Amana Bank PLC (PB 3618 PQ)
Interim Financial Statements
30 September 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.
Amãna Bank Delivers Strong 9-Month Performance; Profits up 26% to cross LKR 1 Bn
- Advances surpass LKR 100 billion milestone, with a growth of 16%
Amãna Bank continued its strong financial performance as it closed the 9 months ending 30 September 2024 with a Profit Before Tax of LKR 1.98 billion, reflecting a 18% YoY increase compared to LKR 1.68 billion recorded for the corresponding period of 2023. Showcasing a 26% YoY growth, Profit After Tax grew from LKR 891 million to cross the LKR 1 billion mark and close at LKR 1.12 billion.
With financing rates declining across the banking industry in a bid to spur economic growth, the Bank's financing income closed at LKR 11.70 billion. However, by maintaining a strong financing margin of 4.1%, the Bank posted a Net Financing Income growth of 6% YoY to reach LKR 5.13 billion compared with LKR 4.85 billion posted in the corresponding period in 2023.
The Bank's Total Operating income stood at LKR 6.50 billion, marginally lower by 4% from last year. With a robust recovery mechanism in place and renewed customer engagement, the Bank was able to reduce its impairment charges by 73%, due to which Net Operating Income improved by 16% YoY to close at LKR 6.11 billion. Despite increase in Operating Expenses, the Bank continued to maintain a healthy cost to income ratio of 53%, resulting in a 6% YoY growth in Operating Profit before VAT on Financial Services to post LKR 2.69 billion. The Bank's aggregate tax contribution of approx. LKR 1.57 billion accounted for a significant 58% of the Bank's Operating Profit before all taxes. The Total Comprehensive Income for the period was LKR 1.10 billion, reflecting a healthy YoY growth of 24%.
Following the increased acceptance for non-interest based banking, the Bank's advances and deposits portfolios grew significantly during the 9 months ending 30 September 2024. Promoting its development focused banking approach, customer advances grew by 16% or LKR 15 billion to surpass the LKR 100 billion milestone to post LKR 104.42 billion whilst maintain an industry low Stage 3 Impairment ratio of 1.4%. Posting a healthy 9 month growth of 10%, customer deposits closed the 3rd quarter at LKR 145.72 billion, with a strong CASA ratio of 42.3% setting an industry benchmark. The Bank's Total Assets stood at LKR 172.52 billion whereas Net Asset Value per Share improved to LKR
41.40. Given the robust performance during the nine months, the Bank's ROE and ROA stood at 6.7% and 1.6% respectively. As at 30 September 2024, Amãna Bank's Common Equity Tier 1 and Total Capital ratios stood at 15.5% and 18.1% respectively, well above the regulatory minimum requirement of 7% and 12.5%.
During the third quarter Fitch Ratings Sri Lanka upgraded Amãna Bank's national long-term rating from BB+(lka) to an investment grade rating of BBB-(lka), with a stable outlook, opening up multiple opportunities for growth and expansion. The Bank also recently declared its 7th consecutive dividend,
being the highest ever dividend payout so far totalling LKR 661 million which marks a doubling of the dividend paid in 2023.
Commenting on the nine-month performance Amãna Bank Chairman Asgi Akbarally stated "In a quarter in which the entire country's focus was primarily on the Presidential election, Amãna Bank, despite a challenging environment, once again showcased its resilience to post a strong financial performance on key matrices. On behalf of the board, I would like to extend our appreciation to all our valued stakeholders, who have continued to support the Bank's journey of growth and prosperity."
Also sharing his comments, Amãna Bank Managing Director/CEO Mohamed Azmeer stated "We are pleased with the Bank's strong performance during the first nine months of the year, demonstrating its resilience and ability to deliver sustainable growth. Amãna Bank's development focussed and people friendly banking approach along with prudent risk management practices and efficient operations have enabled us to navigate challenging market conditions and once again deliver value to its stakeholders. I am thankful to the Chairman and the Board of Directors, management, staff, shareholders and customers for their continued support, trust and confidence. With optimism, we look forward to end 2024 with a stronger performance as we continue our mission of enabling growth and enriching lives."
