, 16th Floor, HBL Tower, Near China Chowk, Blue Area, Islamabad. In case the complaint is received by the designated ethics of�cer he/she is required to share the compliant to the Whistle Blowing Unit.
• On receipt of the whistle blow, the Whistle Blowing Unit will offer to interview, in con�dence, the person making the whistle blow (i.e. whistle blower) if possible. The purpose of the interview will be to obtain as much information as possible about the grounds of the belief of malpractice and to consult about further steps which could be taken. The notes will not identify the person making the whistle blow.
• The Whistle Blowing Unit will receive, review and forward the complaint to the concerned department for further resolution. Whistle Blowing Unit may invite feedback/comments from the concerned function to assess the complaint and see if further information is required; within 07 days of the receipt of the complaint. Once it is con�rmed Whistle Blowing Unit shall decide on the nature of the investigation of the allegations.
• The investigation may be internal/domestic investigation leading to legal proceedings or referral of the matter to the police or other appropriate public authority.
• In case of fraud and forgery related complaint Whistle Blowing Unit will forward the case to CFFU/IAD. Special investigation shall be assigned as per de�ned process.
• In case of consumer related complaint, it shall be forwarded to consumer complaint unit.
• In case where the matter is to be reported to police or any public authority same shall be referred to the legal department for further action.
• In case where the complaint pertains to an instance of sexual harassment, work place or ethics the complaint shall be dealt by the Head of Human Resource.
• Further Whistle Blowing Unit can also assign any other person that is quali�ed enough to lead an inquiry depending on nature of the complaint. Relevant functional head will be asked for consent for assigning staff, in case of non-availability CEO shall decide in light of the above guidelines. Authorized investigation of�cer shall have all the access to the bank’s record for conducting the enquiry.
• Quarterly reporting shall be provided to Chairperson of the Board and CEO. However, cases of critical nature can be reported as soon as possible.
• The investigation, and any report or recommendations in relation to the matter, will not normally identify the whistle blower except, where necessary, on a strictly con�dential basis unless; The whistle blower consents; There are grounds to believe that the discloser has acted maliciously; Compliance to a legal obligation; The information is already in the public domain; The information is already in the public domain; It is essential to do so in order to deal appropriately with the matter disclosed (for example, if the anonymity of the discloser is incompatible with a fair investigation of allegations against a named individual).
• Harassment or victimization of the whistle blower will not be tolerated. The following acts shall be considered as harassment, but not limited to: Termination of employment; Demotion; Suspension; Written/verbal warning; Decision not to promote; Withholding of appropriate salary adjustments; Imposition of involuntary transfer or reassignment; Signi�cant change in job responsibilities; Denial of awards, leave, bene�ts, or trainings for which the employee would normally be eligible.
WHISTLE BLOWING PROCEDURE
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FMFB Annual Repor t 2019
HUMAN CAPITAL DEVELOPMENTS IN YEAR 2019Human Resources strategy supports, the FMFB business growth strategy, digitization and innovation to accomplish its mission of poverty alleviation and economic empowerment.
Human Resources key focus is to improve employee experience by nurturing an enabling culture through employee engagement and capability enhancement. To
Human Resources believes that an effective and �t for purpose talent is critical to the success of the FMFB and achieving its business & social goals.
2019 was a challenging year for talent acquisition as the recent head to deploy 1,202OTIF (on time in full) in line with monthly business growth and expansion plans. Mid-Year review of Head
ensure sustainability, during 2019 the HR department was restructured with an objective to fast-track HR service
delivery, improved internal controls and process optimization.
the on-boarding, completion of probationary progress reports, payroll processing, clearance and �nal dues payments and antecedent veri�cations.
Human Resources focused on bringing improvement and
clarity in basic structure at organizational, departmental and individual levels. Organograms were reviewed keeping in view the business needs and employee progression.
Count was conducted with the objective to put more resources in front line while putting certain back of�ce positions on hold. To further strengthen talent pipeline, in addition to external hiring the internal job posting (IJP) framework was also used to provide career growth opportunities.
HR continued to focus on campus recruitment drives and regional sourcing through online portals. Universities and institutes which have a wide reach in local areas were targeted to develop a strong foothold in localities and
enhancing grass root reach to build a sustainable talent pipeline. It helped us to develop long term regional recruitment relationships to cater for local staff requirements.
With a view to reduce lead time, we introduced an on-line testing mechanism in recruitment process. Employee screening process was further strengthened by introducing police veri�cation for tellers and ECIB and sanction screening for all new hires
TALENT DEVELOPMENT & EMPLOYER BRAND
RIGHT ORGANIZATIONAL DESIGN Human Resourcesstructure was revisited to enhance the employee services area through establishing Human Resources operation & service delivery unit.
The key focus area was to improve Human Resources service delivery through process optimization and digitization. By virtue of this change, the TATs for key HR processes were improved, i.e., for
62
FMFB Annual Repor t 2019
the on-boarding, completion of probationary progress reports, payroll processing, clearance and �nal dues payments and antecedent veri�cations.
Human Resources focused on bringing improvement and
clarity in basic structure at organizational, departmental and individual levels. Organograms were reviewed keeping in view the business needs and employee progression.
FMFB is cognizant of the fact that employee engagement is critical to achieving employee satisfaction and sustaining a high performing culture.
To understandand and identify areas for improvement in employee experience, an Employee Engagement Survey was conducted. The results were
very encouraging; based on the survey results for each department, action planning exercise was carried out with each Head of the department and these plans are being monitored through an online Action Plan Tracking Tool. These plans aim to provide a better work environment where employees feel motivated and positively engaged.
Some of the key employee engagement initiatives are mentioned below:-
Year 2019 was started on a high note with New Year’s Celebrations with distribution of deserts & cards to the employees.To create healthy and positive awareness among employees, engaging them to take action and make a difference through adoption of environmental solutions, Green Of�ce Drive was arranged in April, 2019.Furthermore, Ramadan First was launched in May, 2019 to promote empathy and compassion, in which Acts of Kindness Planners were distributed among employees. Productivity boosters were also shared to maximize ef�ciency during Ramadan.
Birthday Celebration events were organized on quarterly basis for head of�cestaff andwere given gifts. Birthday announcements were made on FMFB’s of�cial web radio channel. For Field staff, FMFB Birthday Sentiments Project
(Pan Bank) was launched in May, 2019 to connect with our �eld employees at a personal level and to create a better, more collaborative organizational culture.
With a view to improve inter-departmental relationships and promoteharmony,Team retreats HR Connectinitiative was kicked off in May, 2019 for every department. Moreover, a dedicated Away Day for the Senior Management and their direct reports was also conductedwith an objective to build synergy within the departments, encourage more effective communication, and promote teamwork.
To acknowledge and recognize the efforts and contributions of employees throughout the year, the Reward and Recognition Framework was up scaled with multiple programs.FMFB Annual Excellence Awards in which employees were recognized for their exemplary performance.Long Service Awardsto celebrate 15 & 20 years of employee association with the bank, and awards for retired employees were also formulized and made part of the policy. Branch, (PB) and Sub Of�ce (SO) of the Quarter process was made robust and ef�cient covering 300 plus employees.
CULTURE AND EMPLOYEE ENGAGEMENT
63
FMFB Annual Repor t 2019
Despite of budgetary constraints and cost optimization challenges, Human Resources managed to support the organizational growth and expansion by imparting various functional and behavioral trainings to enhance employee capability, throughout the year.
As a result approximately 70%
increase in training hours was achieved. Some of the key capability enhancement interventions focusing on Teambuilding, Leadership Development, Creating Compliance culture and awareness on Counter Financial Terrorism and Money Laundering, Usage of Digital Platform, Business Continuity Management & New Hire Induction Programs were planned and conducted in year 2019.
Below are key highlights of the above mentioned interventions:
The year 2019 was started with focused experiential teambuilding session at the Annual Conference to boost morale of the employees in achieving business results as one team.
In continuation of creating a strong culture of compliance,Phase 2 of Compliance certi�cation program was launched. A dedicated team of 40 certi�ed master trainers were trained in-house to educate on the sensitivity of regulations, compliance, and ordinance in the day to day banking operations.AML / CFT Awareness was another focus area for 2019, sessions were conducted for all staff nationwide through learning days and class room sessions following formal assessment.Business Continuity Management sessions were also initiated in 2019
nationwide which will be continued in 2020.
Content of Induction and Refresher training for business and banking operations was renewed and improved by including LOS and AML / CFT and selling skills Moduleto meet the needs of new hires and existing employee.
Building leadership across all management levels of employees put into focus and a suite of training programs for senior management, Unit Head, Regional Head, Area level manager were developed to be deployed in 2019. For branch managers a �ve day management development program (MDP) was designed and delivered in collaboration with NIBAF to provide greater opportunities of experiential learning. A 3 day Leadership Development through Experiential Learning Workshop for Senior Management Team (SMT)was conducted by an International Trainer, focusing on Transactional Analysis and Leadership techniques. A follow up session for SMT was organized later in the year to re�ect on the learnings and developing strategy for 2020.
To enable the �eld workforce with the usage of digital platform e.g. Loan Originating System, Branchless bankingtraining was provided.
In area of compensation and bene�ts, our total rewards strategy revolves around human capital and designed to be transparent, agile and competitive with an aim to reward high performance.
Hence, a holistic view of all factors impacting staff, i.e., remuneration, bene�ts, learning & development, career growth, work environment and values &
CAPABILITY MANAGEMENT
COMPENSATION AND BENEFITS ALIGNMENT
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FMFB Annual Repor t 2019
In area of compensation and bene�ts, our total rewards strategy revolves around human capital and designed to be transparent, agile and competitive with an aim to reward high performance.
Hence, a holistic view of all factors impacting staff, i.e., remuneration, bene�ts, learning & development, career growth, work environment and values &
culture to achieve strategic advantage is adapted and decisions are based on conducting regular salary and employee engagement surveys.As a result, corrective measures were taken during 2019 for salary alignment of critical job roles. Pay scales and salary benchmarks were
re-calibrated and revised in line with salary survey results.To inculcate the pay for performance culture, variable pay plans and incentives are used to drive the right culture, productivity and achievement of sustainable business growth.
FMFB also ensures that gender equality is permeated across all categories and grades. To support this drive FMFB celebrated International Women’s Day 2019 on March 08, 2019 followed by gender sensitization training themed as “Balance for Better” for nurturing a diverse and inclusive environment. Furthermore, FMFB collaborated with the Pink
Ribbon Foundation for an exclusive Breast Cancer Awareness Session in October, 2019.
We aim to continue to develop and sustain a gender friendly work environment by promoting and expecting the right behaviors and reinforcing anti-harassment policy.
DIVERSITY & INCLUSION
The Bank has focused on improving Diversity and Inclusion Index; FMFB gender diversity is at 15.36% work. FMFB continues to aim for a high gender mix at all levels.
Enhancing the gender diversity & inclusion will continue to remain a priority area in terms of hiring and career progression while ensuring meritocratic decisions.
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FMFB Annual Repor t 2019
technology, innovation and continuous learning. FMFB-IT – a place where staff. “trust the people they work for, have pride in what they do, and enjoy the people they work with”.
The availability of cutting edge and robust technology will be ensured to provide reliable services to the clients in a highly secured environment by most ef�cient and cost-effective manner. The Bank will continue to invest in its people, innovative solutions, technology platforms and assuring adequate controls. The Banks aim to digitize its processes while focusing on an agile IT environment that foster business innovation, ef�ciency and quick decision making; there will be continuous and controlled improvements in IT
Infrastructure/Services with a focus on Information Security to ensure client sensitive information protected in a highly secured environment in most ef�cient and cost-effective manner.
Bank’s IT Strategy revolves around four strategic themes which are Effective Communication, Strategic Focus, Excellent Service Delivery and Engaged Organization.Technology function at FMFB is three-fold – The operations, development and governance. In providing a robust and strong banking infrastructure, FMFB’s IT function has upgraded, supported and developed in the following areas:
FMFB IT is a Business Solution Partner that is user-centric, business oriented, innovation focused, and standard compliant. FMFB-IT strives to provide ef�cient, effective and modern IT infrastructure and application services to support, optimize and transform Bank’s business process based on best practices for developing Pakistan. Our strengths and competencies vare
INFORMATION TECHNOLOGY(INITIATIVES & INNOVATIONS) – 2019
• BRANCHLESS BANKING AND LOAN ORIGINATION SYSTEM The hardware for the Production and DR sites for the Branchless Banking and Loan OriginationSystem was commissioned.
The environments were con�gured, deployed and synched (PR to DR) to ensure the timely launch of their commercial operations.
Over 450 tablets were con�gured as per the security and application requirements.
• SECURITY STRENGTHENING The security was strengthened by the placement of Web Application Firewall (WAF) which �lters, monitors, and blocks HTTP traf�c to and from a web application. By doing this, it prevents attacks stemming from web application security �aws, such as SQL injection, cross-site scripting (XSS), �le inclusion and security miscon�gurations.
DDoS mitigation Appliance was deployed for resisting or mitigating the impact of distributed denial-of-service (DDoS) attacks on networks attached to the Internet by protecting the target and relay networks. Bank’s End Point Security was enhanced to the next level with the features
like next generation end point security, disk encryption, �le/folder level encryption, web control and application protection.
IP Intelligence module was deployed for provision of the information for the bad reputed sites/domains; in order to protect the bank’s critical assets.
Several activities related to CSI Controls, patch management, password complexity, privilege identity management, upgrades based on the best practice and standards were carried out on the application/database Infrastructure.
• MANAGED SERVICES In order to better serve the business operations with better turnaround time, IT has outsourced the Maintenance of Hardware and Software (Noncore, User end) Support Services.
In this regard, Phase I with over 100 locations has been commenced while other locations will be added in a phase wise manner.
In this regard, human resources were reduced with the addition of better service delivery, increased foot print and back to back coverage of hardware provisions.
OPERATIONS
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FMFB Annual Repor t 2019
DEVELOPMENT
• CORE BANKING SYSTEM (CBS) The CBS was enhanced with various features and functionalities to keep it abreast with the evolving business and stringent regulatory requirements.
This includes the important features like Dormancy days at CASA Level, Validator Printers, Pensioner payment validity, On-Us Transactions, ADC Transaction Charges (exemption of charges on Staff account), Bio-Verisys – Phase II, Regulatory (State Bank of Pakistan) – Circular 9 Compliance, Transaction Monitoring System – Live Screening (Real time integration with CBS), CIF Amendment via Centralized role, Work Flow Transaction and Tractor Insurance.
• INTERNAL DIGITIZATION / PROCESS AUTOMATION As part of bank’s internal digitization journey, several processes of different departments as well as IT were automated and made Live using the latest application development tools and techniques.
This includes the Batch Upload (Finance), SLA Alerts (Legal), PLRA – Integration (Product Management / Business), Card Ordering System (DFI/Business), Data Enrichment (Banking Operations), Rejected Portfolio (Credit/Business), Centralized Identity Management (IT) and IT Assets Manager (IT).
There are several processes which are in the development phase by IT; which will be delivered within this year.
• DASHBOARDS - BUSINESS INTELLIGENCE/ANALYTICS Dashboards in graphical formats were developed by IT to visually track, analyse and display key performance indicators (KPI), metrics and key data points to monitor the health of a business, department or a speci�c process.
These dashboards were provided to departments like Business (Credit and Liability Operations), Banking Operations, Finance, Risk Management and Compliance; based on their own requirements.
• PROCEDURE MANUAL AND GOVERNANCE FRAMEWORK Procedure manual and Governance framework for IT was updated.
Over 100+ IT Processes and Procedures were documented in order to strengthen the overall systems.
• IT SERVICE CATALOGUE The IT Service catalogue covering 9 domains and 150+ services was created to ensure the 360 degree view, increase productivity, better decision making, and better planning.
• SECURITY ASSESSMENT Several Internal security assessment and reviews were conducted and required actions were taken accordingly. Risk Management by Identifying security vulnerabilities and ensure mitigation controls. Validation of critical security controls.
• ASSET MANAGEMENT Better visibility into existing inventory, Automated agents sends system inventory to centralized repository for monitoring and evaluation.
• IMPLEMENTATION OF PIM – AUTOMATION, TRANSPARENCY & 360 DEGREE VIEW Improve incident response by coupling automatic
response and mitigation with human control. Monitor, audit, and completely control privileges. Prevent attacks from insiders,privileged account escalation, and third-party access issues.Easily prove regulatory compliance.
• FMFB SSA - SINGLE SOURCE FOR ALL YOUR APPLICATIONS Web portal added to users’ internet explorer home page, which provides end users; Easy access to required applications,Don’t require to remember URL addresses, Application are available ona single click. Seamless access to applications whether on PR or DR.
• CENTRALIZED MANAGEMENT AND BETTER OVERSIGHT In order to have better oversight and control over the access requisition, access rights and IT assets; applications based on work �ow management like Centralized identity management and IT Assets Manager were launched bank wide.
The initiatives and innovations in 2019; were managed within the given resources which is a big success. These have also increased the transparency of information and improved the governance mechanism.
GOVERNANCE/SECURITY
71
FMFB Annual Repor t 2019
mitigation were deliberated at Board level and its nominated committees on periodic basis. Bank strongly resolved that we will spare no resource and clearly set forth the way forward to combat ML/TF.
The compliance strategy was designed for �ve years and backed by an annual compliance program with all the necessary requirements to be ful�lled by the bank to remain compliant. Senior Management of Bank ensured that adequate resources, systems, procedures and monitoring are in place to cater ever-rising risk of money laundering and terrorist �nancing.
During 2019, Compliance Department established a dedicated CFT (Combatting Financing of Terrorism) desk to counter ML-TF risks for all major sectors of the business operations. CFT desk conducted assessment of ML-TF risk posed to the Bank with the level of TF risk posed from Persons, Products, Delivery Channels and riskier jurisdictions. The CFT desk effectively implemented the controls in response to enterprise level ML/TF risk Assessment’s outcome. It also maintains a close monitoring of national and international terrorist incidents and effective coordination with stakeholders.
Moreover, a revised KYC/AML/CFT policy has also been issued in 2019, covering CFT and Proliferation �nancing risks. An awareness booklet for DNFBPs (Designated Non-Financial Businesses and Professions) has been designed to build their capacity on effective measures regarding CFT and AML.
On top-up, in 2019, bank conducted outreach and awareness sessions on Money Laundering, Terrorist Financing, National Risk Assessment Report and FATAF recommendations which coveredentire bank staff with more than 35,000 credit hourswere delivered including feedback and mandatory assessment.
To mitigate �nancial crime (Money Laundering& Terrorist �nancing risk),unit wasfully equipped with RegTech including a live sanction screening system, e-KYC module for automated risk pro�ling of customers and transaction monitoring system(TMS).To meet the regulatory reporting of CTRs and STRs, it was done through Go-AML reporting
module of FMU (Financial Monitoring Unit).
Inculcating compliance culture is one of the key objectives set by BoD and to achieve this goal, “Compliance Certi�cation Program” (CCP) was launched in 2018 which continued during 2019. This program include all the staff of the (3000+) with more than 30,000 credit hours were delivered. CCP enhanced awareness among participants regarding their compliance responsibilities and met objectiveto educate,train and reinforce them on laws, regulations and internal policies and procedures. To mitigate digital frauds, protect customer interest, identify and investigate customer transactions a dedicated 24/7 fraud monitoring unit was established under compliance in 2019 and it was equipped withan automated transaction monitoring system.This also enhanceddeterrence & awarenessamong the staff & customers against digital frauds.
The department also carried out compliance risk based visits of more than 170 Branches/PBs (Permanent Booth) with the key objective to assess compliance with the policies/ procedures/ laws/ regulations, internal controls/ environment, service quality, fair treatment of customer, �nancial literacy, KYC/AML/CFT etc. All exceptions (if any) were followed up with the respective business unit for corrective actions/ closure through an automated system. Furthermore, training of front line of defense was performed & also assessed during the branch visits by Compliance staff. To abide and follow the international reporting standards of Foreign accounts tax compliance Act (FATCA) and Common Reporting Standard (CRS). All new and existing customers were scrutinized and reviewed under FATCA and CRS regulations. Databases of FATCA and CRS customers are maintained, updated and reported to the concerned authorities. During 2019, the Bank has reviewed and timely reported FATCA and CRS accounts.
After full-�edged implementation of e-compliance system in 2019, the department has greatly contributed towards paperless environment through maintaining online repository of regulatory circulars, guidelines, frameworks,
online regulatory reporting alerts and managing the quarterly CSAR’s (Compliance Self-Assurance Reports) based on automated compliance follow-up with various functions. Regulatory reporting is one of the most important and prime task performed by the department. State Bank of Pakistan
(SBP), Federal Board of Revenue (FBR), Security and Exchange Commission of Pakistan (SECP), National Accountability Bureau (NAB), Law Enforcement Agencies (LEAs)along with other regulators and authorities requests information against proscribed persons and entities. During 2019, all such communications have been timely coordinated.
FMFB continued its focus on Money Laundering (ML) and Terrorist Financing (TF), implementations of record is given under NRA (National Risk Assessment Report) & FATF (Financial Action Task Force). The BoD understands their responsibilities towards combating menace of ML/TF risk. Matters related to ML/TF risk identi�cation, measurement &
COMPLIANCE RISK MANAGEMENT
72
FMFB Annual Repor t 2019
mitigation were deliberated at Board level and its nominated committees on periodic basis. Bank strongly resolved that we will spare no resource and clearly set forth the way forward to combat ML/TF.
The compliance strategy was designed for �ve years and backed by an annual compliance program with all the necessary requirements to be ful�lled by the bank to remain compliant. Senior Management of Bank ensured that adequate resources, systems, procedures and monitoring are in place to cater ever-rising risk of money laundering and terrorist �nancing.
During 2019, Compliance Department established a dedicated CFT (Combatting Financing of Terrorism) desk to counter ML-TF risks for all major sectors of the business operations. CFT desk conducted assessment of ML-TF risk posed to the Bank with the level of TF risk posed from Persons, Products, Delivery Channels and riskier jurisdictions. The CFT desk effectively implemented the controls in response to enterprise level ML/TF risk Assessment’s outcome. It also maintains a close monitoring of national and international terrorist incidents and effective coordination with stakeholders.
Moreover, a revised KYC/AML/CFT policy has also been issued in 2019, covering CFT and Proliferation �nancing risks. An awareness booklet for DNFBPs (Designated Non-Financial Businesses and Professions) has been designed to build their capacity on effective measures regarding CFT and AML.
On top-up, in 2019, bank conducted outreach and awareness sessions on Money Laundering, Terrorist Financing, National Risk Assessment Report and FATAF recommendations which coveredentire bank staff with more than 35,000 credit hourswere delivered including feedback and mandatory assessment.
To mitigate �nancial crime (Money Laundering& Terrorist �nancing risk),unit wasfully equipped with RegTech including a live sanction screening system, e-KYC module for automated risk pro�ling of customers and transaction monitoring system(TMS).To meet the regulatory reporting of CTRs and STRs, it was done through Go-AML reporting
module of FMU (Financial Monitoring Unit).
Inculcating compliance culture is one of the key objectives set by BoD and to achieve this goal, “Compliance Certi�cation Program” (CCP) was launched in 2018 which continued during 2019. This program include all the staff of the (3000+) with more than 30,000 credit hours were delivered. CCP enhanced awareness among participants regarding their compliance responsibilities and met objectiveto educate,train and reinforce them on laws, regulations and internal policies and procedures. To mitigate digital frauds, protect customer interest, identify and investigate customer transactions a dedicated 24/7 fraud monitoring unit was established under compliance in 2019 and it was equipped withan automated transaction monitoring system.This also enhanceddeterrence & awarenessamong the staff & customers against digital frauds.
The department also carried out compliance risk based visits of more than 170 Branches/PBs (Permanent Booth) with the key objective to assess compliance with the policies/ procedures/ laws/ regulations, internal controls/ environment, service quality, fair treatment of customer, �nancial literacy, KYC/AML/CFT etc. All exceptions (if any) were followed up with the respective business unit for corrective actions/ closure through an automated system. Furthermore, training of front line of defense was performed & also assessed during the branch visits by Compliance staff. To abide and follow the international reporting standards of Foreign accounts tax compliance Act (FATCA) and Common Reporting Standard (CRS). All new and existing customers were scrutinized and reviewed under FATCA and CRS regulations. Databases of FATCA and CRS customers are maintained, updated and reported to the concerned authorities. During 2019, the Bank has reviewed and timely reported FATCA and CRS accounts.
After full-�edged implementation of e-compliance system in 2019, the department has greatly contributed towards paperless environment through maintaining online repository of regulatory circulars, guidelines, frameworks,
online regulatory reporting alerts and managing the quarterly CSAR’s (Compliance Self-Assurance Reports) based on automated compliance follow-up with various functions. Regulatory reporting is one of the most important and prime task performed by the department. State Bank of Pakistan
(SBP), Federal Board of Revenue (FBR), Security and Exchange Commission of Pakistan (SECP), National Accountability Bureau (NAB), Law Enforcement Agencies (LEAs)along with other regulators and authorities requests information against proscribed persons and entities. During 2019, all such communications have been timely coordinated.
RISK MANAGEMENT FRAMEWORK
Rigorous and consistent risk management is embedded across the Bank through the bank’s Risk Management Framework, comprising ofstructures of governance, risk management processes and risk appetite framework.
Risk management framework at FMFB includes risk policies and procedures, risk oversight committees, roles and responsibilities. Line management in the business is accountable for risk management which, together with the risk function and internal audit, forms the bank’s ‘three lines of defense’. The processes bank use to identify, measure, manage, monitor and report risks, including the use of risk models, stress testing, are designed to enable dynamic and effective day-to-day risk management. Having identi�ed and measured the risks of business, depending on risk appetite, the bank either accept these risks or take action to reduce, transfer or mitigate them.
Credit RiskAs part of risk and cross-risk analysis, sensitivities of the key portfolio risks are reviewed through a bottom-up risk assessment and through a top-down macro-economic and political scenario analysis. This two-pronged approach allows to capture risks that have an impact across risk inventories and geographical locations or those that are relevant only to speci�c portfolios.
Non-performing loans of the sector are rising due to business losses incurred by the borrowers resulting from worsening of the economic conditions. Therefore, RMD has strengthened the early warning indicators framework. Based on internal and external indicator results, RMD has conducted a root cause analysis and amended its product parameters, modi�ed collateral requirements and tightened risk acceptance criteria.
The assessment of the potential impacts of identi�ed riskshas been made through integration into stress tests which assess our ability to absorb the impact of these events when they occur. The results of these tests showed that we currently have adequate capital and liquidity reserves to absorb the impact of these risks if they were to be materialized.
Though conventional methods of managing credit risk are important but with manifold increase in customer base, these are not enough.Hence, Data Analytics Unit, recently established under the Umbrella of RMD, has been made functional. Data analytics is one of the disruptive ways, through which banks can effectively monitor credit risks and minimize exposure to
risk. The bank is working on developing algorithms and models for default probability; in coordination with �nance, is also working for implementation of IFRS 9.
Operational Risk ManagementFraud risk management principles are being reinforced, and refresher courses were conducted in 2019 for creating fraud deterrence amongst staff. Campaign to create awareness about fraud schemes amongst customers was also run during 2019. Additionally, movement towards automated controls leveraged on digital initiatives was a key component of fraud prevention strategy for FY19.
Today �nancial markets and banking has changed dramatically with lot of reliance on technologies such as ATM, e-banking, tele-banking etc. Micro-�nance industry is no exception. MFBs have seen their own share of technological advancement. From use of tablet in �eld to advance software, introduction of swipe cards, biometric and changes in the IT usage. Strong internal processes, systems, good human resource and readiness against external events are necessary for managing the operational risk; hence, Risk Registers were developed to identify and treat risks.
RMD has worked in close coordination with process owner to keep their Business Continuity Plan updated. Periodic DR drills have been conducted to con�rm recovery and availability of systems at Disaster Recovery (DR) Sites in a manner that all systems are tested at-least once in a year.
Information SecurityInformation Security framework was strengthened,during 2019,taking the following initiatives:a) Revision in departmental structure in line with industry best practices.b) IS processes have been revised to incorporate best market practices.c) Constant awareness campaign for employees through trainings and emailsd) Updation of IBM Qradar, which has enabled FMFB to monitor more information of assets e) DDOS prevention tool was acquired in 2018, it was delivered and deployed in 2019. Also, an additional IP intelligence security module was acquired and deployed in 2019.
75
FMFB Annual Repor t 2019
environment on an ongoing basis. The management of the Bank has formulated, implemented, and maintained a system of internal controls, the goal of which is to achieve effectiveness and ef�ciency of operations while adhering to laws and regulations, resulting in reliability of �nancial reporting. It also requires continuous improvement to align it with the changing environment and needs of the business.
The Bank’s internal control structure comprises of different levels of monitoring activities. The Bank follows the “three lines of defence” model with the �rst line comprising of front-of�ce and customer facing and enabling functions, the second line being Compliance and Risk Management Functions and the third line of defence being Internal Audit.
With phenomenal growth in deposit and loan portfolio, management undertook various measures to enhance the Bank’s internal control environment. Manual loan processing was substituted with the state of the art automated Loan Origination System (LOS) which substantially reduced chances of human error and manual
override of controls. Account opening related risks were further strengthened by a centralized mechanism of account opening. The Bank deployed a comprehensive Transaction Monitoring System (TMS) to monitor transactions on a real time basis and �agging suspicious transactions for further investigation.
The internal audit transformation program is now complete and internal audit is effectively providing an independent and objective assurance and advisory on Governance, Risk Management and Controls of the Bank.
Progress on all the aforementioned initiatives has been satisfactory as re�ected by sturdy growth and excellent quality portfolio of the Bank. Based upon the results achieved from reviews, the management considers that the Bank’s existing system of internal controls, including Internal Controls over Financial Reporting, is adequate and has been effectively implemented and monitored; while continue to evaluate these controls for further improvements. The Board of Directors have duly endorsed management’s evaluation of internal controls.
An internal control system is a set of procedures and activities designed to identify and mitigate the risk in processes and operations in order to support the overall business objectives of the Bank. It is the responsibility of the Bank’s management to establish an internal control system to maintain an adequate and effective internal control
STATEMENT ON INTERNAL CONTROL
The Bank’s keeps its records as per the legal and regulatory requirements to ensure compliance and sustained business operations. The Bank record is archived in a well preserved manner as follows: • Stored data at a secure location with protection against physical deterioration, �re, natural disaster etc. • The Bank has disaster recovery site to provide immediate backup of all primary data, in line with the business continuity practices. • Record management ensures that valuable records evidencing an organization’s activities that have legal, �nancial, administrative or historical value are protected and accessible.
RECORD MANAGEMENT
76
FMFB Annual Repor t 2019
critical information, premises, staff, services to our custom-ers – and planning how to maintain these, if an incident occurs.
To ensure effective business continuity management, FMFB is committed to ensure the continuity of critical business operations and functions in order to protect the Bank, mitigate risk, and sustain both operational Continuity and customer con�dence. The development, implementation, testing and maintenance of an effective Business Continui-ty and Disaster Recovery Management are required to sustain these objectives.
To further our commitment in the event of a signi�cant business disruption, as well as meet all regulatory require-ments, FMFB infrastructure includes a Business Continuity Management (BCM) staff under the Operational Risk Unit having ownership of entire BCM.
FMFB has developed function speci�c Business Continuity Plans and introdued multiple sites as an Alternate Process-
ing Sites (APS); the purpose of this document is to set the prospect for Business Continuity and to provide the overall framework for respective servers, databases, applications including �nalization of Recovery Time Objective (RTOs) and Recovery Point Objective (RPOs) of applications through Business Impact Analysis (BIA). Record manage-ment through data backup, critical data shifting to APS would be part of plan.
New function speci�c BCPs not only empower functions to work independently but also provides the better coordina-tion. BCM also covers multiple scenarios/ locations-based actions that were also tested throughout the year.
BCM comprehensively covers Disaster Recovery (DR) of all critical systems. Disaster Recovery site is located in other city than primary site. To implement of Business Continuity Management in letter and spirit, Bank wide training/aware-ness sessions and testing drills is used.
BUSINESS CONTINUITY AND DISASTER RECOVERY
The First Micro�nanceBank Ltd is determined to protect the global environment that is extremely vital for the survival of humankind and natural life on earth. It also seeks the balance among environmental conservation, social prosperity, and sustainable development.
In this regard, FMFB has formulated a Environmental Risk Management Framework which is based on the following:• FMFB recognises the importance of protecting the environment. Hence, it will work to promote awareness about protecting the environment through various activities/programs.
• FMFB will not provide �nance to any business which causes extreme harm to the environment and will
periodically update list of such business.
In 2019, FMFB implemented the following initiatives to demonstrate its commitment to the environment: • 25,880 participants were trained on Financial Literacy Booklets which included information to create client awareness on protecting the environment. • Orientation and refresher training's at the bank includes information on environmental awareness.• FMFB celebrated Earth day on 26 April to demonstrate the banks support for environmental protection. • In order to facilitate green solar energy solutions, FMFB developed and rolled out a product to �nance renewable energy solutions.
SOCIAL AND ENVIRONMENTAL RESPONSIBILITYPOLICY
Business Continuity Manage-ment sets out to enhance the strategic and tactical capability of the organization to plan for and respond to incidents and business disruptions in order to continue business operations at an acceptable pre-de�ned level. Business Continuity Manage-ment (BCM) is about identifying those parts of our bank that we cannot afford to lose – such as
79
FMFB Annual Repor t 2019
PRODUCTS & SERVICESFMFB offers a wide array of �nancial solutions catering to diverse banking needs of its customers, through a network of 186 locations in major cities and towns.
LIABILITY PRODUCTS
FIRST AMDANI TERM DEPOSIT ACCOUNTFirst Amdani Term Deposit Account offers medium to long term savings or regular income needs to individuals, pensioners, businessmen and companies at �exible pro�t intervals.
FIRST DAILY PROFIT ACCOUNTFirst Daily Pro�t Account is a savings account that offers a day-end pro�t to individuals, businesses and corporations on their savings. It also provides instant access to a range of banking services, through the convenience of FMFB’s network of branches and digital channels.
FIRST PREMIUM SAVINGS ACCOUNTFirst Premium Savings Account is a tailor-made savings account that caters the need of individuals, businesses and corporations. The additional service in terms of Life Insurance PKR 1 Million coverage can be availed by keeping the balance of PKR 1 Million or above on monthly basis. It also provides instant access to a range of free banking services, through the conveniences of FMFB’s network of branches and digital channels.
FIRST SAVING ACCOUNTFirst Saving Account is ideal for small-savers, salaried individuals and general banking customers. It provides an opportunity to earn attractive market-based returns on savings with no minimum balance requirement. It also provides instant access to a range of free banking services, through the conveniences of FMFB’s network of branches and digital channels.
FIRST CURRENT ACCOUNT & FIRST CURRENT PLUS ACCOUNTFMFB offers a checking account for meeting customer’s daily transactional needs. It provides both individuals and businessmen instant access to a range of banking services, through the convenience of FMFB’s network of branches and digital channels.
ASAAN ACCOUNTFMFB offers a safe and easy to operate transactional deposit account to its customers. The account can be opened with minimal documentation and minimum amount of PKR 100.
UMEED BUNYADI BACHAT ACCOUNTUmeed Bunyadi Bachat Account (UBBA) is a fun new savings account that encourages young savers (up to 18 years) to learn to save as well as to manage their money. UBBA offers unique rewards to both children and parents.
80
FMFB Annual Repor t 2019
ASSET PRODUCTSROSHANZAR PLUSRoshanzar Plus product facilitates the business owner’s agriculture and livestock farmers to expand their business to the next level by utilizing the working capital and asset �nancing up to PKR 1 Million. Product caters the client large needs by offering commercial vehicle �nance, machinery, structure and non-structure improvement in business premises and animal purchase. Along with these bene�ts client also avail the essential banking services and 24/7 digital banking channels.
