Karachi, Summit Bank Limited d informed Pakistan Stock Exchange about the recommendations made by the board of directors in the meeting held at Karachi on October 08, 2021.
The agenda of the meeting was discussion of unconsolidated and consolidated profit and loss account for Year ended September 30, 2019 which portrayed a loss of Rs. 6,569,200 and 3,580,587 with loss per share 1.35 and 1.36 basic and diluted respectively.
Further, nil payment of cash dividend, bonus shares and right shares was agreed.
In October 2007, Arif Habib Securities Limited under the Scheme of Amalgamation set by the State Bank of Pakistan acquired the Pakistan Operations of Rupali Bank Limited; hence forming Arif Habib Bank. In 31st March 2010, Suroor Investments Ltd, a Mauritius based investment firm, acquired 59.41% stake in Arif Habib Bank Ltd from Arif Habib Securities Ltd, and on the 18th of August 2010, Arif Habib Bank Ltd was rebranded as Summit Bank Ltd.
Summit Banks parent company, Suroor Investments Ltd, later acquired majority shares of MyBank Ltd and Atlas Bank Ltd in Pakistan. The operations of the later mentioned banks were then merged under the single umbrella of Summit Bank Ltd, thus expanding the Bank’s network to more than 193 Branches.
The company is listed on Pakistan Stock Exchange and the total numbers of shares of the Company are 2,638,151,060. The Earnings per shares of the Company was (3.32) in 2018 which was (0.86) in 2017. The company had a loss of Rs. 8,751,073,000 in 2018 compared to the loss of Rs. 1,939,850,000 in 2017.