NRSP MICROFINANCE BANK LIMITED

BALANCE SHEET
AS AT SEPTEMBER 30, 2022 Un-Audited Audited

Sep-22 Dec-21
Note ------------------ Rupees ------------------
ASSETS
Cash and balances with SBP and NBP 1 1,647,210,510 2,611,549,980
Balances with other Banks/ NBFIs /MFBs 2 1,818,879,313 6,806,536,615
Lending to financial institutions - -
Investments - net of provisions 4 2,685,275,331 6,782,215,699
Advances - net of provision 5 30,200,943,448 27,178,816,014
Operating fixed assets 6 1,317,478,667 1,340,988,129
Other assets 7 2,850,973,435 5,435,818,551
Deferred tax asset - net 2,426,928,909 1,224,789,867
Total Assets 42,947,689,614 51,380,714,854

LIABILITIES
Deposits and other accounts 8 29,086,078,535 34,126,738,257
Borrowings 9 5,739,800,822 6,935,832,100
Subordinated debt 10 1,442,360,000 1,442,360,000
Other liabilities 11 4,930,396,270 4,596,811,462
Deferred tax liability - net - -
Total liabilities 41,198,635,626 47,101,741,819

Net assets 1,749,053,987 4,278,973,035

REPRESENTED BY

Share capital 12 1,498,372,010 1,498,372,010

Statutory reserve 815,766,515 815,766,515
Depositors' protection fund 294,718,879 269,646,194
Unappropriated profit / (loss) (862,333,331) 1,693,039,364
1,746,524,073 4,276,824,082

Surplus/ (deficit) on revaluation of assets 217,493 (2,638,100)

Deferred grants 13 2,312,422 4,787,054
Total capital 1,749,053,988 4,278,973,037

MEMORANDUM/ OFF-BALANCE SHEET ITEMS

The annexed notes fromform an integral part of these financial statements.

NRSP MICROFINANCE BANK LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED ON SEPTEMBER 30, 2022 Un-Audited Un-Audited

Sep-22 Sep-21
Note --------------- Rupees ---------------
Mark-up/ return/ interest earned 1,986,760,571 5,404,523,881
Mark-up/ return/ interest expensed (2,894,199,320) (2,896,327,737)
Net mark-up/ interest income (907,438,749) 2,508,196,144

Provision against non-performing loans and advances (1,708,176,451) (1,902,178,220)

Provision for demunition in the value of investments - -
Bad debts written off directly - net of insurance recoveries (15,596,675) (10,532,726)
(1,723,773,126) (1,912,710,945)
Net mark-up/ interest income after provisions (2,631,211,876) 595,485,198

NON MARK-UP/ NON INTEREST INCOME

Fee, commission and brokerage income 382,479,275 414,637,010
Dividend income - -
Other income - net 976,708,302 403,291,400
Total non mark-up/ non interest income 1,359,187,576 817,928,409

NON MARK-UP/ NON INTEREST EXPENSES

Administrative expenses (2,362,579,588) (2,336,704,388)
Other charges (4,615,174) (6,852,754)
Total non mark-up/ non interest expenses (2,367,194,762) (2,343,557,142)

(3,639,219,061) (930,143,534)
Extra ordinary/ unusual items - -

PROFIT/ (LOSS) BEFORE TAXATION (3,639,219,061) (930,143,534)

Taxation - Current 29 (70,395,634) (79,047,826)

Prior year (17,577,150) -
Deferred 1,201,921,549 57,159,895
1,113,948,766 (21,887,930)
PROFIT/ (LOSS) AFTER TAXATION (2,525,270,296) (952,031,465)

Unappropriated profit/ (loss) brought forward 1,693,039,367 2,929,766,106

Less: Other comprehensive income (30,102,399) (27,336,329)

Profit available for appropriation (862,333,327) 1,950,398,312

APPROPRIATIONS

Transfer to:
Statutory reserve - -
Depositors' protection fund - -
- -

Unappropriated profit/ (loss) carried forward (862,333,327) 1,950,398,312

Earnings/ (loss) per share 30 (16.85) (6.35)

The annexed notes fromform an integral part of these financial statements.

