First National Bank Modaraba Corporate Briefing Presentation FY2026

Key takeaways

• First National Bank Modaraba commenced operations on December 04, 2003, with an authorized capital of Rs 600 million and a paid-up capital of Rs 250 million.
• National Bank Modaraba Management Company Limited holds 30% of the certificate holding of FNBM as a wholly owned subsidiary of the National Bank of Pakistan.
• A winding-up petition filed by the Registrar-Modaraba (SECP) in June 2020 remains pending adjudication before the Modaraba Tribunal, Lahore, with the next hearing scheduled for November 25, 2026.
• Total assets for FY 2026 stood at Rs 443.35 million, compared to Rs 425.42 million in FY 2025.
• Total liabilities for FY 2026 were Rs 473.23 million, up from Rs 450.95 million in FY 2025.
• Certificate holders' equity for FY 2026 remained negative at Rs (29.88) million, with accumulated losses reaching Rs (325.40) million.
• Total operating and other income for FY 2026 dropped to Rs 38.94 million compared to Rs 49.14 million in FY 2025 due to a decrease in SBP policy rate.
• Net loss after tax for FY 2026 stood at Rs (4.35) million, resulting in a loss per certificate of Rs (0.17).
• Management is pursuing a viable and sustainable business revival proposal submitted to the National Bank of Pakistan, which includes potential balance sheet restructuring subject to sponsor, regulatory, and other approvals.
• Upon approval and implementation of the business revival proposal, it is anticipated that the winding-up petition will be withdrawn, regulatory compliance will be restored, fresh Islamic financing business will commence, and certificate trading on the PSX will resume.
• All recovery suits against defaulters have been decreed in favor of the Modaraba by the Banking Courts, and execution proceedings alongside out-of-court settlement negotiations are actively underway.