Citibank, N.A. - Pakistan Branches - State Bank Of Pakistan
Citibank, N.A. - Pakistan Branches(Incorporated in the U.S.A. the liability of members being limited)Balance SheetAs at 31 December 2006NoteASSETSCash and balances with treasury banksBalances with other banksLendings to financial institutionsInvestmentsAdvancesOperating fixed assetsDeferred tax assets - netOther assetsLIABILITIESBills payableBorrowingsDeposits and other accountsSub-ordinated loansLiabilities against assets subject to finance leaseDeferred tax liabilitiesOther 71018NET ASSETSREPRESENTED BYHead office capital accountReservesUnremitted profit20062005(Rupees in '000)19Deficit on revaluation of securities20CONTINGENCIES AND 0The annexed notes from 1 to 43 form an integral part of these financial statements.Zubyr SoomroChief ExecutiveAhsan AkhtarChief Financial Officer
Citibank, N.A. - Pakistan Branches(Incorporated in the U.S.A. the liability of members being limited)Profit and Loss AccountFor the year ended 31 December 2006Note20062005(Rupees in ‘000)Mark-up/Return/Interest EarnedMark-up/Return/Interest Expensed2324Net Mark-up/ Interest IncomeProvision against non-performing loans and advances - netProvision for diminution in the value of investmentsBad debts written off directly10.39.310.4.1Net Mark-up/ Interest Income after ON MARK-UP/INTEREST INCOMEFee, Commission and Brokerage IncomeDividend incomeIncome from dealing in foreign currenciesGain on sale of zed gain on revaluation of investments classifiedas held for tradingOther 0Total non-mark-up/Interest IncomeNON MARK-UP/INTEREST EXPENSESAdministrative expenses(Reversal) / Provision for diminution in the value of non-banking assets - net2713.2Operating fixed assets written offOther charges28Total non-mark-up/Interest expensesExtra ordinary/unusual itemsPROFIT BEFORE TAXATIONTaxation - Current- Prior years- Deferred29PROFIT AFTER ,508,254The annexed notes from 1 to 43 form an integral part of these financial statements.Zubyr SoomroChief ExecutiveAhsan AkhtarChief Financial Officer
Citibank, N.A. - Pakistan Branches(Incorporated in the U.S.A. the liability of members being limited)Statement of Changes in EquityFor the year ended 31 December 2006Head -------------------(Rupees in '000)----------------------------Balance at 1 January 20053,722,4322,450,2716,172,703Profit for the year ended 31 December 2005-1,508,2541,508,254Remittances made to head office-(1,950,756)(1,950,756)Exchange adjustments on revaluation of capitalBalance at 31 December 2005-20,5163,742,94820,5162,007,7695,750,717Profit for the year ended 31 December 2006-1,645,2741,645,274Remittances made to head office-(1,378,212)(1,378,212)Exchange adjustments on revaluation of capitalBalance at 31 December 2006-51,2963,794,2442,274,83151,2966,069,075The annexed notes from 1 to 43 form an integral part of these financial statements.Zubyr SoomroChief ExecutiveAhsan AkhtarChief Financial Officer
Citibank, N.A. - Pakistan Branches(Incorporated in the U.S.A. the liability of members being limited)Cash Flow StatementFor the year ended 31 December 2006NoteCASH FLOW FROM OPERATING ACTIVITIESProfit before taxationLess: Dividend income20062005(Rupees in 811)Contribution to gratuity fundIncome tax paidNet cash flow from operating 15)(78,389)11,242,858CASH FLOW FROM INVESTING ACTIVITIESNet investments in available-for-sale securitiesDividend incomeInvestments in operating fixed assetsSale proceeds from disposal of property and equipmentNet cash flow used in investing 415)(16,841,195)(188,543)20,060(17,009,678)CASH FLOW FROM FINANCING ACTIVITIESPayments of lease obligationsRemittances made to head officeNet cash flow used in financing epreciationAmortizationProvision for diminution in the value of investmentsProvision against non-performing advances - net(Reversal) / provision