ROSHANZARRoshanzar product serves the increased credit needs of clients, who have transitioned from income generating activities to microenterprises. Roshanzar provides larger loan sizes up to PKR 500,000 on individual basis for agriculture, livestock or commercial (trading, manufacturing and services) enterprises.
FIRST KAROBAR SARMAYAFirst Karobar Sarmaya is a loan product up to PKR 150,000 for individuals undertaking income generating/business activities for a variety of purposes. It targets home-based entrepreneurs, especially women, as well as small shops in market areas, undertaking manufacturing, trading or service activities.
FIRST KISSAN SARMAYAFirst Kissan Sarmaya provides short term �nancial facilities up to PKR 150,000 to small subsistence-level farmers, cultivating crops and vegetables on their own landholdings or under leased or sharing systems. The product focuses on providing �nancial facility to match cash �ows patterns of the farmer. Financing is available for purchase of agricultural inputs and small farming implements/machinery.
FIRST MAVESHI SARMAYALivestock is an important asset and source of income in the rural areas of Pakistan. First Maveshi Sarmaya is a short to medium term loan up to PKR 150,000 offered to livestock farmers, especially women, for productivity enhancement of existing dairy animals, and animal purchase for rearing and fattening as well as for dairy businesses.
FIRST ROSHAN MUSTAQBIL SARMAYAThe First Roshan Mustaqbil Sarmaya is a short to medium term loan up to PKR 150,0000 offered to individuals and group for all types of economic activities or initiatives, small housing improvements and education payment.
FIRST LOW SALARY EMPLOYEE LOANThe Low Salary Employee Loan is a personal loan product, which is available for low salaried employees for a variety of purposes. Individual loan is provided to permanent and contractual employees of an organization.
KAROBARSARMAYA
Mustaqbil Sarmaya
ROSHAN
81
FMFB Annual Repor t 2019
STUDENT FINANCEStudent Finance is a specialized loan product developed to meet the expenses of tertiary (Bachelors and Masters Degree) and technical education. Financial facilities are available to meet tuition and other educational institutional expenses on semester or academic year basis. Loans can be repaid over short term by the parent of the student, or over medium term by both parent and student.
PRIVATE INSTITUTION FINANCEThis product facilitates educational institutions to develop capacities, academic as well as logistics, for imparting quality education, provides �nancial support to educational institutes, and provides �nancial solutions to cater to varying needs of the educational institutions. A package of services is offered including �nancial facilities up to PKR 1,000,000.
FIRST HOME LOANFirst Home Loan is a loan product for individuals looking to improve their living conditions. Under the product applicant can �nance home improvements; e.g. reinforcement of house structure, construction of a room, getting a paint job, plumbing and sanitation improvement, electrical system or appliances installation.
MICRO PENSIONER LOANThe Micro Pensioner Loan is a personal loan product, which is available for pensioners of Government organizations and semi-government institutions for a variety of purposes. Whether it is for any income generating activity, education, or minor housing improvement, Micro Pensioner Loan provides �nancial facilities easily and quickly,against future pension payment.
FIRST SOLAR POWERFIRST Solar Power is a �nancial product designed to support access to renewable and affordable alternate energy products. This product seeks to enable clients, not only in off-grid area, but also in areas with unreliable electrical supply, with a range of products from various technology partners. The products ranges from low cost solar product bundles to solar home solutions, up to a maximum loan amount of PKR 150,000
CREDIT LIFE INSURANCECredit-linked life insurance product is offered to all loan customers of the FMFB. Under this product, total outstanding liability of a customer is paid by the insurance company to the FMFB, in case of the natural/accidental death or permanent disability of the client.
FIRST SEHAT TAHAFUZFirst Sehat Tahafuz is a voluntary health insurance product offered to low income segments. This product is a cashless micro insurance product, providing coverage for hospitalization expenses, including ambulance charges under two plans:- Policy Holder/Customer and spouse- Family Plan – for a maximum of 6 members
CROP AND LIVESTOCK INSURANCECrop and Livestock Insurance products are an offering from the Govt. of Pakistan for agriculture and livestock loan customers of FMFB. Under crop insurance, total outstanding loan principal of a client is paid by the insurance company to the FMFB, in case a natural calamity or losses from crop diseases Under livestock insurance, if enrolled the customer is protected against death or disability of large mulching animal.
MICRO INSURANCE
82
FMFB Annual Repor t 2019
FIRST TOUCH BANKING The FIRST Touch Banking gives instant banking solutions to FMFB customers at their �nger tips so they can not only manage their FMFB accounts, check account balance and transactions details but also transfer funds and pay utility bills. This app is currently available on both Android and iOS device.
SERVICES• Inquire Balance• Get Mini-Statement• Fund Transfers (Own Account, Intra/Interbank, 1Link)• Charge Mobile Wallet Account• Pay Loan Repayment Account• Make Bill Payments
FIRST ATM NETWORK FMFB has an ATM network of 76 ATMs which spreads across Pakistan and is constantly growing. The Bank has one of the best ATM up times across the industry, assured by the presence of an ATM monitoring teams working 24/7. Our FIRST ATMs provide convenience to withdraw cash, transfer money between bank accounts, make bill payments and get mini-statements at any time of the day. The FIRST Debit Card holders can also perform transactions at any 1Link member ATM across Pakistan.
SERVICES• Cash Withdrawal (upto your daily limit)• Change your FIRST Debit Card PIN• Balance Inquiry• Get Mini-Statement• Make Bill Payments• Mobile Top-Ups• Funds Transfer (Intra / Interbank and 1Link)• FIRST Debit Card Activation
FIRST DEBIT CARDFMFB is offering two variants of Debit Cards i.e. Gold and Classic that allow customers to withdraw cash from any FMFB ‘FIRST ATM’ as well as 1LINK member ATM throughout Pakistan. FMFB has recently become the First and Only bank in Pakistan to issue over 200,000 EMV compliant PayPak debit cards. This card allows the customers to shop hassle free while all transaction details can be viewed through our mobile app or SMS alerts, and also avail exciting discounts at a wholesome variety of International and Local brands Customers can access their account 24/7 with FIRST Debit card.
SERVICES• Cash Withdrawal• Funds Transfer (Intra/Inter Bank and 1Link)• Make Bill Payments • Mobile Top-Ups
DIGITAL ACCESS CHANNELS
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FMFB Annual Repor t 2019
FIRST IVRThe FIRST IVR Banking is a self service and unique channel for the ultimate convenience of FMFB customers to get all their banking needs answered right on their phones. From inquir-ing about their account balance to getting a mini statement, customers can avail this service, by calling the FMFB toll free number 0800-FIRST (34778) from any registered number.
FIRST SMS BANKINGFMFB launched the FIRST SMS Banking to keep a track of all transactions 24/7 by receiving real-time SMS updates and because of the service customers no longer need to call or visit the branch to inquire about their daily transactions.
SERVICES• Balance Inquiry• Get Mini Statement
FIRST USSD BANKINGFMFB has a special service for SCO (Special Communication Organization) subscribers called the FIRST USSD Banking. It enables the customers to access banking services through their mobiles using a FMFB’s secure Unstructured Supplementary Service Data (USSD) channel. To access this service, customers dial *6969# code from their registered number to check account balance, get mini statement and transfer funds without any internet connection.
SERVICES• Balance Inquiry• Get Mini Statement• Transfer funds
INSTA-1 AND INSTA-5With collaboration of NADRA, FMFB introduced INSTA-1 and INSTA-5 for the unbanked individuals and people with disability to get registered and avail the bene�ts of all the products and services that FMFB offers to its customers at their door step with the help of biometric system.
SERVICES• Opening of New Current / Asaan Banking Account• Cash Withdrawals, Cash Deposits and Funds Transfer• Apply for the FIRST Debit Card• Apply for the FIRST Touch Banking• Request for Bank Statement
84
FMFB Annual Repor t 2019
FIRST DISCOUNT To strengthen customer relations and develop a brand loyalty, FMFB engaged with 100+ International and Local discount partners in multiple urban and semi-urban cities, where FMFB customers can avail services when making payments though the FIRST Debit Card. The discounts offered ranges from 10% to 65%.
FIRST LIVE CHATFMFB believes that providing a hassle-free environment allows customers to make safe and informed decisions. That’s why we’ve integrated the best-in-class ‘FIRST Live Chat’ facility into our website to help visitors obtain real-time assistance and enable them make the right decisions about choosing, opening and switching accounts, saving deposits, and funds transfer etc. FIRST Live Chat is being managed by our expert Customer Service Team members. It allows visitors to get in touch with experts for real-time support on products and services being provided to them.
FIRST CONTACT CENTER The state of the art FMFB FIRST Contact Center is the right choice to keep customers in step with their ever hectic schedules by providing them 24/7 services related to their bank accounts, debit cards and FIRST Touch Banking app at any point in time. Our well-abreast and dedicated Contact Center team is available round the clock to ensure that the customers daily �nancial obligations are taken care of guaranteeing them a good night’s sleep.
87
FMFB Annual Repor t 2019
DIRECTORS' REPORT TO THE SHAREHOLDERS
devaluation of currency. As compared to December 31, 2018 the rupee devalued 12% in relation to the US Dollar, a total 41% from December 31, 2017. The average in�ation rate rose to 12.63% in December 2019.
Micro�nance customers are particularly vulnerable to the state of the economy as their capacity to repay loans is directly tied to the economic conditions. In particular, the Agriculture segment witnessed a rise in non-performing loans due to crop-related issues such as price crises of sugarcane of 2018, the low yield of sugarcane and wheat for 2019 due to heavy rains and extreme weather conditions. During the year, the geographic footprint of micro�nance institutions decreased amid increased security and administrative requirements for branches. The industry witnessed modest growth and expansion in outreach during 2019. FMFB has maintained a cautious approach with respect to
portfolio growth during the year and therefore has been able to better weather the storm currently impacting the micro�nance sector where average NPLs of micro �nance banks have signi�cantly increased ¬and as at September 31, 2019, reached 4.82% for the industry.
The Bank aims to enable people to improve their Quality of Life (QOL) with inclusive and innovative -�nancial solutions and expand its outreach in a sustainable and responsible manner. The Bank also aims to create a positive socio-economic impact by providing �nancial opportunities and stability for its customers and help improve their QOL through a robust digital platform alongside a �eld force of 3,052 employees.
The results of operations for the period under review are presented below:
The Bank remained well above the Minimum Capital Requirement (MCR) of Rs. 1 billion, with a surplus of Rs. 2.35 billion as at year end. The Bank also maintained the Capital Adequacy Ratio (CAR) requirement of 15% through-out the year with a CAR of 15.8% as at December 31, 2019.
The inclusion of technology has revolutionized the approach of �nancial services and has changed the dynamics of banking operations. Product innovation and digitization has made ease in access to �nancial services for the common man, although much remains to be done on this front. Over the last few years, FMFB has made considerable investment in its digital journey – in 2019 an innovative in-house developed Loan Origination System (LOS) was rolled out commercially to more than 35 branch-es. The Bank’s total network footprint increased to 206 locations; network expansion has been focused on the CPEC route with a presence at 53 locations along the corridor. FMFB is constructing a Regional Headquarters in Gilgit which will be the �rst Leadership in Energy and Environmental Design (LEED) certi�ed structure in Gilgit Baltistan.
Risk management, Compliance, KYC/AML remains pivotal for the Bank to achieve operational excellence. The Bank ensures strong measures for identi�cation and mitigation of potential risks As the Bank aims to increasingly provide the customers with cost effective �nancial services through its digital channels, Information security is of the utmost importance; implementation and use of information securi-ty tools and methodologies for data protection remained the Bank’s priority.
Given the advancements in provision of �nancial services, the nature of business activities has become more complex, as a result, there is more focus of regulatory authorities on compliance/ risk matters. Terrorist �nancing & money laundering presents a global threat, against which Financial Institutions have responsibility to provide robust counter measures. FMFB is fully committed to meet its obligations to combat this menace by constantly taking actions to develop, reform and implement the AML/ CFT procedures.
During the year FMFB received recognition on multiple fronts. Its digital innovations were recognized in the Annual Digi Awards. FMFB was also recognized for its continued commitment to SBP’s National Financial Literacy Program and 17 staff members were awarded for contributions in their respective geographies. FMFB’s contribution to entrepreneurial capacity building was recognized for the 5th consecutive year and 5 of FMFB’s clients received regional awards at the Citi Micro-entrepreneurship Awards. The Bank also won an award in Global Diversity & Inclusion
Benchmarks Standards Awards in the category of Recruit-ment, Retention, Development, and Advancement.
OUTLOOKThe Bank will continue to build upon its strong presence across Pakistan and will leverage it for further growth in terms of digitization and market penetration; the Bank will continue to ensure the mission of enabling individuals while generating employment opportunities. FMFB is transforming its operations with enhancement in controls, ef�ciency and productivity by digitizing and exploring new horizons to ensure �nancial inclusion through digital �nancial services. It will continue to service small farmers in agriculture and livestock, education, housing and small enterprises. The Bank will assure a strong control environ-ment and zero tolerance towards compliance requirements as prescribed by the regulators while assuring excellence in services to its customers.
The Banking industry continues to evolve as a result of rapid technological changes. Customers prefer doing banking at their ease digitally; they seek banking services at their convenience along with an instant solution. The increasing penetration of smart phones and increased usage of internet over mobile has boosted �nancial inclusion. The use of digital �nancial services will play an integral role in the growth of country’s economy. The Bank is working on enhancing its product suite through implementation of digital �nancial services with a focus on client centricity and �nancial inclusion. The Bank is focusing on leveraging technology to digitalize work processes and improve ef�ciencies with the goal of transforming FMFB into a digital Bank.
The Bank will continue to play a key part in the National Financial Inclusion Strategy (NFIS) by offering affordable �nancial services to the �nancially excluded population of the country.
The Bank will enhance and improve its focus on risk management, compliance and internal audit. FMFB will continue to ensure zero tolerance against fraud & forgery and malpractices within all operating activities and business. FMFB is determined to inculcate and enrich a compliance culture at all levels while assuring compliance to regulatory regimes and internal policies.
The Bank will continue its effort towards becoming an employer of choice. Given the overall growth strategy of FMFB, Human Resource Management will be a focus area in terms of hiring quality resource and enhancing skill sets of existing resource by providing continuous training and development.
At year end 2019, the Bank’s total outstanding loan portfolio reached Rs. 31.6 billion with an increase of Rs. 7.8 billion over 2018 (33% YoY). The Agriculture sector is the mainstay of Pakistan’s economy and an important source for generat-ing income for the majority of the population; it remained a vital sector for the Bank with Agricultural and Livestock loans having a share of 53% in the overall portfolio, compared to 51% as at December 31, 2018. During the year, FMFB continued to add customers with the number of borrowers served being 430,771; 35% of these are women.While maintaining responsible portfolio growth, the Bank managed to contain the loan loss provision expense to
2.8% of the portfolio for 2019 in comparison to 1.1% for last year. Non-performing loans rate was 3.5% for 2019 as compared to 0.9% for 2018. Furthermore, absolute total written off portfolio during the year 2019 was Rs.510 million in comparison to Rs.129 million during 2018.
Total deposits at year end were Rs. 38.4 billion, of which 51% were �xed maturity deposits. The average cost of funds for the year 2019 was 10.54%. The average Advance to Deposit ratio (ADR) remained 82% for 2019. The Invest-ment portfolio mainly comprises of Pakistan Investment Bonds, market treasury bills and term deposit receipts.
The BoD presents the 19th Annual Report of the The First Micro�nanceBank Ltd along with the Audited Financial Statements and Auditors’ Report(s) thereon for the year ended December 31, 2019.
DISCUSSION ON RESULTSThe economic outlook remained challenging, with slow growth, elevated in�ation, and a sharp
Number of Borrowers Served During the YearGross Loan Portfolio (Rs. in Million)Number of DepositorsValue of deposits (Rs. in Million)Share capital (Rs. in Million)Equity (Rs. in million)Transfer to statutory reserve (Rs. in million)Contribution to depositors’ protection fund (Rs. in million)Earnings per share (Rs.)Pro�t before taxation (Rs. in million)Pro�t after taxation (Rs. in million)
430,77131,614
1,221,70138,404
2,7316,047
10742
1.95701533
419,89023,857
986,81431,129
2,7315,503
20056
3.661,5111,000
2019 2018
88
FMFB Annual Repor t 2019
The Bank remained well above the Minimum Capital Requirement (MCR) of Rs. 1 billion, with a surplus of Rs. 2.35 billion as at year end. The Bank also maintained the Capital Adequacy Ratio (CAR) requirement of 15% through-out the year with a CAR of 15.8% as at December 31, 2019.
The inclusion of technology has revolutionized the approach of �nancial services and has changed the dynamics of banking operations. Product innovation and digitization has made ease in access to �nancial services for the common man, although much remains to be done on this front. Over the last few years, FMFB has made considerable investment in its digital journey – in 2019 an innovative in-house developed Loan Origination System (LOS) was rolled out commercially to more than 35 branch-es. The Bank’s total network footprint increased to 206 locations; network expansion has been focused on the CPEC route with a presence at 53 locations along the corridor. FMFB is constructing a Regional Headquarters in Gilgit which will be the �rst Leadership in Energy and Environmental Design (LEED) certi�ed structure in Gilgit Baltistan.
Risk management, Compliance, KYC/AML remains pivotal for the Bank to achieve operational excellence. The Bank ensures strong measures for identi�cation and mitigation of potential risks As the Bank aims to increasingly provide the customers with cost effective �nancial services through its digital channels, Information security is of the utmost importance; implementation and use of information securi-ty tools and methodologies for data protection remained the Bank’s priority.
Given the advancements in provision of �nancial services, the nature of business activities has become more complex, as a result, there is more focus of regulatory authorities on compliance/ risk matters. Terrorist �nancing & money laundering presents a global threat, against which Financial Institutions have responsibility to provide robust counter measures. FMFB is fully committed to meet its obligations to combat this menace by constantly taking actions to develop, reform and implement the AML/ CFT procedures.
During the year FMFB received recognition on multiple fronts. Its digital innovations were recognized in the Annual Digi Awards. FMFB was also recognized for its continued commitment to SBP’s National Financial Literacy Program and 17 staff members were awarded for contributions in their respective geographies. FMFB’s contribution to entrepreneurial capacity building was recognized for the 5th consecutive year and 5 of FMFB’s clients received regional awards at the Citi Micro-entrepreneurship Awards. The Bank also won an award in Global Diversity & Inclusion
Benchmarks Standards Awards in the category of Recruit-ment, Retention, Development, and Advancement.
OUTLOOKThe Bank will continue to build upon its strong presence across Pakistan and will leverage it for further growth in terms of digitization and market penetration; the Bank will continue to ensure the mission of enabling individuals while generating employment opportunities. FMFB is transforming its operations with enhancement in controls, ef�ciency and productivity by digitizing and exploring new horizons to ensure �nancial inclusion through digital �nancial services. It will continue to service small farmers in agriculture and livestock, education, housing and small enterprises. The Bank will assure a strong control environ-ment and zero tolerance towards compliance requirements as prescribed by the regulators while assuring excellence in services to its customers.
The Banking industry continues to evolve as a result of rapid technological changes. Customers prefer doing banking at their ease digitally; they seek banking services at their convenience along with an instant solution. The increasing penetration of smart phones and increased usage of internet over mobile has boosted �nancial inclusion. The use of digital �nancial services will play an integral role in the growth of country’s economy. The Bank is working on enhancing its product suite through implementation of digital �nancial services with a focus on client centricity and �nancial inclusion. The Bank is focusing on leveraging technology to digitalize work processes and improve ef�ciencies with the goal of transforming FMFB into a digital Bank.
The Bank will continue to play a key part in the National Financial Inclusion Strategy (NFIS) by offering affordable �nancial services to the �nancially excluded population of the country.
The Bank will enhance and improve its focus on risk management, compliance and internal audit. FMFB will continue to ensure zero tolerance against fraud & forgery and malpractices within all operating activities and business. FMFB is determined to inculcate and enrich a compliance culture at all levels while assuring compliance to regulatory regimes and internal policies.
The Bank will continue its effort towards becoming an employer of choice. Given the overall growth strategy of FMFB, Human Resource Management will be a focus area in terms of hiring quality resource and enhancing skill sets of existing resource by providing continuous training and development.
At year end 2019, the Bank’s total outstanding loan portfolio reached Rs. 31.6 billion with an increase of Rs. 7.8 billion over 2018 (33% YoY). The Agriculture sector is the mainstay of Pakistan’s economy and an important source for generat-ing income for the majority of the population; it remained a vital sector for the Bank with Agricultural and Livestock loans having a share of 53% in the overall portfolio, compared to 51% as at December 31, 2018. During the year, FMFB continued to add customers with the number of borrowers served being 430,771; 35% of these are women.While maintaining responsible portfolio growth, the Bank managed to contain the loan loss provision expense to
2.8% of the portfolio for 2019 in comparison to 1.1% for last year. Non-performing loans rate was 3.5% for 2019 as compared to 0.9% for 2018. Furthermore, absolute total written off portfolio during the year 2019 was Rs.510 million in comparison to Rs.129 million during 2018.
Total deposits at year end were Rs. 38.4 billion, of which 51% were �xed maturity deposits. The average cost of funds for the year 2019 was 10.54%. The average Advance to Deposit ratio (ADR) remained 82% for 2019. The Invest-ment portfolio mainly comprises of Pakistan Investment Bonds, market treasury bills and term deposit receipts.
89
FMFB Annual Repor t 2019
VIS, has maintained the Bank’s rating of A+ (long term) and A-1 (short term) with a Stable Outlook. These ratings represent a low expectation of credit risk, strong capacity for timely repayment of �nancial commitments in the long run and high capaci-ty of timely repayment in the short term, respectively.
Mr. Rayomond Kotwal (Chairman)Mr. Abrar Ahmed MirMr. Jesse Culain FrippMs. Maria Christine Largey (Independent Director)Mr. Masanari Yanagiuchi Ms. Maya Inayat IsmailMs. Sobia ChughtaiMr. Zahir Riaz (Independent Director)
66666666
54654666
No. of shareholders511119
Total No. of Shares Held50 shares
24,000,000 shares30,000,000 shares81,150,030 shares
137,931,035 shares273,081,115 shares
1100
25,000,00030,000,00090,000,000
10025,000,00030,000,00090,000,000
140,000,000
MEETINGS OF THE BOARD
MEETINGS OF THE BOARD COMMITTEES
CREDIT RATING
During the year 2017 International Finance Corporation (IFC) holding 24,000,000 (8.7%) shares of FMFB had exercised its put option vide notice to AKAM and AKRSP dated December 15, 2017 under the term of the Put & Call Option agreement dated June 14, 2002. AKAM exercised the option to acquire shares of IFC; after obtaining the necessary regulatory approvals the execution was completed on December 9, 2019. The Board would like to thank IFC for their support in furtherance of the objectives of FMFB and its commitment to ‘Enabling Individuals’.
The pattern of shareholding of the Bank as at December 31, 2019, as required under section 227 of the Companies Act, 2017 is as follows:
PATTERN OF SHAREHOLDING
Mr. Rayomond Kotwal (Chairman)Mr. Abrar Ahmed MirMr. Jesse Culain FrippMs. Maria Christine Largey (Independent Director)Mr. Masanari Yanagiuchi Ms. Maya Inayat IsmailMs. Sobia ChughtaiMr. Zahir Riaz (Independent Director)
3N/AN/AN/AN/A3
N/A3
Meeting heldduring the
tenure
Human ResorurceCommittee
AuditCommittee
RiskCommittee
Finacial Inclsution and IT Committee
N/AN/AN/A6
N/A66
N/A
Meeting heldduring the
tenure
N/A33
N/AN/AN/A3
N/A
Meeting heldduring the
tenure
N/A333
N/AN/AN/AN/A
Meeting heldduring the
tenure
3N/AN/AN/AN/A3
N/A3
Attendance
N/AN/AN/A6
N/A66
N/A
Attendance
N/A33
N/AN/AN/A3
N/A
Attendance
N/A333
N/AN/AN/AN/A
Attendance
Meeting held during thetenure Attendance
90
FMFB Annual Repor t 2019
Shareholders holding more than 10% of voting shares are:
The Board would like to thank our valued customers for their continued patronage and support. We would also like to thank the State Bank of Pakistan, the Securities and Exchange Commission of Pakistan and other regulatory authorities along with the Pakistan Micro�nance Network and the Pakistan Banks’ Association for their continuous guidance and support. Further-more, the Board would like to record its appreciation to all the staff of FMFB who bring commitment and enthusiasm to work each day for enriching their communities and helping them in improving their Quality of Life.
ACKNOWLEDGEMENT
Categories of ShareholdersIndividualsJoint Stock Companies and CorporationsFinancial Institutions
Number1719
# of Shares Held10
135,150,070137,931,035273,081,115
Percentage0.00
49.4950.51
100.00
ShareholderHabib Bank LimitedAga Khan Agency for Micro�nanceAga Khan Rural Support Programme
Voting Rights50.51%29.71%10.99%91.20%
Number of Shares Held137,931,035 shares81,150,030 shares30,000,000 shares
249,081,065 shares
ChairmanKarachi
President & Chief Executive Of�cer
93
FMFB Annual Repor t 2019
PROFIT /(LOSS) BEFORE TAX
CAGR 32%
2,000
1,500
1,000
500
-
(500)2008 2009 2010 2011
(81)2012
(106) (157) (54)2013 2014 2015 2016 2017
33 112 100385 492
1,007
2018
1,511
2019
701
PROFIT /(LOSS) AFTER TAX
CAGR 31%
1,200
1,000
800
600
400
200
-
(200)
(400)
2008 2009 2010 2011(93)
2012(107) (170) (63)
2013 2014 2015
312
10914327
2016 2017
686
316
2018
1,000
2019
533
MARK-UP INCOME
CAGR 26%
9,000
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
-2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
526969
1,147 1,430 1,656 1,9732,480
3,719
2018
6,047
2019
8,522
1,157 1,256
NON-MARKUP INCOME
CAGR 22%
900
800
700
600
500
400
300
200
100
-2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
69130 112 98
124 132 171
302
2018
509
2019
768
101 105
FINANCIAL PERFORMANCE TREND ANALYSIS(All amounts in Millions)
94
FMFB Annual Repor t 2019
DEPOSITS
CAGR 23%
45,000
40,000
35,000
30,000
25,000
20,000
15,000
10,000
5,000
-2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
3,3055,219 5,344
7,815 8,750 9,66112,237
20,887
2018
31,129
2019
38,404
5,920 6,571
GROSS ADVANCES
CAGR 25%
35,000
30,000
25,000
20,000
15,000
5,000
-2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
2,111 2,778 2,3743,499 4,480 5,640 8,274
14,555
2018
23,857
2019
31,614
2,407 3,057
TOTAL ASSETS
CAGR 23%
50,000
40,000
30,000
20,000
10,000
-2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
4,0946,068 6,353 9,514 10,675 12,187
16,878
25,941
2018
37,625
2019
47,232
6,978 8,264
CAGR 16%
12000
1000
8000
6000
4000
2000
n2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
4,0946,068
6,353
5,188 5,080 5,1965,581
8,712
2018 2019
9,0868,292
3,8654,560
Investments PLS Deposits with other banks
95
FMFB Annual Repor t 2019
FINANCIAL RESULTS 2012 - 2019
Rs. Million
" "
" "
" "
" "
" "
" "
" "
" "
2019
8,522
(3,468)
768
5,822
(4,268)
1,554
(853)
701
533
2018
6,047
(1,683)
509
4,873
(3,112)
1,761
(251)
1,511
1,000
2017
3,719
(857)
302
3,165
(2,066)
1,099
(92)
1,007
686
2016
2,480
(581)
171
2,070
(1,566)
504
(16)
489
316
2015
1,973
(595)
132
1,510
(1,052)
458
(73)
385
312
2014
1,656
(590)
124
1,190
(980)
210
(110)
100
109
2013
1,430
(518)
98
1,010
(839)
171
(59)
112
143
2012
1,256
(530)
105
831
(775)
56
(110)
(54)
(63)
STATEMENT OF FINACIAL POSTION
SUMMARY OF CASH FLOWS
PROFIT & LOSS ACCOUNT
Mark-up/ return earned
Mark-up/ return expensed
Fee, Commission & Other Income
Total income
Operating expenses
Operating pro�t before tax and provision
Provisions / write-offs
Pro�t /(Loss) before tax
Pro�t /(Loss) after tax
" "
" "
" "
" "
" "
" "
" "
" "
" "
" "
" "
" "
" "
" "
" "
" "
" "
" "
" "
3,500
3,352
824
1,873
6,048
(1)
-
6,047
47,232
39,228
31,614
30,936
1,106
4,513
41,185
38,404
18,697
-
36,273
3,500
3,352
676
1,478
5,505
(1)
-
5,503
37,625
32,640
23,857
23,554
214
2,807
32,122
31,129
12,528
-
27,753
3,500
3,352
419
735
4,506
(1)
-
4,506
25,941
23,107
14,555
14,395
95
5,934
21,435
20,887
8,605
-
18,917
3,500
3,352
245
232
3,828
1
2
3,831
16,878
15,064
8,274
8,183
59
4,628
13,048
12,237
5,930
298
11,183
3,500
1,352
163
1
1,516
26
3
1,544
12,187
10,722
5,640
5,526
89
4,030
10,643
9,661
4,336
646
9,288
1,500
1,352
84
(227)
1,208
25
4
1,237
10,675
9,497
4,480
4,417
37
4,273
9,438
8,750
3,419
298
8,206
1,500
1,352
55
(304)
1,102
1
5
1,109
9,514
8,638
3,499
3,450
31
4,051
8,405
7,815
3,020
296
7,305
1,500
1,352
19
(410)
981
20
6
990
8,264
7,531
3,057
2,972
45
3,538
7,277
6,571
2,450
383
6,239
Authorised capital
Paid up capital & Premium
Reserves
Unappropriated Pro�t/(Loss)
Shareholder's equity
(De�cit)/ Surplus on revaluation of assets
Deferred grants
Net Assets
Total Assets
Earning Assets
Gross Advances
Advances - net of provisions
Non-Performing Loans (NPLs)
Investments
Total Liabilities
Deposits & other accounts
Current & Saving Deposits (CASA)
Borrowings
Interest bearing Liabilities
Cash �ows from operating activities
Cash �ows from investing activities
Cash �ows from �nancing activities
Cash and cash equivalents at beginning of the year
Cash and cash equivalents at end of the year
135
(1,890)
(269)
10,682
8,657
1,546
2,337
-
6,758
10,682
2,218
947
-
3,594
6,758
(126)
(298)
2,000
2,018
3,594
317
(481)
-
2,182
2,018
(185)
(1,783)
-
4,150
2,182
631
1,393
5
2,126
4,150
235
560
246
1,085
2,126
" "
" "
" "
"
"
96
FMFB Annual Repor t 2019
FINANCIAL SUMMARY & RATIOS 2012 - 2019
PROFITABILITY RATIOS
Pro�t before tax ratio
Gross Yield on Average Earning Assets
Gross Spread
Cost to income ratio
Return on average equity (ROE)
Return on average assets (ROA)
Return on Capital Employed (ROCE)
Non interest income to total income
Operating Exp to Pro�t before Tax
2019
12.04%
23.71%
40.69%
73.31%
9.22%
1.26%
12.14%
13.19%
608.64%
2018
30.99%
21.70%
27.83%
63.86%
19.98%
3.15%
30.17%
10.45%
206.06%
2017
31.83%
19.49%
23.03%
65.28%
16.46%
3.20%
24.17%
9.55%
204.69%
2016
23.60%
19.24%
23.42%
75.64%
11.84%
2.18%
18.29%
8.24%
319.30%
2015
25.50%
19.52%
30.18%
69.68%
22.89%
2.73%
28.27%
8.77%
272.80%
2014
8.42%
18.26%
35.65%
82.34%
9.47%
1.08%
8.67%
10.45%
974.98%
2013
11.06%
17.69%
36.24%
83.07%
13.87%
1.61%
10.83%
9.75%
746.11%
2012
-6.46%
18.19%
42.20%
93.25%
-7.27%
-0.83%
-6.16%
12.63%
-1439.45%
%
" "
" "
" "
" "
" "
" "
" "
INVESTMENT RATIOS
Earnings per share (before tax)
Earnings per share (after tax)
Net assets per share
2.57
1.95
22.15
5.53
3.66
20.15
3.69
2.51
16.50
2.22
1.44
14.03
2.85
2.31
11.43
0.74
0.81
9.15
0.83
1.06
8.20
(0.42)
(0.50)
7.32
Rs.
