Summit Bank's authorized capital to be raised to Rs 28 billion

The board of directors of Summit Bank has approved the increase in the authorized capital of the bank from Rs 25 billion to Rs 28 billion, subject to the approval of the regulatory authorities and the shareholders of the bank. The board further approved the issuance of shares other than by way to a right issue of the existing shareholders for the advances received against subscription of shares equivalent to Rs 1.85 billion as a consequence of the proposed merger of Summit Bank Limited with and into Sindh Bank Limited subject to the approval of the competent authorities and the shareholders of the bank.
The board has also approved the conversion of listed preference shares, both classes 'A' and 'B' into the ordinary shares of Summit Bank Limited as a consequence of the proposed merger of Summit Bank Limited with and into Sindh Bank Limited subject to approval of the competent authorities and the shareholders of the bank.
According to the financial results sent to Pakistan Stock Exchange, the loss after taxation of Summit Bank has decreased to Rs 376.954 million in the quarter ended June 30, 2017 as compared to a net loss of Rs 393.250 million in the same period last year. The bank's loss per share stood at Rs 0.17 in the period under review against Rs 0.18 in the same period last year.