For the nine months ended March 31, 2016

TRUST INVESTMENT BANK Trust InvestmentBank Limited

3rd Quarterly Report (un-audited)

2016For the nine months ended March 31,

FOR THE NINE MONTHS ENDED MARCH 31, 2016

TRUST INVESTMENT BANK TRUST INVESTMENT BANK LIMITED

TRUST INVESTMENT BANKTRUST INVESTMENT BANK LIMITED

Company Information

Directors Report To Share Holders

Condensed Interim Stand Alone Financial Information (un-audited)

Condensed Interim Balance Sheet (un-audited)

Condensed Interim Profit And Loss Account (un-audited)

Condensed Interim Statement Of Cash Flows (un- audited)

Condensed Interim Statement Of Comprehensive Income (un-audited)

Condensed Interim Statement Of Changes In Equity (un-audited)

Notes To And Forming Part Of The Condensed Interim Financial Information (un-audited)

Condensed Interim Consolidated Financial Information (un-audited)

Condensed Interim Consolidated Balance Sheet (un-audited)

Condensed Interim Consolidated Profit And Loss Account (un-audited)

Condensed Interim Consolidated Statement Of Cash Flows (un-audited)

Condensed Interim Consolidated Statement Of Comprehensive Income (un-audited)

Condensed Interim Consolidated Statement Of Changes In Equity (un-audited)

Notes To The Condensed Interim Consolidated Financial Information (un-audited)

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

03

04

05

06

07

08

09

10

11

21

22

23

24

25

26

27

CONTENTS



03

Board of Directors

Mr. Asif Kamal DirectorMr. Tariq Husain DirectorSyed Sajjad Hussain Rizvi DirectorMr. Mamoon-ur-Rashid Qureishi DirectorMr. Abdul Shakeel DirectorMr. Asad Ali Kazmie Director Mr. Ahsan Rafique Director/Chief Executive Officer

Audit CommitteeSyed Sajjad Hussain Rizvi ChairmanMr. Abdul Shakeel MemberMr. Mamoon-ur-Rashid Qureishi Member

HR & R CommitteeSyed Sajjad Hussain Rizvi ChairmanMr. Ahsan Rafique MemberMr. Mamoon-ur-Rashid Qureshi Member

Company SecretaryZahra Khalid

Chief Financial Officer Zahra Khalid

AuditorsTariq Abdul Ghani Maqbool & Co.Chartered Accountants

Legal AdvisorChaudhry Mahmood-ur-Rehman

RegistrarsCORPLINK (PVT.) LTD.1-K Commercial, Model Town, [email protected]@corplink.com.pk

Registered & Head Office6th Floor, M. M. Tower, 28-A/K, Gulberg-II, Lahore.Tel: 042-3581 7601-05 Fax: 042-3581 7600Email: [email protected]: www.trustbank.com.pk

COMPANY INFORMATION


TRUST INVESTMENT BANK

On behalf of the Board of Directors, I am pleased to submit the Un-Audited Condensed Interim Standalone and Consolidated Financial Information of Trust Investment Bank Limited for the quarter ended, March 31, 2016. The summarized financial results for the third quarter ended March 31, 2016 are as under:

Financial Highlights:

Revenue 16.64 31.10 16.64 31.10Operating Expenses 42.03 58.57 42.22 59.26Other Income 27.95 6.94 27.96 7.16Profit / (Loss) before provision & taxation 0.86 (43.29) 0.66 (43.76)Profit / (Loss) after taxation 0.52 (11.77) 0.52 (11.77)Earnings / (Loss) per Share 0.01 (0.14) 0.01 (0.14)

Performance Review:

Financial year 2015 was the year in which Board and management took tough decisions to drive a turnaround in performance by tackling barriers. The Board strongly supports the renewed strategic road map and look forward to sustain long term growth.

The Board of directors and management has critically analyzed the present situation and are making efforts to improve the revenue stream, efficiency and optimal utilization of resources, expedite recoverability of receivables and reduce expenses. The results of the efforts are encouraging as is evident from the fact that the TIBL has managed to improve its profit / (loss) before provision & taxation for the quarter which have been increased from 0.55 million to 0.85 million during the current quarter.

During the year, TDL shares has been derecognized as subordinated loan, however, shares are still in TIBL possession until the formal approval from SECP.

Audit Committee:

The internal control framework has been effectively implemented through an independent in-house Internal Audit function established by the Board. The Audit Committee has ensured the achievement of operational, compliance and financial reporting objectives, safeguarding of the assets of the Bank. The coordination between External and Internal Auditors was facilitated to ensure efficiency and contribution to the Bank's objectives, including a reliable financial reporting system and compliance with laws & regulations.

Acknowledgement:

The Board places on record its gratitude for the hard work and dedication of employees of the company. The board also appreciates and acknowledges the assistance, guidance and cooperation of all stakeholders, valuable customers and shareholders for entrusting their confidence in the Bank which give strength to face the challenging times. The Board is confident that with the persistent cooperation by the SECP and committed efforts of the employees, the Bank shall be able to pursue its corporate objectives with renewed vigor.

For and on behalf of the Board of Directors

Lahore Ahsan RafiqueApril 29, 2016 Chief Executive Officer

TRUST INVESTMENT BANK LIMITED

04

DIRECTORS' REPORT TO SHARE HOLDERS

Standalone March 31

(Rupees in millions)

Consolidated March 312016 2015

(Rupees in millions)2016 2015Particulars



05FOR THE NINE MONTHS ENDED MARCH 31, 2016

Trust Investment Bank Limited


For the nine months ended March 31, 2016

Condensed InterimStandalone Financial Information


06 FOR THE NINE MONTHS ENDED MARCH 31, 2016

ASSETSNon-current assetsFixed assets 5 2,909,202,115 2,956,326,178Long term investments 6 26,413,410 29,716,958Long term loans and advances 7 12,193,039 16,761,654Net investment in lease finance 8 - -Long term deposits 3,338,001 3,611,550Total non-current assets 2,951,146,565 3,006,416,340

Current assetsCurrent maturities of non - current assets 9 997,341,117 1,059,226,136Short term loans and advances 10 65,487,927 46,520,641Short term placements 11 6,000,000 11,000,000Short term investments 12 - -Short term prepayments 3,097,104 2,972,914Mark-up accrued 192,277,275 190,948,268Taxation - net 984,558 1,045,388Other receivables 13 154,251,816 154,546,031Cash and bank balances 14 4,531,184 6,396,174Total current assets 1,423,970,982 1,472,655,552TOTAL ASSETS 4,375,117,547 4,479,071,892

EQUITY AND LIABILITIESShare capital and reservesShare capital 892,028,729 892,028,729Reserves (2,492,993,108) (2,494,056,346)

(1,600,964,379) (1,602,027,617)Surplus on revaluation of fixed assets-net 18,511,500 18,511,500

Non-current liabilitiesLong term financing-subordinated loan 15 2,788,220,472 2,788,220,472Long term financing-others 16 - 57,624,657Long term morabaha 17 - -Long term certificates of investment 18 1,162,500 1,562,500Deferred liabilities 5,351,517 7,471,687Long term deposits 19 7,855,303 35,237,224Total non-current liabilities 2,802,589,792 2,890,116,540

Current liabilitiesShort term borrowings 20 39,413,532 39,413,532Short term certificates of investment 21 982,143,213 1,036,976,463Current maturities of non current liabilities 22 1,733,010,604 1,663,119,562Mark-up accrued 253,900,179 259,273,170Trade and other payables 23 146,513,106 173,688,742Total current liabilities 3,154,980,634 3,172,471,469

5,957,570,426 6,062,588,009CONTINGENCIES AND COMMITMENTS 24 - -

4,375,117,547 4,479,071,892

The annexed notes from 1 to 29 form an integral part of these financial statements.

