| Bankers Equity Limited |
|
|
|
|
|
|
|
|
|
| Annual
Report 1998 |
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| CONTENTS |
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| Mission Statement |
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| Board of Directors |
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| Notice
of Annual General Meeting |
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| Directors' Report |
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| Auditors' Report |
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| Balance
Sheet |
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| Profit and Loss Account |
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| Statement
of Changes in Financial Position |
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| Notes
to the Accounts |
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| Pattern
of Shareholding |
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| Office and Branches |
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| MISSION
STATEMENT |
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| Bankers
Equity Limited will become |
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| the
foremost financial institution in |
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| Pakistan
by providing high quality |
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| financial
products and services to |
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| satisfy
its customer's needs. |
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|
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| THE
PRESENT BOARD OF DIRECTORS |
|
|
| Mr.
Rauf B. Kadri |
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| Chairman |
|
|
| Mr.
Inam-ul-Haq |
|
Mian Mumtaz Abdullah |
|
| President
& Chief Executive |
Director |
|
|
| Mr.
Z.I. Saifi |
|
Dr. Naveed Ahmed Qureshi |
|
| Director |
|
Director |
|
|
|
| Mr.
M. Afzalullah Siddiqui |
Mrs. Mehreen Kadri |
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| Director |
|
Director |
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|
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| Notice
of Annual General Meeting |
|
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| Notice
is hereby given that the Annual General Meeting of the Shareholders of
Bankers Equity Limited will be |
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| held
on Tuesday the 16th of February 1999 at 10:30 a.m. at Best Western Hotel,
Islamabad to transact the |
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| following
business: |
|
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| 1.
To confirm the minutes of the last Annual General Meeting held on 18th of
October, 1997. |
|
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| 2.
To receive and consider the Audited Accounts of the Company for the year
ended 30t~ June, 1998 and |
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| the
Directors' and Auditors' Reports thereon. |
|
|
| 3.
To appoint Auditors of the Company for the next financial year and fix their
remuneration. |
|
|
| 4.
To transact any other business for the Company with the permission of the
Chair. |
|
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| By
order of the Board |
|
|
| Syed
Fazal Ahmed |
|
| Company
Secretary |
|
|
| Karachi |
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| Dated:
18th January, 1999 |
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| NOTES: |
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| I.
The share transfer books of the Company will remain closed from 8th of
February 1999 to 15th of February |
|
| 1999
(both days inclusive). Transfers received in order, at the Company's
Registrar of Shares M/S. Universal |
|
| Management
Services (Pvt.) Limited at First Floor, Finance & Trade Centre,
Shahrah-e-Faisal, Karachi |
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| by
the close of business on 7th of February 1999 will be treated in time to
attend and vote at the meeting. |
|
|
| II.
A member entitled to attend and vote at the meeting may appoint a Proxy to
attend and vote on his/her |
|
| behalf.
A proxy need not be a member of the Company. |
|
|
| III.
Proxies duly stamped with Rs. 5/- revenue stamp, signed and witnessed must be
deposited with the Company |
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| not
less than 48 hours before the meeting. |
|
|
| IV.
Shareholders are requested to notify any change in their address immediately
to the Company's Registrar |
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| of
Shares, Universal Management Services (Pvt.) Limited, First Floor Finance
& Trade Centre, Shahrah- |
|
| e-Faisal,
Karachi. |
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|
|
| DIRECTORS'
REPORT |
|
| for
the year 1997-98 |
|
|
| The
Directors have pleasure in presenting the 18th Annual Report together with
the audited accounts for the |
|
| year
ended June 30, 1998. This is the second year after privatization and by the
grace of God the almighty, the |
|
| financial
year 1997 - 98 like last year, has been profitable. The overall performance
of your bank was satisfactory |
|
| in
general, though the profit for the year was lower compared to 1996 -97 on
account of the external developments |
|
| in
the economy and internal actions undertaken by management to restructure
certain projects. |
|
|
| State
of the Economy |
|
|
| The
economy began on a positive note at the beginning of the year. The overall
environment, however, remained |
|
| subdued.
