CONDENSED CONSOLIDATED STATEMENT OF INCOME | CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION | CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS | |||||
For the six months ended 30 June 2024 | As at 30 June 2024 | For the six months ended 30 June 2024 | |||||
Six months ended | Three months ended | |||
30 June | 30 June | 30 June | 30 June | |
2024 | 2023 | 2024 | 2023 | |
BD'000 | BD'000 | BD'000 | BD'000 | |
(reviewed) | (reviewed) | (reviewed) | (reviewed) | |
INCOME | ||||
Income from financing contracts | 27,071 | 24,687 | 13,741 | 12,710 |
Income from investment in Sukuk | 7,773 | 7,275 | 3,936 | 3,807 |
Expense on placements from financial institutions | (3,066) | (3,573) | (1,311) | (1,805) |
Expense on placements from non-financial | ||||
institutions and individuals | (10,104) | (7,148) | (5,350) | (3,810) |
Expense on financing from financial institutions | (4,078) | (2,677) | (1,829) | (1,483) |
Total net income from jointly financed assets | 17,596 | 18,564 | 9,187 | 9,419 |
Fee and commission income, net | 3,319 | 2,873 | 1,350 | 1,542 |
Income from investment securities | 36 | 6 | 36 | 6 |
Income from investment in real estate, net | 125 | 188 | 54 | 40 |
Share of results of associates, net | 42 | 159 | 35 | 32 |
Other income, net | 1,356 | 1,572 | 1,171 | 720 |
Total net income | 22,474 | 23,362 | 11,833 | 11,759 |
EXPENSES | ||||
Staff costs | 6,916 | 6,329 | 3,373 | 3,196 |
Depreciation and amortization | 935 | 898 | 472 | 456 |
Other expenses | 7,111 | 6,248 | 3,593 | 3,397 |
Total expenses | 14,962 | 13,475 | 7,438 | 7,049 |
Profit before impairment allowances | 7,512 | 9,887 | 4,395 | 4,710 |
and attribution to quasi-equity | ||||
Impairment allowance and other provisions, net | (3,358) | (3,322) | (2,021) | (2,094) |
Profit before attribution to quasi-equity | 4,154 | 6,565 | 2,374 | 2,616 |
Profit attributable to quasi-equity | (1,841) | (530) | (1,092) | 416 |
PROFIT FOR THE PERIOD | 2,313 | 6,035 | 1,282 | 3,032 |
BASIC AND DILUTED EARNINGS PER SHARE (fils) | 0.39 | 3.92 | (0.59) | 1.07 |
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN OWNERS' EQUITY For the six months ended 30 June 2024
30 June | 30 June | |
2024 | 2023 | |
BD'000 | BD'000 | |
(reviewed) | (reviewed) | |
Balance at 1 January | 144,632 | 135,751 |
Profit for the period | 2,313 | 6,035 |
Other comprehensive income | (3) | (30) |
Total comprehensive income for the period | 2,310 | 6,005 |
Zakah approved | (289) | (170) |
Donations approved | (250) | (250) |
Profit distribution on AT1 Capital | (1,906) | (1,901) |
Shares allocated to staff during the period | 148 | 124 |
Balance as at 30 June | 144,645 | 139,559 |
30 June | 31 December | |
2024 | 2023 | |
BD'000 | BD'000 | |
(reviewed) | (audited) | |
ASSETS | ||
Cash and balances with banks and Central Bank | 59,769 | 61,602 |
Placements with financial institutions | 119,626 | 51,689 |
Financing contracts | 959,864 | 924,340 |
Investment securities | 262,730 | 278,213 |
Investment in associates | 11,374 | 8,302 |
Investment in real estate | 14,725 | 14,725 |
Property and equipment | 13,915 | 13,692 |
Other assets | 7,591 | 5,528 |
TOTAL ASSETS | 1,449,594 | 1,358,091 |
LIABILITIES, QUASI-EQUITY AND OWNERS' EQUITY | ||
Liabilities | ||
Placements from financial institutions | 88,390 | 95,842 |
Placements from non-financial institutions | ||
and individuals | 401,255 | 297,215 |
Financing from financial institutions | 147,801 | 181,502 |
Customers' current accounts | 205,332 | 202,511 |
Other liabilities | 41,212 | 24,668 |
Total Liabilities | 883,990 | 801,738 |
Quasi-equity | ||
Financial institutions | 58,563 | 39,865 |
Non-financial institutions and individuals | 362,396 | 371,856 |
Total Quasi-equity | 420,959 | 411,721 |
Owners' Equity | ||
Share capital | 106,406 | 106,406 |
Treasury shares | (892) | (892) |
Shares under employee share incentive scheme | (47) | (195) |
Share premium | 206 | 206 |
Reserves | 13,972 | 14,107 |
Equity attributable to Bank's shareholders | 119,645 | 119,632 |
Subordinated Mudaraba (AT1) | 25,000 | 25,000 |
Total Owners' Equity | 144,645 | 144,632 |
TOTAL LIABILITIES, QUASI-EQUITY AND | ||
OWNERS' EQUITY | 1,449,594 | 1,358,091 |
The condensed consolidated interim financial information was approved by the Board of Directors on 31 July 2024 and has been reviewed by KPMG.
