QUARTERLY FINANCIAL STATEMENTS FIRST QUARTER 2024 (UNAUDITED)
GOOD GOVERNANCE
KEEPS US GOING
Eastern Bank PLC. and its subsidiaries
Condensed Consolidated Balance Sheet (Unaudited)
as at 31 March 2024
Amount in BDT | |||
Particulars | 31-03-2024 | 31-12-2023 | |
PROPERTY AND ASSETS | |||
Cash | |||
Cash in hand (including foreign currencies) | 6,651,932,137 | 5,558,590,040 | |
Balances with Bangladesh Bank and its agent bank(s) (including | 16,497,060,829 | 15,381,788,929 | |
foreign currencies) | |||
23,148,992,965 | 20,940,378,969 | ||
Balances with other banks and financial institutions | |||
In Bangladesh | 4,512,046,045 | 7,189,372,713 | |
Outside Bangladesh | 7,468,357,569 | 12,026,142,551 | |
11,980,403,614 | 19,215,515,264 | ||
Money at call and on short notice | 2,539,000,000 | 3,100,000,000 | |
Investments | |||
Government | 84,568,878,510 | 70,339,401,798 | |
Others | 27,499,513,659 | 27,321,218,976 | |
112,068,392,170 | 97,660,620,773 | ||
Loans and advances | |||
Loans, cash credits, overdraft etc. | 332,090,146,271 | 318,673,232,509 | |
Bills discounted and purchased | 29,506,980,166 | 37,231,661,887 | |
361,597,126,437 | 355,904,894,396 | ||
Fixed assets including land, building, furniture and fixtures | 8,514,038,596 | 8,582,233,669 | |
Other assets | 10,380,315,740 | 8,354,488,660 | |
Non banking assets | - | - | |
TOTAL ASSETS | 530,228,269,522 | 513,758,131,734 | |
LIABILITIES AND CAPITAL | |||
LIABILITIES | |||
Borrowing from other banks, financial institutions and agents | 83,186,645,753 | 75,666,791,626 | |
Deposits and other accounts | |||
Current deposits & other accounts etc. | 56,101,591,174 | 61,508,377,092 | |
Bills payable | 1,059,854,599 | 2,198,324,105 | |
Savings bank deposits | 81,354,101,620 | 80,525,188,456 | |
Fixed deposits | 180,978,768,192 | 169,066,601,996 | |
Special notice deposits (SND) | 51,518,647,414 | 51,466,835,725 | |
Bearer certificates of deposits | - | - | |
371,012,962,998 | 364,765,327,373 | ||
Other liabilities | 35,572,427,014 | 32,800,088,291 | |
TOTAL LIABILITIES | 489,772,035,766 | 473,232,207,291 | |
SHAREHOLDERS' EQUITY | |||
Paid up capital | 12,072,347,150 | 12,072,347,150 | |
Statutory reserve | 12,072,347,150 | 12,072,347,150 | |
Dividend equalisation reserve | 356,040,000 | 356,040,000 | |
Assets revaluation reserve (Land & other assets) | 2,589,367,046 | 2,602,828,136 | |
General reserve | 632,597,423 | 619,656,770 | |
Actuarial remeasurement gain/(loss) | (226,424,063) | (226,424,063) | |
Foreign currency translation gain/(loss) | (111,799,796) | (111,035,008) | |
Surplus in profit and loss account | 13,071,758,847 | 13,140,164,307 | |
TOTAL SHAREHOLDERS' EQUITY | 40,456,233,756 | 40,525,924,443 | |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 530,228,269,522 | 513,758,131,734 | |
OFF-BALANCE SHEET ITEMS | |||
Contingent liabilities | |||
Acceptances and endorsements | 56,071,752,620 | 65,894,652,512 | |
Letters of guarantee | 58,909,901,717 | 60,601,051,774 | |
Irrevocable letters of credit | 64,195,287,624 | 53,626,364,704 | |
Bills for collection | 19,841,558,461 | 17,713,324,276 | |
199,018,500,423 | 197,835,393,266 | ||
Other commitments | |||
Documentary credits and short term trade-related transactions | - | - | |
Forward assets purchased and forward deposits placed | 104,273,128 | - | |
Undrawn note issuance and revolving underwriting facilities | - | - | |
Undrawn formal standby facilities, credit lines and other | 1,400,000,000 | 1,400,000,000 | |
commitments | |||
1,504,273,128 | 1,400,000,000 | ||
TOTAL OFF-BALANCE SHEET ITEMS | 200,522,773,551 | 199,235,393,266 | |
Net asset value (NAV) per share | 33.51 | 33.57 |
Eastern Bank PLC. and its subsidiaries
Condensed Consolidated Profit and Loss Account (Unaudited)
for the first quarter ended 31 March 2024
Amount in BDT | ||||
Particulars | 01 January 2024 | 01 January 2023 to | ||
to 31 March 2024 | 31 March 2023 | |||