for diminution in the value of non-banking assets-netUnrealized gain on revaluation of held for trading investmentsBad debts written off directlyCharge for defined benefit planGain on sale of fixed assetsLease rentalsOperating fixed assets written off(Increase) / Decrease in operating assetsLendings to financial institutionsHeld-for-trading securitiesAdvancesOthers assets (excluding advance taxation)Increase / (Decrease) in operating liabilitiesBills payableBorrowingsDeposits and other accountsOther liabilities (excluding current taxation and payable to defined benefit plan)Effects of exchange rate changes on cash and cash equivalents(Decrease) in cash and cash equivalentsCash and cash equivalents at beginning of the yearCash and cash equivalents at end of the year3131The annexed notes from 1 to 43 form an integral part of these financial statements.Zubyr SoomroChief ExecutiveAhsan AkhtarChief Financial Officer
Citibank, N.A. - Pakistan Branches(Incorporated in the U.S.A. the liability of members being limited)Notes to the Financial StatementsFor the year ended 31 December 20061.STATUS AND NATURE OF BUSINESSCitibank, N.A. - Pakistan Branches (the bank) operates as a branch of a foreign entity. Citibank,N.A., is incorporated and domiciled in the U.S.A., and is a member of Citigroup, which is theultimate holding company of the bank.The bank is engaged in banking activities permissible under the Banking Companies Ordinance,1962. Its registered office is at State Life Building No.1, I.I. Chundrigar Road, Karachi and presentlyoperates through 18 branches (2005: 10 branches) in Pakistan.2.BASIS OF PRESENTATIONIn accordance with the directives of the Federal Government regarding the shifting of the bankingsystem to Islamic modes, the State Bank of Pakistan has issued various circulars from time to time.Permissible forms of trade related modes of financing including purchasing of goods by banks fromtheir customers and immediate resale to them at appropriate mark-up in price on deferred paymentbasis. The purchase and sale arising under these arrangements are not reflected in these financialstatements as such but are restricted to the amount of facility actually utilized and appropriate portionof mark-up there on.3.STATEMENT OF COMPLIANCEThese financial statements have been prepared in accordance with approved accounting standardsas applicable in Pakistan and the requirements of the Companies Ordinance, 1984 and the BankingCompanies Ordinance, 1962. Approved accounting standards comprise of such InternationalFinancial Reporting Standards (IFRSs) as notified under the provisions of the Companies Ordinance,1984. Wherever the requirements of the Companies Ordinance, 1984, Banking CompaniesOrdinance, 1962 or directives issued by the Securities and Exchange Commission of Pakistan andthe State Bank of Pakistan (SBP) differ with requirements of these standards, the requirements ofthe Companies Ordinance, 1984, Banking Companies Ordinance, 1962 or the requirements of thesaid directives take precedence.The State Bank of Pakistan has deferred the applicability of International Accounting Standard 39Financial instruments : Recognition and Measurement (IAS 39) and International AccountingStandard 40 - Investment Property (IAS 40) through BSD Circular No. 10 dated 26 August 2002.Accordingly, the requirements of these standards have not been considered in preparation of thesefinancial statements. However, investments have been classified and valued in accordance with therequirements prescribed by the SBP through various circulars.4.BASIS OF MEASUREMENTThese financial statements have been prepared under the historical cost convention as modified byrevaluation of investments and derivative financial instruments which are stated at their fair values.
