CalBank : 1st Quarter 2021 unaudited Financials

Unaudited Consolidated FinancialStatements

for the quarter ended 31 March 2021

UNAUDITED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE QUARTER ENDED 31 MARCH 2021

in thousands of Ghana Cedis		2021	2020
	Bank	Group	Bank	Group
Interest income	220,631	221,374	244,195	244,542
Interest expense	(99,396)	(99,369)	(113,340)	(113,104)
Net interest income	121,235	122,005	130,855	131,438
Fees and commissions income	12,467	14,601	11,286	13,073
Fees and commissions expense	(6,885)	(6,885)	(5,136)	(5,136)
Net fees and commission income	5,582	7,716	6,150	7,937
Net trading income	39,588	39,588	11,954	11,932
Revenue	166,405	169,309	148,959	151,307
Other income	4,178	4,111	111	142
Operating income
170,583	173,420	149,070	151,449
Net impairment loss on financial assets	(22,137)	(22,137)	(10,572)	(10,572)
Personnel expenses	(35,467)	(36,106)	(33,524)	(34,066)
Depreciation and amortisation	(8,966)	(9,006)	(7,394)	(7,435)
Finance cost on lease liabilities	(1,046)	(1,046)	(1,639)	(1,639)
Other expenses	(28,496)	(28,690)	(27,650)	(27,692)
Total operating expenses	(96,112)	(96,985)	(80,779)	(81,404)
Profit before income tax
74,471	76,435	68,291	70,045
Income tax expense	(22,341)	(22,977)	(20,488)	(21,037)
Profit for the period and total
comprehensive income	52,130	53,458	47,803	49,008
Earnings per share
(Ghana Cedis per share)
Basic	0.3332	0.3418	0.3052	0.3129
Diluted	0.3332	0.3418	0.3052	0.3129

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UNAUDITED STATEMENTS OF FINANCIAL POSITION

AS AT 31 MARCH 2021

in thousands of Ghana Cedis				2020
	2021
	Bank	Group	Bank	Group
Assets
Cash and cash equivalents	1,304,916	1,304,921	512,075	512,080
Non-pledged trading assets	985,659	985,659	113,442	113,442
Investment securities	2,582,893	2,602,794	2,748,081	2,758,416
Loans and advances to customers	2,225,890	2,225,890	2,988,473	2,988,473
Investments in subsidiaries	2,038	-	2,038	-
Current tax assets	6,360	7,300	-	638
Property, plant and equipment	398,028	399,225	425,145	425,164
Intangible assets	50,102	50,102	31,733	33,014
Assets held for sale	104,493	104,493	104,493	104,493
Right-of-use lease assets	83,081	83,081	87,236	87,236
Deferred tax assets	36,377	36,371	5,704	5,707
Other assets	108,702	111,108	64,353	66,687
Total assets
7,888,539	7,910,944	7,082,773	7,095,350
Liabilities
Total deposits	4,220,986	4,218,972	3,902,458	3,894,592
Deposits from banks and other
financial institutions	226,033	224,019	146,478	138,612
Deposits from customers	3,994,953	3,994,953	3,755,980	3,755,980
Borrowings	2,274,189	2,274,189	1,935,041	1,935,041
Current tax liabilities	-	-	3,080	3,080
Lease liabilities	84,880	84,880	78,211	78,211
Other liabilities	144,850	147,103	155,313	160,631
Total liabilities	6,724,905	6,725,144	6,074,103	6,071,555
Shareholders' equity
Stated capital	400,000	400,000	400,000	400,000
Retained earnings	302,723	325,473	210,670	226,529
Revaluation reserve	102,926	102,926	104,636	104,636
Statutory reserve	353,128	353,128	300,305	300,305
Regulatory credit risk reserve	5,424	5,424	-	-
Other reserves	(567)	(1,151)	(6,941)	(7,675)
Total shareholders' equity
1,163,634	1,185,800	1,008,670	1,023,795
Total liabilities and shareholders' equity
7,888,539	7,910,944	7,082,773	7,095,350