The key economic indicators for the financial year 1997-98 suggest an overall
growth but it was |
|
| largely
due to the fact that the comparable year 1996 - 97 was the worst year in the
recent history of Pakistan |
|
| when
all of the economic indicators virtually touched the lowest ebb in terms of
growth and most of them |
|
| recorded
negative growth. |
|
|
| However,
as a result of prudent policies of the economic managers with the twin
objectives of macro stability |
|
| and
growth, the economy of the country was once again put on the road of
recovery. The real GDP in 1997 98 |
|
| grew
by 5.4 percent supported by the growth in agricultural and manufacturing
sector alike. Improvements |
|
| were
witnessed in real per Capita income and fixed investment also. increased by
6.5%. Pakistan has one of the |
|
| lowest
saving ratio in the world. It was good to see the increase in savings; which
grew up to 15 percent of the |
|
| GNP. |
|
|
| Towards
the end of the year under review events both on national and international
level impacted the overall |
|
| economic
performance of the country. Though not significantly, yet the international
effects of retrogression in |
|
| the
East Asian economies did leave their impressions on Pakistan's economy.
India's nuclear test posed serious |
|
| security
threats to Pakistan and as a result of that the Government had no choice but
to go for nuclear detonation |
|
| on
May 28, 1998. Immediately after the tests by Pakistan some countries imposed
economic sanctions, the |
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| negative
impact of which we had started to feel soon thereafter. |
|
|
| The
decision of the Government to freeze temporarily the foreign currency
accounts severely jolted the confidence |
|
| of
the account holders and the general public. This further resulted in shying
away of the foreign investor. 1'he |
|
| rupee
was further devalued by 4.4% making it 14.1% for the year. The first ever
two-tier regime of foreign |
|
| exchange
was introduced to put breaks on non-essential and control the essential
item's import. |
|
|
| The
year ahead demands policies targeted to achieve self-reliance as the economy
hangs in the balance and the |
|
| challenge
remains formidable. |
|
|
| Commitments
and disbursements |
|
|
| The
activity involving term financing remained low during 1997-98 due to resource
constraints and non- |
|
| availability
of foreign credit lines. There were hardly any worthwhile proposals submitted
during this period. |
|
| However,
despite these adverse conditions, BEL, managed to approve an amount of Rs.
132.380 million. This |
|
| amount
was much lower than Rs.928.713 million approved in the previous year mainly
due to generally poor. |
|
| economic
conditions and deliberate selective policy on projects being pursued by new
management after the |
|
| privatization
of the Company. However, total disbursements made during 1997 -98 stood at
Rs.869.05 million |
|
| to
facilitate the implementation on schedule of the projects sanctioned earlier.
The sectoral analysis of the |
|
| disbursement
reveals that the maximum disbursement was made to Food, Tobacco, and
Beverages Sector at |
|
| Rs.
523.844 million followed by Rs. 83.219 million to textile sector. The
cumulative disbursement since the |
|
| establishment
of bank in 1980 now stands at about Rs. 44 billion. |
|
|
| The
new management during 1997-98 adhered to its policy of reducing BEL's
infected portfolio to ultimately |
|
| meet
the objective of bringing about a turn-around in its operations. To achieve
this, realistic recovery targets |
|
| were
set on the basis of past repayment behaviour of BEL financed projects, their
current cash generating |
|
| capacity
for repayment of installments and also the general sluggish business
conditions in the country. Further, |
|
| the
management continued its policy of decentralizing the recovery function, for
the second successive year |
|
| after
the privatization of BEL on June 17, 1996, and also kept intact the high
level committees established |
|
| during
1996-97 with a view to implement the entire recovery plan effectively. These
committees as required |
|
| maintained
close follow-up with the projects and recommended proposals taking into
account the ground realities |
|
| while
considering each and every individual project. The options like litigation
process, restructuring and |
|
| rescheduling
facilities, prepayment of loans through full and final settlements of
projects, liabilities, change of |
|
| management,
out of court settlements etc. were considered on case-to-case basis. Above
all the management |
|
| during
the year identified forty-four (44) decreed projects for sale as a part of
its continuing efforts to maximize |
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| recoveries.
In this context, senior officers have been made responsible individually and
collectively to accelerate |
|
| the
sale of these projects. |
|
|
| Cash
recovery during 1997-98 amounted to about Rs. 1.65 billion as against the
amount of about Rs. 1.800 |
|
| billion
during 1996-97. The total settlements of dues achieved during this period
through rescheduling of loans |
|
| were
of the order of about Rs. 2 billion. Considering the overall economic
activity in the country, in general, and |
|
| in
industrial/manufacturing sector in particular, the recovery in 1997-98 had
been satisfactory. |
|
|
| Sectoral
analysis of recoveries indicates that the maximum cash recovery of Rs.
