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Eskan Bank B.S.C: Consolidated Financial Statements for the Year Ended 31-December-2017

IM Insights
By IM Insights
4 years ago
Eskan Bank B.S.C: Consolidated Financial Statements for the Year Ended 31-December-2017

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  1. Eskan Bank B .S.C © CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at 31 December 2017 (audited) (Amounts in Bahraini Dinars thousands) 2017 2016 (audited) (audited) ASSETS Cash and bank balances 39,663 64,852 Investments 10,029 21,896 Loans 609,863 479,006 Investment in associates 5,573 3,408 Investment properties 53,507 44,550 Development properties 16,196 20,757 Other assets 3,571 2,338 TOTAL ASSETS 738,402 636,807 LIABILITIES AND EQUITY LIABILITIES Deposits from financial and other institutions 20,500 35,500 Customer current accounts 3,634 4,597 Government accounts 415,674 291,166 Term loans 30,000 69,000 Other liabilities 6,229 5,716 Total liabilities 476,037 405,979 EQUITY Share capital 108,300 108,300 Contribution by shareholder 23,946 13,950 Statutory reserve 54,462 54,462 Retained earnings 68,976 47,451 Equity attributable to Bank’s shareholder 255,684 224,163 Non-controlling interest 6,681 6,665 CONSOLIDATED STATEMENT OF CASH FLOWS For the year ended 31 December 2017 (audited) (Amounts in Bahraini Dinars thousands) 2017 2016 (audited) (audited) OPERATING ACTIVITIES Profit for the period 21,542 16,489 Adjustments for: Net share of profit of associates (229) (1,773) Impairment provision on loans 231 119 Impairment provision on investments 100 Reversal of investment properties impairment provision - (142) Gain on sale of development properties (2,906) (2,654) Development cost written off - 50 Depreciation 324 415 Operating profit before working capital changes 19,062 12,504 Decrease / (increase) in placements with banks 269 (1,622) Decrease / (increase) in loans 8,300 (19,033) Increase in other assets (1,164) (377) (Decrease) / increase in deposits from financial and other institutions (15,000) 32,497 Decrease in customer current accounts (963) (1,499) Increase in other liabilities 513 5,293 11,017 Net cash flows generated from operating activities INVESTING ACTIVITIES Purchase of equipment (266) Investment in associate - capital repayment - Investment in associate - dividend received 197 Investment in an associate (2,134) Investment in development properties (2,222) Decrease in Investment in debt 11,767 Proceeds from sale of development properties 10,601 17,943 Net cash generated from investing activities 27,763 (233) 8,090 (2,815) (5,989) 17,680 9,817 26,550 Total equity 262,365 230,828 FINANCING ACTIVITIES TOTAL LIABILITIES AND EQUITY 738,402 636,807 Repayment of term loans Dividends paid Net movement on Government accounts Net cash flows used in financing activities (39,000) - (14,880) (53,880) NET (DECREASE) / INCREASE IN CASH AND CASH EQUIVALENTS Cash and cash equivalents at 1 January (24,920) 63,230 28,720 34,510 38,310 63,230 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the year ended 31 December 2017 (audited) (Amounts in Bahraini Dinars thousands) 2017 2016 (audited) (audited) Interest income Income from properties Net share of profit of associates Other income 25,251 3,478 229 701 17,884 3,166 1,773 440 TOTAL INCOME 29,659 23,263 Staff costs Other expenses Interest expense Provision of impairment on loans & investment (5,715) (1,493) (577) (332) (4,805) (1,555) (388) (26) TOTAL EXPENSES (8,117) (6,774) PROFIT FOR THE YEAR 21,542 16,489 - Other comprehensive income TOTAL COMPREHENSIVE INCOME FOR THE YEAR 21,542 16,489 Attributable to: Equity shareholders of the parent 21,526 16,462 Non-controlling interest 16 27 21,542 Basim Bin Yacob Al Hamer, Chairman 16,489 CASH AND CASH EQUIVALENTS AT 31 DECEMBER Cash and cash equivalent comprise : Cash and bank balances 1,530 2,887 Short term placements (with an original maturity of 90 days or less) 36,780 60,343 38,310 63,230 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the year ended 31 December 2017 (audited) (Amounts in Bahraini Dinars thousands) Share Contribution by Statutory Retained Total Non-controlling Total capital shareholder reserve earnings interest equity As at 1 January 2017 108,300 13,950 54,462 47,451 224,163 6,665 230,828 Transfer of land - 9,995 - - 9,995 - 9,995 Total comprehensive income for the year - - - 21,526 21,526 16 21,542 At 31 December 2017 108,300 23,945 54,462 68,977 255,684 6,681 262,365 As at 1 January 2016 108,300 1,509 54,462 50,989 215,260 6,638 221,898 Dividends - - - (20,000) (20,000) -(20,000) Transfer of land - 12,441 - - 12,441 - 12,441 Total comprehensive income for the year - - - 16,462 16,462 27 16,489 At 31 December 2016 108,300 13,950 54,462 47,451 224,163 6,665 230,828 Dr. Khalid Abdulla, General Manager This information has been extracted from the consolidated financial statements for the year ended 31 December 2017 which were approved by the Board of Directors on 20 March 2018 and audited by KPMG Fakhro who expressed unqualified opinion. www.eskanbank.com (40,000) (20,000) 34,407 (25,593)