Standard Bank Limited: Financial Statements - 31 March 2019

Transcription

1. Standard Bank Limited & It's Subsidiaries Consolidated Balance Sheet (Un-audited) As at 31 March 2019 PROPERTY & ASSETS CASH 10,739,244,956 1,899,863,575 9,684,803,652 1,546,002,400 8,839,381,382 8,138,801,252 3,895,531,549 1,584,772,023 2,310,759,526 850,000,000 1,652,918,892 1,545,252,271 107,666,621 150,000,000 24,367,696,521 20,460,707,119 3,906,989,402 24,613,659,358 20,723,153,286 3,890,506,072 149,008,719,341 144,241,252,281 4,767,467,061 146,060,787,593 141,262,162,448 4,798,625,145 3,844,925,737 3,717,765,034 12,150,288,105 11,268,131,358 204,856,406,211 197,148,065,887 13,746,254,077 12,092,284,525 160,056,174,523 19,396,908,703 2,395,930,387 11,651,775,292 6,441,080,191 111,033,369,947 9,137,110,003 154,960,700,212 18,116,467,138 2,890,076,248 11,086,539,951 6,185,200,592 107,826,077,009 8,856,339,273 OTHER LIABILITES 16,153,995,090 15,278,680,064 TOTAL LIABILITIES 189,956,423,690 182,331,664,801 8,709,876,960 5,076,796,939 8,709,876,960 5,016,857,784 133,307,405 979,847,520 154,885,294 934,630,420 14,899,828,824 14,816,250,458 153,696 150,628 204,856,406,211 197,148,065,887 17.11 17.01 Cash in Hand (including foreign currencies) Balance with Bangladesh Bank & its agent Bank (including Foreign Currencies) BALANCE WITH OTHER BANKS AND FINANCIAL INSTITUTIONS In Bangladesh Outside Bangladesh MONEY AT CALL AND ON SHORT NOTICE INVESTMENTS Government Others LOANS AND ADVANCES 'INVESTMENTS Loans, Cash Credits, Over Draft etc.llnvestments Bills Purchased and Discounted FIXED ASSETS INCLUDING PREMISES, FURNITURE & FIXTURES OTHER ASSETS NON-BANKING ASSETS TOTAL ASSETS LIABILITIES & CAPITAL LIABILITIES Borrowings from other banks, financial Institutions and agents DEPOSITS AND OTHER ACCOUNTS Current' AI-Wadeeah Deposits & Other Deposits Bills Payable Savings Bank' Mudaraba Savings Deposits Short Term Deposits' Mudaraba Short Term Deposits Fixed Deposits' Mudaraba Term Deposits Deposits Under Schemes' Mudaraba Deposit Schemes CAPITAL' SHAREHOLDERS' EQUITY Paid-up Capital Statutory Reserve General Reserve Revaluation Reserve on Investment Surplus in Profit and Loss AccounU Retained earnings TOTAL SHAREHOLDERS' EQUITY Minority Interest TOTAL LIABILITIES & SHAREHOLDERS'EQUITY ~~et~V)perShare
2. Standard Bank Limited & It's Subsidiaries Consolidated Balance Sheet (Un-audited) . As at 31 March 2019 OFF-BALANCE SHEET ITEMS CONTINGENT LIABILITIES Acceptances and Endorsements Letters of Guarantee Irrevocable Letters of Credit Bills for Collection Other Contingent Liabilities 19,305,096,929 12,542,451,020 15,518,294,574 6,537,692,513 16,400,147,736 12,728,052,544 14,166,908,353 6,146,519,022 TOTAL: 53,903,535,036 49,441,627,655 53,903,535,036 49,441,627,655 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 mpany Secretary 2
3. Standard Bank Limited & It's Subsidiaries Consolidated Profit and Loss Account (Un-audited) for the year ended 31 March 2019 Interest Income' Profit on Investment Interest' Profit paid on Deposits & Borrowings etc. Net Interest' Profit on Investments Investment Income Commission, Exchange Earnings & Brokerage Other Operating Income 910,103,620 354,793,367 309,140,613 81,599,662 745,533,642 1,655,637,261 356,415,897 273,817,234 67,824,769 698057,900 1,587,035,205 Salary & Allowances Rent, Taxes, Insurance, Electricity etc. Legal Expenses Postage, Stamp, Telecommunication etc. Stationery, Printing, Advertisement etc. Managing Director's salary & fees Directors' Fee & Other benefits Audit Fees Charges on loan losses Depreciation and Repair