Interim Financial Statements As of 31 March 2019

Balance Sheet
As of 31 March 2019-Unaudited

 31-Mar-19
 US$ 
 (Unaudited) 

31-Dec-18

U$$

(Audited)

ASSETS
Cash on hand                 85,038,302                   67,916,384
Balances with the Central Bank               176,480,681                 168,970,016
Due from banking & financial institutions                   6,358,300                     7,792,978
Loans and advances to customers- net            1,048,753,851              1,007,139,509
Other assets                 24,116,117                   18,821,989
Deferred tax assets                   4,903,785                     4,903,785
Goodwill                 17,380,030                   17,380,030
Software                   1,617,124                     1,463,686
Property and equipment                 12,293,087                   10,238,649
Right of Use Assets                                             -                                     -  
TOTAL ASSETS         1,376,941,277           1,304,627,026
LIABILITIE AND SHAREHOLDERS' EQUITY
LIABILITIES
Deposits from customers and other financial institutions               855,926,143                 804,699,381
Subordinated debt                 20,000,000                   30,000,000
Borrowings               249,565,640                 253,817,389
Current tax liabilities                   2,479,220                     5,705,331
Other liabilities                 19,290,339                   20,207,444
Employee pension liabilities                 13,516,823                   12,923,876
Lease liabilities                                -                                     -  
Total Liabilities            1,160,778,165              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                   8,889,508                   23,094,198
Total Shareholders’ equity               216,163,112                 177,273,605
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY         1,376,941,277           1,304,627,026
           -                 -  

 

Income Statement
For the period from 1 January 2019 to 31 March 2019-Unaudited

 01-Jan
 to 31 March 2019 
 US$ 
 (Unaudited) 

 to 31 December 2018

US$

(Audited)

Operating income
Interest income                 36,491,738                 130,966,956
Interest expense                (14,134,644)                  (51,616,010)
Net interest income                 22,357,094                   79,350,947
Net fees and commissions                   2,000,547                     6,719,521
Other income                   1,075,316                     1,452,245
Total operating profit                 25,432,957                   87,522,713
Net FX Unrealized Gain/(Loss)                                -                                     -  
Allowance for bad and doubtful loans                     (876,123)                    (7,149,332)
Provision for Off Balance Sheet Expense                       (53,938)                       (398,649)
Provision for Cash in other Banks Expense                        14,208                         (78,433)
Other operating expenses                (13,189,355)                  (51,662,897)
Profit before income tax                 11,327,750                   28,233,401
Income tax expense                  (2,438,242)                    (5,139,203)
Net profit for the period                   8,889,508                   23,094,198

 

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