Askari Bank LimitedPSX: AKBL

Financial Results for the Quarter Ended June 30, 2025

· Issued by Askari Bank Limited


‌askaribank‌

LIIVIITE D

SECTT/AKB L/Hoard- I 93/2025

A rigiist 2.1, 2025

  1. ae Managing Dii ectoi

    PakistaiJ Stock ExclJanSe Lim itcd Stock Exchange UziilcliiJg

    Stock Exchange l'toad

    Kai"aclJi

    Dear Sir

    Subject: f'inu ncial Results for the HalfYca r Entletl I une30, 2025

    We have to in1our you that the Doard of Directors of Askari l3ank 1.iinited (AK BL) in tlaei r meeting held on Tlitii sday, August 21, 2025 at 10:30 am at Raival pi ndi has recommended the follow rug:

    1. Cash Divitlcnil

      An interim Cash Divi dend for the half year ended I true 30, 2025 at Rs. 2.0 per share. i.e., 20%.

    2. lloniis Shai-cs NH.

    3. ItiglitShnres - Nil.

    4. Any other entitlement / Corpoi-ate Action NIL

    5. Any other l•rice-Sensitive Infoi'mation NIL

      Statement of Fiijancial Positi on, Staterrient of Profit or Loss along w itli Statement of Changes in Equity and Statement of Cash Flows are attached as under:

      + Annexure-A (Stantlalone)

      • Annexure-B (Consolidated)

The Share Transfer Books of the Bank wil 1 be closed from September 02, 2025 to September 04, 2025 (both days inclusive). Transfers received at the Bank's Slaare Itcgi strar, CDC Staare Registrar Services Limited (C DCSRSL), Mezzanine Floor, Soiitli Towei , LSE Plaza, I 9-Klaayaban-e-Aiwan-e-lqbal, Lahore at the close of busi ness on September 01, 2025 will be treated in tiiiie for the purpose of above entitlement.

The above entitlerrlent will be paid to the shareholders whose names will appear in the Register of M eiiibers at the close of busi ness on September 01, 2025.

In line with PSX Notice No. PSX/N- 1031 dated October 10, 2023, the half yeai ly report of the Bank will be transmitted to PSX electronically tlii ough PUCA RS.



Yours 'Lily

S d Al i Safd qvi cyo span

CC: Exec ive Dii ctoi'/HOD

Offsite- Ment, Stipeiv ision Division Sec‹ii ities & ExclJailge Commission of Pakistan Islamabad



Askari Bank Limited, Co mpany Secretary Office,

Plot # 1.8, 4th Floor, NPT Building , F-8 Markaz, IsIam abad - Pakistan, PABX: + 92 51 2857424-39, Fax: + 9.2.51.2857448, SWIFT: ASCM PKK A

‌SECTT/AKBL/Board-193/2025

ASKARI BANK LIMITED CONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION

AS AT JUNE 30, 2025

(Un-audited) June 30,

2025

(Audited) December 31,

2024

Note

-- Rupeesin '000----

ASSETS

Cash and balances with treasury banks

6

124,611,627

133,535,449

Balances with other banks

7

14,680,427

12,958,886

Lendings to financial institutions

8

39,102,982

4,567,619

Investments

9

1,927,500,965

1,509,368,801

Advances

10

514,333,065

695,692,118

Properly and equipment

11

22,967,064

21,834,904

Right-of-use assets

12

12,947,536

12,196,186

Intangible assets

13

1,834,000

1,849,778

Assets held for sale

14

1,750,000

1,750,000

Deferred tax assets

21

Other assets

15

92,070,609

107,627,955

Total Assets

2,751,798,275

2,501,381,696

LIABILITIES

Bills payable

16

26,233,845

66,704,448

Borrowings

17

978,568,168

869,212,410

Deposits and other accounts

18

1,521,179,704

1,362,850,503

Lease liabilities

19

15,267,603

14,174,653

Subordinated debts

20

12,000,000

12,000,000

Deferred lax liabilities

21

7,164,329

737,821

Other liabilities

22

54,363,623

53,291,573

Total Liabilities

2,614,777,272

2,378,971,408

NET ASSETS

137,021,003

122,410,288

REPRESENTED BY

Share capital

14,492,992

14,492,992

Reserves

87,8 35,101

74,690,127

Surplus on revaluation of assets - net of tax

23

24,783,640

16,235,737

Unappropriated profit

9,424,388

16,522,092

Non-Controlling interest

484,882

469,340

137,021,003

122,410,288

CONTINGENCIES AND COMMITMENTS

24

The annexed notes 1 to 41 form an integral part of these consolidated condensed interim financial statements



