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Report on Review of Condensed Consolidated Interim Financial Information to the Board of Directors of Bank ofShatjah P.J.S.C.
Introduction
We have reviewed the accompanying condensed consolidated interim statement offinancial position of Bank ofSharjah P.J.S.C. (the "Bank'') and its subsidiaries (collectively referred to as the "Group'') as at
- March 2024 and the related condensed consolidated interim statement of profit or loss, condensed consolidated interim statement ofcomprehensive income, condensed consolidated interim statement of cash flows and the condensed consolidated interim statement of changes in equity for the three-month periods then ended and explanatory notes. Management is responsible for the preparation and presentation ofthis interim financial information in accordance with InternationalAccountingStandard
- - Interim Financial Reporting (''IAS 34"). Our responsibility is to express a conclusion on this condensed consolidated interim statement information based on our review.
Scope ofReview
We conducted our review inaccordancewith the InternationalStandards on Review Engagements 2410, 'Review ofInterim Fina11tiall,iformation Pe,jon11ed � the IndependentA11ditor ofthe Entity'. A review of interim
financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit Accordingly, we do not express an audit opinion.
Basis for Quali.ied conclusion
Based on the information as disclosed under note 2.1 to this condensed consolidated interim financial information, the bank has excluded the comparatives column for the three-month period ended 31 March 2023, and hence does not conform with the requirements of IAS 34 paragraph
20 (b), (c) and (d), in the presentation of the condensed consolidated interim statement of profit or loss, condensed consolidated interim statement of comprehensive income, condensed consolidated interim statement of cash flows, condensed consolidated interim statement of changes in equity and where applicable the related notes.
1
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Quali.ied Conclusion
Based on our review, with the exception of the matter described in the preceding paragraph, nothing has come to our attention that causes us to believe that the accompanying interim financial information is not prepared, in all material respects, in accordance w:ith IAS 34.
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Registration No: 935
Dubai, United Arab Emirates 1May2024
2
Bank of Sharjah P.J.S.C. | 3 | ||
Condensed consolidated interim statement of financial position | |||
As at | |||
31 March | 31 December | ||
Note | 2024 | 2023 | |
(unaudited) | (audited) | ||
ASSETS | AED'OOO | AED'OOO | |
4,558,295 | |||
Cash and balances with central bank | 6 | 3,291,634 | |
Deposits and balances due from banks | 7 | 888,234 | 618,633 |
Loans and advances, net | 8 | 22,327,120 | 22,067,850 |
Investments measured at fair value | 9 | 649,420 | 359,472 |
Investments measured at amortised cost | 9 | 7,362,441 | 7,367,938 |
Investment properties | 1,102,753 | 1,102,753 | |
Assets acquired in settlement of debts | 1,062,149 | 1,078,084 | |
Other assets | 10 | 1,315,571 | 1,252,050 |
Derivative assets held for risk management | 161 | 202 | |
Properties and equipment | 201,500 | 209,613 | |
Subsidiary held for sale | 2.1 | 844,790 | 844,790 |
Total assets | 39,045,773 | 39,459,680 | |
LIABILITIES AND EQUITY | |||
Liabilities | 26,342,597 | ||
Customers' deposits | 11 | 26,016,833 | |
Deposits and balances due to banks | 12 | 1,473,273 | 1,916,341 |
Repo borrowings | 13 | 1,963,195 | 1,702,312 |
Other liabilities | 14 | 2,038,286 | 1,987,917 |
Issued bonds | 15 | 4,007,000 | 4,004,998 |
Total liabilities | 35,498,587 | 35,954,165 | |
Equity | |||
Capital and reserves | |||
Share capital | 3,000,000 | 3,000,000 | |
Statutory reserve | 1,050,000 | 1,050,000 | |
Impairment reserve | 215,020 | 190,316 | |
Investment fair value reserve | (793,460) | (754,382) | |
Currency translation reserve | (386,675) | (386,675) | |
Retained earnings | 461,319 | 404,932 | |
Equity attributable to equity holders of the Bank | 3,546,204 | 3,504,191 | |
Non-controlling interests | 982 | 1,324 | |
Total equity | 3,547,186 | 3,505,515 | |
Total liabilities and equity | 39,045,773 | 39,459,680 |
To the best of our knowledge, the condensed interim consolidated financial information presents fairly in all material respects the financial position, results of operations and cashflows of the Group as of, and for, the periods presented therein.