NRSP MICROFINANCE BANK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED ON SEPTEMBER 30, 2022

Capital reserves Revenue reserve

Depositors' Unappropriated
Share capital Statutory reserve Total
protection fund profit
--------------------------------------------- Rupees ---------------------------------------------
Balance as at January 01, 2021 1,498,372,010 815,766,515 253,792,881 2,929,766,103 5,497,697,509
Profit for the year - - - (952,031,465) (952,031,465)
Other comprehensive income/ (loss) for the year - - - (27,336,329) (27,336,329)
Total comprehensive income for the year - - - (979,367,794) (979,367,794)
Transfer to statutory reserve - - - - -
Transfer to depositors' protection fund:
- 5% of the profit after tax for the year - - - - -
- Return on investments - net of tax - - 11,446,851 - 11,446,851
- - 11,446,851 - 11,446,851

Balance as at September 30, 2021 1,498,372,010 815,766,515 265,239,732 1,950,398,309 4,529,776,566

Profit for the year - - - (279,777,689) (279,777,689)

Other comprehensive income/ (loss) for the year - - - 22,418,744 22,418,744
Total comprehensive income for the year - - - (257,358,945) (257,358,945)
Transfer to statutory reserve - - - - -
Transfer to depositors' protection fund:
- 5% of the profit after tax for the year - - - - -
- Return on investments - net of tax - - 4,406,462 - 4,406,462
- - 4,406,462 - 4,406,462

Balance as at December 31, 2021 1,498,372,010 815,766,515 269,646,194 1,693,039,364 4,276,824,082

Profit for the year - - - (2,525,270,296) (2,525,270,296)

Other comprehensive income/ (loss) for the year - - - (30,102,399) (30,102,399)
Total comprehensive income for the year - - - (2,555,372,695) (2,555,372,695)
Transfer to statutory reserve - - - - -
Transfer to depositors' protection fund:
- 5% of the profit after tax for the year - - - - -
- Return on investments - net of tax - - 25,072,685 - 25,072,685
- - 25,072,685 - 25,072,685

Balance as at September 30, 2022 1,498,372,010 815,766,515 294,718,879 (862,333,331) 1,746,524,073

The annexed notes fromform an integral part of these financial statements.

NRSP MICROFINANCE BANK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED SEPTEMBER 30,2022 Un-Audited Un-Audited

Sep-22 Sep-21
Note --------------- Rupees ---------------
Profit/ (loss) after taxation (2,525,270,296) (952,031,465)

Other comprehensive income/ (loss)

Items that will not be subsequently reclassified through

profit and loss account :

Loss on remeasurement of employees' retirement

benefits - net of tax (30,102,399) (27,336,329)

Total comprehensive income for the year (2,555,372,695) (979,367,794)

The annexed notes fromform an integral part of these financial statements.

NRSP MICROFINANCE BANK LIMITED
CASH FLOW STATEMENT
FOR THE PERIOD ENDED ON SEPTEMBER 30, 2022 Un-Audited Un-Audited

Sep-22 Sep-21
Note --------------- Rupees ---------------

CASH FLOW FROM OPERATING ACTIVITIES

Profit / (Loss) before taxation (3,639,219,061) (930,143,534)

Less : Dividend income - -
(3,639,219,061) (930,143,534)