CONDENSED INTERIM BALANCE SHEET (un-auditd)AS AT MARCH 31, 2016

CHIEF EXECUTIVE DIRECTOR

Un-auditedMarch 31,

2016Rupees

Re-statedAuditedJune 30,

2015RupeesNote



Income

Income from lease operations 185,057 4,219,660 1,300 340,702Income from investments 419,396 345,681 121,699 105,467Income from term loans 16,037,272 26,543,080 2,705,649 3,673,695

16,641,725 31,108,421 2,828,648 4,119,864

Finance cost 733,860 2,267,424 21,192 531,19615,907,865 28,840,997 2,807,456 3,588,668

Administrative and operating expenses 42,030,865 58,572,281 8,864,175 21,473,041(26,123,000) (29,731,284) (6,056,719) (17,884,373)

Other income 27,948,882 6,937,920 6,588,982 2,987,3911,825,882 (22,793,364) 532,263 (14,896,982)

Other operating expenses 970,106 20,491,510 230,943 6,874,212(Loss) / profit before provisions and taxation 855,776 (43,284,874) 301,320 (21,771,194)

Provision (reversed) / charged againstlease and term loan - (34,911,543) - (991,724)Impairment charged in the valueof investment 198,637 2,450,619 65,031 514,896

198,637 (32,460,924) 65,031 (476,828)Profit before taxation 657,139 (10,823,950) 236,289 (21,294,366)

Provision for taxation 25 138,131 942,338 - -

Net profit for the year 519,008 (11,766,288) 236,289 (21,294,366)

Earnings per share - basic 26 0.01 (0.17) 0.00 (0.30)

Earnings per share - diluted 26 0.01 (0.14) 0.00 (0.26)



CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (un-audited)

Nine months endedMarch 31,

Note2016

Rupees2015

Rupees2015

Rupees2016

Rupees

Quarter endedMarch 31,





CASH FLOWS FROM OPERATING ACTIVITIESProfit before taxation 657,139 (10,823,950)Adjustments for non cash / non operating items:

Depreciation and amortization 1,907,956 4,527,583Provision for staff service cost - -Provision (reversed) / charged against lease and term loan - (34,911,543)Lease receivables written off 970,106 20,491,510Finance cost 733,860 2,267,424Profit on disposal of fixed assets (4,278,385) -Profit on settlement (142,454) -Impairment charged in the value of investment 198,637 2,450,619

(610,280) (5,174,407)Operating (loss) / profit before working capital changes 46,859 (15,998,357)

Changes in operating assets and liabilities:(Increase) / decrease in assets:

Long term loans and advances 5,019,824 6,961,297Net investment in lease finance 48,383,378 50,132,860Long term Deposits 273,549 (6,612,447)Short term loans and advances (18,967,286) 36,302,769Short term placements 5,000,000 500,000Short term prepayments (124,190) 96,837Mark-up accrued (914,611) 15,657,184Other receivables 294,215 (26,443,993)

38,964,879 76,594,507Increase / (decrease) in liabilities:

Certificates of investment (56,433,250) (55,883,232)Trade and other payables (14,747,788) 9,222,627Long term deposits 5,710,478 -

(65,470,560) (46,660,605)(26,505,682) 29,933,902

Cash (used in) / generated from operations (26,458,822) 13,935,545Finance cost paid (6,106,851) (12,753,041)Taxes paid (1,450,931) (140,982)Staff service cost paid (2,609,033) (460,000)

(10,166,815) (13,354,023)Net cash used in operating activities (36,625,637) 581,522

CASH FLOWS FROM INVESTING ACTIVITIESPurchase of fixed assets (17,125,100) (5,507,637)Capital work in progress 46,515,520 -Long term investments 2,027,027 -Long term deposits 273,549 (200,240)Proceeds from disposal of: 2,979,162 -

Fixed assets 90,490 -Net cash generated from investing activities 34,760,648 (5,707,877)

CASH FLOWS FROM FINANCING ACTIVITIESLong term financing - -Dividend - -

Net cash used in financing activities - -Net (decrease) / increase in cash and cash equivalents (1,864,990) (5,126,355)Cash and cash equivalents at the beginning of the year (33,017,358) (30,561,267)Cash and cash equivalents at the end of the year 27 (34,882,348) (35,687,622)


CONDENSED INTERIM STATEMENT OF CASH FLOWS (un- audited)Un-auditedMarch 31,

2016Rupees

Un-auditedMarch 31,

2015Rupees





CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (un-audited)


Other comprehensive income / (loss)

Items that may be reclassifiedsubsequently to profit and loss account

- Unrealized gain/ (loss) on remeasurementof available for sale investments 544,230 - - -

Items not to be reclassified to profit andloss account in subsequent periods

- Remeasurement of defined benefitliability - - - -

Total comprehensive incomefor the year 1,063,238 (11,766,288) 253,651 (21,294,366)


2016Rupees

2015Rupees

2015Rupees

2016Rupees






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1 LEGAL STATUS AND NATURE OF BUSINESS

Trust Investment Bank Limited and its subsidiary company ("the Group") comprises of holding company Trust Investment Bank Limited ("TIBL") and a wholly owned subsidiary company Trust Capital (Private) Limited ("TCPL).

1.1. Parent company

Trust Investment Bank Limited ("the Company") was incorporated in 1992 as a public limited Company under the Companies Ordinance, 1984 and is listed on Lahore, Karachi and Islamabad Stock Exchanges. The registered office of the Company is situated at 6th Floor, M M Tower, 28 - A / K, Gulberg II, Lahore. The Company is mainly engaged in the business of investment finance services. It is classified as a Non-Banking Finance Company (NBFC) and is regulated by the Securities and Exchange Commission of Pakistan (SECP).