731.556 million received during |
|
| the
year was from Food, Tobacco and Beverages sector, followed by Rs. 601.748
million from textile sector. |
|
|
| During
the second year of privatization we have tried to complete the task of
restructuring the non-performing |
|
| portfolio
of loans. In carrying out this exercise, in many cases we have looked at the
true economic value of the |
|
| amount
of settlement by comparing the PV of cash received now with the future income
that might have |
|
| accrued
over a period. While about 80% of the overdue portfolio has been
restructured, on case to case basis, we |
|
| have
found that the remaining 20%, covering liquidated projects like BELA
Chemicals and SERELA Cement, |
|
| had
no prospects of any revival or recovery and will have to be almost completely
written off. Our future |
|
| projection
of income and provision for bad debts is based on these premise. |
|
|
| Stock
Market Operation |
|
|
| In
the beginning of the year, the stock market began on a positive note. The
index rose to 2067.98 in the third |
|
| week
of the October 1997.However by and large the year under review remained
unsteady mainly due to |
|
| uncertain
economic and political conditions. The market was bearish even before the
nuclear crisis when the |
|
| economy
showed signs of slowing down. This is reflected by the decrease in the KSE -
100 index, which dropped |
|
| to
a record low of 811.03 on June 20, 1998. The index, which stood at 1592.86 on
July 01, 1997, was at 879.62 on |
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| June
30, 1998 a depreciation of 43.8%. The market capitalization was Rs. 262.36
billion on June 30, 1998 |
|
| compared
to Rs. 491.88 billion last year. BEL had been actively involved in the stock
market operations. Income |
|
| generated
through capital gains and dividends constituted a significant portion of the
company's earning in the |
|
| past.
The total dividend received during the year was Rs. 26.78 million as compared
to Rs. 41.3 million in the |
|
| previous
year. Realized capital loss during the year was Rs. 131.248 million, as
compared to Rs. 23.38 million |
|
| gain
the year before. The main reason attributable to the loss was high volatility
witnessed in the market |
|
| during
the year. |
|
|
| Rupee
Resources |
|
|
| The
resources of Bankers Equity, in addition to paid up capital, (Rs. 655.789
million) capital reserve, (Rs. 255.6 |
|
| million)
contingencies reserve, (Rs. 450.00 million) revenue reserve, (Rs. 60.692
million) and redeemable capital |
|
| (Rs.
700 million), were supplemented by short term borrowings from banks and
financial institutions, mobilisation |
|
| through
sale of Certificates of Investment (COI) and concessional refinance from the
State Bank of Pakistan for |
|
| the
procurement of locally manufactured machinery (LMM). However, like previous
year, the hands remained |
|
| tied
for the utilisation of LMM because of the state of economy. |
|
|
| At
the time of Privatisation, BEL had a deposit base of nearly Rs. 4.7 billion.
Most of this deposit (approximately |
|
| 80%)
comprised of funds from public corporations and local bodies. |
|
|
| However,
immediately after its privatisation, the public corporations and local bodies
made major withdrawals ~;~ |
|
| of
these deposits on the instruction of Government, creating an unforeseen
liquidity crunch with obvious |
|
| repercussions.
However, BEL has adopted a policy with twin objectives of convincing the
Government to make |
|
| privatized
financial institutions retain their eligibility for public sector deposits
and gradually shifting its deposit |
|
| base
from the public sector to private deposits. It is heartening to note that
after two years the Government has |
|
| finally
realized that if a level playing field is not provided to privatized
financial institutions it will be impossible |
|
| to
privatize the long list of the remaining banks and DFI's. |
|
|
| The
Company very successfully launched an innovative Saving Scheme in July 1998
by the name of BEL Inami |
|
| Certificate.
