Interim Financial Statements As of 31 March 2021

Balance Sheet
As of 31 March 2021-Unaudited

 

31-Mar-21

US$

(Unaudited)

31-Dec-20

US$

(Audited)

ASSETS
Cash on hand                    131,963,634                    112,449,694
Balances with the Central Bank                    243,821,118                    347,765,470
Due from banking & financial institutions                        9,025,671                      14,507,186
Loans and advances to customers- net                 1,648,252,044                 1,551,574,179
Other assets                      29,766,043                      20,517,283
Deferred tax assets                        5,318,760                        6,202,335
Goodwill                      17,380,030                      17,380,030
Software                        2,782,915                        3,009,642
Property and equipment                      21,654,844                      17,357,825
Right of Use Assets                                      -                         16,631,777
TOTAL ASSETS              2,109,965,058              2,107,395,421
LIABILITIE AND SHAREHOLDERS' EQUITY
LIABILITIES
Deposits from customers and other financial institutions                 1,317,804,010                 1,282,172,981
Subordinated debt                      70,750,000                      63,750,000
Borrowings                    350,180,531                    375,502,609
Current tax liabilities                        2,511,460                      10,222,127
Other liabilities                      38,963,627                      37,103,838
Employee pension liabilities                      18,922,890                      23,701,504
Lease liabilities                                     -                         15,393,794
Total Liabilities                 1,799,132,518                 1,807,846,853
SHAREHOLDERS' EQUITY
Share capital                    193,000,000                    193,000,000
Regulatory reserve                      11,936,141                      11,936,141
Retained earnings                      94,612,428                      94,612,427
Profit for current year                      11,283,971                                     -  
Total Shareholders’ equity                    310,832,540                    299,548,568
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY              2,109,965,058              2,107,395,421

Income Statement
For the period from 1 January 2021 to 31 March 2021-Unaudited

 

01-Jan

 to 31 March 2021
 US$
 (Unaudited)

01-Jan

 to 31 December 2020
 US$
 (Audited)

Operating income
Interest income                      52,537,919                    203,086,588
Interest expense                     (21,756,630)                    (81,406,370)
Net interest income                      30,781,290                    121,680,218
Net fees and commissions                        4,013,875                        4,722,029
Other income                        2,664,641                        6,895,186
Total operating profit                      37,459,806                    133,297,433
Net FX Unrealized Gain/(Loss)                          (162,969)                                     -  
Allowance for bad and doubtful loans                       (4,453,178)                    (15,571,732)
Provision for Off Balance Sheet Expense                             38,153                                     -  
Provision for Cash in other Banks Expense                             53,979                                     -  
Other operating expenses                     (18,752,760)                    (63,814,487)
Profit before income tax                      14,183,032                      53,911,214
Income tax expense                       (2,899,061)                    (12,363,045)
Net profit for the period                      11,283,971                      41,548,169

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