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 | NINE MONTHS ENDED | QUARTER ENDED | ||||||||
30 SEPTEMBER | 30 SEPTEMBER | |||||||||
2024 | 2023 | Change | 2024 | 2023 | Change | |||||
(Rs. '000) | (Rs. '000) | % | (Rs '000) | (Rs '000) | % | |||||
Financing Income | 11,701,029 | 12,974,294 | (10%) | 3,650,183 | 4,220,123 | (14%) | ||||
Financing Expenses | (6,569,316) | (8,123,917) | (19%) | (2,058,122) | (2,733,733) | (25%) | ||||
Net Financing Income | 5,131,713 | 4,850,377 | 6% | 1,592,061 | 1,486,390 | 7% | ||||
Net Fee and Commission Income | 792,358 | 701,451 | 13% | 273,412 | 227,076 | 20% | ||||
Net Trading Income | 571,798 | 1,166,979 | (51%) | 201,918 | 544,087 | (63%) | ||||
Net Gains / (Losses) from Financial Investments at Fair Value | 3,744 | 16,836 | (78%) | (609) | 6,141 | (110%) | ||||
through Profit or Loss | ||||||||||
Net Gains / (Losses) from Derecognition of Financial Assets | (1,420) | 119 | (1,293%) | (870) | 231 | (477%) | ||||
Net Other Operating Income | 2,783 | 2,118 | 31% | 1,741 | 624 | 179% | ||||
Total Operating Income | 6,500,976 | 6,737,880 | (4%) | 2,067,653 | 2,264,549 | (9%) | ||||
Impairment Charges | (386,212) | (1,448,749) | (73%) | (34,487) | (12,277) | 181% | ||||
Net Operating Income | 6,114,764 | 5,289,131 | 16% | 2,033,166 | 2,252,272 | (10%) | ||||
Personnel Expenses | 1,687,888 | 1,350,972 | 25% | 560,678 | 475,771 | 18% | ||||
Depreciation and Amortisation of Property, Plant, Equipment | 239,806 | 200,178 | 20% | 80,850 | 64,293 | 26% | ||||
and Right-of-Use Assets | ||||||||||
Other Operating Expenses | 1,493,098 | 1,195,098 | 25% | 523,257 | 400,174 | 31% | ||||
Total Operating Expenses | 3,420,792 | 2,746,248 | 25% | 1,164,785 | 940,238 | 24% | ||||
Operating Profit Before VAT on Financial Services and | 2,693,972 | 2,542,883 | 6% | 868,381 | 1,312,034 | (34%) | ||||
Social Security Contribution Levy | ||||||||||
VAT on Financial Services & Social Security Contribution Levy | (711,120) | (866,060) | (18%) | (236,950) | (438,062) | (46%) | ||||
Profit Before Tax | 1,982,852 | 1,676,823 | 18% | 631,431 | 873,972 | (28%) | ||||
Tax Expense | (863,514) | (785,365) | 10% | (275,514) | (402,110) | (31%) | ||||
Profit for the Period | 1,119,338 | 891,458 | 26% | 355,917 | 471,862 | (25%) | ||||
Earnings Per Share - | ||||||||||
- Basic (in Rs.) | 2.03 | 1.62 | 26% | 0.65 | 0.86 | (25%) | ||||
- Diluted (in Rs.) | 2.00 | 1.59 | 26% | 0.64 | 0.84 | (25%) | ||||
Amãna Bank PLC (PB 3618 PQ)
STATEMENT OF COMPREHENSIVE INCOME
FOR THE | NINE MONTHS ENDED | QUARTER ENDED | |||||
30 SEPTEMBER | 30 SEPTEMBER | ||||||
2024 | 2023 | Change | 2024 | 2023 | Change | ||
(Rs. '000) | (Rs. '000) | % | (Rs '000) | (Rs '000) | % | ||
Profit for the Period | 1,119,338 | 891,458 | 26% | 355,917 | 471,862 | (25%) | |
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 | (18,906) | (2,701) | (600%) | (10,804) | 29,710 | (136%) |