The scheme has greatly helped Bankers Equity in developing a strong retail
base in the current |
|
| year. |
|
|
| Foreign
Currency Resources |
|
| The
foreign currency deposit scheme launched last year had started to pick up as
the deposit increased from Rs. |
|
| 26.078
million, last year, to Rs. 165.12 million during the year under review. BEL
continued to have access to |
|
| the
four of the foreign credit lines namely, Kreditanstalt fur Wiederaufbau
(Kfw), (BHF), Bayerische Vereins |
|
| Bank,
Munich and Generale Bank - Brussels for DM 100, 30, 20 and BEF 250 million,
respectively. During the |
|
| year
under review BEL had utilised Rs.8.982 million from KFW line. The utilisation
of the foreign credit lines |
|
| is
pegged with the growth of the economy. Due to very high foreign exchange
cover fee, the cost of World Bank |
|
| Financial
Sector Deepening and Intermediation Loan Project and Asian Development Bank
Financial Sector |
|
| Intermediation
Loan had gone very high, making them unattractive for the financial
institutions. BEL is the |
|
| administrator
of both the funds on behalf of the Government of Pakistan. and is making
efforts to rationalize |
|
| the
foreign exchange cover fee. However, in the present sanctions scenario where
foreign currency has become |
|
| dearer,
there is little hope of success. |
|
|
| As
representatives of the European Community Investment Partners (ECIP)
Programme in Pakistan, BEL |
|
| established
a separate ECIP unit at its Zonal Office, Islamabad in December 1997. ECIP is
a financial instrument, |
|
| which
offers financing facilities to support the successive stages of a joint
venture between entrepreneurs of the |
|
| developing
countries and the European Union. The main focus of the Programme is to
provide financing to ~!-'~ |
|
| small
and medium size companies in any economic sector. |
|
|
| The
main objective of the unit is to promote ECIP financing facilities and
evaluate financing proposals from |
|
| Pakistani
entrepreneurs. In response to the marketing efforts, BEL, received over fifty
applications for ECIP |
|
| financing,
of which six applications have been forwarded to EC headquarters in Brussels.
BEL also organized an |
|
| ECIP
information seminar in Lahore. |
|
|
| Human
Resource Development |
|
|
| The
human resource is the key in developing and strengthening a financial
institution. The management |
|
| introduced
education development policy to enable people to grow within the
organization. BEL management |
|
| focused
on developing the employees by providing training to build professionalism,
creating self-confidence |
|
| and
a sense of responsibility. A linkage between performance and rewards was
created by introducing various |
|
| incentives
to improve the efficiency and working environment of the bank. An eight week
extensive Summer |
|
| Internship
Programme for MBA students was organised on a merit based criteria and twelve
slots were offered |
|
| to
internees of ten reputed UGC approved universities all over the country. The
employees have been also sent |
|
| to
training courses/conferences both within the country and abroad as a part of
continuing policy to learn and |
|
| stay
with the organization. |
|
|
| Operational
Projects Under Implementation |
|
|
| In
1997-98, the management initiated two major projects, which after
implementation will significantly improve |
|
| the
efficiency and operations of the Company. We expect that before June, 1999,
the entire operations of the |
|
| Company
will have obtained ISO 9000 certification. It is significant to note that if
we achieve our target, we will |
|
| be
the FIRST bank in Pakistan to have obtained the certification for total
operations. We have also initiated the |
|
| process
for major upgradation and improvement of our MIS. In this process we will
also have achieved |
|
| decentralization
of many accounting functions leading to more efficient and timely reporting
and consequently |
|
| better
decision making. |
|
|
| Future
Out Look
~ |
|
|
| We
believe that our country has tremendous economic potential, which offers
great opportunity. It is therefore |
|
| a
good business proposition if we fully participate in promoting growth and
development. As an institution, |
|
| BEL
would continue to follow a pragmatic approach for revival of sick industrial
units. Our position as a |
|
| privatized
financial institution has placed us in an ideal position to ensure close
monitoring and follow up of |
|
| stuck
up cases and quick decision making to resolve their problems. We also believe
that providing long term |
|
| lending
is one of the urgent needs of the economy but has come to a virtual halt.
