Khaleeji Commercial Bank: Financial Results For The Nine Months Ended - 30 September 2017

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FINANCIAL RESULTS FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2017 All amounts are in BD 000 ’s CONDENSED CONSOLID ATED S TATEMENT OF FINANCIA As at 30 September 2017 30 September 2017 (Reviewed) Investment in equity securities Investment in real estate Medium-term borrowing Employee share incentive scheme L POSITION CONDENSED CONSOLIDATED INCOME STATEMENT For the nine months ended 30 September 2017 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS For the nine months ended 30 September 2017 Nine Months ended 30 September 2017 (Reviewed) 31 December 2016 (Audited) 62,408 49,364 359,648 112,346 97,954 6,928 55,089 20,724 6,003 14,094 8,214 56,006 78,714 355,377 74,154 92,839 2,573 55,121 21,508 6,003 14,496 8,208 792,772 764,999 Expense on placements from financial institutions, non-financial institutions and individuals (3,562) 111,136 71,939 41,299 63,721 7,854 59,079 100,649 Total income 17,309 Staff cost Other expenses Total expenses 295,949 243,853 378,268 404,651 75,814 8,311 105,000 7,962 (10,211) (70) (37) 12,522 105,000 7,962 (8,832) (182) 115,166 112,699 3,389 3,796 792,772 764,999 Nine Months ended Three Months ended 30 September 30 September 2016 2017 (Reviewed) (Reviewed) 19,223 2,090 491 315 2,303 6,914 1,002 197 21 294 6,508 739 150 (4) 398 Income from sukuks Income from placements with financial institutions Income from equity securities Other income 20,389 3,227 557 356 2,017 Total income before return to investment account holders 26,546 24,422 8,428 7,791 (11,734) 6,059 (12,184) 6,909 (3,432) 1,595 (3,996) 2,161 Less: return to investment account holders before Bank’s Share as Mudarib Bank’s Share as a Mudarib Return to investment account holders (5,275) (1,837) (1,835) 17,199 (1,948) (1,510) 5,081 (753) 5,203 5,253 4,298 5,141 4,032 1,453 1,490 1,585 1,357 9,551 9,173 2,943 2,942 (5,675) Profit for the period before impairment allowances Impairment allowances PROFIT FOR THE PERIOD Attributable to: Shareholders of the parent Non-controlling interest 7,758 8,026 2,138 (3,706) 4,320 (1,380) 758 (2,114) 147 4,576 (256) 4,320 1,074 (316) 758 359 (212) 147 3,725 4,132 (407) 3,725 4.724 4.284 2,261 0.372 1.119 Nine Months ended 30 September 2016 (Reviewed) OPERATING ACTIVITIES Receipts / (disbursements of) financing assets, net Payments for assets acquired for leasing, net Income from short-term placements received Returns paid to investment account holders (Payment to) / receipts from investment account holders, net Payment for expenses Other receipts Contributions paid to charitable organisations Net (payment) / receipts in customers’ current accounts Placements from financial institutions, net Placements from non-financial institutions and individuals, net Net withdrawal from CBB reserve account Ficance expense on placements paid Income from sukuk received 11,947 (9,470) 557 (6,016) (26,384) (9,737) 2,311 (373) (12,093) 52,058 (28,710) 1,275 (3,360) 3,830 Net cash used in operating activities (24,165) (6,721) (60,677) 22,280 1,079 399 (308) (37,227) (22,709) 22,361 (84) 10,520 3,088 358 (70) 13,464 FINANCING ACTIVITIES Payment for treasury shares Drawdown of medium-term borrowing (1,379) 41,098 (696) - Net cash generated from / (used in) financing activities 39,719 Net (decrease) / increase in cash and cash equivalents Cash and cash equivalents at the begining of the period (21,673) 114,865 6,047 66,369 93,192 72,416 43,828 49,364 93,192 23,529 48,887 72,416 INVESTING ACTIVITES Purchase of sukuk Proceed from redemption/sale of sukuk Purchase of equity securities Proceed from sale of equity securities Proceed from disposal of investment property dividend from equity securities received Purchase of property and equipment (4,033) 8,751 Earnings per share Basic and diluted earnings per share (fils) Nine Months ended 30 September 2017 (Reviewed) Three Months ended 30 September 2016 (Reviewed) Net cash (used in) / generated from investing activities Cash and cash equivalents at the end of the period Cash and cash equivalents comprise: Cash and bank balances (excluding CBB reserve) Placement with financial institutions (24,518) (24,628) 491 (5,650) 16,153 (10,536) 4,314 (36) 1,864 (15,588) 50,489 80 (1,948) 2,792 (696) CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the nine months ended 30 September 2016 For the nine months ended 30 September 2017 Equity attributable to shareholders of the parent 105,000 7,962 (8,832) (182) Changes in fair value of equity type sukuk Net Trasury shares purchased Issue of shares under incentive scheme, net Transfer to Zakah fund September 2017 30 September 2016 (Reviewed) Employee share incentive scheme 30 September 2017 (1,379) (37) 8,751 112,699 4,132 4,132 (37) (37) 4,132 112 (361) 105,000 7,962 (10,211) (70) (37) 4,095 (1,379) 112 (361) 12,522 115,166 3,796 (407) 116,495 3,725 (37) (407) 3,688 (1,379) 112 (361) 3,389 118,555 Balance at 1 January 2016: Profit for the period Changes in fair value of investments in equity securities Disposal of equity securities Total recognised income and expense for the period Issue of Bonus shares Transfer to statury reserve Net treasury shares purchased Issue of shares under incentive scheme, net Transfer to Zakah fund Balance at 30 September 2016 Dr. Ahmed Khalil Al Mutawa Chairman Abdulkarim Ahmed Bucheery Vice Chairman Tawfeeq Mohamed Bastaki Acting Chief Executive Officer This information has been extracted from the condensed consolidated financial statements for the nine months ended 30 September 2017 which were approved by the Board of Directors on 8 November 2017 and reviewed by KPMG Fakhro. www.khcbonline.com Share capital Statutory reserve 100,000 7,411 Employee Investment shares fair value incentive reserve scheme (284) (86) (8,136) Treasury shares 322 (236) 5,000 105,000 86 20 7,431 (696) (8,832) Licensed by the Central Bank of Bahrain as a Retail Islamic Bank 158 (126) Retained earnings Total 8,998 4,576 107,903 4,576 322 (236) 3,798 (256) 4,662 (256) 4,576 (5,000) (20) (6) 8,548 Noncontrolling interests (696) 158 (6) 112,021 Total equity 111,701 4,320 322 (236) 4,406 (696) 158 (6) 3,542 115,563