CONDENSED CONSOLIDATED STATEMENT OF INCOME | CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION | ||||||||||
For the nine months ended 30 September 2024 | As at 30 September 2024 | ||||||||||
Nine months ended | Three months ended | 30 September | 31 December | ||||||||
2024 | 2023 | ||||||||||
30 September | 30 September | BD'000 | BD'000 | ||||||||
2024 | 2023 | 2024 | 2023 | ||||||||
(reviewed) | (audited) | ||||||||||
BD'000 | BD'000 | BD'000 | BD'000 | ||||||||
(reviewed) | (reviewed) | (reviewed) | (reviewed) | ASSETS | |||||||
INCOME | Cash and balances with banks and Central Bank | 62,196 | 61,602 | ||||||||
Income from financing contracts | 42,664 | 38,269 | 15,593 | 13,582 | Placements with financial institutions | 94,830 | 51,689 | ||||
Income from investment in Sukuk | 11,471 | 11,178 | 3,698 | 3,903 | Financing contracts | 986,674 | 924,340 | ||||
Expense on placements from financial institutions | (4,208) | (6,959) | (1,142) | (3,386) | |||||||
Investment securities | 266,396 | 278,213 | |||||||||
Expense on placements from non-financial | |||||||||||
(11,118) | (3,970) | Investment in associates | 11,413 | 8,302 | |||||||
institutions and individuals | (16,384) | (6,280) | |||||||||
Expense on financing from financial institutions | (6,392) | (4,177) | (2,314) | (1,500) | Investment in real estate | 14,725 | 14,725 | ||||
Total net income from jointly financed assets | 27,151 | 27,193 | 9,555 | 8,629 | Property and equipment | 14,275 | 13,692 | ||||
Fee and commission income, net | 4,728 | 4,291 | 1,409 | 1,418 | Other assets | 5,132 | 5,528 | ||||
Income from investment securities | 36 | 6 | - | - | TOTAL ASSETS | 1,455,641 | 1,358,091 | ||||
Income from investment in real estate, net | 155 | 200 | 30 | 12 | |||||||
LIABILITIES, QUASI-EQUITY AND OWNERS' EQUITY | |||||||||||
Share of results of associates, net | 81 | 316 | 39 | 157 | |||||||
Other income, net | 1,666 | 3,372 | 310 | 1,800 | Liabilities | ||||||
Placements from financial institutions | 95,842 | ||||||||||
Total income | 33,817 | 35,378 | 11,343 | 12,016 | 62,950 | ||||||
Placements from non-financial institutions | |||||||||||
EXPENSES | 297,215 | ||||||||||
and individuals | 442,248 | ||||||||||
Staff costs | 10,170 | 9,267 | 3,254 | 2,938 | |||||||
Financing from financial institutions | 148,646 | 181,502 | |||||||||
Depreciation and amortization | 1,393 | 1,359 | 458 | 461 | |||||||
Customers' current accounts | 192,465 | 202,511 | |||||||||
Other expenses | 9,626 | 9,732 | 2,515 | 3,484 | |||||||
Other liabilities | 47,563 | 24,668 | |||||||||
Total expenses | 21,189 | 20,358 | 6,227 | 6,883 | |||||||
Total Liabilities | 893,872 | 801,738 | |||||||||
Profit before impairment allowances and | 12,628 | 15,020 | 5,116 | 5,133 | |||||||
Quasi-equity | |||||||||||
attribution to quasi-equity | |||||||||||
Impairment allowance and other provisions, net | (5,713) | (4,207) | (2,355) | (885) | Financial institutions | 63,315 | 39,865 | ||||
Profit before attribution to quasi-equity | 6,915 | 10,813 | 2,761 | 4,248 | Non-financial institutions and individuals | 352,326 | 371,856 | ||||
Profit attributable to quasi-equity | (3,052) | (1,427) | (1,211) | (897) | Total Quasi-equity | 415,641 | 411,721 | ||||
PROFIT FOR THE PERIOD | 3,863 | 9,386 | 1,550 | 3,351 | Owners' Equity | ||||||
BASIC AND DILUTED EARNINGS PER SHARE (fils) | 1.86 | 7.10 | 1.47 | 3.18 | |||||||
Share capital | 106,406 | 106,406 | |||||||||
Treasury shares | (892) | (892) | |||||||||
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN OWNERS' EQUITY | |||||||||||
Shares under employee share incentive scheme | (101) | (195) | |||||||||
For the nine months ended 30 September 2024 | Share premium | 206 | 206 | ||||||||
Reserves | 15,509 | 14,107 | |||||||||
