Amana Bank PLC (PB 3618 PQ)
Interim Financial Statements
30 June 2024
Vision
To be an admired leader in providing equitable financial solutions,
not limited to numerics, but also in earning the trust of our
customers, employees, shareholders and country.
Mission
To adopt a unique and people friendly approach in banking with a passion for continuous improvement, enabling growth and enriching lives.
Amana Bank achieves record growth in Mid-Year 2024 performance
- Records 68% growth in PBT and 82% growth in PAT
- Both Advances and Deposits up by 10%
Amana Bank has achieved a remarkable mid-year performance in 2024, outpacing its 2023 first half, with significant growth across multiple key metrics including profitability, advances, deposits, and total assets while also maintaining key health ratios such as CASA and Stage 3 Impairment ratios beyond industry averages.
During the first half of 2024 the Bank reported a Profit Before Tax (PBT) of LKR 1.35 billion, reflecting an impressive 68% YoY growth while the Bank's Profit After Tax amounted to LKR
763.4 million, a 82% increase from the LKR 419.6 million reported last year. In Q2 alone, PBT and PAT surged by 63% and 72% YoY, amounting to LKR 616.9 million and LKR 341.1 million, respectively.
By maintaining a healthy Financing Margin of 4.3%, Net Financing Income increased by 5% YoY, reaching LKR 3.6 billion by 30 June 2023, with a notable 9% growth in Q2 alone. During H1 the Bank's Net Fee and Commission income rose by 9% to LKR 519.0 million, while Total Operating Income marginally declined by 1% to LKR 4.4 billion, mainly owing to a reduction in Net Trading Income due to continuous decline in forex premiums. After accounting for reduced impairment charges owing to improved business conditions and better management of non-performing advances, the Bank's Net Operating Income improved by 34%, to reach LKR 4.1 billion, up from LKR 3.0 billion in H1 2023.
Despite increase in Operating Expenses, the Bank continued to maintain a healthy mid-year cost to income ratio of 51%, resulting in a 48% YoY growth in Operating Profit before VAT on Financial Services to post LKR 1.8 billion. The Bank's aggregate tax contribution of approx. LKR
1.1 billion accounted for a significant 58% of the Bank's Operating Profit before all taxes. The Total Comprehensive Income for the period was LKR 755.3 million, reflecting a robust YoY growth of 95%.
Despite competition for funding in the market and the consistently declining deposit rates, the Bank saw increased acceptance of its people-friendly banking model. This led to a commendable 10% growth in Customer Deposits, closing H1 2024 with a portfolio of LKR
146.3 billion while maintaining a healthy CASA ratio of 40%. Moreover, driven by the continued success of its development-focused banking approach, the Bank's Customer
Advances also grew by 10% to close at LKR 98.2 billion, while maintaining an industry low Stage 3 Impaired Financing Ratio of 1.7%. The Bank closed the first half with Total Assets of LKR 173.6 billion.
As at 30 June 2024, Amana Bank's Net Asset Value per share stands at LKR 4.08. Consequent to the recent 10 to 1 consolidation of shares carried out in July 2024, this effectively translates to over LKR 40per share. Given the robust performance during the six months, the Bank's ROE and ROA grew to 7.0%% and 1.6% respectively compared to 5.8% and 1.1% respectively to the corresponding period of 2023. As at 30 June 2024, Amana Bank's Common Equity Tier 1 and Total Capital ratios stood at 15.4% and 18.1% respectively, well above the regulatory minimum requirement of 7% and 12.5%.
Commenting on the Bank's mid-year performance, Chairman Asgi Akbarally stated, "Amana Bank's accelerated growth in the first half of 2024 highlights our strong performance despite a challenging environment. As we mark a decade since our listing on the CSE, the recent capital infusion late last year, coupled with this year's share consolidation, underscores the Bank's strong commitment to delivering value to our shareholders. We extend our gratitude to all our valued stakeholders, whose support has been vital to our journey, and we look forward with great anticipation to further accelerated growth."