of Bank's Assets Other Expenses TOTAL OPERATING EXPENSES ( B ) 637,801,093 156,660,019 4,944,102 7,673,320 29,800,021 2,010,000 1,494,243 46,000 2,045,552 67,477,876 88,707,431 998,659,655 451,726,609 147,266,130 4,757,790 5,979,781 18,538,413 2,010,000 2,035,628 Profit' (Loss) Before Provision ( C ) = ( A - B ) Provision for Loans' investments Specific Provision General Provision Provision for Off-Balance Sheet items Provision for diminution in value of investments Provision for impairment of client margin loan Other Provision Total Provision ( 0 ) 656,977,606 776,514,047 324,334,533 5,665,468 707,339 10,739,302 6,300,348 436,049,027 347,746,989 466,421,300 Total Profit' (Loss) before Taxes (E)=( C - 0 ) Provision for Taxation Current Tax Deferred Tax 309,230,617 202,985,410 201,937,068 1,048,343 310,092,747 244,699,255 244,449,693 249,562 106,245,207 933,541,468 1,039,786,675 65,393,493 893,004,190 958,397,683 TOTAL OPERATING INCOME (A) Net Profit I (Loss) after Taxation: Retained earnings brought forward from previous year Net Profit available for distribution Appropriations: Statutory Reserve Proposed Bonus Shares Retained Earnings carried forward 59,939,~551 979,847,520 2,599,033 62,215,596 113,392,177 810,521,158 17,099,476 13,272,797 63,605,~671 894,792,016 Consolidatd Earning per Share (EPS): 0.081 Bank Earning per Share (EPS): 0.091 3
4. Standard Bank Limited & It's Subsidiaries Consolidated Cash Flow Statement (Un-audited) for the year ended 31 March 2019 A) CASH FLOWS FROM OPERATING ACTIVITIES Interest receipts in Cash Interest payments in Cash Dividend receipts Fee and commission receipts in Cash Recoveries on loans previously written off Cash Payments to employees Cash Payments to suppliers Income taxes paid Receipts from other operating activities Payments for other operating activities Cash generatedfrom operating activities before changes in ooeratino assets and liabilities Increase I (Decrease) In operatlna assets and liabilities Statutory deposits Purchase of trading securities Loans and advances to other banks Loans and advances to customers Other assets Deposits from other banks Deposits from customers Other liabilities account of customers Trading liabilities Other liabilities 3,952,652,760 (3,127,077,864) 8,697,410 217,349,202 4,971,788 (639,811,093) (29,800,021 ) (217,026,557) 73,638,070 (273 161 345) (453,736,609) (18,538,413) (215,181,575) 71,238,256 (266747145 (29,567,650) 271,920,411 (16,483,330) (33,694,572) (2,947,931,748) (508,800,269) (1,350,000,000) 6,695,983,153 1,653,969,552 294421348 3,821,158,705 3,791 ,591 ,056 Net cash flows from operatinq activities (A) 3,347,024,228 (2,360,268,870) 8,697,410 159,433,130 (3,277,606,735) (170,353,031 ) (3,670,000,000) 8,354,300,999 266,982,608 232097613 1,701,726,882 1,973,647,293 B) CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sale of non-trading securities Payments for Purchase of securities Purchase of property, plant & equipment Sale of property, plant & equipment Purchase I sale of subsidiary Net cash flow from investing activities (B) (127,293,509) 96,722 (37,515,027) (127,196,786) (37,515,027) C) CASH FLOWS FROM FINANCING ACTIVITIES DO Received from issue of loan capital and debt security Received for redemption of loan capital and debt security Receipts from issue of ordinary shares Dividends paid Net cash flow from financing activities (C) 3,664,394,270 D) NET INCREASElIDECREASE) IN CASH AND CASH EQUIVALENTS IA+B+C) E) EFFECTS OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS 1,936,132,266 91,791,411 114,384,104 F) CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR 32,055,990,539 29,700,039,895 G) CASH AND CASH EQUIVALENTS AT END OF THE QUARTER (D+E+F) 35,812,176,219 31,750,556,264 CASH AND CASH EQUIVALENTS AT END OF THE QUARTER Cash in hand (including foreign currencies) Balance with Bangladesh Bank and its agent bank(s)( including foreign currencies\ Balance with other Banks and financial institutions Money at Call and Short Notice Govt. Security/Reverse repo (Less:Revaluation Reserve on Investment) Prize Bonds 1,899,863,575 1,583,055,669 8,839,381,382 8,574,374,375 3,895,531,549 850,000,000 20,324,301,814 3097900 35,812,176,220 2,995,439,541 450,000,000 18,144,702,578 2984100 31,750,556,264 Net Operating Cash Flows (NOCF) per Share 4.35 2.27 mpany Secretary 4
5. Standard Bank Limited & It's Subsidiaries Consolidated Statement of Changes in Shareholders' for the year ended 31 March 2019 Equity (Un-audited) Prior years adjustement Changes in accounting policy Restated Balance Surplus/Deficit on revaluation of properties 8,709,876,960 5,016,857,784 150,628 of last year revaluation gain on investments Surplus/Deficit on revaluation of investment 14,816,401,086 154,885,294 (154,885,294) (154,885,294) 133,307,405 133,307,405 (1,085,884) Currency translation difference (1,085,884) Net gains and losses not recongnised in the income statement of last year 106,245,207 Net profit for the period 106,245,207 Dividends (Cash & Bonus shares) (3,069) 3,069 Minority Interest Issue of Right Shares (59,939,155) 59,939,155 made during the year Balance as on 31.03.2019 8,709,876,960 5,076,796,939 153,696 133,307,405 979,847,520 14,899,982,520 Balance as on 31.03.2018 7,918,069,970 4,658,642,771 154,924 9,901,353 895,041,578 13,481,810,596 AdditiOna~rector 5
6. Standard Bank Limited Balance Sheet (Un-audited) As at 31 March 2019 PROPERTY & ASSETS 10,658,873,058 1,819,491,676 9,614,825,939 1,476,024,687 8,839,381,382 8,138,801,252 3,715,590,933 1,501,239,529 2,214,351,404 850,000,000 1,482,141,108 1,472,345,127 9,795,981 150,000,000 26,343,324,100 20,460,707,119 5,882,616,981 26,507,165,220 20,723,153,286 5,784,011,934 146,614,427,269 141,846,960,208 4,767,467,061 143,730,469,311 138,931,844,166 4,798,625,145 3,822,279,489 3,694,362,305 11,459,001,695 10,585,485,864 203,463,496,544 195,764,449,747 13,690,727,038 12,023,301,514 DEPOSITS AND OTHER ACCOUNTS 160,054,161,349 154,959,246,613 Current' AI-Wadeeah Deposits & Other Deposits Bills Payable Savings Bank' Mudaraba Savings Deposits Short Term Deposits' Mudaraba Short Term Deposits Fixed Deposits' Mudaraba Term Deposits Deposits Under Schemes' Mudaraba Deposit Schemes 19,394,895,529 2,395,930,387 11,651,775,292 6,441,080,191 111,033,369,947 9,137,110,003 18,115,013,540 2,890,076,248 11,086,539,951 6,185,200,592 107,826,077,009 8,856,339,273 OTHER LlABILITES 14,807,930,170 13,951,294,565 TOTAL LIABILITIES 188,552,818,557 180,933,842,691 8,709,876,960 5,076,796,939 8,709,876,960 5,016,857,784 133,307,405 990,696,683 154,885,294 948,987,017 14,910,677,987 14,830,607,055 203,463,496,544 195,764,449,747 17.12 17.03 CASH Cash in Hand (including foreign currencies) Balance with Bangladesh Bank & its agent Bank (including Foreign Currencies) BALANCE WITH OTHER FINANCIAL INSTITUTIONS BANKS AND In Bangladesh Outside Bangladesh MONEY AT CALL AND ON SHORT NOTICE INVESTMENTS Government Others LOANS AND ADVANCES 'INVESTMENTS Loans, Cash Credits, Over Draft etc.! Investments Bills Purchased and Discounted FIXED ASSETS INCLUDING PREMISES, FURNITURE & FIXTURES OTHER ASSETS NON-BANKING ASSETS TOTAL ASSETS LIABILITIES & CAPITAL LIABILITIES Borrowings from other banks, financial Institutions and agents CAPITAL' SHAREHOLDERS' EQUITY Paid-up Capital Statutory Reserve General Reserve Revaluation Reserve on Investment Surplus in Profit and Loss AccounU Retained earnings TOTAL SHAREHOLDERS' EQUITY TOTAL LIABILITIES & SHAREHOLDERS' Net Asset Value (NAV) per share 1R EQUITY ~ 6
