Eskan Bank: Consolidated Financial Statements - 31 December 2019

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1. ESKAN BANK B .S.C. (c) CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019 CONSOLIDATED STATEMENT OF CASH FLOWS CONSOLIDATED STATEMENT OF FINANCIAL POSITION For the year ended 31 December 2019 (Amounts in Bahraini Dinars thousands) As at 31 December 2019 (Amounts in Bahraini Dinars thousands) 2019 (audited) 2018 (audited) Assets Cash and cash equivalents Investments Loans Investment in associates Investment properties Development properties Other assets Total assets 30,895 4,870 710,662 4,340 50,498 29,986 30,571 861,822 18,082 9,286 632,511 5,254 51,018 23,822 29,743 769,716 Liabilities and Equity Liabilities Deposits from financial and other institutions Customer current accounts Government accounts Term loans Other liabilities 10,000 2,180 467,235 68,300 7,600 10,500 1,862 394,946 73,700 4,893 555,315 485,901 108,300 22,007 54,462 (416) 115,527 299,880 6,627 306,507 108,300 22,007 54,462 8 92,386 277,163 6,652 283,815 861,822 769,716 Total liabilities Equity Share capital Contribution by shareholder Statutory reserve Fair value reserve Retained earnings Equity attributable to Bank’s shareholder Non-controlling interest Total equity Total liabilities and equity CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the year ended 31 December 2019 (Amounts in Bahraini Dinars thousands) Operating activities Profit for the year Adjustments for: Net share of profit from investment in associate Net impairment loss Gain on sale of development properties Depreciation and amortization Operating profit before working capital changes Decrease in placements with banks (original maturity more than 90 days) Decrease in loans Decrease in other assets Increase in development properties Decrease in deposits from financial and other institutions Increase / (decrease) in customer current accounts Increase / (decrease) in other liabilities Net cash generated from operating activities Investing activities Decrease in investment in debt securities Capital repayment on investment Dividend received from an associate Purchase of equipment Investment in an associate Proceeds from liquidation of an associate Net cash generated from investing activities Financing activities Repayment of term loans Proceeds from term loans Net movement in Government accounts Net cash used in financing activities Net increase / (decrease) in cash and cash equivalents Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December Cash and cash equivalent comprise: Cash and bank balances Balances with Central Bank of Bahrain Short term placements (with an original maturity of 90 days or less) 2019 (audited) 2018 (audited) Interest income Income from properties Net share of profit from investment in associate Other income Total income Staff costs Other expenses Interest expense Total expenses 30,393 563 185 739 31,880 (4,287) (1,735) (210) (6,232) 27,564 1,115 393 1,061 30,133 (4,588) (1,665) (288) (6,541) Profit before provision for impairment Net impairment loss Profit for the year Other comprehensive Income Items that will not be classified to profit or loss: Fair value through other comprehensive income (equity instruments) Total comprehensive income for the year 25,648 (2,531) 23,117 23,592 (342) 23,250 (425) 208 22,692 23,458 Adjustment on initial adoption of IFRS 9 23,142 (25) 23,117 23,272 (22) 23,250 Profit for the year 22,717 (25) 22,692 23,480 (22) 23,458 Profit attributable to: Equity shareholder of the parent Non-controlling interest Total comprehensive income attributable to: Equity shareholder of the parent Non-controlling interest 2018 )audited( 23,117 23,250 )185( 2,531 540 26,003 5,917 255 )7,093( )500( 319 1,486 26,387 )393( 342 )508( 339 23,030 1,353 24,831 663 )7,118( )10,000( )1,773( )1,336( 29,650 3,336 655 206 )314( )231( 3,652 952 394 )175( )142( 461 1,490 )20,000( 14,600 )11,826( )17,226( 12,813 18,088 30,901 )10,000( 53,700 )95,061( )51,361( )20,221( 38,310 18,089 639 562 29,700 781 508 16,800 30,901 18,089 STATEMENT OF CHANGES IN EQUITY For the year ended 31 December 2019 (audited) (Amounts in Bahraini Dinars thousands) Equity attributable to Bank’s shareholder Share Contribution by capital shareholder As at 1 January 2019 Statutory reserve Fair value reserve Retained earnings Total Noninterest controlling 6,652 Total equity 108,300 22,007 54,462 8 92,386 277,163 Profit for the year - - - - 23,142 23,142 )25( 23,117 Other comprehensive income - - - )425( - )425( - )425( As at 31 December 2019 108,300 22,007 54,462 )417( 115,528 299,880 6,627 306,507 As at 1 January 2018 108,300 23,946 54,462 - 68,976 255,684 6,681 262,365 - - - )200( )10,639( )10,839( )7( )10,846( 108,300 23,946 54,462 )200( 58,337 244,845 6,674 251,519 - - - - 23,272 23,272 )22( 23,250 Other comprehensive income - - - 208 - 208 - 208 Transfer to Shareholder - )1,939( - - - )1,939( - )1,939( Adjusted balance at 1 January 2018 Basim Bin Yacob Al Hamer, Chairman 2019 )audited( Expected credit loss on social housing loans borne by the Government As at 31 December 2018 283,815 - - - - 10,777 10,777 - 10,777 108,300 22,007 54,462 8 92,386 277,163 6,652 283,815 Dr. Khalid Abdulla, General Manager This information has been extracted from the consolidated financial information for the year ended 31 December 2019 which were aprroved by board of directors on 26 February 2020 and audited by KPMG Fakhro who expressed unqualified opinion