Also sharing his views on the Bank's performance, Managing Director/CEO Mohamed Azmeer said, "We are humbled by our performance in the first half of 2024. The strong financial results reflect the hard work and dedication of our team. We remain committed to our strategic objectives and are confident in our ability to continue delivering accelerated growth and delivering value to our stakeholders. The robust mid-year performance is a testament to the Bank's stability and resilience. I extend my heartfelt gratitude to our Chairman and the Board, the Management, staff, shareholders, and customers for their relentless support, trust, and confidence in Your Bank. Looking ahead with optimism, we anticipate a promising journey for the rest of the year and beyond, reinforced by strong growth prospects of our development focussed people-friendly banking approach."
Amãna Bank PLC is a stand-alone institution licensed by the Central Bank of Sri Lanka and listed on the Colombo Stock Exchange with Jeddah-based IsDB Group being the principal shareholder of the Bank. The IsDB Group is a 'AAA' rated multilateral development financial institution with a membership of 57 countries. Testifying its position as a leading practitioner of the non-interest based banking model, Amãna Banks continued to be recognized amongst the Top 50 Strongest Islamic Bank's in the World by The Asian Banker.
Amãna Bank does not have any subsidiaries, associates, or affiliated institutions apart from its engagement with OrphanCare as its Founding Sponsor.
Amãna Bank PLC (PB 3618 PQ)
STATEMENT OF PROFIT OR LOSS
FOR THE | SIX MONTHS ENDED | QUARTER ENDED | |||||||||
30 JUNE | 30 JUNE | ||||||||||
2024 | 2023 | Change | 2024 | 2023 | Change | ||||||
(Rs. '000) | (Rs. '000) | % | (Rs '000) | (Rs '000) | % | ||||||
Financing Income | 8,050,846 | 8,754,172 | (8%) | 3,908,800 | 4,346,308 | (10%) | |||||
Financing Expenses | (4,511,193) | (5,390,184) | (16%) | (2,165,146) | (2,753,503) | (21%) | |||||
Net Financing Income | 3,539,653 | 3,363,988 | 5% | 1,743,654 | 1,592,805 | 9% | |||||
Net Fee and Commission Income | 518,946 | 474,375 | 9% | 233,049 | 226,408 | 3% | |||||
Net Trading Income | 369,879 | 622,892 | (41%) | 94,781 | 375,404 | (75%) | |||||
Net Gains / (Losses) from Financial Investments at Fair Value | 4,353 | 10,695 | (59%) | 2,069 | 1,817 | 14% | |||||
through Profit or Loss | |||||||||||
Net Gains / (Losses) from Derecognition of Financial Assets | (549) | (113) | 386% | (383) | (58) | 560% | |||||
Net Other Operating Income | 1,042 | 1,494 | (30%) | 959 | 514 | 87% | |||||
Total Operating Income | 4,433,324 | 4,473,331 | (1%) | 2,074,129 | 2,196,890 | (6%) | |||||
Impairment Charges | (351,725) | (1,436,472) | (76%) | (108,439) | (712,794) | (85%) | |||||
Net Operating Income | 4,081,599 | 3,036,859 | 34% | 1,965,690 | 1,484,096 | 32% | |||||
Personnel Expenses | 1,127,210 | 875,201 | 29% | 565,318 | 440,413 | 28% | |||||
Depreciation and Amortisation of Property, Plant, Equipment | 158,956 | 135,885 | 17% | 79,636 | 68,187 | 17% | |||||
and Right-of-Use Assets | |||||||||||
Other Operating Expenses | 969,841 | 794,926 | 22% | 488,754 | 400,613 | 22% | |||||
Total Operating Expenses | 2,256,007 | 1,806,012 | 25% | 1,133,708 | 909,213 | 25% | |||||
Operating Profit Before VAT on Financial Services and | 1,825,592 | 1,230,847 | 48% | 831,982 | 574,883 | 45% | |||||
