SBP circular issued on Wednesday said that keeping in view the representations made by various banks regarding the difficulties faced by them in circulation of their quarterly and hall-yearly financial statements to the shareholders as well as the cost involved in this process, it has been decided that henceforth:
-- Banks and DIF shall publish their quarterly and half-yearly financial accounts in the newspaper(s) within the limit as prescribed in the earlier circular.
-- Banks and DFIs may circulate their quarterly and half-yearly accounts to their shareholders.
However, this requirement of circulation to the shareholders is not mandatory.
-- In addition to above, banks and DFIs are encouraged to post their quarterly and half-yearly accounts on their websites.
All banks and DFIs have been advised to issue their quarterly and half-yearly financial statements as per the format and ensure to get them published in the newspaper(s) within timeframe as prescribed in earlier circular.
The above instructions regarding the financial statements are applicable from the quarter ending June 30, 2004, and onwards, the circular said.