" "
" "
" "
941
988
3,776
24.92%
45.70%
26.17%
25.10%
ASSET QUALITY AND LIQUIDITY RATIOS
Gross Advances to deposits ratio
Net Advances to deposits ratio
Investments to deposits ratio
Weighted Average Cost of Fund
CASA to total deposits
NPLs to Gross advances ratio
NPLs to Shareholders Equity
Coverage Ratio (speci�c provision/ NPLs)
Coverage Ratio (total provision/ NPLs)
Earning assets to total assets ratio
Investments to total assets ratio
Cash & Cash Equvilants to Total Assets
Cash to Current Liabilities
Earning assets to interest bearing Liabilities
Deposits to shareholder equity
Assets to Equity
Current / Quick Ratio
82.32%
80.56%
11.75%
6.96%
48.69%
3.50%
18.29%
33.56%
61.26%
83.05%
9.55%
13.30%
15.25%
1.08
6.35
7.81
1.08
76.64%
75.67%
9.02%
5.89%
40.24%
0.90%
3.89%
32.71%
141.25%
86.75%
7.46%
21.86%
25.60%
1.18
5.65
6.84
1.21
69.68%
68.92%
28.41%
5.89%
41.20%
0.65%
2.11%
23.20%
168.23%
89.08%
22.88%
14.82%
17.93%
1.22
4.64
5.76
1.21
67.61%
66.87%
37.81%
5.66%
48.46%
0.71%
1.54%
23.86%
154.06%
89.25%
27.42%
9.79%
12.67%
1.35
3.20
4.41
1.18
58.38%
57.19%
41.71%
6.76%
44.88%
1.58%
5.88%
35.68%
128.11%
87.97%
33.07%
13.68%
15.67%
1.15
6.37
8.04
1.14
51.20%
50.48%
48.84%
7.85%
39.08%
0.83%
3.07%
45.77%
170.62%
88.96%
40.03%
11.54%
13.06%
1.16
7.24
8.84
1.05
44.78%
44.15%
51.83%
7.72%
38.65%
0.90%
2.85%
25.26%
155.92%
90.79%
42.58%
16.01%
18.13%
1.18
7.09
8.63
1.16
46.52%
45.23%
53.85%
8.71%
37.29%
1.49%
4.72%
31.96%
187.09%
91.13%
42.82%
15.99%
18.15%
1.21
6.83
8.60
1.27
%
" "
" "
" "
" "
" "
" "
" "
" "
" "
" "
" "
" "
" "
Times
" "
" "
" "
CAPITAL ADEQUACY
Tier I Capital
Total Eligible Capital
Risk Weighted Assets (RWA)
Tier I to RWA
RWA to total assets
Capital Adequacy Ratio
Net Return on Average RWA
5,439
5,936
37,372
14.55%
79.12%
15.88%
21.36%
5,093
5,474
27,697
18.39%
73.61%
19.76%
27.09%
4,191
4,422
16,714
25.08%
64.43%
26.46%
24.09%
3,651
3,784
9,565
38.17%
56.67%
39.56%
25.32%
1,460
1,604
6,782
21.52%
55.64%
23.65%
25.45%
1,179
1,226
5,083
23.20%
47.62%
24.11%
24.40%
1,078
1,119
4,669
23.09%
49.08%
23.97%
23.92%
36
78
29
(1)
Rs. Million
" "
" "
" "
PER BRANCH
Gross Advances
Deposits
CASA
PBT
159
193
94
4
130
169
68
8
100
144
59
7
69
102
49
4
52
89
40
4
45
87
34
1
40
90
35
1
Rs. Million
" "
" "
%
" "
" "
" "
97
FMFB Annual Repor t 2019
26.31%
7.99%
%
" "
14.35%
10.34%
INDUSTRY SHARE
Deposits
Advances
* based on MicroWatch released by Pakistan Micro�nance Network
12.97%
8.68%
11.17%
7.18%
10.08%
6.04%
14.94%
6.06%
20.12%
6.71%
22.47%
6.72%
NON-FINANCIAL SUMMARY 2012 - 2019
No. of Accounts
No. of Branches & PBs
No. of Employees
ATMs
No. of ATMs
Total active Smart/ Debit Card issued
No. of Debit Cards issued during the year
373,000
84
1,068
Absolute
" "
" "
1,220,813
199
3,296
1,411,208
184
2,760
1,023,305
145
2,068
679,288
120
1,541
473,476
109
1,346
419,563
100
1,169
393,834
87
1,122
-
-
-
Absolute
" "
" "
76
120,683
173,929
76
17,111
53,086
27
497
1,822
-
-
-
-
-
-
-
-
-
-
-
-
INTERNET BANKING
No. of customers
No. of Transactions
Volume of Transactions
-
-
-
Absolute
" "
No. Million
-
111,070
1,263
3,720
38,090
453
27
247
3
-
-
-
-
-
-
-
-
-
-
-
-
98
FMFB Annual Repor t 2019
Mark-up earned
Mark-up expensed
Net mark-up income
Provisions & write off
Net mark-up income after provisions
Non-mark-up income
Non-mark-up expenses
Pro�t before taxation
Taxation
Pro�t after taxation
8,522
(3,468)
5,054
(853)
4,201
768
(4,268)
701
168
533
92%
-37%
54%
-9%
45%
8%
-46%
8%
2%
6%
6,047
(1,683)
4,365
(251)
4,114
509
(3,112)
1,511
510
1,000
92%
-26%
67%
-4%
63%
8%
-47%
23%
8%
15%
3,719
(857)
2,863
(92)
2,771
302
(2,066)
1,007
321
686
92%
-21%
71%
-2%
69%
8%
-51%
25%
8%
17%
2,480
(581)
1,899
(16)
1,884
171
(1,566)
489
172
316
94%
-22%
72%
-1%
71%
6%
-59%
18%
6%
12%
1,973
(595)
1,377
(73)
1,305
132
(1,052)
385
73
312
94%
-28%
65%
-3%
62%
6%
-50%
18%
3%
15%
1,656
(590)
1,065
(110)
955
124
(980)
100
(9)
109
93%
-33%
60%
-6%
54%
7%
-55%
6%
-1%
6%
1,430
(518)
912
(59)
852
98
(839)
112
(31)
143
94%
-34%
60%
-4%
56%
6%
-55%
7%
-2%
9%
1,256
(530)
726
(110)
616
105
(775)
(54)
10
(63)
92%
-39%
53%
-8%
45%
8%
-57%
-4%
1%
-5%
PROFIT & LOSS ACCOUNT 2019 2018 2017 2016 2015 2014 2013 2012
VERTICAL ANALYSIS 2012 TO 2019STATEMENT OF FINANCIAL POSITION / PROFIT & LOSS
ASSETS
Cash and balances with SBP and NBP
Balances with other Banks/NBFIs/MFBs
Investments – net of provisions
Advances – net of provisions
Operating �xed assets
Other assets
Deferred tax asset
Rs. Mln
2,876
3,405
4,513
30,936
2,820
2,462
220
47,232
2019STATEMENT OFFINANCIAL POSITION %
6%
7%
10%
65%
6%
5%
<1%
Rs. Mln
2,187
6,037
2,807
23,554
1,188
1,789
63
37,625
2018
%
6%
16%
7%
63%
3%
5%
<1%
Rs. Mln
1,205
2,639
5,934
14,395
725
1,002
42
25,941
2017
%
5%
10%
23%
55%
3%
4%
<1%
Rs. Mln
841
812
5,932
8,183
496
581
34
16,878
2016
%
5%
5%
35%
48%
3%
3%
<1%
Rs. Mln
622
1,046
4,030
5,526
383
534
48
12,187
2015
%
5%
9%
33%
45%
3%
4%
<1%
Rs. Mln
484
748
4,273
4,417
206
487
60
10,675
2014
%
5%
7%
40%
41%
2%
5%
<1%
Rs. Mln
504
1,020
4,051
3,450
142
311
37
9,514
2013
%
5%
11%
43%
36%
1%
3%
<1%
Rs. Mln
376
946
3,538
2,972
130
302
-
8,264
2012
%
5%
11%
43%
36%
2%
4%
-
LIABILITIES
Deposits
Borrowings
Other liabilities
NET ASSETS
38,404
-
2,781
41,185
6,047
81%
-
6%
13%
31,129
-
993
32,122
5,503
83%
-
3%
15%
20,887
-
548
21,435
4,506
81%
-
2%
17%
12,237
298
513
13,048
3,830
73%
2%
3%
23%
9,661
646
336
10,643
1,544
79%
5%
3%
13%
8,750
290
398
9,438
1,237
82%
3%
4%
12%
7,815
296
294
8,405
1,109
82%
3%
3%
12%
6,571
383
323
7,277
987
80%
5%
4%
12%
REPRESENTED BY
Share capital
Reserves
Unappropriated pro�t/(loss)
Surplus/ (De�cit) on revaluation
of assets - net of tax
Deferred grants
3,352
824
1,873
(1)
-
6,047
7%
2%
4%
-
-
13%
3,352
676
1,478
(1)
-
5,503
9%
2%
4%
0.0%
-
15%
3,352
419
735
(1)
4,506
13%
2%
3%
-
-
17%
3,352
244
232
1
1
3,830
20%
1%
1%
0.0%
0.0%
23%
1,352
163
1
26
2
1,544
11%
1%
0.0%
0.2%
0.0%
13%
1,352
83
(227)
25
4
1,237
13%
1%
-2%
0.2%
0.0%
12%
1,352
55
(304)
1
5
1,109
14%
1%
-3%
0.01%
0.1%
12%
1,352
19
(410)
20
6
987
16%
0.2%
-5%
0.2%
0.1%
12%
99
FMFB Annual Repor t 2019
HORIZONTAL ANALYSIS 2012 TO 2018STATEMENT OF FINANCIAL POSITION / PROFIT & LOSS
ASSETS
Cash and balances with SBP and NBP
Balances with other Banks/NBFIs/MFBs
Investments – net of provisions
Advances – net of provisions
Operating �xed assets
Other assets
Deferred tax asset
Rs. Mln
2,876
3,405
4,513
30,936
2,820
2,462
220
47,232
2019 19 v 18STATEMENT OFFINANCIAL POSITION %
32%
-44%
61%
31%
137%
37%
249%
26%
Rs. Mln
2,187
6,037
2,807
23,554
1,188
1,789
63
37,625
2018
%
81%
129%
-53%
64%
64%
79%
51%
45%
Rs. Mln
1,205
2,639
5,934
14,395
725
1,002
42
25,941
2017
%
43%
225%
<1%
76%
46%
72%
24%
54%
Rs. Mln
841
812
5,932
8,183
496
581
34
16,878
2016
%
35%
-22%
47%
48%
30%
9%
-29%
38%
Rs. Mln
622
1,046
4,030
5,526
383
534
48
12,187
2015
%
28%
40%
-6%
25%
86%
10%
-21%
14%
Rs. Mln
484
748
4,273
4,417
206
487
60
10,675
2014
%
-4%
-27%
5%
28%
45%
57%
63%
12%
Rs. Mln
504
1,020
4,051
3,450
142
311
37
9,514
2013
%
34%
8%
14%
16%
9%
3%
100%
15%
Rs. Mln
376
946
3,538
2,972
130
302
-
8,264
2012
%
6%
30%
16%
37%
2%
-3%
-
LIABILITIES
Deposits
Borrowings
Other liabilities
NET ASSETS
38,404
-
2,781
41,185
6,047
23%
-
180%
10%
31,129
-
993
32,122
5,503
49%
-
81%
22%
20,887
-
548
21,435
4,506
71%
-100%
7%
18%
12,237
298
513
13,048
3,830
27%
-54%
52%
148%
9,661
646
336
10,643
1,544
10%
123%
-15%
25%
8,750
290
398
9,438
1,237
12%
-2%
35%
12%
7,815
296
294
8,405
1,109
19%
-23%
-9%
12%
6,571
383
323
7,277
987
11%
100%
21%
25%
REPRESENTED BY
Share capital
Reserves
Unappropriated pro�t/(loss)
Surplus/ (De�cit) on revaluation
of assets - net of tax
Deferred grants
3,352
824
1,873
(1)
-
6,047
-
22%
27%
-55%
-
10%
3,352
676
1,478
(1)
-
5,503
-
61%
101%
97%
-
22%
3,352
419
735
(1)
-
4,506
-
72%
218%
-157%
-
18%
3,352
244
232
1
1
3,830
148%
50%
21323%
-95%
-56%
148%
1,352
163
1
26
2
1,544
-
96%
-100%
5%
-42%
25%
1,352
83
(227)
25
4
1,237
-
51%
-25%
2107%
-22%
12%
1,352
55
(304)
1
5
1,109
-
192%
-26%
-94%
-11%
12%
1,352
19
(410)
20
6
987
22%
2%
18%
304%
59%
25%
18 v 17 17 v 16 16 v 15 15 v 14 14 v 13 13 v 12 12 v 11
Mark-up earned
Mark-up expensed
Net mark-up income
Provisions & write off
Net mark-up income after provisions
Non-mark-up income
Non-mark-up expenses
Pro�t before taxation
Taxation
Pro�t after taxation
8,522
(3,468)
5,054
(853)
4,201
768
(4,268)
701
168
533
41%
106%
16%
240%
2%
51%
37%
-54%
-67%
-47%
6,047
(1,683)
4,365
(251)
4,114
509
(3,112)
1,511
510
1,000
63%
96%
52%
174%
48%
69%
51%
50%
59%
46%
3,719
(857)
2,863
(92)
2,771
302
(2,066)
1,007
321
686
50%
47%
51%
487%
47%
77%
32%
106%
87%
117%
2,480
(581)
1,899
(16)
1,884
171
(1,566)
489
172
316
26%
-2%
38%
-79%
44%
29%
49%
27%
135%
1%
1,973
(595)
1,377
(73)
1,305
132
(1,052)
385
73
312
19%
1%
29%
-34%
37%
7%
7%
284%
-894%
185%
1,656
(590)
1,065
(110)
955
124
(980)
100
(9)
109
16%
14%
17%
86%
12%
26%
17%
-10%
-71%
24%
1,430
(518)
912
(59)
852
98
(839)
112
(31)
143
14%
-2%
26%
-46%
38%
-6%
8%
-308%
-423%
326%
1,256
(530)
726
(110)
616
105
(775)
(54)
10
(63)
9%
6%
11%
-11%
16%
4%
9%
-34%
-178%
32%
PROFIT & LOSS ACCOUNT
100
FMFB Annual Repor t 2019
PERSONNEL EXPENSES
Staff salaries and bene�ts
Contribution to de�ned contribution provident fund
Charge for de�ned bene�t gratuity fund
1,988
77
59
2,125
1,625
59
47
1,731
1,095
41
36
1,172
779
33
24
836
524
26
15
565
479
23
10
512
401
20
9
430
348
16
12
376
" "
" "
" "
" "
" "
" "
" "
" "
" "
" "
" "
" "
" "
" "
" "
" "
" "
" "
" "
" "
" "
" "
" "
" "
" "
45
6
161
203
30
127
49
104
17
7
560
40
176
158
181
66
124
64
23
3
2,143
-
-
4,268
39
200
108
91
32
87
35
64
34
4
201
29
116
129
47
102
36
25
1
1,381
-
-
3,112
22
141
68
57
12
52
26
37
20
4
114
21
91
85
33
64
14
21
8
890
1
3
2,066
33
93
54
64
22
38
31
37
7
3
93
11
84
62
24
35
16
15
5
725
1
1
1,563
9
81
49
44
8
24
24
22
1
2
59
4
61
48
18
9
11
10
1
485
2
-
1,052
9
68
50
31
16
22
21
19
5
1
45
3
86
41
16
8
12
4
8
465
2
1
980
7
58
47
25
14
23
23
18
3
2
36
3
77
29
14
6
13
3
3
404
5
-
839
7
54
41
21
14
22
21
14
2
1
42
2
61
25
15
5
9
2
39
397
2
-
775
ADMINISTRATIVE EXPENSES
Training and capacity building
Rent, rates and taxes
Utilities
Insurance
Legal and professional charges
Communications
Repair and maintenance
Stationery and printing
Advertisement and publicity
Auditors' remuneration
Depreciation
Amortization
Finance cost of lease liability on right of use assets
Travel and transportation
Of�ce security
Of�ce supplies
Information technology supplies and software
Veri�cation charges
Bank charges
Other expenses
Administrative expenses
Depreciation - grant related assets
Other charges
Total Operating Expenses " "
INCOME SUMMARY 2012 - 2019
MARKUP INCOME
Pro�t before tax Mark-up on advances
Income on investment in government securities
Income from term Deposit Receipts (TDRs)
Markup on deposit accounts with treasury & other banks
Income on other placements
Income on Term �nance Certi�cates - Net of premium
Markup on reverse Repo
BREAKUP OF INCOME 2019
7,595
325
203
396
-
-
2
8,522
2018
5,475
237
172
163
-
-
-
6,047
2017
3,295
208
162
55
3,719
2016
2,059
186
176
59
-
-
-
2,480
2015
1,547
259
114
53
-
-
-
1,973
2014
1,185
311
87
59
7
4
3
1,656
2013
1,030
238
80
69
3
7
3
1,430
2012
825
341
5
61
-
13
11
1,256
Rs. Mln
'' ''
'' ''
'' ''
'' ''
'' ''
'' ''
'' ''
NON-MARKUP INCOME
Fee, Commission & Other Income
Dividend Income
Amortization of deffered Capital Grant
Other Income
TOTAL INCOME
765
-
-
3
768
9,289
503
-
-
6
509
6,556
288
-
2
12
302
4,021
159
-
1
11
171
2,651
124
-
1
7
132
2,105
108
-
2
14
124
1,780
92
-
5
1
98
1,528
87
-
2
16
105
1,361
'' ''
'' ''
'' ''
'' ''
'' ''
OPERATING EXPENSES SUMMARY 2012 - 2019
101
FMFB Annual Repor t 2019
PROFITABILITY2019 was a challenging year, therefore, FMFB maintained a cautious approach with respect to portfolio growth during the year and has been able to better weather the storm currently impacting the micro�nance sector where average NPLs of micro�nance banks have signi�cantly increased and as at December 31, 2019, reached 6.1% for the MFB industry. Furthermore, increases in the discount rate by the SBP has resulted in a substantial increase in funding costs; increasing in�ation and rising dollar rupee parity has also resulted in signi�cant increase in the cost of operations for the Bank. The Bank opted not to pass on all of the increases in costs to their borrowers by increasing lending rates due to the prevailing economic situation, and thus, pro�tability was expected to be negatively affected. Pro�t before provision and taxation for 2019 has recorded a decrease of 12% in comparison to last year. In 2019, the Bank recorded pro�t before tax of Rs. 701 million and pro�t after tax of Rs. 533 million, a decrease of 54 percent and 47 percent respectively from 2019. Though, the earning assets of the bank increased by 20% as compared to the last year, however, EPS of the Bank for the year 2019 was Rs. 1.95 per share as compared to Rs. 3.66 for the last year amid decline in pro�tability.
NET MARK-UP / INTEREST INCOME During the year 2019 the policy rate of SBP increased from 10.00% as of December 2018 to 13.25% as a result, the average cost of funds of FMFB has increased by 358 basis points YoY which eventually increased in cost of fund by Rs. 1.8 billion; an increase of 106% in interest expense, as compared to last the year.
Income from loan portfolio has increased by 60% as compared to last year. Interest income from investments and bank balances has increased by 62% as compared to last year. This increase was observed mainly due to increase in discount rate as well as average bank placements.
NON MARK-UP / NON-INTEREST INCOME Non-interest income mainly comprises of Fee Income earned from loan disbursement process, fee against issuance of debit cards and fee against other banking services. Due to a considerable growth in advances portfolio of the Bank and issuance of 174,000 debit cards has resulted in increase of 53% in Fee income.Furthermore, the Bank has streamlined the revenue recognition of services according to current industrial practices. The income received on services (ATM, SMS Banking etc.) is deferred and recognized in the pro�t and loss over the terms of service; any unutilized balance is recognized as deferred in the �nancial statements. As at December 31, 2019 an amount of Rs. 30m is deferred in the �nancial statements.
OPERATING EXPENSESAggregated operating expenses increased by 37%, Salaries expense increased by 23% and administrative expense increased by 55%. The increase in salaries and bene�ts is mainly due to increase in average staff head count. Whereas increase in administrative expenses was due to multiple reasons including an impact of Rs. 141 million in pro�t before tax amid implementation of IFRS 16; signi�cant increase in borrower insurance cost for micro pensioner loans; regulatory compliance for biometric veri�cation and compulsory customer messaging for digital transactions costing; signi�cant increase in minimum wage rates; utility bills expenses were also high due to increase in rates for electricity; increase in fuel prices during 2019 increased the POL cost. Furthermore, signi�cant Rupee
devaluation increased costs of information technology related expenses as well as import depended capital purchases. Furthermore, in�ation remained signi�cantly high throughout the year increasing all administrative costs.
During 2019, the Bank has also invested in geographic expansion. Five PBs have been upgraded to the status of Branches and three new Branches have been opened. Eleven sub-of�ces have been upgraded to PBs and one new PB has also been opened.
COMMENTARY ON FINANCIALS
1,900
1,650
1,150
900
650
400
150
(100)2012
Operating Pro�t Pro�t before tax Pro�t after tax
2013 2014 2015 2016 2017 2018 2019
2012 2013 2014 2015 2016 2017 2018 2019
6,000
5,000
4,000
3,000
2,000
1,000
-
16%14%12%10%
8%6%4%2%0%
Net Mark-up/Interest Income Non Mark-up/Interest
Non Markup Interest Income to Net Markup Income
Admin Expenses Salary Expenses Cost to Income
2,500
2,000
1,500
1,000
500,
-
90%
75%
60%
45%
30%
15%
0%2012 2013 2014 2015 2016 2017 2018 2019
102
FMFB Annual Repor t 2019
RETURN ON AVERAGE ASSETS (ROA)The ROA of the Bank is 1.3% for the year 2019; a decrease of 189 basis points over last year; Total Assets increased by 26% in comparison to the previous year. Decrease in ROA is mainly due to decrease in net pro�t on the other side increase in balance sheet foot as per the increase in the deposits of the bank.
SHAREHOLDERS’ FUNDSThe aggregate shareholders’ funds have registered an increase of 10%, in absolute terms, over last year due to the earnings for the year 2019. Consequently, the breakup value per share of the Bank have increased to Rs. 22.1 as on December 31, 2019 from Rs. 20.2 as on last year end. Return on Equity (ROE) is 9.2% for the year 2019.
LOAN PORTFOLIOGross Loan Portfolio increased by 33 percent over last year to close at an all-time high of Rs. 31.6 billion. Portfolio at Risk (PAR 30+) ratio has increased to 3.5% as of December 31, 2019 compared 0.9% last year representing an increase of 260 basis points in comparison to last year. However, this is signi�cantly lower than the MFB industry which stood at 6.1% as at year end.
Major contributory factors in increase in NPL include:• Overall economic downturn and rising in�ationimpacting repayment capacity of the micro�nance borrowers on a sector level.• High portfolio concentration and some industry level issues leading to additional defaults in South Punjab.• Agriculture sector has been impacted due to Sugar cane yield issues and price crises in 2018 and 2019; severe weather conditions and back to back wheat and cotton crop crises; effect of locust attack in some areas of Sindh• Livestock sector was impacted due to low prices and selling issues during Eid season of 2019 due to multiple reasons including unprecedented rains.
OPERATING EXPENSESAggregated operating expenses increased by 37%, Salaries expense increased by 23% and administrative expense increased by 55%. The increase in salaries and bene�ts is mainly due to increase in average staff head count. Whereas increase in administrative expenses was due to multiple reasons including an impact of Rs. 141 million in pro�t before tax amid implementation of IFRS 16; signi�cant increase in borrower insurance cost for micro pensioner loans; regulatory compliance for biometric veri�cation and compulsory customer messaging for digital transactions costing; signi�cant increase in minimum wage rates; utility bills expenses were also high due to increase in rates for electricity; increase in fuel prices during 2019 increased the POL cost. Furthermore, signi�cant Rupee
devaluation increased costs of information technology related expenses as well as import depended capital purchases. Furthermore, in�ation remained signi�cantly high throughout the year increasing all administrative costs.
During 2019, the Bank has also invested in geographic expansion. Five PBs have been upgraded to the status of Branches and three new Branches have been opened. Eleven sub-of�ces have been upgraded to PBs and one new PB has also been opened.
Gross Advance Non-Performing Loans (NPL) % Age
40,000
30,000
20,000
10,000
-
4.00%
3.00%
2.00%
1.00%
0.00%2012 2013 2014 2015 2016 2017 2018 2019
NON PERFORMING LOANS’ (NPL) COVERAGE The NPL coverage ratio represents aggregate speci�c provisions against recognized NPLs as per the mandatory provision criteria which requires an increase in provision in line with the increase in risk of non-recovery. At the end of 2019, nonperforming loans amounted to Rs. 1,106 million with a speci�c coverage ratio of 34 percent. This is mainly indicative of NPL concentration towards lower overdue days, 32% below 60 days overdue and 22% below 90 days overdue.
Shareholders Fund Return on average Equity
8,000
6,000
4,000
2,000
-
25.0%
15.0%
5.0%
-5.0%
2012 2013 2014 2015 2016 2017 2018 2019
Total Assests Return on average Assests
50,000
40,000
30,000
20,000
10,000
-
4.0%
3.0%
2.0%
1.0%
0.0%
-1.0%2012 2013 2014 2015 2016 2017 2018 2019
NPL NPL Coverage
1,200
1,000
800
600
400
200
-
50%
40%
30%
20%
10%
0%2012 2013 2014 2015 2016 2017 2018 2019
103
FMFB Annual Repor t 2019
DEPOSITS Throughout last seven years, deposits base has continuously increased with the aim to be the leading Bank in micro�nance industry. During the year 2019, a growth of 23% was achieved in customer deposits. The CASA to Term Deposit ratio is 49:51; current deposits increased by 5%, saving deposits by 66% and term deposits by 6%. Average deposit per client remained stable at Rs. 31 thousand. The Bank has also achieved a landmark of serving more than 1.2 million depositors; an increase of 24 percent compared to the last year.
ASSET QUALITY RATIO Advance to deposit ratio has increased by 568 basis points YoY to close at 82% showing improvement in utilization of funding resources towards lending business. CASA ratio witnessed an increase of 844 basis points during the year. Average cost of fund reached 10.5% in consequence to continuous increase in discount rate by SBP since H2 2018.
CAPITAL ADEQUACY RATIO (CAR) CAR as at December 31, 2019 closed at 15.8% being higher than the requirement of 15% as per the prudential regula-tions of SBP. A declining trend of CAR is observed in last few years mainly due to an increase in advances and resultant increase in risk weighted assets.
Furthermore, the bank is in process of obtaining subordinated debt to increase leverage in capital adequacy and to fuel future growth.
25,000
20,000
15,000
10,000
5,000
-
60%
50%
40%
30%
20%
10%
0%2012
Current deposits
Saving deposits
Fixed deposits
CASA Mix
2013 2014 2015 2016 2017 2018 2019
100%
50%
0%
Gross Advances to Deposit RatioCASA to Total DepositWeighted Average Cost of Fund
2012 2013 2014 2015 2016 2017 2018 2019
MAJOR CAPITAL EXPENDITURE
from growing threats on cyber security with normal replacements to ensure smooth operations.
Total capital expenditure during 2019 was Rs. 644m for business expansion, renovation and improvement of IT infrastructure.
During the year 2019, increase in IT assets were primarily due to additions made in respect of continuous improvement inour information technology platforms, safeguarding our existing infrastructure/ relations
30
25
20
15
10
5
-
PKR
Billi
ons
50%
40%
30%
20%
10%
0%
2012
Risk Weighted Assets (RWA)
Total Eligible Capital
Capital Adequacy Ratio
2013 2014 2015 2016 2017 2018 2019
104
FMFB Annual Repor t 2019
Cash�ow from operating activitiesMarkup/Return/Interest EarnedMarkup/Return/Interest ExpensedPayments to Employees, Supplier and Others
Decrease/ (increase) in operating assets
Advances - netAccrued interest on term deposit receiptsOther assets (excluding advance taxation and gratuity)
(Increase)/Decrease in operating Liabilities
Bills payableBorrowings from �nancial institutionsDepositsOther Liabilities (excluding gratuity)
Income Tax PaidNet cash in�ow from operating activities
Investing ActivitiesInvestment in available for sale securitiesInvestment in held to maturity securitiesInvestment in held for trading securitiesProceeds from sale/ redemption of available for sale securitiesProceeds from sale/ redemption of held to maturity securitiesProceeds from sale/ redemption of held for trading securitiesDividend incomeInvestments in operating �xed assetsSale proceeds of property and equipment disposed Net cash�ow from investing activities
Financing ActivitiesReceipts/ (payments) of Sub-ordinated loanPayments of lease obligationsIssue of share capitalDividend paidNet cash�ow from �nancing activities
(Decrease)/ increase in cash and cash equivalentsCash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year
9,289 (3,468) (4,267) 1,554
(7,382)
(203) (1,095)
(8,680)
1 -
7,275 385
7,661 535
(400) 135
(325) (2,551)
- 380
1,234 - -
(633) 5
(1,890)
- (269)
- -
(269)
(2,025) 10,682 8,657
6,556 (1,683) (3,112) 1,762
(9,160)
(172) (961)
(10,293)
52 -
10,242 406
10,700 2,169 (623)
1,546
- (514)
- 689
2,864 26
- (693)
6 2,377
- - - - -
3,923 6,758
10,682
------------ Rupees Millions ------------2019 2018
CASHFLOW STATEMENT - DIRECT METHOD
107
FMFB Annual Repor t 2019
STAKEHOLDERS’ ENGAGEMENT
Stakeholder engagement not only plays a key role in Corporate Social Responsibility but it is also emerging as a mean of unfolding a broader, more inclusive and continuous process between a company and those potentially impacted; that encompasses a range of activities and approaches. It is a way by which companies engage their stakeholders to �nd out what social and environmental issues matters most when considering their performance in order to improve service quality, decision-making and accountability.
The integration of stakeholders into sustainability risk assessment and management process help FMFB to identify and priorities stakeholders concerns.
The overall objective of this engagement is to drive strategic direction and operational excellence for the Bank. In order to bene�t the Bank; their stakeholders and wider society, FMFB always focuses on contributing to the kind of sustainable development. As a part of the bank’s engagement activities, FMFB have an effective Grievance Mechanism in place where the stakeholders can approach us through suggestion or complaints by boxes placed at each branch/ location, call to our help line, by email, by post and via our digital applications such as mobile apps and our designated social channels.
FMFB is committed to: • Being accessible and responding appropriately to legitimate concerns.• Create constructive engagements with our stakeholders by taking account of their concerns and suggestions
• Maintaining transparency and fair treatment in our engagements • Ensuring are response underpins our code of ethics and our core values
CUSTOMERA corporate objective of FMFB encourages fair treatment to the customer in all respects especially with regards to transaction and expressively discourages exploitation of deceiving customer’s right. FMFB monitors the fair term of pricing and accessibility in its product and service offering. FMFB ensure protection of its customer privacy and their personal information. Further, FMFB has a separate Customer Service Department which 24/7 deals with customers by keeping in mind all the ethical aspects.
VENDORSFMFB favors to work with local suppliers in order to support national economy and encourage local businesses. FMFB regularly engage and correspond with supplier during and after contract. FMFB promote an ethical supplier management relationship in line to Supplier Code of Conduct and Sustainability and other policy guidelines.
EMPLOYEESFMFB has excellent assortment of professional personnel who are well committed and dedicated to their respective jobs. FMFB encourages making policies that promote a culture of reward on merit basis and foster team work. FMFB believe to manage them by leading rather than by driving. FMFB ensures hiring best people for the job and strives to retain, motivate, empower and reward them for their contribution. Further FMFB engage employees by:• Team meetings and exercises • Employee Engagement events and Town Halls • CEO and Group Executive Messages
GOVERNMENTFMFB ensure compliance with applicable Rules, Regulations of regulators and legislative framework of Government regarding submission of multiple reports, return and taxes and duties etc. FMFB communicates with government authorities and regulators regarding policy, regulatory and other relevant factors.
SHAREHOLDERSFMFB always make sure that all the rights of the shareholder are well protected. Every shareholder regardless of number of their shareholding is encouraged to attend Annual review meetings and conference.
SHAREHOLDERS& INVESTORS
GOVERNMENT
EMPLOYEES
VENDORS
CUSTOMERS
REGULATORYBODIES
108
FMFB Annual Repor t 2019
To Employees 59.1%
To Government
4.7%
To Society 0.0%
To Expansion & Growth
36.2%
2019
To Employees 49.4%
To Government
14.6%
To Society 0.0%
To Expansion & Growth
36%
2018
STATEMENT OF VALUE ADDED
Net Markup/Interest Income
Non Interest Income
Other comprehensive income/ (loss)
Operating Expenses excluding Staff Costs,
Depreciation, Amortization, Finance cost
Provision against Advances, investment & Others
Value Added available for distribution
DISTRIBUTION OF VALUE ADDED
To employees:
Remuneration, Provident fund and Other Bene�ts
To Government:
Income Tax & Others
To Society:
Donations
To Expansion & Growth:
Depreciation
Amortization
Advertisement
Finance cost of lease liability on right of use assets
Reserves
Retained Earnings
49.41%
14.57%
0.00%
5.73%
0.82%
0.96%
0.00%
7.31%
21.19%
36%
100%
2019Rupees '000
2,169,307
172,548
100
559,639
39,749
16,562
175,637
147,350
391,882
1,330,819
3,672,774
5,053,772
767,930
10,619
(1,306,706)
(852,841)
3,672,774
-
% %
57.79%
6.71%
15.24%
1.08%
0.45%
4.78%
4.01%
10.67%
36.23%
100%
2018Rupees '000
4,364,523
509,209
(1,601)
(1,117,674)
(250,988)
3,503,469
1,731,151
531,927
50
200,805
28,684
33,786
-
256,210
742,259
1,261,744
3,503,469
111
FMFB Annual Repor t 2019
INDEPENDENT AUDITOR’S REPORTTo the members of The First Micro�nance Bank LimitedReport on the Audit of Financial Statements
Af ferguson&co
We have audited the annexed �nancial statements of The First Micro�nance Bank Limited, (the Company), which comprise of the balance sheet as at December 31, 2019, and the pro�t and loss account, the statement of comprehensive income, the statement of changes in equity and the cash �ow statement for the year then ended, and notes to the �nancial statements, including a summary of signi�cant accounting policies and other explanatory information, and we state that we have obtained all the information and explanations which, to the best of our knowledge and belief, were necessary for the purposes of the audit.
In our opinion and to the best of our information and according to the explanations given to us, the balance sheet, the pro�t and loss account, the statement of comprehensive income, the statement of changes in equity and the cash �ow statement together with the notes form-ing part thereof conform with the accounting and reporting standards as applicable in Pakistan and give the information required by the Companies Act, 2017 (XIX of 2017), Micro�-nance Institutions Ordinance, 2001 and the directives issued by the State Bank of Pakistan in the manner so required and respectively give a true and fair view of the state of the Company's affairs as at December 31, 2019 and of the pro�t, other comprehensive income, the changes in equity and its cash �ows for the year then ended.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs) as applicable in Pakistan. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants as adopted by the Institute of Char-tered Accountants of Pakistan (the Code) and we have ful�lled our other ethical responsibili-ties in accordance with the Code. We believe that the audit evidence we have obtained is suf�cient and appropriate to provide a basis for our opinion.
Information Other than the Financial Statements and Auditor’s Report Thereon
Management is responsible for the other information. The other information obtained at the date of this auditor’s report is information included in the director’s report, but does not include the �nancial statements of the Company and our auditor’s report thereon.
A. F. FERGUSON & CO., Chartered Accountants, a member �rm of the PwC network PM Building, 3rd Floor, 49 Blue Area, Fazl-ul-Haq Road, P.O. Box 3021, Islamabad-44000, Pakistan Tel: +92 (31) 2273457-60/2604934-37; Fax: +92 (51) 2277924, 2206473; < www.pwc.com/pk>
KARACHI LAHORE ISLAMABAD
112
FMFB Annual Repor t 2019
Af ferguson&co
Our opinion on the �nancial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the �nancial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the �nancial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If based on the work we have performed, on other information obtained prior to the date of this auditor’s report, we conclude that there is a material misstate-ment of this other information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of Management and Board of Directors for the Financial Statements
Management is responsible for the preparation and fair presentation of the �nancial state-ments in accordance with the accounting and reporting standards as applicable in Pakistan and the requirements of Companies Act, 2017(XIX of 2017), Micro�nance Institutions Ordi-nance, 2001 and the directives issued by the State Bank of Pakistan and for such internal control as management determines is necessary to enable the preparation of �nancial state-ments that are free from material misstatement, whether due to fraud or error.
In preparing the �nancial statements, management is responsible for assessing the Compa-ny’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Board of directors are responsible for overseeing the Company’s �nancial reporting process.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the �nancial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs as applicable in Pakistan will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to in�uence the economic decisions of users taken on the basis of these �nancial statements.
113
FMFB Annual Repor t 2019
Af ferguson&co
As part of an audit in accordance with ISAs as applicable in Pakistan, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the �nancial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is suf�cient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepre sentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast signi�cant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the �nancial statements or, if such disclo sures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the �nancial statements, including the disclosures, and whether the �nancial statements represent the underlying t ransactions and events in a manner that achieves fair presentation.
We communicate with the board of directors regarding, among other matters, the planned scope and timing of the audit and signi�cant audit �ndings, including any signi�cant de�ciencies in internal control that we identify during our audit. Report on Other Legal and Regulatory Requirements
Based on our audit, we further report that in our opinion:
a) Proper books of account have been kept by the Company as required by the Companies Act, 2017 (XIX of 2017);
114
FMFB Annual Repor t 2019
Af ferguson&co
b) The balance sheet, the pro�t and loss account, the statement of comprehensive income, the statement of changes in equity and the cash �ow statement together with the notes thereon have been drawn up in conformity with the Companies Act, 2017 (XIX of 2017), Micro�nance Institutions Ordinance, 2001 and the directives issued by the State Bank of Pakistan and are in agreement with the books of account and returns; c) Investments made, expenditure incurred and guarantees extended during the year were for the purpose of the Company’s business; and
d) zakat deductible at source under the Zakat and Ushr Ordinance, 1980 (XVIII of 1980), was deducted by the company and deposited in the Central Zakat Fund established under section 7 of that Ordinance.
The engagement partner on the audit resulting in this independent auditor’s report is Mr. JehanZeb Amin.
