Islamic Finance and Investment Limited: Financial Statement (Un-Audited) - 30 June 2017

Transcription

1. Head Office : Bhuiya Center, 68 Dilkusha C/A, Dhaka-1000. Phone: 880-2-47118483, Fax: 880-2-9563566, Web: www.ifilbd.com Half Yearly (Un-audited) Financial Statements for the period ended on 30 June, 2017 PROFIT AND LOSS ACCOUNT (UN-AUDITED) For the period ended June 30, 2017 BALANCE SHEET (Unaudited) As At June 30, 2017 Amount in Taka PARTICULARS PROPERTY AND ASSETS Cash Cash in hand (including foreign currencies) Balance with Bangladesh Bank & Sonali Bank (Including foreign currencies) Balance with other Banks and Financial Institutions In Bangladesh Outside Bangladesh Money at Call on Short Notice Investments in Shares and Securities Government Others Investment General Investment Bills Purchased and Discounted Fixed Assets including Premises, Furniture and Fixtures Other Assets Non banking Assets Total Assets LIABILITIES AND CAPITAL Liabilities Borrowings from other Banks, Financial Institutions and Agents Deposits and Other Accounts Mudaraba Term Deposits Bills Payable Lease Deposits Bearer Certificates of Deposits Deposits under Schemes Other Liabilities Total Liabilities Capital/Shareholders' Equity Paid-up Capital Share Premium Account Statutory Reserve Other Reserve Surplus in Profit & Loss Account Total Shareholders' Equity December 31, 2016 407,540,541 911,844 406,628,697 179,770,635 171,955 179,598,680 1,842,440,405 1,842,440,405 258,011,440 258,011,440 9,800,847,789 9,800,847,789 156,089,855 612,705,722 13,077,635,752 1,714,754,915 1,714,754,915 264,602,314 264,602,314 9,072,662,793 9,072,662,793 171,352,287 533,728,165 11,936,871,109 273,913,334 8,656,788,823 8,243,830,563 63,558,175 349,400,085 2,373,777,663 11,304,479,820 256,858,767 7,976,827,539 7,536,772,279 66,003,035 374,052,225 1,992,208,096 10,225,894,402 1,342,838,971 730,852 296,051,237 21,501,528 112,033,344 1,773,155,932 13,077,635,752 Total Liabilities & Shareholders' Equity (Mohammad Showket Akber, FCA, ACS) Chief Financial Officer (CFO) June 30, 2017 (S.Q. Bazlur Rashid) Company Secretary 1,209,764,838 730,852 276,356,803 21,501,528 202,622,686 1,710,976,707 11,936,871,109 (A K M Shahidul Haque) Managing Director For the 2 quarter ended 30 June 2016 2017 Profit on Investment 550,523,756 505,928,767 Less: Profit Paid on Deposits, Borrowings etc. 363,980,230 353,408,178 Net Investment Income 186,543,526 152,520,589 Income from Investment in Securities 11,470,061 10,606,957 Commission, Exchange and Brokerage 5,203,564 8,507,100 Other Operating Income 24,940,820 28,698,233 47,812,290 41,614,445 Total Operating Income 228,157,971 200,332,879 Salaries and allowances Rent, Taxes, Insurances, Electricity etc. 42,441,011 38,760,892 Legal & Professional Expenses 4,666,676 4,858,457 Postage, Stamps, Telecommunication etc. 757,775 374,380 Stationery, Printings, Advertisements etc. 745,936 649,152 Managing Director's Salary and Allowances 3,516,310 1,427,949 Directors' Fees 3,000,000 2,493,548 Auditors' Fees 792,000 912,000 Depreciation and Repair of Fixed Assets 4,798,401 16,540,390 Other Expenses 17,218,890 18,548,016 Total Operating Expenses 89,198,809 73,302,974 Profit before Provision 138,959,162 127,029,905 Provision against Lease, Loans and Investments Total Provision Total Profit before Tax Provision for Taxation Net Profit after Tax (12,033,657) 5,917,530 (12,033,657) 150,992,819 52,520,650 98,472,169 5,917,530 121,112,375 45,484,135 75,628,240 0.73 0.56 Earning per share of Tk. 10 each (restated:2016) Total no. of shares of Tk. 10 each 134,283,897 134,283,897 (Mohammad Showket Akber, FCA, ACS) Chief Financial Officer (CFO) (S.Q. Bazlur Rashid) Company Secretary 277,999,445 252,427,197 184,371,777 179,509,858 93,627,668 72,917,339 6,858,220 