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Quarterly Financial

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Quarterly Financial GULF AFRICAN BANK LTD - QUARTERLY FINANCIAL STATEMENTS AND OTHER DISCLOSURES AS AT 30TH SEPTEMBER 2014 I STATEMENT OF FINANCIAL POSITION 30 SEPTEMBER 2013 31 DECEMBER 2013 31 MARCH 2014 30 JUNE 2014 30 SEPTEMBER 2014 Shs. ‘000’ Shs. ‘000’ Shs. ‘000’ Shs. ‘000’ Shs. ‘000’ Unaudited Audited Unaudited Unaudited Unaudited A ASSETS 1 Cash ( both Local & Foreign) 414,579 819,806 525,229 450,077 527,208 2 Balances due from Central Bank of Kenya 645,922 1,016,629 575,159 956,425 757,462 3 Kenya Government and other securities held for dealing purposes - - - - - 4 Financial Assets at fair value through profit and loss - - - - - 5 Investment Securities: - - - - - a) Held to Maturity: - - - - - a. Kenya Government securities - - - - - b. Other securities - - - - - b) Available for sale: - - - - - a. Kenya Government securities - - - - - b. Other securities - - - - - 6 Deposits and balances due from local banking institutions 3,096,983 2,594,709 3,202,932 2,521,135 3,338,698 7 Deposits and balances due from banking institutions abroad 501,973 105,555 88,419 150,848 460,538 8 Tax recoverable - - - - - 9 Financing Arrangements to customers (net) 9,571,304 10,665,498 11,703,137 12,484,920 13,166,796 10 Balances due from banking institutions in the group - - - - - 11 Investments in associates - - - - - 12 Investments in subsidiary companies - - - - - 13 Investments in joint ventures - - - - - 14 Investment properties - - - - - 15 Property and equipment 324,403 325,572 331,042 337,309 372,687 16 Prepaid lease rentals - - - - - 17 Intangible assets 28,957 24,964 21,991 19,790 19,202 18 Deferred tax asset 94,230 95,642 95,642 95,642 95,642 19 Retirement benefit asset - - - - - 20 Other assets 353,891 405,596 414,913 303,574 410,392 21 TOTAL ASSETS 15,032,242 16,053,971 16,958,464 17,319,720 19,148,625 B LIABILITIES 22 Balances due to Central Bank of Kenya - - - - - 23 Customer deposits 12,027,649 12,969,806 13,611,660 13,892,564 14,774,067 24 Deposits and balances due to local banking institutions 75,020 - 145,031 - 150,263 25 Deposits and balances due to foreign banking institutions - 52,404 16,477 284,284 924,811 26 Other money market deposits - - - - - 27 Borrowed funds - - - - - 28 Balances due to banking institutions in the group - - - - - 29 Tax payable 68,091 105,910 152,193 14,166 21,910 30 Dividends payable - - - - - 31 Deferred tax liability - - - - - 32 Retirement benefit liability - - - - - 33 Other liabilities 271,116 239,925 261,226 263,632 262,313 34 TOTAL LIABILITIES 12,441,876 13,368,045 14,186,587 14,454,646 16,133,364 C SHAREHOLDERS’ FUNDS 35 Paid up /Assigned capital 358,400 358,400 358,400 358,400 366,324 36 Share premium/(discount) 2,233,212 2,230,651 2,230,651 2,230,651 2,282,113 37 Revaluation reserves - - - - - 38 Retained earnings/Accumulated losses (41,431) 78,917 164,793 253,402 325,790 39 Statutory Financing Arrangements loss reserves 40,185 17,958 18,033 22,621 41,034 40 Other Reserves - - - - - 41 Proposed dividends - - - - - 42 Capital grants - - - - - 43 TOTAL SHAREHOLDERS’ FUNDS 2,590,366 2,685,926 2,771,877 2,865,074 3,015,261 44 TOTAL LIABILITIES AND SHAREHOLDERS’ FUNDS 15,032,242 16,053,971 16,958,464 17,319,720 19,148,625 II STATEMENT OF COMPREHENSIVE INCOME 1.0 PROFIT INCOME 1.1 Financing Arrangements 999,198 1,351,107 354,027 755,392 1,186,575 1.2 Government securities - - - - - 1.3 Deposits and placements with banking institutions 128,807 197,564 77,641 152,950 219,320 1.4 Other Profit Income - - - - - 1.5 Total profit income 1,128,005 1,548,671 431,668 908,342 1,405,895 2.0 PROFIT EXPENSE 2.1 Customer deposits 184,758 253,356 80,850 167,055 254,746 2.2 Deposits and placement from banking institutions 5,722 9,308 707 3,344 7,415 2.3 Other profit expenses - - - - - 2.4 Total profit expenses 190,480 262,664 81,557 170,399 262,161 3.0 NET PROFIT INCOME/(LOSS) 937,525 1,286,007 350,111 737,943 1,143,734 4.0 NON-PROFIT INCOME 4.1 Fees and commissions on financing arrangements - - - - - 4.2 Other fees and commissions 123,793 183,157 49,555 96,900 148,084 4.3 Foreign exchange trading income/(Loss) 87,255 121,461 36,704 