Kuwait Finance House Bahrain: Consolidated Financial Statements - 31 December 2017

Transcription

1. FINANCIAL RESULTS 31 December 2017 www .kfh.bh Consolidated Statement of Financial Position Consolidated Statement of Income ASSETS Cash and balances with banks and Central Bank of Bahrain Due from banks Financing contracts Investments Investment in sukuk Investment in associates Investment in real estate Receivables and other assets Premises and equipment Assets classified as held for sale TOTAL ASSETS LIABILITIES, EQUITY OF INVESTMENT ACCOUNT HOLDERS AND OWNERS’ EQUITY LIABILITIES Customers’ current accounts Due to banks and financial institutions Customers’ murabaha accounts Other liabilities Subordinated wakala payable Liabilities classified as held for sale EQUITY OF INVESTMENT ACCOUNT HOLDERS OWNERS’ EQUITY Equity attributable to shareholders of the Parent Share capital Share premium Treasury shares Statutory reserve General reserve Fair value through equity reserve Property fair value reserve Foreign currency translation reserve Proposed dividend Retained earnings Non-controlling shareholders TOTAL LIABILITIES, EQUITY OF INVESTMENT ACCOUNT HOLDERS AND OWNERS’ EQUITY OFF-BALANCE SHEET EQUITY OF INVESTMENT ACCOUNT HOLDERS CONTINGENT LIABILITIES AND COMMITMENTS 2017 BD 000 2016 BD 000 66,962 46,107 737,552 7,747 157,065 12,599 272,856 9,437 1,310,325 1,310,325 56,399 88,420 630,391 145,665 163,772 129,302 301,563 63,458 8,682 1,587,652 20,272 1,607,924 135,098 325,084 73,609 23,101 94,250 651,142 651,142 477,676 147,630 452,960 62,221 41,919 91,242 795,972 2,117 798,089 441,244 132,519 19,768 18,095 3,321 173,703 7,804 181,507 177,140 71,403 (21,923) 17,757 28,237 (3,574) 30,923 (91) 60,403 360,275 8,316 368,591 1,310,325 135,080 135,078 Consolidated Statement of Cash Flows 2017 BD 000 2016 BD 000 CONTINUING OPERATIONS Income from financing contracts Income from investments Income from sukuk Share of income from associates Revenue from non-banking business entities OPERATING INCOME 43,310 10,268 6,979 425 5,576 66,558 37,779 4,004 4,957 4,281 5,622 56,643 Direct cost of non-banking business entities OPERATING INCOME AFTER DIRECT COSTS (5,076) 61,482 (4,577) 52,066 (11,554) 6,311 (5,243) (5,107) 1,004 (4,103) (11,599) 44,640 (11,391) 36,572 Staff costs Depreciation Provisions - net Other expenses Operating expenses of non-banking business entities TOTAL OPERATING EXPENSES 14,373 1,011 1,243 9,681 920 27,228 13,882 1,075 7,127 8,677 1,420 32,181 NET INCOME FOR THE YEAR FROM CONTINUING OPERATIONS 17,412 4,391 Return on equity of investment account holders before Group’s share as mudarib Group’s share as mudarib Return on equity of investment account holders Profit on due to banks and financial institutions, customer’s murabaha accounts and subordinated wakala payable NET OPERATING INCOME DISCONTINUED OPERATIONS Net results for the year from discontinued operations NET INCOME FOR THE YEAR Attributable to: Shareholders of the Parent Non-controlling shareholders 2,600 (3,199) 20,012 1,192 20,106 (94) 20,012 1,149 43 1,192 2017 BD 000 2016 BD 000 17,412 2,600 20,012 4,391 (3,199) 1,192 (425) (8,719) (34) 309 (82) (380) (7) 1,029 (1,259) (4,281) (173) (609) 171 1,302 (71) (772) (107) 4,451 9,632 10,444 10,735 (1,145) (12,292) (86,950) 11,391 (12,532) (9,422) 11,388 (15,537) 95 (11,817) (95,169) 13,579 31,096 133,126 14,602 (11,735) (104,655) 84,512 INVESTING ACTIVITIES Sale of investments - net Sale (purchase) of investment in sukuk - net Distributions from investment in associates Purchase of investment in real estate - net Dividend income Rental income Purchase of premises and equipment - net 14,809 6,285 2,962 (87) 82 7 (1,022) 19,122 (90,358) 6,496 (498) 71 107 (3,007) Net cash flows