Interim Financial Statements as at 31-March-2020

Balance Sheet
As of 31 March 2020-Unaudited

 

31 March 2020
US$
(Unaudited)

31 December 2019
US$
(Audited)

ASSETS

Cash on hand

92,278,315

85,296,900

Balances with the Central Bank

204,538,025

213,118,865

Due from banking & financial institutions

6,946,367

15,818,539

Loans and advances to customers- net

1,374,084,379

1,293,005,023

Other assets

28,774,244

13,022,688

Deferred tax assets

6,070,491

6,467,838

Goodwill

17,380,030

17,380,030

Software

1,834,022

2,369,838

Property and equipment

15,121,898

14,787,841

Right of Use Assets

-

13,315,124

TOTAL ASSETS1,747,027,772

1,674,582,686

LIABILITIE AND SHAREHOLDERS' EQUITY

LIABILITIES

  

Deposits from customers and other financial institutions

1,003,928,451

947,411,222

Subordinated debt

44,000,000

44,000,000

Borrowings

393,232,273

365,971,306

Current tax liabilities

3,117,311

8,896,377

Other liabilities

27,265,529

27,736,213

Employee pension liabilities

16,157,449

20,596,063

Lease liabilities

-

11,971,106

Total Liabilities

1,487,701,014

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

11,326,358

-

Total Shareholders’ equity

259,326,758

248,000,399

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

1,747,027,772

1,674,582,686

 

Income Statement
For the period from 1 January 2020 to 31 March 2020-Unaudited

 

1 January
to 31 March 2020
US$
(Unaudited)

1 January
to 31 December 2019
US$
(Audited)

Operating income

Interest income

45,694,351

166,965,257

Interest expense

(17,694,836)

(66,008,944)

Net interest income

27,999,515

100,956,313

Net fees and commissions

2,820,654

2,839,932

Other income

1,933,280

4,019,426

Total operating profit

32,753,449

107,815,671

Net FX Unrealized Gain/(Loss)

(487,288)

-

Allowance for bad and doubtful loans

(2,404,327)

(5,372,451)

Provision for Off Balance Sheet Expense

(23,095)

-

Provision for Cash in other Banks Expense

88,082

-

Other operating expenses

(15,354,236)

(56,610,901)

Profit before income tax

14,572,585

45,832,319

Income tax expense

(3,246,227)

(8,678,488)

Net profit for the period

11,326,358

37,153,831

Makes Your Life Better