Director Director Chairman

ASKARI BANK LIMITED

CONSOLIDATED CONDENSED INTERIM STATEMENT OF PROFIT AND LOSS ACCOUNT (UN-AUDITED) FOR THE SIX MONTH PERiOD ENDED JUNE 30, 2025

Quarter ended

June 30, June 30,

2025 2024

(Reslaled)

SECTT/AKBL/Board-193/2025

Period ended

June 30, June 30,

2025 2024

(Restated)

Mark up / return / interest earned

Mark-up / return / interest expensed

Net mark-up / interest income

Note

26 72,756,025

27 52,055,468

20,700,567

- - Rupees in '000 - ----

105,625,450 148,691,671 206,497,499

93,3 0,314 106,067,833 180,940,706

1 2,315,136 42,623,838 25,556,793

NON MAR K •UP / INTEREST INCOME

Fee and commission income Dividend income

Foreign exchange income Income / (loss) from derivatives Gain on securities

Nel gains/(loss) on derecognition of financial assels measured at amortised cost

Other income

Total non-markup / interest income Total income

NON MARK•UP 7 INTEREST EXPENSES

Operating expenses Workers' Welfare Fund Other charges

Total non-markup / interest expenses

Profit before credil loss allowance

Credil loss allowance / provisions and write offs - net Extraordinary / unusual items

PROFIT BEFORE TAXATION

Taxation

PROFIT AFTER TAXATION

Profit attributable to

Non conl‹oIling interest Equily holders of the Bank

28

1,824,184

1,941,796

3,588,397

3,673,560

181,218

296,974

415,269

504,580

1,046,970

962,8t8

1,754,476

2,414,466

133,376

6£4,827

962,051

900,019

139,583

138,009

313,542

236,819

29

30

3,325,331

24,025,888

10,901,395

8,791,97 1

20,845,085

17,150,350

135,600

135,000

292,078

270,000

1,857

8,894

3,303

9,272

31

32

11,038,852

12,987,036

33 380,820

12,606,216

34 9,066,981

3,539,235

26,357

3,512,878

3,539,235

3.964,424

1 6,279,560

8,935,865

7,343,695

(4 ,625,964)

8,969,659

4,548,028

4,421,631

19,148

4,402,483

4,421.631

7,033,735

49,657,573

21,140,466

28,517,107

636,618

27,88 0.48 9

17,185,002

10,695,487

57,878

10,637,609

10,695,487

7,729,444

33,266,237

17,429,622

15,856,615

(452,29 )

16,308,906

8,172,217

8,136.689

43,807

8,092,882

8,136.689

--- Rupees ------

Basic and diluted earnings per share

35 2.44

305

7.38

5.61

The annexed notes 1 lo 41 form an integral part of these consolidated condensed interim financial stalemen is.

Chief Financial Officer President & Chief Executive Officer Direclor

Director

Chairman



SECTT/AK8L/Board-193/2025



CONSOLIDATED COn DENSED INTERIM STATEMENT OF CHANGES IN EOUITY FOR THE CIX MONTH PERIOD ENDED JUNE 40, 2026

Share

e r 9e translation

Merger

Statutory

General

Surplus / tdoficit) on revaiuation of

Property and eouipment Un-appropriated Non-controlling



reserve

reserve

reserve

reserve

investments

/ Non sanñng assets profit interest

Total

-

Rupees in '000

Balance as at January 1, 2024 taudited)

14,492,992

1,912,226

128.355

17,748,529

38,066,642

{4,615,633)



14,062.242

376,698

93,797, 736

Total comprehensive income for the six montn enoed

June 3O, 2024

Proft after raxalion for the six month oeriod enoed June 30. 2024 restated)

8,092,882

43,807

8,136,689

Olner comprehensive income - nel or tax

(6 j ,772)

1,735,94c

- 367,245

2,041 ,421





8, 460. J 27

43,807

O,178, 0

Transfer to *tatulory reserve Transfer to general reserve

•

809.288

16,808,564

- T809,288)