7. Standard Bank Limited Balance Sheet (Un-audited) As at 31 March 2019 OFF-BALANCE SHEET ITEMS CONTINGENT LIABILITIES Acceptances and Endorsements Letters of Guarantee Irrevocable Letters of Credit Bills for Collection Other Contingent Liabilities 19,305,096,929 12,542,451,020 15,518,294,574 6,537,692,513 16,400,147,736 12,728,052,544 14,166,908,353 6,146,519,022 TOTAL: 53,903,535,036 49,441,627,655 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 49,441,627,655 pany Secretary 7
8. Standard Bank Limited Profit and Loss Account (Un-audited) for the year ended 31 March 2019 Interest Income I Profit on Investment Interest I Profit paid on Deposits & Borrowings etc. Net Interest' Net Profit on Investments Investment Income Commission, Exchange Earnings & Brokerage Other Operating Income TOTAL OPERATING INCOME ( A ) Salary & Allowances Rent, Taxes, Insurance, Electricity etc. Legal Expenses Postage, Stamp, Telecommunication etc. Stationery, Printing, Advertisement etc. Managing Director's salary & fees Directors' Fee & Other benefits Audit Fees Charges on loan losses Depreciation and Repair of Bank's Assets Other Expenses TOTAL OPERATING EXPENSES (B) 3,786,709,609 2875874935 910,834,674 3,148,813,055 2260682523 888,130,532 332,578,919 266,284,608 79875429 678?381955 1,589,573,629 328,908,146 239,522,702 66280696 634711544 1,522,842,077 620,209,363 146,428,147 4,421,611 6,896,029 28,429,644 2,010,000 1,091,043 23,000 2,045,552 65,994,568 81 621 558 959,170,515 630,403,114 434,762,211 136,444,052 3,937,756 5,470,813 17,259,737 2,010,000 1,705,085 2,599,033 60,642,547 103933482 768,764,716 754,077,361 Profit' (Loss) Before Provision ( C ) = ( A - B ) Provision for Loans 'Investments Specific Provision General Provision Provision for Off-Balance Sheet items Provision for diminution in value of investments Other Provision Total Provision ( D ) 324,334,533 5,665,468 707,339 436,049,027 330,707,340 436,049,027 Total Profit' (Loss) before Taxes (E)=( C - D ) Provision for Taxation Current Tax Deferred Tax 299,695,774 198046954 196,998,611 1048343 318,028,334 238962246 238,712,684 249562 101,648,820 948,987,017 1,050,635,837 79,066,087 798,884,512 877,950,600 Net Profit' (Loss) after Taxation: Retained earnings brought forward Net Profit available for distribution Appropriations: Statutory Reserve Proposed Bonus Shares Retained Earnings carried forward Earning Per Share (EPS): 59,939,~551 990,696,683 63,605,~671 814,344,933 0.121 0.091 mpany Secretary 8
9. Standard Bank Limited Cash Flow Statement (Un-audited) for the year ended 31 March 2019 A) CASH FLOW FROM OPERATING ACTMTIES Interest receipts in Cash Interest payments in Cash Dividend receipts Fee and commission receipts in Cash Recoveries on loans previously written off Cash Payments to employees Cash Payments to suppliers Income taxes paid Receipts from other operating activities Payments for other operating activities Cash generated from operating activities before changes in oDeratlna assets and liabilities 3,930,475,278 (3,126,383,776) 8,697,410 174,493,197 4,971,788 (622,219,363) (28,429,644) (211,204,979) 71,913,836 (251 690134) (49,376,387) 3,318,669,704 (2,360,268,870) 8,697,410 125,138,598 (436,772,211) (17,259,737) (211,666,941) 69,694,183 (268 