City Bank: Half yearly Financial Statements - 30 June 2020

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1. Half yearly Financial Statements as on 30 June 2020 (Unaudited) Consolidated Balance Sheet as at 30 June 2020 Consolidated Cash Flow Statement for the Half Year ended 30 June 2020 30-Jun-20 Taka PROPERTY AND ASSETS Cash In hand (including foreign currencies) Balance with Bangladesh Bank and its agent bank (s) (including foreign currencies) 31-Dec-19 Taka 6,148,542,255 Balance with other banks and financial institutions In Bangladesh Outside Bangladesh Money at call and short notice Investments Government Others Loans and advances / Investments Loans, cash credits, overdrafts, etc./ general investments Bills purchased and discounted Fixed assets including premises, furniture and fixtures Other assets Non - banking assets Total assets LIABILITIES AND CAPITAL Liabilities Tier-II Subordinated Bond Borrowings from other banks, financial institutions and agents Deposits and other accounts Current deposits and other accounts Bills payable Savings bank deposits Fixed deposits Bearer certificate of deposit 6,136,396,417 20,288,488,830 26,437,031,084 19,776,258,104 25,912,654,521 14,740,179,728 4,097,524,075 18,837,703,803 89,379,167 19,084,846,966 4,360,632,299 23,445,479,265 89,379,167 36,655,397,700 7,215,153,651 43,870,551,351 36,085,210,195 7,563,438,277 43,648,648,472 291,829,845,232 1,389,830,274 293,219,675,505 5,865,889,039 12,044,517,409 1,083,841,941 401,448,589,299 245,024,807,640 2,752,926,612 247,777,734,252 6,299,251,389 8,627,907,980 1,152,338,991 356,953,394,037 9,200,000,000 58,391,870,531 9,200,000,000 45,147,496,824 43,817,878,517 3,957,196,159 50,593,834,301 176,287,991,124 274,656,900,100 40,869,697,059 1,884,096,479 46,367,253,617 157,319,657,916 246,440,705,071 34,139,413,833 376,388,184,464 31,625,852,069 332,414,053,964 10,163,866,610 8,659,477,813 1,504,388,797 530,786,631 159,453,385 4,042,320,610 25,060,293,846 110,989 25,060,404,835 401,448,589,299 10,163,866,610 8,659,477,813 1,504,388,797 530,786,631 701,793,785 2,978,918,631 24,539,232,267 107,806 24,539,340,073 356,953,394,037 OFF- BALANCE SHEET ITEMS Contingent liabilities Acceptances and endorsements Letters of guarantee Irrevocable letters of credit Bills for collection Other contingent liabilities Total 52,667,279,015 12,891,371,668 28,073,095,594 7,528,442,868 11,817,912,388 112,978,101,533 51,796,238,358 11,763,748,842 29,545,447,726 7,915,163,524 12,152,921,351 113,173,519,801 Other commitments Documentary credits and short term trade -related transactions Forward assets purchased and forward deposits placed Undrawn note issuance and revolving underwriting facilities Undrawn formal standby facilities , credit lines and other commitments Other commitments Total Total Off-Balance Sheet items including contingent liabilities 14,054,349,597 14,054,349,597 127,032,451,130 5,224,685,808 5,224,685,808 118,398,205,609 Company Secretary Increase / (decrease) in operating assets and liabilities Loans and advances to customers Other assets Deposits from other banks / borrowings Deposits from customers Other liabilities Net cash from operating activities B) Cash flows from investing activities Proceeds from sale of securities Purchase / sale of property, plant and equipment Investment in subsidiaries Net cash used in investing activities Director Chairman Consolidated Profit and Loss Account for the Half Year ended 30 June 2020 2020 (Amount in Taka) Current Quarter 2020 2019 Year-to-Date 2019 Interest income / profit on investments Interest / profit paid on deposits and borrowings, etc. Net interest / net profit on investments Investment income Commission, exchange and brokerage Other operating income Total operating income (A) 12,484,019,025 (8,402,228,992) 4,081,790,033 1,969,638,791 1,751,018,443 896,389,425 8,698,836,693 12,840,544,344 (7,585,340,628) 5,255,203,715 1,134,826,879 1,711,023,988 