Ithmaar Bank: Interim Condensed Consolidated Financial Results - 30 June 2017

Transcription

1. INTERIM CONDENSED CONSOLIDATED FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2017 INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION INTERIM CONDENSED CONSOLIDATED INCOME STATEMENT (All amounts expressed in thousands of Bahraini Dinars unless otherwise stated) (All amounts expressed in thousands of Bahraini Dinars unless otherwise stated) At 30 June 2017 (Reviewed) Six months ended 30 June 2017 (Reviewed) INCOME ASSETS Cash and balances with banks and central banks 242,185 Income from unrestricted investment accounts 29,319 Less: return to unrestricted investment accounts and Commodity and other placements with banks, financial and other institutions 76,305 Murabaha and other financings 1,828,429 Musharaka financing 116,561 Investment in associates 135 Sukuk and investment securities 708,471 Restricted investment accounts 27,183 Assets acquired for leasing 110,124 Investment in real estate 3,889 Other assets 64,385 Fixed assets 21,741 Intangible assets 64,140 Total assets 3,263,548 impairment provisions (16,364) Group’s share of income from unrestricted investment accounts as a Mudarib 12,955 Income from murabaha and other financings 31,010 Income from other investments 24,688 Other income 7,790 Total income 76,443 Less: profit paid to banks, financial and other institutions – net (30,681) Operating income 45,762 EXPENSES Administrative and general expenses (28,396) Depreciation and amortization (4,657) Total expenses (33,053) Net income before provision for impairment and overseas taxation LIABILITIES, EQUITY OF UNRESTRICTED INVESTMENT ACCOUNTHOLDERS, MINORITY INTEREST AND OWNERS’ EQUITY 12,709 Provision for impairment – net (1,474) Customers’ current accounts 657,075 Net income before overseas taxation 11,235 Due to banks, financial and other institutions 491,462 Overseas taxation (6,854) Due to investors 719,867 NET INCOME FOR THE PERIOD 4,381 Other liabilities 143,934 Attributable to: Total liabilities 2,012,338 Equity of unrestricted investment accountholders 1,047,172 Equity holders of the Bank 1,543 Minority interests 2,838 4,381 Basic and diluted earnings per share Minority interest Fils 1.54 45,311 Total liabilities, equity of unrestricted investment accountholders and minority interest 3,104,821 INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (All amounts expressed in thousands of Bahraini Dinars unless otherwise stated) 100,000 Reserves 35,907 Retained earnings 22,820 Share capital Total owners’ equity 158,727 Six months ended 30 June 2017 (Reviewed) OPERATING ACTIVITIES Net income before overseas taxation 11,235 Adjustments for: Total liabilities, equity of unrestricted investment accountholders, minority interest and owners’ equity 3,263,548 Depreciation and amortization 4,657 Share of loss after tax from associates 31 Provision for impairment – net 1,474 Gain on sale of fixed assets (40) Operating income before changes in operating assets and liabilities INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN OWNERS’ EQUITY including with central banks relating to minimum reserve (All amounts expressed in thousands of Bahraini Dinars unless otherwise stated) requirement Share capital Investments Investment in fair value real estate fair reserve value reserve (16,371) (Increase)/decrease in operating assets: Reserves 17,357 Balances with banks maturing after ninety days and Foreign currency translation Other reserves Total reserves Retained Earnings Total owners’ equity Murabaha and other financings (21,878) Musharaka financing (28,437) Other assets 3,334 Increase/(decrease) in operating liabilities: At 1 January 2017 (Reviewed) - - - - - - - - Balances transferred as part of reorganization 100,000 5,428 797 (8,823) 40,280 37,682 21,277 158,959 Net income for the period - - - - - - 1,543 1,543 - (1,512) - - - (1,512) - (1,512) - (4) - (259) - 797 (9,082) 40,280 (263) - (263) At 30 June 2017 (Reviewed) 100,000 3,912 61,839 Due to investors 4,747 Other liabilities 4,342 Decrease in equity of unrestricted investment accountholders 4,680 Taxes paid (6,935) Net cash provided by operating activities 84,874 Net (increase)/decrease: Assets acquired for leasing (13,535) Sukuk and Investment securities (91,376) Purchase of fixed assets Foreign currency translation adjustments 62,196 Due to banks, financial and other institutions INVESTING ACTIVITIES Movement in fair value of sukuk and investment securities Customers’ current accounts 35,907 22,820 158,727 Net cash used in investing activities (1,125) (106,036) Foreign currency translation adjustments 1,280 Net decrease in cash and cash equivalents (19,882) Cash and cash equivalents at the beginning of the period 260,993 Cash and cash equivalents at the end of the period 241,111 The above Interim Condensed Consolidated Statement of Financial Position, Interim Condensed Consolidated Income Statement, Interim Condensed Consolidated Statement of Changes in Owners’ Equity and Interim Condensed Consolidated Statement of Cash Flows have been extracted from the Interim Condensed Consolidated Financial Information of Ithmaar Bank B.S.C.(c) for the six month period ended 30 June 2017, which were approved for issue by the Board of Directors and reviewed by PricewaterhouseCoopers ME Limited, Kingdom of Bahrain, who expressed an unqualified review conclusion on 13 August 2017. HRH Prince Amr Mohamed Al Faisal Chairman Dr. Amani Khaled Bouresli Director Ithmaar Bank B.S.C.(c), C.R.: 99336-1, P.O. Box 2820, Seef Tower, Seef District, Kingdom of Bahrain. Tel: (+973) 17585000, Fax: (+973) 17585151, Email: info@ithmaarbank.com, Website: www.ithmaarbank.com Licensed as an Islamic retail bank by the Central Bank of Bahrain Ahmed Abdul Rahim CEO