Adjustments for non-cash changes

Depreciation 106,577,813 126,777,172
Amortization (IFRS-16) 99,528,581 97,054,989
Amortization 31,572,094 41,233,982
Provision against non-performing advances 1,708,176,450 1,902,178,220
Provision against advances to employees - -
Advances directly written-off - net of insurance recoveries 15,596,675 10,532,726
Unrealized gain on revaluation of investments classified as held-for-trading - -
Gain on sale/ redemption of securities (323,064,363) (397,070,850)
Unrealized exchange (gain) / loss - (12,714,334)
Unrealized loss/ (gain) on derivative financial asset - 14,573,523
Gain on sale of fixed assets (130,279) 395,857
Loss on Termination of Leased Agreements (17,258) 3,536,171
Finance charges on leased assets 97,376,373 95,772,449
Amortization of deferred grants (3,433,649) (9,490,144)
Capital Gain on Available for Sale Securities 160,301 (122,463)
Provision for gratuity and leave encashment 86,518,595 117,786,301
1,818,861,334 1,990,443,598

(Increase)/ decrease in operating assets

Lending to financial institutions - 1,496,209,150
Advances (4,745,900,562) (2,074,470,545)
Other assets (excluding advance taxation) 2,588,889,329 177,127,973
(2,157,011,233) (401,133,422)

Increase/ (decrease) in operating liabilities

Bills payable (39,701,048) 193,382,386
Borrowings from financial institutions (1,196,031,278) 993,864,786
Deposits (5,040,659,723) (2,912,281,551)
Other liabiliteis (excluding bills payable, current taxation, gratuity and leave
encashment, finance lease) 427,944,091 114,749,803
(5,848,447,958) (1,610,284,577)

Payment against provision held against off- balance sheet obligations

Income tax paid (169,101,700) (174,535,941)
Gratuity and leave ensachment paid (including contributions) (88,127,936) (93,135,653)

Net cash flow from operating activities (10,083,046,554) (1,218,789,529)

CASH FLOW FROM INVESTING ACTIVITIES

Net investment in available-for-sale securities 2,851,112,239 1,998,559,413

Net investment in held-to-maturity securities 1,571,370,290 (315,266,154)
Net investment in held for trading securities - -
Investment in operating fixed assets (137,331,162) (47,275,885)
Interest income on depositors' protection fund 25,072,685 11,446,851
Dividend received from mutual funds - -
Sale proceeds from property and equipment disposed-off 558,127 529,463

Net cash flow from/ (used in) investing activities 4,310,782,179 1,647,993,688

CASH FLOW FROM FINANCING ACTIVITIES

Grants received 959,017 7,625,638

Net payments of lease obligations (180,691,422) (164,773,526)

Net cash flow from/ (used in) financing activities (179,732,404) (157,147,888)

Increase/ (decrease) in cash and cash equivalents (5,951,996,780) 272,056,271

Cash and cash equivalents at the beginning of the year 9,418,086,595 7,801,263,241

Cash and cash equivalents at the end of the year 31 3,466,089,823 8,073,319,508

The annexed notes fromform an integral part of these financial statements.

 Un-Audited Audited
Sep-22 Dec-21
Note --------------- Rupees ---------------
1 CASH AND BALANCES WITH SBP AND NBP
Cash in hand 521,587,875 653,818,533
Balance with State Bank of Pakistan 1.1 893,965,859 1,020,600,234
Balance with National Bank of Pakistan in
Current account 5,192,852 9,423,752
Deposit accounts 226,463,923 927,707,461

1,647,210,510 2,611,549,980

1.1 This represents balance maintained with SBP to comply with requirements of Prudential Regulations for Microfinance
Banks to maintain minimum cash reserve equivalent to not less than 5% (2021: 5%) of the Bank's demand deposits
and time deposits with tenor of less than one year.
Un-Audited Audited
Sep-22 Dec-21
Note --------------- Rupees ---------------
2 BALANCES WITH OTHER BANKS
In Pakistan
Local currency current accounts 2.1 45,946,870 31,471,011
Local currency deposit accounts 2.2 1,772,932,443 3,575,065,604
Local currency term deposits 2.3 - 3,200,000,000
1,818,879,313 6,806,536,615

2.1 These represent deposits with commercial banks and Islamic banks payable on demand maintained in current
account.

2.2 These represent deposits with commercial banks and Islamic banks payable on demand carrying mark-up/profit
ranging from 7.25% to 16.00% (2021: 6.70% to 14.00%) per annum.

