CALBANK PLC Unaudited Consolidated Financial Statements
FOR THE SIX MONTHS ENDED 30 JUNE 2023
UNAUDITED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 JUNE 2023
in thousands of Ghana Cedis | 2023 | 2022 | ||
Bank | Group | Bank | Group | |
Interest income | 572,806 | 575,361 | 578,008 | 581,033 |
Interest expense | (296,724) | (296,331) | (277,624) | (277,559) |
Net interest income | 276,082 | 279,030 | 300,384 | 303,474 |
Fees and commissions income | 44,464 | 51,845 | 38,723 | 46,186 |
Fees and commissions expense | (2,560) | (2,564) | (7,306) | (7,309) |
Net fees and commission income | 41,904 | 49,281 | 31,417 | 38,877 |
Net trading income | 74,017 | 74,017 | 84,132 | 84,132 |
Revenue | 392,003 | 402,328 | 415,933 | 426,483 |
Other income | 568 | 638 | 541 | 533 |
Operating income | 392,571 | 402,966 | 416,474 | 427,016 |
Net impairment loss on financial assets | 16,975 | 16,975 | (17,313) | (17,313) |
Personnel expenses | (96,198) | (98,382) | (93,194) | (95,231) |
Depreciation and amortisation | (26,005) | (26,103) | (20,717) | (20,800) |
Finance cost on lease liabilities | (2,217) | (2,217) | (2,755) | (2,755) |
Other expenses | (129,615) | (131,019) | (87,358) | (87,638) |
Total operating expenses | (237,060) | (240,746) | (221,337) | (223,737) |
Profit before income tax | ||||
155,511 | 162,219 | 195,137 | 203,279 | |
Income tax expense | (54,429) | (56,503) | (68,298) | (70,772) |
Profit for the period and total | ||||
comprehensive income | 101,082 | 105,716 | 126,839 | 132,507 |
Earnings per share(Ghana Cedis per share) | ||||
Basic | 0.3222 | 0.3369 | 0.4049 | 0.4230 |
Diluted | 0.3222 | 0.3369 | 0.4049 | 0.4230 |
1
UNAUDITED STATEMENTS OF FINANCIAL POSITION
AS AT 30 JUNE 2023
in thousands of Ghana Cedis
ASSETS
Cash and cash equivalents Non-pledged trading assets Investment securities
Loans and advances to customers Investments in subsidiaries Current tax assets
Property, plant and equipment Intangible assets
Assets held for sale Right-of-use lease assets Deferred tax assets Other assets
Total assets
LIABILITIES
Deposits from banks and other financial institutions Deposits from customers Borrowings
Current tax liabilities Lease liabilities Other liabilities
Total liabilities
SHAREHOLDERS' EQUITY Stated capital
Retained earnings Revaluation reserve Statutory reserve Regulatory credit risk reserve Other reserves
Total shareholders' equity
Total liabilities and shareholders' equity
2023 | |||
2022 | |||
Bank | Group | Bank | Group |
1,902,022 | 1,902,024 | 1,203,678 | 1,203,684 |
18,111 | 18,111 | 313,546 | 313,546 |
2,953,357 | 2,985,632 | 4,715,231 | 4,745,694 |
3,366,253 | 3,366,253 | 2,801,875 | 2,801,875 |
3,540 | - | 3,520 | - |
32,697 | 32,697 | - | - |
611,609 | 611,818 | 416,117 | 416,253 |
78,016 | 79,016 | 71,554 | 72,499 |
- | - | 121,117 | 121,117 |
83,656 | 83,656 | 111,477 | 111,477 |
359,680 | 361,902 | 28,276 | 28,263 |
159,585 | 162,623 | 92,145 | 96,416 |
9,568,526 | 9,603,732 | 9,878,536 | 9,910,824 |
747,255 | 742,288 | 760,357 | 756,177 |
6,589,038 | 6,589,038 | 5,122,363 | 5,122,363 |
1,353,204 | 1,353,204 | 2,441,472 | 2,441,472 |
- | 308 | 8,461 | 8,019 |
67,162 | 67,162 | 111,781 | 111,781 |
214,276 | 214,790 | 118,614 | 120,696 |
8,970,935 | 8,966,790 | 8,563,048 | 8,560,508 |
400,000 | 400,000 | 400,000 | 400,000 |
(446,866) | (407,599) | 372,633 | 407,471 |
227,085 | 227,085 | 102,926 | 102,926 |
419,176 | 419,176 | 425,615 | 425,615 |