1,175,609,866 9,276,664,448 5,497,103,630 (4,109,684,555) 1,387,419,075 940,910,746 951,170,221 282,478,626 3,561,978,668 6,751,332,526 (4,014,834,026) 2,736,498,500 401,262,345 814,375,688 646,349,030 4,598,485,564 Salaries and allowances Rent, taxes, insurance, electricity, etc. Legal expenses Postage, stamp, telecommunication, etc. Stationery, printing, advertisements, etc. Chief Executive's salary and fees Directors' fees Auditors' fees Depreciation and repair of Bank's assets Other expenses Total operating expenses (B) Profit / (loss) before provision (C=A-B) Provision for loans and advances / investments Provision for Off-Balance Sheet exposures Provision for diminution in value of investments Total provision (D) Total profit / (loss) before taxes (C+D) Provision for taxation Current Tax Deferred Tax Net profit after taxation Transferred to Minority Interest 2,873,007,343 261,485,359 18,939,344 39,446,664 107,499,428 9,278,568 1,857,239 951,420 977,911,569 1,350,063,874 5,640,440,809 3,058,395,883 (761,378,133) (84,457,227) (81,182,620) (927,017,980) 2,131,377,903 (1,063,251,233) (973,876,265) (89,374,968) 1,068,126,670 (3,183) 1,068,123,487 2,639,545,020 588,929,592 24,378,362 53,759,209 131,166,632 8,579,108 2,125,112 967,905 520,935,081 1,208,582,627 5,178,968,649 4,097,695,799 (724,692,415) (13,653,559) (4,143,124) (742,489,098) 3,355,206,701 (1,509,560,681) (1,450,030,489) (59,530,192) 1,845,646,020 (2,716) 1,845,643,304 1,368,574,087 94,249,835 6,949,695 15,463,581 40,568,293 4,072,262 991,910 465,583 519,145,866 538,548,856 2,589,029,969 972,948,699 (428,873,053) 69,020,388 (39,395,114) (399,247,780) 573,700,920 (265,435,739) (221,040,190) (44,395,549) 308,265,181 (1,174) 308,264,006 1,370,285,486 293,564,277 11,479,844 29,512,868 64,370,155 4,804,174 987,576 506,213 270,236,690 638,276,546 2,684,023,829 1,914,461,735 (238,053,968) 90,206,850 (1,245,108) (149,092,225) 1,765,369,510 (684,811,925) (655,098,093) (29,713,832) 1,080,557,585 376 1,080,557,962 1.05 627,464,469 627,464,469 1.82 0.30 354,446,316 354,446,316 1.06 Appropriations Statutory reserve Proposed dividend (stock) Earnings per share (EPS) Company Secretary Chief Financial Officer Managing Director (Acting) Director Chairman Consolidated Statement of Changes in Equity for the Half Year ended 30 June 2020 Paid-up capital Statutory reserve Share premium Taka Taka Taka Particulars 12,235,948,407 (9,785,122,254) 216,464,928 1,235,488,321 59,507,001 (2,882,285,911) (65,077,818) (1,477,107,666) 2,515,101,850 (2,371,471,060) 12,801,179,139 (7,995,965,975) 339,927,029 1,055,181,585 71,776,015 (2,648,124,127) (80,511,308) (1,466,849,292) 1,961,885,144 (2,190,539,292) Balance as at 1 January 2020 Surplus/(deficit) on account of revaluation of investments Dividend (Bonus Share) Dividend (Cash) Net profit for the period Appropriation made during the period Balance as at 30 June 2020 Balance as at 30 June 2019 (318,554,202) 1,847,958,917 (45,441,941,253) (1,799,073,913) 28,545,323,750 12,915,244,987 2,390,433,742 (3,390,012,687) (3,708,566,889) (26,960,708,352) (2,055,777,332) 220,712,510 20,622,482,393 369,883,183 (7,803,407,598) (5,955,448,681) (2,107,555,244) (166,008,413) (2,273,563,657) (3,490,647,879) (344,204,885) (14,211,633) (3,849,064,397) - 400,000,000 400,000,000 (5,982,130,546) 531,219,683 65,784,885,715 60,333,974,852 (9,404,513,078) 664,466,974 57,359,976,956 48,619,930,852 6,148,542,255 20,288,488,830 6,193,990,786 14,247,347,172 18,837,703,803 89,379,167 14,969,860,798 60,333,974,852 21,543,605,425 89,379,167 6,545,608,303 48,619,930,852 Issuance of tier-II subordinated bond Net Cash from financing activities D) E) F) G) Net increase / (decrease) in cash and cash equivalents (A+ B + C) Effects of exchange rate changes on cash and cash equivalent Opening cash and cash equivalents Closing cash and cash equivalents (D+E+F) Cash and cash equivalents at end of the period Cash in hand (including