(16,808,564)

Gain on disposal of equity s ecurilies measured

at FVOC i• net of tax

(189,250)

189,2S0

Transactions with owners. recorded directly in equity

14,492,992

1,850,4W

0,825,685

2,270,Sd 9

392,284

%.3?‹,374



min ai dtvtdend 2023: R s. 2. 5 per s pa re

Balance as at June 40, 2024 Run-audited}

Total comprehensive income for me six month poriod ended December 31. 2024

Profil after taxation ror Ihe six month peñod ended

December 31, 2024

13,044,812

74, W

13,119, 165

o+1ner comprehensive income - net or tax

11,590

•

8.369,762

142.282

0.409

2.706

8,966, 749

11,590

8,369,762

142.282

13,485,'22J

77,059

22,085,914

Transfer to statutory reserve

1,292,979

(1,292.979)

Transfer to general reserve

(2,026,274)

Z,026,274

Gain on disposal of eouity instruments measured at FVOCI



(33 057)

33.067

Balance as at December st, 2024 auoiteo)

14,492,992



120,355

19.850,796

58,g 8,932

0,267,770

1 0,967,967

16,522,092

469,340

1W,+10,288

Effect of remeasurement on adoption of iFRS9 met of iax)

<32,400

•

432,40O

Effect of adoption of IFRS9 • ECL (net of tax)

t440,618)

(440,618)

Balance as at January 1, 2025 trestated)

14,492,992

4,862,044

128,355

19,850.796

52,84B,932

5,700,170

10,967,967

16,081,474

469,3 IO

122,402,070

Toial comprehensive income for the slx morrth period endeo

Juoe 4o, 2025

Profit after taxation for the six month peñod ended June 30, 2025

40,637,609

57,878

10,695,487

Otner comprehensive income - net of tax

I 03,31

8.:284,299

(73.930)

8,313,680

103,311

8,28d,299

10,S63.679

57.878

19,009, 67

Transfer to statutory reserve

J ,063,76

- (1,063,761)

Transfer to general reserve

1 .977,902

t11,977.902)

Gain on disposal of eouity securities measured

at F'YOC I - net of tax

(168,796)



Transactions with owners. recorded directly in equity

Final dividend 202 4* Rs. 3 oer s h are



(A2,3T6)

(4.390.234J

Balance as at June 30, 202a (un-audited)

14,492.992

1,96$,36fi

128,355

20 914,557

6'4,826,834

13.815 673

10,967,967

9,424,388

484,882

j37 021.003



The annexed notes 1 to 41 form an integral part of these consolidated condensed interim financial statemenfs.



Hresibenl & Cfnief Hxecutive OGcer

Director

Oireetor

Chairman

ASKARI BANK LIMITED

CONSOLIDATED CONDENSED INTERIM CAS H FLOW STATEMENT (UN•AUDIT ED) FOR THE CIX MONTH PERIOD ENDED JUNE 30, 2025

Note

SECT"F/AKBL/Board 193/2025

Period ended

June 30, June 30,

2025 2024

-- Rupees in '000 ---

CASH PLOW FROM OPERATING ACTIVITIES

Profit before taxation

27,880,489

16,308,906

Less: Dividend income

(415,269)

(504,580)

27,465,220

15,804,326

Adjustments:

Depreciation

911,606

638,341

Amoñization

113,180

110,834

Depreciation on right-of-use assels

1,151,706

1,079,163

Finance charges on leased assets

934,807

697,985

Gain on termination of lease contracts

(11,129)

(5,524)

Cha ge for defined benefit plan

395,597

333, 264

Amortization of deferred cost on recognition of loan at fair value

259,574

259,574

Credit loss allowance and write offs

33

710,679

(398,979)

Unrealised (loss) / gain on revaluation of securities - FVTPL

163,355

(581,574)

Gain on sale of property and equipment

(22,220)

(6,702)

4,607,155

2,126,382

Decrease / (increase) in operating assets

32,072,375

17,930,708

Lendings to financial institutions

(34,520,824)

(86,184,576)

Securities classified as FVTPL

2,432,142

328,456

Advances

179,598,139

(98,336,226)

Other assets (excluding advance taxation)

13,664,129

(15.621,758)