1.2 Subsidiary Company

Trust Capital (Private) Limited was incorporated as a private limited company on 20 June 2008 under the Companies Ordinance, 1984. TCPL is engaged in the business of stock brokerage, portfolio management and trading in listed securities on all the three Stock Exchanges of Pakistan. The registered office of TCPL is located at 202 Shah Jamal, Lahore. TCPL is a member of the Lahore Stock Exchange Limited.

2. BASIS OF PRESENTATION AND MEASUREMENT

2.1 These interim financial information are un-audited and have been prepared in accordance with the requirements of the approved Accounting Standards as applicable in Pakistan relating to Interim Financial Reporting. This interim financial information does not include all the information required for full annual financial statements, and should be read in conjunction with the financial statements of the Company for the year ended June 30, 2015.

2.2 These condensed interim financial statements have been prepared in accordance with the requirements of the International Accounting Standard (IAS) - 34 "Interim Financial Reporting" as applicable in Pakistan and submitted to the shareholders in accordance with Section 245 of the Companies Ordinance, 1984 and the Listing Regulations of Karachi and Lahore Stock Exchange

The disclosures made in these financial statements have, however, been limited based on the requirements of International Accounting Standard (IAS) - 34. These do not include all the information and disclosures made in the annual published financial statements and therefore should be read in conjunction with the financial statements of the company for the year ended June 30, 2015.

2.3 The classifications and provisioning requirements against non-performing assets have been considered in accordance with the applicable requirements of the Non-Banking Finance Companies and Notified Entities Regulations, 2008.

3. SIGNIFICANT ACCOUNTING POLICIES

The accounting policies applied for the preparation of this interim financial information are the same as those applied in preparation of the annual audited financial statements of the Company for the year ended June 30, 2015. However, the management of the Bank suspended the accrual of Financial charges on Borrowings, Preference shares and Certificate of Investments (COIs) etc from July 2012.

NOTES TO AND FORMING PART OF THE CONDENSED INTERIMFINANCIAL INFORMATION (un-audited)FOR THE NINE MONTHS ENDED MARCH 31, 2016



4. ESTIMATES

The preparation of interim financial information requires management to make judgments, estimates and assumption that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. The significant judgments made by management in applying the Company's accounting policies and the key sources of estimation uncertainty were the same as those that were applied to the financial statements for the year ended June 30, 2015.

5 FIXED ASSETS

Tangible:Property, plant and equipment 5.1 842,789,093 833,341,728Capital work in progress 2,066,413,022 2,122,984,450

Intangible - -2,909,202,115 2,956,326,178

Un-auditedMarch 31,

2016Rupees

AuditedJune 30,

2015RupeesNote



5.1. Property, plant and equipment

Owned

Land 819,967,960 11,866,400 - 831,834,360 - - - - 831,834,360

Building on freehold land - - - - - - - 5

Leasehold improvements 19,668,153 - 19,668,153 16,558,838 466,398 17,025,236 2,642,917 20

Office equipment and machines 17,944,854 211,200 (1,756,414) 16,399,640 14,296,777 551,240 (1,486,052) 13,361,965 3,037,675 20

Furniture and fixtures 11,074,738 - (1,164,651) 9,910,087 6,969,646 292,457 (735,490) 6,526,613 3,383,474 10

Air-conditioning equipment 807,184 - (268,240) 538,944 520,690 19,044 (197,984) 341,750 197,194 10

Vehicles 4,121,853 47,500 - 4,169,353 1,897,063 578,817 - 2,475,880 1,693,473 20

873,584,742 12,125,100 (3,189,305) 882,520,537 40,243,014 1,907,956 (2,419,526) 39,731,444 842,789,093

Owned

Land 482,673,333 362,873,360 (25,578,733) 819,967,960 - - - - 819,967,960

Building on freehold land 70,000,000 - (70,000,000) - 6,825,000 2,369,061 (9,194,061) - - 5

Leasehold improvements 19,668,153 - - 19,668,153 15,781,513 777,325 - 16,558,838 3,109,315 20

Office equipment and machines 17,419,148 525,706 - 17,944,854 13,444,938 851,839 - 14,296,777 3,648,077 20

Furniture and fixtures 10,897,319 189,200 (11,781) 11,074,738 6,550,151 431,276 (11,781) 6,969,646 4,105,092 10

Air-conditioning equipment 807,184 - - 807,184 488,854 31,836 - 520,690 286,494 10

Vehicles 4,121,853 - - 4,121,853 1,129,531 767,532 - 1,897,063 2,224,790 20

605,586,990 363,588,266 (95,590,514) 873,584,742 44,219,987 5,228,869 (9,205,842) 40,243,014 833,341,728

---------------------------------------------------------------------------------Rupees-----------------------------------------------------------------------------------------

PARTICULARS

2016

C O S T D E P R E C I A T I O N

As at

01 July

2015

Additions

during the

year

Deletions

during the

year

As at

31 March

2016

As at

01 July

2015

For

the

year

Adjustment

As at

31 March

2016

Book value

as at

31 March 2016

Rate

%

PARTICULARS

2015


As at

01 July

2014

Additions

during the

year

Deletions

during the

year

As at

30 June

2015

As at

01 July

2014

For

the

year

AdjustmentAs at

30 June

2015

Book value

as at

30 June 2015

Rate

%

---------------------------------------------------------------------------------Rupees-----------------------------------------------------------------------------------------



6. LONG TERM INVESTMENTS

Investment in subsidiary-at cost 60,000,000 60,000,000Investment in financial instruments 71,873,320 82,953,550

131,873,320 142,953,550Less: Impairment in the value of investments 79,804,960 88,793,132

52,068,360 54,160,418Less: Current portion of long term investments 9 25,654,950 24,443,460

26,413,410 29,716,958

7. LONG TERM LOANS AND ADVANCES

Secured:Employees - considered good 27,670 464,159Companies, organizations and individuals

Considered good 29,063,298 28,743,828Considered doubtful 2,145,000 7,047,805

31,208,298 35,791,63331,235,968 36,255,792

Un-secured:Companies, organizations and individuals - Considered doubtful 397,838,899 397,838,899

429,074,867 434,094,691Less: provision against doubtful loans 7.1 396,594,364 396,594,364

32,480,503 37,500,327Less : current maturity 9 20,287,464 20,738,673

12,193,039 16,761,654

7.1. Provision against doubtful loans

Opening balance as at July 01 396,594,364 403,653,029Charge for the year - 44,099Reversal during the year - (7,102,764)Closing balance 396,594,364 396,594,364

8. NET INVESTMENT IN LEASE FINANCE

Lease payments receivable 1,081,008,042 1,126,251,228Add: Residual value 276,126,036 293,558,161Gross investment in leases 1,357,134,078 1,419,809,389

Less: Unearned finance income 809,797 839,808 Income suspended 129,584,710 129,584,710 Provision for lease losses 275,340,868 275,340,868