2.3 Local currency term deposits amount is Nil in September 2022 (2021: Rs 3,200 million) (2021: 11.15% to 14.50% )

Un-Audited Audited
Sep-22 Dec-21
Note --------------- Rupees ---------------
3 LENDING TO FINANCIAL INSTITUTIONS

Call money lendings - -

Repurchase agreement lendings (Reverse repo) - -
- -

3.1 These are secured against underlying Market Treasury Bills. The differential between the contracted rate and resale
price is amortised over the period of related contracts and recorded under mark-up / return / interest earned. (2021:
nil)
3.2 Securities held as collateral against lending to financial institutions
Further given
Held by Bank as collateral Total
As At September 30, 2022
Market treasury bills (MTBs) - - -
As at December 31, 2021
Market treasury bills (MTBs) - - -

Un-Audited Audited
Sep-22 Dec-21
Note --------------- Rupees ---------------
4 INVESTMENTS - NET OF PROVISIONS
Held to maturity
Federal Government Securities
Market treasury bills (MTBs) 1,773,312,064 1,999,565,729
Ijarah Sukuks 311,963,268 304,338,170
2,085,275,331 2,303,903,899
Term Deposit Receipts (TDRs) 600,000,000 1,800,000,000
2,685,275,331 4,103,903,899
Available for sale
Federal Government Securities
Market treasury bills (MTBs) (217,493) 2,680,949,900
Deficit on revaluation of available for sale investments 217,493 (2,638,100)
- 2,678,311,800
Held for trading
Mutual funds 0 0
2,685,275,331 6,782,215,699
5 ADVANCES - NET OF PROVISION Un-Audited Audited
Note Sep-22 Dec-21
Loan type Number Rupees Number Rupees
Micro credit 259,641 24,615,405,520 296,643 23,647,176,395
Islamic financing 18,035 8,384,816,742 19,588 7,200,336,415
277,676 33,000,222,262 316,231 30,847,512,809
Less: Provision held
Specific 81,440 (2,566,760,990) 30,969 (1,332,725,416)
General
Mandatory (232,517,824) (244,306,672)
Additional - (2,091,664,707)
(2,799,278,814) (3,668,696,795)
Advances - net of provisions 30,200,943,448 27,178,816,014

5.1 Particulars of non performing loans

Advances include Rs 6,550.53 million (2021: 2,121.55 million) which as detailed below, have been placed under non performing status.
Un-Audited Audited
Sep-22 Dec-21

Category of Amount Provisions Provisions Amount Provisions Provisions

classification outstanding required held outstanding required held
-------------------------Rupees----------------------------- -------------------------Rupees-----------------------------
- -
OAEM 324,300,110 7,363,267 7,363,268 87,961,116
Sub-Standard 570,198,727 140,012,150 140,012,151 44,331,669 10,312,771 10,312,771
Doubtful 2,512,188,420 1,251,159,613 1,251,159,620 1,323,628,008 657,755,440 657,755,440
Loss 3,143,840,811 1,168,225,946 1,168,225,951 665,629,586 664,657,206 664,657,206

6,550,528,067 2,566,760,976 2,566,760,990 2,121,550,379 1,332,725,416 1,332,725,416

6 OPERATING FIXED ASSETS

Capital work-in-progress 8,136,348 8,300,582

Property and equipment 677,712,264 659,235,829
Right of use assets 597,250,725 619,063,594
Intangible assets 34,379,330 54,388,123
1,317,478,667 1,340,988,129
6.1 Capital work-in-progress

Civil works 947,155 3,293,042

ATM machines installation - -
Implementation of Oracle Softwares 7,189,193 5,007,540
8,136,348 8,300,582
6.2 Property and equipment

COST ACCUMULATED DEPRECIATION

Net Book Value Rate of
Particulars As At January As At September As At January Charge for As At September As At September depreciation
Additions Disposal Disposal
01,2022 30,2022 01,2022 the year 30,2022 30,2022 (%)