Charted AccountantsIslamabad Date: March 11, 2020
117
FMFB Annual Repor t 2019
Cash and balances with SBP and NBPBalances with other Banks/NBFIs/MFBsLending to Financial InstitutionsInvestments – net of provisionsAdvances – net of provisionsOperating �xed assetsOther assetsDeferred tax asset
Total Assets
REPRESENTED BY:
LIABILITIES
ASSETS
NET ASSETS
BALANCE SHEET AS AT DECEMBER 31, 2019
78
910111213
2019 2018Note ------------ Rupees '000 ------------
Deposits and other accountsBorrowingsSubordinated debtOther liabilitiesDeferred tax liabilities
Total Liabilities
1415
16
17Share capitalShare premiumReservesUnappropriated pro�t
The annexed notes from 1 to 40 form an integral part of these �nancial statements.
18(De�cit) on revaluation of assetsDeferred grants
Total Capital
MEMORANDUM / OFF-BALANCE SHEET ITEMS 19
6,047,432 5,503,327
6,047,432 5,503,327
2,875,826 3,404,932
- 4,512,898
30,936,267 2,819,654 2,462,334
220,110
47,232,021
2,186,701 6,036,912
- 2,807,140
23,554,444 1,187,584 1,789,379
63,120
37,625,280
38,403,643 - -
2,780,946 -
41,184,589
31,129,077 - -
992,876 -
32,121,953
2,730,811 620,690 824,003
1,872,561
2,730,811 620,690 675,629
1,477,604
(633) -
(1,407) -
6,048,065 5,504,734
_________________________ _____________ ___________ _________ President / Chief Executive Chairman Director Director
118
FMFB Annual Repor t 2019
Markup/Return/Interest EarnedMarkup/Return/Interest ExpensedNet Markup/Interest Income
Provision against non - performing loans and advancesRecovery against written off advancesProvision for diminution in the value of investmentsBad debts written off directly
2021
22
23
2019 2018Note ------------ Rupees '000 ------------
8,521,507 (3,467,735)
5,053,772
6,047,176 (1,682,653)
4,364,523
(884,719) 31,878
- -
(271,491) 20,503
- -
764,768 -
3,162
502,990 -
6,219
Net Markup/ Interest Income after provisions
Fee, commission and brokerage incomeDividend incomeOther incomeTotal non markup/non interest income
NON MARK-UP/ NON INTEREST INCOME
NON MARKUP/ NON INTEREST EXPENSES
(852,841) 4,200,931
(250,988) 4,113,535
767,9304,968,861
509,2094,622,744
(106,542)-
(26,636) (15,196)
---
(200,014)-
(50,004)(6,192)
---
Transfer to: Statutory reserve Capital reserve Contribution to Depositors' Protection Fund: 5% of Pro�t after tax Interest on Investment Revenue reserve Proposed Cash Dividend Rs. Nil per share (2018: Rs Nil per share) Others
(148,374)1,872,561
(256,210)1,477,604
24
25
(4,267,675) -
(25)
(3,112,150) - -
Administrative expensesOther provisions/write offsOther chargesTotal non markup/ non interest expenses
26
32
(324,908)(531)
156,990
(499,854)(32,073)
21,403
Taxation - CurrentTaxation - Prior yearsTaxation - Deferred
Extra ordinary/ unusual itemsPROFIT BEFORE TAXATION
Pro�t after taxation
APPROPRIATIONS:
Unappropriated pro�t carried forward
(4,267,700)701,161
-701,161
(3,112,150)1,510,594
-1,510,594
(168,449)532,712
(510,524)1,000,070
Other comprehensive income/ (loss)Unappropriated pro�t brought forwardPro�t available for appropriation
10,619 1,477,604 2,020,935
(1,601)735,345
1,733,814
Earning per share (Rupee)The annexed notes from 1 to 40 form an integral part of these �nancial statements.
1.95 3.66
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED DECEMBER 31, 2019
119
FMFB Annual Repor t 2019
Pro�t after taxation Other comprehensive income
Other comprehensive income not to be reclassi�ed to pro�tor loss account in subsequent periods:
2019 2018
Note ------------ Rupees '000 ------------
532,712 1,000,070
10,619 (1,601)
Actuarial gain/ (loss) on de�ned bene�t obligation Related tax impact
Comprehensive income transferred to equity
Components of comprehensive income not re�ected in equity
Gain/ (de�cit) on revaluation of available for sale investments
The annexed notes from 1 to 40 form an integral part of these �nancial statements.
14,956(4,337)
(2,255)654
27.4
774 (691)
774 (691)
9.4
543,331 998,469
STATEMENT OF COMPREHENSIVE INCOMEFOR THE YEAR ENDED DECEMBER 31, 2019
_________________________ _____________ ___________ _________ President / Chief Executive Chairman Director Director
120
FMFB Annual Repor t 2019
Balance as at January 1, 2018
Pro�t for the yearOther comprehensive income/ (loss)
Interest earned on investment of theDepositors' protection fundContribution for the year
Pro�t for the yearOther comprehensive income/ (loss)
Balance as at December 31, 2018
Total Comprehensive Income
Balance as at December 31, 2019
Total Comprehensive Income
2,730,811 620,690 326,723 92,696 735,345 4,506,265
2,730,811 620,690 526,737 148,892 1,477,604 5,504,734
-------------------------------------------------- (Rupees '000) --------------------------------------------------
SharePremiumAccount
Statutory& GeneralReserves
Depositors'Protection
Fund
UnappropriatedPro�t TotalShare
Capital
--
--
--
--
1,000,070(1,601)
1,000,070(1,601)
-
--
--
-200,014
6,19250,004
(6,192)(250,018)
- - - 998,469 998,469
--
--
--
--
532,71210,619
532,71210,619
- - - - 543,331 543,331
2,730,811 620,690 633,279 190,724 1,872,561 6,048,065
Capital Reserves
Interest earned on investment of theDepositors' protection fundContribution for the year
The annexed notes from 1 to 40 form an integral part of these �nancial statements.
--
--
--
--
-106,542
15,19626,636
(15,196)(133,178)
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED DECEMBER 31, 2019
_________________________ _____________ ___________ _________ President / Chief Executive Chairman Director Director
121
FMFB Annual Repor t 2019
Pro�t before taxation Less: Dividend income
Depreciation on property and equipmentDepreciation on right of use assetsAmortization of intangible assetsProvision against non performing advancesProvision for diminution in the value of investments/ Other assetsGain on sale of operating �xed assetsFinance charges on lease liabilityRevaluation loss/ (income) on held for trading investmentsTermination of lease contracts under IFRS - 16 LeasesAmortization of discount on investmentsProvision for gratuity
CASH FLOWS FROM OPERATING ACTIVITIES
Adjustments for non-cash charges
2019 2018
Annexture ------------ Rupees '000 ------------
701,161-
1,510,594-
701,161 1,510,594
308,932 250,707 39,749 884,719
- (2,116)
175,637 220 (715)
(322,006) 59,381
200,805 -
28,684 271,491
- (4,584)
- (27) -
(224,790) 47,123
1,394,5082,095,669
318,7021,829,296
7,660,533594,045
10,700,2602,231,891
Lending to �nancial institutionsAdvancesAccrued interest on term deposit receiptsOther Assets (excluding advance taxation and gratuity)
(Increase)/ Decrease in operating assets
- (8,266,542) (202,719) (692,896)
- (9,431,267) (172,424) (693,974)
(9,162,157) (10,297,665)
Bills payableBorrowings from �nancial institutionsDepositsOther Liabilities (excluding gratuity)
Increase/ (Decrease) in operating liabilities
Cash in�ows from operations
528 -
7,274,566 385,439
52,195 -
10,241,885 406,180
134,941 1,546,005
Payments against provisions held against off-balance sheet obligationsContribution made to gratuity fundIncome tax paid
Net cash in�ow from operating activities
- (59,175) (399,929)
- (62,824)
(623,062)
CASH FLOW STATEMENT FOR THE YEAR ENDEDDECEMBER 31, 2019
122
FMFB Annual Repor t 2019
Investment in available for sale securitiesInvestment in held to maturity securitiesInvestment in held for trading securitiesProceeds from sale/ redemption of available for sale securitiesProceeds from sale/ redemption of held to maturity securitiesProceeds from sale/ redemption of held for trading securitiesDividend incomeInvestments in operating �xed assetsSale proceeds of property and equipment disposed
CASH FLOWS FROM INVESTING ACTIVITIES
CASH FLOWS FROM FINANCING ACTIVITIES
Net cash (out�ow)/ in�ow from investing activities
2019 2018
Note ------------ Rupees '000 ------------
(2,024,664)10,681,8358,657,171
3,923,4636,758,372
10,681,835
(325,168) (2,551,457)
- 380,179
1,234,378 - -
(633,221)5,044
- (514,035)
- 689,128
2,863,861 26,011
- (693,205)
5,698
(1,890,245) 2,377,458
Receipts/ (payments) of Sub-ordinated loanPayments of lease obligationsIssue of share capitalDividend paid
(Decrease)/ increase in cash and cash equivalentsCash and cash equivalents at the beginning of the yearCash and cash equivalents at the end of the year
The annexed notes from 1 to 40 form an integral part of these �nancial statements.
Net cash out�ow from �nancing activities
-(269,360)
--
----
(269,360) -
33
_________________________ _____________ ___________ _________ President / Chief Executive Chairman Director Director
123
FMFB Annual Repor t 2019
1 STATUS AND NATURE OF BUSINESS
The First MicroFinanceBank Limited (FMFB) was incorporated in the Islamic Republic of Pakistan on November 5, 2001 as a public limited company under the Companies Ordinance, 1984 (repealed by the Companies Act, 2017). The registered of�ce of FMFB is at 16-17 Floor Habib Bank Tower, Blue Area, Islamabad, Pakistan. FMFB obtained license from the State Bank of Pakistan (SBP) on January 10, 2002 to operate nationwide. Certi�cate of commencement of business was issued by Securities and Exchange of Pakistan (SECP) on February 14, 2002. FMFB's principal business is to provide micro�nance services to the poor and under served segment of the society as envisaged under the Micro�nance Institutions Ordinance, 2001. FMFB has 206 (2018: 203) business locations comprising of 199 (2018: 184) branches/ Permanent Booths (PBs) and 7 (2018:19) Pakistan Post Of�ce (PPO) sub of�ces in operation. Habib Bank Limited (HBL) is holding company of FMFB which holds 50.51% (2018: 50.51%) shares of FMFB. 2 BASIS OF PRESENTATION
These �nancial statements have been presented in accordance with the Banking Supervision Department (BSD) Circular Number 11 dated December 30, 2003 issued by the State Bank of Pakistan ("SBP").
3 STATEMENT OF COMPLIANCE
These �nancial statements have been prepared in accordance with the accounting and reporting standards as applicable in Pakistan. The accounting and reporting standards comprise of: - International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) as are noti�ed under the Companies Act, 2017;
- Provisions of and directives issued under the Micro�nance Institutions Ordinance, 2001 and the Companies Act, 2017; and - - - Directives issued by the State Bank of Pakistan (SBP) and the Securities and Exchange Commission of Pakistan (SECP).
Wherever the requirements of the Micro�nance Institutions Ordinance, 2001, the Companies Act, 2017 or the directives issued by the SBP and the SECP differ with the requirements of IFRS, the requirements of the Micro�nance Institutions Ordinance, 2001, the Companies Act, 2017 and the said directives prevail. These �nancial statements also comply with the disclosure guidelines for �nancial reporting by Micro�nance Institutions which are voluntary norms recommended by the Consultative Group to Assist the Poor (CGAP) and the members of the Small Enterprise Education and Promotion Network (SEEP). The SECP, through SRO 229(I)/2019 dated February 14, 2019, has noti�ed that IFRS 9, Financial Instruments, is applicable for accounting periods ending on or after June 30, 2019. The SBP, vide its circular BPRD Circular No. 04 of 2019 dated October 23, 2019 has deferred the requirements of IFRS 9; the effective date for implementation of IFRS 9 for Micro�nance Institution is January 1, 2021. Accordingly, the requirements of IFRS 9 have not been considered in preparation of these �nancial statements.
The SBP vide BSD Circular No. 10, dated August 26, 2002 has deferred the applicability of International Accounting Standard (IAS) 39, "Financial Instruments: Recognition and Measurement" and IAS 40, "Investment Property" till further instructions. Accordingly, the requirements of these standards have not been considered in the preparation of these �nancial statements. However, investments have been measured in accordance with the Prudential Regulations (the Regulations) of the SBP and presented in accordance with the requirements of SBP BSD Circular No. 11 dated December 30, 2003. Further, the SECP vide its S.R.O No. 411 (I)/ 2008 dated April 28, 2008 has deferred the applicability of International Financial Reporting Standard (IFRS) 7 "Financial Instruments: Disclosures", which is applicable for annual periods beginning on or after July 01, 2009, till further orders.
FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019
124
FMFB Annual Repor t 2019
4 BASIS OF MEASUREMENT
The �nancial statements are prepared under the historical cost convention except:
• Investments classi�ed as held-for-trading and available-for-sale are measured at fair value.• Net obligations in respect of de�ned bene�t schemes are carried at their present values.• Right of use asset and lease liability initially measured at their present values. 4.1 Functional and presentation currency
These �nancial statements are presented in Pakistan Rupees (PKR), which is FMFB’s functional currency. All �nancial information presented in PKR has been rounded off to the nearest thousand PKR, unless otherwise stated. 5 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
5.1 Cash and cash equivalents
Cash and cash equivalents comprise of cash in hand, balances with treasury banks and balances with other banks. 5.2 Borrowing from/ lending to �nancial institutions The Bank enters into transactions of reverse repos and repos at contracted rates for a speci�ed period of time. These are recorded as under: (a) Purchase under resale agreements (reverse repo) Assets purchased under agreement to resell are not recognised in the �nancial statements as investments and the amount extended to the counterparty is included in lending to �nancial institutions. The difference between the purchase price and the contracted resale price is accrued on a time proportion basis over the period of the contract and recorded as income. (b) Sale under repurchase agreement (repo)
Assets sold subject to a repurchase agreement are retained in the �nancial statements as investments and the liability to the counterparty is included in borrowings from �nancial institutions. The difference between the sale and the contracted repurchase price is accrued on a time proportion basis over the period of the contract and recorded as an expense. 5.3 Investment
All purchases and sales of investments are recognized using settlement date accounting. The settlement date is the date on which investments are delivered to the FMFB. All investments are derecognized when the right to receive economic bene�ts from the investments has expired or has been transferred and FMFB has transferred substantially all the risks and rewards of ownership. All investments are made in accordance with the investment policy of FMFB and where required, classi�ed in accordance with the prudential regulations.
(a) Held for trading
These investments are held for a maximum period of 90 days and acquired principally for the purpose of generating pro�t from short-term �uctuations in price or dealer's margin. These are marked to market based on quoted market prices and the surplus/(de�cit) arising from changes in the fair value of securities classi�ed as held for trading is taken to pro�t and loss account. Unquoted securities are valued at cost less impairment, if any.
(b) Held to maturity
Investments with a �xed maturity, where management has both the intent and the ability to hold to maturity, are classi�ed as held to maturity. Subsequent to initial recognition at cost, these investments are measured at amortized cost, less provision for impairment in value, if any. Amortized cost is calculated using the effective interest rate method. Pro�t on held to maturity investments is recognized on a time proportion basis taking into account the effective yield on the investments. Premium or discount on acquisition of held to maturity investments are amortized through the pro�t and loss account over the remaining period till maturity.
125
FMFB Annual Repor t 2019
(c) Available-for-sale
These are investments which do not fall under the held for trading and held to maturity categories. Such investments are initially recognized at cost and subsequently measured at market value. The surplus arising on revaluation is kept in a separate account titled 'Surplus on Revaluation of assets' through statement of comprehensive income, which is taken to pro�t and loss account when realized upon disposal. Impairment in the value of these investments is provided by charging it to the pro�t and loss account.
5.4 Advances
Advances are stated net of speci�c and general provisions. The outstanding principal of the advances, payments against which are overdue for 30 days or more are classi�ed as non-performing and divided into following four categories; Other Assets Especially Mentioned (OAEM); Substandard; Doubtful and Loss. The unrealized income/ pro�t/ markup/ service charges on non-performing advances is suspended and credited to interest suspense account. Speci�c provision against non-performing advances is made in accordance with the requirements of the Prudential Regulations issued by SBP.
(a) Other Assets Especially Mentioned
These are advances in arrears (payments/ instalments overdue) for 30 days or more but less than 60 days. (b) Substandard These are advances in arrears (payments/ instalments overdue) for 60 days or more but less than 90 days. (c) Doubtful These are advances in arrears (payments/ instalments overdue) for 90 days or more but less than 180 days. (d) Loss These are advances in arrears (payments/ instalments overdue) for 180 days or more. In accordance with the requirements of the Regulations, FMFB maintains a speci�c provision for potential loan losses for all non-performing advances as follows:
(i) Other Assets Especially Mentioned Nil
(ii) Substandard 25% of outstanding principal net of cash collateral and gold collateral (ornaments and bullion) realizable without recourse to a court of law.
(iii) Doubtful 50% of outstanding principal net of cash collateral and gold collateral (ornaments and bullion) realizable without recourse to a court of law.
(iv) Loss 100% of outstanding principal net of cash collateral and gold collateral (ornaments and bullion) realizable without recourse to a court of law. In addition to the above, a general provision is made equivalent to 1% (2018: 1%) of the net outstanding balance (advances net of speci�c provisions and loans secured against gold or other cash collateral with appropriate margin). General and speci�c provisions are charged to the pro�t and loss account in the period in which they occur. Non-performing advances are written off one month after the loan is classi�ed as “Loss”. However, FMFB continues its efforts for the recovery of the written off balances.
5.5 Operating Fixed Assets
(a) Capital work-in-progress Capital work-in-progress is stated at cost less impairment losses, if any.
(b) Property and equipment Property and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Cost
126
FMFB Annual Repor t 2019
includes expenditure that is directly attributable to the acquisition of the asset.Depreciation is charged on the straight line method at rates speci�ed in note 11.2 to the �nancial statements, so as to write off the cost of assets over their estimated useful lives. Full month's depreciation is charged in the month of addition, while no depreciation is charged in the month of deletion. Subsequent costs are included in the assets carrying amount when it is probable that the future economic bene�ts associated with the item will �ow to FMFB and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. All the other repair and maintenance expenditure is recognized in pro�t and loss account as incurred.
Gain or losses on disposal of an item of property and equipment are determined by comparing the proceeds from disposal with the carrying amounts of �xed asset. Gains are recognized within "other income" while losses are recognized in administrative expenses in the pro�t and loss account.
(c) Intangible assets An intangible asset is recognized if it is probable that the future economic bene�ts that are attributable to the asset will �ow to FMFB and that the cost of such asset can also be measured reliably. These are stated at cost less accumulated amortization and impairment losses, if any.
Intangible assets comprise of computer Core Banking System and software and related applications. Intangible assets are amortized over their estimated useful lives at the rates speci�ed in note 11.3 to the �nancial statements. Subsequent expenditure is capitalized only when it increases the future economic bene�t embodied in the speci�c asset to which it relates. All other expenditure is charged to the pro�t and loss account as incurred. 5.6 Deposits
Deposits are initially recorded at the amount received. Markup accrued on deposits, if any, is recognized separately as part of other liabilities and is charged to the pro�t and loss account over the deposit period. 5.7 Taxation
Income tax expense comprises of current and deferred tax. Income tax expense is recognized in the pro�t and loss account except to the extent that it relates to items recognized directly in equity or below equity/ other comprehensive income in which case it is recognized in equity or below equity/ other comprehensive income.
Management periodically evaluates positions taken in tax returns, with respect to situations in which applicable tax regulation is subject to interpretation, and establishes provisions, where appropriate, on the basis of amounts expected to be paid to the tax authorities. Instances where FMFB’s view differs from the view taken by the income tax department at the assessment stage and where FMFB considers that its view on items of material nature is in accordance with law, the amounts are shown as contingent liabilities.
(a) Current Current tax is the tax due on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, taking into account tax credits, rebates and tax losses, if any, and any adjustment to tax payable in respect of previous years.
(b) Prior years The charge for prior years represents adjustments to the tax charge for prior years, arising from assessments, changes in estimates, and retrospectively applied changes to law, made during the current year. (c) Deferred Deferred tax is recognized using the balance sheet liability method on all temporary differences between the amounts attributed to assets and liabilities for �nancial reporting purposes and the amounts used for taxation purposes. Deferred tax is calculated at the tax rates that are expected to be applicable to the temporary differences when they reverse, based on laws that have been enacted or substantively enacted as at the reporting date. A deferred tax asset is recognized only to the extent that it is probable that future taxable pro�ts will be available against which the asset can be utilized.
127
FMFB Annual Repor t 2019
5.8 Staff retirement bene�ts
Staff retirement bene�ts are accrued in the period in which the associated services are rendered by employees of FMFB. The main features of the schemes operated by FMFB for its employees are as follows:
(a) De�ned bene�t plan
FMFB operates an approved de�ned bene�t gratuity fund for all employees with a qualifying service period of �ve years. Eligible employees are entitled to one month's basic salary for each completed year of service upon retirement. Actuarial valuations are conducted by an independent actuary, annually using projected unit credit method related details of which are given in note 27 to the �nancial statements. The obligation at the balance sheet date is measured at the present value of the estimated future cash out�ows. All contributions are charged to pro�t or loss for the year. Actuarial gains and losses on staff retirement bene�t plan are recognised immediately in other comprehensive income and past service cost is recognised in pro�t and loss account when they occur. (b) De�ned contribution plan
FMFB operates a de�ned contribution provident fund scheme for its eligible employees. Contributions are made by FMFB and its employees in accordance with rules of the fund.
5.9 Reserves
(a) Statutory reserve
FMFB is required to maintain a statutory reserve to which an appropriation equivalent to 20% of its annual pro�t after tax is made till such time the reserve fund equals the paid-up capital of FMFB and, thereafter, an appropriation of a sum not less than 5% of its annual pro�t after taxes in accordance with statutory requirements under the Micro�nance Institutions Ordinance, 2001.
(b) Depositors' Protection Fund
FMFB contributes 5% of its annual pro�t after tax along with related income on investment (net of related tax) to the Depositors' Protection Fund, as required under the Micro�nance Institutions Ordinance, 2001. 5.10 Provisions
A provision is recognised when, and only when, FMFB has a present obligation (legal or constructive) as a result of a past event, it is probable that an out�ow of resources embodying economic bene�ts will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. 5.11 Contract liability
The contract liabilities of FMFB comprises of advance payments received from customers in respect of services to be rendered by FMFB.
5.12 Grants
Income from grants is recognized according to the related terms and conditions. Income related to grants for the funding of projects and programs is recognized as the expenditure is incurred on projects and programs.
The grants which involve funding for �xed assets are deferred and amortized to the pro�t and loss account when the related �xed asset is depreciated/ amortized. Other grants are recognized as income in the year of receipt. 5.13 Foreign currency transactions
The �nancial statements are presented in Pakistan Rupee, which is FMFB's functional currency. Transactions in foreign currencies are translated into Pakistan Rupee at the exchange rate prevailing on the date of the transaction. All monetary assets and liabilities in foreign currencies are translated into Pakistan Rupee at the rate of exchange approximating those
128
FMFB Annual Repor t 2019
ruling at the balance sheet date. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at the year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in pro�t and loss account.
5.14 Revenue recognition
(a) Markup/ interest income on advances
Markup/ interest income on advances is recognized on an accrual/ time proportion basis using the effective interest method at FMFB's prevailing interest rates for the respective loan products. Markup/ interest income on advances is collected with loan instalments along with additional service charge accrued due to late payment, if any. Markup/ interest income/ additional service charge is accrued till the date when advances become over due by 30 days. Markup/ interest income/additional service charge accrued on advances over due by 30 days or more is reversed and credited to suspense account. Subsequently, Markup/ interest income/ additional service charge recoverable on non-performing advances is recognized on receipt basis in accordance with the requirements of the Prudential Regulations. (b) Income from investments
Markup/ return on investments is a recognized using the effective interest rate method. Where debt securities are purchased at a premium or discount, the related premium or discount is amortized through the pro�t and loss account over the remaining period of maturity.
(c) Dividend income
Dividend income is recognized when FMFB’s right to receive the dividend is established. (d) Fee, commission and brokerage income Fee, commission and brokerage income is recognized in the pro�t and loss to the extent of services rendered. Any advance payments received from customers for which services are yet to be rendered by FMFB, are recognized as contract liability in the �nancial statements.
(e) Income from lending to �nancial institutions The income on reverse repo transactions arising from the difference between the sale and repurchase price is recognized using the effective yield method.
(f) Income from inter bank deposits
Income from inter bank deposits in saving accounts is recognized in the pro�t and loss account as it accrues using the effective interest method.
5.15 Financial instruments
Financial assets and liabilities are recognized when FMFB becomes a party to the contractual provisions of the instrument. These are derecognized when FMFB ceases to be the party to the contractual provisions of the instrument.
All �nancial assets and liabilities are initially measured at cost which is the fair value of the consideration given and received, respectively. These �nancial assets and liabilities are subsequently measured at fair value, amortized cost or historical cost, as the case may be.
(a) Financial assets Financial assets are Cash and Balances with SBP and National Bank of Pakistan (NBP), Balances With Other Banks/NBFIs/MFBs, lending to �nancial institutions, investments, advances and other receivables. Advances are stated at their nominal value as reduced by appropriate provisions against non-performing advances, while other �nancial assets excluding investments are stated at cost. Investments classi�ed as available for sale and held for trading are valued at year end prices and investments classi�ed as held to maturity are stated at amortized cost.
(b) Financial liabilities Financial liabilities are classi�ed according to the substance of the contractual arrangement entered into. Financial
129
FMFB Annual Repor t 2019
liabilities include deposit and other accounts, borrowings and other liabilities which are stated at their nominal value. Any gain or loss on the recognition and de-recognition of the �nancial assets and liabilities is included in the pro�t and loss account for the period in which it arises. 5.16 Off-setting
Financial assets and �nancial liabilities are only off-set and the net amount is reported in the �nancial statements when there is a legally enforceable right to set off the recognized amount and FMFB intends either to settle on a net basis or to realize the assets and to settle the liabilities simultaneously. 5.17 Borrowing costs
Borrowing costs which are directly attributable to the acquisition, construction or production of a qualifying asset are capitalized as part of the cost of that asset. All other borrowing costs are charged to pro�t and loss account. 5.18 Markup bearing borrowings
Mark-up bearing borrowings are recognized initially at cost being the fair value of consideration received, less attributable transaction costs. Subsequent to initial recognition, markup bearing borrowings are stated at original cost less subsequent repayments.
5.19 Standards, interpretations of and amendments to published approved accounting standards that are effective in the current year
IFRS 16: 'Leases', became effective from annual period beginning on or after January 1, 2019. The impact of the adoption of IFRS 16 on FMFB's �nancial statements is disclosed in note 5.21. There are certain other new and amended standards, interpretations and amendments that are mandatory for the FMFB's accounting periods beginning on or after January 1, 2019 but are considered not to be relevant or do not have any signi�cant effect on the FMFB's operations and are therefore not detailed in these �nancial statements. 5.20 Standards, interpretations of and amendments to published approved accounting standards that are not yet effective
a) Following standards has been issued by the International Accounting Standards Board (IASB), which is yet to be noti�ed by the Securities and Exchange Commission of Pakistan (SECP) for the purpose of its applicability in Pakistan:
IFRS 1 First-Time Adoption of International Financial Reporting Standards (Amendments)IFRS 17 Insurance Contracts
b) Following standards and amendments to published accounting standards will be effective in future periods and have not been early adopted by the Bank.
IAS 1 Presentation of Financial Statements (Amendments)IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors (Amendments)IAS 39 Financial Instruments: Recognition and Measurement (Amendments)IFRS 3 Business Combinations (Amendments)IFRS 7 Financial Instruments: Disclosures (Amendments)IFRS 9 Financial Instruments (Amendments)IFRS 17 Insurance Contracts
January 1, 2020January 1, 2020January 1, 2020January 1, 2020January 1, 2020January 1, 2020January 1, 2022
July 1, 2009January 1, 2022
Effective date (annual periodsbeginning on or after)
Effective date (annual periodsbeginning on or after)
The management does not anticipate early adoption of above standards and amendments and is currently evaluating the impact of adopting these standards.
130
FMFB Annual Repor t 2019
5.21 Changes In Accounting Policies
(i) Leases
(a) During the period, IFRS 16 - 'Leases' became applicable to FMFB. IFRS 16 replaces existing guidance on accounting for leases, including IAS 17 - 'Leases', IFRIC 4 - 'Determining whether an Arrangement contains a Lease', SIC 15 - 'Operating Leases - Incentives' and SIC 27 - 'Evaluating the Substance of Transactions Involving the Legal Form of a Lease'. IFRS 16 introduces an on balance sheet accounting model for leases entered by the lessee. A lessee recognises a right of use asset representing its right of using the underlying asset and a corresponding lease liability representing its obligations to make lease payments. Lessor accounting remains similar to the current standard i.e. lessors continue to classify leases as either �nance or operating leases.
FMFB has adopted IFRS 16 from January 1, 2019 and has not restated comparatives for the 2018 reporting period, as the said treatment is permitted under the speci�c transitional provisions, speci�ed in IFRS 16. (b) On adoption of IFRS 16, FMFB has recognised liabilities in respect of leases which had previously been classi�ed as operating leases under IAS 17. These liabilities were initially measured as the present value of the remaining lease payments, discounted using the FMFB's incremental weighted average borrowing rate as of January 1, 2019. The lease liability is subsequently measured at amortised cost using the effective interest rate method.
"December 31, “January 01, 2019" 2019” ------Rupees in '000'------
Lease liability recognised 1,400,475 1,222,648
(c) On adoption of IFRS 16, the associated right of use assets were measured at the amount equal to the lease liability, adjusted by the amount of prepaid lease payments recognised in the balance sheet immediately before the date of initial application.
The right of use assets recognised subsequent to the adoption are measured based on the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred.
The right of use assets are depreciated on a straight line basis over the lease term as this method most closely re�ects the expected pattern of consumption of future economic bene�ts. The right of use assets are reduced by impairment losses, if any, and adjusted for certain remeasurements of lease liability.
"December 31, “January 01, 2019" 2019” ------Rupees in '000'------
Lease liability recognised 1,350,458 1,328,900
(d) The effect of this change in accounting policy is as follows:
Impact on Balance sheet
Increase in �xed assets - right-of-use assets Decrease in other assets - advances, deposits and prepayments Increase in other assets - advance taxation Increase in total assets
Decrease in other liabilities - rent payableIncrease in other liabilities - lease liability against right of use assets
Decrease in net assets
1,350,458(103,793)
40,9461,287,611
12, 619(1, 400,475)(1,387,856)
(100,245)
1,328,900(106,252)
-1,222,648
-(1,222,648)(1,222,648)
-
131
FMFB Annual Repor t 2019
Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised if the revision affects only that period, or in the period of the revision and future periods. Information about signi�cant areas of estimation, uncertainty and critical judgments in applying accounting policies that have signi�cant effect on the amounts recognized in the �nancial statements are as follows: (a) Classi�cation of investments (note 5.3)
(b) Valuation and impairment of available for sale securities (note 5.3)
(c) Provision against non - performing loans and advances (note 5.4)
(d) Valuation and useful life of operating �xed assets (note 5.5) (e) Taxation (note 5.7)
(f) Present value of staff retirement bene�ts (note 5.8)
(g) Provisions (note 5.10) (h) Lease term and effective interest rate for recognition of lease contracts (note 5.14)
For the yearended December
31, 2019
Impact on Pro�t and loss account
(Increase) / decrease in administrative expenses: - Depreciation on right of use assets - Finance cost - lease liability of right of use assets - Rent expense - Termination of lease contracts under IFRS - 16 Leases - IT software and supplies rentDecrease in pro�t before taxDecrease in taxDecrease in pro�t after tax
Earnings per share for the year ended December 31, 2019 is Rs. 0.37 lower as a result of the adoption of IFRS 16.
(250,707) (175,637) 252,228
715 32,210
(141,191) (40,946) (100,245)
Rupees in '000
While implementing IFRS 16, FMFB has used a single discount rate methodology for a portfolio of leases with similar characteristics. FMFB has opted not to recognise right of use assets for leases of low value. The payments associated with such leases are recognised as an expense on a straight line basis over the lease term. 6 SIGNIFICANT ACCOUNTING ESTIMATES
The preparation of �nancial statements in conformity with approved accounting standards as applicable in Pakistan, requires management to make judgments/estimates and associated assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. These judgments/ estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the result of which form the basis of making the estimates about carrying value of assets and liabilities that are not readily apparent from other sources.
132
FMFB Annual Repor t 2019
Cash in hand Balance with State Bank of Pakistan Balance with National Bank of Pakistan in Current account Deposit accounts
In Pakistan - on current accounts - on deposit accounts - on term deposits accounts
7.1 This balance maintained in current accounts with SBP to meet the Cash Reserve Requirement (CRR).7.2 These carry markup at the rate of 8.25% (2018: 3%) per annum.
7 CASH AND BALANCES WITH SBP AND NBP
8.1 These carry markup at rates ranging between 11.40% to 14.25% (2018: 3.75% to 11%) per annum.
8.2 These include balances for an amount of Rs. 420,216 thousand (2018: Rs. 610,630 thousand), held with Habib Bank Limited, a related party.
8.3 These carried markup at rates ranging between 10.5% to 11.0% per annum.
8 BALANCES WITH OTHER BANKS/NBFIS/MFBS
7.1
7.2
2019 2018
Note ------------ Rupees '000 ------------
2019 2018
Note ------------ Rupees '000 ------------
1,056,686 1,367,625
- 451,515
2,875,826
690,758 1,140,650
- 355,293
2,186,701
8.1, 8.28.3
77,561 3,327,371
- 3,404,932
113,838 3,923,074 2,000,000 6,036,912
Held to Maturity Federal Government securities Pakistan Investment Bonds Market Treasury Bills
Available for Sale Federal Government securities Pakistan Investment Bonds - AFS Market Treasury Bills - AFS
9 INVESTMENTS - NET OF PROVISIONS
Term Deposit Receipts (TDRs) 9.3 1,558,4271,763,180
7,585222,312
2019 2018
Note ------------ Rupees '000 ------------
9.19.2
- 204,753 204,753
60,147 154,580 214,727
9.19.2
- 2,210,455 2,210,455
95,2232,491,0122,586,235
Held for Trading Federal Government securities Market Treasury Bills - HFT
De�cit on revaluation of available for sale investments
9.1 These bonds were held with maturity of three years and carried markup at the rates at 7.0% per annum, payable on a semi-annual basis which have matured in April 2019. These also included a bond with maturity of three years held for the purposes of Depositors' Protection Fund with a carrying amount of Rs. 10,024 thousand and carried a markup at the rate of 7% per annum, payable on a semi-annual basis which has matured in April 2019.
9.2
9.4 (633) 4,512,898
(1,407) 2,807,140
539,896 539,896
- -
133
FMFB Annual Repor t 2019
9.4 Particulars of surplus on revaluation of available for sale investments:
Note
18
9.2 These represent securities with original maturity period of three month to one year carry markup at the rates ranging between 13.08% to 13.68% (2018: 8.72% to 10.31%) per annum. These also include securities with original maturity period of three month held for the purposes of Depositors' Protection Fund with a cumulative carrying amount of Rs. 204,753 thousand (2018: Rs. 154,580 thousand) and carry markup at the rates ranging between 13.10% to 13.64% (8.72% to 8.80%) per annum. 9.3 These represent TDR's with original maturity of six months to one year carrying markup at rates ranging between 11.65% to 15.50% (2018: 6.90%) per annum, payable on maturity.
