KARACHI, June 13: The State Bank of Pakistan (SBP) has decided to revise the existing format of the quarterly report of condition to be submitted by the banks and NBFIs (non banking financial institutions) showing the balance sheet, profit and loss account and notes thereof.

Banks and NBFIs under BPRD Circular No 23 dated June 22, 1999, are required to submit to banking supervision department of SBP, a quarterly report of condition. In the backdrop of amendments recently made in the prescribed format of annual accounts of banks and also to make the quarterly report of condition more comprehensive for effective monitoring of banks/NBFIs, the State Bank revised the format of the quarterly report of condition.

As per the revised format, the Pakistani banks, having overseas branches as well, will submit their report on the basis of consolidated position of their domestic and overseas branches (excluding subsidiaries).

SBP advised all the banks and NBFIs to submit their quarterly report of condition on the revised format with effect from the quarter ending June 30, 2002 and onwards. The banks and NBFIs are advised to ensure the submission of the said quarterly report on the revised format to the department within 30 days from the end of each calendar quarter, in hard copy along with a soft copy in a computer diskette (prepared on MS Excel Worksheet), the directive said.

Accordingly, SBP explained, the report for the quarter ending June 30, 2002 will be submitted by July 30, 2002 and so on. In case due date for the submission of the report happens to be a public holiday, the last date will be the following working day. The delay or non-submission as also the misreporting in the said statement will be liable to punitive action under the Banking Companies Ordinance, 1962, the SBP warned.—APP