Global Banking Corporation: Interim Condensed Consolidated Financial Statements - 30 June 2020

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1. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the six months ended 30 June 2020 INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION INTERIM CONSOLIDATED STATEMENT OF INCOME As at 30 June 2020 (Reviewed) 30 June 2020 31 December 2019 (Reviewed)(Audited) US$ 000 US$ 000 ASSETS Cash and bank balances Placements with financial institutions 113 65 33,667 32,791 Investment securities 41,524 41,524 Investment property 46,085 46,716 2,839 2,709 Property and equipment 805 1,440 125,033 125,245 Accruals and other liabilities 1,126 1,101 TOTAL LIABILITIES 1,126 1,101 200,000 200,000 7,284 7,284 Accumulated losses (83,377) (83,140) TOTAL EQUITY 123,907 124,144 TOTAL LIABILITIES AND EQUITY 125,033 125,245 Other receivables and prepayments TOTAL ASSETS LIABILITIES AND EQUITY LIABILITIES EQUITY Share capital Statutory reserve INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS For the six months ended 30 June 2020 (Reviewed) For the six months ended 30 June 2020 (Reviewed) Six months ended 30 June 20202019 OPERATING ACTIVITIES US$ 000 US$ 000 Net profit for the period Adjustments for: INCOME Impact of adopting FAS 30 Income from investment property 1,631 1,903 Depreciation and amortisation Income from investment banking services 587 Expected credit losses Income from placements with financial institutions 465 501 Recovery of impaired receivables Write-off of impaired receivable Other income 4 1,912 Operating income before changes in TOTAL INCOME2,687 4,316 operating assets and liabilities Changes in operating assets and liabilities: EXPENSES Other receivables and prepayments Accruals and other liabilities Staff cost 308 407 Net cash flows from operating activities Depreciation and amortisation 1,091 1,113 404 327 134 582 253 122 TOTAL EXPENSES2,264 2,477 (491) 231 4,088 NET PROFIT FOR THE PERIOD163 5,927 Premises costs Legal and professional expenses Other operating expenses Provision for credit losses Recovery of impaired receivables Six months ended 30 June 20202019 US$ 000 US$ 000 163 5,927 (400) 1,091 891 (231) (33) INVESTING ACTIVITIES Placements with financial institutions having original maturities of more than 90 days Purchase of property and equipment Purchase of investment property Cash flows from / (used in) investing activities NET CHANGE IN CASH AND CASH EQUIVALENTS Cash and cash equivalents at 1 January CASH AND CASH EQUIVALENTS AT 30 JUNE Cash and cash equivalents comprise: Cash and bank balances Placements with financial institutions having original maturities of 90 days or less CASH AND CASH EQUIVALENTS AT 30 JUNE Placements with financial institutions having original maturity of more than 90 days 1,113 (4,088) - 1,481 2,952 (206) 25 1,300 10,118 (8,281) 4,789 26,485 (362) - 26,123 (6,500) (20) (200) (6,720) 27,423 5,030 32,453 (1,931) 6,256 4,325 113 72 32,340 32,453 CASH AND BANK BALANCES AND PLACEMENTS WITH FINANCIAL INSTITUTIONS 4,253 4,325 1,327 27,826 33,780 32,151 INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the six months ended 30 June 2020 (Reviewed) 2020 Share StatutoryAccumulated capitalreserve losses Total US$ 000 US$ 000 US$ 000 US$ 000 2019 Share StatutoryAccumulated capitalreserve losses Total US$ 000 US$ 000 US$ 000 US$ 000 Balance at 1 January 2020 as previously reported Impact of adopting FAS 30 200,000 - 7,284 - (83,140) (400) 124,144 (400) Balance at 1 January 2019 Restated balance at 1 January 2020 Profit for the period 200,000 - 7,284 - (83,540) 163 123,744 163 As at 30 June 2020 200,000 7,284 (83,377) 123,907 200,000 7,284 (88,692) 118,592 Profit for the period - - 5,927 5,927 As at 30 June 2019 200,000 7,284 (82,765) 124,519 These statements have been extracted from condensed consolidated financial statements for the six months ended 30 June 2020 reviewed by Ernst & Young who expressed an unmodified conclusion on 11 August 2020, which are available on GBCORP website: www.gbcorponline.com Emphasis of matter Note 4.1 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 The condensed consolidated financial statements were approved by the Board of Directors on 11 August 2020 and signed on its behalf by: Hesham Ahmed Al Rayes Chairman Isa Abdulla Zainal Vice Chairman Licensed as an Islamic Wholesale Bank by the Central Bank of Bahrain