777 451 \ 227,454,685 Increase I (Decrease) In operatlnq assets and liabilities Statutory deposits Purchase of trading securities Loans and advances to other banks Loans and advances to customers Other assets Deposits from other banks Deposits from customers Other liabilities account of customers Trading liabilities Other liabilities Net cash flow from operating actIvities (A) (98,605,047) (2,883,957,958) (500,159,353) (1,350,000,000) 6,695,423,578 1,667,425,524 326144241 3,856,270,986 3,806,894,598 - (46,183,016) (3,231,566,401 ) (194,297,678) (3,670,000,000) 8,356,103,621 - 266,982,608 473498596 1,954,537,729 2,181,992,415 B) CASH FLOW FROM INVESTING ACTMTIES Proceeds from sale of non-trading securities Payments for Purchase of securities Purchase of property, plant & equipment Sale of property, plant & equipment Purchase I sale of subsidiary Net cash flow from Investlnq activities (B) - (183,731,955) 96,722 - (183,635,232) (36,321,701) - (36,321,701 ) C) CASH FLOW FROM FINANCING ACTMTlES Received from issue of loan capital and debt security Payments for redemption of loan capital and debt security Receipts from issue of ordinary shares Dividends paid Net Cash flow from flnancinq activities (C) D) NET INCREASEI(DECREASE) IN CASH AND CASH EQUIVALENTS (A+B+C) E) EFFECTS OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS F) CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR G) CASH AND CASH EQUIVALENTS AT END OF THE YEAR (D+E+F) 01'----------3.623.259.366 91,791,411 31 970120333 35.685.171.110 2,145,670,713 114,384,104 29244371 914 31.504.426.731 CASH AND CASH EQUIVALENTS AT END OF THE YEAR Cash in hand (including foreign currencies) Balance with Bangladesh Bank and its agent bank(s)( including foreign currencies) Balance with other Banks and financial institutions Money at Call and Short Notice Govt. Security/Reverse repo (Less:Revaluation Reserve on Investment ) Prize Bonds Net Operating Cash Flows (NOCF) per Share 1,819,491,676 1,518,606,303 8,839,381,382 8,574,374,375 3,715,590,933 850,000,000 20,457,609,219 3097900 35,685,171.110 2,813,759,374 450,000,000 18,144,702,578 2984100 31.504.426,731 4,37 2,51 9
10. Standard Bank Limited Statement of Changes in Shareholders ' Equity (Un-audited) for the year ended 31 March 2019 Changes in accounting policy Restated Balance Surplus/Deficit on revaluation of properties of last year revaluation gain on 8,709,876,960 5,016,857,784 948,987,017 14,830,607,055 (154,885,294) Surplus/Deficit on revaluation of investment 133,307,405 133,307,405 Currency translation difference Net gains and losses not recongnised in the income statement of last year Net profit for the period 101,648,820 101,648,820 Dividends from SBl Capital Management Ltd Dividends from SBl Securities Ltd Dividends (Cash & Bonus shares) Issue of Right Shares made during the year 59,939,155 (59,939,155) Balance as on 31.03.2019 8,709,876,960 5,076,796,939 133,307,405 990,696,683 14,910,677,987 Balance as on 31.03.2018 7,918,069,970 4,658,642,771 9,901,353 814,594,495 13,401,208,589 any Secretary 10