405,735,375 405,765,386Net investment in lease finance 951,398,703 1,014,044,003Less: Current portion of net investment

in lease finance 11 951,398,703 1,014,044,003- -

Un-auditedMarch 31,

2016Rupees

AuditedJune 30,

2015RupeesNote



9. CURRENT MATURITIES OF NON-CURRENT ASSETS

Long term investments 6 25,654,950 24,443,460Long term loans and advances 7 20,287,464 20,738,673Net investment in lease finance 8 951,398,703 1,014,044,003

997,341,117 1,059,226,136

10. SHORT TERM LOANS AND ADVANCES

Short term loans-secured 10.1 34,384,530 31,460,541Short term advances 31,103,397 15,060,100

65,487,927 46,520,641

10.1.Short term loans-secured

Companies, organizations and individualsConsidered good 33,850,928 30,926,939Considered doubtful 1,302,541 1,302,541

35,153,469 32,229,480Less: Provision against doubtful loans 768,939 768,939

34,384,530 31,460,541

11. SHORT TERM PLACEMENTS

Repurchase agreement lendings (Reverse Repo) 7,022,877 7,022,877Placement with First Fidelity Leasing Modaraba 1,000,000 1,000,000TDR 5,000,000 10,000,000

13,022,877 18,022,877Less: Provision against doubtful lending 7,022,877 7,022,877

6,000,000 11,000,000

12. SHORT TERM INVESTMENTS

Un-quotedTRICON Developers Limited

Nil (2014: 112,900,548) fully paid ordinary sharesof Rs. 10 each. Equity held nil (2014: 50.11%) 12.1 - 1,129,005,480

12.1 Investment in shares of M/s Tricon Developers Limited "TDL" was acquired against Sub-Ordinated Loan of Mr. Asif kamal to strengthen the equity of the company. TDL and TIBL through their respective Board of Directors' Meetings held on June 30, 2015 have agreed to derecognise the investment of TIBL because the break-up value of shares of TDL has dropped to Rs. 2.51/- based on un-audited financial statements as at June 30, 2014 duly initialed by auditors. Registrar of companies has not yet approved the issuance of shares and TIBL is not willing to carry on this loan any longer neither has intentions to issue shares against TDL investment.

Un-auditedMarch 31,

2016Rupees

AuditedJune 30,

2015RupeesNote



Un-auditedMarch 31,

2016Rupees


2015Rupees

13. OTHER RECEIVABLES

Receivable from broker - considered doubtful 12,614,432 14,614,432Miscellaneous receivables from lessees - Considered doubtful 388,354,862 380,501,827Other receivables


126,491,716 132,638,966527,461,010 527,755,225

Less: Provision for doubtful receivables 373,209,194 373,209,194154,251,816 154,546,031

14. CASH AND BANK BALANCES

Cash in hand 153,945 429,766Cash with banks in:

Current accounts 244,194 244,194Deposit accounts 4,133,045 5,722,214

4,377,239 5,966,4084,531,184 6,396,174

15. LONG TERM FINANCING - SUBORDINATED LOAN

Long term financing-subordinated loan 15.1 2,788,220,472 2,788,220,472

15.1. Particulars of subordinated loan

Loan from:Director-Asif Kamal 716,350,637 716,350,637Director-Mamoon -ur- Rasheed 74,919,835 74,919,835Director-Asad Kazmi 1,996,950,000 1,996,950,000

2,788,220,472 2,788,220,472

16. LONG TERM FINANCING - OTHERS

Banking companies and other financial institutions-Secured 16.1 - 57,624,657Banking companies and other financial institutions-Unsecured 16.2 - -Term finance certificates (TFC)-Secured 16.3 - -

- 57,624,657

16.1. Banking companies and other financial institutions-Secured

Banking companies and other financial institutions 875,822,832 878,359,773Less: Current portion shown under current liabilities 22 875,822,832 820,735,116

- 57,624,657

Un-auditedMarch 31,

2016Rupees

AuditedJune 30,

2015RupeesNote



16.2 Banking companies and other financial institutions-Unsecured


- -

16.3 Term finance certificates (TFC)-Secured

TFC III 230,583,980 230,583,980Less: Unamortized portion of the initial transaction cost - -

230,583,980 230,583,980Less: Current portion shown under current liabilities 22 230,583,980 230,583,980

- -

17. LONG TERM MORABAHA

Long term morabaha 15,500,000 15,500,000Less: Current portion shown under current liabilities 22 15,500,000 15,500,000

- -

18. LONG TERM CERTIFICATES OF INVESTMENT

- CorporateSecured 22,371,263 22,371,263Unsecured 161,995,179 163,295,179


1,162,500 1,562,500

19. LONG TERM DEPOSITS

Margin against letters of guarantee 142,886,698 137,176,220Less: Current portion shown under current liabilities 22 135,031,395 101,938,996

7,855,303 35,237,224

Deposits against lease arrangements 275,616,496 293,005,569Less: Current portion shown under current liabilities 22 275,616,496 293,005,569

- -7,855,303 35,237,224

20. SHORT TERM BORROWINGS

Banking companies and other financial institutions:Running finances - secured 39,413,532 39,413,532

Un-auditedMarch 31,

2016Rupees

AuditedJune 30,

2015RupeesNote



21. SHORT TERM CERTIFICATES OF INVESTMENT

- Financial institutions 10,350,006 10,350,006 - Corporate 950,242,392 1,003,875,642 - Individuals 21,550,815 22,750,815

982,143,213 1,036,976,463

21.1. These represent unsecured short term certificates of investment for a period of one months to one year. These carry mark-up rate ranging from 0% to 18.75% (2014: 0% to 18.75%) per annum.

22. CURRENT MATURITIES OF NON CURRENT LIABILITIES

Long term financing from banking companies & financialinstitutions

Secured 16.1 875,822,832 820,735,116Unsecured 16.2 17,251,959 17,251,959

Term finance certificates-Secured 16.3 230,583,980 230,583,980Long term morabaha 17 15,500,000 15,500,000Certificates of investment 18 183,203,942 184,103,942Long term deposits 19 410,647,891 394,944,565

1,733,010,604 1,663,119,562

23. TRADE AND OTHER PAYABLES

Unclaimed dividend 3,092,624 3,092,624Preference dividend payable 58,023,276 58,023,278Accrued liabilities 8,039,089 16,628,162Other liabilities 77,358,117 95,944,678

146,513,106 173,688,742

24. CONTINGENCIES AND COMMITMENTS

24.1. Contingencies

(a) The Company has issued guarantees to various parties on behalf of clients amounting to Rs. 660.74 million (30th June 2015: Rs. 879.162 million).

(b) The Company has filed recovery suits amount to Rs. 1,439.3 million (30th June 2015: Rs. 2,195.42 million). Prima facie the Bank has good arguable cases, the financial impact of the same has been accounted for in these financial statements.