76,083 113,141 4.4 Dividend Income - - - - - 4.5 Other income 500 21,109 - - 174 4.6 Total Non-profit income 211,548 325,727 86,259 172,983 261,399 5.0 TOTAL OPERATING INCOME 1,149,073 1,611,734 436,370 910,926 1,405,133 6.0 OTHER OPERATING EXPENSES 6.1 Financing arrangements’ loss provision 23,073 43,423 15,024 34,612 49,494 6.2 Staff costs 480,255 626,726 160,387 342,681 523,172 6.3 Directors’ emoluments 23,036 24,389 7,507 12,824 25,574 6.4 Rental charges 49,267 67,784 19,872 38,790 58,589 6.5 Depreciation charge on property and equipment 49,899 67,769 18,152 36,385 56,731 6.6 Amortisation charges 15,092 18,632 2,973 5,174 6,974 6.7 Other operating expenses 220,209 329,311 80,217 164,842 269,288 6.8 Total Other Operating Expenses 860,831 1,178,034 304,132 635,308 989,822 7.0 Profit/(loss) before tax and exceptional items 288,242 433,700 132,238 275,618 415,311 8.0 Exceptional items - - - - - 9.0 Profit/(loss) after exceptional items 288,242 433,700 132,238 275,618 415,311 10.0 Current tax 100,885 149,635 46,283 96,466 145,359 11.0 Deferred tax - (1,412) - - - 12.0 Profit/(loss) after tax and exceptional items 187,357 285,477 85,955 179,152 269,952 13.0 Other Comprehensive Income 13.1 Gains/(Losses) from translating the financial statements of foreign operations - - - - - 13.2 Fair value changes in available for sale financial assets - - - - - 13.3 Revaluation surplus on Property,plant and equipment - - - - - 13.4 Share of other comprehensive income of associates - - - - - 13.5 Income tax relating to components of other comprehensive income - - - - - 14.0 Other Comprehensive Income for the year net of tax - - - - - 15.0 Total comprehensive income for the year 187,357 285,477 85,955 179,152 269,952 III OTHER DISCLOSURES 1.0 NON-PERFORMING FINANCING ARRANGEMENTS (a) Gross Non-performing Financing Arrangements 700,633 690,381 758,432 830,799 916,782 (b) Less: Profit in Suspense 61,852 68,831 82,905 100,506 118,978 (c)Total Non-Performing Financing Arrangements (a-b) 638,781 621,550 675,527 730,293 797,804 (d) Less: Financing Arrangements Loss Provision 55,487 123,785 136,465 179,019 166,025 (e) Net Non-Performing Financing Arrangements(c-d) 583,294 497,765 539,062 551,274 631,779 (f) Discounted Value of Securities 573,579 497,765 539,062 551,274 631,779 (g) Net NPFAs Exposure (e-f) 9,715 - - - - 2.0 INSIDER FINANCING ARRANGEMENTS (a) Directors, Shareholders and Associates 12,915 - - - - (b) Employees 287,807 361,136 388,824 418,678 466,802 (c)Total Insider Financing Arrangements and other facilities 300,722 361,136 388,824 418,678 466,802 3.0 OFF-BALANCE SHEET ITEMS (a)Letters of credit,guarantees, acceptances 990,942 1,145,881 1,223,911 1,505,007 1,273,444 (b) Forwards, swaps and options - - - - - (c)Other contingent liabilities 140,394 249,351 314,060 357,635 367,341 (d)Total Contingent Liabilities 1,131,336 1,395,232 1,537,971 1,862,642 1,640,785 4.0 CAPITAL STRENGTH (a)Core capital 2,456,503 2,667,968 2,710,867 2,752,878 2,839,251 (b) Minimum Statutory Capital 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 (c)Excess/(Dificiency)(a-b) 1,456,503 1,667,968 1,710,867 1,752,878 1,839,251 (d) Supplementary Capital 40,185 17,958 18,033 22,621 41,034 (e) Total Capital (a+d) 2,496,688 2,685,926 2,728,900 2,775,499 2,880,285 (f)Total risk weighted assets 11,330,370 14,804,171 16,415,329 17,215,901 17,981,187 (g) Core Capital/Total deposits Liabilities 20.4% 20.6% 19.7% 19.8% 19.2% (h) Minimum statutory Ratio 8.0% 8.0% 8.0% 8.0% 8.0% (I) Excess/(Deficiency) (g-h) 12.4% 12.6% 11.7% 11.8% 11.2% (j) Core Capital / total risk weighted assets 21.7% 18.0% 16.5% 16.0% 15.8% (k) Minimum Statutory Ratio 8.0% 8.0% 8.0% 8.0% 8.0% (l) Excess (Deficiency) (j-k) 13.7% 10.0% 8.5% 8.0% 7.8% (m) Total Capital/total risk weighted assets 22.0% 18.1% 16.6% 16.1% 16.0% (n) Minimum statutory Ratio 12.0% 12.0% 12.0% 12.0% 12.0% (o) Excess/(Deficiency) (m-n) 10.0% 6.1% 4.6% 4.1% 4.0% 14 LIQUIDITY 14.1 (a) Liquidity Ratio 36.9% 33.8% 31.0% 26.5% 26.5% 14.2 (b) Minimum Statutory Ratio 20.0% 20.0% 20.0% 20.0% 20.0% 14.3 (c) Excess (Deficiency) (a-b) 16.9% 13.8% 11.0% 6.5% 6.5% These financial statements are extracts of the books of the institution.
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