The condensed consolidated interim financial information was approved bythe Board of Directors and authorised for issue on 1 May2024
The accompanying notes I to 26 fonn an integral part of these condensed consolidated interim financial statements.
Bank of Sharjah P.J.S.C. | 4 | |||
Condensed consolidated interim statement of profit or loss (unaudited) | ||||
for the three-month period ended | ||||
Notes | 31 March | |||
2024 | ||||
AED'OOO | ||||
Interest income | 502,800 | |||
Interest expense | (414,266) | |||
Net interest income | 88,534 | |||
Net fee and commission income | 43,430 | |||
Exchange profit | 5,463 | |||
Income on investments | 3,850 | |||
Net income on properties | 534 | |||
Other income | 1,002 | |||
Operating Income | 16 | 142,813 | ||
Net impairment loss on financial assets | (13) | |||
Net operating income | 142,800 | |||
Personnel expenses | (31,164) | |||
Depreciation | (5,982) | |||
Other expenses | (21,230) | |||
Profit before taxes | 84,424 | |||
Income tax expense | {4,096) | |||
Net profit for the period | 80,328 | |||
Attributable to: | 80,670 | |||
Equity holders of the Bank | ||||
Non-controlling interests | (342) | |||
Net profit for the period | 80,328 | |||
Basic and diluted profit per share (AED) | 19 | 0.03 |
The accompanying notes 1 to 26 fonn an integral part of these condensed consolidated interim financial statements.
Bank of Sharjah P.J.S.C. | 5 |
Condensed consolidated interim statement of comprehensive income (unaudited) for the three-month period ended
31 March | ||||
2024 | ||||
AED'OOO | ||||
Net profit for the period | 80,328 | |||
Other comprehensive loss items | ||||
Items that will not be reclassified subsequently to consolidated statement of | ||||
profit or loss: | ||||
Net changes | in fair value of financial assets measured at fair value through | (39,078) | ||
other comprehensive income (equity instruments) | ||||
Other comprehensive loss for the period | (39,078) | |||
Total comprehensive income for the period | 41,250 | |||
Attributable to: | 41,592 | |||
Equity holders of the Bank | ||||
Non-controlling interests | (342) | |||
Total comprehensive income for the period | 41,250 |
The accompanying notes I to 26 form an integral part of these condensed consolidated interim financial statements.
Bank of Sharjah P.J.S.C. | 7 |
Condensed consolidated interim statement of cash flows (unaudited} | |
for the three-month period ended 31 March | |
2024 | |
Cash flows from operating activities | AED'OOO |
Net profit before tax for the period | 84,424 |
Adjustments for: | |
Depreciation of properties and equipment | 5,982 |
Gain on sale of properties and equipment | (713) |
Amortisation of premium on debt instruments | (12) |
Provision for employees' end of service benefits | 13,230 |
Gain on sale of assets acquired in settlement of debts | (3,738) |
Net impairment loss on financial assets | 13 |
Unrealized loss on assets acquired in settlement of debts | 1,935 |
Dividends income | (1,065) |
Operating profit before changes in operating assets and liabilities | 100,056 |
Changes in: | |
Deposits and balances due from banks maturing after three months from dates of | |
placements | 5,977 |
Statutory deposits with central bank | 231,636 |
Loans and advances | (259,256) |
Other assets | (102,540) |
Customers' deposits | (325,764) |
Other liabilities | 42,269 |
Cash used in operations | (307,622) |
Cash flows from investing activities
Purchase of properties and equipment
Proceeds from sale of properties and equipment
Payments to purchase financial assets at amortised cost, FVTPL and FVOCI Proceeds from disposal of investments
Proceeds from sale of assets acquired in settlement of debts Dividends received
Cash used in investing activities
Net decrease in cash and cash equivalents during the period
Cash and cash equivalents at the beginning of the period
Cash and cash equivalents at the end of the period
(2,377) 4,508 (328,890) 38,772 17,738 1,065 (269,184)
(576,806)
2,395,016
1,818,210
The accompanying notes 1 to 26 form an integral part of these condensed consolidated interim financial statements.
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Bank of Sharjah PJSC published this content on 02 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 May 2024 21:39:38 UTC.