(c) The company has not provided for mark-up of Rs. 889.449 in preceding year and Rs. 95.88 million during the year on financing from banking companies & other financial institutions, term finance certificates, preference shares, certificates of Investment, long term morabaha and on running finance in these financial statements due to pending litigations. Had the markup been provided net profit for the year would have been decreased by Rs. 985.329 million, mark up payable and accumulated losses would have been increased by Rs. 985.329 million;

24.2. Commitments

24.2.1 There exists no commitment as at balance sheet date.

Un-auditedDecember 31,

2015Rupees

AuditedJune 30,

2015RupeesNote



25. PROVISION FOR TAXATION

Current taxFor the year 138,131 942,338 - -Deferred - - - -

138,131 942,338 - -

26. EARNINGS / (LOSS) PER SHARE

26.1. Earnings / (loss) per share - basic

Profit / (loss) for the period after taxation Rs 519,008 (11,766,288) 236,289 (21,294,366)

Weighted average number of ordinary shares No 81,844,540 70,436,206 81,844,540 70,436,206

Earnings / (loss) per share - basic Rs 0.01 (0.17) 0.00 (0.30)

26.2. Earnings / (loss) per share - diluted




27. CASH AND EQUIVALENTS

Cash and bank balances 4,531,184 6,396,174Short term running finance (39,413,532) (39,413,532)

(34,882,348) (33,017,358)

March 31 March 312016

Rupees2015

Rupees2016

Rupees2015

Rupees

Half year ended Quarter ended

Un-auditedMarch 31,

2016Rupees

AuditedJune 30,

2015Rupees




28. FUNDAMENTAL ERROR

During previous financial year, the company redeemed its preference shares to KASB Income Opportunity Fund (KIOF) of Rs. 70 million with the offer to sale/transfer of Dewan Pre-IPO TFC'c worth Rs. 50 million and Tricon's unlisted shares of Rs. 20 million. This offer was duly accepted by KASB Income Opportunity Fund (KIOF). However, Trust Investment Bank Limited could not obtained necessary approvals from Securities and Exchange Commission of Pakistan (SECP) for the said transaction. During current financial period, after mutual consent of parties, this transaction is reversed back to reflect the original state in accordance with IAS 8 "Accounting Policies, Changes in accounting Estimates and Errors". Previously these investment amounts were taken in "other receivables". The effect of this restatement has been re-summarized below:

Effect on balance sheet Effect on 30 June 2015

Increase in equity 70,000,000

Increase in current assets 70,000,000

Effect on profit and loss account Nil

29. DATE OF AUTHORIZATION

These financial statements were authorized for issue on April 29, 2015 by the Board of Directors.



Trust Investment Bank Limited

Condensed InterimConsolidated Financial Information


For the nine months ended March 31, 2016



ASSETSNon-current assetsFixed assets 5 2,940,958,813 2,988,254,534Long term investments 6 17,758,077 20,862,988Long term loans and advances 7 24,022,730 16,761,654Net investment in lease finance 8 - -Long term deposits 8,419,909 8,693,458Total non-current assets 2,991,159,529 3,034,572,634

Current assetsCurrent maturities of non - current assets 9 997,341,117 1,059,226,136Short term loans and advances 10 65,487,927 58,299,581Short term placements 11 6,000,000 11,000,000Short term investments 12 - -Short term prepayments 3,097,104 2,972,914Mark-up accrued 190,291,021 190,948,268Taxation - net 984,558 1,096,139Other receivables 13 104,538,848 104,845,808Cash and bank balances 14 4,604,342 6,483,570Total current assets 1,372,344,918 1,434,872,416TOTAL ASSETS 4,363,504,447 4,469,445,050

EQUITY AND LIABILITIESShare capital and reservesShare capital 892,028,729 892,028,729Reserves (2,492,993,108) (2,494,056,346)

(1,600,964,379) (1,602,027,617)Surplus on revaluation of fixed assets-net 18,511,500 18,511,500

Non-current liabilitiesLong term financing-subordinated loan 15 2,788,220,472 2,788,220,472Long term financing-others 16 - -Long term morabaha 17 - -Long term certificates of investment 18 1,162,500 1,562,500Deferred liabilities 5,351,517 7,471,687Long term deposits 19 7,855,303 35,237,224Total non-current liabilities 2,802,589,792 2,832,491,883

Current liabilitiesShort term borrowings 20 39,413,532 39,413,532Short term certificates of investment 21 982,143,213 1,036,976,463Current maturities of non current liabilities 22 1,723,639,354 1,711,372,969Mark-up accrued 249,927,671 257,286,916Trade and other payables 23 148,243,764 175,419,404Total current liabilities 3,143,367,534 3,220,469,284

5,945,957,326 6,052,961,167CONTINGENCIES AND COMMITMENTS 24 - -

4,363,504,447 4,469,445,050


AS AT MARCH 31, 2016


Un-auditedMarch 31,

2016Rupees


2015RupeesNote

CONDENSED INTERIM CONSOLIDATED BALANCE SHEET (un-audited)



Income

Income from lease operations 185,057 4,219,660 1,300 340,702Income from investments 419,396 345,681 121,699 105,467Income from term loans 16,037,272 26,543,080 2,705,649 3,673,695

16,641,725 31,108,421 2,828,648 4,119,864

Finance cost 758,464 2,273,577 45,796 537,34915,883,261 28,834,844 2,782,852 3,582,515

Administrative and operating expenses 42,215,264 59,261,833 9,048,574 22,162,593(26,332,003) (30,426,989) (6,265,722) (18,580,078)

Other income 27,959,248 7,159,509 6,599,348 3,208,9801,627,245 (23,267,480) 333,626 (15,371,098)

Other operating expenses 970,106 20,491,510 230,943 6,874,212(Loss) / profit before provisions and taxation 657,139 (43,758,990) 102,683 (22,245,310)

Provision (reversed) / charged against lease and term loan - (34,911,543) - (991,724)Impairment charged in the value of investment - 1,976,504 (133,606) 40,781

- (32,935,039) (133,606) (950,943)Profit before taxation 657,139 (10,823,951) 236,289 (21,294,367)

Provision for taxation 25 138,131 942,338 - -


Earnings per share - basic 26 0.01 (0.17) 0.00 (0.30)

Earnings per share - diluted 26 0.01 (0.14) 0.00 (0.26)



Note2016

Rupees2015

Rupees2015

Rupees2016

Rupees



CONDENSED INTERIM CONSOLIDATED PROFIT AND LOSS ACCOUNT (un-audited)FOR THE NINE MONTHS ENDED MARCH 31, 2016



CONDENSED INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS (un-audited)Un-auditedMarch 31,

2016Rupees

Un-auditedMarch 31,

2015Rupees



CASH FLOWS FROM OPERATING ACTIVITIESProfit before taxation 657,139 (10,823,951)Adjustments for non cash / non operating items:

