September 2, 2003	Tuesday	Rajab 4, 1424

KARACHI, Sept 1: The State Bank has given one extra month to foreign banks operating in Pakistan for publishing/circulating their half-yearly financial statements as of June 30, 2003.

Under the rules all banks including branches of foreign banks in Pakistan are supposed to publish quarterly or half-yearly financial statements. And they are also supposed to publish half- yearly statements as of June 30 of a given year by August 31 of the same year. The SBP has extended this deadline for foreign banks by one month to September 30 through a circular (BSD no 11) issued on Monday.

“In future they should ensure the publication/circulation of quarterly/half-yearly financial statements within the stipulated time of two months,” says the circular signed by director BSD Jameel Ahmed.

The circular clarifies that non-listed banks/DFIs may decide not to circulate printed copies of quarterly/half-yearly financial statements to all the members except SBP. But “in that event they will have to ensure publication of the same in the leading newspapers.”

The circular has once again reminded all banks and development finance institutions that they are supposed to publish and circulate their unaudited financial statements on quarterly basis and that the half yearly statements must carry a limited scope review by the statutory auditors.

The circular said all banks and DFIs are required to publish or circulate half yearly financial statements as of June 30, 2003 by August 31, 2003 under the code of corporate governance.