Social Security Contribution Levy | |||||||||||
VAT on Financial Services & Social Security Contribution Levy | (474,171) | (427,998) | 11% | (215,030) | (195,496) | 10% | |||||
Profit Before Tax | 1,351,421 | 802,849 | 68% | 616,952 | 379,387 | 63% | |||||
Tax Expense | (588,000) | (383,254) | 53% | (275,756) | (180,465) | 53% | |||||
Profit for the Period | 763,421 | 419,595 | 82% | 341,196 | 198,922 | 72% | |||||
Earnings Per Share - Basic/Diluted (in Rs.) | 0.14 | 0.08 | 82% | 0.06 | 0.04 | 72% | |||||
Amãna Bank PLC (PB 3618 PQ)
STATEMENT OF COMPREHENSIVE INCOME
FOR THE | SIX MONTHS ENDED | QUARTER ENDED | |||||
30 JUNE | 30 JUNE | ||||||
2024 | 2023 | Change | 2024 | 2023 | Change | ||
(Rs. '000) | (Rs. '000) | % | (Rs '000) | (Rs '000) | % | ||
Profit for the Period | 763,421 | 419,595 | 82% | 341,196 | 198,922 | 72% | |
Other Comprehensive Income/(Loss)
Other Comprehensive Income not to be Reclassified to Profit or Loss in
Subsequent Periods:
Financial Assets - Fair Value through Other Comprehensive Income:
Net Gain / (Loss) on Financial Assets - Fair Value through Other | (8,103) | (32,411) | (75%) | (2,701) | (27,009) | (90%) |
Comprehensive Income | ||||||
(8,103) | (32,411) | (75%) | (2,701) | (27,009) | (90%) | |
Net Comprehensive Income not to be Reclassified to Profit or Loss in | (8,103) | (32,411) | (75%) | (2,701) | (27,009) | (90%) |
Subsequent Periods: | ||||||
Other Comprehensive Income / (Loss) for the Period Net of Tax | (8,103) | (32,411) | (75%) | (2,701) | (27,009) | (90%) |
Total Comprehensive Income for the Period | 755,318 | 387,184 | 95% | 338,495 | 171,913 | 97% |
Amãna Bank PLC (PB 3618 PQ)
STATEMENT OF FINANCIAL POSITION
30-Jun-24 | 31 DEC 2023 | Change | |
AS AT | (AUDITED) | ||
% | |||
(Rs. '000) | (Rs. '000) | ||
Assets | |||
Cash and Cash Equivalents | 14,922,786 | 11,100,863 | 34% |
Balances with Central Bank of Sri Lanka | 5,852,138 | 9,446,863 | (38%) |
Placements with Banks | 47,454,900 | 42,474,570 | 12% |
Placements with Licensed Finance Companies | 82 | 81 | 1% |
Derivative Financial Assets | 84,934 | 194,267 | (56%) |
Financial Assets Designated at Fair Value through Profit or Loss | 73,263 | 8,994 | 715% |
Financial Assets at Amortised Cost - Financing and Receivables to Other Customers | 98,230,332 | 89,658,060 | 10% |
Financial Assets Measured at Fair Value through Other Comprehensive Income | 310,898 | 319,000 | (3%) |
Other Assets - Financial | 2,367,993 | 2,006,909 | 18% |
Property, Plant, Equipment And Right-of-Use Assets | 2,732,824 | 2,775,396 | (2%) |
Intangible Assets | 358,955 | 379,309 | (5%) |
Other Assets - Non Financial | 460,943 | 303,034 | 52% |
Deferred Tax Assets | 784,430 | 784,430 | - |
Total Assets | 173,634,478 | 159,451,776 | 9% |
Liabilities | |||
Due to Banks | 21,878 | 321,167 | (93%) |
Derivative Financial Liabilities | 273,163 | 948 | 28,715% |
Financial Liabilities at Amortised Cost - Due to Depositors | 146,379,395 | 132,937,607 | 10% |
Other Liabilities - Financial | 3,325,237 | 3,391,138 | (2%) |
Current Tax Liabilities | 850,666 | 722,144 | 18% |
Dividend Payable | 6,325 | 6,326 | (0%) |
Retirement Benefit Liability | 139,272 | 130,416 | 7% |
Other Liabilities - Non Financial | 172,870 | 245,446 | (30%) |
Total Liabilities | 151,168,806 | 137,755,192 | 10% |
Shareholders' Funds | |||