4.1Use of accounting estimates and judgementsThe preparation of financial statements in conformity with approved accounting standards requiresmanagement to make estimates and assumptions that affect the reported amounts of assets andliabilities, income and expenses. It also requires management to exercise judgement in application ofits accounting policies. The estimates and associated assumptions are based on historical experienceand various other factors that are believed to be reasonable under the circumstances. Theseestimates and assumptions are reviewed on an ongoing basis. Revisions to accounting estimates arerecognised in the period in which the estimate is revised if the revision affects only that period, or inthe period of revision and future periods if the revision affects both current and future periods.Significant accounting estimates and areas where judgements were made by the management in theapplication of accounting policies are disclosed in note 42 to these financial statements.4.2Functional currency and presentation currencyThese financial statements are presented in Pakistan Rupees which is the bank's functional andpresentation currency. All financial information presented in Pakistan Rupees have been rounded tonearest thousand.5.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESThe principal accounting policies applied in the preparation of these financial statements are set outbelow. These policies have been consistently applied to all years presented.5.1Cash and cash equivalentsCash and cash equivalents for the purpose of cash flow statement represent cash and balances withtreasury banks, balances with other banks and overdrawn nostro accounts.5.2Lendings to / Borrowings from financial institutionsAssets sold with a simultaneous commitment to repurchase at a specified future date (repos)continue to be recognized in the balance sheet and are measured in accordance with the accountingpolicies for investment securities. The counterparty liability for amounts received under theseagreements is included in borrowings from financial institutions. The difference between sale andrepurchase price is recognised over the period of transaction as mark-up / return / interest expenseusing the effective interest method.Assets purchased with a corresponding commitment to resell at a specified future date (reverserepos) are not recognized as investments in the balance sheet. Amounts paid under theseagreements are included in lendings to financial institutions. The difference between purchase andresale price is recognised over the period of transaction as mark-up / return / interest using theeffective interest method.Securities borrowed are not recognised in the financial statements, unless these are sold to thirdparties, in which case the purchase and sale are recorded with gain or loss included in tradingincome. The obligation to return them is recorded at fair value as a trading liability underborrowings from financial institutions.5.3InvestmentsThe bank classifies its investments as follows:(a) Held for tradingThese are securities, which are either acquired for generating a profit from short-term
fluctuation in market prices, interest rate movements, dealers margin or are securities includedin a portfolio in which a pattern of short-term profit making exists.
(b) Held to maturityThese are securities with fixed or determinable payments and fixed maturity in respect ofwhich the bank has the positive intent and ability to hold them till maturity.(c) Available for saleThese are investments that do not fall under the held for trading or held to maturity categories.In accordance with the requirements of the State Bank of Pakistan, quoted securities other thanthose classified under held to maturity portfolio are stated at fair value. Held to maturity securitiesare carried at amortised cost.The difference between the face value and purchase price is amortised over the remaining life ofthe investment using effective yield method, in order to determine amortised cost.The surplus / deficit arising on quoted securities classified as available for sale is kept in a separateaccount shown in the balance sheet below equity. Surplus / deficit arising on revaluation of thebank's held for trading investment portfolio is taken to the profit and loss account.Investment in unquoted equity securities are stated at cost less impairment. Provision for impairmentin value, if any, is taken to income currently.Profit and loss on disposal of investments is included in income currently.All purchases and sales of investments that require delivery within the time frame established byregulation or market convention are recognised using trade date method of accounting.5.4AdvancesAdvances are stated net of general and specific provision.Provisions for non-performing advances (and relevant mark-up) are made in accordance with therequirements of Prudential Regulations issued by the State Bank of Pakistan.Corporate advances are written off when there is no realistic prospect of recovery. Consumeradvances are generally written off not later than a pre-determined number of days past due,primarily on a contractual basis, or when warranted.5.5Operating fixed assetsTangibleFixed assets are carried at cost less accumulated depreciation and impairment losses, if any. Thecost of fixed assets is depreciated over the useful lives of the related assets using the straight linemethod at the rates specified in note 11.2Residual values, useful lives and depreciation methods are reviewed and adjusted, if required, at eachbalance sheet date.Repairs and maintenance are charged to income as and when incurred. Renewals and improvementsare capitalized.
