CONDENSED FINANCIAL STATEMENTS FOR THE FINANCIAL QUARTER ENDED 31 MARCH 2007

Transcription

1 CONDENSED FINANCIAL STATEMENTS FOR THE FINANCIAL QUARTER ENDED 31 MARCH Registered Office Ground Floor, East Block Wisma Selangor Dredging 142-B Jalan Ampang Kuala Lumpur 1

2 CONDENSED FINANCIAL STATEMENTS UNAUDITED BALANCE SHEET AS AT 31 MARCH Note ASSETS Cash and short-term funds 63,605 35,259 Deposits and placements with other financial institution 1 287, ,000 Financing and advances 2 8,361 2,408 Other assets 6,859 3,297 Statutory deposits with Bank Negara Malaysia - - Property and equipment 73,935 67,739 Deferred tax assets 9,673 9,673 Total Assets 450, ,376 LIABILITIES AND SHAREHOLDERS EQUITY Liabilities Deposits from customers 3 221,777 41,862 Bills and acceptances payable 1, Other liabilities 21,466 23,980 Total Liabilities 244,520 66,489 Shareholders equity Share capital 300, ,000 Reserves (94,114) (75,113) Total Shareholders Equity 205, ,887 Total Liabilities and Shareholders Equity 450, ,376 COMMITMENTS AND CONTINGENCIES 9 6,188 2,513 CAPITAL ADEQUACY 8 Core capital ratio (%) % % Risk-weighted capital ratio (%) % % CONDENSED FINANCIAL STATEMENTS 2

3 UNAUDITED INCOME STATEMENT FOR THE FINANCIAL PERIOD ENDED 31 MARCH Notes Current financial quarter ended Income derived from investment of depositors funds and others Income derived from investment of shareholders funds 5 1,650 Allowance for losses on financing 6 (114) Other expenses directly attributable to the investment of the depositors funds (318) Total distributable income 1,952 Income attributable to depositors 7 (678) Total net income 1,274 Personnel expenses (9,915) Other overheads and expenditures (10,360) Loss before zakat and taxation (19,001) Zakat - Taxation - Net loss for the financial period (19,001) 3

4 CONDENSED FINANCIAL STATEMENTS UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE FINANCIAL QUARTER ENDED 31 MARCH Distributable Share Statutory Accumulated Capital Reserve losses Total Balance as at 1 January 300,000 - (75,113) 224,887 Net loss for the financial period - - (19,001) (19,001) Balance as at 300,000 - (94,114) 205,886 4

5 CONDENSED FINANCIAL STATEMENTS UNAUDITED CONSOLIDATED CASH FLOW STATEMENT FOR THE FINANCIAL PERIOD ENDED 31 MARCH CASH FLOWS FROM OPERATING ACTIVITIES Current financial quarter ended Loss before zakat and taxation (19,001) Adjustments for: Depreciation of property and equipments 3,855 Net income suspended 1 Allowance for losses on financing 114 (15,031) Increase in Operating Assets Deposits and placements with other financial institutions (114,973) Financing and advances (6,068) Other assets (3,562) Increase/(decrease) in Operating Liabilities Deposits from customers 179,915 Bills and acceptances payable 630 Other liabilities (2,514) Net cash generated from operating activities 38,397 CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property and equipment (10,051) Net cash used in investing activities (10,051) NET INCREASE IN CASH AND CASH EQUIVALENTS 28,346 CASH AND CASH EQUIVALENTS AT 1 JANUARY CASH AND CASH EQUIVALENTS AS AT 31 MARCH 35,259 63,605 5

6 1. DEPOSITS AND PLACEMENTS WITH OTHER FINANCIAL INSTITUTION Licensed Islamic bank 287, , FINANCING AND ADVANCES (i) By type Term Financing: Personal financing 11,080 3,038 Staff financing Charge cards ,592 3,331 Unearned income (3,081) (887) Gross financing and advances 8,511 2,444 Less: Allowance for bad and doubtful debts and financing - General (128) (36) - Specific (22) - Total net financing and advances 8,361 2,408 (ii) By contract Bai Bithaman Ajil 7,999 2,151 Qard Others ,511 2,444 (i) By type of customer Individuals 8,431 2,416 Foreign entities ,511 2,444 6

7 2. FINANCING AND ADVANCES (Cont d) (ii) By profit rate sensitivity Fixed rate: Personal financing 7,999 2,151 Charge card Staff financing ,511 2,444 (iii) By purpose Personal use 8,490 2,208 Other purposes ,511 2,444 (vi) Movements in non-performing financing and advances At 1 January - - Classified as non-performing 45 - At / 45 - Less: Specific allowance (22) - Net non-performing financing and advances 23 - Ratio of net non-performing financing and advances to total net financing and advances 0.3% - (v) Movements in the allowances for bad and doubtful financing General allowance At 1 January 36 - Allowance made during the period At / As % of total gross financing and advances less specific allowance 1.5% 1.5% 7

8 2. FINANCING AND ADVANCES (Cont d) (vi) Non-performing financing by purpose Personal use 45 - Other purposes DEPOSITS FROM CUSTOMER (i) By type of deposit Non-Mudharabah Demand deposits 25,303 6,526 Savings deposits 5,844 1,386 Others ,149 7,914 Mudharabah General investment deposits 190,628 33, ,777 41,862 (ii) By type of customer Business enterprises 174,561 29,018 Individuals 44,452 12,315 Others 2, ,777 41,862 8