11. Standard Bank limited Notes to the Financial Statements for the year ended 31 March 2019 1 . lEGAL STATUS AND NATURE OF THE COMPANY Standard Bank Limited was incorporated in Bangladesh as a Public Limited Company with limited liability under the Companies Act, 1994 on 11th May 1999 and commenced commercial operation on 3m June 1999. The Bank went for the public issue of shares in 2003 and its shares are listed with Dhaka Stock Exchange and Chittagong Stock Exchange.Now it has 125 Branches all over Bangladesh. The commercial banking activities of the Bank encompass a wide range of services including accepting deposits, making loans, discounting bills, conducting money transfer and foreign exchange transactions and performing other related services such as safe keeping, collections, issuing guarantees, acceptances and letters of credit. a) Conventional Banking: The principal activities of the bank are to provide all kinds of commercial banking services to its customers through its branches & SME Centers. b) Islamic Banking: The Bank operates Islamic banking in two branches deSignated for this purpose in complying with the rules of islamic shariah.A separate balance sheet, income statement as recommended by the Central Shariah Board for Islamic Banking in Bangladesh. c) Off-Shore Banking Unit (OBUI The Bank obtained Off-shore Banking Unit Permission vide Letter No. BRPD (P-31744(1101/2010-839 dated June 11, 2010 and commenced operation on June 23, 2015. The Off-shore Banking Unit is governed under the rules and guidelines of Bangladesh Bank. The principal activities of the Unit are to provide all kinds of commercial banking services to its customers in foreign currencies approved by the Bangladesh Bank. 1.1 Subsidiary Companies 1.1(a) SBl Capital Management Ltd(SCMl): The Bank obtained permission to embark upon Merchant banking from the Bangladesh Securities and Exchange Commission(SEC) vide its certificate no. SEC/Reg/MB/SUB/13/2010/529 dated January 05 ,2011Under the Securities and Exchange Commission Act,1993. The main objectives of the Company are to carry out the business of full fledged merchant banking activities like issue management, portfoliOmanagement, underwriting, corporate advisory services etc 1.1(b) Standard Excahnge Company (UK) limited Bangladesh Bank vide their letter NO.BRPD(M) 204/15/2009-18 Dated is" February 2009 has accorded approval to the bank for opening a fully owned subsidiary company in the name and style of Standard Excahnge company (UK) Limited. The company was incorporated 19th June,2009 under the Companies Act 2006 of UK with the registration number 06851946 as private company limited by shares. The registered office is located at 101 whitechapel Road London. The main activities of the exchange house are to carry on the remittance business and to undertake and partiCipate in transactions, activities and operation commonly carried on or undertaken by remittance and exchange houses. 1.1(c) Standard Co (USA) Inc.DBA : Standard Express: Bangladesh Bank vide their letter No. BRPD(M) 204/15/2009-116 Dated 27'h October 2009 has accorded approval to the bank for opening a fully owned subsidiary company in the name and style of Standard Co (USA) Inc.DBA : Standard Express, in short we presented "Standard Express (USA) Ltd.The company was incorporated 1st February,2010 with the registration number 27-2118554 as private company limited by shares. The registered office is located at 37-22 73rd street #2B Jackson heights, New York. The main activities of the exchange house are to carry on the remittance business and to undertake and participate in transactions, activities and operation commonly carried on or undertaken by remittance and exchange houses. 