Gains and losses on disposal of fixed assets are included in income currently.Capital work in progress is stated at cost.IntangibleIntangible assets are carried at cost less accumulated amortization and impairment losses, if any.The cost of the intangible assets is amortized over the useful lives of the related assets using thestraight line method.5.6ImpairmentThe carrying amount of assets are reviewed at each balance sheet date for impairment or wheneverevents or changes in circumstances indicate that the carrying amounts of the assets may not berecoverable. If such indication exists, and where the carrying value exceeds the estimatedrecoverable amount, assets are written down to their recoverable amount. The resulting impairmentloss is taken to the profit and loss account.5.7TaxationIncome tax expense comprises of current and deferred tax and is recognised in profit and lossaccount except to the extent that it relates to items which are directly recognised in equity, for allsuch cases, the relating income tax is also directly recognised in equity.CurrentProvision for current taxation is based on taxable income at the current rates of taxation after takinginto account tax credits available, if any. The charge for current tax also includes adjustments,where considered necessary relating to prior years, which arises from assessments / developmentsmade during the year.DeferredDeferred tax is recognised using balance sheet liability method on all temporary differencesbetween the amounts attributed to assets and liabilities for financial reporting purposes and amountsused for taxation purposes. Deferred tax is calculated at the rates that are expected to apply to theperiod when the differences are expected to reverse, based on tax rates that have been enacted orsubstantively enacted at the balance sheet date.Deferred tax assets are recognised only to the extent that it is probable that future taxable profitswill be available against which the assets can be utilised.The carrying amount of deferred tax asset is reviewed at each balance sheet date and reduced tothe extent that it is no longer probable that sufficient taxable profits will be available to allow all orpart of the deferred tax asset to be utilised.5.8ProvisionsProvisions are recognized when the bank has a legal or constructive obligation as a result of pastevents, it is probable that an outflow of resources will be required to settle the obligation and reliableestimate of the amount can be made. Provisions are reviewed at each balance sheet date and areadjusted to reflect the current best estimates.
Provision for guarantee claims and other off balance sheet obligations are recognised whenintimated and reasonable certainty exists for the bank to settle the obligation. Charge to profit andloss account is stated net of expected recoveries.5.9Staff retirement benefitsDefined benefit planThe bank operates an approved funded gratuity scheme for all its permanent employees. Expensesrelating to the scheme are recognized and contributions to the fund are made based on actuarialrecommendations.A portion of actuarial gains and losses is recognised over the expected average remaining workinglives of employees if the net cumulative unrecognised actuarial gains and losses at the end ofprevious reporting period exceed the "corridor" defined as greater of:(a) 10% of the present value of the defined benefit obligation at that date (before deducting planassets), and(b) 10% of the fair values of any plan assets at that date.The most recent actuarial valuation was carried out as at 31 December 2006 using the ProjectedUnit Credit Actuarial Cost method.Defined contribution planThe bank also operates an approved provident fund for all its permanent employees. Equal monthlycontributions to the fund are made both by the bank and its employees.5.10Revenue recognitionMark-up / return / interest on advances and investments is recognized on an accrual basis usingeffective interest method, except in the case of non-performing advances where income isrecognised on receipt basis in compliance with the Prudential Regulations issued by the State Bankof Pakistan. Fee and commission are recognised as and when services are performed.Dividend income is recognised when the bank's right to receive the benefit has been established.5.11Derivative financial instrumentsDerivative financial instruments are initially recognized at fair value on the date on which thederivative contract is entered into and are subsequently remeasured at fair value. All derivativefinancial instruments are carried as assets when fair value is positive and liabilities when fair valueis negative. Any change in the fair value of derivative financial instruments is taken to profit andloss account.5.12Foreign currenciesForeign currency transactions are recorded at the rates prevailing on the transaction date. Monetaryassets and liabilities in foreign currencies are revalued daily into rupees using spot exchange ratespublished by the State Bank of Pakistan. The fair value of forward foreign exchange instruments isequivalent to their unrealized gain or loss from marking to market the instrument using forward ratesapplicable to their respective remaining maturities. Exchange gains and losses are included in incomecurrently, except for gain or loss arising on revaluation of capital account which is taken to equity.