Comprehensive Income | ||||||
(18,906) | (2,701) | 600% | (10,804) | 29,710 | (136%) | |
Net Comprehensive Income not to be Reclassified to Profit or Loss in | (18,906) | (2,701) | 600% | (10,804) | 29,710 | (136%) |
Subsequent Periods: | ||||||
Other Comprehensive Income / (Loss) for the Period Net of Tax | (18,906) | (2,701) | 600% | (10,804) | 29,710 | (136%) |
Total Comprehensive Income for the Period | 1,100,432 | 888,757 | 24% | 345,113 | 501,572 | (31%) |
Amãna Bank PLC (PB 3618 PQ)
STATEMENT OF FINANCIAL POSITION
30 SEP 2024 | 31 DEC 2023 | Change | |
AS AT | (AUDITED) | ||
% | |||
(Rs. '000) | (Rs. '000) | ||
Assets | |||
Cash and Cash Equivalents | 16,122,087 | 11,100,863 | 45% |
Balances with Central Bank of Sri Lanka | 8,890,733 | 9,446,863 | (6%) |
Placements with Banks | 35,493,873 | 42,474,570 | (16%) |
Placements with Licensed Finance Companies | 506,206 | 81 | 624,846% |
Derivative Financial Assets | 393,390 | 194,267 | 102% |
Financial Assets Designated at Fair Value through Profit or Loss | 143,693 | 8,994 | 1,498% |
Financial Assets at Amortised Cost - Financing and Receivables to Other Customers | 104,416,860 | 89,658,060 | 16% |
Financial Assets Measured at Fair Value through Other Comprehensive Income | 300,094 | 319,000 | (6%) |
Other Assets - Financial | 1,594,473 | 2,006,909 | (21%) |
Property, Plant, Equipment And Right-of-Use Assets | 2,831,128 | 2,775,396 | 2% |
Intangible Assets | 350,559 | 379,309 | (8%) |
Other Assets - Non Financial | 692,718 | 303,034 | 129% |
Deferred Tax Assets | 784,430 | 784,430 | - |
Total Assets | 172,520,244 | 159,451,776 | 8% |
Liabilities | |||
Due to Banks | 21,232 | 321,167 | (93%) |
Derivative Financial Liabilities | 8,706 | 948 | 818% |
Financial Liabilities at Amortised Cost - Due to Depositors | 145,723,162 | 132,937,607 | 10% |
Other Liabilities - Financial | 3,023,040 | 3,391,138 | (11%) |
Current Tax Liabilities | 585,694 | 722,144 | (19%) |
Dividend Payable | 6,324 | 6,326 | (0%) |
Retirement Benefit Liability | 143,561 | 130,416 | 10% |
Other Liabilities - Non Financial | 190,855 | 245,446 | (22%) |
Total Liabilities | 149,702,574 | 137,755,192 | 9% |
Shareholders' Funds | |||
Stated Capital | 17,633,461 | 17,633,461 | - |
ESOP Reserve | 71,633 | 50,979 | 41% |
Statutory Reserve Fund | 266,441 | 266,441 | - |
Revaluation Reserve | 1,007,191 | 1,007,191 | - |
Fair Value Reserve | 52,982 | 71,888 | (26%) |
Retained Earnings | 3,785,962 | 2,666,624 | 42% |
Total Equity | 22,817,670 | 21,696,584 | 5% |
Total Liabilities and Shareholders' Funds | 172,520,244 | 159,451,776 | 8% |
Net Asset Value per Ordinary Share | 41.40 | 3.94 | |
Commitments and Contingencies | 48,984,494 | 40,739,750 | |
Memorandum Information | |||
Number of Employees | 896 | 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.