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UNAUDITED STATEMENTS OF CHANGES IN EQUITY

FOR THE QUARTER ENDED 31 MARCH 2021

								Other Reserves
	The Bank	Stated		Statutory	Revaluation	Retained	Share	Treasury	Regulatory	Total
		Deals	Credit Risk
			Capital		Reserve	Reserve	Earnings	Account	Shares	Reserve	Equity
Balance at 1 January	400,000	340,096	104,636	227,273	(136)	-	40,066	1,111,935
Total comprehensive income
Profit			-	-	-	52,130	-	-	-	52,130
Transactions with shareholders
Share repurchased	-	-	-	-	(431)	-	-	(431)
Transfer to/from reserves
Statutory reserves	-	13,032	-	(13,032)	-	-	-	-
Regulatory credit risk reserve	-	-	-	34,642	-	-	(34,642)	-
Revaluation gain on disposed PPE	-	-	(1,710)	1,710	-	-	-	-
Balance at 31 March		400,000	353,128	102,926	302,723	(567)	-	5,424	1,163,634
								Other Reserves
	The Group	Stated		Statutory	Revaluation	Retained	Share	Treasury	Regulatory	Total
		Deals	Credit Risk
			Capital		Reserve	Reserve	Earnings	Account	Shares	Reserve	Equity
Balance at 1 January	400,000	340,096	104,636	248,695	(136)	(584)	40,066	1,132,773
Total comprehensive income
Profit			-	-	-	53,458	-	-	-	53,458
Transactions with shareholders
Share repurchased	-	-	-	-	(431)	-	-	(431)
Transfer to/from reserves
Statutory reserves	-	13,032	-	(13,032)	-	-	-	-
Regulatory credit risk reserve	-	-	-	34,642	-	- (34,642)	-
Revaluation gain on disposed PPE	-	-	(1,710)	1,710	-	-	-	-
Balance at 31 March		400,000	353,128	102,926	325,473	(567)	(584)	5,424 1,185,800
								Other Reserves
2020	The Bank	Stated		Statutory	Revaluation	Retained	Treasury	Fair Value	Regulatory	Total
	Credit Risk
			Capital		Reserve	Reserve	Earnings	Shares	Reserves	Reserve	Equity
Balance at 1 January	400,000	288,353	104,636	174,819	-	(6,941)	-	960,867
Total comprehensive income
Profit			-	-	-	47,803	-	-	-	47,803
Transfer to/from reserves
Statutory reserve	-	11,952	-	(11,952)	-	-	-	-
Balance at 31 March		400,000 300,305	104,636	210,670	-	(6,941)	- 1,008,670
								Other Reserves
2020	The Group	Stated		Statutory	Revaluation	Retained	Treasury	Fair Value	Regulatory	Total
	Credit Risk
			Capital		Reserve	Reserve	Earnings	Shares	Reserves	Reserve	Equity
Balance at 1 January	400,000	288,353	104,636	189,473	(584)	(7,091)	-	974,787
Total comprehensive income
Profit			-	-	-	49,008	-	-	-	49,008
Transfer to/from reserves
Statutory reserve	-	11,952	-	(11,952)	-	-	-	-
Balance at 31 March		400,000 300,305	104,636	226,529	(584)	(7,091)	-	1,023,795

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UNAUDITED STATEMENTS OF CASH FLOWS FOR THE QUARTER ENDED 31 MARCH 2021

in thousands of Ghana Cedis

Cash flows from operating activities

Profit for the period

Adjustments for: Depreciation and amortisation Impairment on financial assets Net interest income Income tax expense Unrealised exchange loss

Gain on disposal of property and equipment Finance cost on lease liabilities

Change in loans and advances to customers Change in other assets

Change in derivaitive assets Change in deposits from banks and other financial institutions Change in customer deposits Change in other liabilities

Interest and dividends received

Interest paid

Income tax paid

Net cash (used in)/from operating activities

Cash flows from investing activities (Purchase)/disposal of trading assets Disposal/(purchase) of investment securities Purchase of property and equipment Proceeds from sale of property and equipment Purchase of intangible assets

Net cash used in investing activities

Cash flows from financing activities Net changes in borrowings Payment of lease liabilities Repurchase of issued shares

Net cash from financing activities

Net increase/(decrease) in cash and cash equivalents

Cash and cash equivalents at 1 January

Cash and cash equivalents at 31 March

		2020
2021
Bank	Group	Bank	Group
52,130	53,458	47,803	49,008
8,966	9,006	7,394	7,435
22,137	22,137	10,572	10,572
(121,235)	(122,005)	(130,855)	(131,438)
22,341	22,977	20,488	21,037
1,559	1,559	3,027	3,027
(1,189)	(1,189)	(17)	(17)
1,046	1,046	1,639	1,639
(14,245)	(13,011)	(39,949)	(38,737)
162,336	162,336	(50,770)	(50,770)
(56,681)	(57,011)	(15,734)	(15,604)
731	731	4,115	4,115
(40,860)	(40,728)	(26,778)	(26,461)
(154,747)	(154,747)	64,832	64,832
(34,416)	(34,642)	43,091	45,433
(123,637)	(124,061)	18,756	21,545
224,984	224,927	215,946	216,293
(117,996)	(117,969)	(123,549)	(123,313)
2,544	1,607	(3,912)	(4,543)
109,532	108,565	88,485	88,437
(28,350)	(28,507)	67,292	71,245
(151,528)	(151,528)	12,330	12,330
84,828	85,001	(43,786)	(47,725)
(575)	(575)	(26,330)	(26,314)
16,128	16,128	17	17
(6,445)	(6,461)	(9,588)	(9,613)
(57,592)	(57,435)	(67,357)	(71,305)
183,054	183,054	(85,639)	(85,639)
(3,526)	(3,526)	-	-
(430)	(430)	-	-
179,098	179,098	(85,639)	(85,639)
93,155	93,155	(85,704)	(85,699)
1,211,761	1,211,766	597,779	597,779
1,304,916	1,304,921	512,075	512,080

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