5.13Segment ReportingA segment is a distinguishable component of the bank that is engaged either in providing product orservices (business segment), or in providing products or services within a particular economicenvironment (geographical segment), which is subject to risk and rewards that are different fromthose of other segments. The operations of the bank are currently based in Pakistan, thereforegeographical segment is not relevant.Business SegmentsTrading and SalesIt includes fixed income, foreign exchange, funding, own position securities, lending, borrowing andderivatives.Retail BankingIt includes retail lending, deposits, banking services and credit card business.Corporate BankingCorporate banking includes syndicated financing and services provided in connection with merger andacquisitions, project finance, export finance, trade finance, short-term and long-term lending, billdiscounting and negotiation, letter of credit, acceptances, guarantees and deposits.5.14OffsettingFinancial assets and financial liabilities are offset and the net amount reported in the balance sheetonly when there is a legally enforceable right to set off the recognized amounts and the bank intendsto either settle on a net basis, or to realize the asset and settle the liability simultaneously.5.15Assets acquired in satisfaction of claimsThe bank occasionally acquires vehicles and other assets in settlement of certain advances. Theseare stated at the lower of related advances and the current fair value of such assets. Gains or losseson disposal and unrealized losses on revaluation are recognized in income currently.5.16AcceptancesAcceptances comprise undertakings by the bank to pay bills of exchange drawn on customers. Thebank expects most acceptances to be simultaneously settled with the reimbursement from thecustomers. Acceptances are accounted for as off balance sheet transactions and are disclosed ascontingent liabilities and commitments.
6.CASH AND BALANCES WITHTREASURY BANKSNoteIn handLocal currencyForeign currenciesWith State Bank of Pakistan inLocal currency current accountForeign currency current accountForeign currency deposit accountsCapital with State Bank of PakistanCash reserve account - non-remunerativeSpecial cash reserve account - remunerative20062005(Rupees in 01,134,5665,150,8475,881,93435,3188,383,9476.2With National Bank of Pakistan inLocal currency current account6.1This represents current account maintained with State Bank of Pakistan under the requirementsof section 22 of the Banking Companies Ordinance, 1962.6.2This represents special cash reserve maintained against foreign currency deposits mobilised underFE 25 Circular issued by the State Bank of Pakistan and is remunerated at the rate declared by theState Bank of Pakistan on a monthly basis.Note7.BALANCES WITH OTHER BANKSIn PakistanIn current accountsOutside PakistanIn current accountsIn deposit accounts7.17.220062005(Rupees in 67,600645,5812,975,916729,1867.1This includes balance of Rs. 460.399 million (2005: Rs. 277.589 million) held with branches ofCitibank, N.A. outside Pakistan.7.2This represent amounts placed with a branch of Citibank, N.A. outside Pakistan carrying mark-up at5.17% (2005: 3%) per annum having maturity period of upto one month.
8.LENDINGS TO FINANCIAL INSTITUTIONSNoteCall money lendingsRepurchase agreement lendings (Reverse Repos)8.18.2 & 8.420062005(Rupees in 1These carry mark-up at rates ranging from 10% to 10.05% per annum having maturity period of upto one month.8.2These carry mark-up at rates ranging from 8.6% to 9.95% (2005: 7.75% to 8.15% ) per annum having maturity periodof upto three months.8.3Particulars of lendings to financial institutionsIn local currency8.43,831,0054,796,504Securities held as collateral against lendings to financial institutionsNote20062005TotalHeld byFurtherTotalFurtherbankgiven asgiven -------(Rupees in '000)-----------------------------------Held bybank464,106850,0571,314,163Market Treasury BillsPakistan Investment Bonds9.INVESTMENTS9.1Investments by 6,3721,300,1324,796,50420062005TotalHeld byGiven asTotalHeld byGiven ---------------(Rupees in rading 9,909,1499.43,8683424,2108,543Market Treasury BillsPakistan Investment Bonds-2,218,5192,218,519Available-for-sale securitiesMarket Treasury BillsPakistan Investment BondsUnlisted sharesInvestments at costLess: Provision for Diminution invalue of InvestmentsInvestments - (net of provisions)Surplus on revaluation ofHeld-for-trading securities-8,543(Deficit) / surplus on revaluation ofavailable-for-sale securitiesTotal investments at market 19,845,100