Opening balance Gain/ (loss) transferred to revaluation of assets account below equityClosing balance
(1,407) 774
(633)
(716) (691)
(1,407)
------------ Rupees '000 ------------2019 2018
Less: Speci�c provision General provision - Mandatory provision at the rate of 1% - Additional provision
Number of loansutstanding
(Number)
2019 2018
(Rupees '000) (Number) (Rupees '000)
Amount of loansoutstanding
Number of loansoutstanding
Amount of loansoutstanding
Note
10.1 These include advances for an aggregate amount of Rs. 65,192 thousand (2018: Rs. 78,321 thousand) secured against gold collaterals and cash deposits whereas the remaining advances except staff and key management personnel loans are secured by personal guarantee. Advances includes 1,099 (2018: 804) staff loans, aggregating to Rs. 547,620 thousand (2018: Rs. 452,490 thousand), carrying markup at the rates ranging between 3% to 5% per annum (2018: 3% to 5% per annum). These also include outstanding loans of the key management personnel (KMP) which have been disclosed in note 34. 10.2 Particulars of non performing loans Following is the detail of advances which have been placed under non-performing status in accordance with note 5.4.
456,527 30,077
486,604
10.1 10.2
30,507,746 1,106,004
31,613,750
416,544 7,849
424,393
23,642,835214,267
23,857,102
10 ADVANCES - NET OF PROVISIONS
Microcredit: Considered good Considered doubtful
371,227
306,154
102 306,256 677,483
30,936,267
70,092
232,511
55 232,566 302,658
23,554,444
10.3
10.3
134
FMFB Annual Repor t 2019
353,320 244,303 385,479 122,902
1,106,004
349,249 241,732 379,741 120,923
1,091,645
4,0712,5715,7381,179
14,359
- 60,433
189,871 120,923 371,227
- 60,433
189,871 120,923 371,227
0%25%50%100%
2019 O
ther Assets Especially Mentioned
Sub-standard Doubtful Loss Total
72,038 41,871 74,370 25,988
214,267
69,838 41,318 71,448 24,038
206,642
2,200 553
2,922 1,950 7,625
- 10,330 35,724 24,038 70,092
- 10,330 35,724 24,038 70,092
0%25%50%
100%
2018O
ther Assets Especially Mentioned
Sub-standard Doubtful Loss Total
Classi�cation
10.3 Particulars of provision against non perform
ing advances
Amount
outstandingSecured
loanAm
ount to be provided for
Required provision
percentage
Provision required Am
ountProvision
held
Rupees '000Rupees '000
70,092 811,029 509,894
- 301,135 371,227
232,56673,690--73,690
306,256
302,658 884,719 509,894
- 374,825 677,483
Opening balance
Charge for the yearLess: Am
ounts written off
Less: Reversal of provision
Closing balance
Speci�cG
eneralTotal
2019
Rupees '000
22,103 177,120 129,131
- 47,989 70,092
138,195 94,371
- -
94,371 232,566
160,298 271,491 129,131
- 142,360 302,658
Speci�cG
eneralTotal
2018
Rupees '000Note
10.4
135
FMFB Annual Repor t 2019
30,507,746 353,320 244,303 385,479 122,902
31,613,750
- 1.12%0.77%1.22%0.39%3.50%
23,642,835 72,038 41,871 74,370 25,988
23,857,102
- 0.30%0.18%0.31%0.11%0.90%
Current and less than 30 days late30-59 days late 60-89 days late 90-179 days late 180 days or more late
2019
Amount (Rupees '000)
Loans
2019
Portfolio at Risk %
2019
Amount (Rupees '000)
2019
Portfolio at Risk %
10.4 Particulars of write offs
Note
10.4.1Against provisions Directly charged to pro�t and loss account
509,894 -
509,894
129,131-
129,131
------------ Rupees '000 ------------2019 2018
10.4.1 These represent non performing advances, overdue for 210 days or more, which are written-off in accordance with the policy of FMFB, as explained in note 5.4 to the �nancial statements. 10.4.2 There is no requirement for the borrowers to save and deposit any amount as a condition for the loan disbursement. 10.5 Portfolio quality report FMFB's main measure of loan delinquency is an aged portfolio-at-risk ratio. Loans are separated into classes depending on the number of days they are over-due. For each class of loan, the aggregated outstanding principal balance of such loan is divided by the aggregated outstanding principal balance of the gross loan portfolio before deducting allowance for non-performing advances. Loans are considered overdue if any payment has fallen due and remained unpaid. Loan payments are applied �rst to additional markup/ interest due and then to instalment of principal that is due but unpaid. The number of days of delay is based on the due date of the earliest loan instalment that has not been fully paid.
In 2019, 13 loan products (2018: 13 loan products) have been disbursed with tenures ranging from 3 months to 7 years (2018: 3 months to 7 years), in accordance with the needs of the borrowers. Advances also included staff house loan for permanent staff only having maturity up to 240 months (2018: 240 months). Other staff loans includes general purpose and transport purpose have maturity up to 60 months (2018: 60 months).
Loan repayments are scheduled on a bullet or instalment basis whereby principal, markup/ interest and service charges are recovered on an instalment basis and/ or on maturity as per the repayment schedule. Management estimates that the average term of its outstanding loan portfolio is 10.3 months (2018: 10.2 months) based on the remaining weighted average tenure of loans outstanding as at the balance sheet date.
Measures related to the classi�cation of late payments are mentioned in note 5.4.
10.6 Current recovery ratio Current recovery ratios are calculated on a monthly basis for management reporting purposes. The numerator of this ratio is cash received on account of principal during the reporting period (including prepayments and late payments). The denominator is total payments of principal amounts that fell due for the �rst time during the reporting period, as per the terms of the original loan contracts (regardless of any subsequent loan renegotiations). Loan delinquency is measured using the Non Performing Loans (NPL) ratio.
136
FMFB Annual Repor t 2019
Period
1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
Loan typeAgri inputLive stockMicro-enterpriseOthers
10.7 Portfolio by segment
Note
10.7.1
105%103%102%102%103%
112%108%106%110%109%
2019
Current recovery ratio in %
The Annual Loss Rate (loans written off during the year divided by average loan portfolio outstanding)for the year is 1.84% (2018: 0.67%).
10.7.1 These contain loans provided for general purposes including loans provided under housing product amount to Rs. 3,092,815 thousand (2018 Rs. 1,632,839 thousand).
2018
3,674,441 12,992,405 8,907,149 6,039,755
31,613,750
2,786,911 9,374,899 6,719,259 4,976,033
23,857,102
------------ Rupees '000 ------------2019 2018
These include advance against construction amounting to Rs. 10,214 thousand (2018: Rs. 7,000 thousand), paid to Aga Khan Planning & Building Services, a related party.
144,011 1,106,812
218,373 1,350,458 2,819,654
155,229 833,672 198,683
- 1,187,584
11 OPERATING FIXED ASSETS Note 11.111.211.311.4
Capital work-in-progressProperty and equipment Intangible assetsRight of use assets
------------ Rupees '000 ------------2019 2018
- -
144,011 144,011
- -
155,229 155,229
11.1 Capital work-in-progress
Civil worksEquipmentsAdvances to suppliers and contractors
11.1.1 Movement in the Capital work-in-progress is as follows:
155,229 314,729
(274,858) (51,089)
(325,947) 144,011
62,725 382,650
(276,991) (13,155)
(290,146) 155,229
Opening balanceAdditions during the yearTransfers to: - Property and equipment - Intangible assets
Closing balance
137
FMFB Annual Repor t 2019
7,814 524,243 143,372 364,671 353,822 171,729
1,565,651
- 198,125 46,207
141,334 135,146 64,188
585,000
- (17,966) (6,749)
(10,963) (10,545) (3,697)
(49,920)
7,814 704,402 182,830 495,042 478,423 232,220
2,100,731
- 201,062 75,466
156,886 200,653 97,912
731,979
- 77,382 26,730
100,120 86,408 18,292
308,932
- (16,249) (6,105)
(10,679) (10,497) (3,462)
(46,992)
- 262,195 96,091
246,327 276,564 112,742 993,919
7,814 442,207 86,739
248,715 201,859 119,478
1,106,812
14%20%25%
20% - 33%
20%
2019Free hold landLease hold im
provements
Furniture and �xturesO
f�ce equipment
Computer equipm
entVehicles
7,814 305,431 110,015 195,925 262,572 143,066
1,024,823
- 222,439
36,135 174,848
93,508 37,579
564,509
- (3,626) (2,778) (6,102) (2,258) (8,916)
(23,680)
7,814 524,243 143,372 364,671 353,822 171,729
1,565,651
- 160,725
59,126 101,809 145,265
86,815 553,740
- 43,554 18,791 60,865 57,636 19,959
200,805
- (3,217) (2,451) (5,788) (2,248) (8,862)
(22,566)
- 201,062
75,466 156,886 200,653
97,912 731,979
7,814 323,181
67,906 207,785 153,169
73,817 833,672
14%20%25%
20% - 33%
20%
2018Free hold landLease hold im
provements
Furniture and �xturesO
f�ce equipment
Computer equipm
entVehicles
11.2 Property and equipm
ent
At January 01Additions
Disposals /W
rite offsAt Decem
ber 31 Rate
per annum
%
At January 01Charge
for the year On Disposals /W
rite offsAt
December 31
At Decem
ber 31
Cost
Rupees '000Rupees '000
Accumulated Depreciation
Net Book Value
11.2.1 Property and equipm
ent includes fully depreciated items, still in use, having a cost of Rs. 394,165 thousand (2018: Rs. 352,561 thousand).
11.2.2 During the period the FM
FB has changed the estimate for useful life of fully ow
ned vehicles from �ve to seven years. This change in accounting estim
ate has been accounted for prospectively in these �nancial statem
ents as per the requirements of International Accounting Standard 8 "Accounting Policies, Changes in Accounting Estim
ates and Errors". Had the estim
ate not been changed, the written dow
n value of operating �xed assets and pro�t before tax would have been low
er by Rs. 8,750 thousand.
11.2.3 As required by BSD Circular No 11 of 2003, details of property and equipm
ent disposed off during the year is disclosed in Annexure-I and forms integral part of these �nancial
statements.
138
FMFB Annual Repor t 2019
199,692 76,547
- 276,239
6,853 51,072 1,514
59,439
- - - -
206,545 127,619
1,514 335,678
42,265 35,291
- 77,556
20,254 19,419
76 39,749
- - - -
62,519 54,710
76 117,305
144,026 72,909 1,438
218,373
10%20%20%
2019Core banking systemCom
puter softwares
Branchless banking
Right of use assets - Initial Recognition under IFRS-16
Additions during the period Deletions during the year
Depreciation charged during the periodNet book value at the end
186,537 53,510
- 240,047
13,155 23,037
- 36,192
- - - -
199,692 76,547
- 276,239
22,560 26,312
- 48,872
19,705 8,979
- 28,684
- - - -
42,265 35,291
- 77,556
157,427 41,256
- 198,683
10%20%
2018Core banking systemCom
puter softwares
Branchless banking
11.3 Intangible assets
11.4 Right of use assets At January 01
Additions Disposals /W
rite offsAt Decem
ber 31 Rate
per annum
%
At January 01Charge
for the year On Disposals /W
rite offsAt
December 31
At Decem
ber 31
Cost
Rupees '000Rupees '000
Accumulated Depreciation
Net Book Value
11.3.1 These include fully depreciated item
s, still in use, having a cost of Rs. 22,763 thousand (2018: Rs. 20,890 thousand).
These include right of use assets of an amount of Rs. 109,969 thousand (2018: Nil), held of Habib Bank Lim
ited, a related party.
1,328,900 291,801 (19,536)
(250,707) 1,350,458
- - - - -
Note 5.21
------------ Rupees '000 ------------2019
2018
139
FMFB Annual Repor t 2019
2,528,470
(578,780) 27,675
1,977,365
12.1 1,537,329
(222,978) 16,475
1,330,826
12 OTHER ASSETSNote
Income/ Markup accrued on: - loans and advances - non performing loans and advances transferred to suspense account - investments and bank accounts
4,639 6,945
34,281 194,906 226,514
5,755 11,821
108 2,462,334
12.2
12.3
27.3
2,916 4,845
125,252 120,416 195,184
9,940 - -
1,789,379
Advances to employees Deposits Prepayments Taxes - net of provision Other receivables Stationery stock Receivable from de�ned bene�t gratuity fund Other asset
------------ Rupees '000 ------------2019 2018
196,470 40,946 8,700
246,116
15,419
115,608 1,090,674
1,221,701
19,706,543
15,165,784 3,531,316
38,403,643
15,492
114,130 857,192
986,814
18,601,231
9,152,076 3,375,770
31,129,077
84,744--
84,744
13 DEFERRED TAX ASSET
Deferred tax asset arising on account of deductibletemporary differences on: Provision against non-performing loans and advances Lease liability net of right of use assets Contract liability
(26,006)220,110
(21,624)63,120
Deferred tax liability arising on account of taxable temporary differences on: Operating �xed asset
------------ Rupees '000 ------------2019 2018
Note2019
(Number of accounts)2019
(Rupees '000) 2018
(Number of accounts)2018
(Rupees '000)
14 DEPOSITS AND OTHER ACCOUNTS
Time liabilities Fixed DepositsDemand liabilities Saving deposits Current deposits
12.1 These include Income/ markup accrued on loans and advances for an amount of Rs. 62 thousand (2018: Rs. 1,043 thousand) due to related parties which have been disclosed in note 34. 12.2 This included prepayment of rent for an amount of Rs. 20,637 thousand in 2018 to Habib Bank Limited, a related party, however due to change in accounting policy on adoption of IFRS 16, prepayments are added to right of use assets and is also disclosed in note 11.4.1. 12.3 These include an amount of Rs. 2,966 thousand (2018: Rs. 3,469 thousand) due from related parties which have been disclosed in note 34 and amount of Rs. 123,627 thousand (2018: Rs. 105,142 thousand) receivable from SBP in respect of insurance premium paid by FMFB for livestock and crop loans under AC&MFD Circular No. 1 of 2013 dated November 1, 2013.
140
FMFB Annual Repor t 2019
15 BORROWINGS
During the year, the Bank entered into running �nance facility agreement amounting to a maximum facility limit of Rs. 1,000 million with National Bank of Pakistan to meet operational and business requirements of FMFB. The principal amount is repayable at the end of the term and carries mark-up at the rate of three months KIBOR + 0.80% per annum payable on quarterly basis. This is secured against �rst charge on all present and future current assets of FMFB (excluding cash and balances with SBP to maintain statutory liquidity ratio and Cash reserve requirement) to the extent of Rs. 1,333,334 thousand. The term of the running �nance facility is 1 year commencing from July 31, 2019. As at year end the facility availed during the year had been fully repaid.
930,281 80,419
275,460 52,321 11,990
- 1,400,475
- 30,000
- 2,780,946
16.1
16.2
27.316.3
16.4
616,009 79,891
257,709 18,274 15,705
2,929 - - -
2,359 992,876
Note16 OTHER LIABILITIES
14.2 PARTICULARS OF DEPOSITS BY OWNERSHIP
Markup/ Return/ Interest payableBills payableAccrued liabilitiesWithholding tax payableRetention moneyPayable to de�ned bene�t gratuity fundLease liability on right of use assetsPayable to de�ned contribution provident fundContract liability Other payables
------------ Rupees '000 ------------2019 2018
1,193,86627,366
4691,221,701
15,231,97414,832,7108,338,959
38,403,643
956,66629,663
485986,814
13,097,85710,762,584
7,268,63631,129,077
Note2019
(Number of accounts)2019
(Rupees '000) 2018
(Number of accounts)2018
(Rupees '000)
Individual depositors Institutional depositors a) Corporations/ Firms b) Banks and �nancial institutions
14.1 These include balances for an amount of Rs.5,350,291(2018:Rs.5,122,003)due to related parties which have been disclosed in note 34.
16.1 These include markup/ return/ interest payable for an amount of Rs. 144,130 thousand (2018: Rs. 92,040 thousand) on deposits due with related parties which have been disclosed in note 34. 16.2 These include balance amount of Rs. 5,648 thousand (2018: 8,832 thousand) due with related parties which have been disclosed in note 34.
1,222,648 291,801 (20,251) 175,637
(269,360) 1,400,475
5.21 - - - - - -
16.3 Lease liability on right of use asset:
Lease liability on right of use asset - Initial Recognition under IFRS-16 Additions during the period Deletion during the period Finance cost on lease liability on right of use assets Payment of lease liability on right of use assets Net book value at the end
------------ Rupees '000 ------------2019 2018
16.3.1 These include lease liability of an amount of Rs. 59,225 thousand (2018: Nil), with respect to Habib Bank Limited, a related party.
141
FMFB Annual Repor t 2019
17.3.1 During the year 2017 IFC holding 24,000,000 (8.7%) shares of FMFB had exercised its put option vide notice to AKAM and AKRSP dated December 15, 2017 under the term of Put & Call Option agreement dated June 14, 2002. AKAM exercised the option to acquire entire shares of IFC. AKAM received no objection from Competition Commission of Pakistan (CCP) on July 31, 2019. After obtaining approval and no objection from SBP on August 19 and October 24, 2019 respectively, AKAM applied to Central Depository Company of Pakistan Limited (CDC) for the transfer of shares to its account. The execution was completed on December 9, 2019.
764,768 502,990
2,730,811
2019 (Number)
273,081,115
2018 (Number)
273,081,115
2019(Number)
2,730,811Ordinary shares of Rs. 10 each fully paid in cash
17.2 Issued, subscribed and paid-up capital
17.3
1,379,310 811,500 300,000
- 240,000
1 2,730,811
1,379,310 571,500 300,000 240,000 240,000
1 2,730,811
17.3 The pattern of holding in the issued share capital of FMFB is as follows:
17.3.1
Habib Bank Limited (HBL)Aga Khan Agency for Micro�nance (AKAM)Aga Khan Rural Support Programme (AKRSP)International Finance Corporation (IFC)Japan International Cooperation Agency (JICA)Others
137,931,03581,150,03030,000,000
- 24,000,000
50273,081,115
2019(Number)
137,931,03581,150,03030,000,00024,000,00024,000,000
50273,081,115
------------ Rupees '000 ------------
3,500,000
2019 (Number)
350,000,000
2018 (Number)
350,000,000 3,500,000
2019 201817 SHARE CAPITAL
17.1 Authorized Share Capital
Ordinary shares of Rs. 10 each
Note
18 (DEFICIT) ON REVALUATION OF ASSETS ------------ Rupees '000 ------------2019 2018
Note
7,594,928 325,491 202,719
2,067 396,302
8,521,507
5,474,848 237,289 172,425
- 162,614
6,047,176
(633) (1,407)9Available-for-sale investments: Government securities
19.1 Contingencies:There are no known material contingencies as at December 31, 2019 (2018: Nil).
19.2 Commitments:
There are no known material commitments as at December 31, 2019 (2018: Nil).
20 MARKUP/RETURN/INTEREST EARNED
Markup on advancesIncome on investment in Government securitiesIncome from Term Deposit Receipts (TDRs)Mark up on reverse repo transactionsMarkup on deposit accounts with treasury and other banks
3,460,925 2,164 4,646
3,467,735
1,682,653 - -
1,682,653
21 MARKUP/RETURN/INTEREST EXPENSEDDeposits and other accounts Mark up on repo transactions Mark up on Borrowings
FeeCommission
------------ Rupees '000 ------------
758,065 6,703
496,3456,645
2019 201822 FEE, COMMISSION AND BROKERAGE INCOME
142
FMFB Annual Repor t 2019
Gain on disposal of operating �xed assetsRevaluation (loss)/ gain on held for trading investments Others - income
2,116 (220) 1,266 3,162
4,584 27
1,608 6,219
23 OTHER INCOME
27.4
24.111.211.311.416.3
1,624,84547,12359,183
-39,279
200,130108,204
91,05532,34286,77034,70964,01633,786
504,173
200,80528,684
--
115,862129,204
46,809102,255
35,91225,895
1,0593,112,150
24 ADMINISTRATIVE EXPENSES
Salaries, allowances and bene�ts Charge for de�ned bene�t gratuity fund Contribution to de�ned contribution provident fundNon-executives directors' fee, allowances and other expensesTraining and capacity buildingRent, rates and taxesUtilitiesInsuranceLegal and professional chargesCommunicationsRepair and maintenanceStationery and printingAdvertisement and publicityDonationsAuditors' remunerationDepreciation on property and equipmentAmortization of intangible assetsDepreciation on right of use assetsFinance cost of lease liability on right of use assetsTravel and transportationOf�ce securityOf�ce suppliesInformation technology supplies and softwareVeri�cation charges Bank chargesOther expenses
1,988,141 59,381 77,233
- 44,552 6,378
160,795 203,348 30,449
126,699 48,520
103,892 16,562
100 6,954
308,932 39,749
250,707 175,637 158,386 181,443 66,488
123,906 63,871 22,661 2,891
4,267,675
Audit fee Fee for half yearly reviewGroup reporting, Special certi�cations and other assurance services Tax services Out of pocket expenses
------------ Rupees '000 ------------
1,300 350
2,950 1,754
6006,954
1,300 250 423
1,600 600
4,173
2019 201824.1 Auditors' remuneration
Penalties imposed by the State Bank of PakistanWorkers Welfare Fund (WWF)
25 - 25
- - -
25 OTHER CHARGES
143
FMFB Annual Repor t 2019
324,908(156,990)
531-
168,449
499,854(20,986)
32,073(417)
510,52426.1 Reconciliation of tax expense and accounting pro�t
Accounting pro�t before tax Tax at the applicable rate of 29% (2018: 29%)
Tax chargeable at lower ratesIncome subject to FTREffect of super taxBene�t of gross lossPrior yearEducation cessPermanent differencesEffect of change of taxOthers
------------ Rupees '000 ------------26 TAXATION
For the year Current DeferredFor the prior years Current Deferred
701,161
203,337
- (462)
- (33,386)
531 543
7 -
(2,121)168,449
1,510,594
438,072
11 -
31,7254,394
32,073 676
-1,0482,525
510,524
2019 2018
Present value of de�ned bene�t obligation Fair value of plan assets
------------ Rupees '000 ------------
276,995 (288,816) (11,821)
224,543(221,614)
2,929
2019 2018Note
27.527.627.4
Opening net liability Expense for the year Contributions made to the fundActuarial (gain)/ loss (Asset)/ Liability at end of the year
------------ Rupees '000 ------------
2,929 59,381
(59,175) (14,956) (11,821)
16,37547,123
(62,824)2,2552,929
2019 2018Note
27.7
27.4 Movement in the liability recognized in the balance sheet:
27.3 Fair value of plan assets and present value of obligation under the scheme at the balance sheet date were as follows:
Present value of de�ned bene�t obligation at beginning of the year Current service cost Interest cost Past service cost Bene�ts paid Actuarial (gain)/ loss Present value of de�ned bene�t obligation at end of the year
------------ Rupees '000 ------------
224,543 64,794 26,364
675 (24,870) (14,511) 276,995
178,561 48,728 15,975
- (17,087)
(1,634) 224,543
2019 201827.5 Movement in the present value of de�ned bene�t obligation:
144
FMFB Annual Repor t 2019
Changes in PVDBO Increase in discount rate by 1% Decrease in discount rate by 1% Increase in future increment in salary by 1% Decrease in future increment in salary by 1% ncrease in withdrawal rate by 10% Decrease in withdrawal rate by 10% Increase in mortality rate by 10% Decrease in mortality rate by 10%
------------ Rupees '000 ------------
(36,699) 44,871 46,331
(38,383) 170
(176) 209
(211)
(29,079) 35,287 36,504
(30,466) 75
(75) (103) 102
2019 201827.6 Movement in the fair value of plan assets:
The actual return earned on plan assets 32,897 13,691
27.8 Actual return on plan assets:
Bank balancesInvestments
234,697 54,119
288,816
191,609 30,006
221,615
27.9 Plan assets consists of the following assets:
27.10 Sensitivity Analysis
Sensitivity analysis has been performed by varying one assumption keeping all other assumptions constant and calculating the impact on the present value of the de�ned bene�t obligation under the various employee bene�t scheme. The increase/ (decrease) in the present value of de�ned bene�t obligations (PVDBO) as a result of change in each assumption is summarized below :
Fair value of plan assets at beginning of the year Interest income Contributions made to the fund Bene�ts paid Actuarial gain/ (loss) Fair value of plan assets at end of the year
------------ Rupees '000 ------------
221,614 32,452 59,175
(24,870) 445
288,816
162,186 17,580 62,824
(17,087) (3,889)
221,614
2019 201827.6 Movement in the fair value of plan assets:
Note
27.9
Current service cost Interest cost on obligation Interest income on plan assets Past service cost
64,794 26,364
(32,452) 675
59,381
48,72815,975
(17,580)-
47,123
27.7 Amount charged to de�ned bene�t plan in the pro�t and loss account:
Note
24
145
FMFB Annual Repor t 2019
Size of the Fund -Total Assets Cost of investments made Percentage of investments made Fair value of investments Breakup of Investments is as follows: Pakistan Investment Bonds Mutual Funds Term Deposit Receipts Balance with Banks
At beginning of the year Opened during the year Upgraded during the year At end of the year
Un audited 2019
Audited 2018
656,635 643,864
98% 651,317
961 -
184,492 465,864 651,317
901 -
119,430 382,020 502,351
0.1%0%
28%72%
0.2%0%
24%76%
503,012502,020
100%502,351
2019 2018
29.1 All the investments out of provident fund trust have been made in accordance with the provisions of section 218 of the Companies Act, 2017, Employees Contributory Funds (Investment in Listed Securities) Regulations, 2018 and applicable Income Tax Rules.
29 EMPLOYEES PROVIDENT FUND TRUST
30 NUMBER OF BRANCHES/PERMANENT BOOTHS
------------ Rupees '000 ------------
Rupees '000 Rupees '000% %
184 4
11 199
145 17 22
184
2019 2018
27.11 Expected contribution to the plan
Based on actuarial advice, the management estimates that the charge in respect of de�ned bene�t plan for the year ending December 31, 2020 is Rs. 63,842 thousand.
PermanentContractual
PermanentContractual
Total
Total
3,013 39
3,052
2,494 21
2,515
3,013 39
3,052
2,494 21
2,515
3,247 49
3,296
2,727 33
2,760
234 10
244
233 12
245
2,478 3,074
2019
2018
Credit/ sales staff Banking/ support staff Total
28 NUMBER OF EMPLOYEES
28.1 Average number of employees during the year
146
FMFB Annual Repor t 2019
------------ Rupees '000 ------------
Pro�t after taxation - (Rupees in '000') Weighted average number of ordinary shares - (Numbers in '000') Earning per share - (Rupee)
32 EARNING PER SHARE (RUPEE)
33 CASH AND CASH EQUIVALENTS
32.1 There is no dilutive effect on the basic earning per share of FMFB.
532,712 273,081
1.95
1,000,070 273,081
3.66
2019 2018
Cash and Balances with SBP and NBP Balances With Other Banks/NBFIs/MFBs Market Treasury bills (having tenure of three months or less)
2,875,826 3,404,932 2,376,413 8,657,171
2,186,7016,036,9122,458,222
10,681,835
2019Note
78
2018
------------ Rupees '000 ------------
Managerial remuneration Contribution to provident fund Rent and house maintenance Utilities Medical Conveyance Others (Bonus, other incentives etc.) Numbers
31 REMUNERATION OF CHIEF EXECUTIVE, DIRECTORS AND EXECUTIVES
14,400 1,440 5,760 1,440 1,440
- 13,500 37,980
1
13,566 1,357 5,427 1,357 1,357
- 10,000 33,064
1
President/ Chief Executive2019 2018
------------ Rupees '000 ------------
297,001 26,335
118,800 29,700 29,700 54,757 77,153
633,446
337
223,912 18,261 84,671 21,168 21,168 45,918 42,177
457,275
232
Executive2019 2018
31.1 In accordance with BSD Circular Number 11 dated December 30, 2003, number of executives includes those who have worked partly or completely during the year and whose basic salary exceeds Rs. 500,000 (2018: Rs. 500,000) per year. 31.2 The President/ Chief Executive Of�cer and certain other executives are also provided with free use of FMFB's owned and maintained cars in accordance with their entitlement as per policy of FMFB. 31.3 Charge for de�ned bene�t gratuity fund is based on actuarial valuations conducted by an independent actuary, annually using projected unit credit method as disclosed in note 27 to the �nancial statements. 31.4 No remuneration was paid to the directors of FMFB.
147
FMFB Annual Repor t 2019
34 RELATED PARTY TRANSACTIONS
Related parties of FMFB comprise of its major shareholders, associates (including entities having directors in common with FMFB), directors, key management personnel which include CEO and Head of Departments (HOD's) and staff retirement funds. Transactions with the related parties, other than those under terms of employment, are executed on an arm's length basis i.e. do not involve more than normal risk and are substantially on the same terms, including markup rates and collateral, as those prevailing at the time for comparable transactions with unrelated parties. Details of transactions and balances with related parties as at the year end, other than disclosed elsewhere in these �nancial statements, are as follows:
Balance sheet Balances with other Banks/NBFIs/MFBs on deposit accounts Advances Opening balance Addition during the year Repaid during the year Markup/ Return/ Interest earned
Closing balance Operating �xed assets
Capital Work in progress Right of use assets Other assets Income/ Markup accrued Prepayments Other receivable Receivable from de�ned bene�t gratuity fund Deposits Opening balance Received during the year Withdrawn during the year Markup/ Return/ Interest expensed Closing balance Other liabilities Markup/ Return/ Interest payable Accrued liabilities Lease liability on right of use assets
Payable to de�ned bene�t gratuity fund Payable to de�ned contribution provident fund
420,216
- - - -
-
- 109,969 109,969
1,006 -
29 -
1,035
3,012,556 7,415,415 7,599,993
335,608 3,163,586
102,857 2,580
59,225
-
- 164,662
-
- - - -
-
10,214 -
10,214
- -
922 -
922
2,104,062 19,248,856 19,399,533
233,085 2,186,470
41,2733,068
-
-
- 44,341
-
37,774 10,246 11,929
1,771
37,862
- - -
62 - - -
62
5,385 9,679
14,936 107 235
- - -
-
- -
-
- - - -
-
- - -
- - -
11,821 11,821
- - - - -
- - -
-
- -
As at December 31, 2019
Shareholders Group entities/commondirectorship
Key ManagementPersonnel
Key ManagementPersonnel
------------ Rupees '000 ------------
148
FMFB Annual Repor t 2019
Pro�t and loss accountIncomeMarkup/ Return/ Interest earned ExpenseMarkup/ Return/ Interest expensed Administration expenses Remuneration Charge for de�ned contribution gratuity fund Contribution to de�ned contribution provident fund Depreciation on right of use assets Finance cost of lease liability on right of use assets Of�ces' rentals expense Bank charges Vehicle rentals expense Insurance expense Other expenses Closing balance Others Proceeds from sale of vehicles
Balance sheetBalances with other Banks/NBFIs/MFBson deposit accounts
AdvancesOpening balanceAddition during the yearRepaid during the yearMarkup/ Return/ Interest earnedClosing balance
Operating �xed assetsCapital Work in progress
Other assetsIncome/ Markup accruedPrepaymentOther receivable
DepositsOpening balanceReceived during the yearWithdrawn during the year Markup/ Return/ Interest expensed Closing balance
34,804
335,608
- -
-34,935
4,100-
5,9371,588
-134
382,302
-
610,630
-----
-
1,04320,637
-21,680
1,042,3166,584,4964,750,182
135,9263,012,556
-
- -
59,38177,233
-------
136,614
-
-
---- -
-
----
-----
1,771
107
158,070 -
--------
158,177
-
-
9,35633,567
6,4801,331
37,774
-
----
60036,72032,022
875,385
561
233,085
- -
------
61,6654,063
298,813
-
-
- - - - -
7,000
--
3,4693,469
806,715 11,215,953 10,003,106
84,500 2,104,062
As at December 31, 2019
Shareholders Group entities/commondirectorship
Key ManagementPersonnel
Key ManagementPersonnel
------------ Rupees '000 ------------
149
FMFB Annual Repor t 2019
Other liabilitiesMarkup/ Return/ Interest payableAccrued liabilitiesPayable to de�ned bene�t gratuity fund Payable to de�ned contribution provident fund
Pro�t and loss account
IncomeMarkup/ Return/ Interest earned
Expense Markup/ Return/ Interest expensed Administration expenses Remuneration Charge for de�ned contribution gratuity fund Contribution to de�ned contribution provident fund Of�ces' rentals expense Bank charges Vehicle rentals expense Insurance expense Other expenses Others Proceeds from sale of vehicles
51,7972,636
--
54,433
18,879
135,926---
28,1424,9211,588
-1,091
171,668
-
--
2,929-
2,929
-
--
47,12359,183
-----
106,306
-
-----
1,331
87129,456
-------
129,543
-
40,2436,196
--
46,439
-
84,500------
50,5625,427
140,489
-
As at December 31, 2019
Shareholders Group entities/commondirectorship
Key ManagementPersonnel
Key ManagementPersonnel
------------ Rupees '000 ------------
150
FMFB Annual Repor t 2019
35 FINANCIAL INSTRUM
ENTS (based on contractual obligation)
"Effective yield/interest rate"
Up to one yearO
ver �ve yearsSub total
TotalNon interest/ m
ark-up bearing
%------------ Rupees '000 ------------
Interest/ mark-up bearing
Up to one yearO
ne to �ve yearsO
ver �ve yearsSub total
------------ Rupees '000 ------------
Financial assetsCash and Balances w
ith SBP and NBP8.25
451,515
- -
451,515
2,424,311-
2,424,311
2,875,826
Balances With O
ther Banks/NBFIs/MFBs
11.40 - 14.253,327,371
- -
3,327,371 77,561
-
77,561 3,404,932
Investments
11.65 - 15.504,512,898
- -
4,512,898
- -
4,512,898
Advances5.5 - 38.4
22,631,1077,830,392
474,768 30,936,267
-
- 30,936,267
Other Assets
--
-
-
2,209,92523,114
2,233,039
2,233,039
30,922,8917,830,392
474,768
39,228,0514,711,797
23,1144,734,911
43,962,962
Financial liabilitiesDeposits and other accounts
7.3 - 14.227,526,881
7,148,715 196,731
34,872,327 3,531,316
- 3,531,316
38,403,643
Borrowings
-
-
- -
-
-
-
-
Other Liabilities
2,641
372,595
1,025,239 1,400,475
924,415
403,735
1,328,150 2,728,625
27,529,5227,521,310
1,221,97036,272,802
4,455,731403,735
4,859,46641,132,268
December 31, 2018
Financial assetsCash and Balances w
ith SBP and NBP3.0
355,293
- -
355,293
1,831,408
- 1,831,408
2,186,701
Balances With O
ther Banks/NBFIs/MFBs
3.75 - 11.05,923,074
- -
5,923,074
113,838
- 113,838
6,036,912
Investments
7.0 - 10.312,807,140
- -
2,807,140
-
2,807,140
Advances5.5 - 35.9
17,994,746
5,130,313
429,385
23,554,444
-
23,554,444
Other Assets
-
-
-
-
1,520,04113,730
1,533,7711,533,771
27,080,253
5,130,313
429,385
32,639,9513,465,287
13,730
3,479,017
36,118,968
Financial liabilitiesDeposits and other accounts
7.0 - 11.022,574,934
5,178,373 -
27,753,307
3,375,770 -
3,375,77031,129,077
Borrowings
- -
- -
- -
- -
Other Liabilities
- -
- -
699,444 272,799
972,243 972,243
22,574,934
5,178,373
- 27,753,307
4,075,214272,799
4,348,013
32,101,320
151
FMFB Annual Repor t 2019
35.1 CONCENTRATION OF CREDIT RISK
Credit risk is the risk that one party to a �nancial instrument will fail to discharge an obligation and cause the other party to incur a �nancial loss. FMFB's credit risk is primarily attributable to its advances, lending to �nancial institutions and balances at banks. The credit risk on liquid funds is limited because the counter parties are banks with reasonably high credit ratings. FMFB has an effective loan disbursement and recovery monitoring system which allows it to evaluate borrowers credit worthiness and identify potential problem loans. A provision for potential loan losses is maintained as required by the Prudential Regulations issued by SBP. Maximum amount of �nancial assets which are subject to credit risk amount to Rs. 37,931,604 thousand (2018: Rs. 30,885,024 thousand). 35.2 LIQUIDITY RISK Liquidity risk is the risk that FMFB will encounter dif�culty in raising funds to meet its net funding requirements. FMFB attempts to manage this risk by having adequate credit lines in place and maintaining suf�cient liquidity at branch level to meet anticipated funding requirements. 35.3 INTEREST RATE RISK Interest rate risk is the risk that the value of a �nancial instrument will �uctuate as a result of changes in market interest rate. FMFB's interest rate exposure stems mainly from investing activities. This risk is managed by regular review of held-for-trading portfolio of government securities. 35.4 FAIR VALUE OF FINANCIAL INSTRUMENTS Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: • In the principal market for the asset or liability; or • In the absence of a principal market, in the most advantageous market for the asset or liability.