============
Sgd
M. Ali Wahid
Chief Financial Officer
13 November 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 |
13 November 2024 | 13 November 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 nine months ended 30 September 2023 | - | - | - | - | - | 891,458 | 891,458 | |||
Total Comprehensive Income for the nine months ended 30 September 2023 | - | - | - | - | (2,701) | - | (2,701) | |||
Share Issue Expenses | - | - | - | (974) | (974) | |||||
Scrip Dividend - 2023 | 283,963 | - | (283,963) | - | ||||||
WHT on Scrip Dividend | - | - | (50,111) | (50,111) | ||||||
As at 30 September 2023 | 11,632,784 | - | 197,102 | 1,008,277 | 82,692 | 2,278,172 | 15,199,027 | |||
Profit for the three months ended 31 December 2023 | - | - | - | - | - | 495,319 | 495,319 | |||
Total Comprehensive Income for the three months ended 31 December 2023 | - | - | - | - | (10,804) | (3,503) | (14,307) | |||
Share Issue Expenses | - | - | - | - | - | (35,111) | (35,111) | |||
Rights Issue | 6,000,677 | - | - | - | - | - | 6,000,677 | |||
Share-Based Payment Expenses | - | 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 nine months ended 30 September 2024 | - | - | - | - | - | 1,119,338 | 1,119,338 | |||
Total Comprehensive Income for the nine months ended 30 September 2024 | - | - | - | - | (18,906) | - | (18,906) | |||
Share-Based Payment Expenses | - | 20,654 | - | - | - | - | 20,654 | |||
As at 30 September 2024 | 17,633,461 | 71,633 | 266,441 | 1,007,191 | 52,982 | 3,785,962 | 22,817,670 | |||
Amãna Bank PLC (PB 3618 PQ)
STATEMENT OF CASH FLOWS
FOR THE
NINE MONTHS ENDED
30 SEPTEMBER
2024 | 2023 | |||
(Rs. '000) | (Rs. '000) | |||
Cash Flows from Operating Activities | ||||
Financing Income Received | 12,131,633 | 13,937,622 | ||
Fees and Commission Received | 790,938 | 701,570 | ||
Financing Expenses Paid | (7,448,340) | (7,461,519) | ||
Foreign Exchange Income | 571,798 | 1,166,979 | ||
Gratuity Payments Made | (12,434) | (15,961) | ||
Payments to Employees and Suppliers | (3,845,873) | (3,388,611) | ||
Operating Profit/(Loss) before Changes in Operating Assets and Liabilities | 2,187,722 | 4,940,080 | ||
(Increase) / Decrease in Operating Assets | ||||
Financing and Receivable to Other Customers | (15,147,108) | (5,310,757) | ||
Other Assets | 22,752 | (1,188,916) | ||
Balance with Central Bank of Sri Lanka | 556,130 | (4,178,622) | ||
Increase / (Decrease) in Operating Liabilities | ||||
Due to Other Customers | 13,720,456 | 15,146,998 | ||
Due to Banks | (299,935) | (11,432,786) | ||
Other Liabilities | (669,931) | 1,462,817 | ||
Net Cash Flow from Operating Activities before Income Tax | 370,086 | (561,186) | ||
Income Tax Paid | (999,964) | (912,730) | ||
Net Cash From / (Used In) Operating Activities | (629,878) | (1,473,916) | ||
Cash Flows From/(Used In) Investing Activities | ||||
Acquisition of Property, Plant & Equipment | (245,332) | (74,473) | ||
Proceeds from Sale of Property, Plant and Equipment | - | - | ||
Acquisition of Intangible Assets | (21,456) | (13,241) | ||
Investments in Placements with Banks | 6,546,997 | (8,060,004) | ||
Investments in Placements with Licensed Finance Companies | (500,000) | (3) | ||
Financial Assets Recognised through Profit or Loss - Measured at Fair Value | (130,955) | 53,521 | ||
Dividend Received from Financial Assets | 2,783 | 2,118 | ||
Net Cash From / (Used In) Investing Activities | 5,652,037 | (8,092,082) | ||