Zaid Khalid Abdulrahman | Usman Ahmed | Yaser Abduljalil Alsharifi |
Chairman | Vice Chairman | Chief Executive Officer |
30 June | 30 June | |
2024 | 2023 | |
BD'000 | BD'000 | |
(reviewed) | (reviewed) | |
OPERATING ACTIVITIES | ||
Profit for the period | 2,313 | 6,035 |
Adjustments for non-cash items: | ||
Depreciation | 744 | 736 |
Impairment allowance and other provisions, net | 3,358 | 3,322 |
Amortization of right-of-use asset | 191 | 162 |
Amortization of gain on sale of investment | (108) | |
in real estate | - | |
Gain on sale of investment in sukuk | (5) | (1) |
Share of results of associates, net | (42) | (159) |
Operating profit before changes in operating assets | ||
and liabilities | 6,559 | 9,987 |
Working capital adjustments: | ||
Mandatory reserve with Central Bank of Bahrain | (3,620) | 695 |
Financing contracts | (41,755) | (35,371) |
Other assets | (1,231) | (1,211) |
Customers' current accounts | 2,821 | (22,693) |
Other liabilities | 16,347 | 7,663 |
Placements from financial institutions | (7,658) | (8,473) |
Placements from non-financial institutions | 104,040 | 36,761 |
and individuals | ||
Quasi-equity | 9,238 | (7,699) |
Net cash from / (used in) operating activities | 84,741 | (20,341) |
INVESTING ACTIVITIES | ||
Purchase of property and equipment | (967) | (396) |
Purchase of investment securities | (44,361) | (18,112) |
Disposal of investment securities | 58,667 | 49 |
Net cash from / (used in) investing activities | 13,339 | (18,459) |
FINANCING ACTIVITIES | ||
Profit distribution on AT1 Capital | (1,906) | (1,901) |
Financing from financial institutions | (33,701) | 123 |
Ijarah liability paid | (194) | (157) |
Net cash used in financing activities | (35,801) | (1,935) |
NET INCREASE / (DECREASE) IN CASH AND | 62,279 | (40,735) |
CASH EQUIVALENTS | ||
Cash and cash equivalents at 1 January | 74,399 | 101,073 |
CASH AND CASH EQUIVALENTS AT 30 JUNE | 136,678 | 60,338 |
Cash and cash equivalents comprise: | ||
Cash on hand | 11,185 | 11,623 |
Balances with CBB, excluding mandatory | ||
reserve deposits | 236 | 1,406 |
Balances with banks and other financial institutions | 9,850 | |
excluding restricted balances | 5,631 | |
Placements with financial institutions with original | 37,459 | |
maturities less than 90 days | 119,626 | |
136,678 | 60,338 |
Licensed as an Islamic Retail Bank by the Central Bank of Bahrain | BisB.com | 17 51 51 51 |