Interim Financial Statements As of 30 June 2020

Balance Sheet
As of 30 June 2020-Unaudited

 

 

30-Jun-20

US$

(Unaudited)

CIFRS

31-Dec-19

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 ASSETS              1,861,380,001              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

 

 

01-Jan
 to 30 June 2020
 US$
 (Unaudited)

CIFRS

01-Jan
 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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