Given proper resource availability, |
|
| we
want to play' our full role in this area. |
|
|
| Having
restructured a major part of our portfolio, BEL has become a viable entity
and our efforts are directed |
|
| at
solving our timing problem. Our resources are tied up in a project cycle of
upto 8-9 years and currently only |
|
| short-term
funds can be arranged, creating a mismatch. We are hoping for creation of a
proper environment |
|
| where
business could flourish and we can play the role envisaged by us. We are in
touch with relevant authorities |
|
| in
this connection. We expect that provision of a level playing field making us
eligible for public sector deposits |
|
| will
provide us medium to long term funds and greatly enhance our ability to make
full contribution in industrial |
|
| financing. |
|
|
| Auditors |
|
|
| The
auditors Sidat Hyder Qamar Maqbool & Co. Chartered Accountants retired
and being eligible offer |
|
| themselves
for reappointment. |
|
|
| Acknowledgement |
|
| The
Board of Directors extend their appreciation to the management and all
members of the staff for their |
|
| dedicated
efforts and whole hearted support in realising the objectives and goals of
the company. --~ |
|
|
| Inam-ul
Haq |
|
Rauf B. Kadri |
|
| President
& Chief Executive |
|
Director |
|
|
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
| as
at June 30, 1998 |
|
|
| We
have audited the annexed balance sheet of BANKERS EQUITY LIMITED as at 30
June 1998 and the |
|
| related
profit and loss account and statement of changes in financial position,
together with the notes forming |
|
| part
thereof, for the year then ended 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
our audit and, after due |
|
| verification
thereof, we report that: |
|
|
| a)
in our opinion, proper books of account have been kept by the Company as
required by the Companies |
|
| Ordinance,
1984; |
|
|
| b)
in our opinion: |
|
|
| i)
the balance sheet and profit and loss account, together with the notes
thereon have been drawn |
|
| up
in conformity with the Companies Ordinance, 1984 and are in agreement with
the books of |
|
| account
and are further in accordance with accounting policies consistently applied; |
|
|
| ii)
the expenditure incurred during the year was for the purpose of the Company's
business; and |
|
|
| iii)
the business conducted, investments made and the expenditure incurred during
the year were |
|
| in
accordance with the objects of the Company; |
|
|
| c)
in our opinion and to the best of our information and according to the
explanations given to us, the |
|
| balance
sheet, profit and loss account and the statement of changes in financial
position, together |
|
| with
the notes forming part thereof, give the information required by the
Companies Ordinance, |
|
| 1984
in the manner so required and respectively give a true and fair view of the
state of the Company's |
|
| affairs
as at 30 June 1998 and of the profit and the statement of changes in
financial position for the |
|
| year
then ended; and |
|
|
| d)
in our opinion, zakat deductible at source under the Zakat and Ushr
Ordinance, 1980 was deducted |
|
| by
the Company and deposited in the Central Zakat fund established under Section
7 of that Ordinance. |
|
|
| Without
qualifying our report we draw attention to Note 23.3 to the financial
statements. As stated in the |
|
| said
note, an aggregate portfolio of non-performing assets amounting to Rs. 3.527
million is in various |
|
| stages
of implementation and documentation for restructuring. In view of the
renegotiated terms required |
|
| to
be duly observed throughout the restructured tenure as the principal
condition for being eligible for |
|
| remission
and similar concession, management anticipates that no loss would be
occasioned on account of |
|
| inadequate
realizibility or non-compliance with the agreed terms of settlement. |
|
|
| Karachi: |
|
Sidat Hyder Qamar Maqbool
& Co. |
|
| Dated:
January 18, 1999 |
|
Chartered Accountants |
|
|
|
| BALANCE SHEET |
|
| as
at June 30, 1998 |
|
|
1998 |
1997 |
|
|
|
Note |
Rupees |
Rupees |