161,173,586

(199,814,10g)

Increase / (decrease) in operating liabilities

Bills payable

(40,470,603)

1,166,713

Borrowings from financial institutions

109,355,758

219,169,530

Deposits

158,329,201

119,633,823

Other liabilities

1,989,302

(1,733,929)

229,203,658

338,236.137

422,449,619

156,352,741

Payment made to defined benefit plan

(32,236)

(127,350)

Income tax paid

(18,472,275)

(12,332,383)

Net cash flow from operating activities

403,945,108

143,893,008

CAS H FLOW FROM INVESTING ACTIVITIES

Net investmenIs in securiles classified as FVOCI

(403,246,847)

(188,134,410)

Net inveslmenis in amortized cosl securities

(209,291)

8,393,015

Dividend received

399,700

501,624

Investmenls in property and equipment

(2,066,803)

(1,876,726)

Inveslmenls in intangible assets

(97,794)

(199,305)

Disposals of property and equipment

45,779

16,299

Effect of translation of nel investment in Wholesale Bank Branch

103.311

(61,772)

Net cash flow used in investing activities

(405,071,945)

(181,361,275)

CASH FLOW FROM FINANCING ACTIVITIES

Payments of lease obligation against right-of-use assets



(1,730,601)



(1,325,171)

Dividend paid

(4,344,843)

(3,611.807)

Net cash flow used In financing activities

(6,075,444)

(4,936,978)

Decrease in cash and cash equivalents

(7,202,281)

(42,405, 245)

Casb and cash equivalents al beginning of the period

146.494,335

174,848,644

Cash and cash equivalents at end of the period

139.292,054

132,443,399

The annexed notes 1 to 4 form an integral part of these consolidated condensed interim financial statements



PresidenI & Chief Executive Officer Director Director Chairman

SECTT/AKBL/Board-193/2025

ASKARI BANK LIMITED UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION

AS AT JUNE 30, 2025

(Un-audited) June 30,

2025

(Audited) December 31,

2024

Nole -- Rupees in '000 ------

ASSETS

Cash and balances with treasury banks

6

124,532,736

133,505,285

Balances wilh other banks

7

13,000,776

10,776,034

Lendings to financial institutions

8

39,102,982

4,567,619

Investments

9

1,927,822,642

1,509,745,761

Advances

10

514 827,027

695,758,143

Property and equipment

11

22,908,988

21,796,057

Right-of-use assets

12

12,900,053

12,161,484

Intangible assets

13

1,825,077

1,839,788

Assets held for sale

14

1,750,000

1,750,000

Deferred tax assets

Other assets

15

90,986,857

106,474,034

Total Assets

2,749,657,138

2,498,374,205

LIABILITIES

Bills payable

16

26,233,845

66,704,448

Borrowings

17

978,568,168

869,212,4 10

Deposits and other accounts

18

1,522,296,596

1,363,735,115

Lease liabilities

19

15,214,512

14,136,598

Subordinated debts

20

12,000,000

12,000,000

Deferred tax liabilities

21

7,163,646

734,350

Other liabilities

22

51,980,955

50,222,725

Total Liabilities

2,613,457, 722

2,376,745,646

NET ASSETS

136,199,4 16

121,628,559

REPRESENTED BY

Share capital

14,492,992

14,492,992

Reserves

87,717,797

74,574,030

Surplus on revaluation of assels net of tax

23

24,783,640

16,235,737

Unappropriated profit

9,204,987

16,325,800

136,199,416 121,628,559

CONTINGENCIES AND COMMITMENTS 24

The annexed notes 1 to 42 form an integral part of these unconsolidated condensed interim financial statements



Director Director Chairman

SECTT/AKBL/Board-193/2025

ASKARI BANK LIMITED UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF PROFIT AND LOSS ACCOUNT (UN-AUDITED)

FOR T+4E SIX MONTH PERIOD ENDED JUNE 30, 2025

Quarter ended June 30, June 30,

2025 2024

(Restated)

Six month period ended June 30, June 30,

2025 2024

(Restated)

