First National Bank Modaraba has submitted its Quarterly Progress Report for the quarter ended September 30, 2026, detailing its ongoing challenges and recovery efforts following a suspension of trading due to regulatory non-compliance.
- FNBM incurred significant losses primarily due to provisioning for Non-Performing Loans (NPLs), exceeding the regulatory threshold of 50% of paid-up capital.
- A winding-up petition has been filed by SECP, but FNBM is actively pursuing legal recoveries and has achieved cash recoveries from NPLs.
- The management is finalizing a structured revival plan and has submitted a proposal to the National Bank of Pakistan for support.
- FNBM has posted net operating profits for four consecutive years from FY 2021 to FY 2024, despite ongoing financial challenges.
- The company is optimistic about meeting compliance thresholds within the next two years, pending further cash recoveries and restructuring efforts.