Publication – Financial Statements – 31 December 2024

31 December

31 December

31 December

31 December

2024

2023

2024

2023

BD'000

BD'000

BD'000

BD'000

(audited)

(audited)

(audited)

(audited)

INCOME

ASSETS

Cash and balances with banks and Central Bank

61,602

Income from financing contracts

53,250

49,372

65,084

Income from placements with financial institutions

5,854

2,902

Placements with financial institutions

156,586

51,689

Income from investment in Sukuk

14,998

14,994

Financing contracts

1,000,663

924,340

Expense on placements from financial institutions

(5,910)

(8,695)

Investment securities

272,126

278,213

Expense on placements from non-financial institutions

(15,513)

Investment in associates

11,441

8,302

and individuals

(23,284)

Investment in real estate

14,583

14,725

Expense on financing from financial institutions

(8,802)

(6,024)

Property and equipment

14,793

13,692

Net finance income

36,106

37,036

Other assets

6,658

5,528

Fee and commission income, net

6,072

5,773

Income from investment securities

36

6

TOTAL ASSETS

1,541,934

1,358,091

Income from investment in real estate, net

44

221

LIABILITIES, QUASI-EQUITY AND OWNERS' EQUITY

Share of results of associates, net

109

347

Liabilities

Other income, net

2,446

4,477

Placements from financial institutions

77,377

95,842

Total income

44,813

47,860

Placements from non-financial institutions

EXPENSES

470,891

297,215

and individuals

Staff costs

13,302

12,384

Financing from financial institutions

175,197

181,502

Depreciation and amortization

1,815

1,823

Customers' current accounts

216,442

202,511

Other expenses

13,572

13,352

Other liabilities

38,221

24,668

Total expenses

28,689

27,559

Total Liabilities

978,128

801,738

Profit before impairment allowances and

16,124

20,301

attribution to quasi-equity

Quasi-equity

Impairment allowance and other provisions , net

(6,984)

(6,635)

Financial institutions

64,892

39,865

Profit before attribution to quasi-equity

9,140

13,666

Non-financial institutions and individuals

351,494

371,856

Profit attributabke to quasi-equity

(4,070)

(2,530)

Total Quasi-Equity

416,386

411,721

Profit for the year

5,070

11,136

BASIC AND DILUTED EARNINGS PER SHARE (fils)

3.00

8.76

Owners' Equity

Share capital

106,406

106,406

CONSOLIDATED STATEMENT OF CHANGES IN OWNERS' EQUITY

Treasury shares

(892)

(892)

Shares under employee share incentive scheme

(101)

(195)

For the year ended 31 December 2024

Share premium

206

206

31 December

31 December

Reserves

16,801

14,107

2024

2023

Equity attributable to Bank's shareholders

122,420

119,632

BD'000

BD'000

Subordinated Mudaraba (AT1)

25,000

25,000

(audited)

(audited)

Balance at 1 January

144,632

135,751

Total Owners' Equity

147,420

144,632

TOTAL LIABILITIES, QUASI-EQUITY AND

Profit for the year

5,070

11,136

OWNER'S EQUITY

1,541,934

1,358,091

Other comprehensive income

69

(32)

Total comprehensive income for the year

5,139

11,104

Zakah approved

(289)

(170)

Donations approved

(250)

(250)

The consolidated financial statements were approved by the Board of Directors on

Profit distribution on AT1 Capital

(1,906)

(1,901)

16 February 2025 and signed on its behalf by:

Shares allocated to staff during the year

148

124

Zaid Khalid Abdulrahman

Usman Ahmed

Fatema AlAlawi

Purchase of treasury shares

(54)

(26)

Chairman

Vice Chairman

Chief Executive Officer

Balance as at 31 December

147,420

144,632

31 December

31 December

2024

2023

BD'000

BD'000

(audited)

(audited)

OPERATING ACTIVITIES

Profit for the year

5,070

11,136

Adjustments for non-cash items:

Depreciation

1,457

1,484

Impairment allowance and other provisions, net

6,984

6,635

Loss on sale of investment in real estate

-

28

Amortization of right-of-use asset

358

339

Fair value movement in investment in real estate

142

50

Amortization of gain on sale of investment in real estate

-

(108)

Gain on sale of investment in Sukuk

(9)

(2)

Share of results of associates, net

(109)

(347)

Operating profit before changes in operating assets

and liabilities

13,893

19,215

Working capital adjustments:

Mandatory reserve with Central Bank of Bahrain

(6,905)

940

Financing contracts

(86,652)

(20,055)

Other assets

(193)

6,864

Customers' current accounts

13,931

(28,567)

Other liabilities

14,092

(11,813)

Placements from financial institutions

(18,709)

(57,676)

Placements from non-financial institutions

173,676

51,773

and individuals

Quasi-equity

4,665

(38,687)

Net cash from / (used in) operating activities

107,798

(78,006)

INVESTING ACTIVITIES

Disposal of investment in real estate

-

1,373

Purchase of investment securities

(74,961)

(18,125)

Purchase of property and equipment

(2,558)

(1,157)

Proceeds from disposal of investment securities

79,589

107

Net cash from / (used in) investing activities

2,070

(17,802)

FINANCING ACTIVITIES

Purchase of treasury shares

(54)

(26)

Profit distribution on AT1 Capital

(1,906)

(1,901)

(Repayment of) / Proceeds from financing from

financial institutions

(6,305)

71,389

Lease liability paid

(373)

(328)

Net cash (used in) / from financing activities

(8,638)

69,134

NET INCREASE / (DECREASE) IN CASH AND

(26,674)

CASH EQUIVALENTS

101,230

Cash and cash equivalents at 1 January

74,399

101,073

CASH AND CASH EQUIVALENTS AT 31 DECEMBER

175,629

74,399

Cash and cash equivalents comprise of:

Cash on hand

11,031

12,601

Balances with CBB, excluding mandatory reserve deposits

151

5,875

Balances with banks and other financial institutions

excluding restricted balances

7,861

4,234

Placements with financial institutions with original

maturities less than 90 days

156,586

51,689

175,629

74,399