6,542,979 2,899,256 4,934,908 7,619,558 20,350,070 31,827,957 17,377,034 111,004,702 104,745,296 23,591,231 2,539,812 242,380 336,323 2,028,998 1,500,000 448,000 7,834,571 7,379,430 45,900,745 65,103,957 19,335,584 2,956,706 615,225 394,727 908,288 1,530,967 640,000 2,599,184 627,606 29,608,287 75,137,009 11,086,321 (16,143,097) B. 11,086,321 (16,143,097) 54,017,636 91,280,106 25,222,776 34,355,253 28,794,860 56,924,853 0.21 C. 0.42 134,283,897 134,283,897 (Abul Quasem Haider) Chairman 30-Jun-2016 540,783,771 (429,478,944) 5,154,520 5,203,564 (45,441,011) (3,516,310) (43,431,285) 3,504,789 (24,305,409) 557,871,349 (346,589,211) 6,030,770 8,507,100 (41,254,440) (1,427,949) (38,231,089) 28,698,233 (26,703,419) Increase/Decrease in Operating Assets and Liabilities Investment (Loans and Advances) to Customers Other Assets Deposits from other Banks Deposits received from Customers Other Liabilities Net cash provided from Operating Activities : 8,473,685 351,413,619 (728,184,996) (6,943,957) 109,973,900 569,987,384 406,581,288 146,901,344 1,303,511,177 (296,543,400) (39,984,735) 140,128,892 780,918,207 718,992,213 Cash flows from Investing Activities Payment for purchases of securities Receipts from Investment in securities Receipts from Bank Deposit Payment for Advance for Impetus Purchases of Property, Plant & Equipments Net cash used in Investing Activities : 359,887,304 1,450,412,521 6,590,874 11,470,061 15,620,566 (19,431,385) (673,647) 14,806,469 14,786,245 (11,511,734) 3,274,511 17,054,567 (36,292,944) (19,238,377) (131,998,326) (157,269,427) (289,267,753) 355,455,396 1,894,525,550 2,249,980,946 1,164,419,279 695,902,258 1,860,321,537 Cash flows from Financing Activities Receipts from loan/(borrowing) & debts securities Share Capital Dividend Paid Share premium account less share issue expense D. Net Increase/(Decrease) in Cash & Cash Equivalents (A+B+C) E. F. Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year (D+E) (Mohammad Showket Akber, FCA, ACS) Chief Financial Officer (CFO) (A K M Shahidul Haque) Managing Director (S.M Bakhtiar Alam) Director 30-Jun-2017 A. Cash Flow from Operating Activities Investment Profit receipts Profit Paid on Deposits Dividend receipts Fees & Commission receipt Cash Payments to Employees Cash Payments to Suppliers Income Tax Paid Receipts from other Operating activities Payments for other Operating activities Operating Profit before changes in Operating Assets & Liabilities For the 2nd quarter ended 30 June April'17-June'17 April'16-June'16 Off-Balance Sheet Items (Unaudited) As At June 30, 2017 (S.Q. Bazlur Rashid) Company Secretary (A K M Shahidul Haque) Managing Director (Abul Quasem Haider) Chairman (S.M Bakhtiar Alam) Director STATEMENT OF CHANGES IN EQUITY (UNAUDITED) For the period ended June 30, 2017 Amount in Taka Amount in Taka PARTICULARS June 30, 2017 December 31, 2016 - - - - - - CONTINGENT LIABILITIES Acceptances and Endorsements Letters of Guarantee Irrevocable Letters of Credit Bills for Collection Other Contingent Liabilities OTHER COMMITMENTS Documentary credits and short term trade related transactions Forward assets purchased and forward deposits placed Undrawn note issuance and revolving underwriting facilities Undrawn formal standby facilities, credit lines and other Commitments Total Off-Balance Sheet items including contingent liabilities (Mohammad Showket Akber, FCA, ACS) Chief Financial Officer (CFO) Amount in Taka Amount in Taka (Abul Quasem Haider) Chairman (S.M Bakhtiar Alam) Director CASH FLOW STATEMENT (UNAUDITED) For the period ended June 30, 2017 (S.Q. Bazlur Rashid) Company Secretary (S.M Bakhtiar Alam) Director Surplus Other Reserve Paid-up Capital Particulars Share Premium Statutory Reserve Dividend Equalization Reserve (A) Special Reserve Fund (B) A+B