foreign currencies) Balance with Bangladesh Bank and its agent bank (s) (including foreign currencies) Balance with other banks and financial institutions Money at call and short notice Government securities Balance Sheet as at 30 June 2020 30-Jun-20 Taka PROPERTY AND ASSETS Cash In hand (including foreign currencies) Balance with Bangladesh Bank and its agent bank(s) (including foreign currencies) Balance with other banks and financial institutions In Bangladesh Outside Bangladesh Money at call and short notice Investments Government Others Loans and advances / Investments Loans, cash credits, overdrafts, etc./ general investments Bills purchased and discounted Fixed assets including premises, furniture and fixtures Other assets Non - banking assets Total assets LIABILITIES AND CAPITAL Liabilities Tier-II Subordinated Bond Borrowings from other banks, financial institutions and agents Deposits and other accounts Current deposits and other accounts Bills payable Savings bank deposits Fixed deposits Bearer certificate of deposit Chief Financial Officer Managing Director (Acting) Balance as at 1 January 2020 Surplus/(deficit) on account of revaluation of investments Currency translation difference Net profit for the period Minority Interest Dividend (Cash) Dividend (Bonus Share) Appropriation made during the period Balance as at 30 June 2020 Balance as at 30 June 2019 Interest receipts/investment income receipts in cash Interest payments/profit paid on deposits Dividend receipts Fees and commission receipts in cash Recoveries of loans previously written off Cash payments to employees Cash payments to suppliers Income taxes paid Receipts from other operating activities Payments for other operating activities Cash generated from operating activities before changes in operating assets and liabilities 30-Jun-19 Taka General Revaluation Dividend Reserves gain/(loss) on Equalization investment Reserve Taka Taka Taka 10,163,866,610 8,659,477,813 1,504,388,797 11,394,928 Retained earnings Minority Interest Total Taka Taka Taka 690,398,857 530,786,631 2,978,918,631 107,806 24,539,340,073 - (527,011,299) - (527,011,299) - (4,721,508) (4,721,508) - 1,068,123,487 - 1,068,123,487 - 3,183 3,183 10,163,866,610 8,659,477,813 1,504,388,797 11,394,928 163,387,558 530,786,631 4,042,320,610 110,989 25,075,733,936 9,679,872,970 8,629,023,581 1,504,388,797 11,394,928 2,257,304,909 530,786,631 3,289,093,485 107,132 25,901,972,432 Other liabilities Total liabilities Capital / Shareholders' equity Paid up capital Statutory reserve Share premium Dividend equalization reserve Other reserve Surplus in profit and loss account / Retained earnings Shareholders' equity of The City Bank Limited Total liabilities and Shareholders' equity 31-Dec-19 Taka 6,147,117,314 6,130,572,909 20,288,488,830 26,435,606,144 19,776,258,104 25,906,831,013 14,687,976,600 4,052,417,796 18,740,394,396 89,379,167 18,731,082,702 4,305,212,819 23,036,295,521 89,379,167 36,439,757,641 3,250,908,007 39,690,665,648 36,085,210,195 3,366,294,433 39,451,504,628 291,050,782,967 1,369,377,526 292,420,160,493 5,244,106,154 14,981,473,854 1,083,841,941 398,685,627,797 244,204,761,679 2,738,889,044 246,943,650,723 5,675,246,085 12,433,741,210 1,152,338,991 354,688,987,338 9,200,000,000 57,432,449,334 9,200,000,000 44,168,290,655 43,736,471,595 3,957,196,159 50,593,834,301 176,635,387,117 274,922,889,172 40,790,426,287 1,884,096,479 46,367,253,617 157,661,889,059 246,703,665,442 31,058,938,429 372,614,276,936 29,201,394,866 329,273,350,963 10,163,866,610 8,659,477,813 1,504,388,797 530,786,631 683,022,659 4,529,808,350 26,071,350,860 398,685,627,797 10,163,866,610 8,659,477,813 1,504,388,797 530,786,631 930,897,743 3,626,218,781 25,415,636,375 354,688,987,338 OFF- BALANCE SHEET ITEMS Contingent liabilities Acceptances and endorsements Letters of guarantee Irrevocable letters of credit Bills for collection Other contingent liabilities for ECA financing