Stated Capital | 17,633,461 | 17,633,461 | - |
ESOP Reserve | 64,749 | 50,979 | 27% |
Statutory Reserve Fund | 266,441 | 266,441 | - |
Revaluation Reserve | 1,007,191 | 1,007,191 | - |
Fair Value Reserve | 63,785 | 71,888 | (11%) |
Retained Earnings | 3,430,045 | 2,666,624 | 29% |
Total Equity | 22,465,672 | 21,696,584 | 4% |
Total Liabilities and Shareholders' Funds | 173,634,478 | 159,451,776 | 9% |
Net Asset Value per Ordinary Share | 4.08 | 3.94 | |
Commitments and Contingencies | 56,380,194 | 40,739,750 | |
Memorandum Information | |||
Number of Employees | 887 | 886 | |
Number of Branches | 33 | 33 | |
CERTIFICATION:
I certify that these Financial Statements comply with the requirements of the Companies Act No. 07 of 2007.
AAAAAAAAAAAA
Sgd
M. Ali Wahid
Chief Financial Officer
12 August 2024
We, the undersigned, being Chairman and Managing Director / Chief Executive Officer of Amana Bank PLC certify jointly that:-
- the above statements have been prepared in compliance with the format and definitions prescribed by the Central Bank of Sri Lanka and Rule 7.4 of Colombo Stock Exchange.
- the information contained in these statements have been extracted from the unaudited Financial Statements of the Bank unless indicated as audited.
Sgd | Sgd |
Ali Asghar Akbarally | Mohamed Azmeer |
Chairman | Managing Director / CEO |
12 August 2024 | 12 August 2024 |
Amãna Bank PLC (PB 3618 PQ)
STATEMENT OF CHANGES IN EQUITY
Stated | ESOP | Statutory | Revaluation | Fair Value | Retained | Total | |||
Capital | Reserve | Reserve | Reserve | Reserve | Earnings | ||||
Fund | |||||||||
As at 31 December 2022 (Audited) | 11,348,821 | - | 197,102 | 1,008,277 | 85,393 | 1,721,762 | 14,361,355 | ||
Profit for the six months ended 30 June 2023 | - | - | - | - | - | 419,595 | 419,595 | ||
Total Comprehensive Income for the six months ended 30 June 2023 | - | - | - | - | (32,411) | - | (32,411) | ||
Share Issue Expenses | - | - | - | - | - | (205) | (205) | ||
As at 30 June 2023 | 11,348,821 | - | 197,102 | 1,008,277 | 52,982 | 2,141,152 | 14,748,334 | ||
Profit for the six months ended 31 December 2023 | - | - | - | - | - | 967,182 | 967,182 | ||
Total Comprehensive Income for the six months ended 31 December 2023 | - | - | - | - | 18,906 | (3,503) | 15,403 | ||
Scrip Dividend - 2023 | 283,963 | - | - | - | - | (283,963) | - | ||
WHT on Scrip Dividend | - | - | - | - | - | (50,111) | (50,111) | ||
Share Issue Expenses | - | - | - | - | (35,880) | (35,880) | |||
Rights Issue | 6,000,677 | - | - | - | - | 6,000,677 | |||
Share-Based Payment Expense | - | 50,979 | - | - | - | 50,979 | |||
Transfers to Statutory Reserve Fund | - | - | 69,339 | - | - | (69,339) | - | ||
Transferred to Retained Earnings | - | - | - | (1,086) | - | 1,086 | - | ||
As at 31 December 2023 (Audited) | 17,633,461 | 50,979 | 266,441 | 1,007,191 | 71,888 | 2,666,624 | 21,696,584 | ||
Profit for the six months ended 30 June 2024 | - | - | - | - | - | 763,421 | 763,421 | ||
Total Comprehensive Income for the six months ended 30 June 2024 | - | - | - | - | (8,103) | - | (8,103) | ||
Share-Based Payment Expense | - | 13,770 | - | - | - | - | 13,770 | ||
As at 30 June 2024 | 17,633,461 | 64,749 | 266,441 | 1,007,191 | 63,785 | 3,430,045 | 22,465,672 | ||
Amãna Bank PLC (PB 3618 PQ)
STATEMENT OF CASH FLOWS
FOR | THE | SIX MONTHS ENDED | |||||
30 JUNE | |||||||