The principal or the most advantageous market must be accessible by FMFB. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non-�nancial asset takes into account a market participant's ability to generate economic bene�ts by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. FMFB uses valuation techniques that are appropriate in the circumstances and for which suf�cient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. Fair value of available for sale and held for trading investments has been calculated based on market yields obtained from Mutual Funds Association of Pakistan (MUFAP) at year end. These investments are categorized in Level 2 category as per IFRS 13.
The carrying values of all �nancial assets and liabilities re�ected in the �nancial statements approximate their fair value except for Held to Maturity investments which are recorded at amortized cost. 35.5 CAPITAL MANAGEMENT The paid-up capital of FMFB is Rs. 2,730,811 thousand (2018: Rs. 2,730,811 thousand) which meets minimum paid-up capital (free of losses) requirement of Rs. 1,000,000 thousand (2018: Rs. 1,000,000 thousand) as speci�ed in the Micro�nance Institutions Ordinance, 2001. The Bank has Capital Adequacy Ratio (CAR) of 15.8% (2018: 19.8%) of its risk-weighted assets which is in compliance with the requirements of Prudential Regulations to maintain CAR of 15% of risk-weighted assets.
152
FMFB Annual Repor t 2019
December 31, 2019
Assets
Interest/ markup earning
Cash and Balances with SBP and NBP Balances With Other Banks/NBFIs/MFBs Lending to �nancial institutions Investments Advances Non-Interest/ markup earning Cash and Balances with SBP and NBP Balances With Other Banks/NBFIs/MFBs Other Assets Deferred Tax Operating Fixed Assets
Liabilities Interest/ markup bearing
Large time deposits above Rs. 100,000 Deposits and other accounts Borrowings Non-Interest/ markup bearing Deposits and other accounts Other Liabilities Net assets Represented by:Share Capital Share premium Reserves Unappropriated pro�t (De�cit) on revaluation of assets Deferred grant
36 SCHEDULE OF MATURITY DISTRIBUTION OF MARKET RATE ASSETS AND LIABILITIES
Total (Rupees '000)
Up to one month
(Rupees '000)
451,515
3,327,371
- 4,512,898
30,936,267
2,424,311
77,561 2,462,334
220,110 2,819,654
47,232,021
19,298,035
15,574,292 -
3,531,316
2,780,946 41,184,589
6,047,712
2,730,811 620,690 824,003
1,872,561 (633)
- 6,047,432
4,533,598
15,181,327 -
3,531,316
680,56223,926,803
(12,707,998)
4,923,917
60,728 -
-
161,541 5,146,186
7,673,695
2,747,782
79,529 -
-
137,274 2,964,585
9,085,427
7,092,738
252,708 -
-
1,801,5699,147,015
1,996,308
451,515
3,327,371
- 1,893,435 2,486,011
2,424,311
77,561 558,601
- -
11,218,805
-
-
- 1,998,766 9,576,395
- -
1,240,852 -
3,868
12,819,881
- -
- 620, 697
10,568,701
- -
639,767220,110
737
12,050,012
- -
- -
8,305,160
-
- 23,114
- 2,815,049
11,143,323
Over six monthsup to one year(Rupees '000)
Over One monthsup to one year(Rupees '000)
Overone year
(Rupees '000)
153
FMFB Annual Repor t 2019
December 31, 2018
Assets
Interest/ markup earning
Cash and Balances with SBP and NBP Balances With Other Banks/NBFIs/MFBs Lending to �nancial institutions Investments Advances Non-Interest/ markup earning Cash and Balances with SBP and NBP Balances With Other Banks/NBFIs/MFBs Other Assets Deferred Tax Operating Fixed Assets
Liabilities Interest/ markup bearing
Large time deposits above Rs. 100,000 Deposits and other accounts Borrowings Non-Interest/ markup bearing Deposits and other accounts Other Liabilities Net assets Represented by:Share Capital Share premium Reserves Unappropriated pro�t (De�cit) on revaluation of assets Deferred grant
Total (Rupees '000)
Up to one month
(Rupees '000)
355,293
5,923,074 -
2,807,140 23,554,444
1,831,408
113,838 1,789,379
63,120 1,187,584
37,625,280
18,128,802
9,624,505 -
3,375,770
992,876 32,121,953
5,503,327
2,730,811 620,690 675,629
1,477,604 (1,407)
- 5,503,327
4,291,679
9,166,598 -
3,375,770
427,16217,261,209
(5,739,018)
5,480,981
45,441 -
-
200,232 5,726,654
2,993,106
3,555,514
34,721 -
-
92,683 3,382,918
6,939,399
4,800,628
377,745 -
-
272,7995,451,172
1,309,830
355,293
5,923,074
- 2,118,826
766,252
1,831,408
113, 838413,700
- -
11,522,191
-
-
- 680,729
7,212,054
- -
826,977 - -
8,719,760
- -
- 7,585
10,016,640
- -
534,97263,120
-
10,622,317
- -
- -
5,559,698
- -
13,730 -
1,187,584
6,761,012
Over six monthsup to one year(Rupees '000)
Over One monthsup to one year(Rupees '000)
Overone year
(Rupees '000)
154
FMFB Annual Repor t 2019
Pro�t before taxation comprises of: Operational pro�t Grant income
37 OPERATIONAL/NON-OPERATIONAL PROFIT
2019 2018
Note ------------ Rupees '000 ------------
701,161
-
701,161
1,510,594
-
1,510,594
_________________________ _____________ ___________ _________ President / Chief Executive Chairman Director Director
38 CORRESPONDING FIGURES
Corresponding �gures have been re-arranged and re-classi�ed, where necessary, for more appropriate presentation.
39 GENERAL
Figures have been rounded off to the nearest thousand rupee unless otherwise stated.
40 DATE OF AUTHORIZATION FOR ISSUE
These �nancial statements were authorized for issue by the Board of Directors of the FMFB in their meeting held on March 11, 2020.
155
FMFB Annual Repor t 2019
ANNEXURE
Details of property and equipment disposed off during the year as referred to Note 11.2.3 of �nancial statements:
PARTICULARS OF ASSETS
Motor vehicles
Auto Rickshaw
Suzuki Cultus
Toyota Corolla
Toyota Corolla
Sub-Total
--------------------------------------- Rupees --------------------------------------------
265,000
616,715
1,389,000
1,426,000
3,696,715
30,787
616,714
1,388,999
1,425,999
3,462,499
234,213
1
1
1
234,216
170,000
280,000
1,086,000
1,265,000
2,801,000
(64,213)
279,999
1,085,999
1,264,999
2,566,784
Auction
Auction
Auction
Auction
Ali Traders
Munira Almas
M Huzaifa Khan
M Huzaifa Khan
Cost Depreciation BookValue
SaleProceed
Gain/Loss Mode of Disposal
Particularsof Buyers
OFFICE EQUIPMENTS
Air Conditioner
Stabilizer
Stabilizer
Fax Machine
Water Dispenser
Air Conditioner
Water Dispenser
Water Dispenser
Water Dispenser
Water Dispenser
Water Dispenser
Water Dispenser
Water Dispenser
Microwave Oven
Water Dispenser
Fax Machine
Fax Machine
Fax Machine
Fax Machine
Fax Machine
Water Dispenser
Fax Machine
Water Dispenser
Fax Machine
Fax Machine
Fax Machine
Stabilizer
Stabilizer
Fax Machine
Microwave Oven
Stabilizer
UPS
Refrigerator
Water Dispenser
Fax Machine
Stabilizer
Stabilizer
1
1
1
1
1
1
5,600
7,000
7,300
7,400
7,400
7,500
7,500
7,500
7,800
8,000
8,000
8,000
8,000
8,000
8,000
8,000
8,000
8,000
8,000
8,000
9,400
9,400
9,800
10,000
10,000
10,500
10,600
11,800
12,000
12,382
12,825
-
-
-
-
-
-
5,599
6,999
7,299
7,399
7,399
7,499
7,499
7,499
7,799
7,999
7,999
7,999
7,999
7,999
7,999
7,999
7,999
7,999
7,999
7,999
9,399
9,399
9,799
9,999
9,999
10,499
10,599
11,799
11,999
12,381
12,824
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
3,500
800
800
1,200
500
3,600
300
800
1,500
454
800
500
800
1,000
2,550
100
100
2,500
600
100
500
500
500
400
5,000
200
2,000
4,000
200
500
1,500
1,000
1,500
800
300
200
3,000
3,499
799
799
1,199
499
3,599
299
799
1,499
453
799
499
799
999
2,549
99
99
2,499
599
99
499
499
499
399
4,999
199
1,999
3,999
199
499
1,499
999
1,499
799
299
199
2,999
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
A2Z Enterprise
A2Z Enterprise
A2Z Enterprise
Syed Muhammad Aslam Chinari
Kamran Iscrap Work
A2Z Enterprise
Abdullah Nilam Ghar & Furniture
A2Z Enterprise
Shair Ali
Allah Bux Khaskhali
Salman Scrap Works
Shaheen Enterprise
Salman Scrap Works
Koksuai Computers
Ittefaq Old Scrap Dealer
Abdullah Nilam Ghar & Furniture
Abdullah Nilam Ghar & Furniture
Shair Ali
Malik Shoukat Kabaria
Abdullah Nilam Ghar & Furniture
Shaheen Enterprise
Shaheen Enterprise
Syed Muhammad Aslam Chinari
Shaheen Enterprises
Babu And Bros
Mumtaz Kabaria
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
A2Z Enterprise
Shaheen Enterprise
A2Z Enterprises
Koksuai Computers
A2Z Enterprise
Salman Scrap Works
M Azad Traders
Abdullah Nilam Ghar & Furniture
156
FMFB Annual Repor t 2019
Stabilizer
Stabilizer
Stabilizer
Stabilizer
Stabilizer
Stabilizer
Stabilizer
Stabilizer
Stabilizer
Stabilizer
Stabilizer
Fax Machine
Fax Machine
Air Conditioner
Stabilizer
Fax Machine
Fax Machine
CCTV System
Fax Machine
UPS
UPS
UPS
UPS
Stabilizer
Access Control System
Access Control System
Air Conditioner
Air Conditioner
Air Conditioner
Air Conditioner
Air Conditioner
Air Conditioner
Air Conditioner
Air Conditioner
Air Conditioner
Air Conditioner
Stabilizer
Air Conditioner
Air Conditioner
Air Conditioner
Air Conditioner
Air Conditioner
Air Conditioner
Air Conditioner
Air Conditioner
Air Conditioner
Note Binding Machine
Alarm System
Cash Counting Machine
Cash Counting Machine
UPS
Alarm System
Air Conditioner
Air Conditioner
Air Conditioner
Air Conditioner
Air Conditioner
12,825
12,825
12,825
12,825
12,825
12,825
12,825
12,825
12,825
12,825
12,825
12,870
12,870
12,900
13,000
13,090
13,480
16,400
17,000
17,550
17,550
18,000
18,000
18,000
20,428
20,428
20,500
20,500
20,500
20,500
20,500
21,000
21,000
21,000
21,000
21,000
21,000
21,000
21,000
21,500
21,500
21,500
21,500
21,500
21,500
21,500
21,500
22,000
22,900
22,900
23,000
23,900
25,000
25,500
25,500
25,500
25,500
12,824
12,824
12,824
12,824
12,824
12,824
12,824
12,824
12,824
12,824
12,824
5,899
12,869
12,899
12,999
13,089
13,479
11,275
16,999
17,549
17,549
16,500
17,999
17,999
20,427
20,427
20,499
20,499
20,499
20,499
20,499
20,999
20,999
20,999
20,999
20,999
20,999
20,999
20,999
7,615
21,499
21,499
21,499
21,499
21,499
21,499
21,499
21,999
15,744
20,992
22,999
23,899
24,999
25,499
25,499
25,499
25,499
1
1
1
1
1
1
1
1
1
1
1
6,971
1
1
1
1
1
5,125
1
1
1
1,500
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
13,885
1
1
1
1
1
1
1
1
7,156
1,908
1
1
1
1
1
1
1
3,000
1,000
600
1,500
1,500
200
200
200
200
2,000
500
100
800
4,000
900
300
719
200
400
1,000
1,000
6,000
5,000
350
200
3,000
3,500
3,500
1,550
3,000
5,500
2,500
2,500
4,000
4,000
4,000
1,500
3,000
3,000
4,000
4,000
4,000
4,000
2,000
2,000
5,500
18,750
200
10,019
1,000
900
750
400
1,550
3,000
5,000
4,000
2,999
999
599
1,499
1,499
199
199
199
199
1,999
499
(6,871)
799
3,999
899
299
718
(4,925)
399
999
999
4,500
4,999
349
199
2,999
3,499
3,499
1,549
2,999
5,499
2,499
2,499
3,999
3,999
3,999
1,499
2,999
2,999
(9,885)
3,999
3,999
3,999
1,999
1,999
5,499
18,749
199
2,863
(908)
899
749
399
1,549
2,999
4,999
3,999
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Insurance
Auction
Insurance
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Abdullah Nilam Ghar & Furniture
Shair Ali
Malik Shoukat Kabaria
Shaheen Enterprise
Ittefaq Old Scrap Dealer
Rati Coal Center
Rati Coal Center
Rati Coal Center
Rati Coal Center
Babu And Bros
Mumtaz Kabaria
Abdullah Nilam Ghar & Furniture
Attiqu Scarp
Shaheen Enterprises
Salman Scrap Works
Salman Scrap Works
Hair ur Rehman
Muhammad Ashraf Rehmani Kabaria
A2Z Enterprises
Abdullah Nilam Ghar & Furniture
Abdullah Nilam Ghar & Furniture
Abdullah Nilam Ghar & Furniture
Abdullah Nilam Ghar & Furniture
Muhammad Ashraf Rehmani Kabaria
Shaheen Enterprise
Shaheen Enterprise
A2Z Enterprise
A2Z Enterprise
Syed Muhammad Aslam Chinari
A2Z Enterprises
Taj Traders
Shair Ali
Shair Ali
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Zaqi Autos Lubricants
Iqbal Bhatti Kabaria
Iqbal Bhatti Kabaria
Techno Cool
Techno Cool
Techno Cool
Malik Shoukat Kabaria
Kamran Iscrap Work
Kamran Iscrap Work
Ittefaq Old Scrap Dealer
Jubilee Inusrance
Abdullah Nilam Ghar & Furniture
Jubilee Inusrance
Mumtaz Kabaria
Shaheen Enterprise
Dosti Electric Store
Koksuai Computers
Syed Muhammad Aslam Chinari
A2Z Enterprises
Shaheen Enterprises
Shaheen Enterprises
157
FMFB Annual Repor t 2019
Stabilizer
Air Conditioner
Air Conditioner
Air Conditioner
Air Conditioner
Air Conditioner
Air Conditioner
Of�ce Security System
Air Conditioner
Air Conditioner
Air Conditioner
Air Conditioner
UPS
UPS
Air Conditioner
Air Conditioner
Air Conditioner
Air Conditioner
Air Conditioner
Air Conditioner
Air Conditioner
Air Conditioner
Air Conditioner
Air Conditioner
Air Conditioner
Air Conditioner
Air Conditioner
Air Conditioner
Air Conditioner
Air Conditioner
Air Conditioner
Air Conditioner
Air Conditioner
Air Conditioner
Air Conditioner
Air Conditioner
Air Conditioner
Air Conditioner
Air Conditioner
Air Conditioner
Cameras
Air Conditioner
Air Conditioner
Air Conditioner
Air Conditioner
Air Conditioner
Air Conditioner
Air Conditioner
Air Conditioner
Air Conditioner
Stabilizer
Air Conditioner
Air Conditioner
Air Conditioner
Air Conditioner
Air Conditioner
26,760
27,500
27,500
27,500
27,500
27,500
27,500
29,425
29,500
29,500
29,500
29,500
30,000
30,000
30,400
30,400
30,500
30,500
30,500
30,500
30,500
30,500
30,500
30,500
30,500
30,500
31,000
31,000
31,000
31,000
31,000
32,999
33,500
33,500
34,500
34,500
34,500
34,500
35,000
35,000
36,250
37,500
37,500
37,500
37,500
37,500
37,500
37,600
37,600
37,600
41,226
41,600
41,600
41,600
41,600
41,600
7,805
27,499
27,499
27,499
27,499
27,499
27,499
29,424
29,499
29,499
29,499
29,499
29,999
29,999
30,399
30,399
30,499
30,499
30,499
30,499
30,499
30,499
30,499
30,499
30,499
30,499
30,999
30,999
30,999
30,999
30,999
32,998
33,499
33,499
34,499
34,499
34,499
34,499
34,999
34,999
29,453
37,499
37,499
37,499
37,499
37,499
37,499
37,599
37,599
37,599
41,225
41,599
41,599
41,599
41,599
41,599
18,955
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
6,797
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
2,500
3,000
454
3,000
3,000
4,000
4,000
200
454
5,000
5,000
3,500
9,000
1,601
2,500
2,500
4,000
4,000
3,500
2,500
2,500
5,500
5,500
5,000
2,000
2,000
5,000
4,000
4,000
3,000
3,000
5,500
3,500
4,500
3,000
5,000
5,000
5,000
3,000
3,000
500
3,500
3,500
8,000
8,000
4,000
400
1,500
5,000
5,000
200
5,000
12,000
12,000
5,500
4,000
(16,455)
2,999
453
2,999
2,999
3,999
3,999
199
453
4,999
4,999
3,499
8,999
1,600
2,499
2,499
3,999
3,999
3,499
2,499
2,499
5,499
5,499
4,999
1,999
1,999
4,999
3,999
3,999
2,999
2,999
5,499
3,499
4,499
2,999
4,999
4,999
4,999
2,999
2,999
(6,297)
3,499
3,499
7,999
7,999
3,999
399
1,499
4,999
4,999
199
4,999
11,999
11,999
5,499
3,999
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Shaheen Enterprise
Abdullah Nilam Ghar & Furniture
Allah Bux Khaskhali
Salman Scrap Works
Salman Scrap Works
Mumtaz Kabaria
Mumtaz Kabaria
Babu And Bros
Allah Bux Khaskhali
Shaheen Enterprise
Shaheen Enterprise
A2Z Enterprises
Zaqi Autos Lubricants
Hair ur Rehman
Shair Ali
Shair Ali
Techno Cool
Techno Cool
A2Z Enterprise
Kamran Iscrap Work
Kamran Iscrap Work
Ittefaq Old Scrap Dealer
Ittefaq Old Scrap Dealer
Shaheen Enterprises
Babu And Bros
Babu And Bros
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Iqbal Bhatti Kabaria
Iqbal Bhatti Kabaria
Taj Traders
A2Z Enterprise
A2Z Enterprises
A2Z Enterprises
Shaheen Enterprises
Shaheen Enterprises
Shaheen Enterprises
Salman Scrap Works
Salman Scrap Works
Babu And Bros
Abdullah Nilam Ghar & Furniture
Abdullah Nilam Ghar & Furniture
Mumtaz Kabaria
Mumtaz Kabaria
Mumtaz Kabaria
Mumtaz Kabaria
Kamran Iscrap Work
Shaheen Enterprises
Shaheen Enterprises
Rati Coal Center
Shaheen Enterprise
Rizwan
Rizwan
Taj Traders
Rati Coal Center
158
FMFB Annual Repor t 2019
Air Conditioner
Air Conditioner
Air Conditioner
Air Conditioner
Air Conditioner
Air Conditioner
Air Conditioner
Air Conditioner
Air Conditioner
Air Conditioner
UPS
Air Conditioner
UPS
Air Conditioner
Air Conditioner
Air Conditioner
Air Conditioner
Air Conditioner
UPS
UPS
Alarm System
UPS
Alarm System
Generator
Air Conditioner
Air Conditioner
Alarm System
UPS
Air Conditioner
Air Conditioner
CCTV System
CCTV System
CCTV System
Generator
UPS
Generator
CCTV System
Air Conditioner
CCTV System
Air Conditioner
UPS
Alarm System
CCTV System
CCTV System
CCTV System
CCTV System
Generator
Generator
Generator
Generator
Generator
Generator
Generator
Generator
Paper Copier
Paper Copier
41,600
41,600
41,600
41,600
41,600
41,600
41,600
43,000
43,600
44,900
45,000
45,500
45,596
46,000
46,540
46,540
46,540
46,540
46,632
47,000
47,225
49,000
49,604
50,000
50,000
51,000
51,749
52,500
53,500
53,500
53,500
53,500
53,500
57,000
58,166
59,000
60,000
61,000
64,470
66,130
67,667
72,795
72,941
72,941
72,941
72,941
75,000
75,000
75,000
75,000
75,000
75,000
75,000
75,000
77,500
77,500
41,599
41,599
41,599
41,599
41,599
41,599
41,599
42,999
20,892
7,483
44,999
45,499
45,595
45,999
31,996
39,753
39,753
41,692
46,631
46,999
47,224
48,999
49,603
49,999
49,999
50,999
51,748
52,499
53,499
53,499
53,499
53,499
53,499
56,999
58,165
58,999
59,999
60,999
57,754
37,198
67,666
72,794
69,902
72,940
72,940
72,940
74,999
74,999
74,999
74,999
74,999
74,999
74,999
74,999
77,499
77,499
1
1
1
1
1
1
1
1
22,708
37,417
1
1
1
1
14,544
6,787
6,787
4,848
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
6,716
28,932
1
1
3,039
1
1
1
1
1
1
1
1
1
1
1
1
1
4,000
4,000
2,400
4,000
2,400
2,400
2,400
5,500
2,400
43,000
2,401
1,550
2,433
5,000
5,000
5,000
5,000
1,500
1,000
3,000
100
9,000
100
5,000
5,500
3,000
500
2,600
3,000
5,000
2,500
5,000
200
2,200
1,200
10,000
100
4,000
1,600
3,000
1,100
750
100
2,500
350
200
10,000
16,000
10,000
3,500
5,000
10,000
10,000
10,000
4,135
4,135
3,999
3,999
2,399
3,999
2,399
2,399
2,399
5,499
(20,308)
5,583
2,400
1,549
2,432
4,999
(9,544)
(1,787)
(1,787)
(3,348)
999
2,999
99
8,999
99
4,999
5,499
2,999
499
2,599
2,999
4,999
2,499
4,999
199
2,199
1,199
9,999
99
3,999
(5,116)
(25,932)
1,099
749
(2,939)
2,499
349
199
9,999
15,999
9,999
3,499
4,999
9,999
9,999
9,999
4,134
4,134
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Insurance
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Rati Coal Center
Rati Coal Center
Babu And Bros
Mumtaz Kabaria
Babu And Bros
Babu And Bros
Babu And Bros
Taj Traders
Babu And Bros
Jubilee Inusrance
Hair ur Rehman
Syed Muhammad Aslam Chinari
Hair ur Rehman
Shaheen Enterprise
Shaheen Enterprise
Rati Coal Center
Rati Coal Center
Babu And Bros
Abdullah Nilam Ghar & Furniture
Shaheen Enterprises
Abdullah Nilam Ghar & Furniture
Nisan Cables
Babu And Bros
Abdullah Nilam Ghar & Furniture
Taj Traders
Salman Scrap Works
Shaheen Enterprise
Muhammad Ashraf Rehmani Kabaria
Abdullah Nilam Ghar & Furniture
Abdullah Nilam Ghar & Furniture
Shair Ali
Shaheen Enterprise
Mumtaz Kabaria
Muhammad Ashraf Rehmani Kabaria
Babu And Bros
Nisan Cables
Abdullah Nilam Ghar & Furniture
Shaheen Enterprise
Muhammad Ashraf Rehmani Kabaria
Abdullah Nilam Ghar & Furniture
Salman Scrap Works
Dosti Electric Store
Abdullah Nilam Ghar & Furniture
Shair Ali
Dosti Electric Store
Mumtaz Kabaria
Abdullah Nilam Ghar & Furniture
Abdullah Nilam Ghar & Furniture
Shair Ali
Shaheen Enterprise
A2Z Enterprises
A2Z Enterprises
Ittefaq Old Scrap Dealer
Shaheen Enterprises
Hair ur Rehman
Hair ur Rehman
159
FMFB Annual Repor t 2019
CCTV System
Paper Copier
Paper Copier
Digital Copier
CCTV System
Generator
Generator
CCTV System
Air Conditioner
UPS
UPS
Central Heating System
Air Conditioner
Central Heating System
UPS
UPS
UPS
UPS
UPS
Generator
Air Conditioner
UPS
Central Heating & Cooling System
Generator
Central Heating & Cooling System
Generator
Generator
Xerox
Generator
Generator
Sub-Total
78,880
80,000
80,000
80,000
80,250
88,000
89,000
89,000
90,250
95,000
95,000
100,000
100,000
100,000
105,000
105,000
105,000
110,000
139,080
163,000
172,500
185,000
201,800
215,000
240,200
250,000
250,000
348,000
360,000
425,000
10,963,107
78,879
79,999
79,999
79,999
80,249
87,999
88,999
88,999
90,249
94,999
94,999
99,999
99,999
99,999
104,999
104,999
104,999
109,999
57,155
162,999
172,499
184,999
201,799
214,999
240,199
249,999
249,999
347,999
352,500
424,999
10,679,391
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
81,925
1
1
1
1
1
1
1
1
1
7,500
1
283,716
350
2,000
1,500
4,500
2,000
5,000
5,000
200
5,000
4,000
4,000
1,100
13,500
5,336
3,000
1,000
2,000
1,000
10,000
30,000
9,000
4,000
10,768
16,000
12,816
9,000
11,000
5,000
23,000
30,000
896,725
349
1,999
1,499
4,499
1,999
4,999
4,999
199
4,999
3,999
3,999
1,099
13,499
5,335
2,999
999
1,999
999
(71,925)
29,999
8,999
3,999
10,767
15,999
12,815
8,999
10,999
4,999
15,500
29,999
613,009
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Dosti Electric Store
A2Z Enterprise
Salman Scrap Works
Syed Muhammad Aslam Chinari
Shaheen Enterprise
A2Z Enterprises
M Azad Traders
Babu And Bros
Shaheen Enterprise
Shair Ali
Shaheen Enterprise
Syed Muhammad Aslam Chinari
Rizwan
Hair ur Rehman
Ittefaq Old Scrap Dealer
M Azad Traders
Shaheen Enterprises
Abdullah Nilam Ghar & Furniture
Shaheen Enterprise
Abdullah Nilam Ghar & Furniture
Shaheen Enterprises
A2Z Enterprises
Hair ur Rehman
Mumtaz Kabaria
Hair ur Rehman
Iqbal Bhatti Kabaria
Shaheen Enterprises
Koksuai Computers
Babu And Bros
Anwar Electric Store
Furniture and Fixtures
Executive Chair
Executive Chair
Revolving Chair
Three Seater Sofa
Fire Resistant Cabinet
Fire Resistant Cabinet
Meeting Table
Conference Chair
Executive Chair
Single Seater Sofa
Single Seater Sofa
Single Seater Sofa
Wooden File Cabinet
Visitor Chair
Single Seater Sofa
Visitor Chair
Revolving Chair
Visitor Chair
Visitor Chair
Visitor Chair
Conference Chair
Conference Chair
1
1
1
1
1
1
2
3
4
4
4
4
6
8
9
10
12
18
280
280
1,300
1,300
-
-
-
-
-
-
1
2
3
3
3
3
5
6
5
7
11
14
279
279
1,299
1,299
1
1
1
1
1
1
1
1
1
1
1
1
1
2
4
3
1
4
1
1
1
1
2,500
2,000
300
1,500
2,750
2,750
12,000
2
8,000
1,816
1,500
2,400
500
10,400
7,000
13,000
6
8,196
100
100
500
500
2,499
1,999
299
1,499
2,749
2,749
11,999
1
7,999
1,815
1,499
2,399
499
10,398
6,996
12,997
5
8,192
99
99
499
499
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
National Traders
National Traders
A2Z Enterprises
Fakhar Din Scrap
Babu And Bros
Babu And Bros
National Traders
Hair ur Rehman
National Traders
Allah Bux Khaskhali
Rizwan
Babu And Bros
Babu And Bros
National Traders
Shair Ali
National Traders
Hair ur Rehman
Allah Bux Khaskhali
Abdullah Nilam Ghar & Furniture
Abdullah Nilam Ghar & Furniture
Shair Ali
Shair Ali
160
FMFB Annual Repor t 2019
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chairs
Conference Chairs
Conference Chairs
Conference Chairs
Conference Chairs
Conference Chairs
Conference Chairs
Conference Chairs
Conference Chairs
Conference Chairs
Conference Chairs
Conference Chairs
Conference Chairs
Conference Chairs
Conference Chairs
Conference Chairs
Conference Chairs
Conference Chairs
Conference Chairs
Conference Chairs
Conference Chairs
Conference Chairs
Conference Chairs
Conference Chairs
Conference Chairs
Visitor Chair
Visitor Chair
Visitor Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
1,300
1,300
1,300
1,300
1,300
1,300
1,300
1,300
1,300
1,300
1,300
1,300
1,300
1,300
1,300
1,300
1,300
1,300
1,300
1,300
1,300
1,300
1,300
1,300
1,300
1,300
1,300
1,300
1,300
1,300
1,300
1,300
1,300
1,300
1,300
1,300
1,300
1,300
1,300
1,300
1,300
1,300
1,300
1,300
1,300
1,300
1,300
1,300
1,300
1,300
1,300
1,439
1,439
1,439
1,439
1,439
1,299
1,299
1,299
1,299
1,299
1,299
1,299
1,299
1,299
1,299
1,299
1,299
1,299
1,299
1,299
1,299
1,299
1,299
1,299
1,299
1,299
1,299
1,299
1,299
1,299
1,299
1,299
1,299
1,299
1,299
1,299
1,299
1,299
1,299
1,299
1,299
1,299
1,299
1,299
1,299
1,299
1,299
1,299
1,299
1,299
1,299
1,299
1,299
1,299
1,299
1,299
1,438
1,438
1,438
1,438
1,438
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
500
500
500
500
500
500
500
300
300
300
300
300
300
300
300
300
300
300
150
150
150
150
150
400
850
69
69
69
69
69
69
69
69
69
69
69
69
69
69
69
69
69
69
69
69
69
69
69
69
69
69
298
298
298
298
298
499
499
499
499
499
499
499
299
299
299
299
299
299
299
299
299
299
299
149
149
149
149
149
399
849
68
68
68
68
68
68
68
68
68
68
68
68
68
68
68
68
68
68
68
68
68
68
68
68
68
68
297
297
297
297
297
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Shair Ali
Shair Ali
Shair Ali
Shair Ali
Shair Ali
Shair Ali
Shair Ali
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Fakhar Din Scrap
Taj Traders
Hair ur Rehman
Hair ur Rehman
Hair ur Rehman
Hair ur Rehman
Hair ur Rehman
Hair ur Rehman
Hair ur Rehman
Hair ur Rehman
Hair ur Rehman
Hair ur Rehman
Hair ur Rehman
Hair ur Rehman
Hair ur Rehman
Hair ur Rehman
Hair ur Rehman
Hair ur Rehman
Hair ur Rehman
Hair ur Rehman
Hair ur Rehman
Hair ur Rehman
Hair ur Rehman
Hair ur Rehman
Hair ur Rehman
Hair ur Rehman
Hair ur Rehman
Hair ur Rehman
Mumtaz Kabaria
Mumtaz Kabaria
Mumtaz Kabaria
Mumtaz Kabaria
Mumtaz Kabaria
161
FMFB Annual Repor t 2019
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Visitor Chair
Visitor Chair
Visitor Chair
Visitor Chair
Visitor Chair
Visitor Chair
Visitor Chair
Visitor Chair
Visitor Chair
Visitor Chair
Table With Rack
Table With Rack
Client Chairs
Client Chairs
Client Chairs
Client Chairs
Client Chairs
Client Chairs
Client Chairs
Client Chairs
Client Chairs
Client Chairs
1,439
1,439
1,439
1,439
1,439
1,439
1,439
1,439
1,439
1,439
1,439
1,439
1,439
1,439
1,439
1,448
1,448
1,448
1,448
1,448
1,448
1,448
1,448
1,448
1,448
1,448
1,448
1,448
1,448
1,448
1,448
1,448
1,448
1,448
1,448
1,500
1,500
1,500
1,500
1,500
1,500
1,500
1,500
1,500
1,500
1,500
1,500
1,500
1,500
1,500
1,500
1,500
1,500
1,500
1,500
1,500
1,500
1,438
1,438
1,438
1,438
1,438
1,438
1,438
1,438
1,438
1,438
1,438
1,438
1,438
1,438
1,438
1,447
1,447
1,447
1,447
1,447
1,447
1,447
1,447
1,447
1,447
1,447
1,447
1,447
1,447
1,447
1,447
1,447
1,447
1,447
1,447
1,499
1,499
1,499
1,499
1,499
1,499
1,499
1,499
1,499
1,499
1,499
1,499
1,499
1,499
1,499
1,499
1,499
1,499
1,499
1,499
1,499
1,499
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
298
298
298
298
298
298
298
298
298
298
298
298
298
298
298
50
50
50
50
50
50
50
50
50
50
50
50
50
50
50
50
50
50
50
50
325
325
325
325
510
510
250
250
250
250
150
200
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
297
297
297
297
297
297
297
297
297
297
297
297
297
297
297
49
49
49
49
49
49
49
49
49
49
49
49
49
49
49
49
49
49
49
49
324
324
324
324
509
509
249
249
249
249
149
199
999
999
999
999
999
999
999
999
999
999
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Mumtaz Kabaria
Mumtaz Kabaria
Mumtaz Kabaria
Mumtaz Kabaria
Mumtaz Kabaria
Mumtaz Kabaria
Mumtaz Kabaria
Mumtaz Kabaria
Mumtaz Kabaria
Mumtaz Kabaria
Mumtaz Kabaria
Mumtaz Kabaria
Mumtaz Kabaria
Mumtaz Kabaria
Mumtaz Kabaria
Kamran Iscrap Work
Kamran Iscrap Work
Kamran Iscrap Work
Kamran Iscrap Work
Kamran Iscrap Work
Kamran Iscrap Work
Kamran Iscrap Work
Kamran Iscrap Work
Kamran Iscrap Work
Kamran Iscrap Work
Kamran Iscrap Work
Kamran Iscrap Work
Kamran Iscrap Work
Kamran Iscrap Work
Kamran Iscrap Work
Kamran Iscrap Work
Kamran Iscrap Work
Kamran Iscrap Work
Kamran Iscrap Work
Kamran Iscrap Work
Malik Shoukat Kabaria
Malik Shoukat Kabaria
Malik Shoukat Kabaria
Malik Shoukat Kabaria
Malik Shoukat Kabaria
Malik Shoukat Kabaria
A2Z Enterprises
A2Z Enterprises
A2Z Enterprises
A2Z Enterprises
M Azad Traders
M Azad Traders
Babu And Bros
Babu And Bros
Babu And Bros
Babu And Bros
Babu And Bros
Babu And Bros
Babu And Bros