9 4. INCOME DERIVED FROM INVESTMENT OF DEPOSITORS FUNDS AND OTHERS Current financial quarter ended 31 March Income derived from investment of: (i) General investment deposits 634 (ii) Other deposits (i) Income derived from investment of general investment deposits Current financial quarter ended 31 March Finance income and hibah Financing, advances and other loans 175 Money at call and deposit with financial institutions 447 Total finance income and hibah 490 Other income - Service charges (ii) Income derived from investment of other deposits Current financial quarter ended 31 March Finance income and hibah Money at call and deposit with financial institutions 100 9

10 5. INCOME DERIVED FROM INVESTMENT OF SHAREHOLDERS FUNDS Current financial quarter ended 31 March Finance income and hibah Money at call and deposit with financial institutions 1,355 Other operating income - Gain from foreign exchange translations Others - Other income - Service charges 70 - Commission received 10 1, ALLOWANCE FOR LOSSES ON FINANCING Current financial quarter ended 31 March Allowance for bad and doubtful financing: (a) Specific allowance - provided in the financial period (22) (b) General allowance - allowance made during the period (92) (114) 7. INCOME ATTRIBUTABLE TO DEPOSITORS Current financial quarter ended 31 March Deposits from customers - Mudharabah

11 8. CAPITAL ADEQUACY (a) The capital adequacy ratios of the Bank are as follows: Tier-1 capital Paid-up share capital 300, ,000 Accumulated losses (75,113) (75,113) 224, ,887 Less: Deferred tax (9,673) (9,673) Total Tier-1 capital 215, ,214 Tier-2 capital General allowance for bad and doubtful financing Total Tier-2 capital Capital base 215, ,250 Capital ratios: Core capital ratio % % Risk-weighted capital ratio % % (b) The breakdown of risk-weighted assets for credit risk (excluding deferred tax assets) in the various categories of risk-weights is as follows: Principal Risk-weighted 0% 349,715-20% 1, % 92,249 92,249 Risk-weighted assets for credit risk 443,828 92,622 Risk-weighted assets for market risk - 1,881 Total risk-weighted assets 443,828 94,503 Principal Risk-weighted 0% 19,046-20% 189,213 37, % 73,444 73,444 Risk-weighted assets for credit risk 281, ,287 Risk-weighted assets for market risk Total risk-weighted assets 281, ,230 11

12 9. COMMITMENTS AND CONTINGENCIES Irrevocable commitments to extend credit: - Maturity exceeding one year Principal amount Credit equivalent amount Risk weighted amount Principal amount Credit equivalent amount Risk weighted amount 6,188 3,094 3,094 2,513 1,257 1,257 * The credit equivalent amount is arrived at using the credit conversion factors as per Bank Negara Malaysia guidelines. 12

13 10. PROFIT RATE RISK The Bank is exposed to various risks associated with the effects of fluctuations in the prevailing levels of yield/profit rate on its financial position. The rate of return risk is the potential impact of market factors affecting rates on returns in comparison with the expected rates of return for investment account holders. Yield/profit rate is monitored and managed by the ALCO to protect the income of its operations. The assets and liabilities at carrying amount are categorised by the earlier of the next contractual repricing dates and maturity dates as follows: Non-trading book Up to 1 month >1-3 months >3-12 months 1 to 5 years RM 00 0 > 5 Nonprofit Trading Effective profit rate years sensitive book Total % Assets Cash and short term funds 34, ,614-63, Deposit and placement with other financial institution 287, , Financing and advances - performing , , non-performing Other assets (1) ,467-90,467 - Total assets 322, , , ,406 Liabilities Deposits from 35,240 1, , , , customers Bills and acceptance payable ,277-1,277 - Other liabilities ,466-21,466 - Total liabilities 35,240 1, , , ,520 Shareholders fund , ,886 Total liabilities and shareholders fund 35,240 1, , , ,406 On-balance sheet 287,724 (1,139) (154,249) 8,316 - profit sensitivity gap Off-balance sheet profit sensitivity gap Total profit sensitivity gap 287,724 (1,139) (154,249) 8,316 - Note: (1) Other assets include property and equipment, and deferred tax assets. 13

14 10. PROFIT RATE RISK (Cont d) Non-trading book Up to 1 >1-3 > to 5 > 5 Nonprofit Trading Effective profit rate month months months years years sensitive book Total % Assets Cash and short term funds 15, ,259-35, Deposit and placement with other financial institution 173, , Financing and advances - performing , , Other assets (1) ,766-80,766 - Total assets 188, , , ,376 Liabilities Deposits from 11, , ,914-41, customers Bills and acceptance payable Other liabilities ,980-23,980 - Total liabilities 11, , ,541-66,489 Shareholders fund , ,887 Total liabilities and shareholders fund 11, , , ,376 On-balance sheet profit sensitivity 176,097 (345) (21,700) 2,351 - gap Off-balance sheet profit sensitivity gap Total profit sensitivity gap 176,097 (345) (21,700) 2,351 - Note: (1) Other assets include property and equipment, and deferred tax assets. 14

15 11. Review of performance for the financial quarter ended against the corresponding financial quarter of the preceding year These is no comparison to be made against the results of corresponding financial quarter of preceding year as this is the first interim financial results of the Bank since the commencement of its business on 16 October. 12. Prospects for The Bank currently has twelve (12) branches throughout the Klang Valley and has plans to increase the number of branches reach to 50 branches by 2010 as per the approval given by Bank Negara Malaysia. Leveraging on its impeccable track record and acumen in Islamic banking, the Bank sees its catalytic role in supporting Malaysia s plans to evolve into a vibrant Islamic financial hub for the South East Asian region. 15