Interim Financial Statements As of 30 June 2019

Balance Sheet
As of 30 June 2019-Unaudited

 

30-Jun-19

US$

(Unaudited)

31-Dec-18

US$

(Audited)

ASSETS
Cash on hand                     101,469,553                          67,916,384
Balances with the Central Bank                     216,219,514                        168,970,016
Due from banking & financial institutions                         6,448,970                            7,792,978
Loans and advances to customers- net                  1,114,610,135                     1,007,139,509
Other assets                       24,012,669                          18,821,989
Deferred tax assets                         4,903,785                            4,903,785
Goodwill                       17,380,030                          17,380,030
Software                         1,517,432                            1,463,686
Property and equipment                       12,103,662                          10,238,649
Right of Use Assets                                                     -                                            -  
TOTAL ASSETS               1,498,665,751                  1,304,627,026
LIABILITIE AND SHAREHOLDERS' EQUITY
LIABILITIES
Deposits from customers and other financial institutions                     926,627,437                        804,699,381
Subordinated debt                       25,000,000                          30,000,000
Borrowings                     282,368,274                        253,817,389
Current tax liabilities                         4,480,752                            5,705,331
Other liabilities                       21,185,291                          20,207,444
Employee pension liabilities                       14,049,474                          12,923,876
Lease liabilities                                      -                                            -  
Total Liabilities                  1,273,711,228                     1,127,353,421
SHAREHOLDERS' EQUITY
Share capital                     150,000,000                        120,000,000
Regulatory reserve                                      -                                            -  
Retained earnings                       57,273,605                          34,179,408
Profit for current year                       17,680,919                          23,094,198
Total Shareholders’ equity                     224,954,523                        177,273,605
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY               1,498,665,751                  1,304,627,026

Income Statement
For the period from 1 January 2019 to 30 June 2019-Unaudited

 

01-Jan
 to 30 June 2019
 US$
(Unaudited)

01-Jan
 to 31 December 2018
 US$
 (Audited)

Operating income
Interest income                       75,118,247                        130,966,956
Interest expense                      (29,142,380)                        (51,616,010)
Net interest income                       45,975,866                          79,350,947
Net fees and commissions                         4,037,025                            6,719,521
Other income                         2,197,041                            1,452,245
Total operating profit                       52,209,932                          87,522,713
Net FX Unrealized Gain/(Loss)                                      -                                            -  
Allowance for bad and doubtful loans                        (2,016,173)                          (7,149,332)
Provision for Off Balance Sheet Expense                           (216,210)                             (398,649)
Provision for Cash in other Banks Expense                              13,292                               (78,433)
Other operating expenses                      (27,410,981)                        (51,662,897)
Profit before income tax                       22,579,860                          28,233,401
Income tax expense                        (4,898,941)                          (5,139,203)
Net profit for the period                       17,680,919                          23,094,198

 

Makes Your Life Better