Total 52,667,279,015 12,891,371,668 28,073,095,594 7,482,809,780 11,817,912,388 112,932,468,445 51,796,238,358 11,763,748,842 29,545,447,726 7,846,319,339 12,152,921,351 113,104,675,616 Other commitments Documentary credits and short term trade -related transactions Forward assets purchased and forward deposits placed Undrawn note issuance and revolving underwriting facilities Undrawn formal standby facilities , credit lines and other commitments Other commitments Total Total Off-Balance Sheet items including contingent liabilities 14,054,349,597 14,054,349,597 126,986,818,042 5,224,685,808 5,224,685,808 118,329,361,424 Director Interest income / profit on investments Interest / profit paid on deposits and borrowings, etc. Net interest / net profit on investments Investment income Commission, exchange and brokerage Other operating income Total operating income (A) 12,435,944,125 12,794,529,560 (8,382,542,111) (7,573,796,002) 4,053,402,015 5,220,733,558 1,749,619,942 903,754,585 1,461,549,738 1,526,855,606 896,340,607 1,174,159,860 8,160,912,302 8,825,503,609 5,478,081,964 (4,097,260,150) 1,380,821,814 930,242,253 734,252,639 282,451,545 3,327,768,251 6,716,929,150 (4,010,569,911) 2,706,359,238 394,102,196 738,661,798 645,386,950 4,484,510,182 Salaries and allowances Rent, taxes, insurance, electricity, etc. Legal expenses Postage, stamp, telecommunication, etc. Stationery, printing, advertisements, etc. Chief Executive's salary and fees Directors' fees Auditors' fees Depreciation and repair of Bank's assets Other expenses Total operating expenses (B) Profit / (loss) before provision (C=A-B) Provision for loans and advances / investments Provision for Off-Balance Sheet exposures Total provision (D) Total profit / (loss) before taxes (C+D) Provision for taxation Current Tax Deferred Tax Net profit after taxation 2,778,163,044 237,417,150 18,479,890 35,910,531 100,077,009 9,278,568 520,000 885,000 944,136,832 1,337,551,811 5,462,419,835 2,698,492,467 (729,541,289) (84,457,227) (813,998,516) 1,884,493,951 (980,904,381) (890,904,381) (90,000,000) 903,589,570 2,539,421,551 539,053,444 23,622,093 50,574,316 118,923,974 8,579,108 867,000 885,000 504,114,777 1,186,691,356 4,972,732,618 3,852,770,991 (701,795,086) (13,653,559) (715,448,645) 3,137,322,346 (1,435,743,820) (1,375,743,820) (60,000,000) 1,701,578,525 1,323,450,787 82,494,673 6,699,925 13,689,720 36,822,625 4,072,262 272,000 442,500 501,888,419 532,517,187 2,502,350,098 825,418,152 (410,512,498) 69,020,388 (341,492,110) 483,926,042 (237,545,509) (192,545,509) (45,000,000) 246,380,533 1,315,109,022 270,768,640 11,125,338 28,007,180 59,770,886 4,804,174 256,000 442,500 261,465,161 626,169,037 2,577,917,937 1,906,592,246 (224,567,518) 90,206,850 (134,360,668) 1,772,231,578 (671,779,740) (641,779,740) (30,000,000) 1,100,451,838 0.89 627,464,469 627,464,469 1.67 0.24 354,446,316 354,446,316 1.08 Appropriations Statutory reserve Proposed dividend (stock) Earnings per share (EPS) Company Secretary Managing Director (Acting) Chief Financial Officer Director Chairman Retained earnings Taka Total Taka 10,163,866,610 8,659,477,813 1,504,388,797 11,394,928 919,502,816 530,786,631 3,626,218,781 25,415,636,375 - (247,875,085) - (247,875,085) - 903,589,570 903,589,570 10,163,866,610 8,659,477,813 1,504,388,797 11,394,928 671,627,730 530,786,631 4,529,808,350 26,071,350,860 9,679,872,970 8,629,023,581 1,504,388,797 11,394,928 1,448,734,130 530,786,631 3,956,970,800 25,761,171,837 30-Jun-20 Taka Net cash from operating activities B) Cash flows from investing activities Proceeds from sale of securities Purchase / sale of property, plant and equipment Investment in subsidiaries Net cash used in investing activities D) E) F) G) Net increase / (decrease) in cash and cash equivalents (A+ B + C) Effects of exchange rate changes on cash and cash equivalent Opening cash and cash equivalents Closing cash and cash equivalents (D+E+F) Cash and cash