1,661,554

1,725,618

3,260,903

3,457 382

181,218

326,350

459,333

533,956

1,040,499

962,818

1,744,872

2,414,466

129,714

621,136

961,802

896,328

139,698

113,318

316,604

212,128

Note Rupees in '000

Mark-up / return / interest earned

26

72,711,566

105,553, 208

148,560,117

206,425, 257

Mark-up / return / interest expensed

27

52 076,506

93,35 1,034

106,097,4 10

180 981,426

Net mark-up / interest income

20,635,060

12,202,174

42,462,707

25,443,831

NON MARK-UP / INTEREST INCOME

Fee and commission income

28

Dividend income

Foreign exchange income

Income / (loss) from derivatives

Gain on securities

29

Net gains / (loss) on derecognition of financial assets

measured at amortised cost

Other income

Total non-markup / interest income

30

3,152, 683

3,749,240

6,743,514

7,514,260

Total income

23,787,743

15,95 1,414

49,206,221

32,958,091

NON MARK-UP / INTEREST EXPENSES

Operating expenses

31

10,728,122

8,567,080

20,523,052

16,925,459

Workers' welfare fund

135,000

135,000

290,000

270,000

Other charges

32

1,857

8,894

3,303

9,272

Total non-markup / interest expenses

10,864,979

8,710,974

20,816,355

17,204,731

Profit before credit loss allowance

12,922,764

7,240,440

28,389,866

15,753,360

Credit loss allowance / provisions and write offs - net Extra ordinary / unusual items

33

379,570

(1,627,465)

635,368

(453,792)

PROFIT BEFORE TAXATION

12,543,194

8,867,905

27,754,498

16,207,152

Taxation

34

9,040,374

4,511,512

17,128,962

8,135,701

PROFIT AFTER TAXATION

3,502,820

4,356,393

10,625,536

8,071,451

Rupees

Basic and diluted earnings per share

35 2.42 3.01 7.33

5.57

The annexed notes 1 to 42 form an integral part of these unconsolidated condensed interim financial statements



Director Director Chairman

ASKARI BANK LIMITE D

UNC ONSOLIDATE D CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2025

SECTT/AKBL/Board-193/2025

Share capital

Exchange translation reserve

Statutory reserve



Generai

reserve Investments

Balance as at January 1, 202+ (audited)

4 4, 492 ,992

4 ,91 2, 226

17,748,529

38,078,900

(4,615,726)

9 825,685

‹4y6£,£90

93,224,896

Total comprehensive income for the six month ended

June 30, 2024

Profit after taxation for the six month period ended June 30, 2024

8.071,4$1

8.071,45a

0 ther comprehensive income - net of tax

(61.772)

1,736.041

367.245

2.081,61a

(61,772)

1,736.041

8.438,696

10.112,965

Transfer to statutory reserve

807,145

(807,145)

Try nsfer to general reserve

16,808,564

(16. 808,564)

-

Gain on disposal of equity securities measure d

at FVOCT - net of tax

189, 250

- Rupees in '000

Property and equipment Un-appropriated

/ Non banking assets profit

Total



Transaction s with owners, recorded directly in equity Final dividend 2023. Rs 2.5 per share

(3, 623,248) (3, 623, 248)

Balance as at June 30, 2024 (un-audited) • res1ated

14,492,992

1,850, 454

18.555.674

54,8 87,464

(3,068, 935)

10,825, 685

2,171,279

99,7 14,613

Total comprehensive income for the six month period ended

Oecember 31, 2024

Profit after taxation for the six month period ended

Oecember 31, 2024

12,951, 220

12,951, 220

Other comprehensive income - net of tax

41.590

8.369.762

1^ 2.282

439 09P

8,962 726

11,590

8.369,762

142,282

13,390,312

21,913 946

Transfer to statutory reserve

1,296,122

(1,295,122)

Transfer fo general reserve



2,026 274

Gain on disposal of equity instruments measured at FVOCI

- net of tax

(33, 057)

33,057

Balance as at December 31, 2024 (audited)

14,492.992

1,862,044

4 9,850, 796

52,861. 490

5, 26 Z,7fO

10,96 Z,96 I

6 025,800

2 4 ,626, 55g

Erect of remeasurement on adoption of IFRS 9 (net of tax) Effect of adoption of IFRS9 - ECL (net of tax)

432, 400

(440 618)

432, 400 (440,'o18)