Interest income | 8,239,044,352 | 5,886,780,016 | ||
Less: Interest paid on deposits and borrowings | 5,892,209,068 | 4,174,814,174 | ||
Net interest income | 2,346,835,284 | 1,711,965,842 | ||
Income from investments | 2,195,694,057 | 1,827,138,722 | ||
Fees, commission and brokerage | 1,377,689,677 | 1,110,289,237 | ||
Other operating income | 76,310,718 | 69,296,829 | ||
3,649,694,452 | 3,006,724,787 | |||
Total operating income | 5,996,529,736 | 4,718,690,629 | ||
Salary & allowances (excluding those of MD) | 1,706,267,863 | 1,442,980,624 | ||
Rent, taxes, insurance, utilities etc. | 141,739,671 | 120,912,963 | ||
Legal & professional expenses | 13,891,236 | 24,113,622 | ||
Postage, stamp, telecommunication etc. | 64,947,421 | 44,942,850 | ||
Stationery, printing, advertisement, business promotion etc. | 157,889,140 | 126,458,823 | ||
Managing director's salary and allowances (bank only) | 9,317,227 | 9,178,371 | ||
Directors' fees & expenses | 1,005,669 | 1,073,161 | ||
Repairs, maintenance and depreciation | 335,288,879 | 323,971,721 | ||
Other operating expenses | 192,420,952 | 234,658,432 | ||
Total operating expenses | 2,622,768,058 | 2,328,290,566 | ||
Profit before provisions | 3,373,761,678 | 2,390,400,063 | ||
Provision for loans and off-balance sheet exposures: | ||||
Specific provision (net off w/off recovery) | 381,661,942 | 175,915,242 | ||
General provision | 178,975,203 | 305,157,387 | ||
560,637,145 | 481,072,629 | |||
Other provision | 342,013,695 | (39,799,930) | ||
Total provisions | 902,650,840 | 441,272,700 | ||
Profit before tax for the period | 2,471,110,838 | 1,949,127,364 | ||
Provision for tax made for the period | 1,049,332,484 | 934,364,756 | ||
Deferred tax income (net) | (31,800,231) | (54,605,227) | ||
Total provision for taxation | 1,017,532,253 | 879,759,529 | ||
Profit after tax for the period | 1,453,578,585 | 1,069,367,835 | ||
Earnings per share (EPS) (restated) | 1.20 | 0.89 | ||
Chief Financial Officer | Company Secretary | Acting Managing Director | ||
Director | Director | |||
Dhaka, 14 May 2024 |
Eastern Bank PLC. and its subsidiaries
Condensed Consolidated Cash Flow Statement (Unaudited)
for the first quarter ended 31 March 2024
Amount in BDT | ||||
01 January 2024 to | 01 January 2023 to | |||
31 March 2024 | 31 March 2023 | |||
A) | Cash flows from operating activities | |||
Interest receipts in cash | 7,891,082,900 | 5,323,866,249 | ||
Interest payments | (4,447,173,636) | (3,342,107,732) | ||
Dividend receipts | 102,950,758 | 123,764,969 | ||
Fees and commission receipts in cash | 1,377,689,677 | 1,110,289,237 | ||
Income from investment (other than dividend received) | 1,805,262,958 | 1,461,794,218 | ||
Recovery on loans previously written off | 69,931,242 | 68,769,697 | ||
Cash payment to employees (including directors) | (1,610,042,557) | (1,280,716,855) | ||
Cash payment to suppliers | (469,985,708) | (405,684,659) | ||
Income taxes paid | (716,021,338) | (988,355,255) | ||
Receipts from other operating activities | 76,310,718 | 69,296,829 | ||
Payments for other operating activities | (192,420,952) | (234,658,432) | ||
Cash generated from operating profit before changes in | 3,887,584,063 | 1,906,258,266 | ||
operating assets and liabilities | ||||
Increase/(decrease) in operating assets & liabilities | ||||
Net sale/(purchase) of trading securities | (6,158,882,838) | (4,425,580,983) | ||
Loans and advances to customers (other than banks) | (5,369,254,782) | 5,401,128,144 | ||
Other assets | (1,713,362,546) | (525,723,572) | ||
Deposits/borrowings from other Banks | 7,465,803,676 | (1,863,277,026) | ||
Deposits from customers (other than banks) | 5,370,019,609 | (1,216,875,715) | ||
Liability for tax | (301,510,915) | 108,595,726 | ||
Liabilities for provision | (972,582,082) | (510,042,397) | ||
Other liabilities | 622,679,683 | (463,931,785) | ||