1.1(d) Standard Bank Securities Limited Standard Bank Securities Limited was incorporated on November,22,2012 as a public limited company under the Companies Act 1994 vide certificate of incorporation no. C-105725/12.Standard Bank Securities Limited become member of Dhaka Stock Exchange Limited for brokerage transaction.Standard Bank Securities Limited commenced its operation from 21 June,2013. The main objectives of the company is to carry on the business of stock broker Istock dealer and other related business in connection with the dealing of listed securities. Other obectives of the company are to buy.sell, hold or otherwise acquire or invest the capital of the company in shares,stocks and fixed income securities etc. 2 SIGNIFICANT ACCOUNTING POLICIES Basis of Preparation for Financial Statements The Financial statements of the Bank are made upto 31st March 2019 and are prepared under the historical cost convention and in accordance with the "First Schedule (Sec-38) of the Bank Companies Act, 1991, BRPD Circular # 14 dated 25 June 2003, other Bangladesh Bank Circulars, International Accounting Standards and International Financial Reporting Standards adopted by the Institute of Chartered Accountants of Bangladesh, Companies Act, 1994, the Securities and Exchange Rules 1987, Dhaka & Chittagong Stock Exchange Listing Regulations and other laws and rules applicable in Bangladesh.ln case of the requirement of Bangladesh Bank differs with those of IASIIFRS , the requirement of Bangladesh Bank have been applied" 11
12. 2 .1 Basis of Consolidation: The consolidated financial statements include the financial statements of standard Bank Limited, Islamic banking window, and its subsidiaries SBl Capital management ltd,Standard Bank Securities ltd,Standard Exchange Company (UK) ltd and Standard Co (USA) Inc.DBA : Standard Express made up to the end of the financial year. A Banking software system "Stelar" consolidated all transactions of branches as well as head office and produces consolidated balance sheet and Profit & loss Account . These consolidated records are maintained at the Head office of the Bank based on which these financial statements have been prepared. The consolidated financial statements separate financial statements. have been prepared in accordance The consolidated financial statements with Bangladesh Accounting have been prepared to a common standard 27: consolidated and reporting period ending in 31st March 2019. 2.2 Statement of Cash flows Statement of cash flows is prepared by using the 'Direct Method' in accordance with BAS 7 "Statement of Cash Flows" and under the guidance of Bangladesh Bank BRPD Circular No. 14 dated 25.06.2003 & BRPD Circular No. 15 dated 09.11.2009 whereby gross cash receipts and gross cash payments on Operating Activities, Investing Activities and Financing Activities have been recognized. Cash and Cash Equivalents comprise short term, highly liquid investments that are readily convertible and are subject to an insignificant risk to changes in value. 2.3 Reporting Period These financial statements cover one calender year from January 01 to March 31, 2019. Statement of Changes in Equity 2.4 Statement of changes in Equity has been prepared in accordance with BAS 1 "Presentation of Financial Statements" and under the guidance of Bangladesh Bank BRPD Circular No. 14 dated 25.06.2003 & BRPD Circular No. 15 dated 09.11.2009 2.05 Provisions for loans and Advance 2.06 Provision for loans and Advance have been made as per directives of Bangladesh Bank issued from time to time. Provisions for Investment 2.07 Provisions for diminution in value of investment is made for loss arising on diminution value of investment in quoted shares. Provisions for off balance sheet exposures Off-balance sheet items have been disclosed under contingent liabilities and other commitments according to Bangladesh Bank guidelines. Bank maintained provision against off-balance sheet exposures as per BRPD Circular no.14, dated 23 September 2012 & BRPD Circular No. 07, dated 21 June 2018. 