Global Banking Corporation: Interim Condensed Consolidated Financial Statements - 30 June 2017

Transcription

1. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the six months ended 30 June 2017 INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION INTERIM CONDENSED CONSOLIDATED STATEMENT OF INCOME As at 30 June 2017 (Reviewed) INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS For the six months ended 30 June 2017 (Reviewed) Three months ended Six months ended 30 June 30 June 2017 2016 20172016 US$ 000 US$ 000 US$ 000 US$ 000 INCOME Income from investment property 1,0651,083 2,1092,263 Income from placements with financial institutions 7783 147165 Income / (loss) from investment securities (1)5 2(21) Other income 2- 42 Total income 1,1431,171 2,2622,409 30 June 2017 31 December 2016 (Reviewed)(Audited) US$ 000 US$ 000 ASSETS 73156 Cash and bank balances Placements with financial institutions 26,21225,277 Investment securities 41,52441,773 Investment property 50,19650,959 Property and equipment 3,0453,128 Other assets 3,7074,206 Total assets For the six months ended 30 June 2017 (Reviewed) OPERATING ACTIVITIES Net loss for the period Adjustments for: Depreciation and amortisation Net unrealised (gain) / loss on investment securities Operating income before changes in operating assets and liabilities Changes in operating assets and liabilities: Other assets Accruals and other liabilities Net cash flows from operating activities 124,756125,499 EXPENSES Staff cost Legal and professional expenses Premises costs Depreciation and amortisation Other operating expenses LIABILITIES AND EQUITY Liabilities Accruals and other liabilities 7,6817,859 Total liabilities 7,6817,859 Equity 200,000200,000 Share capital 378421 149113 188239 447478 246237 789817 320300 377460 894948 446494 Total expenses 1,4081,488 2,8263,019 Net loss for the period (265)(317) (564)(610) Accumulated losses (90,353)(89,783) Equity and reserves attributable to shareholders of the Bank 116,930117,501 Non-controlling stakeholders 145139 251 (46)(46) (2) 203(46) Net increase in cash and cash equivalents 852669 25,43324,532 Cash and cash equivalents at 30 JUNE26,28525,201 (265)(314) (570)(603) -(3) 6(7) Total(265)(317) Total equity117,076117,640 1,170 1,224 (2)29 22392 (178)(20) 649715 Cash and cash equivalents at 1 January Attributable to: Shareholders of the Bank Non-controlling stakeholders (564)(610) 604643 INVESTING ACTIVITIES Sale of investment securities Purchase of property and equipment Addition in investment property Net cash flows used in investing activities 7,2847,284 Statutory reserve Six months ended 30 June 20172016 US$ 000 US$ 000 Cash and cash equivalents comprise of: Cash and bank balances 73149 Placements with financial and other institutions 26,21225,052 26,28525,201 (564)(610) Total liabilities and equity124,757125,499 INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the six months ended 30 June 2017 (Reviewed) Attributable to shareholders of the Bank 2017 Share capital US$ 000 Balance at 1 January 2017 200,000 7,284 (89,782) - - (570) 200,000 7,284 (90,352) (Loss) / income for the period As at 30 June 2017 StatutoryAccumulated reserve losses Total US$ 000 US$ 000 US$ 000 Non-Controlling stakeholders US$ 000 Total equity US$ 000 117,501 139 117,640 (570) 6 (564) 116,931 145 117,076 Emphasis of matters (a) Note 2 to the interim condensed consolidated financial statements, which indicates the existence of a material uncertainty that may cast significant doubt about the Group’s ability to continue as a going concern; and (b) Note 3 to the interim condensed consolidated financial statements, which discloses an on going legal case relating to the Bank’s investment in one of its investee Company. www.gbcorponline.com Attributable to shareholders of the Bank 2016 Share capital US$ 000 Balance at 1 January 2016 200,000 7,284 (87,511) - - (603) 200,000 7,284 (88,114) Loss for the period As at 30 June 2016 StatutoryAccumulated reserve losses Total US$ 000 US$ 000 US$ 000 Non-Controlling stakeholders US$ 000 Total equity US$ 000 119,773 148 119,921 (603) (7) (610) 119,170 141 119,311 These statements have been extracted from consolidated financial statements for the six months ended 30 June 2017 reviewed by Ernst & Young who expressed an unmodified conclusion on 1 August 2017, which are available on GBCORP website: www.gbcorponline.com The interim condensed consolidated financial statements were approved by the Board of Directors on 1 August 2017 and signed on its behalf by: Hisham Saleh Al Saie Chairman Jamal Ali Al Hazeem Vice Chairman Licensed as an Islamic Wholesale Bank by the Central Bank of Bahrain