- | - | 15,021 | 15,021 |
(1,804) | (1,720) | (707) | (717) |
597,591 | 636,942 | 1,315,488 | 1,350,316 |
9,568,526 | 9,603,732 | 9,878,536 | 9,910,824 |
2
UNAUDITED STATEMENTS OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 JUNE 2023
Other Reserves | |||||||||||||
2023 | The | Stated | Statutory | Revaluation | Retained | Share | Treasury | Regulatory | Total | ||||
Bank | Capital | Reserve | Reserve | Earnings | Deals | Shares | Credit Risk | Equity | |||||
Account | Reserve | ||||||||||||
Balance at 1 January | 400,000 | 393,905 | 227,085 | (522,677) | (1,804) | - | - | 496,509 | |||||
Total comprehensive | |||||||||||||
income | |||||||||||||
Profit for the period | - | - | - | 101,082 | - | - | - | 101,082 | |||||
Other transfers | |||||||||||||
Transfer to statutory | |||||||||||||
reserve | - | 25,271 | - | (25,271) | - | - | - | - | |||||
Balance at 30 June | 400,000 | 419,176 | 227,085 | (446,866) | (1,804) | - | - | 597,591 | |||||
Other Reserves | |||||||||||||
2023 | The | Stated | Statutory | Revaluation | Retained | Share | Treasury | Regulatory | Total | ||||
Group | Capital | Reserve | Reserve | Earnings | Deals | Shares | Credit Risk | Equity | |||||
Account | Reserve | ||||||||||||
Balance at 1 January | 400,000 | 393,905 | 227,085 | (488,045) | (1,720) | - | - | 531,225 | |||||
Total comprehensive | |||||||||||||
income | |||||||||||||
Profit for the period | - | - | - | 105,717 | - | - | - | 105,716 | |||||
Other transfers | |||||||||||||
Transfer to statutory | |||||||||||||
reserve | - | 25,271 | - | (25,271) | - | - | - | - | |||||
Balance at 30 June | 400,000 | 419,176 | 227,085 | (407,599) | (1,720) | - | - | 636,941 | |||||
Other Reserves | |||||||||||||
2022 | The | Stated | Statutory | Revaluation | Retained | Share | Treasury | Regulatory | Total | ||||
Bank | Capital | Reserve | Reserve | Earnings | Deals | Shares | Credit Risk | Equity | |||||
Account | Reserve | ||||||||||||
Balance at 1 January | 400,000 | 393,905 | 102,926 | 361,554 | (707) | - | - | 1,257,678 | |||||
Total comprehensive | |||||||||||||
income | |||||||||||||
Profit for the period | - | - | - | 126,839 | - | - | - | 126,839 | |||||
Transactions with equity | |||||||||||||
holders of the Bank | |||||||||||||
Dividends to equity holders | - | - | - | (69,029) | - | - | - | (69,029) | |||||
Other transfers | |||||||||||||
Transfer to statutory | |||||||||||||
reserve | - | 31,710 | - | (31,710) | - | - | - | - | |||||
Transfer to credit risk | |||||||||||||
reserve | - | - | - | (15,021) | - | - | 15,021 | - | |||||
Balance at 30 June | 400,000 | 425,615 | 102,926 | 372,633 | (707) | - | 15,021 | 1,315,488 | |||||
Other Reserves | |||||||||||||
2022 | The | Stated | Statutory | Revaluation | Retained | Share | Treasury | Regulatory | Total | ||||
Group | Capital | Reserve | Reserve | Earnings | Deals | Shares | Credit Risk | Equity | |||||
Account | Reserve | ||||||||||||
Balance at 1 January | 400,000 | 393,905 | 102,926 | 390,697 | (707) | (139) | - | 1,286,682 | |||||
Total comprehensive | |||||||||||||
income | |||||||||||||
Profit for the period | - | - | - | 132,507 | - | - | - | 132,507 | |||||
Transactions with | |||||||||||||
equity holders of | |||||||||||||
the Bank | |||||||||||||
Dividends to equity holders | - | - | - | (69,021) | - | - | - | (69,021) | |||||
Net changes in Bank's | |||||||||||||
shares held by subsidiaries | - | - | - | 19 | - | 129 | - | 148 | |||||