Balance as at January 1, 2025

14, 492,9 92

1,862, 044

19,850,796

52 861,190

5,700, 70

10,967,967

15,88 5.182

121 620,341

Total comprehensive income for the six month period ended

June 30, 2025

Profit after taxation for the six month period ended June 30, 2025

10,625.5 36

1 0,625.5 36

Other comprehensive income - net of tax

103 311

8284299

(86.173)

8.301.4 37

103,311

8, 284299

10.5 39,363

18.9 26,973

Transfer to statutory reserve

1,062,554

(1.062,554)

Transfer to general reserve

11,977,902

(11.977,902)

Gain on disposal of equity securities measured

af FVOCI - nel of tax

(168,796)

168,796

Transac tions witn owners, recorded directly in equity

Final dividend 2024 Rs 3 per share

(4,347,898)

(4,347,898)

Balance as at June 30, 2025 (un-audited)



1«9299? 1 965 350



4 0 967 96 7

9 204 98 7

36 99 4 6



The annexed nofes 1 foot ral part of these unconsoiid ated condensed interim financial statements



ChieI Fman cial O ffi .' '".'• President & Chief Executive Officer

Director

Director

Chairman

SECTT/AKBL/Board-193/2025

ASKARI BANK LIMITE D

UNCONS OLIDAT ED CONDENSED INTERIM CASH FLOW STATEMENT IUN-AU DITED} FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2025

Note

Six month period ended June 30, June 30,

2025 2024

-- Rupees in '000 ------

CASH FLOW FROM OPERATING ACTIVITIES

Profit before taxation

27,754,498

16,207,152

Less: Dividend income

(459,333)

(533,956)

Adjustments:

27,295,165

15,673,196

Depreciation

901,971

634,407

Amortization

31

112,577

110,749

Depreciation on right-of-use assets

31

1,151,706

1,079,163

Finance charges on leased assets

27

931,807

697,985

Gain on termination of lease contracts

30

(11,12 9)

(5,524)

Charge for defined benefit plan

395,597

333,264

Amortization of deferred cost on recognition of loan al fair value

27

259,574

259,574

Credit loss allowance and write offs

709,429

(400,480J

Unrealised loss / (gain) on revalualion of securities - FVTPL

29

163,604

(577,883)

Gain on sale of property and equipment

30

(25,282)

(6,687)

4,589,854

2.124,568

31,885,019

17,797,764

Decrease / (increase) in operating assets

Lendings lo financial institutions

(34,520,824)

(86,184,576)

Securities classified as FVTPL

3,091,700

332,123

Advances

179,170,202

(98,244,094)

Other assets (excluding advance taxation)

13.620,071

(15.714,400)

161,361,149

(199,810,947)

Increase / (decrease) in operating liabilities

Bills payable

(40,470,603

1,166,713

Borrowings from financial institutions

109,355,758

219,169,530

Deposits

158,561,481

120,457,052

Other liabilities

2,036,728

(1.816,479)

229,483,364

338,976,816

Payment made lo defined benefit plan

(39,907)

(131,408)

Income tax paid

(18,4 57,173)

(12,307,088)

Net cash flow from operating activities

404,232,4 52

144,525,137

CASH FLOW FROM INVESTING ACTIVITIES

Net investments in securites classified as FVOcI

(402,615,537)

(188,134,410)

Net investments in amortized cost securities

(790,331)

8,393,015

Dividend received

443,764

531,000

Investments in property and equipment

(2,038,558)

(1,875,641)

Investment made in subsidiary

(700 000)

lnvestmenls in intangible assets

(97,794

(199,305)

Disposals of property and equipment

48,841

16,284

Effect of translation of net investment in Wholesale Bank Branch

103.311

(61,772)

Net cash flow used in investing activities

(404,946,304)

(182,030,829)

CASH FLOW FROM FINANCING ACTIVITIES

Payments of lease obligation against right-of-use assets

19



(1,730,601)



(1,325,171)

Di'vidend paid

(4,302.507)

(3,583,583)

Net cash flow used In financing activltles

(6,033,108)

(4,908,754)

Decrease in cash and cash equivalents

(6,746,960)

(42,414,446)

Cash and cash equivalents at beginning of the period

144,280,472

173,876,425

Cash and cash equivalents al end of the period

137,533,512

131,461,979

The annexed notes 1 Io 42 form an integral part of lhese unconso)idated condensed inlerim financial slalements



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