Al- Arafaf Islami Bank

Unaudited Profit & Loss Account

For the Period Ended  June 30 ,2008

INCOME & EXPENDITURE

JUNE.-2008

JUNE.-2007

GROWTH

Taka

Taka

%

Investment Income

     1,662,607,141

     993,527,975

67.34%

Profit paid on Deposit and Borrowing

   (1,008,720,053)

   (789,966,577)

27.69%

Net Investment Income

     653,887,088

  203,561,398

221.22%

INCOME FROM COMMISSION,EXCHANGE & OTHERS

Commission, Exchange and Brokerage

        361,686,864

     281,718,309

28.39%

Income from Investment in Share /Securities

          26,493,001

                     -  

0.00%

Other operating Income

          46,494,726

       48,992,796

-5.10%

Total = (a + b)

     434,674,591

  330,711,105

31.44%

Total operating Income (A)

  1,088,561,679

  534,272,503

103.75%

Salary and allowances & Contribution to P.F

        209,112,318

     171,839,950

21.69%

Managing Director Salary  & Allowances

            2,400,000

         1,600,000

50.00%

Directors and Sharia Council fees & Expenses

            2,094,811

         2,852,231

-26.56%

Rents, Taxes, Insurance, Lighting etc.

          33,464,614

       31,807,762

5.21%

Postage, Telegram, Telephone & Stamps etc

            9,505,914

         6,139,031

54.84%

Law charges

            1,031,457

         1,317,948

-21.74%

Depreciation  & Repairs to the Banks Properties

            2,641,617

         2,907,821

-9.15%

Stationery, Printing, Advertisement etc.

            7,139,920

         8,385,842

-14.86%

Other  Expenses

          20,714,063

       24,104,615

-14.07%

Total operating expenses (B)

     288,104,714

  250,955,200

14.80%

Profit/(loss) before provision and tax  C =  (A - B)

     800,456,965

  283,317,303

182.53%

Provision against Investment & Off-balance sheet exposures

          78,627,000

     150,278,053

-47.68%

Provision for against decreasing value of Investment

                         -  

                     -  

                -  

Other Provision

                         -  

                     -  

                -  

Total provision  ( D )

       78,627,000

  150,278,053

-47.68%

Total Profit/ (Loss) before Taxes E =  (C - D)

     721,829,965

  133,039,250

442.57%

Provision for Taxation

        324,823,484

       59,867,662

442.57%

Net Profit after Tax

        397,006,481

       73,171,587

442.57%

Retainned Earning Brought forward

               140,947

              30,592

360.73%

Profit available for appropriation

        397,147,428

       73,202,179

442.53%

Appropriations :

Statutory Reserve

        144,365,993

       26,607,850

442.57%

        144,365,993

       26,607,850

442.57%

Retained earning Carried forward

     252,781,435

    46,594,329

442.52%

Earning per Share (EPS) ( Tk. 100)

28.69

6.35

352.14%

Unaudited Balance Sheet

As at 30^th June 2008

JUNE.-2008

DECEMBER.-2007

PROPERTY & ASSETS

Taka

Taka

CASH

Cash in Hand (Including foreign Currencies)

          298,320,990

           381,766,435

Balance with Bangladesh Bank & Sonali Bank

       1,611,564,596

        1,637,443,244

(Including foreign Currencies)

    1,909,885,586

     2,019,209,679

BALANCE WITH OTHER BANKS & FINANCIAL INSTITUTIONS

In Bangladesh

          3,841,720,333

        2,437,841,149

Outside Bangladesh

            418,767,924

           245,142,485

        4,260,488,257

     2,682,983,634

MONEY AT CALL ON SHORT NOTICE

                           -  

                            -  

INVESTMENTS

Government

          900,000,000

800,000,000

Others

          122,564,190

             68,583,386

    1,022,564,190

        868,583,386

INVESTMENT & ADVANCES

                            -  

Murabaha, Bai-Muazzal, Hire Purchase etc.