Other transfers | |||||||||||||
Transfer to statutory reserve | - | 31,710 | - | (31,710) | - | - | - | - | |||||
Transfer to credit risk reserve | (15,021) | 15,021 | - | ||||||||||
Balance at 30 June | 400,000 | 425,615 | 102,926 | 407,471 | (707) | (10) | 15,021 | 1,350,316 |
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UNAUDITED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 JUNE 2023
in thousands of Ghana Cedis | 2023 | 2022 | ||
Cash flows from operating activities | Bank | Group | Bank | Group |
Profit for the period | 101,082 | 105,716 | 126,839 | 132,507 |
Adjustments for: | ||||
Depreciation and amortisation | 26,005 | 26,103 | 20,717 | 20,800 |
Net impairment loss on financial assets | (16,975) | (16,975) | 17,313 | 17,313 |
Net interest income | (276,082) | (279,030) | (300,384) | (303,474) |
Income tax expense | 54,429 | 56,503 | 68,298 | 70,772 |
Unrealised exchange difference | - | - | 8,007 | 8,007 |
Finance cost on lease liabilities | 2,217 | 2,217 | 2,755 | 2,755 |
Cash used in operations before changes | ||||
in operating assets and liabilities | (109,324) | (105,465) | (56,455) | (51,320) |
Changes in: | ||||
Loans and advances to customers | (162,614) | (171,766) | (560,038) | (560,038) |
Other assets | (36,317) | (30,903) | (1,906) | (3,161) |
Derivaitive assets | - | - | 26,466 | 26,466 |
Deposits from banks and other | ||||
financial institutions | 132,222 | 125,222 | (389,116) | (389,614) |
Deposits from customers | 523,854 | 497,605 | (30,072) | (30,072) |
Changes in asset held for sale | - | - | (32) | (32) |
Other liabilities | (92,463) | (92,605) | (21,442) | (21,659) |
Cash from/ (used in) operating activities | 364,682 | 327,553 | (976,140) | (978,110) |
Interest received | 660,305 | 679,688 | 538,789 | 541,347 |
Interest paid | (354,639) | (317,719) | (276,788) | (276,723) |
Finance charges on lease liability paid | (2,755) | (2,755) | (2,152) | (2,152) |
Income taxes paid | (32,452) | (35,010) | (62,018) | (64,913) |
270,459 | 324,204 | 197,831 | 197,559 | |
Net cash flows from operating activities | ||||
525,817 | 546,292 | (834,764) | (831,871) | |
Cash flows from investing activities | ||||
Disposal of trading assets | 28,890 | 28,890 | 358,963 | 358,963 |
Acquisition /Disposal of investment securities | (361,628) | (377,811) | 253,508 | 250,585 |
Acquisition of property and equipment | (4,221) | (4,338) | (16,826) | (16,953) |
Acquisition of intangible assets | (386) | (482) | (395) | (395) |
Net cash flows (used in) / from | ||||
investing activities | (337,345) | (353,741) | 595,250 | 592,200 |
Cash flows from financing activities | ||||
Dividends Paid | - | - | (69,029) | (69,021) |
Net changes in borrowings | (288,781) | (292,858) | 216,210 | 216,210 |
Payment of lease liabilities | (6,539) | (6,539) | (11,683) | (11,683) |
Repurchase of issued shares | - | - | - | 148 |
Net cash flows (used in) / from financing | ||||
activities | (295,320) | (299,397) | 135,498 | 135,654 |
Net decrease in cash and cash equivalents | (106,848) | (106,846) | (104,016) | (104,017) |
Cash and cash equivalents at 1 January | 2,008,870 | 2,008,870 | 1,307,694 | 1,307,701 |
Cash and cash equivalents at 30 June | ||||
1,902,022 | 1,902,024 | 1,203,678 | 1,203,684 | |
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Disclaimer
CALBank plc published this content on 27 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 August 2023 09:39:03 UTC.
