GROUP | BANK | ||||
For the year ended December 31, | 2017 | 2016 | 2017 | 2016 | |
Note | Rs. ’000 | Rs. ’000 | Rs. ’000 | Rs. ’000 | |
Cash flows from operating activities | |||||
Profit before income tax | 23,280,324 | 20,114,584 | 23,182,944 | 20,051,183 | |
Adjustments for: | |||||
Non-cash items included in profit before tax | 65 | 2,315,139 | 2,754,851 | 1,882,763 | 2,588,922 |
Change in operating assets | 66 | (126,726,469) | (131,928,935) | (121,579,535) | (126,756,110) |
Change in operating liabilities | 67 | 100,265,879 | 117,122,450 | 97,246,867 | 111,259,187 |
(Gains)/losses on sale of property, plant and equipment | 17 | 18,774 | (10,395) | 35,018 | (1,705) |
Share of profits in associates, net of tax | 38.1 | (3,678) | (6,454) | – | – |
Dividend income from subsidiaries and associates | 17 | – | – | (100,443) | (85,579) |
Interest expense on subordinated liabilities | 13.2 | 2,377,694 | 1,535,349 | 2,377,694 | 1,533,934 |
Net unrealised gains/(losses) arising from translating the Financial Statements of foreign operations |
57.4 | (503,140) | 438,565 | (525,093) | 414,578 |
Profit due to change in ownership | 17 | – | – | (5,262) | (3,047) |
Benefits paid on defined benefit plans | (184,464) | (110,800) | (179,855) | (109,329) | |
Income tax paid | 47 | (3,810,701) | (4,014,741) | (3,753,679) | (3,966,831) |
Net cash from (used in) operating activities | (2,970,642) | 5,894,474 | (1,418,581) | 4,925,203 | |
Cash flows from investing activities | |||||
Net purchase of property, plant and equipment | (2,163,733) | (1,501,070) | (1,959,075) | (1,369,729) | |
Proceeds from sale of property, plant and equipment | 58,032 | 32,168 | 41,408 | 11,958 | |
Purchase of financial investments | (179,751) | (514,043) | (179,751) | (514,043) | |
Proceeds from sale and maturity of financial investments | 3,530,785 | 1,628,487 | 3,530,785 | 1,628,487 | |
Net purchase of intangible assets | (352,329) | (422,175) | (346,360) | (340,351) | |
Proceeds due to change in ownership | 7,803 | 4,294 | 7,803 | 4,294 | |
Net cash flow from investment in subsidiaries and associates | – | – | (564,253) | (1,184,707) | |
Dividends received from investments in subsidiaries and associates | 17 | 4,111 | 5,808 | 100,443 | 85,579 |
Net cash from (used in) investing activities | 904,918 | (766,531) | 631,000 | (1,678,512) | |
Cash flows from financing activities | |||||
Proceeds from rights issue of ordinary shares | 53 | 10,143,872 | – | 10,143,872 | – |
Net proceeds from issue of ordinary voting shares | 386,311 | 135,582 | 386,311 | 135,582 | |
Proceeds from issue of subordinated liabilities | 52 | – | 13,179,430 | – | 13,179,430 |
Redemption of subordinated liabilities | 52 | – | (987,660) | – | (972,660) |
Interest paid on subordinated liabilities | (2,362,270) | (1,298,062) | (2,362,270) | (1,296,647) | |
Dividend paid to non-controlling interest | 58 | (3,690) | (3,432) | – | – |
Capital contribution from non-controlling interest of a newly incorporated subsidiary |
58 | – | 805,669 | – | – |
Dividend paid to shareholders of the Bank | (4,349,302) | (4,142,319) | (4,349,302) | (4,142,319) | |
Net cash from/(used in) financing activities | 3,814,921 | 7,689,208 | 3,818,611 | 6,903,386 | |
Net increase/(decrease) in cash and cash equivalents | 1,749,197 | 12,817,151 | 3,031,030 | 10,150,077 | |
Cash and cash equivalents as at January 1, | 32,924,227 | 20,107,076 | 30,193,589 | 20,043,512 | |
Cash and cash equivalents as at December 31, | 27 | 34,673,424 | 32,924,227 | 33,224,619 | 30,193,589 |
The Notes appearing on this Annual Report form an integral part of these Financial Statements.