Cash generated/(used in) from changes in operating | (1,057,090,196) | (3,495,707,609) | ||
assets and liabilities | ||||
Net cash received from/(used in) operating activities | 2,830,493,867 | (1,589,449,342) | ||
B) | Cash flows from investing activities | |||
Net sale/(purchase) of non-trading securities | (8,241,035,266) | (321,952,969) | ||
Net sale/(purchase) of property, plant and equipment | (175,575,566) | (197,600,191) | ||
Net cash received/(used in) from investing activities | (8,416,610,832) | (519,553,160) | ||
C) | Cash flows from financing activities | |||
Net issuance/(redemption) of subordinated bond | - | 260,000,000 | ||
Dividend paid (cash dividend) | - | - | ||
Net cash (used in)/received from financing activities | - | 260,000,000 | ||
D) | Net increase/(decrease) in cash (A+B+C) | (5,586,116,965) | (1,849,002,502) | |
E) | Effects of exchange rate changes on cash and cash | (764,788) | (13,727,763) | |
equivalents | ||||
F) | Opening cash and cash equivalents | 43,259,556,233 | 40,197,681,281 | |
G) Closing cash and cash equivalents (D+E+F)* | 37,672,674,480 | 38,334,951,016 | ||
*Closing cash and cash equivalents consist of: | ||||
Cash in hand (including foreign currencies) | 6,651,932,137 | 4,839,042,056 | ||
Balances with Bangladesh Bank and its agent bank (s) | 16,497,060,829 | 13,144,872,878 | ||
Balances with other Banks and Financial Institutions | 11,980,403,614 | 15,598,271,082 | ||
Money at call and on short notice | 2,539,000,000 | 4,750,000,000 | ||
Prize bonds | 4,277,900 | 2,765,000 | ||
37,672,674,480 | 38,334,951,016 | |||
Eastern Bank PLC.
Condensed Balance Sheet (Unaudited)
as at 31 March 2024
Amount in BDT | |||
Particulars | 31-03-2024 | 31-12-2023 | |
PROPERTY AND ASSETS | |||
Cash | |||
Cash in hand (including foreign currencies) | 6,651,580,665 | 5,558,469,189 | |
Balances with Bangladesh Bank and its agent bank(s) (including | 16,497,060,829 | 15,381,788,929 | |
foreign currencies) | |||
23,148,641,493 | 20,940,258,118 | ||
Balances with other banks and financial institutions | |||
In Bangladesh | 4,315,451,746 | 6,658,363,659 | |
Outside Bangladesh | 7,033,815,583 | 11,394,935,677 | |
11,349,267,329 | 18,053,299,336 | ||
Money at call and on short notice | 2,539,000,000 | 3,100,000,000 | |
Investments | |||
Government | 84,559,149,970 | 70,339,401,798 | |
Others | 23,160,092,256 | 23,683,427,773 | |
107,719,242,227 | 94,022,829,570 | ||
Loans and advances | |||
Loans, cash credits, overdraft etc. | 332,634,975,935 | 319,911,853,079 | |
Bills discounted and purchased | 26,253,289,275 | 33,445,079,214 | |
358,888,265,210 | 353,356,932,292 | ||
Fixed assets including land, building, furniture and fixtures | 8,457,026,196 | 8,517,304,302 | |
Other assets | 12,630,305,937 | 10,563,437,836 | |
Non banking assets | - | - | |
TOTAL ASSETS | 524,731,748,393 | 508,554,061,455 | |
LIABILITIES AND CAPITAL | |||
Liabilities | |||
Borrowing from other banks, financial institutions and agents | 78,822,473,383 | 71,667,842,383 | |
Deposits and other accounts | |||
Current deposits & other accounts etc. | 56,928,856,731 | 62,260,915,018 | |
Bills payable | 1,059,854,599 | 2,198,324,105 | |
Savings bank deposits | 81,354,101,620 | 80,525,188,456 | |
Fixed deposits | 180,981,253,277 | 169,066,601,996 | |
Special notice deposits (SND) | 51,560,631,180 | 52,052,696,112 | |
Bearer certificates of deposits | - | - | |
371,884,697,407 | 366,103,725,686 | ||
Other liabilities | 34,268,017,075 | 31,015,047,378 | |
TOTAL LIABILITIES | 484,975,187,866 | 468,786,615,447 | |
SHAREHOLDERS' EQUITY | |||
Paid up capital | 12,072,347,150 | 12,072,347,150 | |
Statutory reserve | 12,072,347,150 | 12,072,347,150 | |
Dividend equalisation reserve | 356,040,000 | 356,040,000 | |
Assets revaluation reserve (Lands & other assets) | 2,514,918,623 | 2,517,409,769 | |
General reserve | 603,493,370 | 603,493,370 | |