from (used in) investing activities 23,036 (68,067) FINANCING ACTIVITY Net movement in equity of investment account holders 36,432 (15,456) 36,432 (15,456) (45,187) 103,687 989 102,698 58,500 103,687 OPERATING ACTIVITIES Net income for the year from continuing operations Net results for the year from discontinued operations Net income for the year Adjustments for: Share of income from associates Net gain on sale of investments Net gain on sale of investment in real estate Net unrealised (gain) loss on investments Net unrealised loss on investment in real estate Dividend income Foreign exchange gain Rental income Depreciation Provisions - net Operating income before changes in operating assets and liabilities Changes in operating assets and liabilities: Mandatory reserve with Central Bank of Bahrain Due from banks Financing contracts Receivables and other assets Customers’ current accounts Due to banks and financial institutions Customers’ murabaha accounts Other liabilities Net cash flows (used in) from operating activities Net cash flows from (used in) financing activity NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS Cash and cash equivalents at 1 January CASH AND CASH EQUIVALENTS AT 31 DECEMBER 1,607,924 134,970 154,797 Consolidated Statement of Changes in Owners’ Equity Equity attributable to shareholders of the Parent Share capital BD 000 Share premium BD 000 Treasury shares BD 000 Statutory reserve BD 000 General reserve BD 000 Fair value through equity reserve BD 000 Property fair value reserve BD 000 Foreign currency translation reserve BD 000 Retained earnings BD 000 Proposed dividend BD 000 Balance at 1 January 2017 Net income for the year Other comprehensive income for the year Total comprehensive income for the year Cancellation of treasury shares Distributions Net transfer from fair value through equity reserve Net transfer from property fair value reserve Transfer to statutory reserve Proposed dividend Net movement in share of non-controlling shareholders Balance at 31 December 2017 177,140 (12,044) (32,577) 132,519 71,403 (9,879) (61,524) - (21,923) 21,923 - 17,757 2,011 19,768 28,237 (28,237) - (3,574) 3,231 3,231 77 266 - 30,923 (30,900) (23) - (91) 91 91 - 60,403 20,106 20,106 (56,839) (266) 23 (2,011) (18,095) 3,321 Balance at 1 January 2016 Net income for the year Other comprehensive loss for the year Total comprehensive (loss) income for the year Net transfer from property fair value reserve Transfer to statutory reserve Net movement in share of non-controlling shareholders Balance at 31 December 2016 177,140 177,140 71,403 71,403 (21,923) (21,923) 17,642 115 17,757 28,237 28,237 (1,876) (1,698) (1,698) (3,574) 31,501 (578) 30,923 232 (323) (323) (91) 58,791 1,149 1,149 578 (115) 60,403 Total BD 000 Noncontrolling shareholders BD 000 Total owners’ equity BD 000 18,095 18,095 360,275 20,106 3,322 23,428 (210,000) 173,703 8,316 (94) (94) (418) 7,804 368,591 20,012 3,322 23,334 (210,000) (418) 181,507 - 361,147 1,149 (2,021) (872) 360,275 8,264 43 43 9 8,316 369,411 1,192 (2,021) (829) 9 368,591 These statements have been extracted from the consolidated financial statements for the year ended 31 December 2017, audited by EY who have expressed an unqualified opinion on 23 January 2018. These consolidated financial statements were approved by the Board of Directors on 23 January 2018. Kuwait Finance House (Bahrain) B.S.C. (c) is licensed by CBB as an Islamic retail bank. Hamad Abdulmohsen AlMarzouq Chairman of the Board of Directors Abdulhakeem Yaqoub Alkhayyat Managing Director and Chief Executive Officer Retail Banking • Corporate Finance • Priority Banking • Investment • Wealth Management Licensed as an Islamic Retail Bank by the Central Bank of Bahrain