Interim Financial Statements as at 30-June-2020

Balance Sheet
As of 31 March 2020-Unaudited

 

31 June 2020
US$
(Unaudited)

31 December 2019
US$
(Audited)

ASSETS

Cash on hand

109,709,413

85,296,900

Balances with the Central Bank

263,121,194

213,118,865

Due from banking & financial institutions

14,311,966

15,818,539

Loans and advances to customers- net

1,404,181,435

1,293,005,023

Other assets

29,034,019

13,022,688

Deferred tax assets

6,070,491

6,467,838

Goodwill

17,380,030

17,380,030

Software

1,999,815

2,369,838

Property and equipment

15,571,639

14,787,841

Right of Use Assets

-

13,315,124

TOTAL ASSETS1,861,380,001

1,674,582,686

LIABILITIE AND SHAREHOLDERS' EQUITY

LIABILITIES

  

Deposits from customers and other financial institutions

1,096,053,761

947,411,222

Subordinated debt

44,000,000

44,000,000

Borrowings

399,138,756

365,971,306

Current tax liabilities

5,297,375

8,896,377

Other liabilities

31,923,135

27,736,213

Employee pension liabilities

16,727,439

20,596,063

Lease liabilities

-

11,971,106

Total Liabilities

1,593,140,467

1,426,582,287

SHAREHOLDERS' EQUITY

  

Share capital

150,000,000

150,000,000

Regulatory reserve

12,570,464

12,570,464

Retained earnings

85,429,936

85,429,935

Profit for current year

20,239,134

-

Total Shareholders’ equity

268,239,534

248,000,399

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

1,861,380,001

1,674,582,686

Income Statement
For the period from 1 January 2020 to 30 June 2020-Unaudited

 

1 January
to 31 June 2020
US$
(Unaudited)

1 January
to 31 December 2019
US$
(Audited)

Operating income

Interest income

92,575,830

166,965,257

Interest expense

(36,127,655)

(66,008,944)

Net interest income

56,448,176

100,956,313

Net fees and commissions

4,404,863

2,839,932

Other income

3,672,798

4,019,426

Total operating profit

64,525,837

107,815,671

Net FX Unrealized Gain/(Loss)

(752,564)

-

Allowance for bad and doubtful loans

(6,546,100)

(5,372,451)

Provision for Off Balance Sheet Expense

(111,477)

-

Provision for Cash in other Banks Expense

13,682

-

Other operating expenses

(31,672,574)

(56,610,901)

Profit before income tax

25,456,804

45,832,319

Income tax expense

(5,217,670)

(8,678,488)

Net profit for the period

20,239,134

37,153,831

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