Actuarial remeasurement gain/(loss) | (226,424,063) | (226,424,063) | |
Foreign currency translation gain/(loss) | (229,117,864) | (229,117,864) | |
Surplus in profit and loss account | 12,592,956,161 | 12,601,350,495 | |
TOTAL SHAREHOLDERS' EQUITY | 39,756,560,526 | 39,767,446,008 | |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 524,731,748,393 | 508,554,061,455 | |
OFF-BALANCE SHEET ITEMS | |||
Contingent liabilities | |||
Acceptances and endorsements | 56,071,752,620 | 65,894,652,512 | |
Letters of guarantee | 58,909,901,717 | 60,601,051,774 | |
Irrevocable letters of credit | 64,195,287,624 | 53,626,364,704 | |
Bills for collection | 19,841,558,461 | 17,713,324,276 | |
199,018,500,423 | 197,835,393,266 | ||
Other commitments | |||
Documentary credits and short term trade-related transactions | - | - | |
Forward assets purchased and forward deposits placed | 104,273,128 | - | |
Undrawn note issuance and revolving underwriting facilities | - | - | |
Undrawn formal standby facilities, credit lines and other | 1,400,000,000 | 1,400,000,000 | |
commitments | |||
1,504,273,128 | 1,400,000,000 | ||
TOTAL OFF-BALANCE SHEET ITEMS | 200,522,773,551 | 199,235,393,266 | |
Net asset value (NAV) per share | 32.93 | 32.94 |
Chief Financial Officer | Company Secretary | Acting Managing Director |
Chief Financial Officer | Company Secretary | Acting Managing Director |
Chief Financial Officer | Company Secretary | Acting Managing Director |
Director | Director |
Dhaka, 14 May 2024
Director | Director |
Dhaka, 14 May 2024
Director | Director |
Dhaka, 14 May 2024
Eastern Bank PLC. and its subsidiaries
Condensed Consolidated Statement of Changes in Equity (Unaudited)
for the first quarter ended 31 March 2024
Amount in BDT | ||||||||||||||||||||
Particulars | Paid up capital | Statutory | Dividend equalisation | Asset revaluation reserve | General reserve | Actuarial remeasurement | Foreign currency | Retained earnings | Total | |||||||||||
reserve | reserve | (land and other assets) | gain/(loss) | translation gain/(loss) | ||||||||||||||||
Balance as on 1 January 2024 | 12,072,347,150 | 12,072,347,150 | 356,040,000 | 2,602,828,136 | 619,656,770 | (226,424,063) | (111,035,008) | 13,140,164,307 | 40,525,924,443 | |||||||||||
Profit after tax for the period | - | - | - | - | - | - | - | 1,453,578,588 | 1,453,578,588 | |||||||||||
Transfer to statutory reserve | - | - | - | - | - | - | - | - | - | |||||||||||
Cash Dividend transfer to Dividend Payable Account | - | - | - | - | - | (1,509,043,395) | (1,509,043,395) | |||||||||||||
Dividend from subsidiary | - | - | - | - | - | - | - | - | - | |||||||||||
Reserve for revaluation of treasury securities (HFT) | - | - | - | 15,557,971 | - | - | - | - | 15,557,971 | |||||||||||
Reserve for amortisation of treasury securities (HTM | - | - | - | (18,049,117) | - | - | - | - | (18,049,117) | |||||||||||
Foreign currency translation gain/(loss) | - | - | - | - | - | - | (764,788) | - | (764,788) | |||||||||||
Reserve for fair value of TRECs to EBLSL and Shares of DSE and CSE | - | - | - | (10,969,944) | - | - | - | - | (10,969,944) | |||||||||||
Transfer to capital reserve (applicable for EBL-SL) | - | - | - | - | 12,940,653 | - | - | (12,940,653) | - | |||||||||||
Balance as at 31 March 2024 | 12,072,347,150 | 12,072,347,150 | 356,040,000 | 2,589,367,046 | 632,597,423 | (226,424,063) | (111,799,796) | 13,071,758,847 | 40,456,233,756 | |||||||||||
Balance as at 31 March 2023 | 10,730,975,250 | 10,730,975,250 | 356,040,000 | 2,715,263,171 | 607,534,220 | (367,924,063) | (89,474,504) | 12,113,298,123 | 36,796,687,446 | |||||||||||
Chief Financial Officer | Company Secretary | Acting Managing Director | Director | Director | ||||||||||||||||
Dhaka, 14 May 2024 | ||||||||||||||||||||
100 Gulshan Avenue, Dhaka-1212. | ||||||||||||||||||||
QUARTERLY FINANCIAL STATEMENTS FIRST QUARTER 2024 (UNAUDITED)
GOOD GOVERNANCE
KEEPS US GOING
Eastern Bank PLC.