Cash Flows From / (Used In) Financing Activities | ||||
Rights Issue of Shares | - | - | ||
Share Issue Expenses | - | (51,085) | ||
Dividend Paid | (2) | (16) | ||
Net Cash From / (Used In) Financing Activities | (2) | (51,101) | ||
Net Increase / (Decrease) in Cash and Cash Equivalents | 5,022,157 | (9,617,099) | ||
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 | 16,129,924 | 12,990,825 | ||
CASH AND CASH EQUIVALENTS | ||||
2024 | 2023 | |||
(Rs. '000) | (Rs. '000) | |||
Cash in Hand | 11,136,718 | 4,289,568 | ||
Balances with Banks | 4,993,206 | 8,701,257 | ||
16,129,924 | 12,990,825 | |||
Less: Allowance for Impairment | (7,837) | (8,710) | ||
Total | 16,122,087 | 12,982,115 | ||
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 30.9.2024 | |||
OR LOSS | |||||
INCOME | |||||
Financial Assets | |||||
Cash and Cash Equivalents | - | 16,122,087 | - | 16,122,087 | |
Balances with Central Bank of Sri Lanka | - | 8,890,733 | - | 8,890,733 | |
Placements with Banks | - | 35,493,873 | - | 35,493,873 | |
Placements with Licensed Finance Companies | - | 506,206 | - | 506,206 | |
Derivative Financial Assets | 393,390 | - | - | 393,390 | |
Financial Assets Designated at Fair Value through Profit or Loss | 143,693 | - | - | 143,693 | |
Financial Assets at Amortised Cost - Financing and Receivables to Other Customers | - | 104,416,860 | - | 104,416,860 | |
Financial Assets measured at Fair Value through Other Comprehensive Income | - | - | 300,094 | 300,094 | |
Other Assets - Financial | - | 1,594,473 | - | 1,594,473 | |
Total Financial Assets | 537,083 | 167,024,232 | 300,094 | 167,861,409 | |
Financial Liabilities | |||||
Due to Banks | - | 21,232 | - | 21,232 | |
Derivative Financial Liabilities | 8,706 | - | - | 8,706 | |
Financial Liabilities at Amortised Cost - Due to Depositors | - | 145,723,162 | - | 145,723,162 | |
Other Liabilities - Financial | - | 3,023,040 | - | 3,023,040 | |
Total Financial Liabilities | 8,706 | 148,767,434 | - | 148,776,140 | |
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 | 30.9.2024 | 31.12.2023 | |||
(AUDITED) | |||||
Gross Financing and Receivables to Other Customers | 110,725,411 | 95,587,204 | |||
Accumulated Impairment | |||||
Stage 1 | (1,328,728) | (1,131,910) | |||
Stage 2 | (2,429,311) | (2,675,414) | |||
Stage 3 | (2,550,512) | (2,121,820) | |||
Net Financing and Receivables to Other Customers | 104,416,860 | 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 | 30.9.2024 | 31.12.2023 | |
(AUDITED) | |||
Overdraft | 12,815,373 | 8,881,574 | |
Trade Finance | 1,198,432 | 637,338 | |
Lease Receivables | 8,543,815 | 5,551,287 | |
Staff Facilities | 837,366 | 715,175 | |
Term Financing | 67,689,791 | 62,347,061 | |
Gold Facilities | 11,220,603 | 11,744,010 | |
Others | 265,692 | 594,422 | |
Sub Total | 102,571,072 | 90,470,867 | |
By Product - Foreign Currency | |||
Overdraft | 30,184 | 32,586 | |
Term Financing | 5,059,288 | 3,944,462 | |
Trade Finance | 2,233,739 | 1,009,372 | |
Others | 831,128 | 129,917 | |
Sub Total | 8,154,339 | 5,116,337 | |
Total | 110,725,411 | 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 | 196,818 | (246,103) | 428,692 | 379,407 | ||||
Amounts written off | - | - | - | - | ||||
As at 30 September 2024 | 1,328,728 | 2,429,311 | 2,550,512 | 6,308,551 | ||||
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 | ||||
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