30 September | 30 September | ||||||||||
Equity attributable to Bank's shareholders | 121,128 | 119,632 | |||||||||
2024 | 2023 | ||||||||||
BD'000 | BD'000 | Subordinated Mudaraba (AT1) | 25,000 | 25,000 | |||||||
(reviewed) | (reviewed) | Total Owners' Equity | 146,128 | 144,632 | |||||||
Balance at 1 January | 144,632 | 135,751 | TOTAL LIABILITIES, QUASI-EQUITY AND | 1,358,091 | |||||||
OWNERS' EQUITY | 1,455,641 | ||||||||||
Profit for the period | 3,863 | 9,386 | |||||||||
Other comprehensive income | (16) | (34) | |||||||||
Total comprehensive income for the period | 3,847 | 9,352 | |||||||||
Zakah approved | (289) | (170) | The condensed consolidated interim financial information was approved by the Board of | ||||||||
Directors on 31 October 2024 and has been reviewed by KPMG. | |||||||||||
Donations approved | (250) | (250) | |||||||||
Profit distribution on AT1 Capital | (1,906) | (1,901) | |||||||||
Shares allocated to staff during the period | 148 | 124 | Zaid Khalid Abdulrahman | Usman Ahmed | Fatema AlAlawi | ||||||
Purchase of treasury shares | (54) | (26) | Chairman | Vice Chairman | Acting Chief Executive Officer | ||||||
Balance as at 30 September | 146,128 | 142,880 |
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the nine months ended 30 September 2024
30 September | 30 September | |
2024 | 2023 | |
BD'000 | BD'000 | |
(reviewed) | (reviewed) | |
OPERATING ACTIVITIES | ||
Profit for the period | 3,863 | 9,386 |
Adjustments for non-cash items: | ||
Depreciation | 1,109 | 1,109 |
Impairment allowance and other provisions, net | 5,713 | 4,207 |
Amortization of right-of-use asset | 284 | 250 |
Amortization of gain on sale of investment in | ||
real estate | - | (108) |
Gain on sale of investment in sukuk | (6) | (2) |
Loss on sale of investment in real estate | - | 28 |
Share of results of associates, net | (81) | (316) |
Operating profit before changes in operating assets | 14,554 | |
and liabilities | 10,882 | |
Working capital adjustments: | ||
Mandatory reserve with Central Bank of Bahrain | (4,445) | 1,615 |
Financing contracts | (70,918) | (37,792) |
Other assets | (2,233) | 6,996 |
Customers' current accounts | (10,046) | (32,307) |
Other liabilities | 22,804 | (3,278) |
Placements from financial institutions | (37,301) | 119,049 |
Placements from non-financial institutions | 145,033 | 44,618 |
and individuals | ||
Quasi-equity | 3,920 | (73,754) |
Net cash from operating activities | 57,696 | 39,701 |
INVESTING ACTIVITIES | ||
Disposal of investment in real estate | - | 1,373 |
Purchase of property and equipment | (1,692) | (814) |
Purchase of investment securities | (45,482) | (19,962) |
Disposal of investment securities | 59,473 | 1,581 |
Net cash from / (used in) investing activities | 12,299 | (17,822) |
FINANCING ACTIVITIES | ||
Profit distribution on AT1 Capital | (1,906) | (1,901) |
Financing from financial institutions (paid) / received | (32,856) | 1,622 |
Ijarah liability paid | (300) | (226) |
Purchase of treasury shares | (54) | (26) |
Net cash used in financing activities | (35,116) | (531) |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 34,879 | 21,348 |
Cash and cash equivalents at 1 January | 74,399 | 101,073 |
CASH AND CASH EQUIVALENTS AT 30 SEPTEMBER | 109,278 | 122,421 |
Cash and cash equivalents comprise: | ||
Cash on hand | 9,713 | 12,012 |
Balances with CBB, excluding mandatory | ||
reserve deposits | 55 | 83 |
Balances with banks and other financial institutions | 7,184 | |
excluding restricted balances | 4,680 | |
Placements with financial institutions with original | 103,142 | |
maturities less than 90 days | 94,830 | |
109,278 | 122,421 |
Licensed as an Islamic Retail Bank by the Central Bank of Bahrain | BisB.com | 17 51 51 51 |