Condensed Profit & Loss Account (Unaudited)
for the first quarter ended 31 March 2024
Amount in BDT | |||
Particulars | 01 January 2024 | 01 January 2023 | |
to 31 March 2024 | to 31 March 2023 | ||
Interest income | 8,169,774,914 | 5,834,702,699 | |
Less: Interest paid on deposits and borrowings | 5,772,273,841 | 4,119,607,167 | |
Net interest income | 2,397,501,073 | 1,715,095,533 | |
Income from investments | 2,198,776,104 | 1,826,867,747 | |
Fees, commission and brokerage | 1,279,575,281 | 1,021,864,204 | |
Other operating income | 76,207,389 | 68,978,021 | |
3,554,558,774 | 2,917,709,972 | ||
Total operating income | 5,952,059,847 | 4,632,805,504 | |
Salary & allowances (except those of MD) | 1,659,715,500 | 1,403,879,260 | |
Rent, taxes, insurance, utilities etc. | 138,484,567 | 118,480,195 | |
Legal & professional expenses | 13,539,825 | 23,992,767 | |
Postage, stamp, telecommunication etc. | 63,426,503 | 42,770,826 | |
Stationery, printing, advertisement, business promotion etc. | 156,844,700 | 124,032,433 | |
Managing director's salary and allowances (Bank only) | 9,317,227 | 9,178,371 | |
Directors' fees & expenses | 917,669 | 935,661 | |
Depreciation and repair of bank's assets | 324,456,765 | 313,243,063 | |
Other operating expenses | 188,744,549 | 230,373,901 | |
Total operating expenses | 2,555,447,305 | 2,266,886,476 | |
Profit before provisions | 3,396,612,542 | 2,365,919,029 | |
Provision for loans and off-balance sheet exposures | |||
Specific provision (net off w/off recovery) | 374,579,971 | 175,915,242 | |
General provision | 178,975,203 | 296,047,014 | |
553,555,174 | 471,962,257 | ||
Other provisions | 342,013,695 | (38,971,277) | |
Total provision for taxation | 895,568,869 | 432,990,980 | |
Profit before tax for the period | 2,501,043,673 | 1,932,928,049 | |
Current tax expense for the period | 1,030,853,059 | 911,089,014 | |
Deferred tax income (net) | (30,458,446) | (54,051,719) | |
Total provision for taxation | 1,000,394,613 | 857,037,295 | |
Profit after tax for the period | 1,500,649,060 | 1,075,890,754 | |
Earnings per share (EPS) (restated) | 1.24 | 0.89 |
Chief Financial Officer | Company Secretary | Acting Managing Director |
Director | Director |
Dhaka, 14 May 2024
Eastern Bank PLC.