2024 | 2023 | ||||||
(Rs. '000) | (Rs. '000) | ||||||
Cash Flows from Operating Activities | |||||||
Financing Income Received | 8,371,753 | 9,849,909 | |||||
Fees and Commission Received | 518,397 | 474,262 | |||||
Financing Expenses Paid | (4,674,372) | (4,847,192) | |||||
Foreign Exchange Income | 369,879 | 622,892 | |||||
Gratuity Payments Made | (8,189) | (11,704) | |||||
Payments to Employees and Suppliers | (2,540,408) | (2,004,537) | |||||
Operating Profit/(Loss) before Changes in Operating Assets and Liabilities | 2,037,060 | 4,083,630 | |||||
(Increase) / Decrease in Operating Assets | |||||||
Financing and Receivable to Other Customers | (8,923,915) | 1,775,244 | |||||
Other Assets | (518,993) | (674,232) | |||||
Balance with Central Bank of Sri Lanka | 3,594,725 | (5,561,852) | |||||
Increase / (Decrease) in Operating Liabilities | |||||||
Due to Other Customers | 13,642,219 | 9,847,592 | |||||
Due to Banks | (299,289) | (11,416,815) | |||||
Other Liabilities | 205,819 | 779,178 | |||||
Net Cash Flow from Operating Activities before Income Tax | 9,737,626 | (1,167,255) | |||||
Income Tax Paid | (459,478) | (300,440) | |||||
Net Cash From / (Used In) Operating Activities | 9,278,148 | (1,467,695) | |||||
Cash Flows From/(Used In) Investing Activities | |||||||
Acquisition of Property, Plant & Equipment | (82,766) | (52,451) | |||||
Proceeds from Sale of Property, Plant and Equipment | - | - | |||||
Acquisition of Intangible Assets | (13,264) | (154) | |||||
Investments in Placements with Banks | (5,300,002) | (981,316) | |||||
Investments in Placements with Licensed Finance Companies | (1) | (2) | |||||
Financial Assets Recognised through Profit or Loss - Measured at Fair Value | (59,916) | 15,951 | |||||
Dividend Received from Financial Assets | 1,042 | 1,494 | |||||
Net Cash From / (Used In) Investing Activities | (5,454,907) | (1,016,478) | |||||
Cash Flows From / (Used In) Financing Activities | |||||||
Rights Issue of Shares | |||||||
Share Issue Expenses | - | (205) | |||||
Dividend Paid | (1) | (3) | |||||
Net Cash From / (Used In) Financing Activities | (1) | (208) | |||||
Net Increase / (Decrease) in Cash and Cash Equivalents | 3,823,240 | (2,484,381) | |||||
Cash and Cash Equivalents at the Beginning of the Year | 11,107,767 | 22,607,924 | |||||
Cash and Cash Equivalents at the End of the Period - Gross of Allowance for Impairment | 14,931,007 | 20,123,543 | |||||
CASH AND CASH EQUIVALENTS | |||||||
2024 | 2023 | ||||||
(Rs. '000) | (Rs. '000) | ||||||
Cash in Hand | 8,802,342 | 5,672,305 | |||||
Balances with Banks | 6,128,665 | 14,451,238 | |||||
14,931,007 | 20,123,543 | ||||||
Less: Allowance for Impairment | (8,221) | (3,899) | |||||
Total | 14,922,786 | 20,119,644 | |||||
Amãna Bank PLC (PB 3618 PQ)
NOTES TO THE FINANCIAL STATEMENTS
01. ANALYSIS OF FINANCIAL INSTRUMENTS BY MEASUREMENT BASIS
Financial instruments are measured on an ongoing basis either at fair value or at amortised cost. The summary of significant accounting policies stated in the Annual Financial Statements describes how the classes of financial instruments are measured, and how income and expenses, including fair value gains and losses, are recognised. The following table analyses the carrying amounts of the financial instruments by category as defined in SLFRS 9 and by headings of the Statement of Financial Position.