Depreciation and amortization 2,079,610 4,709,259Provision for staff service cost - -Provision (reversed) / charged against lease and term loan - (34,911,543)Lease receivables written off 970,106 20,491,510Finance cost 758,464 2,273,577Profit on disposal of fixed assets (14,278,385) -Profit on settlement (142,454) -Impairment charged in the value of investment - 1,976,504

(10,612,659) (5,460,693)Operating (loss) / profit before working capital changes (9,955,520) (16,284,644)

Changes in operating assets and liabilities:(Increase) / decrease in assets:

Long term loans and advances 5,019,824 6,961,297Net investment in lease finance 48,383,378 50,132,860Long term Deposits 273,549 (6,612,447)Short term loans and advances (7,188,346) 36,302,769Short term placements 5,000,000 500,000Short term prepayments (124,190) (2,647,883)Mark-up accrued 1,071,643 15,657,184Other receivables 306,960 (26,559,115)

52,742,818 73,734,665Increase / (decrease) in liabilities:

Certificates of investment (56,433,250) (55,883,232)Trade and other payables (16,526,728) 9,222,627Long term deposits 5,710,478 -

(67,249,500) (46,660,605)(14,506,683) 27,074,060

Cash (used in) / generated from operations (24,462,202) 10,789,416Finance cost paid (8,117,709) (12,759,194)Taxes paid (1,450,931) (140,982)Staff service cost paid (2,609,033) (460,000)

(12,177,673) (13,360,176)Net cash used in operating activities (36,639,875) (2,570,760)

CASH FLOWS FROM INVESTING ACTIVITIESPurchase of fixed assets (17,125,100) (5,474,565)Capital work in progress 46,515,520 -Long term investments 2,027,027 -Long term deposits 273,549 (200,240)Proceeds from disposal of: 2,979,162 -

Fixed assets 90,490 -Net cash generated from investing activities 34,760,648 (5,674,805)

CASH FLOWS FROM FINANCING ACTIVITIESLong term financing - -Dividend - -

Net cash used in financing activities - -Net (decrease) / increase in cash and cash equivalents (1,879,228) (8,245,565)Cash and cash equivalents at the beginning of the year (32,929,962) (27,014,210)Cash and cash equivalents at the end of the year 27 (34,809,190) (35,259,775)





CONDENSED INTERIM CONSOLIDATED STATEMENT OFCOMPREHENSIVE INCOME (un-audited)


Other comprehensive income / (loss)Items that may be reclassified

subsequently to profit and loss account - Unrealized gain/ (loss) on remeasurement

of available for sale investments 544,230 - - -

Items not to be reclassified to profit andloss account in subsequent periods

- Remeasurement of defined benefitLiability - - - -

Total comprehensive income for the year 1,063,238 (11,766,289) 253,651 (21,294,367)


2016Rupees

2015Rupees

2015Rupees

2016Rupees






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NOTES TO THE CONDENSED INTERIM CONSOLIDATEDFINANCIAL INFORMATION (un-audited)FOR THE NINE MONTHS ENDED MARCH 31, 2016

1 LEGAL STATUS AND NATURE OF BUSINESS

Trust Investment Bank Limited and its subsidiary company ("the Group") comprises of holding company Trust Investment Bank Limited ("TIBL") and a wholly owned subsidiary company Trust Capital (Private) Limited ("TCPL).

1.1. Parent company

Trust Investment Bank Limited ("the Company") was incorporated in 1992 as a public limited Company under the Companies Ordinance, 1984 and is listed on Lahore, Karachi and Islamabad Stock Exchanges. The registered office of the Company is situated at 6th Floor, M M Tower, 28 - A / K, Gulberg II, Lahore. The Company is mainly engaged in the business of investment finance services. It is classified as a Non-Banking Finance Company (NBFC) and is regulated by the Securities and Exchange Commission of Pakistan (SECP).

1.2 Subsidiary Company

Trust Capital (Private) Limited was incorporated as a private limited company on 20 June 2008 under the Companies Ordinance, 1984. TCPL is engaged in the business of stock brokerage, portfolio management and trading in listed securities on all the three Stock Exchanges of Pakistan. The registered office of TCPL is located at 202 Shah Jamal, Lahore. TCPL is a member of the Lahore Stock Exchange Limited.

2. BASIS OF PRESENTATION AND MEASUREMENT

2.1 These interim financial information are un-audited and have been prepared in accordance with the requirements of the approved Accounting Standards as applicable in Pakistan relating to Interim Financial Reporting. This interim financial information does not include all the information required for full annual financial statements, and should be read in conjunction with the financial statements of the Company for the year ended June 30, 2015.

2.2 These condensed interim financial statements have been prepared in accordance with the requirements of the International Accounting Standard (IAS) - 34 "Interim Financial Reporting" as applicable in Pakistan and submitted to the shareholders in accordance with Section 245 of the Companies Ordinance, 1984 and the Listing Regulations of Karachi and Lahore Stock Exchange

The disclosures made in these financial statements have, however, been limited based on the requirements of International Accounting Standard (IAS) - 34. These do not include all the information and disclosures made in the annual published financial statements and therefore should be read in conjunction with the financial statements of the company for the year ended June 30, 2015.

2.3 The classifications and provisioning requirements against non-performing assets have been considered in accordance with the applicable requirements of the Non-Banking Finance Companies and Notified Entities Regulations, 2008.

3. SIGNIFICANT ACCOUNTING POLICIES

The accounting policies applied for the preparation of this interim financial information are the same as those applied in preparation of the annual audited financial statements of the Company for the year ended June 30, 2015. However, the management of the Bank suspended the accrual of Financial charges on Borrowings, Preference shares and Certificate of Investments (COIs) etc from July 2012.



4. ESTIMATES

The preparation of interim financial information requires management to make judgments, estimates and assumption that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. The significant judgments made by management in applying the Company's accounting policies and the key sources of estimation uncertainty were the same as those that were applied to the financial statements for the year ended June 30, 2015.