Condensed Cash Flow Statement (Unaudited)
for the first quarter ended 31 March 2024
Amount in BDT | ||||
01 January 2024 to | 01 January 2023 to | |||
31 March 2024 | 31 March 2023 | |||
A) | Cash flows from operating activities | |||
Interest receipts in cash | 7,823,115,613 | 5,247,978,252 | ||
Interest payments | (4,327,238,409) | (3,286,950,712) | ||
Dividend receipts | 131,528,558 | 186,426,070 | ||
Fees and commission receipts in cash | 1,271,964,367 | 968,710,818 | ||
Income from investment (other than dividend received) | 1,779,767,205 | 1,398,862,142 | ||
Recoveries on loans previously written off | 69,931,242 | 68,769,697 | ||
Cash payment to employees (including directors) | (1,544,950,395) | (1,241,493,291) | ||
Cash payment to suppliers | (461,980,483) | (396,784,633) | ||
Income taxes paid | (711,342,636) | (967,395,417) | ||
Receipts from other operating activities | 76,207,389 | 68,978,021 | ||
Payments for other operating activities | (188,744,549) | (230,373,901) | ||
Cash from operating profit before changes in operating | ||||
3,918,257,903 | 1,816,727,046 | |||
assets and liabilities | ||||
Increase/(decrease) in operating assets & liabilities | ||||
Net sale/(purchase) of trading securities | (5,457,252,637) | (4,545,330,114) | ||
Loans and advances to customers (other than banks) | (5,208,585,357) | 5,227,809,464 | ||
Other assets | (1,747,865,106) | (375,844,953) | ||
Deposits/borrowings from other Banks | 7,100,580,549 | (1,762,670,824) | ||
Deposits from customers (other than banks) | 4,903,355,704 | (1,114,578,042) | ||
Liability for tax | (289,051,977) | 110,358,122 | ||
Liabilities for provision | (965,500,111) | (501,760,677) | ||
Other liabilities | 1,105,557,338 | (685,797,590) | ||
Cash generated/(used in) from changes in operating | ||||
(558,761,597) | (3,647,814,614) | |||
assets and liabilities | ||||
Net cash received from/(used in) operating activities | 3,359,496,306 | (1,831,087,568) | ||
B) | Cash flows from investing activities | |||
Net sale/(purchase) of non-trading securities | (8,241,035,266) | (301,952,971) | ||
Net sale/(purchase) of property, plant and equipment | (174,493,771) | (195,537,973) | ||
Net cash (used in) investing activities | (8,415,529,037) | (497,490,944) | ||
C) | Cash flows from financing activities | |||
Net issuance/(redemption) of subordinated bond | - | 260,000,000 | ||
Dividend paid (cash dividend) | - | - | ||
Net cash (used in)/received from financing activities | - | 260,000,000 | ||
D) | Net increase/(decrease) in cash (A+B+C) | (5,056,032,730) | (2,068,578,512) | |
E) | Effects of exchange rate changes on cash and cash | - | (21,592,934) | |
equivalents | ||||
F) | Opening cash and cash equivalents | 42,097,219,454 | 39,452,285,719 | |
G) | Closing cash and cash equivalents (D+E+F)* | 37,041,186,723 | 37,362,114,274 | |
*Closing cash and cash equivalents consist of: | ||||
Cash in hand (including foreign currencies) | 6,651,580,665 | 4,838,911,610 | ||
Balances with Bangladesh Bank and its agent bank (s) | 16,497,060,829 | 13,144,872,878 | ||
Balances with other Banks and Financial Institutions | 11,349,267,329 | 14,625,564,786 | ||
Money at call and on short notice | 2,539,000,000 | 4,750,000,000 | ||
Prize bonds | 4,277,900 | 2,765,000 | ||
37,041,186,723 | 37,362,114,274 | |||
Chief Financial Officer | Company Secretary | Acting Managing Director |
Director | Director |
Dhaka, 14 May 2024 |
Eastern Bank PLC. and its subsidiaries
Selected explanatory notes
for the first quarter 2024 (01 January to 31 March)
-
Activities of the Bank
The principal activities of the Bank are to provide a comprehensive range of financial products (loans & deposits) and services, personal and commercial banking, trade services, cash management, treasury and custodial services.
The Bank does have a separate Offshore Banking Unit under corntrol and supervision of Offshore Banking Operation (OBO) since 19 May 2004. The activities of the unit is to give loans (on and off-balance sheet exposures) and take deposits only in freely convertible foreign currencies to and from non-resident person/institutions, fully foreign owned EPZ companies etc. as per Offshore Banking Act, 2024.
Subsidiaries of the Bank
The Bank has four fully owned and operational subsidiaries: EBL Securities Limited, a securities borkerage firm, 'EBL Investments Limited', a merchant bank , 'EBL Finance (HK) Limited', a foreign subsidiary for trade finance & offshore banking business in Hong Kong, and 'EBL Asset Management Limited', an asset management company for fund management, capital market operation, equity investment etc.
- Basis of Preparation and Significant Accounting Policies
Basis of preparation, accounting policies and estimates applied in these financial statements as at and for the first quarter ended 31 March 2024 are same as those applied in the annual audited financial statements for the year ended 31 December 2023. Certain selected explanatory notes are given below:
Basis of Preparation
2.01 Statement of compliance
The consolidated financial statements of the group (parent and its subsidiaries) and the separate financial statements of the Bank (parent company) as at and for the first quarter ended 31 March 2024 have been prepared under the historical cost convention except land which gets revalued fulfilling BB & BSEC requirements and Govt. treasury securities (bills/bonds) classified as held for trading (HFT) which are measured at fair value, and in accordance with International Financial Reporting Standards (IFRSs), the "First Schedule" (section 38) of the Bank Company Act 1991 (as amendment upto date), BRPD Circular no. 14 dated 25 June 2003, other Bangladesh Bank Circulars, the Companies Act 1994, the Securities and Exchange Rules 2020, Dhaka and Chittagong Stock Exchange's listing regulations and other laws and rules applicable in Bangladesh. In case the requirement of provisions and circulars issued by Bangladesh Bank differ with those of other regulatory authorities and accounting standards, the provisions and circulars issued by Bangladesh Bank shall prevail.
