Karachi, The Board of Directors of First Credit and Investment Bank Limited convened on August 31, 2023, in Karachi, and has recommended a series of significant actions pertaining to the company's financial matters.

In accordance with the regulatory framework outlined in Section 96 of the Securities Act 2015, the Board of Directors has made the following recommendations:

1. Cash Dividend: The Board has recommended a final Cash Dividend for the fiscal year ending June 30, 2023, at Rs. Nil per share, equivalent to 0%. This is in addition to any Interim Dividend(s) already paid at Rs. Nil per share, also equivalent to 0%.

2. Bonus Shares: It has been suggested to issue Bonus Shares in the proportion of Nil share(s) for every Nil share(s) held, representing 0%. This is in addition to any Interim Bonus Shares already issued at the rate of 0%.

3. Right Shares: The Board has recommended the issuance of 0% Right Shares at par, at a discount, or at a premium of Rs. Nil per share, in proportion to Nil share(s) for every Nil share(s) held. It has been further clarified that the entitlement of right shares, if declared, will or will not be applicable on Bonus Shares as declared above.

In addition to these recommendations, no other entitlement or corporate action has been proposed by the Board of Directors.

The financial results of First Credit and Investment Bank Limited for the year ending June 30, 2023, have also been disclosed:

Income from term finances and funds placements: PKR 84,556,043

Income from investments: PKR 192,444,030

Unrealized gain/loss in investment classified as fair value through profit or loss: (PKR 4,828,605)

Fees and commission income: PKR 2,245,964

Other income: PKR 76,442

Finance costs: PKR (191,217,134)

Administrative and operating expenses: PKR (86,436,464)

Profit before taxation: PKR 29,828,888

Taxation: PKR (16,834,676)

Profit after taxation: PKR 12,994,212

(All figures are in Rupees)

Furthermore, it has been announced that the Annual General Meeting of the company will be held on September 30, 2023, in Karachi. Shareholders whose names appear in the Register of Members on September 22, 2023, will be entitled to the recommended entitlements.

To facilitate the AGM, the Share Transfer Books of First Credit and Investment Bank Limited will be closed from September 23, 2023, to September 30, 2023, both days inclusive. This closure period ensures an accurate record of shareholders eligible to attend and participate in the AGM, which remains a significant platform for shareholder engagement and corporate decision-making.