------------------------------------------------------------------------------------------------Rupees--------------------------------------------------------------------------------------------------
Owned assets

Freehold land 253,419,808 - - 253,419,808 - - - - 253,419,808 -

Furniture and fixtures 495,944,179 5,881,981 (326,850) 501,499,310 219,956,321 35,534,042 (167,084) 255,323,279 246,176,031 10

Office equipment 287,765,979 1,571,905 (389,523) 288,948,361 237,529,316 24,396,442 (367,192) 261,558,566 27,389,795 20

Computer equipment 422,946,799 116,673,544 (769,263) 538,851,080 385,168,551 29,704,221 (523,512) 414,349,260 124,501,819 33.33

Vehicles 95,833,354 814,700 - 96,648,054 65,430,316 10,233,386 - 75,663,702 20,984,352 20

1,555,910,119 124,942,130 (1,485,636) 1,679,366,613 908,084,504 99,868,092 (1,057,788) 1,006,894,808 672,471,805

Leased assets

Vehicles 116,651,367 540,475 - 117,191,842 105,241,153 6,710,230 - 111,951,383 5,240,459 20

1,672,561,486 125,482,605 (1,485,636) 1,796,558,455 1,013,325,657 106,578,322 (1,057,788) 1,118,846,191 677,712,264

COST ACCUMULATED DEPRECIATION

Net Book Value Rate of
Particulars As At January As At December As At January Charge for As At December As At December depreciation
Additions Disposal Disposal
01,2021 31,2021 01,2021 the year 31,2021 31,2021 (%)

------------------------------------------------------------------------------------------------Rupees--------------------------------------------------------------------------------------------------
Owned assets

Freehold land 253,419,808 - - 253,419,808 - - - - 253,419,808 -

Furniture and fixtures 483,633,260 14,567,087 (2,256,168) 495,944,179 173,107,304 50,496,143 (3,647,126) 219,956,321 275,987,858 10

Office equipment 287,065,023 4,006,868 (3,305,912) 287,765,979 198,362,590 42,867,844 (3,701,118) 237,529,316 50,236,663 20

Computer equipment 406,010,426 31,608,967 (14,672,594) 422,946,799 355,600,808 33,238,148 (3,670,405) 385,168,551 37,778,248 33.33

Vehicles 95,958,470 333,486 (458,602) 95,833,354 51,532,457 14,353,111 (455,252) 65,430,316 30,403,038 20

1,526,086,987 50,516,408 (20,693,276) 1,555,910,119 778,603,159 140,955,246 (11,473,901) 908,084,504 647,825,615

Leased assets

Vehicles 117,253,046 213,410 (815,089) 116,651,367 92,129,802 13,913,179 (801,828) 105,241,153 11,410,214 20

1,643,340,033 50,729,818 (21,508,365) 1,672,561,486 870,732,961 154,868,425 (12,275,729) 1,013,325,657 659,235,829

 Un-Audited Audited
6.2.3 Right of use assets Note Sep-22 Dec-21
---------------Rupees-----------------
Right of use assets - Initial Recognition under IFRS-16 619,063,594 774,557,328
Additions during the period 77,971,892 127,415,732
Deletions during the year (256,180) (151,641,718)
Depreciation charged during the period (99,528,581) (128,386,453)
Net book value at the end 597,250,725 619,063,594

6.3 Intangible assets

Computer softwares 34,379,330 54,388,123

6.3.1 Computer softwares

Cost
Opening balance 411,423,212 391,085,679
Additions during the year 11,563,301 20,337,533
Closing balance 422,986,513 411,423,212

Amortization
Opening balance (357,035,089) (302,979,981)
Charge for the year (31,572,094) (54,055,108)
Closing balance (388,607,183) (357,035,089)
Net book value 34,379,330 54,388,123

6.3.2 Amortization is charged on straight line basis at the rate of 33.33% per annum, starting from the month the asset is
available for use and no amortization is charged in month of disposal.

