Global Banking Corporation: Interim Condensed Consolidated Financial Statements - 31 March 2017

Transcription

1. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the three months ended 31 March 2017 INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION INTERIM CONDENSED CONSOLIDATED STATEMENT OF INCOME As at 31 March 2017 (Reviewed) INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS For the three months ended 31 March 2017 (Reviewed) 31 March 2017 31 December 2016 (Reviewed)(Audited) US$ 000 US$ 000 145156 Cash and bank balances Placements with financial institutions 26,01125,277 Investment securities 41,77541,773 Investment property 50,57850,959 Property and equipment 3,0683,128 Other assets 3,3314,206 Total assets 124,908125,499 LIABILITIES AND EQUITY Liabilities Accruals and other liabilities 7,5687,859 Total liabilities 7,5687,859 Equity 200,000200,000 Share capital 7,2847,284 Statutory reserve Accumulated losses (90,088)(89,783) Equity and reserves attributable to shareholders of the Bank 117,196117,501 Non-controlling stakeholders Three months ended 31 March 20172016 US$ 000 US$ 000 INCOME Income from investment property Income from placements with financial institutions Income / (loss) from investment securities Other income Total income ASSETS For the three months ended 31 March 2017 (Reviewed) OPERATING ACTIVITIES Net loss for the period Adjustments for: Depreciation and amortisation Net unrealised (gain) / loss on investment securities 1,0441,180 7082 3(26) 22 1,1191,238 EXPENSES Staff cost Legal and professional expenses Premises costs Depreciation and amortisation Other operating expenses Total expenses 411396 171187 189221 447470 201257 1,4191,531 Provision for impairment Net loss for the period -(300)(293) 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 Total equity117,340117,640 (300)(293) 585 470 (3)26 282203 738748 (291)80 7291,031 INVESTING ACTIVITIES Purchase of property and equipment Dividend income Net cash flows used in investing activities (5)(1)(20) (6)(20) Net increase in cash and cash equivalents 7231,011 25,43324,532 Cash and cash equivalents at 1 January Attributable to: Shareholders of the Bank (306)(289) Non-controlling stakeholders 6(4) Total(300)(293) 144139 Three months ended 31 March 20172016 US$ 000 US$ 000 Cash and cash equivalents at 31 March26,15625,543 Cash and cash equivalents comprise of: Cash and bank balances 145141 Placements with financial and other institutions 26,01125,543 26,15625,543 Total liabilities and equity124,908125,499 INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the three months ended 31 March 2017 (Reviewed) Attributable to shareholders of the Bank 2017 Share capital US$ 000 Balance at 1 January 2017 200,000 7,284 (89,782) - - (306) 200,000 7,284 (90,088) (Loss) / income for the period As at 31 March 2017 StatutoryAccumulated reserve losses Total US$ 000 US$ 000 US$ 000 Non-Controlling stakeholders US$ 000 Total equity US$ 000 117,502 138 117,640 (306) 6 (300) 117,196 144 117,340 Emphasis of matters (a) Note 2.1 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 3.1 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 Attributable to shareholders of the Bank 2016 Share capital US$ 000 Balance at 1 January 2016 200,000 7,284 (87,511) - - (289) 200,000 7,284 (87,800) Loss for the year As at 31 March 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 (289) (4) (293) 119,484 144 119,686 These statements have been extracted from consolidated financial statements for the three months ended 31 March 2017 reviewed by Ernst & Young who expressed an unmodified conclusion on 25 May 2017, which are available on GBCORP website: www.gbcorponline.com The consolidated financial statements were approved by the Board of Directors on 25 May 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