Profit/(loss) Balance as at January 01, 2017 Effects of Changes in Accounting Policy Cash Dividend Issue of Bonus Shares 1,209,764,838 133,074,133 730,852 - 276,356,803 - 1 12,301,528 - 9,200,000 - 21,501,528 - Restated Balance 1,342,838,971 730,852 276,356,803 12,301,528 9,200,000 21,501,528 - 19,694,434 - - - - Total 202,622,686 1,710,976,707 (36,292,944) (36,292,944) (133,074,133) 33,255,609 1,674,683,763 Balance as at June 30, 2017 1,342,838,971 730,852 296,051,237 12,301,528 9,200,000 21,501,528 98,472,169 112,033,344 1,773,155,932 Balance as at June 30, 2016 1,209,764,838 730,852 235,870,260 12,301,528 9,200,000 21,501,528 65,339,771 1,533,207,249 Net profit for the year after taxation Issuance of Right Share Right Share Premium Share Issue Expenses Issue of Share Capital - 78,777,735 - (A K M Shahidul Haque) Managing Director (Abul Quasem Haider) Chairman (Mohammad Showket Akber, FCA, ACS) Chief Financial Officer (CFO) (S.Q. Bazlur Rashid) Company Secretary (A K M Shahidul Haque) Managing Director (S.M Bakhtiar Alam) Director (Abul Quasem Haider) Chairman CONDENSED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED JUNE 30, 2017 1.00 2.03 Reporting Framework and basis of preparation The financial statements have been prepared and the disclosure have been made in accordance with the requirements of the Financial Institutions Act, 1993, The Companies Act, 1994, The Securities and Exchange Rules 1987, Guidelines from Bangladesh Bank, the listing regulations of Dhaka Stock Exchange and Chittagong Stock Exchange and other applicable laws and regulations. The elements of financial statements have been prepared on historical cost convention following accrual basis of accounting as per Bangladesh Accounting Standards (BAS), Bangladesh Financial Reporting Standards (BFRS) . 2.04 2.00 Accounting Policies on material areas 2.05 2.01 Accounting for Lease temporary/permanent differences. These are recognized in compliance with the BAS -16: "Property, Plant and Equipment". Deferred Tax Depreciation is provided using Straight Line method over the period of their expected useful lives, from the date when the related assets are put into use and depreciation is charged for the year of disposal. The Company calculated deferred tax as per BAS 12 "Income Taxes" for the period resulting deferred tax asset/income. Being on the conservative side, deferred tax income has not been recognised. Borrowing Costs Revenue Recognition Revenue is recognized in accordance with BAS 18 "Revenue". Provision for investments have been made as per guidelines of Bangladesh Banks' FID Circular no. 08 of 2002, No. 11 of 2005, No. 03 of 2006 and other directives as applicable: Events After the Balance Sheet Date There was no event after Balance sheet date. 4.00 Date of Authorization for Issue These financial statement have been authorised for issue by the Board of Directors in the 222th BOD Meeting dated 24.07.2016. Any income which is restricted as per Shariah has not been recognized as revenue. 2.06 Provision for Leases Investment 3.00 All borrowing costs are recognised as expense in accordance with BAS 23 "Borrowing Cost". The company has been following the finance lease method, as per BAS 17 "Leases". 2.02 Property, Plant and Equipments and Depreciation Corporate Tax Current Tax The Company has provided current tax expense at the as per Finance Act 2010 considering the 5.00 Comparatives Comparative information are presented in accordance with BAS 34 "Interim Financial Reporting". Where necessary comparative figures and account title in the financial statements have been adjusted to conform to changes in presentation in the current period The Financial Statements of Half Yearly ended on 30 June, 2017 is available in our website www.ifilbd.com Size: 15”x8col=120