Un-Audited Audited
Sep-22 Dec-21
7 OTHER ASSETS Note ---------------Rupees-----------------
Income / mark-up accrued on
Loans and Advances 2,127,748,483 4,783,706,943
Bank deposits 75,162,746 33,178,862
Lending to financial institutions - -
Advances to employees
Personal advances - net of provision 99,061,741 129,977,627
Operational 26,321,093 1,339,505
Advances to suppliers 37,682,013 51,548,438
Prepayments 66,584,597 49,209,182
Income tax refundable (payments less provisions) - -
FED/Sales tax refundable 53,222,599 43,743,927
Insurance claims receivables 116,872,579 103,425,988
Crop and livestock insurance claims 87,882,904 124,789,123
Receivable from Employees' Provident Fund 353,994 -
Receivable from parent company 68,655 68,655
Others 160,012,033 114,830,301
2,850,973,435 5,435,818,551
Less : Provisions held against classified other assets - -
Other assets - net of provisions 2,850,973,435 5,435,818,551
 Un-Audited Audited
Sep-22 Dec-21
No of accounts Rupees No of accounts Rupees

8 DEPOSITS AND OTHER ACCOUNTS

Conventional
Current deposits 331,198 2,315,965,093 367,744 2,596,864,217
Saving deposits 742,039 7,497,694,159 785,532 8,375,368,196
Fixed deposits 4,266 13,563,690,127 5,203 16,600,064,137
1,077,503 23,377,349,378 1,158,479 27,572,296,550
Islamic
Current deposits 55,873 1,006,304,417 57,654 917,616,091
Saving deposits 19,769 1,915,569,880 21,036 2,270,588,018
Fixed deposits 2,716 2,786,854,859 3,196 3,366,237,599
78,358 5,708,729,156 81,886 6,554,441,707

1,155,861 29,086,078,535 1,240,365 34,126,738,257

Un-Audited Audited
Sep-22 Dec-21
Note ---------------Rupees-----------------
9 BORROWINGS
Borrowings from Banks / Financial Institutions
In Pakistan 5,739,800,822 6,935,832,100
Outside Pakistan - -
5,739,800,822 6,935,832,100
 Un-Audited Audited
Sep-22 # Dec-21
Note ---------------Rupees-----------------
10 SUBORDINATED DEBT
KfW - Germany 10.1 672,360,000 672,360,000
TFCs Subordinated Debt 10.2 770,000,000 770,000,000
1,442,360,000 1,442,360,000

10.1 The Bank entered into a loan agreement with KfW - Germany, shareholder of the Bank, on December 29, 2014 for an amount of
EURO 6 million. The loan is intended to be availed as TIER-II subordinated debt for inclusion in the Bank’s Supplementary
Capital. The amount was translated into local currency at the exchange rate of Rs.112.06 and sub-ordinated debt of Rs
672,360,000 was recorded in the financial statements. Loan carries interest at rate of KIBOR + 3.5% per annum. Principal amount
and interest is repayable in a bullet payment at the end of loan term by converting the principal and accrued markup into EUROs
at the exchange rate prevalent as at June 30, 2023. All foreign currency risks in connection with the transaction rest with the KfW.

