Income Statement
Group |
BANK |
||||||
For the year ended December 31, |
2021
USD ’000 |
2020
USD ’000 |
Change % |
2021
USD ’000 |
2020
USD ’000 |
Change
% |
|
Gross income |
|
759,832 | 7.70 |
|
748,557 | 7.46 | |
Interest income |
|
620,439 | 7.04 |
|
611,652 | 6.63 | |
Less: Interest expense |
|
366,095 | (9.31) |
|
363,795 | (9.52) | |
Net interest income |
|
254,344 | 30.56 |
|
247,857 | 30.34 | |
Fee and commission income |
|
59,198 | 34.44 |
|
56,343 | 36.76 | |
Less: Fee and commission expense |
|
10,090 | 82.12 |
|
10,061 | 81.84 | |
Net fee and commission income |
|
49,108 | 24.64 |
|
46,282 | 26.95 | |
Net gains/(losses) from trading |
|
9,390 | 3.09 |
|
9,390 | 3.08 | |
Net gains/(losses) from derecognition of financial assets |
|
31,951 | (53.03) |
|
31,951 | (53.03) | |
Net other operating income |
|
38,854 | 28.72 |
|
39,221 | 28.69 | |
Total operating income |
|
383,647 | 21.98 |
|
374,701 | 21.96 | |
Less: Impairment charges and other losses |
|
107,098 | 17.37 |
|
107,418 | 14.94 | |
Net operating income |
|
276,550 | 23.77 |
|
267,283 | 24.78 | |
Less: Expenses |
|||||||
Personnel expenses |
|
74,964 | 12.05 |
|
72,820 | 12.07 | |
Depreciation and amortisation |
|
15,513 | 3.78 |
|
14,945 | 6.34 | |
Other operating expenses |
|
40,836 | 18.01 |
|
39,435 | 19.08 | |
Total operating expenses |
|
131,313 | 12.93 |
|
127,200 | 13.57 | |
Operating profit before taxes on financial services |
|
145,237 | 33.58 |
|
140,083 | 34.96 | |
Less: Taxes on financial services |
|
22,657 | 28.99 |
|
22,527 | 28.94 | |
Operating profit after taxes on financial services |
|
122,580 | 34.42 |
|
117,557 | 36.11 | |
Share of profits of associate, net of tax |
|
19 | (51.36) | – | – | – | |
Profit before tax |
|
122,599 | 34.41 |
|
117,557 | 36.11 | |
Less: Income tax expense |
|
37,165 | 16.60 |
|
35,689 | 17.62 | |
Profit for the year |
|
85,434 | 42.16 |
|
81,867 | 44.17 | |
Profit attributable to: |
|||||||
Equity holders of the Bank |
|
84,700 | 42.05 |
|
81,867 | 44.17 | |
Non-controlling interest |
|
734 | 55.14 | – | – | – | |
Profit for the year |
|
85,434 | 42.16 |
|
81,867 | 44.17 | |
Earnings per share |
|||||||
Basic earnings per ordinary share (USD) |
|
0.08 | 31.53 |
|
0.07 | 33.49 | |
Diluted earnings per ordinary share (USD) |
|
0.08 | 31.53 |
|
0.07 | 33.49 |
US Dollar Accounts
The Income Statement and the Statement of Financial Position are solely for the convenience of stakeholders.
Statement of Financial Position
Group |
BANK |
||||||
As at December 31, |
2021
USD ’000 |
2020
USD ’000 |
Change
% |
2021
USD ’000 |
2020
USD ’000 |
Change
% |
|
Assets | |||||||
Cash and cash equivalents |
|
256,275 | 35.28 |
|
251,253 | 35.48 | |
Balances with Central Banks |
|
576,794 | (50.78) |
|
554,856 | (52.33) | |
Placements with banks |
|
82,109 | (23.89) |
|
79,695 | (27.32) | |
Securities purchased under resale agreements |
|
– | – |
|
– | – | |
Derivative financial assets |
|
13,184 | 23.07 |
|
13,184 | 23.07 | |
Financial assets recognised through profit or loss – Measured at fair value |
|
175,947 | (33.40) |
|
175,947 | (33.40) | |
Financial assets at amortised cost – Loans and advances to banks | – | 3,899 | – | – | 3,899 | – | |
Financial assets at amortised cost – Loans and advances to other customers |
|
4,549,146 | 13.16 |
|
4,484,227 | 13.13 | |
Financial assets at amortised cost – Debt and other financial instruments |
|
1,510,298 | 27.59 |
|
1,463,638 | 26.20 | |
Financial assets measured at fair value through other comprehensive income |
|
1,393,584 | 20.54 |
|
1,392,307 | 20.47 | |
Investments in subsidiaries | – | – | – |
|
29,042 | – | |
Investment in associate |
|
321 | (5.81) |
|
222 | – | |
Property, plant and equipment and right–of–use assets |
|
126,933 | (2.53) |
|
116,062 | (0.59) | |
Investment properties |
|
336 | 7.87 | – | – | – | |
Intangible assets |
|
9,003 | 26.22 |
|
6,164 | 39.91 | |
Deferred tax assets |
|
13,678 | 266.87 |
|
12,499 | 291.75 | |
Other assets |
|
100,976 | 34.11 |
|
98,096 | 37.75 | |
Total assets |
|
8,812,481 | 12.54 |
|
8,681,090 | 12.27 | |
Liabilities | |||||||
Due to banks |
|
441,240 | (16.37) |
|
437,257 | (15.64) | |
Derivative financial liabilities |
|
7,506 | 39.36 |
|
7,506 | 39.36 | |
Securities sold under repurchase agreements |
|
457,058 | 65.65 |
|
457,188 | 66.14 | |
Financial liabilities at amortised cost – Due to depositors |
|
6,433,082 | 14.46 |
|
6,329,830 | 13.99 | |
Financial liabilities at amortised cost – Other borrowings |
|
272,780 | (40.27) |
|
272,780 | (40.27) | |
Current tax liabilities |
|
34,955 | 35.70 |
|
33,890 | 37.12 | |
Deferred tax liabilities |
|
2,019 | (13.55) | – | – | – | |
Other liabilities |
|
167,861 | (0.95) |
|
165,188 | 0.52 | |
Due to subsidiaries | – | – | – |
|
485 | (49.80) | |
Subordinated liabilities |
|
191,236 | 0.15 |
|
191,236 | 0.15 | |
Total liabilities |
|
8,007,737 | 13.26 |
|
7,895,359 | 13.00 | |
Equity | |||||||
Stated capital |
|
260,939 | 4.56 |
|
260,939 | 4.56 | |
Statutory reserves |
|
46,426 | 14.06 |
|
45,120 | 13.08 | |
Retained earnings |
|
40,621 | 21.74 |
|
37,981 | 18.85 | |
Other reserves |
|
447,978 | 3.16 |
|
441,691 | 3.12 | |
Total equity attributable to equity holders of the Bank |
|
795,964 | 5.20 |
|
785,731 | 4.93 | |
Non–controlling interest |
|
8,779 | 18.33 |
|
– | – | |
Total equity |
|
804,744 | 5.35 |
|
785,731 | 4.93 | |
Total liabilities and equity |
|
8,812,481 | 12.54 |
|
8,681,090 | 12.27 | |
Contingent liabilities and commitments |
|
3,652,808 | (6.18) |
|
3,643,558 | (6.36) | |
Net assets value per share (USD) |
|
0.68 | 2.80 |
|
0.67 | 2.53 |