9.2Investments by segmentsFederal Government Securities:Market Treasury BillsPakistan Investment BondsNote9.59.6 & 9.720062005(Rupees in 74119,859,14950,00050,0002,0002,000Fully Paid up Ordinary Shares:Unlisted companiesKhushhali Bank50 (2005: 50) fully paid-up ordinary sharesof Rs.1,000,000/- eachChief Executive - Mr. Ghalib NishtarArabian Sea Country Club200,000 (2005: 200,000) fully paid-up ordinaryshares of Rs.10/- eachChief Executive - Mr. Arif Ali Khan AbbasiInvestment Corporation of PakistanNil (2005: 7,935) fully paid-up ordinaryshares of Rs.100/- eachChief Executive - Mr. Abdul Latif Uqaili-Total investments at costLess: Provision for diminution in value of investmentsInvestments - (net of provisions)Surplus on revaluation of held-for-trading securitiesDeficit on revaluation of available-for-sale securitiesTotal investments at market 0002,5083,8983124,2108,5438,543Particulars of provision for diminution in thevalue of investments by type and segmentUnlisted shares - available-for-sale investments9.49.42052,000Particulars of provision for diminution in thevalue of investmentsOpening balanceCharge for the yearTransferClosing Balance9.3.19.3508Unrealized gain on revaluation of investmentsclassified as held for tradingMarket Treasury BillsPakistan Investment Bonds
9.5Market Treasury Bills are for a period up to one year with yields ranging from 8.46% to 9.00%(2005: 7.24% to 8.79%) per annum.9.6Investments include Pakistan Investment Bonds having face value of Rs. 25 million (2005: Rs. 25 million)deposited with the State Bank of Pakistan against TT / discounting facility granted by them.9.7Pakistan Investment Bonds are for a period of three, five, ten, fifteen and twenty years with yieldsranging from 6.75% to 14.0% (2005: 6.75% to 11.9%) per annum.9.8Quality of Available for Sale Securities2006Amount(Rupees in'000)2005RatingAmount(Rupees in'000)RatingFederal Government Securities(at market value)Market Treasury BillsPakistan Investment 2,947,11117,568,038N/AN/AUnlisted companies (at cost)Khushhali BankArabian Sea Country ClubInvestment Corporation of Pakistan50,000 A-(L), A-1(S)2,000N/AN/A52,00050,0002,00050852,508A-(L), A-1(S)N/AN/AL - represents long term ratingS - represents short term rating10.ADVANCES20052006(Rupees in '000)Loans, cash credits, running finances, etc.In 548)51,289,27139,163,33910.1.1 In local currencyIn foreign ,913,73640,309,88710.1.2 Short Term ( for upto one year)Long Term ( for over one 9,28840,309,887Bills discounted and purchased (excluding Market Treasury Bills)Payable in PakistanPayable outside PakistanAdvances - grossProvision for non-performing advancesSpecificGeneral10.3Advances - net of provision10.1Particulars of advances (gross)
10.2Advances include Rs. 571.395 million (2005: Rs 618.611 million) which have been placed under non-performingstatus as detailed below:20062005Classified nces required *heldadvancesrequired *held------------------------------(Rupees in '000)----------------------------Category of 337593,64883,9386,373503,337593,648* Adjusted for any amounts of liquid assets without recourse to a court of law and discounted forced sale valuesof mortgaged / pledged properties as valued by professional valuers.10.3Particulars of provision against non-performing advancesNoteSpecificOpening balanceCharge for the yearAmounts written offReversalsClosing --------------------------(
Citibank, N.A. - Pakistan Branches (the bank) operates as a branch of a foreign entity. Citibank, N.A., is incorporated and domiciled in the U.S.A., and is a member of Citigroup, which is the ultimate holding company of the bank. The bank is engaged in banking activities
Citibank Global Consumer Banking Singapore Contents Deposit Accounts 2 Citibank ATM/Debit Card 3 Account Service Fees 4 Cheque Charges 5 Foreign Currency Notes Services 6 Remittances 6 Standing Instructions and GIRO 7 Traveller’s Cheques 7 VISA, MasterCard and American Express 8 Citibank Ready Credit 11 Mortgage 12 Citibank Brokerage 12
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