2.02 Functional and presentation currency
These consolidated financial statements of the group and the separate financial statements of the Bank are presented in BDT which is the Group's and the Bank's functional currency except OBU & EBL Finance (HK) Ltd. where functional currency is US Dollar (USD) & Hong Kong Dollar (HKD) respectively. All financial information presented in BDT has been rounded to the nearest integer, except when otherwise indicated.
2.03 Use of estimates and judgements
The preparation of the consolidated financial statements of the Group and the separate financial statements of the Bank in conformity with IFRSs require management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amount of assets, liabilities, incomes and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised and in any future period affected.
Significant accounting policies
The accounting policies set out have been applied consistently to all periods presented in these finacial statements, and have been applied consistently by group entities, except otherwise instructed by the Bangladesh Bank as prime regulator.
The financial statements of subsidiaries which are included in Consolidated Financial Statements of the Group have been prepared using uniform accounting policies of the Bank (Parent) for transactions and other events in similar nature.
Certain comparative amounts of previous period/date presented in these financial statements have been reclassified and rearranged to conform to the current period/date's presentation.
2.04 Revenue Recognition
The revenue during the period is recognised following all conditions of revenue recognition as prescribed by IFRS 15 and Bangladesh Bank guidelines.
2.05 Cash Flow Statement
Cash Flow Statement is prepared in accordance with International Accounting Standard (IAS) 7 'Cash Flow Statement' and under the guideline of Bangladesh Bank BRPD Circular No.14 dated 25 June 2003. The Statement shows the structure of changes in cash and cash equivalents during the period.
2.06 Statement of Changes in Equity
Statement of changes in equity is prepared in accordance with International Accounting Standard (IAS) 1: Presentation of Financial Statements and relevant guidelines of Bangladesh Bank.
2.07 Earnings per share
Earnings per share (EPS) has been computed by dividing profit after tax (PAT) by the number of ordinary shares outstanding as on 31 March 2024 as per IAS- 33 "Earnings Per Share". Diluted earnings per share was not required to calculate as there were no dilution possibilities during the period.
2.08 Credit Rating of the Bank
As per BRPD circular no. 6 dated 5 July 2006, the bank has done its credit rating by Credit Rating Agency of Bangladesh Ltd. (CRAB) based on the financial statements as at and for the year ended 31 December 2022. The following ratings have been awarded:
Particulars | Periods | Date of Rating | Surveillance Rating | |
Long Term | Short Term | |||
Entity Rating (CRAB) | January to December 2022 | 21-Jun-23 | AAA | ST-1 |
Entity Rating (CRISL) | January to December 2021 | 28-Jun-22 | AA+ | ST-1 |
Entity Rating (CRISL) | January to December 2020 | 17-Jun-21 | AA+ | ST-1 |
- General
Reporting Period
The reporting period of these financial statements of the Group and the Bank is 01 January 2024 to 31 March 2024.