RUPEES IN THOUSANDS | |||||
FAIR VALUE | |||||
FAIR VALUE | TOTAL | ||||
AMORTIZED | THROUGH OTHER | ||||
THROUGH PROFIT | |||||
COST | COMPREHENSIVE | AS AT 30.6.2024 | |||
OR LOSS | |||||
INCOME | |||||
Financial Assets | |||||
Cash and Cash Equivalents | - | 14,922,786 | - | 14,922,786 | |
Balances with Central Bank of Sri Lanka | - | 5,852,138 | - | 5,852,138 | |
Placements with Banks | - | 47,454,900 | - | 47,454,900 | |
Placements with Licensed Finance Companies | - | 82 | - | 82 | |
Derivative Financial Assets | 84,934 | - | - | 84,934 | |
Financial Assets Designated at Fair Value through Profit or Loss | 73,263 | - | - | 73,263 | |
Financial Assets at Amortised Cost - Financing and Receivables to Other Customers | - | 98,230,332 | - | 98,230,332 | |
Financial Assets measured at Fair Value through Other Comprehensive Income | - | - | 310,898 | 310,898 | |
Other Assets - Financial | - | 2,367,993 | - | 2,367,993 | |
Total Financial Assets | 158,197 | 168,828,231 | 310,898 | 169,297,326 | |
Financial Liabilities | |||||
Due to Banks | - | 21,878 | - | 21,878 | |
Derivative Financial Liabilities | 273,163 | - | - | 273,163 | |
Financial Liabilities at Amortised Cost - Due to Depositors | - | 146,379,395 | - | 146,379,395 | |
Other Liabilities - Financial | - | 3,325,237 | - | 3,325,237 | |
Total Financial Liabilities | 273,163 | 149,726,510 | - | 149,999,673 | |
FAIR VALUE | FAIR VALUE | TOTAL | |||
AMORTIZED | THROUGH OTHER | ||||
THROUGH PROFIT | |||||
COST | COMPREHENSIVE | AS AT 31.12.2023 | |||
OR LOSS | |||||
INCOME | |||||
(AUDITED) | |||||
Financial Assets | |||||
Cash and Cash Equivalents | - | 11,100,863 | - | 11,100,863 | |
Balances with Central Bank of Sri Lanka | - | 9,446,863 | - | 9,446,863 | |
Placements with Banks | - | 42,474,570 | - | 42,474,570 | |
Placements with Licensed Finance Companies | - | 81 | - | 81 | |
Derivative Financial Assets | 194,267 | - | - | 194,267 | |
Financial Assets Designated at Fair Value through Profit or Loss | 8,994 | - | - | 8,994 | |
Financial Assets at Amortised Cost - Financing and Receivables to Other Customers | - | 89,658,060 | - | 89,658,060 | |
Financial Assets measured at Fair Value through Other Comprehensive Income | - | - | 319,000 | 319,000 | |
Other Assets - Financial | - | 2,006,909 | - | 2,006,909 | |
Total Financial Assets | 203,261 | 154,687,346 | 319,000 | 155,209,607 | |
Financial Liabilities | |||||
Due to Banks | - | 321,167 | - | 321,167 | |
Derivative Financial Liabilities | 948 | - | - | 948 | |
Financial Liabilities at Amortised Cost - Due to Depositors | - | 132,937,607 | - | 132,937,607 | |