     25,019,788,538

      21,116,394,966

Bills Purchased and Discounted

       2,083,343,835

        1,789,972,964

TOTAL INVESTMENT

  27,103,132,373

  22,906,367,930

Fixed Assets including Premises, Furniture & Fixture

          372,292,657

334,476,460

Other Assets

       1,775,469,060

        1,370,702,317

Non-Banking Assets

                           -  

                            -  

TOTAL ASSETS

  36,443,832,122

  30,182,323,406

LIABILITIES & CAPITAL

LIABILITIES

Borrowing from other Banks,Financial Institutions and agents

    2,680,000,000

     1,320,000,000

DEPOSITS AND OTHER ACCOUNTS :

Al-Wadia Current Accounts & Other Accounts

       3,227,406,729

        3,097,906,953

Mudaraba Savings Deposit

       3,987,237,105

        3,932,227,170

Mudaraba Short Notice Deposit

          870,061,313

           761,766,781

Mudaraba Term Deposit

     13,779,831,791

      11,233,591,127

Mudaraba Special Deposit

       4,391,874,776

        3,629,539,263

Bills Payable

          429,032,463

           354,096,993

Bearer Certificate of Deposit

                           -  

                            -  

Total Deposit

  26,685,444,177

  23,009,128,287

OTHER LIABILITIES

       4,643,882,995

        3,815,696,649

CAPITAL/SHAREHOLDER'S EQUITY

Paid up Capital

       1,383,810,480

        1,153,175,400

Statutory Reserve

          731,252,590

           586,886,597

Exchange Equlisation

              2,057,198

               2,057,198

Asset Revaluation Reserve

            64,603,248

             64,603,248

Profit and Loss Surplus Account

          252,781,434

           230,776,027

TOTAL SHAREHOLDER'S EQUITY

    2,434,504,950

     2,037,498,470

TOTAL LIABILITY AND SHARE HOLDER'S EQUITY

  36,443,832,122

  30,182,323,406

OFF BALANCE SHEET ITEMS

 Contingent Liabilities :

 Acceptance and endorsement

                   -  

                    -  

 Letters of Guarantee

          890,945,926

           601,880,518

 Letters of Credit

       7,893,692,015

        3,860,037,680

 Bills for Collection

          364,626,744

           198,760,887

 Other Contingent Liabilities

                           -  

                            -  

 Total

    9,149,264,685

     4,660,679,085

 Less, Margin

          666,317,498

           773,194,261

    8,482,947,187

     3,887,484,824

 Other Commitments :

                           -  

                            -  

    8,482,947,187

     3,887,484,824

CASH  FLOW  STATEMENT

As at 30 June, 2008

June.-2008

June.-2007

Taka

 Taka

Cash flows from operating activities

Profit recieved in cash

   1,650,938,035

      993,527,975

Profit paid by  cash

  (1,008,720,053)

     (789,966,577)

Income from Investment

       26,493,001

                     -  

Fees & Commission received in cash

     361,686,864

      281,718,309

Recoveries of loans prevoiusly written off

       11,669,106

                     -  

Cash paid to employees

    (211,512,318)

     (173,439,950)

Cash paid to suppliers

        (6,067,237)

         (5,565,286)

Income taxes paid

    (200,000,000)

     (300,000,000)

Received from other operating activities

       46,494,726

        48,992,796

Paid for other operating activities

      (70,525,159)

       (71,949,963)

Operating profit before changes in operating assets and liabilities

     600,456,966

       (16,682,696)

Increase/(Decrease) in Operating assets and liabilities

Statutory deposits

                    -  

                     -  

Purchase-sale of trading securities

      (53,980,804)

                     -  

Investment and advances to other banks

                    -  

                     -  

Investment and advances to customers (other than Banks)

  (4,196,764,443)

  (2,417,163,436)

Other assets

    (404,766,743)

     (108,794,222)

Deposits from other banks

   1,360,000,000

       (41,700,000)

Deposits from customers (other than Banks)

   3,676,315,890

   3,911,668,683

Other liabilities account of customers

                    -  

                     -  

Trading liabilities

     624,735,860

      446,325,718

A

Net Cash received from operating activities

   1,605,996,726

   1,773,654,047

Cash flows from investing activities

Proceeds from sale of securites

                    -  

                     -  

Payments for purchases of securities

    (100,000,000)

     (600,000,000)

Purchase of property, plant and equipment

      (37,816,197)

       (33,433,977)

Sales proceeds of Fixed assets

                    -  

                     -  

Purchase-sale of subsidiary

B

Net cash used in investing activities

    (137,816,197)

     (633,433,977)

Cash flows from financing activities

Increase in Exchange Equalization Account

                    -  

                     -  

Increase in Share Capital

                    -  

                     -  

Dividend paid

C

Net cash received from financing activities

                    -  

                     -  

D

Net (decrease)/ increase in cash (A+B+C)

   1,468,180,529

   1,140,220,070

Effects of exchange rate changes on cash and cash-equivalents

                    -  

                     -  

E

Opening cash and cash-equivalents

   4,702,193,314

   2,781,899,413

F

Closing cash and cash-equivalents (D+E)

   6,170,373,843

   3,922,119,483