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JSC Liberty Bank and Subsidiaries JSC Liberty Bank and Subsidiaries Consolidated financial statements Year ended 31 December 2019 together with independent auditor’s report JSC Liberty Bank and Subsidiaries 2019 Consolidated financial statements Contents Independent auditor’s report Consolidated financial statements Consolidated statement of financial position ............................................................................................................................................ 1 Consolidated statement of comprehensive income .................................................................................................................................. 2 Consolidated statement of changes in equity............................................................................................................................................. 3 Consolidated statement of cash flows ......................................................................................................................................................... 4 Notes to the consolidated financial statements 1. Principal activities .............................................................................................................................................................................. 5 2. Basis of preparation ........................................................................................................................................................................... 6 3. Summary of accounting policies ..................................................................................................................................................... 6 4. Significant accounting judgments and estimates ........................................................................................................................ 18 5. Segment information ....................................................................................................................................................................... 19 6. Cash and cash equivalents .............................................................................................................................................................. 22 7. Amounts due from credit institutions .......................................................................................................................................... 23 8. Loans to customers ......................................................................................................................................................................... 24 9. Investment securities ....................................................................................................................................................................... 33 10. Property and equipment ................................................................................................................................................................. 34 11. Intangible assets ............................................................................................................................................................................... 35 12. Right of use Assets and Lease liabilities ...................................................................................................................................... 36 13. Taxation ............................................................................................................................................................................................. 36 14. Other assets, prepayments and other liabilities .......................................................................................................................... 37 15. Credit loss expense and other impairment and provisions ...................................................................................................... 39 16. Amounts due to credit institutions ............................................................................................................................................... 40 17. Amounts due to customers ............................................................................................................................................................ 40 18. Subordinated debt............................................................................................................................................................................ 41 19. Equity ................................................................................................................................................................................................. 41 20. Commitments and contingencies .................................................................................................................................................. 43 21. Net fee and commission income .................................................................................................................................................. 44 22. Other income ................................................................................................................................................................................... 45 23. Personnel and general and administrative expenses .................................................................................................................. 45 24. Risk management ............................................................................................................................................................................. 46 25. Fair value disclosures ...................................................................................................................................................................... 61 26. Related party disclosures ................................................................................................................................................................ 66 27. Capital management ........................................................................................................................................................................ 67 28. Events after the reporting period ................................................................................................................................................. 68 JSC Liberty Bank and Subsidiaries 2019 Consolidated financial statements Consolidated statement of financial position As of 31 December 2019 (thousands of Georgian Lari) Notes 2019 2018 Assets Cash and cash equivalents 6 415,766 392,899 Amounts due from credit institutions 7 124,482 99,731 Loans to customers 8 1,177,581 953,544 Investment securities 9 146,506 197,504 Property and equipment 10 154,255 128,936 Intangible assets 11 48,500 32,651 Right of use assets 12 34,217 – Prepayments 14 6,933 11,995 Current income tax asset 6,568 2,568 Other assets 14 20,164 20,405 2,134,972 1,840,233 Total assets Liabilities Amounts due to credit institutions 16 97,401 8,213 Amounts due to customers 17 1,565,088 1,482,249 Deferred income tax liabilities 13 4,182 2,089 Lease liability 12 37,080 – Other liabilities 14 23,385 29,194 Subordinated debt 18 100,031 48,122 Total liabilities 1,827,167 1,569,867 Equity 19 Share capital 54,629 54,629 Additional paid-in capital 35,558 35,558 Treasury shares (10,138) (10,138) Convertible preferred shares 4,565 4,565 Retained earnings 206,301 169,839 Other reserves 16,890 15,913 Total equity 307,805 270,366 2,134,972 1,840,233 Total liabilities and equity Signed and authorized for release on behalf of the Management Board of the Bank: Vasil Khodeli Chief Executive Officer Davit Tsiklauri Chief Financial Officer 3 July 2020 The accompanying notes on pages 5 to 69 are an integral part of these consolidated financial statements. 1 JSC Liberty Bank and Subsidiaries 2019 Consolidated financial statements Consolidated statement of comprehensive income For the year ended 31 December 2019 (thousands of Georgian Lari) Notes 2019 2018 Interest income calculated using EIR method Loans to customers 243,178 266,146 Investment securities 13,296 19,994 Amounts due from credit institutions 13,428 15,681 Other interest income 283 188 270,185 302,009 Interest expense Amounts due to customers (96,411) (111,669) Amounts due to credit institutions (673) (11) Subordinated debt (7,454) (7,785) (104,538) (119,465) Net interest income 165,647 182,544 Credit loss expense 15 (26,246) (35,820) Net interest income after loan impairment charge 139,401 146,724 Net fee and commission income 21 22,200 22,998 Net gains/(losses) from foreign currencies: - Dealing 15,178 5,322 - Translation differences (4,957) (695) Other income 22 12,645 19,031 Non-interest income 45,066 46,656 Personnel expenses 23 (71,133) (67,472) General and administrative expenses 23 (29,135) (33,095) Depreciation and amortisation 10, 11 (29,998) (21,723) Other operating expenses (14,677) (5,883) Other impairment and provisions reversal 15 (754) 218 Non-interest expense (145,697) (127,955) Profit before income tax expense 38,770 65,425 Income tax expense 13 (1,857) (8,225) 36,913 57,200 Profit for the year Other comprehensive income Other comprehensive income not to be reclassified subsequently to profit or loss Revaluation of buildings 1,537 – Deferred tax effect (236) – Other comprehensive income for the year, net of tax 1,301 – Total comprehensive income for the year 38,214 57,200 Earnings per share: 19 - Basic earnings per share (in ₾ full amount) 0.00801 0.01260 -
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