Review and authorization of the Financial Statements
These financial statements were reviewed by the Audit Committee of the Board of EBL in the meeting held on 14 May 2024 and was subsequently authorized by the Board in the meeting held on the same date. - Additional Disclosure in compliance with BSEC notification dated 20 June 2018: Significant deviation between two reported quarters and reasons therefor:
Figures are in BDT Crore | ||||
Group | Increase/ | |||
Particulars | Reasons | |||
January to | January to | (Decrease) | ||
March, 2024 | March, 2023 | |||
NII (Net Interest | Net interest income (NII) in Q1, 2024 increased mainly | |||
234.68 | 171.20 | 63.49 | due to removal and replacement of lending rate cap by | |
Income) | ||||
SMART and increase of loan portfolio. | ||||
Income from | Income from investments has increased due to | |||
219.57 | 182.71 | 36.86 | increase of gain from govt. securities and interest on | |
investments | ||||
bonds during this period. | ||||
Specific provision | Specific provision charged in Q1, 2024 is significantly | |||
38.17 | 17.59 | 20.57 | higher due to increase of CL by BDT 148 crore in Q1, | |
(expense) | ||||
2024. | ||||
General provision | General provision charged in Q1, 2024 was lower | |||
17.90 | 30.52 | (12.62) | due to shifting of classification status of certain loan | |
(expense) | ||||
accounts to SS/DF/BL. | ||||
DSEX index dropped significantly in Q1, 2024 compared | ||||
to that of year-end 2023 mainly due to withdrawal of | ||||
floor price restriction and overall subdued confidence in | ||||
the market. As a result, significant amount of provision | ||||
Other provision | 34.20 | (3.98) | 38.18 | was charged against diminution of value of quoted |
securities in Q1, 2024. On the contrary, DSEX index | ||||
in Q1, 2023 end was almost same as that of year-end | ||||
2022. Besides, market value of certain scrips was in | ||||
upward trend. So a substantial amount of provision | ||||
was released in Q1, 2023. |
Number of ordinary shares with face value and date of issues:
Number of ordinary shares as on 31 March 2024 was 1,207,234,715 with a face value of BDT 10 per share. However, details history of raising capital and number of shares issued are available in the Annual Report 2023.
Calculation of NAV per share:
Particulars | Group | Bank | ||
31-Mar-24 | 31-Dec-23 | 31-Mar-24 | 31-Dec-23 | |
Net Asset Value (NAV) in BDT crore | 4,045.62 | 4,052.59 | 3,975.66 | 3,976.74 |
Net Asset Value per share (NAVPS) in BDT | 33.51 | 33.57 | 32.93 | 32.94 |
Calculation of NAVPS: | Net Assets Value | |||
No of shares outstanding | ||||
Calculation of EPS and NOCFPS: | ||||
Group | Bank | |||
Particulars | January to March | January to March | January to March | January to March |
2024 | 2023 | 2024 | 2023 | |
Earnings Per Share (EPS) in BDT (restated) | 1.20 | 0.89 | 1.24 | 0.89 |
Net Operating Cash Flow per share (NOCFPS) | 2.34 | (1.32) | 2.78 | (1.52) |
in BDT (restated) | ||||
Calculation of EPS:
Profit After Tax
No of shares outstanding
Calculation of NOCFPS:
Eastern Bank PLC.
Condensed Statement of Changes in Equity (Unaudited)
for the first quarter ended 31 March 2024
Net Operating Cash Flow
No of shares outstanding
Amount in BDT | ||||||||||||||||||
Particulars | Paid up capital | Statutory reserve | Dividend equalisation | Asset revaluation reserve | General reserve | Actuarial remeasurement | Foreign currency | Retained earnings | Total | |||||||||
reserve | (land and other assets) | gain/(loss) | translation gain/(loss) | |||||||||||||||
Balance as on 1 January 2024 | 12,072,347,150 | 12,072,347,150 | 356,040,000 | 2,517,409,770 | 603,493,370 | (226,424,063) | (229,117,864) | 12,601,350,495 | 39,767,446,008 | |||||||||
Profit after tax for the period | - | - | - | - | - | - | - | 1,500,649,060 | 1,500,649,060 | |||||||||
Transfer to statutory reserve | - | - | - | - | - | - | - | - | - | |||||||||
Cash Dividend transfer to Dividend Payable Account | - | - | - | - | - | - | - | (1,509,043,395) | (1,509,043,395) | |||||||||
Reserve for revaluation of treasury securities (HFT) | - | - | - | 15,557,971 | - | - | - | - | 15,557,971 | |||||||||
Reserve for amortisation of treasury securities (HTM | - | - | - | (18,049,117) | - | - | - | - | (18,049,117) | |||||||||
Foreign currency translation gain/(loss) | - | - | - | - | - | - | - | - | - | |||||||||
Balance as at 31 March 2024 | 12,072,347,150 | 12,072,347,150 | 356,040,000 | 2,514,918,623 | 603,493,370 | (226,424,063) | (229,117,864) | 12,592,956,161 | 39,756,560,526 | |||||||||
Balance as at 31 March 2023 | 10,730,975,250 | 10,730,975,250 | 356,040,000 | 2,629,844,804 | 603,493,370 | (367,924,063) | (185,876,326) | 11,581,633,399 | 36,079,161,685 | |||||||||
Chief Financial Officer | Company Secretary | Acting Managing Director | Director | Director |
Dhaka, 14 May 2024 | ||||
100 Gulshan Avenue, Dhaka-1212. | ||||
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Eastern Bank Ltd. published this content on 14 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 May 2024 16:33:09 UTC.