CONSOLIDATED INCOME STATEMENT AS OF 31-DEC-2019
| 2019 US$(IFRS) | 2018 US$(IFRS) | |
|---|---|---|
| Interest income | 59,845,949 | 50,815,931 |
| Interest expense | (21,279,111) | (18,387,417) |
| Net interest income | 38,566,838 | 32,428,514 |
| Fees and commission income | 2,877,911 | 2,691,433 |
| Fees and commission expense | (703,989) | (377,074) |
| Net fee and commission income | 2,173,922 | 2,314,359 |
| Other income | 180,195 | 790,170 |
| Total net operating income | 40,920,955 | 35,533,043 |
| General and administrative expense | (18,804,360) | (15,168,024) |
| Allowance for bad and doubtful Loans and advances | (685,939) | 113,074 |
| Profit before income tax | 21,430,656 | 20,478,093 |
| Income tax expense | (4,647,590) | (4,273,189) |
| NET PROFIT OF THE YEAR | 16,783,066 | 16,204,904 |
CONSOLIDATED INCOME STATEMENT AS OF 31-DEC-2019
| 2019 US$(IFRS) | 2018 US$ (IFRS) | |
|---|---|---|
| Cash and hand | 35,393,946 | 33,081,402 |
| Balance with the NBC | 176,936,634 | 108,199,727 |
| Balance with other banks and finance institutions | 36,800,649 | 85,240,731 |
| Loans to customers | 648,753,833 | 542,156,382 |
| Other assets | 4,287,783 | 2,955,423 |
| Property and equipment | 15,905,545 | 15,401,837 |
| Intangible assets | 8,451,311 | 4,676,984 |
| Deferred tax assets | 500,163 | 322,609 |
| Investment Securities | 3,178,194 | 174,142 |
| Right-of-use assets | 6,078,035 | 6,514,868 |
| TOTAL ASSETS | 936,286,093 | 798,724,105 |
LIABILITIES AND EQUITY
| LIABILITIES | 2019 US$ | 2018 US$ |
|---|---|---|
| Deposits from customers | 646,275,606 | 596,972,443 |
| Deposits by other banks | 64,182,658 | 43,553,197 |
| Income tax payable | 4,412,840 | 3,697,966 |
| Other liabilities | 3,634,390 | 1,640,046 |
| Borrowings | 52,198,004 | 2,978,067 |
| Subordinated Debts | 20,037,128 | 20,003,781 |
| Lease Liabilities | 6,743,741 | 6,843,788 |
| Employee benefit obligations | 302,243 | 318,400 |
| TOTAL LIABILITIES | 797,786,610 | 676,007,688 |
| EQUITY | 2019 US$ | 2018 US$ |
|---|---|---|
| Paid up capital | 80,000,000 | 80,000,000 |
| Other reserves | 8,252,811 | 8,200,983 |
| Retained earnings | 50,246,672 | 34,515,434 |
| Total Equity | 138,499,483 | 122,716,417 |
| TOTAL LIABILITIES AND EQUITY | 936,286,093 | 798,724,105 |
PROFIT AFTER TAX(USD 000)
GROSS INCOME(USD 000)
Note*Excluding USD 2.5 millions in remuneration expense. **Excluding
USD 4.4 millions in extraordinary item expense.
USD 4.4 millions in extraordinary item expense.