5 FIXED ASSETS

Tangible:Property, plant and equipment 5.1 843,681,563 834,335,779Capital work in progress 2,066,413,022 2,122,984,454

Intangible 5.2 30,864,228 30,934,3012,940,958,813 2,988,254,534

Un-auditedMarch 31,

2016Rupees

AuditedJune 30,

2015RupeesNote



5.1. Property, plant and equipment

Owned

Land 819,967,960 11,866,400 - 831,834,360 - - - - 831,834,360

Building on freehold land - - - - - - - 5

Leasehold improvements 19,668,153 - 19,668,153 16,558,838 466,398 17,025,236 2,642,917 20

Office equipment and machines 19,968,567 211,200 (1,756,414) 18,423,353 15,960,140 605,293 (1,486,052) 15,079,381 3,343,972 20

Furniture and fixtures 12,106,254 - (1,164,651) 10,941,603 7,367,461 339,985 (735,490) 6,971,956 3,969,647 10

Air-conditioning equipment 807,184 - (268,240) 538,944 520,690 19,044 (197,984) 341,750 197,194 10

Vehicles 4,121,853 47,500 - 4,169,353 1,897,063 578,817 - 2,475,880 1,693,473 20

876,639,971 12,125,100 (3,189,305) 885,575,766 42,304,192 2,009,537 (2,419,526) 41,894,203 843,681,563

Owned

Land 482,673,333 362,873,360 (25,578,733) 819,967,960 - - - - 819,967,960

Building on freehold land 70,000,000 - (70,000,000) - 6,825,000 2,369,061 (9,194,061) - - 5

Leasehold improvements 19,668,153 - - 19,668,153 15,781,513 777,325 - 16,558,838 3,109,315 20

Office equipment and machines 19,442,861 525,706 - 19,968,567 15,108,301 851,839 - 15,960,140 4,008,427 20

Furniture and fixtures 11,928,835 189,200 (11,781) 12,106,254 6,947,966 431,276 (11,781) 7,367,461 4,738,793 10

Air-conditioning equipment 807,184 - - 807,184 488,854 31,836 - 520,690 286,494 10

Vehicles 4,121,853 - - 4,121,853 1,129,531 767,532 - 1,897,063 2,224,790 20

608,642,219 363,588,266 (95,590,514) 876,639,971 46,281,165 5,228,869 (9,205,842) 42,304,192 834,335,779

5.2. Intangible Assets

Software Licence 33,590,700 - - 33,590,700 2,656,399 70,073 - 2,726,472 30,864,228

33,590,700 - - 33,590,700 2,656,399 70,073 - 2,726,472 30,864,228

Software Licence 33,590,700 - - 33,590,700 2,347,636 308,763.00 - 2,656,399 30,934,301

33,590,700 - - 33,590,700 2,347,636 308,763 - 2,656,399 30,934,301

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PARTICULARS

2016


As at

01 July

2015

Additions

during the

year

Deletions

during the

year

As at

31 March

2016

As at

01 July

2015

For

the

year

Adjustment

As at

31 March

2016

Book value

as at

31 March 2016

Rate

%

PARTICULARS

2015


As at

01 July

2014

Additions

during the

year

Deletions

during the

year

As at

30 June

2015

As at

01 July

2014

For

the

year

AdjustmentAs at

30 June

2015

Book value

as at

30 June 2015

Rate

%


As at

01 July

2015

Additions

during the

year

Deletions

during the

year

As at

31 March

2016

As at

01 July

2015

For

the

year

Adjustment

As at

31 March

2016

PARTICULARS


As at

01 July

2014

Additions

during the

year

Deletions

during the

year

2016

2015

As at

30 June

2015

As at

01 July

2014

For

the

year

Adjustment

As at

30 June

2015

Book value

as at

30 June 2015

Book value

as at

31 March 2016

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6. LONG TERM INVESTMENTS

Investment in subsidiary-at costInvestment in financial instruments 71,873,320 82,953,550

71,873,320 82,953,550Less: Impairment in the value of investments 28,460,293 37,647,102

43,413,027 45,306,448Less: Current portion of long term investments 9 25,654,950 24,443,460

17,758,077 20,862,988

7. LONG TERM LOANS AND ADVANCES

Secured:Employees - considered good 27,670 464,159Companies, organizations and individuals


31,208,298 35,791,63331,235,968 36,255,792

Un-secured:Companies, organizations and individuals - Considered doubtful 397,838,899 397,838,899

429,074,867 434,094,691Less: provision against doubtful loans 7.1 396,594,364 396,594,364

32,480,503 37,500,327Less : current maturity 9 20,287,464 20,738,673

12,193,039 16,761,654

7.1. Provision against doubtful loans

Opening balance as at July 01 396,594,364 403,653,029Charge for the year - 44,099Reversal during the year - (7,102,764)Closing balance 396,594,364 396,594,364

8. NET INVESTMENT IN LEASE FINANCE

Lease payments receivable 1,081,008,042 1,126,251,228Add: Residual value 276,126,036 293,558,161Gross investment in leases 1,357,134,078 1,419,809,389

Less: Unearned finance income 809,797 839,808 Income suspended 129,584,710 129,584,710 Provision for lease losses 275,340,868 275,340,868

405,735,375 405,765,386Net investment in lease finance 951,398,703 1,014,044,003Less: Current portion of net investment in lease finance 11 951,398,703 1,014,044,003

- -

Un-auditedMarch 31,

2016Rupees

AuditedJune 30,

2015RupeesNote



9. CURRENT MATURITIES OF NON-CURRENT ASSETS

Long term investments 6 25,654,950 24,443,460Long term loans and advances 7 20,287,464 20,738,673Net investment in lease finance 8 951,398,703 1,014,044,003

997,341,117 1,059,226,136

10. SHORT TERM LOANS AND ADVANCES

Short term loans-secured 10.1 34,384,530 31,460,541Short term advances 31,103,397 26,839,040

65,487,927 58,299,581

10.1.Short term loans-secured

Companies, organizations and individualsConsidered good 33,850,928 30,926,939Considered doubtful 1,302,541 1,302,541

35,153,469 32,229,480Less: Provision against doubtful loans 768,939 768,939

34,384,530 31,460,541

11. SHORT TERM PLACEMENTS

Repurchase agreement lendings (Reverse Repo) 7,022,877 7,022,877Placement with First Fidelity Leasing Modaraba 1,000,000 1,000,000TDR 5,000,000 10,000,000

13,022,877 18,022,877Less: Provision against doubtful lending 7,022,877 7,022,877

6,000,000 11,000,000

12. SHORT TERM INVESTMENTS

Un-quotedTRICON Developers Limited

Nil (2014: 112,900,548) fully paid ordinary sharesof Rs. 10 each. Equity held nil (2014: 50.11%) 12.1 - 1,129,005,480

12.1 Investment in shares of M/s Tricon Developers Limited "TDL" was acquired against Sub-Ordinated Loan of Mr. Asif kamal to strengthen the equity of the company. TDL and TIBL through their respective Board of Directors' Meetings held on June 30, 2015 have agreed to derecognise the investment of TIBL because the break-up value of shares of TDL has dropped to Rs. 2.51/- based on un-audited financial statements as at June 30, 2014 duly initialed by auditors. Registrar of companies has not yet approved the issuance of shares and TIBL is not willing to carry on this loan any longer neither has intentions to issue shares against TDL investment.