2.08 Provision for Taxation The company is a publicly traded company as per the Incme Tax Ordinance 1984. Provision for Current Income Tax has been made at the existing rate of 37.50% as prescribed in Finance Act 2018 of the accounting profit made by the Bank after considering some of the Taxable add backs of income and disallowances of expenditures. 2.09 Workers Participation Fund and Welfare Fund Consistent with the industry practice and in accordance with The Bank Company Act. 1991, no provision has been made for WPPF. 2.10 Earning Per Share The company calculates Earning per share (EPS) in accordance with International Accounting Standards (IAS)-33"Earning Per Share" which has been shown on the face of profit and loss account. This has been calculated by dividing the basic earnings by the weighted average number of ordinary shares outstanding during the year. Mar-19 2.11 Composition of Sharesholders' equity Solo Paid-up Capital Statutory Reserve General Reserve Revaluation Reserve on Investment Surplus in Profit and loss Account! Retained earnings Minority Interest 8,709,876,960 5,076,796,939 8,709,876,960 5,016,857,784 133,307,405 990,696,683 154,885,294 948,987,017 14.910,677,987 14,830,607,055 8,709,876,960 5,076,796,939 8,709,876,960 5,016,857,784 133,307,405 979,847,520 153696 14,899,982,520 154,885,294 934,630,420 150628 14,816,401,086 Net Assets Value Per Share (NAV) Solo Total Shareholders' Equity Number of Ordinary Share Net Asset Value (NAY) per share 14,910,677,987 870,987,696 17.12 14,830,607,055 870987696 17.03 Consolidated Total Shareholders' Equity Number of Ordinary Share Net Asset Value (NAV) per share 14,899,982,520 870,987,696 17.11 14,816,401,086 870987696 17.01 Consolidated Paid-up Capital (87,098,696 ordinary shares @Taka 10.00 each) Statutory Reserve General Reserve Revaluation Reserve on Investment Surplus in Profit and loss Account! Retained earnings Minority Interest 2.12 Mar-19 2.13 Oec-18 Earning Per Share (EPS) Solo Net profit after tax 101,648,820 Mar-18 79,066,087 12
13. 870 ,987,696 Number of Ordinary Share Eaming Per Share· Consolidated Net profit after tax Number of Ordinary Share Eaming Per Share· • Eaming per share calculated 870,987,696 0.09 0.12 106,245,207 870,987,696 65,393.493 870,987,696 0.08 0.12 dividing basic eaming during the year by number of share outstanding as on reporting date complying with the provision of IAS-33. 2.14 Net Operating Cash Flows (NOCF) per Share Solo Net cash flow from operating activities Number of Ordinary Share Net Operating Cash Flows (NOCF) per Share Consolidated Net cash flow from operating activities Number of Ordinary Share Net Operating Cash Flows (NOCF) per Share 2.15 Reconciliation & Liabilities of Net Profit after Taxation 3,806.894.598 870.987,696 4.37 2,181,992.415 870987696 2.51 3,791.591,056 870,987,696 1,973,647.293 870987696 2.27 4.35 with Cash Flows from Operating Activities before changes In Operating Assets as on 31.03.2019: Net profit after taxation Provision for taxation Provision for Loans & Off BS Exposure Changes in interest and others receivable Changes in accrual interest expense Depreciation & Amortization of Fixed Assets Advance Income taxes paid Cash Flows from Operating Activities before changes In operating assets/liabilities Solo 101.648.820 198.046.954 330,707,340 (273.880,451) (250,508.841) 55,814,771 (211,204.979 149376387 Consolidated 106.245.207 202,985.410 347,746.989 (275.086.711) (251,715,101) 57,283,113 (217,026.557) (29,567 650) 13