Other Liabilities - Financial | - | 3,391,138 | - | 3,391,138 | |
Total Financial Liabilities | 948 | 136,649,912 | - | 136,650,860 | |
02. FINANCING AND RECEIVABLES TO OTHER CUSTOMERS | |||||
RUPEES IN THOUSANDS | |||||
ANALYSIS OF FINANCING AND RECEIVABLES TO OTHER CUSTOMERS | 30.6.2024 | 31.12.2023 | |||
(AUDITED) | |||||
Gross Financing and Receivables to Other Customers | 104,509,454 | 95,587,204 | |||
Accumulated Impairment | |||||
Stage 1 | (1,427,855) | (1,131,910) | |||
Stage 2 | (2,255,527) | (2,675,414) | |||
Stage 3 | (2,595,740) | (2,121,820) | |||
Net Financing and Receivables to Other Customers | 98,230,332 | 89,658,060 | |||
Amãna Bank PLC (PB 3618 PQ)
NOTES TO THE FINANCIAL STATEMENTS
ANALYSIS OF FINANCING AND RECEIVABLES TO OTHER CUSTOMERS - (Contd…)
FINANCING AND RECEIVABLES TO OTHER CUSTOMERS - BY PRODUCT
RUPEES IN THOUSANDS
By Product - Domestic Currency | 30.6.2024 | 31.12.2023 | |
(AUDITED) | |||
Overdraft | 10,684,247 | 8,881,574 | |
Trade Finance | 768,909 | 637,338 | |
Lease Receivables | 7,228,814 | 5,551,287 | |
Staff Facilities | 843,441 | 715,175 | |
Term Financing | 64,809,072 | 62,347,061 | |
Gold Facilities | 10,869,987 | 11,744,010 | |
Others | 886,613 | 594,422 | |
Sub Total | 96,091,083 | 90,470,867 | |
By Product - Foreign Currency | |||
Overdraft | 30,764 | 32,586 | |
Term Financing | 6,379,326 | 3,944,462 | |
Trade Finance | 1,931,544 | 1,009,372 | |
Others | 76,737 | 129,917 | |
Sub Total | 8,418,371 | 5,116,337 | |
Total | 104,509,454 | 95,587,204 | |
03. IMPAIRMENT ALLOWANCE FOR FINANCING AND RECEIVABLES TO OTHER CUSTOMERS
A reconciliation of the allowance for impairment losses for Financing and Receivables to Other Customers, under SLFRS 9 is as follows:
RUPEES IN THOUSANDS | ||||||||
STAGE 1 | STAGE 2 | STAGE 3 | TOTAL IMPAIRMENT | |||||
ECL allowance as at 1 January 2024 under SLFRS 9 | 1,131,910 | 2,675,414 | 2,121,820 | 5,929,144 | ||||
Charge/(Write Back) for the year | 295,945 | (419,887) | 473,920 | 349,978 | ||||
Amounts written off | - | - | - | - | ||||
As at 30 June 2024 | 1,427,855 | 2,255,527 | 2,595,740 | 6,279,122 | ||||
RUPEES IN THOUSANDS | ||||||||
STAGE 1 | STAGE 2 | STAGE 3 | TOTAL IMPAIRMENT | |||||
(AUDITED) | ||||||||
ECL allowance as at 1 January 2023 under SLFRS 9 | 980,928 | 1,711,996 | 1,226,947 | 3,919,871 | ||||
Charge/(Write Back) for the year | 150,982 | 963,418 | 997,123 | 2,111,523 | ||||
Amounts written off | - | - | (102,250) | (102,250) | ||||
As at 31 December 2023 | 1,131,910 | 2,675,414 | 2,121,820 | 5,929,144 | ||||
| Attention: This is an excerpt of the original content. To continue reading it, access the original document here. |