Babu And Bros
Babu And Bros
Babu And Bros
162
FMFB Annual Repor t 2019
Visitor Chair
Visitor Chair
Visitor Chair
Visitor Chair
Teak Board
White Board
Soft Board
Soft Board
Meeting Chair
Meeting Chair
Meeting Chair
Meeting Chair
Meeting Chair
Meeting Chair
Meeting Chair
Meeting Chair
Meeting Chair
Meeting Chair
Hanging Unit
Hanging Unit
Hanging Unit
Hanging Unit
Hanging Unit
Hanging Unit
Hanging Unit
Hanging Unit
Hanging Unit
Hanging Unit
Hanging Unit
Hanging Unit
Hanging Unit
Hanging Unit
Hanging Unit
Hanging Unit
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Visitor Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Hanging Unit
Hanging Unit
Hanging Unit
Hanging Unit
Hanging Unit
Hanging Unit
1,575
1,575
1,575
1,575
1,600
1,725
1,725
1,725
1,878
1,878
1,878
1,878
1,878
1,878
1,878
1,878
1,878
1,878
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,011
2,011
2,011
2,011
2,011
2,161
2,161
2,161
2,161
2,161
2,161
2,161
2,161
2,161
2,161
2,161
2,161
2,214
2,214
2,214
2,214
2,214
2,214
1,574
1,574
1,574
1,574
1,599
1,724
1,724
1,724
1,877
1,877
1,877
1,877
1,877
1,877
1,877
1,877
1,877
1,877
1,999
1,999
1,999
1,999
1,999
1,999
1,999
1,999
1,999
1,999
1,999
1,999
1,999
1,999
1,999
1,999
2,010
2,010
2,010
2,010
2,010
2,160
2,160
2,160
2,160
2,160
2,160
2,160
2,160
2,160
2,160
2,160
2,160
2,213
2,213
2,213
2,213
2,213
2,213
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
125
125
125
125
300
50
100
100
150
150
150
150
150
150
150
150
150
150
106
106
106
106
106
106
100
100
100
100
100
100
150
150
150
100
400
400
400
400
400
150
150
150
150
150
150
150
150
200
200
200
850
400
400
400
400
400
400
124
124
124
124
299
49
99
99
149
149
149
149
149
149
149
149
149
149
105
105
105
105
105
105
99
99
99
99
99
99
149
149
149
99
399
399
399
399
399
149
149
149
149
149
149
149
149
199
199
199
849
399
399
399
399
399
399
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Rizwan
Rizwan
Rizwan
Rizwan
Chohan Autos
Babu And Bros
Babu And Bros
Babu And Bros
Shaheen Enterprises
Shaheen Enterprises
Shaheen Enterprises
Shaheen Enterprises
Shaheen Enterprises
Shaheen Enterprises
Shaheen Enterprises
Shaheen Enterprises
Shaheen Enterprises
Shaheen Enterprises
Mastana Furniture Shop
Mastana Furniture Shop
Mastana Furniture Shop
Mastana Furniture Shop
Mastana Furniture Shop
Mastana Furniture Shop
Chohan Autos
Chohan Autos
Chohan Autos
Chohan Autos
Chohan Autos
Chohan Autos
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Babu And Bros
Fakhar Din Scrap
Fakhar Din Scrap
Fakhar Din Scrap
Fakhar Din Scrap
Fakhar Din Scrap
Shaheen Enterprise
Shaheen Enterprises
Shaheen Enterprises
Shaheen Enterprises
Shaheen Enterprises
Shaheen Enterprises
Shaheen Enterprises
Shaheen Enterprises
Shaheen Enterprises
Shaheen Enterprises
Shaheen Enterprises
Taj Traders
Mumtaz Kabaria
Mumtaz Kabaria
Mumtaz Kabaria
Mumtaz Kabaria
Mumtaz Kabaria
Mumtaz Kabaria
163
FMFB Annual Repor t 2019
Hanging Unit
Hanging Unit
Hanging Unit
Hanging Unit
Teak Board
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Conference Chair
Teak Board
Tablet Chairs
Tablet Chairs
Tablet Chairs
Tablet Chairs
Tablet Chairs
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Of�ce Chairs
Of�ce Chairs
Of�ce Chairs
Of�ce Chairs
Of�ce Chairs
Visitor Chair
Visitor Chair
Visitor Chair
Visitor Chair
Visitor Chair
Visitor Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Visitor Chair
Visitor Chair
2,228
2,228
2,228
2,228
2,366
2,454
2,454
2,454
2,454
2,454
2,454
2,454
2,454
2,454
2,454
2,454
2,454
2,454
2,454
2,454
2,454
2,454
2,454
2,454
2,454
2,461
2,500
2,500
2,500
2,500
2,500
2,800
2,800
2,800
2,800
2,800
2,800
2,800
2,800
2,800
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
2,227
2,227
2,227
2,227
2,365
2,453
2,453
2,453
2,453
2,453
2,453
2,453
2,453
2,453
2,453
2,453
2,453
2,453
2,453
2,453
2,453
2,453
2,453
2,453
2,453
2,460
2,499
2,499
2,499
2,499
2,499
2,799
2,799
2,799
2,799
2,799
2,799
2,799
2,799
2,799
2,999
2,999
2,999
2,999
2,999
2,999
2,999
2,999
2,999
2,999
2,999
2,999
2,999
2,999
2,999
2,999
2,999
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
100
100
100
100
20
106
106
850
850
850
850
850
850
298
298
298
298
298
298
298
298
298
298
298
298
150
580
580
580
580
580
454
454
908
454
250
250
250
250
250
500
500
500
500
500
500
106
106
106
106
106
106
454
454
454
200
200
99
99
99
99
19
105
105
849
849
849
849
849
849
297
297
297
297
297
297
297
297
297
297
297
297
149
579
579
579
579
579
453
453
907
453
249
249
249
249
249
499
499
499
499
499
499
105
105
105
105
105
105
453
453
453
199
199
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Kamran Iscrap Work
Kamran Iscrap Work
Kamran Iscrap Work
Kamran Iscrap Work
Fakhar Din Scrap
Mastana Furniture Shop
Mastana Furniture Shop
Taj Traders
Taj Traders
Taj Traders
Taj Traders
Taj Traders
Taj Traders
Mumtaz Kabaria
Mumtaz Kabaria
Mumtaz Kabaria
Mumtaz Kabaria
Mumtaz Kabaria
Mumtaz Kabaria
Mumtaz Kabaria
Mumtaz Kabaria
Mumtaz Kabaria
Mumtaz Kabaria
Mumtaz Kabaria
Mumtaz Kabaria
Shaheen Enterprise
Babu And Bros
Babu And Bros
Babu And Bros
Babu And Bros
Babu And Bros
Allah Bux Khaskhali
Allah Bux Khaskhali
Allah Bux Khaskhali
Allah Bux Khaskhali
A2Z Enterprises
A2Z Enterprises
A2Z Enterprises
A2Z Enterprises
A2Z Enterprises
Shair Ali
Shair Ali
Shair Ali
Shair Ali
Shair Ali
Shair Ali
Mastana Furniture Shop
Mastana Furniture Shop
Mastana Furniture Shop
Mastana Furniture Shop
Mastana Furniture Shop
Mastana Furniture Shop
Allah Bux Khaskhali
Allah Bux Khaskhali
Allah Bux Khaskhali
Shaheen Enterprise
Shaheen Enterprise
164
FMFB Annual Repor t 2019
Visitor Chair
Visitor Chair
Visitor Chair
Hanging Unit
Hanging Unit
Hanging Unit
Hanging Unit
Revolving Chair
Revolving Chair
Revolving Chair
Chair
Staff Chairs
Staff Chairs
Staff Chairs
Staff Chairs
Staff Chairs
Staff Chairs
Of�ce Chair
Small Black Chairs
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Visitor Chair
Visitor Chair
Hanging Unit
Hanging Unit
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Visitor Chair
Visitor Chair
Visitor Chair
Visitor Chair
Visitor Chair
Visitor Chair
Visitor Chair
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,119
3,119
3,119
3,150
3,200
3,200
3,200
3,200
3,200
3,200
3,200
3,200
3,200
3,200
3,200
3,200
3,200
3,200
3,235
3,235
3,237
3,237
3,237
3,237
3,237
3,237
3,237
3,237
3,237
3,237
3,237
3,248
3,248
3,248
3,248
3,248
3,248
3,248
2,999
2,999
2,999
2,999
2,999
2,999
2,999
2,999
2,999
2,999
2,999
2,999
2,999
2,999
2,999
2,999
2,999
2,999
2,999
3,118
3,118
3,118
3,149
3,199
3,199
3,199
3,199
3,199
3,199
3,199
3,199
3,199
3,199
3,199
3,199
3,199
3,199
3,234
3,234
3,236
3,236
3,236
3,236
3,236
3,236
3,236
3,236
3,236
3,236
3,236
3,247
3,247
3,247
3,247
3,247
3,247
3,247
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
200
200
200
200
200
200
200
150
150
150
250
200
200
200
200
200
200
250
160
500
500
500
150
200
200
200
200
200
200
200
200
200
200
200
200
171
171
100
100
455
455
455
455
455
455
455
455
455
455
455
150
150
150
150
150
150
150
199
199
199
199
199
199
199
149
149
149
249
199
199
199
199
199
199
249
159
499
499
499
149
199
199
199
199
199
199
199
199
199
199
199
199
170
170
99
99
454
454
454
454
454
454
454
454
454
454
454
149
149
149
149
149
149
149
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Taj Traders
Shaheen Enterprises
Shaheen Enterprises
Shaheen Enterprises
Shaheen Enterprises
Shaheen Enterprises
Shaheen Enterprises
Taj Traders
Hair ur Rehman
Abdullah Nilam Ghar & Furniture
Abdullah Nilam Ghar & Furniture
Abdullah Nilam Ghar & Furniture
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Hair ur Rehman
Hair ur Rehman
Babu And Bros
Babu And Bros
Ittefaq Old Scrap Dealer
Ittefaq Old Scrap Dealer
Ittefaq Old Scrap Dealer
Ittefaq Old Scrap Dealer
Ittefaq Old Scrap Dealer
Ittefaq Old Scrap Dealer
Ittefaq Old Scrap Dealer
Ittefaq Old Scrap Dealer
Ittefaq Old Scrap Dealer
Ittefaq Old Scrap Dealer
Ittefaq Old Scrap Dealer
Abdullah Nilam Ghar & Furniture
Abdullah Nilam Ghar & Furniture
Abdullah Nilam Ghar & Furniture
Abdullah Nilam Ghar & Furniture
Abdullah Nilam Ghar & Furniture
Abdullah Nilam Ghar & Furniture
Abdullah Nilam Ghar & Furniture
165
FMFB Annual Repor t 2019
Visitor Chair
Visitor Chair
Visitor Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Single Seater Sofa
Single Seater Sofa
Single Seater Sofa
Single Seater Sofa
Single Seater Sofa
Single Seater Sofa
Single Seater Sofa
Single Seater Sofa
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Of�ce Chair
Of�ce Chair
Of�ce Chair
Cubical
Cubical
Cubical
Cubical
Cubical
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Visitor Chair
Executive Chair
3,248
3,248
3,248
3,320
3,320
3,320
3,320
3,320
3,320
3,320
3,320
3,320
3,320
3,320
3,320
3,342
3,342
3,342
3,342
3,342
3,342
3,342
3,342
3,342
3,342
3,342
3,342
3,500
3,500
3,500
3,500
3,500
3,500
3,500
3,500
3,500
3,500
3,500
3,500
3,500
3,500
3,664
3,664
3,664
3,750
3,750
3,750
3,750
3,750
3,800
3,800
3,800
3,800
3,800
3,800
3,800
3,800
3,247
3,247
3,247
3,319
3,319
3,319
3,319
3,319
3,319
3,319
3,319
3,319
3,319
3,319
3,319
3,341
3,341
3,341
3,341
3,341
3,341
3,341
3,341
3,341
3,341
3,341
3,341
3,499
3,499
3,499
3,499
3,499
3,499
3,499
3,499
3,499
3,499
3,499
3,499
3,499
3,499
3,663
3,663
3,663
3,749
3,749
3,749
3,749
3,749
3,799
3,799
3,799
3,799
3,799
3,799
3,799
3,799
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
150
150
150
393
393
393
393
393
393
393
393
393
393
394
394
100
100
100
100
100
100
100
100
100
100
100
100
500
150
150
150
150
150
150
150
150
200
250
250
300
300
250
250
250
800
200
200
200
200
1,300
500
500
500
500
500
500
200
149
149
149
392
392
392
392
392
392
392
392
392
392
393
393
99
99
99
99
99
99
99
99
99
99
99
99
499
149
149
149
149
149
149
149
149
199
249
249
299
299
249
249
249
799
199
199
199
199
1,299
499
499
499
499
499
499
199
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Abdullah Nilam Ghar & Furniture
Abdullah Nilam Ghar & Furniture
Abdullah Nilam Ghar & Furniture
Mumtaz Kabaria
Mumtaz Kabaria
Mumtaz Kabaria
Mumtaz Kabaria
Mumtaz Kabaria
Mumtaz Kabaria
Mumtaz Kabaria
Mumtaz Kabaria
Mumtaz Kabaria
Mumtaz Kabaria
Mumtaz Kabaria
Mumtaz Kabaria
Kamran Iscrap Work
Kamran Iscrap Work
Kamran Iscrap Work
Kamran Iscrap Work
Kamran Iscrap Work
Kamran Iscrap Work
Kamran Iscrap Work
Kamran Iscrap Work
Kamran Iscrap Work
Kamran Iscrap Work
Kamran Iscrap Work
Kamran Iscrap Work
Abdullah Nilam Ghar & Furniture
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Salman Scrap Works
Salman Scrap Works
A2Z Enterprises
A2Z Enterprises
Taj Traders
Taj Traders
Taj Traders
Malik Shoukat Kabaria
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
National Traders
Abdullah Nilam Ghar & Furniture
Abdullah Nilam Ghar & Furniture
Abdullah Nilam Ghar & Furniture
Abdullah Nilam Ghar & Furniture
Abdullah Nilam Ghar & Furniture
Abdullah Nilam Ghar & Furniture
Abdullah Nilam Ghar & Furniture
166
FMFB Annual Repor t 2019
Steel Cardex
Single Seater Sofa
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Steel Cardex
Single Seater Sofa
Single Seater Sofa
Single Seater Sofa
Single Seater Sofa
Single Seater Sofa
Single Seater Sofa
Single Seater Sofa
Single Seater Sofa
Single Seater Sofa
Single Seater Sofa
Single Seater Sofa
Single Seater Sofa
Single Seater Sofa
Single Seater Sofa
Single Seater Sofa
Single Seater Sofa
Manager Chair
Steel Rack
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Manager Chair
Revolving Chair
Revolving Chair
Hanging Unit
Hanging Unit
Hanging Unit
Hanging Unit
Hanging Unit
Hanging Unit
Hanging Unit
Executive Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Conference Chair
Visitor Chair
Visitor Chair
Visitor Chair
3,800
3,800
3,800
3,800
3,800
3,800
3,800
3,800
3,800
3,800
3,800
3,800
3,800
3,800
3,800
3,800
3,800
3,800
3,800
3,800
3,800
3,800
3,800
3,800
3,800
3,800
3,800
3,800
3,800
3,800
3,800
3,800
3,800
3,800
3,800
3,800
3,850
3,850
3,961
3,961
3,961
3,961
3,961
3,961
3,961
4,000
4,000
4,000
4,000
4,000
4,000
4,000
4,000
4,000
4,080
4,080
4,080
3,799
3,799
3,799
3,799
3,799
3,799
3,799
3,799
3,799
3,799
3,799
3,799
3,799
3,799
3,799
3,799
3,799
3,799
3,799
3,799
3,799
3,799
3,799
3,799
3,799
3,799
3,799
3,799
3,799
3,799
3,799
3,799
3,799
3,799
3,799
3,799
3,849
3,849
3,960
3,960
3,960
3,960
3,960
3,960
3,960
3,999
3,999
3,999
3,999
3,999
3,999
3,999
3,999
3,999
4,079
4,079
4,079
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
2,000
1,000
510
510
510
510
510
520
510
400
150
150
150
150
150
150
150
150
400
400
400
400
400
400
400
400
250
300
192
192
192
192
192
192
192
203
1,000
1,000
150
150
150
200
200
200
200
300
400
250
250
250
250
250
250
850
500
500
500
1,999
999
509
509
509
509
509
519
509
399
149
149
149
149
149
149
149
149
399
399
399
399
399
399
399
399
249
299
191
191
191
191
191
191
191
202
999
999
149
149
149
199
199
199
199
299
399
249
249
249
249
249
249
849
499
499
499
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Shair Ali
Shair Ali
Malik Shoukat Kabaria
Malik Shoukat Kabaria
Malik Shoukat Kabaria
Malik Shoukat Kabaria
Malik Shoukat Kabaria
Malik Shoukat Kabaria
Malik Shoukat Kabaria
Malik Shoukat Kabaria
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Chohan Autos
Chohan Autos
Chohan Autos
Chohan Autos
Chohan Autos
Chohan Autos
Chohan Autos
Chohan Autos
Taj Traders
Shaheen Enterprises
Attiqu Scarp
Attiqu Scarp
Attiqu Scarp
Attiqu Scarp
Attiqu Scarp
Attiqu Scarp
Attiqu Scarp
Hair ur Rehman
Rizwan
Rizwan
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Syed Muhammad Aslam Chinari
Taj Traders
Taj Traders
Taj Traders
Taj Traders
Taj Traders
Taj Traders
Taj Traders
Babu And Bros
Babu And Bros
Babu And Bros
167
FMFB Annual Repor t 2019
Visitor Chair
Visitor Chair
Single Seater Sofa
Single Seater Sofa
Single Seater Sofa
Single Seater Sofa
Single Seater Sofa
Single Seater Sofa
Hanging Unit
Hanging Unit
Hanging Unit
Hanging Unit
Hanging Unit
Hanging Unit
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Single Seater Sofa
Single Seater Sofa
Single Seater Sofa
Single Seater Sofa
Single Seater Sofa
Single Seater Sofa
Single Seater Sofa
Single Seater Sofa
Single Seater Sofa
Single Seater Sofa
Single Seater Sofa
Single Seater Sofa
Single Seater Sofa
Single Seater Sofa
Single Seater Sofa
Single Seater Sofa
Single Seater Sofa
Single Seater Sofa
Single Seater Sofa
Single Seater Sofa
Single Seater Sofa
Single Seater Sofa
Single Seater Sofa
Revolving Chair
Single Seater Sofa
Single Seater Sofa
Single Seater Sofa
Single Seater Sofa
Single Seater Sofa
Single Seater Sofa
Single Seater Sofa
4,080
4,080
4,098
4,098
4,098
4,098
4,098
4,098
4,141
4,141
4,141
4,141
4,141
4,141
4,173
4,173
4,173
4,173
4,173
4,173
4,173
4,173
4,173
4,173
4,173
4,173
4,173
4,173
4,173
4,173
4,173
4,173
4,173
4,173
4,173
4,173
4,200
4,200
4,200
4,200
4,200
4,206
4,206
4,206
4,206
4,206
4,206
4,206
4,206
4,206
4,233
4,233
4,233
4,233
4,233
4,233
4,233
4,079
4,079
4,097
4,097
4,097
4,097
4,097
4,097
4,140
4,140
4,140
4,140
4,140
4,140
4,172
4,172
4,172
4,172
4,172
4,172
4,172
4,172
4,172
4,172
4,172
4,172
4,172
4,172
4,172
4,172
4,172
4,172
4,172
4,172
4,172
4,172
4,199
4,199
4,199
4,199
4,199
4,205
4,205
4,205
4,205
4,205
4,205
4,205
4,205
4,205
4,232
4,232
4,232
4,232
4,232
4,232
4,232
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
500
500
600
600
600
600
600
600
250
250
250
250
250
250
150
150
150
150
150
150
150
150
150
150
150
150
200
200
200
200
200
200
200
200
200
200
570
570
570
570
580
300
300
300
300
300
300
300
300
394
100
100
100
100
100
100
100
499
499
599
599
599
599
599
599
249
249
249
249
249
249
149
149
149
149
149
149
149
149
149
149
149
149
199
199
199
199
199
199
199
199
199
199
569
569
569
569
579
299
299
299
299
299
299
299
299
393
99
99
99
99
99
99
99
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Babu And Bros
Babu And Bros
Babu And Bros
Babu And Bros
Babu And Bros
Babu And Bros
Babu And Bros
Babu And Bros
Fakhar Din Scrap
Fakhar Din Scrap
Fakhar Din Scrap
Fakhar Din Scrap
Fakhar Din Scrap
Fakhar Din Scrap
Shaheen Enterprises
Shaheen Enterprises
Shaheen Enterprises
Shaheen Enterprises
Shaheen Enterprises
Shaheen Enterprises
Shaheen Enterprises
Shaheen Enterprises
Shaheen Enterprises
Shaheen Enterprises
Shaheen Enterprises
Shaheen Enterprises
Shaheen Enterprises
Shaheen Enterprises
Shaheen Enterprises
Shaheen Enterprises
Shaheen Enterprises
Shaheen Enterprises
Shaheen Enterprises
Shaheen Enterprises
Shaheen Enterprises
Shaheen Enterprises
Malik Shoukat Kabaria
Malik Shoukat Kabaria
Malik Shoukat Kabaria
Malik Shoukat Kabaria
Malik Shoukat Kabaria
Mumtaz Kabaria
Mumtaz Kabaria
Mumtaz Kabaria
Mumtaz Kabaria
Mumtaz Kabaria
Mumtaz Kabaria
Mumtaz Kabaria
Mumtaz Kabaria
Mumtaz Kabaria
Kamran Iscrap Work
Kamran Iscrap Work
Kamran Iscrap Work
Kamran Iscrap Work
Kamran Iscrap Work
Kamran Iscrap Work
Kamran Iscrap Work
168
FMFB Annual Repor t 2019
Single Seater Sofa
Revolving Chair
Visitor Chair
Visitor Chair
Visitor Chair
Visitor Chair
Visitor Chair
Visitor Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Low Back Chair
Low Back Chairs
Revolving Chair
Revolving Chair
Revolving Chair
Low Back Chairs
Low Back Chairs
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Of�ce Table
4,233
4,233
4,261
4,261
4,261
4,261
4,261
4,261
4,261
4,261
4,261
4,261
4,261
4,261
4,261
4,261
4,261
4,261
4,261
4,261
4,261
4,261
4,261
4,261
4,261
4,261
4,261
4,261
4,261
4,261
4,261
4,261
4,335
4,382
4,400
4,400
4,400
4,400
4,400
4,496
4,496
4,496
4,496
4,496
4,496
4,496
4,496
4,496
4,496
4,496
4,496
4,496
4,496
4,496
4,496
4,496
4,500
4,232
4,232
4,260
4,260
4,260
4,260
4,260
4,260
4,260
4,260
4,260
4,260
4,260
4,260
4,260
4,260
4,260
4,260
4,260
4,260
4,260
4,260
4,260
4,260
4,260
4,260
4,260
4,260
4,260
4,260
4,260
4,260
4,334
4,381
4,399
4,399
4,399
4,399
4,399
4,495
4,495
4,495
4,495
4,495
4,495
4,495
4,495
4,495
4,495
4,495
4,495
4,495
4,495
4,495
4,495
4,495
4,499
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
99
149
149
149
149
149
149
149
149
199
199
199
199
199
199
199
199
299
299
149
149
149
149
149
499
499
499
499
499
499
499
499
199
149
499
299
399
399
399
1,199
1,199
1,199
1,199
1,199
1,199
1,199
1,199
1,199
1,199
1,199
1,199
1,199
1,199
1,199
1,199
1,199
699
499
499
599
599
599
599
599
599
249
249
249
249
249
249
149
149
149
149
149
149
149
149
149
149
149
149
199
199
199
199
199
199
199
199
199
199
569
569
569
569
579
299
299
299
299
299
299
299
299
393
99
99
99
99
99
99
99
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Kamran Iscrap Work
Kamran Iscrap Work
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
A2Z Enterprises
A2Z Enterprises
Shaheen Enterprises
Shaheen Enterprises
Shaheen Enterprises
Shaheen Enterprises
Shaheen Enterprises
Babu And Bros
Babu And Bros
Babu And Bros
Babu And Bros
Babu And Bros
Babu And Bros
Babu And Bros
Babu And Bros
Abdullah Nilam Ghar & Furniture
Shaheen Enterprises
Abdullah Nilam Ghar & Furniture
A2Z Enterprises
Rati Coal Center
Rati Coal Center
Rati Coal Center
Fakhar Din Scrap
Fakhar Din Scrap
Fakhar Din Scrap
Fakhar Din Scrap
Fakhar Din Scrap
Fakhar Din Scrap
Fakhar Din Scrap
Fakhar Din Scrap
Fakhar Din Scrap
Fakhar Din Scrap
Fakhar Din Scrap
Fakhar Din Scrap
Fakhar Din Scrap
Fakhar Din Scrap
Fakhar Din Scrap
Fakhar Din Scrap
Fakhar Din Scrap
Abdullah Nilam Ghar & Furniture
169
FMFB Annual Repor t 2019
Single Seater Sofa
Single Seater Sofa
Steel Cardex
Revolving Chair
Of�ce Table
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Single Seater Sofa
Single Seater Sofa
Single Seater Sofa
Single Seater Sofa
Single Seater Sofa
Single Seater Sofa
Single Seater Sofa
Single Seater Sofa
Table
Steel Cardex
Steel Cardex
Steel Cardex
Of�ce Table
Revolving Chair
Revolving Chair
Of�ce Table
Of�ce Table
Table With Rack
Table With Rack
Cubical
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Visitor Chair
Revolving Chair
Visitor Chair
Visitor Chair
Revolving Chair
Revolving Chair
Of�ce Table
Revolving Chair
Visitor Chair
Visitor Chair
Visitor Chair
Visitor Chair
Visitor Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
4,500
4,500
4,500
4,500
4,500
4,554
4,554
4,554
4,554
4,554
4,554
4,600
4,661
4,661
4,661
4,661
4,661
4,661
4,661
4,661
4,775
4,800
4,800
4,800
4,900
4,961
5,000
5,000
5,000
5,000
5,000
5,000
5,200
5,200
5,200
5,200
5,200
5,200
5,200
5,200
5,200
5,200
5,200
5,200
5,208
5,208
5,233
5,324
5,443
5,443
5,443
5,443
5,443
5,500
5,500
5,500
5,500
4,499
4,499
4,499
4,499
4,499
4,553
4,553
4,553
4,553
4,553
4,553
4,599
4,660
4,660
4,660
4,660
4,660
4,660
4,660
4,660
2,308
4,799
4,799
4,799
4,899
4,960
4,999
4,999
4,999
4,999
4,999
4,999
5,199
5,199
5,199
5,199
5,199
5,199
5,199
5,199
5,199
5,199
5,199
5,199
5,207
5,207
2,878
5,323
5,442
5,442
5,442
5,442
5,442
5,499
5,499
5,499
5,499
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
2,467
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
2,355
1
1
1
1
1
1
1
1
1
1
570
570
400
300
200
394
394
394
394
394
394
150
150
150
150
150
150
150
200
200
1,000
454
2,000
1,000
500
500
454
500
500
1,400
1,400
267
1,300
1,300
1,300
1,300
1,300
1,300
1,300
1,300
1,300
1,300
1,300
1,300
278
278
500
1,200
150
150
150
150
150
250
250
250
250
569
569
399
299
199
393
393
393
393
393
393
149
149
149
149
149
149
149
199
199
(1,467)
453
1,999
999
499
499
453
499
499
1,399
1,399
266
1,299
1,299
1,299
1,299
1,299
1,299
1,299
1,299
1,299
1,299
1,299
1,299
277
277
(1,855)
1,199
149
149
149
149
149
249
249
249
249
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Malik Shoukat Kabaria
Malik Shoukat Kabaria
Malik Shoukat Kabaria
A2Z Enterprises
M Azad Traders
Mumtaz Kabaria
Mumtaz Kabaria
Mumtaz Kabaria
Mumtaz Kabaria
Mumtaz Kabaria
Mumtaz Kabaria
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprises
Shaheen Enterprises
Mudasr Furniture
Allah Bux Khaskhali
Shaheen Enterprise
Salman Scrap Works
Shair Ali
Shaheen Enterprises
Allah Bux Khaskhali
Rizwan
Rizwan
Taj Traders
Taj Traders
Hair ur Rehman
National Traders
National Traders
National Traders
National Traders
National Traders
National Traders
National Traders
National Traders
National Traders
National Traders
National Traders
National Traders
Hair ur Rehman
Hair ur Rehman
Shaheen Enterprise
Fakhar Din Scrap
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Malik Wood Wokrs
Malik Wood Wokrs
Malik Wood Wokrs
Malik Wood Wokrs
170
FMFB Annual Repor t 2019
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Steel Server Rack
Cubical
Cubical
Cubical
Cubical
Cubical
Cubical
Cubical
Cubical
Revolving Chair
Conference Table
Conference Table
Conference Table
Table
Deodar Bench
Of�ce Table
Computer Table
Of�ce Table
Visitor Chair
Of�ce Table
Revolving Chair
Revolving Chair
Revolving Chair
Visitor Chair
Computer Table
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Executive Chair
Executive Chair
Executive Chair
Executive Chair
Executive Chair
Executive Chair
Revolving Chair
Conference Table
Conference Table
Revolving Chair
Revolving Chair
Of�ce Chair
Conference Table
Chair
Table
Staff Table
Table
Table
Staff Table
Revolving Chair
Staff Table
5,500
5,500
5,500
5,500
5,500
5,500
5,500
5,520
5,534
5,534
5,534
5,534
5,534
5,534
5,534
5,534
5,715
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,380
6,380
6,380
6,400
6,470
6,500
6,500
6,500
6,500
6,500
6,500
6,500
6,500
6,500
6,500
6,500
6,500
6,500
6,500
6,500
6,500
6,641
6,740
7,500
7,500
7,500
7,500
7,500
7,540
7,798
5,499
5,499
5,499
5,499
5,499
5,499
5,499
5,519
5,533
5,533
5,533
5,533
5,533
5,533
5,533
5,533
5,714
5,999
4,800
5,999
5,999
5,999
5,999
5,999
5,999
5,999
5,999
6,379
6,379
6,379
5,440
6,469
6,499
6,499
6,499
6,499
6,499
6,499
6,499
6,499
6,499
6,499
6,499
6,499
6,499
6,499
6,499
6,499
6,640
3,258
7,499
7,499
7,499
7,499
7,499
7,539
7,797
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1,200
1
1
1
1
1
1
1
1
1
1
1
960
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
3,482
1
1
1
1
1
1
1
250
250
192
192
192
192
192
500
500
500
500
500
500
500
500
500
454
500
500
300
500
300
875
1,000
150
1,000
1,400
100
250
250
300
700
1,300
1,300
1,300
1,300
2,000
2,000
2,000
2,000
2,000
2,000
500
500
500
300
300
250
1,000
2,000
500
106
500
1,000
5,250
150
875
249
249
191
191
191
191
191
499
499
499
499
499
499
499
499
499
453
499
(700)
299
499
299
874
999
149
999
1,399
99
249
249
(660)
699
1,299
1,299
1,299
1,299
1,999
1,999
1,999
1,999
1,999
1,999
499
499
499
299
299
249
999
(1,482)
499
105
499
999
5,249
149
874
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Malik Wood Wokrs
Malik Wood Wokrs
Attiqu Scarp
Attiqu Scarp
Attiqu Scarp
Attiqu Scarp
Attiqu Scarp
Shaheen Enterprise
Mumtaz Kabaria
Mumtaz Kabaria
Mumtaz Kabaria
Mumtaz Kabaria
Mumtaz Kabaria
Mumtaz Kabaria
Mumtaz Kabaria
Mumtaz Kabaria
Allah Bux Khaskhali
Shair Ali
Shair Ali
Shaheen Enterprise
Shaheen Enterprise
Salman Scrap Works
Malik Wood Wokrs
Mehbran Kbar Center
M Azad Traders
M Azad Traders
Taj Traders
Kamran Iscrap Work
Salman Scrap Works
Salman Scrap Works
Babar Scrap Dealer
Babu And Bros
National Traders
National Traders
National Traders
National Traders
National Traders
National Traders
National Traders
National Traders
National Traders
National Traders
Abdullah Nilam Ghar & Furniture
Shaheen Enterprise
Shaheen Enterprise
A2Z Enterprises
A2Z Enterprises
Taj Traders
Mumtaz Kabaria
Mudasr Furniture
Shair Ali
Mastana Furniture Shop
Shaheen Enterprise
Chohan Autos
Nisan Cables
Kamran Iscrap Work
Malik Wood Wokrs
171
FMFB Annual Repor t 2019
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Staff Table
Staff Table
Staff Table
Staff Table
Staff Table
Executive Chair
Table
Executive Chair
Manager Table
Conference Table
Table
Table
Table
Table
Revolving Chair
Meeting Table
Table
Table
Table
Table For Of�cers
Table For Of�cers
Revolving Chair
Revolving Chair
Revolving Chair
Table
Of�ce Table
Of�ce Table
Manager Table
Manager Table
Executive Chair
Executive Chair
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Steel Rack For Ups Batteries
Table
Table
Table
Of�ce Table
Of�ce Table
Of�ce Table
Table
Visitor Chair
Visitor Chair
Table
Table
Of�ce Table
Cubical
Table
Cubical
Cubical
Cubical
8,216
8,216
8,216
8,216
8,327
8,500
8,500
8,500
8,500
8,774
8,961
8,999
9,000
9,000
9,000
9,000
9,000
9,000
9,000
9,166
9,200
9,357
9,500
9,706
9,706
9,862
9,985
10,000
10,024
10,056
10,056
10,245
10,356
10,500
10,500
10,500
10,500
10,500
10,500
10,530
10,560
10,560
10,560
11,400
11,473
11,473
11,962
12,500
12,500
13,014
13,014
13,225
13,500
13,500
13,500
13,500
13,500
6,162
4,930
4,930
4,930
8,326
8,499
8,499
8,499
8,499
2,925
8,960
5,399
7,650
8,999
8,999
8,999
8,999
8,999
8,999
9,165
9,199
9,356
9,499
9,705
9,705
7,397
7,489
9,999
10,023
10,055
10,055
10,244
10,355
10,499
10,499
10,499
10,499
10,499
10,499
2,281
10,559
10,559
10,559
9,690
11,472
11,472
11,961
12,499
12,499
13,013
13,013
13,224
13,499
13,499
13,499
13,499
13,499
2,054
3,286
3,286
3,286
1
1
1
1
1
5,849
1
3,600
1,350
1
1
1
1
1
1
1
1
1
1
1
1
2,465
2,496
1
1
1
1
1
1
1
1
1
1
1
1
8,249
1
1
1
1,710
1
1
1
1
1
1
1
1
1
1
1
1
1
500
500
500
400
5,250