10.2 This represents Rated, Unsecured, subordinated and privately placed Tier II Term Finance Certificates of worth Rs.100,000/-
each fully subscribed on July 09, 2021 to improve the Capital Adequacy Ratio at the rate of 3 Month KIBOR plus 3% per annum.
The issue is for a period of 7 years from the date of subscription and will mature on July 09, 2028. The issue has assigned
preliminary rating of single “A-” (Single “A minus”). The principal amount of issue TFC will be redeemed in four (4) equal quarterly
installments during the last year of the issue
Un-Audited Audited
Sep-22 # Dec-21
Note ---------------Rupees-----------------
11 OTHER LIABILITIES
Mark-up / return / interest payable on
Deposits and other accounts 846,281,583 860,878,751
Borrowings 751,692,043 523,089,286
Payable for employees' benefit plans
Employees' gratuity fund 28,527,241 18,112,194
Accumulated compensated absences 206,884,783 188,806,772
Provident Fund - 496,178
Payable to employees' - final settlement 3,797,245 581,951
Obligation under finance lease
Right-of-use asset 843,747,660 853,207,440
Company's vehicles (0) 2,041,269
Vehicles sub-leased to employees' - -
843,747,660 855,248,709
Payable to suppliers 26,971,387 21,345,322
Withholding tax payable 15,130,755 36,618,325
Income tax payable 177,230,934 227,393,608
Workers' Welfare Fund 37,017,442 32,781,268
Accrued expenses 87,675,916 84,708,594
Security deposits against Islamic financing 582,357,353 594,122,062
Payable to the parent company 141,238,201 134,112,799
Insurance payable 23,383,370 19,693,934
Unearned / deferred income on Islamic financing 692,985,792 528,030,712
Unearned / Deferred income on LPF ATM and SMS services 295,902,488 225,033,171
Bills payable 129,300,672 169,001,720
Others 40,271,405 76,756,107
4,930,396,270 4,596,811,462
12 SHARE CAPITAL

12.1 Authorized capital Un-Audited Audited

Sep-22 Dec-21 Sep-22 Dec-21

---------------Number----------------- ---------------Rupees-----------------

300,000,000 300,000,000 Ordinary shares of Rs. 10 each 3,000,000,000 3,000,000,000

12.2 Issued, subscribed and paid-up capital

Sep-22 Dec-21 Sep-22 Dec-21

---------------Number----------------- ---------------Rupees-----------------

Ordinary shares of Rs 10 each

149,837,201 149,837,201 fully paid in cash 1,498,372,010 1,498,372,010

12.3 The shareholders of the Bank are as follows:

Sep-22 Dec-21 Sep-22 Dec-21

---------------Number----------------- ---------------Rupees-----------------

85,999,550 77,999,550 NRSP 859,995,500 779,995,500

24,000,000 24,000,000 International Finance Corporation (IFC) 240,000,000 240,000,000
- 23,837,201 KfW Germany - 238,372,010
16,000,000 16,000,000 Acumen Fund USA 160,000,000 160,000,000
- 8,000,000 Acumen Capital Markets LLP - 80,000,000
23,837,201 - PROPARCO France 238,372,010 -
150 150 Mr. Shoaib Sultan 1,500 1,500
150 150 Mr. Fazalulllah Qureshi 1,500 1,500
150 150 Dr. Rashid Bajwa 1,500 1,500
149,837,201 149,837,201 1,498,372,010 1,498,372,010
 Un-Audited Audited
Sep-22 Dec-21
Note ---------------Rupees-----------------
13 DEFERRED GRANTS

Opening balance 4,787,054 12,384,504

Grants received from
SBP 13.1 870,600 2,390,890
KfW 13.2 - 3,294,561
Karandaz 13.3 - 7,500,000
870,600 13,185,451

Interest income 88,417 205,984

Amortization of grants during the year (3,433,649) (20,988,885)

2,312,422 4,787,054

13.1 This represents grant received from State Bank of Pakistan (SBP) under the Financial Innovation Challenge Fund (FICF) for
activities related to establishment of Islamic Banking.

13.2 This represents grant received under an agreement with KfW-Germany (a former shareholder of the Bank) through Economic
Affairs Division of Government of Pakistan for the purpose of institutional strengthening , to develop and strengthen its overall
strategy and planning process, internal procedures, banking functions, product offerings and staff capacities of the Bank.

13.3 This represents grant received from Karandaz Pakistan for financial inclusion of women at village level by introducing female
agents. The main purpose is to provide a new window of earning opportunity for women, while also fostering financial inclusion
and ecosystem development in accordance with relevant povisions of agreement.