Un-auditedMarch 31,

2016Rupees

AuditedJune 30,

2015RupeesNote



Un-auditedMarch 31,

2016Rupees


2015Rupees

13. OTHER RECEIVABLES

Receivable from broker - considered doubtful 12,614,432 14,614,432Miscellaneous receivables from lessees - Considered doubtful 388,354,862 380,501,827Other receivables


76,778,748 82,938,743477,748,042 478,055,002

Less: Provision for doubtful receivables 373,209,194 373,209,194104,538,848 104,845,808

14. CASH AND BANK BALANCES

Cash in hand 153,945 429,766Cash with banks in:

Current accounts 317,352 331,590Deposit accounts 4,133,045 5,722,214

4,450,397 6,053,8044,604,342 6,483,570

15. LONG TERM FINANCING - SUBORDINATED LOAN

Long term financing-subordinated loan 15.1 2,788,220,472 2,788,220,472

15.1. Particulars of subordinated loan

Loan from:Director-Asif Kamal 716,350,637 716,350,637Director-Mamoon -ur- Rasheed 74,919,835 74,919,835Director-Asad Kazmi 1,996,950,000 1,996,950,000

2,788,220,472 2,788,220,472

16. LONG TERM FINANCING - OTHERS

Banking companies and other financial institutions-Secured 16.1 - -Banking companies and other financial institutions-Unsecured 16.2 - -Term finance certificates (TFC)-Secured 16.3 - -

- -

16.1. Banking companies and other financial Institutions-Secured


- -

Un-auditedMarch 31,

2016Rupees

AuditedJune 30,

2015RupeesNote



16.2 Banking companies and other financial Institutions-Unsecured


- -

16.3 Term finance certificates (TFC)-Secured

TFC III 221,212,730 221,212,730Less: Unamortized portion of the initial transaction cost - -


- -

17. LONG TERM MORABAHA

Long term morabaha 15,500,000 15,500,000Less: Current portion shown under current liabilities 22 15,500,000 15,500,000

- -

18. LONG TERM CERTIFICATES OF INVESTMENT

- CorporateSecured 22,371,263 22,371,263Unsecured 161,995,179 163,295,179


1,162,500 1,562,500

19. LONG TERM DEPOSITS

Margin against letters of guarantee 142,886,698 137,176,220Less: Current portion shown under current liabilities 22 135,031,395 101,938,996

7,855,303 35,237,224

Deposits against lease arrangements 275,616,496 293,005,569Less: Current portion shown under current liabilities 22 275,616,496 293,005,569

- -7,855,303 35,237,224

20. SHORT TERM BORROWINGS

Banking companies and other financial institutions:Running finances - secured 39,413,532 39,413,532

Un-auditedMarch 31,

2016Rupees

AuditedJune 30,

2015RupeesNote



21. SHORT TERM CERTIFICATES OF INVESTMENT

- Financial institutions 10,350,006 10,350,006 - Corporate 950,242,392 1,003,875,642 - Individuals 21,550,815 22,750,815

982,143,213 1,036,976,463

21.1. These represent unsecured short term certificates of investment for a period of one months to one year. These carry mark-up rate ranging from 0% to 18.75% (2014: 0% to 18.75%) per annum.

22. CURRENT MATURITIES OF NON CURRENT LIABILITIES

Long term financing from banking companies & financialinstitutions

Secured 16.1 875,822,832 878,359,773Unsecured 16.2 17,251,959 17,251,959

Term finance certificates-Secured 16.3 221,212,730 221,212,730Long term morabaha 17 15,500,000 15,500,000Certificates of investment 18 183,203,942 184,103,942Long term deposits 19 410,647,891 394,944,565

1,723,639,354 1,711,372,969

23. TRADE AND OTHER PAYABLES

Unclaimed dividend 3,092,624 3,092,624Preference dividend payable 58,023,276 58,023,278Accrued liabilities 8,259,089 16,628,162Other liabilities 78,868,775 97,675,340

148,243,764 175,419,404

24. CONTINGENCIES AND COMMITMENTS

24.1. Contingencies

(a) The Company has issued guarantees to various parties on behalf of clients amounting to Rs. 660.74 million (30th June 2015: Rs. 879.162 million).

(b) The Company has filed recovery suits amount to Rs. 1,439.3 million (30th June 2015: Rs. 2,195.42 million). Prima facie the Bank has good arguable cases, the financial impact of the same has been accounted for in these financial statements.

(c) The company has not provided for mark-up of Rs. 889.449 in preceding year and Rs. 95.88 million during the year on financing from banking companies & other financial institutions, term finance certificates, preference shares, certificates of Investment, long term morabaha and on running finance in these financial statements due to pending litigations. Had the markup been provided net profit for the year would have been decreased by Rs. 985.329 million, mark up payable and accumulated losses would have been increased by Rs. 985.329 million;

24.2. Commitments

24.2.1 There exists no commitment as at balance sheet date.

Un-auditedDecember 31,

2015Rupees

AuditedJune 30,

2015RupeesNote



25. PROVISION FOR TAXATION

Current taxFor the year 138,131 942,338 - -Deferred - - - -

138,131 942,338 - -

26. EARNINGS / (LOSS) PER SHARE

26.1. Earnings / (loss) per share - basic




26.2. Earnings / (loss) per share - diluted




27. CASH AND EQUIVALENTS

Cash and bank balances 4,604,342 6,483,570Short term running finance (39,413,532) (39,413,532)

(34,809,190) (32,929,962)

March 31 March 312016

Rupees2015

Rupees2016

Rupees2015

Rupees

Half year ended Quarter ended

Un-auditedMarch 31,

2016Rupees

AuditedJune 30,

2015Rupees




28. FUNDAMENTAL ERROR

During previous financial year, the company redeemed its preference shares to KASB Income Opportunity Fund (KIOF) of Rs. 70 million with the offer to sale/transfer of Dewan Pre-IPO TFC'c worth Rs. 50 million and Tricon's unlisted shares of Rs. 20 million. This offer was duly accepted by KASB Income Opportunity Fund (KIOF). However, Trust Investment Bank Limited could not obtained necessary approvals from Securities and Exchange Commission of Pakistan (SECP) for the said transaction. During current financial period, after mutual consent of parties, this transaction is reversed back to reflect the original state in accordance with IAS 8 "Accounting Policies, Changes in accounting Estimates and Errors". Previously these investment amounts were taken in "other receivables". The effect of this restatement has been re-summarized below:

Effect on balance sheet Effect on 30 June 2015

Increase in equity 70,000,000

Increase in current assets 70,000,000

Effect on profit and loss account Nil

29. DATE OF AUTHORIZATION

These financial statements were authorized for issue on April 29, 2015 by the Board of Directors.

Head Office:6th Floor, M.M. Tower, 28-A/K, Gulberg II, Lahore, Pakistan.Tel: +92-42-3581 7601-5 Fax: +92-42-3581 7600Email: [email protected] Website: www.trustbank.com.pk

For the nine months ended March 31, 2016

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Transcript of For the nine months ended March 31, 2016