700
875
1,000
500
150
500
200
500
454
300
450
1,000
1,000
700
1,000
500
875
300
550
550
350
400
454
1,000
2,450
2,450
1,000
800
2,000
500
192
1,600
1,600
150
1,500
500
500
500
400
454
454
1,000
1,300
1,300
2,450
2,450
1,000
454
454
400
400
500
(1,554)
(2,786)
(2,786)
(2,886)
5,249
699
874
999
499
(5,699)
499
(3,400)
(850)
453
299
449
999
999
699
999
499
874
299
549
549
(2,115)
(2,096)
453
999
2,449
2,449
999
799
1,999
499
191
1,599
1,599
149
(6,749)
499
499
499
(1,310)
453
453
999
1,299
1,299
2,449
2,449
999
453
453
399
399
499
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Chohan Autos
Chohan Autos
Chohan Autos
Rati Coal Center
Nisan Cables
Abdullah Nilam Ghar & Furniture
Malik Wood Wokrs
Mehbran Kbar Center
Attiqu Scarp
Shaheen Enterprise
Shaheen Enterprise
Muhammad Ashraf Rehmani Kabaria
Shair Ali
Allah Bux Khaskhali
Shaheen Enterprise
Shaheen Enterprise
Chohan Autos
Chohan Autos
Babar Scrap Dealer
Babu And Bros
Babu And Bros
Malik Wood Wokrs
Shaheen Enterprise
Babu And Bros
Babu And Bros
M Azad Traders
Rati Coal Center
Allah Bux Khaskhali
Kamran Iscrap Work
Fakhar Din Scrap
Fakhar Din Scrap
Babu And Bros
Shaheen Enterprise
National Traders
Shaheen Enterprise
Attiqu Scarp
Taj Traders
Taj Traders
Shaheen Enterprises
Abdullah Nilam Ghar & Furniture
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Babar Scrap Dealer
Allah Bux Khaskhali
Allah Bux Khaskhali
Babu And Bros
National Traders
National Traders
Fakhar Din Scrap
Fakhar Din Scrap
Mehbran Kbar Center
Allah Bux Khaskhali
Allah Bux Khaskhali
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
172
FMFB Annual Repor t 2019
Cubical
Cubical
Wooden File Cabinet
Cubical
Cubical
Cubical
Table
Cubical
Cubical
Cubical
Cubical
Conference Table
Steel File Cabinet
Table With Rack
Of�ce Table
Executive Chair
Executive Chair
Executive Chair
Executive Chair
Executive Chair
Executive Chair
Executive Chair
Executive Chair
Side Rack
Cubical
Cubical
Cubical
Cubical
Cubical
Cubical
Cubical
Cubical
Cubical
Table
Table With Rack
Fire Resistant Cabinet
Cubical
Cubical
Cubical
Cubical
Cubical
Cubical
Conference Chair
Cubical
Steel Almirah
Side Rack
Server Rack
Iron Safe
Of�ce Table
Revolving Chair
Transportation Charges
Transportation Charges
Fire Proof Almirah
Revolving Chair
Steel Server Rack
Steel Server Rack
Server Rack
13,500
13,500
13,500
13,500
13,500
13,500
13,500
13,500
13,500
13,500
13,500
14,000
14,200
15,000
17,000
17,700
17,700
17,700
17,700
17,700
17,700
17,700
17,700
18,000
20,000
20,000
20,000
20,000
20,000
20,000
20,000
20,000
20,000
20,008
20,504
21,000
21,568
21,568
21,568
21,568
22,277
22,277
24,006
24,425
25,000
25,633
26,000
27,025
27,372
28,350
28,500
28,500
28,635
29,000
30,000
30,000
30,000
13,499
13,499
13,499
13,499
13,499
13,499
13,499
13,499
13,499
13,499
13,499
13,999
14,199
14,999
16,999
17,699
17,699
17,699
17,699
17,699
17,699
17,699
17,699
17,999
19,999
19,999
19,999
19,999
19,999
19,999
19,999
19,999
19,999
18,007
12,302
18,900
21,567
21,567
21,567
21,567
22,276
22,276
22,805
24,424
24,999
15,380
25,999
27,024
27,371
28,349
28,499
28,499
28,634
28,999
29,999
29,999
29,999
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
2,001
8,202
2,100
1
1
1
1
1
1
1,201
1
1
10,253
1
1
1
1
1
1
1
1
1
1
1
500
500
300
1,400
1,400
1,400
1,500
650
650
650
650
600
2,750
1,750
1,750
2,500
2,500
2,500
2,500
2,500
2,500
2,500
2,500
200
1,000
105
105
500
500
400
400
1,000
1,000
4,900
1,800
1,500
500
500
500
500
100
100
1,500
3,600
1,800
3,600
1,500
3,000
908
2,720
1,521
1,521
1,000
3,750
2,000
2,500
2,000
499
499
299
1,399
1,399
1,399
1,499
649
649
649
649
599
2,749
1,749
1,749
2,499
2,499
2,499
2,499
2,499
2,499
2,499
2,499
199
999
104
104
499
499
399
399
999
999
2,899
(6,402)
(600)
499
499
499
499
99
99
299
3,599
1,799
(6,653)
1,499
2,999
907
2,719
1,520
1,520
999
3,749
1,999
2,499
1,999
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Shaheen Enterprise
Shaheen Enterprise
A2Z Enterprises
Taj Traders
Taj Traders
Taj Traders
Babu And Bros
Babu And Bros
Babu And Bros
Babu And Bros
Babu And Bros
M Azad Traders
Babu And Bros
A2Z Enterprise
Malik Shoukat Kabaria
National Traders
National Traders
National Traders
National Traders
National Traders
National Traders
National Traders
National Traders
Shaheen Enterprise
Shair Ali
Mastana Furniture Shop
Mastana Furniture Shop
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Chohan Autos
Chohan Autos
Fakhar Din Scrap
Muhammad Ashraf Rehmani Kabaria
Babu And Bros
Babu And Bros
Babu And Bros
Babu And Bros
Babu And Bros
Kamran Iscrap Work
Kamran Iscrap Work
Taj Traders
Malik Shoukat Kabaria
Chohan Autos
Muhammad Ashraf Rehmani Kabaria
Abdullah Nilam Ghar & Furniture
Babu And Bros
Allah Bux Khaskhali
Syed Muhammad Aslam Chinari
Hair ur Rehman
Hair ur Rehman
Babu And Bros
Shaheen Enterprise
Shair Ali
Malik Shoukat Kabaria
Chohan Autos
173
FMFB Annual Repor t 2019
Rack
Cubical
Conference Chair
Steel Rack
Steel Made Server Rack
Steel Server Rack
Steel Server Rack
Steel Rack
Visitor Chair
Four Seater Sofa
Revolving Chair
Steel Rack
Server Rack
Fire Proof Iron Safe
Cash Safe
Cash Safe
Conference Chair
Vertical Blinds
Revolving Chair
Revolving Chair
Revolving Chair
Revolving Chair
Fire Resistant Cabinet
Glass Door
Revolving Chair
Revolving Chair
Strong Room Door
Strong Room Door
Of�ce Table
Revolving Chair
Strong Room Door
Strong Room
Fire Resistant Cabinet
Revolving Chair
Strong Room Door
Fire Proof Room Door
Revolving Chair
Cash Safe
Cash Safe
Revolving Chair
Revolving Chair
Furniture
Revolving Chair
Sub-Total
30,000
30,000
30,000
30,000
30,000
31,000
32,000
32,000
32,008
34,000
34,225
35,000
35,000
36,000
36,000
36,000
40,010
40,393
41,070
41,070
41,070
41,070
43,000
44,000
44,429
44,940
48,000
48,000
54,111
59,920
62,000
63,000
63,000
64,917
78,500
78,500
112,350
120,000
120,000
150,000
184,800
249,200
360,800
6,748,636
29,999
29,999
29,999
29,999
29,999
30,999
31,999
31,999
20,805
33,999
28,521
34,999
34,999
35,999
35,999
35,999
39,343
40,392
31,487
30,802
40,385
36,963
38,700
43,999
26,657
29,960
47,999
47,999
32,467
28,961
61,999
53,550
62,999
48,688
71,958
70,650
37,899
119,999
119,999
82,500
101,640
249,199
186,413
6,104,570
1
1
1
1
1
1
1
1
11,203
1
5,704
1
1
1
1
1
667
1
9,583
10,268
685
4,107
4,300
1
17,772
14,980
1
1
21,644
30,959
1
9,450
1
16,229
6,542
7,850
74,451
1
1
67,500
83,160
1
174,387
644,066
700
900
5,000
500
5,000
600
1,500
200
3,000
1,000
1,000
1,000
500
500
4,000
3,000
2,980
5,000
900
4,000
7,200
2,364
3,000
2,000
1,200
2,400
6,000
7,100
4,000
3,152
30,000
9,000
6,000
2,000
18,800
34,000
2,250
5,000
5,000
15,600
27,300
2,000
53,300
747,559
699
899
4,999
499
4,999
599
1,499
199
(8,203)
999
(4,704)
999
499
499
3,999
2,999
2,313
4,999
(8,683)
(6,268)
6,515
(1,743)
(1,300)
1,999
(16,572)
(12,580)
5,999
7,099
(17,644)
(27,807)
29,999
(450)
5,999
(14,229)
12,258
26,150
(72,201)
4,999
4,999
(51,900)
(55,860)
1,999
(121,087)
103,493
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Kamran Iscrap Work
M Azad Traders
M Azad Traders
Shaheen Enterprises
Babu And Bros
Shaheen Enterprise
Abdullah Nilam Ghar & Furniture
M Azad Traders
Shair Ali
A2Z Enterprises
Abdullah Nilam Ghar & Furniture
Fakhar Din Scrap
Shaheen Enterprises
Abdullah Nilam Ghar & Furniture
Chohan Autos
Rati Coal Center
Mumtaz Kabaria
National Traders
Shaheen Enterprise
Shaheen Enterprise
Fakhar Din Scrap
Mumtaz Kabaria
Babu And Bros
Mehbran Kbar Center
Muhammad Ashraf Rehmani Kabaria
Rati Coal Center
Chohan Autos
Mehbran Kbar Center
Muhammad Ashraf Rehmani Kabaria
Mumtaz Kabaria
Shaheen Enterprise
M Azad Traders
Babu And Bros
M Azad Traders
Azad Scrap Store
Rizwan
Shaheen Enterprise
M Azad Traders
Rati Coal Center
National Traders
National Traders
Attiqu Scarp
National Traders
Computer Equipments
Scanner
Cisco Switch
Server
Scanner
Printer
Desktop System
Printer
Desktop System
Desktop System
Desktop System
6,120
45,240
137,540
6,325
50,025
66,000
19,400
47,500
47,500
47,500
5,949
45,239
122,427
6,324
50,024
65,999
19,399
47,499
47,499
47,499
171
1
15,113
1
1
1
1
1
1
1
200
200
1,500
150
150
500
150
1,000
1,000
1,000
29
199
(13,613)
149
149
499
149
999
999
999
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Abdullah Nilam Ghar & Furniture
Abdullah Nilam Ghar & Furniture
Abdullah Nilam Ghar & Furniture
Abdullah Nilam Ghar & Furniture
Abdullah Nilam Ghar & Furniture
Abdullah Nilam Ghar & Furniture
Abdullah Nilam Ghar & Furniture
Abdullah Nilam Ghar & Furniture
Abdullah Nilam Ghar & Furniture
Abdullah Nilam Ghar & Furniture
174
FMFB Annual Repor t 2019
Desktop System
Desktop System
Scanner
Printer
Server
Printer
Printer
Laptop
Desktop System
Desktop System
Desktop System
Desktop System
Scanner
Scanner
Desktop System
Printer
Printer
Desktop System
Printer
Printer
Scanner
Server
Desktop System
Printer
Server
Server
Server
Server
Server
Dvd Writer
Hard Disk
Dvd Writer
Desktop System
Desktop System
Desktop System
Desktop System
Desktop System
Hard Disk
Printer
Scanner
Printer
Scanner
Dvd Writer
Hard Disk
Multimedia Projector
Desktop System
Desktop System
Scanner
Desktop System
Desktop System
Scanner
Desktop System
Desktop System
Desktop System
Printer
Server
IBM System
5,500
46,000
6,325
22,885
700,000
50,025
22,425
117,333
1
1
1
1
1
1
1
1
1
50,000
22,977
21,200
7,277
111,202
47,500
43,500
48,500
48,500
48,500
48,500
48,500
9,600
16,100
6,500
47,500
47,500
47,500
47,500
47,500
16,600
43,500
5,500
19,900
7,277
6,500
9,900
74,750
47,500
47,500
5,500
1
1
1
1
1
1
14,600
355,500
55,500
5,499
45,999
6,324
22,884
699,999
50,024
22,424
117,332
-
-
-
-
-
-
-
-
-
49,999
22,976
21,199
5,053
111,201
47,499
43,499
48,499
48,499
48,499
48,499
48,499
9,599
16,099
6,499
47,499
47,499
47,499
47,499
47,499
16,599
43,499
5,499
19,899
5,053
6,499
9,899
74,749
47,499
47,499
5,499
-
-
-
-
-
-
14,599
355,499
55,499
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
2,224
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
2,224
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
200
2,500
1,000
2,000
2,000
700
500
500
400
400
400
400
200
200
400
500
500
400
500
500
200
500
500
200
500
500
500
500
500
200
100
500
1,000
1,000
1,000
1,000
1,000
200
200
200
200
100
500
100
300
500
500
100
400
400
200
400
400
400
500
1,000
400
199
2,499
999
1,999
1,999
699
499
499
399
399
399
399
199
199
399
499
499
399
499
499
(2,024)
499
499
199
499
499
499
499
499
199
99
499
999
999
999
999
999
199
199
199
199
(2,124)
499
99
299
499
499
99
399
399
199
399
399
399
499
999
399
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Abdullah Nilam Ghar & Furniture
Shair Ali
Shair Ali
Shair Ali
Shair Ali
Malik Shoukat Kabaria
Malik Shoukat Kabaria
Malik Shoukat Kabaria
A2Z Enterprise
A2Z Enterprise
A2Z Enterprise
A2Z Enterprise
A2Z Enterprise
A2Z Enterprise
A2Z Enterprise
A2Z Enterprise
A2Z Enterprise
A2Z Enterprise
A2Z Enterprise
A2Z Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
Shaheen Enterprise
A2Z Enterprise
A2Z Enterprise
A2Z Enterprise
A2Z Enterprise
A2Z Enterprise
A2Z Enterprise
A2Z Enterprise
Salman Scrap Works
Salman Scrap Works
175
FMFB Annual Repor t 2019
Printer
Epson Lq 2180
Printer
Printer
Dvd Writer
LCD Monitor
LCD Monitor
LCD Monitor
LCD Monitor
Printer
IBM System
Dvd Writer
System
System
System
Hard Disk
LCD Monitor
Scanner
Desktop System
System
Scanner
Server
Desktop System
Dvd Writer
System
System
System
System
System
Dvd Writer
LCD Monitor
LCD Monitor
Desktop System
Desktop System
Desktop System
Desktop System
Scanner
Printer
I.Direct Satellite Link
System
Desktop System
System
System
System
System
System
Printer
IBM System
IBM System
Printer
Dvd Writer
IBM System
Printer
Desktop System
IBM System
IBM System
Hp Laptop
38,750
42,500
19,250
32,667
9,950
47,500
47,500
47,500
47,500
32,051
65,000
9,950
47,500
47,500
47,500
16,600
47,500
6,325
47,500
45,000
6,380
1
51,411
7,100
47,500
47,500
47,500
47,500
47,500
9,950
47,500
47,500
47,500
47,500
47,500
47,500
6,325
22,885
205,000
45,000
60,000
50,000
50,000
50,000
50,000
50,000
36,424
135,000
21,417
19,350
17,200
63,000
32,667
58,000
115,000
115,000
59,500
38,749
42,499
19,249
32,666
9,949
47,499
47,499
47,499
47,499
32,050
64,999
9,949
47,499
47,499
47,499
16,599
47,499
6,324
47,499
44,999
6,379
-
51,410
7,099
47,499
47,499
47,499
47,499
47,499
9,949
47,499
47,499
47,499
47,499
47,499
47,499
6,324
22,884
204,999
44,999
59,999
49,999
49,999
49,999
49,999
49,999
36,423
134,999
21,416
19,349
17,199
62,999
32,666
57,999
114,999
114,999
59,499
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1,400
1,500
1,360
800
100
700
700
700
700
1,360
400
300
500
500
500
300
400
500
400
400
200
400
300
150
600
600
600
600
600
100
300
250
250
250
250
250
100
150
100
300
200
250
300
300
300
300
400
1,100
1,143
500
100
3,362
1,000
500
1,100
1,100
1,100
1,399
1,499
1,359
799
99
699
699
699
699
1,359
399
299
499
499
499
299
399
499
399
399
199
399
299
149
599
599
599
599
599
99
299
249
249
249
249
249
99
149
99
299
199
249
299
299
299
299
399
1,099
1,142
499
99
3,361
999
499
1,099
1,099
1,099
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Salman Scrap Works
Syed Muhammad Aslam Chinari
Syed Muhammad Aslam Chinari
Salman Scrap Works
Salman Scrap Works
Salman Scrap Works
Salman Scrap Works
Salman Scrap Works
Salman Scrap Works
Syed Muhammad Aslam Chinari
A2Z Enterprises
A2Z Enterprises
A2Z Enterprises
A2Z Enterprises
A2Z Enterprises
A2Z Enterprises
A2Z Enterprises
Ittefaq Old Scrap Dealer
A2Z Enterprises
A2Z Enterprises
A2Z Enterprises
A2Z Enterprises
Shaheen Enterprises
Rati Coal Center
Attiqu Scarp
Attiqu Scarp
Attiqu Scarp
Attiqu Scarp
Attiqu Scarp
Shaheen Enterprises
Shaheen Enterprises
Rati Coal Center
Rati Coal Center
Shaheen Enterprises
Shaheen Enterprises
Shaheen Enterprises
Shaheen Enterprises
Shaheen Enterprises
Rati Coal Center
Shaheen Enterprises
Rati Coal Center
Rati Coal Center
Shaheen Enterprises
Shaheen Enterprises
Shaheen Enterprises
Shaheen Enterprises
Rati Coal Center
Koksuai Computers
Hair ur Rehman
Koksuai Computers
Mumtaz Kabaria
Hair ur Rehman
Babu And Bros
Koksuai Computers
Koksuai Computers
Koksuai Computers
Koksuai Computers
176
FMFB Annual Repor t 2019
Dvd Writer
Printer
IBM System
Desktop System
Printer
Printer
Hp Laptop
Hp Laptop
Hp Laptop
Laptop
Epson Lq-2180
Toshiba Psl48Lo20001
Laptop
Laptop
Laptop
Scanner
Laptop
Laptop
Printer
CD Writer
Printer
Projector
LCD Monitor
LCD Monitor
LCD Monitor
LCD Monitor
LCD Monitor
LCD Monitor
Desktop System
Desktop System
Desktop System
LCD Monitor
LCD Monitor
LCD Monitor
Desktop System
Desktop System
Desktop System
Desktop System
Laptop
Desktop System
Laptop
Hp Dc 5700 Small Form Factor Base
Desktop System
Desktop System
Desktop System
I-Direct Equipment & Its Installation
Printer
Desktop System
System
System
Printer
Hard Disk
System
System
System
IBM System
Server
9,950
19,250
58,000
58,000
27,300
19,250
88,000
88,000
86,200
72,000
43,500
72,000
108,600
108,600
72,000
5,500
76,500
76,500
22,885
7,100
22,885
74,750
47,500
47,500
47,500
47,500
47,500
47,500
48,500
47,500
47,500
47,500
47,500
47,500
47,500
47,500
47,500
47,500
75,000
75,000
47,500
47,500
47,500
47,500
47,500
205,000
50,025
47,500
45,000
45,000
14,600
9,900
69,567
69,567
10,500
44,714
111,202
9,949
19,249
57,999
57,999
27,299
19,249
87,999
87,999
86,199
71,999
43,499
71,999
108,599
108,599
71,999
5,499
76,499
76,499
22,884
7,099
22,884
74,749
47,499
47,499
47,499
47,499
47,499
47,499
48,499
47,499
47,499
47,499
47,499
47,499
47,499
47,499
47,499
47,499
74,999
74,999
47,499
47,499
47,499
47,499
47,499
204,999
50,024
47,499
44,999
44,999
14,599
9,899
69,566
69,566
10,499
44,713
111,201
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
531
1,027
529
529
400
400
1,100
1,100
1,100
1,100
2,321
1,100
1,100
1,100
1,100
500
1,100
1,100
500
500
300
100
528
529
529
528
529
529
500
528
529
2,000
2,000
2,000
527
529
529
529
1,100
500
528
528
500
500
528
1,000
300
500
1,000
529
300
1,500
1,100
1,100
600
500
700
530
1,026
528
528
399
399
1,099
1,099
1,099
1,099
2,320
1,099
1,099
1,099
1,099
499
1,099
1,099
499
499
299
99
527
528
528
527
528
528
499
527
528
1,999
1,999
1,999
526
528
528
528
1,099
499
527
527
499
499
527
999
299
499
999
528
299
1,499
1,099
1,099
599
499
699
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Hair ur Rehman
Hair ur Rehman
Koksuai Computers
Koksuai Computers
Koksuai Computers
Koksuai Computers
Koksuai Computers
Koksuai Computers
Koksuai Computers
Koksuai Computers
Hair ur Rehman
Koksuai Computers
Koksuai Computers
Koksuai Computers
Koksuai Computers
Babu And Bros
Koksuai Computers
Koksuai Computers
Babu And Bros
Babu And Bros
Koksuai Computers
BABU AND BROS
Koksuai Computers
Koksuai Computers
Koksuai Computers
Koksuai Computers
Koksuai Computers
Koksuai Computers
Babu And Bros
Koksuai Computers
Koksuai Computers
Babu And Bros
Babu And Bros
Babu And Bros
Koksuai Computers
Koksuai Computers
Koksuai Computers
Koksuai Computers
Koksuai Computers
Koksuai Computers
Koksuai Computers
Koksuai Computers
Mumtaz Kabaria
Mumtaz Kabaria
Koksuai Computers
Babu And Bros
Mumtaz Kabaria
Mumtaz Kabaria
Babu And Bros
Koksuai Computers
Mumtaz Kabaria
Babu And Bros
Koksuai Computers
Koksuai Computers
Koksuai Computers
Mumtaz Kabaria
Babu And Bros
177
FMFB Annual Repor t 2019
Desktop System
Desktop System
Laptop
Laptop
Laptop
Laptop
Laptop
Laptop
System
System
Server
Desktop System
Printer
Printer
System
Printer
Hp Proliant Ml 350 G6
Desktop System
Server
Desktop System
IBM System
IBM System
Printer
Printer
Server
Server
Desktop System
Desktop System
Desktop System
Sub-Total
47,724
47,724
60,000
60,000
68,200
83,984
83,984
83,500
50,000
50,000
470,085
50,000
42,000
37,500
137,540
72,200
1
1
1
1
1
1
1
1
135,043
135,043
56,090
56,089
56,090
10,544,843
47,723
47,723
59,999
59,999
68,199
83,983
83,983
83,499
49,999
49,999
470,084
49,999
41,999
37,499
137,539
72,199
-
-
-
-
-
-
-
-
122,182
120,126
56,089
56,088
56,089
10,497,129
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
12,861
14,917
1
1
1
47,714
500
500
1,100
1,100
1,100
1,100
1,100
1,100
528
500
500
700
300
400
500
1,100
1,500
500
1,500
529
500
500
300
400
500
1,500
700
529
500
136,054
499
499
1,099
1,099
1,099
1,099
1,099
1,099
527
499
499
699
299
399
499
1,099
1,499
499
1,499
528
499
499
299
399
(12,361)
(13,417)
699
528
499
88,340
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Koksuai Computers
Koksuai Computers
Koksuai Computers
Koksuai Computers
Koksuai Computers
Koksuai Computers
Koksuai Computers
Koksuai Computers
Koksuai Computers
Koksuai Computers
Koksuai Computers
Babu And Bros
Koksuai Computers
Koksuai Computers
Koksuai Computers
Koksuai Computers
Koksuai Computers
Koksuai Computers
Koksuai Computers
Koksuai Computers
Koksuai Computers
Koksuai Computers
Koksuai Computers
Koksuai Computers
Koksuai Computers
Koksuai Computers
Babu And Bros
Koksuai Computers
Koksuai Computers
Leasehold Improvements
Refurbishment Work At Okara Branch
Refurbishment Work At Okara Branch
Refurbishment Work At Okara Branch
Refurbishment Work At Okara Branch
Refurbishment Work At Okara Branch
Branding & Signage At Sukkur
Signage Work
Renovation Work At Layyah
Signage Work Chishtian
Branding Work Chistian
Renovation Work At Razabad & AO-CP-2
Sign Board
Steel Work
Branding & Signage At Kamalabad
Signage & Branding Work At Razaabad
Renovation Work At Head Of�ce
Signage Work At Gujrawala Branch
Renovation Work At F-7
Signage Work
Signage Work At Jhang Branch
Branding Cost At Jhang Branch
Branding Work At Head Of�ce
Renovation Work At Head Of�ce
Renovation Work At Head Of�ce
5,000
6,000
6,000
8,000
10,000
22,982
24,149
30,000
30,100
37,051
40,000
40,154
47,640
50,653
51,717
64,770
66,038
68,601
76,194
79,087
102,050
157,284
199,504
363,947
4,345
5,214
5,214
6,952
8,690
3,557
14,374
29,999
15,050
18,525
1,905
25,813
21,551
7,839
10,467
64,769
33,019
9,800
46,261
44,251
59,529
99,239
45,126
86,654
655
786
786
1,048
1,310
19,425
9,775
1
15,050
18,526
38,095
14,341
26,089
42,814
41,250
1
33,019
58,801
29,933
34,836
42,521
58,045
154,378
277,293
1,700
1,350
2,400
500
1,500
1,500
500
1,500
200
150
29,201
1,500
25,000
1,500
1,500
-
4,200
36,400
3,000
9,333
9,334
-
-
-
1,045
564
1,614
(548)
190
(17,925)
(9,275)
1,499
(14,850)
(18,376)
(8,894)
(12,841)
(1,089)
(41,314)
(39,750)
(1)
(28,819)
(22,401)
(26,933)
(25,503)
(33,187)
(58,045)
(154,378)
(277,293)
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Insurance
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Malik Sadiq
Ali Raza
Rizwan
Haneef
Malik Wood Wokrs
Shaheen Enterprise
Shaheen Enterprise
Mastana Furniture Shop
Muhammad Ashraf Rehmani Kabaria
Muhammad Ashraf Rehmani Kabaria
Jubilee Inusrance
Abdullah Nilam Ghar & Furniture
Rizwan
Shair Ali
Malik Shoukat Kabaria
National Traders
Attiqu Scarp
Koksuai Computers
Rizwan
Mehrban Kabar Center
Mehrban Kabar Center
National Traders
National Traders
National Traders
178
FMFB Annual Repor t 2019
Renovation Work At Head Of�ce
Shujabad
Renovation Work At Head Of�ce
Renovation Work At Head Of�ce
Renovation Work At Sukkur
Renovation Work At Chishtian
Renovation Work At Razabaad
Renovation Work At Head Of�ce
Shujabad
Renovation Work At Kamalabad
Renovation Work At Ghotki
Renovation Work At Head Of�ce
Renovation Work At Head Of�ce
Refurbishment Work At
Jhang Branch
Renovation Work At Head Of�ce
Sub-Total
Grand Total
411,892
493,064
554,490
633,965
810,150
832,400
835,988
900,000
986,126
1,009,190
1,099,795
1,127,428
1,622,988
1,870,177
3,191,744
17,966,318
49,919,619
264,788
493,063
402,665
520,429
810,149
445,929
835,987
899,999
986,125
1,009,189
1,099,794
1,127,427
1,622,987
1,870,176
3,191,743
16,248,593
46,992,182
147,104
1
151,825
113,536
1
386,471
1
1
1
1
1
1
1
1
1
1,717,725
2,927,437
42,210
35,000
56,825
64,965
9,000
26,900
22,000
-
37,750
15,600
10,500
-
-
9,333
-
462,351
5,043,689
(104,894)
34,999
(95,000)
(48,571)
8,999
(359,571)
21,999
(1)
37,749
15,599
10,499
(1)
(1)
9,332
(1)
(1,255,374)
2,116,252
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
Auction
National Traders
Asif Shesha Shop
National Traders
National Traders
Shaheen Enterprise
Muhammad Ashraf Rehmani Kabaria
Malik Shoukat Kabaria
National Traders
Zahid Old Scrap Shop
Shair Ali
Shaheen Enterprise
National Traders
National Traders
Mehrban Kabar Center
National Traders
Note:
For better understanding and accurate presentation, amounts in the annexure have been presented to the nearest Rupee.
177
FMFB Annual Repor t 2019
178
FMFB Annual Repor t 2019
PUNJAB
06
08
07
05
09
NO. OF RURALLOCATIONS
145
NO. OF URBANLOCATIONS
61
NO. OF OUTSTANDINGCUSTOMERS
485,505
NO. OF DEPOSITORS
1,220,813
NO. OF FEMALECUSTOMERS
160,629
BRANCHES DISTRICT
RawalpindiKamalabadTaxilaAttockIslamabadRavi RoadShiekhupuraMuridkaDaroghawalaBatapur Bund RoadRaiwind Zarar Shaheed RdPatokiTownship LahoreNarang MandiNankana SahibFaisalabadSammundri ChiniotNishatabadOkaraDeepalpur Renala Khurd RazaabadHa�zabad NorawalGujranwalaFareed Town Kamonkey GujratKharianSialkotPasroorWazirabad DaskaJehlumSohawaDenaChakwalSargodhaBhalwal Khushab SillanwaliSahiwal SargodhaKot MominMandi BahauddinPhaliaMianwaliJalalpur MultanShujahabadLodhranKehroorpacca Dunyapur Mailsi VehariTibba Sultanpur MuzaffargarhAlipurDG Khan
Jampur Fazilpur Taunsa Sharif RajanpurAhmedpur-EastUch SharifMITHAN KOTBahawalpurYazman Head Rajkan Rahim Yar KhanSadiqabad Kotsamba Liaqatpur Feroza Khanbela Zahir PirKhanpurPakpatanArifwala HasilpurBurewala BahawalnagarMinchnabad Haronabad Chistian Fort AbbasDharanwalaJhangGojra Shorkot CitySahiwalCheecha Watni KhanewalMian ChannuKabir WalaAbdul HakeemKamaliaPirmahalToba Tek SinghKot AdduChowk SarwarLayyaKaror Lalesan BhakkarDarya KhanMankiraFatehpurKotsultan
PUNJAB
06
08
07
05
09
NO. OF RURALLOCATIONS
145
NO. OF URBANLOCATIONS
61
NO. OF OUTSTANDINGCUSTOMERS
485,505
NO. OF DEPOSITORS
1,220,813
NO. OF FEMALECUSTOMERS
160,629
BRANCHES DISTRICT
RawalpindiKamalabadTaxilaAttockIslamabadRavi RoadShiekhupuraMuridkaDaroghawalaBatapur Bund RoadRaiwind Zarar Shaheed RdPatokiTownship LahoreNarang MandiNankana SahibFaisalabadSammundri ChiniotNishatabadOkaraDeepalpur Renala Khurd RazaabadHa�zabad NorawalGujranwalaFareed Town Kamonkey GujratKharianSialkotPasroorWazirabad DaskaJehlumSohawaDenaChakwalSargodhaBhalwal Khushab SillanwaliSahiwal SargodhaKot MominMandi BahauddinPhaliaMianwaliJalalpur MultanShujahabadLodhranKehroorpacca Dunyapur Mailsi VehariTibba Sultanpur MuzaffargarhAlipurDG Khan
Jampur Fazilpur Taunsa Sharif RajanpurAhmedpur-EastUch SharifMITHAN KOTBahawalpurYazman Head Rajkan Rahim Yar KhanSadiqabad Kotsamba Liaqatpur Feroza Khanbela Zahir PirKhanpurPakpatanArifwala HasilpurBurewala BahawalnagarMinchnabad Haronabad Chistian Fort AbbasDharanwalaJhangGojra Shorkot CitySahiwalCheecha Watni KhanewalMian ChannuKabir WalaAbdul HakeemKamaliaPirmahalToba Tek SinghKot AdduChowk SarwarLayyaKaror Lalesan BhakkarDarya KhanMankiraFatehpurKotsultan
181
FMFB Annual Repor t 2019
03
04
01
02
NO. OF BRANCHES
163
NO. OF PBS
36
NO. OF SOS
7
NO. OF ATMS
76
AZAD JAMMUKASHMIRChinariMuzaffarabad
Garam ChashmaShagrameYarkhoonHaripurAbbottabadMardanNowsheraPeshawarMansheraBishamDera Ismail KhanSukkurShikarpur Madeji GhotkiJacobabadKhandhkotDaharkiPano AqilLarkanaWagan Ratodero RanipurKhairpur Naushero FerozKandiaro Mehrabpur DaduMehar Thari MirwahNawabshahSakrand Tando JamHalaHyderabadAminabadBadinTando Muhammad KhanMirpursakroThattaMirpurkhasDigri Tando AllayarMithiIslamkot Diplo ShedadpurShahpur UmerkotKunri SangharKarimabadGardenMetrovilleKorangiNew KarachiLandhiMalirBaldiaCliftonMehmoodabad Ibrahim HaideriGulshan e Noor
BALOCHISTANQuettaDera Murad JamaliSibiUSTA MOHAMMADGwadar
SINDHChitralBooniMastujShoghore
GILGITBALTISTANGilgit HunzaGahkuchGupisNagarAstoreSostPhunderTaus YasinChatorkhandDunyor ImmitChilasHunderSkarduKhapluThagusShigarKharmangRondoDhaghoniGamba
KHYBERPAKHTUNKHWAChitralBooniMastujShoghoreGaram ChashmaShagrameYarkhoonHaripurAbbottabadMardanNowsheraPeshawarMansheraBishamDera Ismail Khan
03
04
01
02
NO. OF BRANCHES
163
NO. OF PBS
36
NO. OF SOS
7
NO. OF ATMS
76
NO. OF RURALLOCATIONS
160,629
AZAD JAMMUKASHMIRChinariMuzaffarabad
Garam ChashmaShagrameYarkhoonHaripurAbbottabadMardanNowsheraPeshawarMansheraBishamDera Ismail KhanSukkurShikarpur Madeji GhotkiJacobabadKhandhkotDaharkiPano AqilLarkanaWagan Ratodero RanipurKhairpur Naushero FerozKandiaro Mehrabpur DaduMehar Thari MirwahNawabshahSakrand Tando JamHalaHyderabadAminabadBadinTando Muhammad KhanMirpursakroThattaMirpurkhasDigri Tando AllayarMithiIslamkot Diplo ShedadpurShahpur UmerkotKunri SangharKarimabadGardenMetrovilleKorangiNew KarachiLandhiMalirBaldiaCliftonMehmoodabad Ibrahim HaideriGulshan e Noor
BALOCHISTANQuettaDera Murad JamaliSibiUSTA MOHAMMADGwadar
SINDHChitralBooniMastujShoghore
GILGITBALTISTANGilgit HunzaGahkuchGupisNagarAstoreSostPhunderTaus YasinChatorkhandDunyor ImmitChilasHunderSkarduKhapluThagusShigarKharmangRondoDhaghoniGamba
KHYBERPAKHTUNKHWAChitralBooniMastujShoghoreGaram ChashmaShagrameYarkhoonHaripurAbbottabadMardanNowsheraPeshawarMansheraBishamDera Ismail Khan
182
FMFB Annual Repor t 2019