equivalents at end of the period Cash in hand (including foreign currencies) Balance with Bangladesh Bank and its agent bank (s) (including foreign currencies) Balance with other banks and financial institutions Money at call and short notice Government securities 30-Jun-19 Taka 12,187,873,507 (9,766,671,194) 8,051,276 965,675,384 59,507,001 (2,787,441,612) (53,849,277) (1,407,585,598) 2,519,137,396 (2,319,763,242) 12,755,164,355 (7,984,421,349) 139,061,788 862,388,632 71,776,015 (2,548,000,659) (79,501,780) (1,374,024,633) 1,938,852,657 (2,098,870,343) (595,066,359) 1,682,424,683 (45,476,509,770) (860,139,399) 28,565,108,721 12,918,273,689 1,780,522,568 (3,072,744,191) (3,667,810,551) (26,668,733,874) (2,111,293,039) 115,969,425 20,508,341,131 (195,824,975) (8,351,541,332) (6,669,116,649) (1,830,348,069) (132,353,693) (1,962,701,762) (3,568,816,933) (296,494,457) (14,211,633) (3,879,523,023) - 400,000,000 400,000,000 (5,630,512,313) 495,874,354 65,369,878,463 60,235,240,504 (10,148,639,672) 664,466,974 56,109,163,643 46,624,990,945 6,147,117,314 20,288,488,830 6,186,080,098 14,247,347,172 18,740,394,396 89,379,167 14,969,860,798 60,235,240,504 19,556,576,205 89,379,167 6,545,608,303 46,624,990,945 C) Cash flows from financing activities Issuance of tier-ll subordinated bond Net Cash from financing activities Notes to the Financial Statements as at and for the Half Year ended 30 June 2020 1 General Reporting period Reporting period of these financial statements of the Group and the Bank is 01 January 2020 to 30 June 2020. Review of the Financial Statements These financial statements were reviewed by the Audit Committee of the Board of City Bank in its 83rd no. meeting held on 26 July 2020 and was subsequently adpoted by the Board in its 570th no. meeting held on the same date. 2 Additional Disclosure in compliance with BSEC notification dated 20 June 2018: Significant deviation between two quarterly periods and reason thereof: Consolidated Increase/ 30-June- 30-June- (Decrease) 2020 2019 Period Investment income 196.96 113.48 76.14 72.47 8.12 0.41 97.39 145.00 Provision for loans and advances /investments (expense) Provision for diminution in value of investments (expense) Current tax provision (expense) 3.a 3.a.1 Amount in Crore Reasons Increased interest on government securities for growth in government 83.48 securities holdings and more earnings against gains on from government securities contributed for higher investment income. Bank booked excess provision expenses under loans and advances as 3.67 precautionary measured considering the pandemic situation. provision against investment had to account for as the market 7.70 More price of equity shares decreased significantly. One of the main reasons for less tax expenses was lower operating (47.62) income. Nevertheless, Higher gain from government securities from previous year played a vital role for decrease in tax expenses. Consolidated Earnings per share (EPS) (i) Net profit after tax - Taka Weighted average number of shares Consolidated earnings per share - Taka (i/ii) * 30-June-2020 Taka 30-June-2019 Taka 1,068,126,670 1,016,386,661 1.05 1,845,646,020 1,016,386,661 1.82 903,589,570 1,016,386,661 0.89 1,701,578,525 1,016,386,661 1.67 Earnings per share (EPS) - The City Bank Limited (i) Net profit after tax - Taka (ii) Weighted average number of shares Earnings per share - Taka (i/ii) * Earnings per share (EPS) for the reporting period was lower than the same period of previous year due to deceease in operating income, which ultimately contribute to increase profit after tax. *In computation of EPS for previous year, distributed 5.0% stock dividend for 2018 was duly considered. 