|
|
|
|
|
|
|
|
| Share
Capital and Reserves |
|
|
|
| Authorised
capital |
|
|
|
| 500,000,000
ordinary shares of R$.10/- each |
|
5,000,000,000 |
5,000,000,000 |
|
|
|
========== |
========== |
|
| Issued,
subscribed and paid-up capital |
3 |
655,789,660 |
655,789,660 |
|
| Reserves |
|
|
|
|
|
|
| Capital
reserve |
|
4 |
255,602,485 |
211,332,000 |
|
| Reserve
for contingencies |
|
450,000,000 |
|
| Revenue
reserve |
|
5 |
60,692,478 |
706,458,631 |
|
|
|
---------- |
---------- |
|
|
766,294,963 |
917,790,631 |
|
|
---------- |
---------- |
|
|
1,422,084,623 |
1,573,580,291 |
|
|
| Redeemable
capital |
|
6 |
700,000,000 |
700,000,000 |
|
| Deferred
liability - gratuity |
|
2,424,220 |
- |
|
| Long-term
borrowings |
|
7 |
4,160,968,849 |
4,748,628,652 |
|
| Long-term
deposits |
|
8 |
2,384,654,694 |
2,649,800,146 |
|
| Current
Liabilities |
|
|
| Current
maturity of long-term deposits |
8 |
925,632,940 |
814,418,293 |
|
| Current
maturity of long-term borrowings |
9 |
1,399,037,846 |
897,903,596 |
|
| Short-term
deposits |
|
|
1,971,929,994 |
2,090,263,707 |
|
| Short-term
borrowings |
|
10 |
263,852,718 |
402,000,000 |
|
| Running finance under mark-up |
|
| arrangement |
|
11 |
143,748,029 |
188,971,101 |
|
| Accrued
financial charges |
12 |
1,318,405,589 |
1,042,177,728 |
|
| Accrued
expenses and other liabilities |
13 |
504,523,396 |
465,183,816 |
|
| Proposed
dividend |
|
|
- |
98,368,449 |
|
| Provision
for taxation |
|
14 |
95,506,942 |
85,206,942 |
|
|
|
---------- |
---------- |
|
|
|
6,622,637,454 |
6,084,493,632 |
|
| Commitments
and contingencies |
15 |
---------- |
---------- |
|
|
15,292,769,840 |
15,756,502,721 |
|
|
=========== |
=========== |
|
|
|
| Cash
and bank balances |
|
16 |
127,452,360 |
692,280,174 |
|
| Investments |
|
|
| Long Term |
|
| In
listed securities/modaraba |
17 |
237,841,137 |
- |
|
|
| Short Term |
|
|
| In
listed companies / modarabas |
18 |
159,328,240 |
576,281,570 |
|
| In
unlisted companies |
|
19 |
8,934,428 |
18,975,238 |
|
| Deposit
against shares |
|
20 |
14,624,852 |
10,624,852 |
|
| In
government securities |
21 |
367,990,000 |
533,990,000 |
|
| Others |
|
22 |
277,917,682 |
188,458,000 |
|
|
|
----------- |
----------- |
|
|
1,066,636,339 |
1,328,329,660 |
|
| Term
Financing - considered good |
|
|
| PLS
rupee financing |
|
23 |
12,067,876,673 |
11,106,541,921 |
|
| Rupee financing against foreign |
|
| currency
credits |
|
24 |
832,991,189 |
1,657,104,629 |
|
| Others |
|
25 |
30,313,085 |
57,047,713 |
|
|
----------- |
----------- |
|
|
12,931,180,947 |
12,820,694,263 |
|
| Other
Assets |
|
|
| Fixed
assets |
|
26 |
61,460,031 |
68,023,933 |
|
| Capital
work-in-progress |
|
200,000 |
|
| Deferred
costs |
|
27 |
117,627,472 |
45,266,006 |
|
| Inventory |
|
28 |
2,290,982 |
2,712,601 |
|
| Advances,
deposits, prepayments |
|
|
| and
sundry receivable |
|
29 |
752,921,709 |
566,196,084 |
|
|
|
----------- |
----------- |
|
|
934,500,194 |
682,198,624 |
|
| Deferred
taxation |
|
233,000,000 |
233,000,000 |
|
|
----------- |
----------- |
|
|
15,292,769,840 |
15,756,502,721 |
|
|
=========== |
=========== |
|
| Auditors'
Report Annexed |
|
|
| The
annexed notes form an integral part of these accounts. |
|
|
| Inam-ul
Haq |
|
Rauf B. Kadri |
|
| President
& Chief Executive |
|
Director |
|
|
|
| PROFIT
AND LOSS ACCOUNT |
|
| for
the year ended June 30, 1998 |
|
|
|
1998 |
1997 |
|
|
Note |
Rupees |
Rupees |
|
|
| Income
from |
|
| Term
financing |
|
| Profit,
discount and mark-up |
|
1,810,319,177 |
1,856,139,569 |
|
| Fees,
commissions and charges |
|
91,579,965 |
63,097,093 |
|
|
----------- |
----------- |
|
|
1,901,899,142 |
1,919,236,662 |
|
|
| Investments |
|
|
Dividend |
|
26,786,284 |
41,327,945 |
|
|
Sale of investments |
|
(131,248,416) |
23,389,783 |
|
|
Government securities |
|
75,728,504 |
111,367,189 |
|
|
----------- |
----------- |
|
|
(28,733,628) |
176,084,917 |
|
| Deposit
with banks |
|
6,222,243 |
22,979,601 |
|
| Exchange
gain |
|
271,863 |
1,254,029 |
|
| Other
sources |
|
30 |
60,210,347 |
61,564,415 |
|
|
----------- |
----------- |
|
|
1,939,869,967 |
2,181,119',624 |
|
|