3.b Consolidated Net operating cash flow per share (NOCFPS) (i) Net operating cash flow - Taka (ii) Number of shares Net operating cash flow per share - Taka (i/ii) * (3,708,566,889) 1,016,386,661 (3.65) (5,955,448,681) 1,016,386,661 (5.86) (3,667,810,551) 1,016,386,661 (3.61) (6,669,116,649) 1,016,386,661 (6.56) Net operating cash flow per share (NOCFPS) - The City Bank Limited (i) Net operating cash flow - Taka (ii) Number of shares Net operating cash flow per share - Taka (i/ii) * Net operating cash flow per share (NOCFPS) improve from previous year as Net Cash Outflows from loan disbursement and deposit/borrowing acquisition decreased. *In computation of NOCFPS for previous year, distributed 5.0% stock dividend for 2018 was duly considered. Profit and Loss Account for the Half Year ended 30 June 2020 (Amount in Taka) Current Quarter 2020 2019 Revaluation Dividend gain/(loss) on Equalization investment Reserve Taka Taka Increase / (decrease) in operating assets and liabilities Loans and advances to customers Other assets Deposits from other banks / borrowings Deposits from customers Other liabilities Chairman Year-to-Date 2020 2019 General Share premium Reserves Taka Taka Interest receipts/investment income receipts in cash Interest payments/profit paid on deposits Dividend receipts Fees and commission receipts in cash Recoveries of loans previously written off Cash payments to employees Cash payments to suppliers Income taxes paid Receipts from other operating activities Payments for other operating activities Cash generated from operating activities before changes in operating assets and liabilities Chief Financial Officer Managing Director (Acting) Statutory reserve Taka A) Cash flows from operating activities 3.b.1 Company Secretary Paid-up capital Taka Cash Flow Statement for the Half Year ended 30 June 2020 C) Cash flows from financing activities Other liabilities Total liabilities Capital / Shareholders' equity Paid up capital Statutory reserve Share premium Dividend equalization reserve Other reserve Surplus in profit and loss account / Retained earnings Shareholders' equity of The City Bank Limited Minority Interest Total equity Total liabilities and Shareholders' equity Particulars A) Cash flows from operating activities Statement of Changes in Equity for the Half Year ended 30 June 2020 30-Jun-20 Taka 3.c Reconciliation statement of cash flows from operating activities Profit before provision Adjustment for non cash items Depreciation and Amortization Adjustment with non-operating activities Gain on sale of shares and debentures Profit from sale of fixed assets Changes in operating Activities Changes in loans & advances Changes in deposit and other accounts Changes in investment Changes in borrowings Changes in other assets Changes in other liabilities Payment of Income Tax Net cash flows from operating activities 3.d 3,852,770,991 270,732,620 246,359,837 1,914,598 1,914,598 4,240,731 675,000 4,915,731 (45,476,509,770) 28,219,223,730 (239,161,020) 13,264,158,679 (860,139,399) (138,936,858) (5,231,364,637) (26,668,733,874) 26,008,870,597 (406,857,554) (5,384,560,041) (2,111,293,039) (836,564,663) (9,399,138,574) (1,407,585,598) (3,667,810,551) (1,374,024,633) (6,669,116,649) 25,075,733,936 1,016,386,661 24.67 24,539,340,073 1,016,386,661 24.14 26,071,350,860 1,016,386,661 25.65 25,415,636,375 1,016,386,661 25.01 Consolidated Net Assets Value per Share (NAV) (i) Shareholders’ equity (ii) Number of shares Net Assets Value per Share - Taka (i/ii) 3.d.1 2,698,492,467 Net Assets Value per Share (NAV) - The City Bank Limited (i) Shareholders’ equity (ii) Number of shares * Net Assets Value per Share - Taka (i/ii) *In computation of NAV for previous year, distributed 5.0% stock dividend for 2018 was duly considered. 4 Credit Rating of the Bank As per the BRPD circular no.6 dated 5 July 2006, the Bank has done its credit rating by Credit Rating Agency of Bangladesh Limited (CRAB) based on the financial statements dated 31 December 2019. Particulars Date of Rating Entity Rating 30-Jun-20 Long term AA2 Very strong capacity & very high quality Short term ST-2 Strong capacity for timely repayment Rating Valid 30-Jun-21