STATE BANK OF MAURITIUS LTD

Transcription

1 UNAUDITED ABRIDGED INTERIM FINANCIAL REPORT The Unaudited Abridged Interim Financial Report covering the six months ended December 31, 2007 has been prepared in accordance with the Bank of Mauritius Guideline on Public Disclosure of Information and IAS 34 - Interim Financial Reporting. The Interim Financial Report has been prepared using the same accounting policies as those adopted in the Financial Statements for the Financial Year ended June 30, 2007 and has been reviewed by the Bank s external auditors whose report is attached. The Interim Financial Report contains forward-looking statements and risks exist that they may not materialise. The users of the information should therefore not place undue reliance on these statements and are encouraged to consult their own advisers. Results The Group recorded a net profit after tax of Rs 1,346M for the six months ended December 31, 2007 representing a two-fold increase from Rs672M for the same period last year mostly on account of exceptional dividend income received during the period. Consequently Earnings per share grew to 522cts compared to 207cts for the same period last year. Excluding dividend income, net profit grew by Rs128m or 30.8% on a comparative basis while Earnings per share grew at a higher rate of 64.4% taking into account share buy back. Prospects The Group pursues its strategy to further diversify its sources of income and to increase shareholder value. It remains alert to opportunities for expansion and continues to leverage on its sound capital base, strong risk management practices and innovative products and services to grow its business. G.S. Ramdaursingh L. Lai Fat Fur G.O.S.K C. Gunness Chairman Director (Chairman, Audit Committee) Chief Executive February 14, 2008

2 REPORT ON REVIEW OF INTERIM FINANCIAL INFORMATION TO THE BOARD OF DIRECTORS OF STATE BANK OF MAURITIUS LTD SBM INTRODUCTION We have reviewed the accompanying condensed unaudited interim balance sheets of the Group and of the Bank as at 31 December 2007 and the related condensed unaudited interim statements of income, changes in equity and cash flows for the six months then ended. The Board of Directors and management of SBM are responsible for the preparation and presentation of this interim financial information in accordance with the Bank of Mauritius Guideline on Public Disclosure of Information and International Financial Reporting Standards. Our responsibility is to express a conclusion on this interim financial information based on our review. SCOPE OF REVIEW We conducted our review in accordance with International Standard on Review Engagements 2410, Review of Interim Financial Information Performed by the Independent Auditor of the 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. CONCLUSION Based on our review, 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 with the Bank of Mauritius Guideline on Public Disclosure of Information and International Financial Reporting Standards. KEMP CHATTERIS DELOITTE February 14, 2008

3 UNAUDITED ABRIDGED INTERIM FINANCIAL REPORT FOR THE PERIOD ENDED 31 DECEMBER 2007 ABRIDGED BALANCE SHEETS AT 31 DECEMBER GROUP BANK Dec 31-Dec 30-Jun 31-Dec 31-Dec 30-Jun ASSETS MRs' 000 MRs' 000 MRs' 000 MRs' 000 MRs' 000 MRs' 000 Cash Resources Cash and Balances with Central Banks 4,191,851 3,179,226 3,662,372 3,896,968 2,962,229 3,369,911 Balances with Banks and Interbank Loans 9,713,951 9,150,429 12,048,473 8,248,186 9,158,757 10,460,064 13,905,802 12,329,655 15,710,845 12,145,154 12,120,986 13,829,975 Securities, Placements and Other Investments Investment Securities 10,960,890 9,614,743 10,928,813 9,537,839 8,827,462 9,410,768 Trading Securities 90, , ,296 90, , ,296 Placements 169, ,843 92, , ,843 92,711 Other Investments ,220,250 10,150,206 11,197,820 9,797,199 9,361,343 9,679,775 Loans and Advances 33,706,451 28,413,319 29,762,405 32,537,621 28,534,847 28,581,327 Other Tangible and Intangible Fixed Assets 2,663,028 2,754,291 2,751,746 2,629,329 2,715,948 2,742,325 Other Assets 651, , , , , ,986 3,314,849 3,230,974 3,558,812 3,254,228 3,158,405 3,519,311 TOTAL ASSETS 62,147,352 54,124,154 60,229,882 57,734,202 53,175,581 55,610,388 LIABILITIES AND SHAREHOLDERS' EQUITY Deposits 50,645,265 43,132,465 48,568,830 48,270,877 40,722,655 46,103,194 Borrowings Central Banks 200, , , , , ,919 Other Banks in Mauritius and abroad 1, , ,892 1, , ,892 Other Financial Institutions - 263, , , , ,085 1,214, , ,085 1,264, ,187

4 ABRIDGED BALANCE SHEETS AT 31 DECEMBER 2007 (CONT D) GROUP BANK Dec 31-Dec 30-Jun 31-Dec 31-Dec 30-Jun MRs' 000 MRs' 000 MRs' 000 MRs' 000 MRs' 000 MRs' 000 Other Current and Deferred Tax Liability 643, , , , , ,562 Obligations under finance leases , , ,282 Other Liabilities 960, , , , , ,528 1,604,658 1,233,805 1,163,484 1,758,597 1,610,766 1,384,372 TOTAL LIABILITIES 52,452,008 45,580,423 50,714,501 50,231,559 43,597,594 48,469,753 Minority Interest in Subsidiaries Shareholders' Equity Ordinary Share Capital 303, , , , , ,740 Reserves 9,391,604 8,218,352 9,211,641 7,198,903 9,252,935 6,836,895 Equity attributable to equity holders of the parent 9,695,344 8,543,404 9,515,381 7,502,643 9,577,987 7,140,635 TOTAL EQUITY AND LIABILITIES 62,147,352 54,124,154 60,229,882 57,734,202 53,175,581 55,610,388 MEMORANDUM ITEMS Acceptances, Guarantees, Letters of Credit, Endorsements, Other Obligations on Account of Customers, and Spot Foreign Exchange Contracts 5,846,027 5,149,868 7,409,385 5,669,119 4,983,345 7,289,933 Credit Commitments 3,020,882 3,266,603 3,545,754 2,681,882 2,780,600 3,198,699 Inward Bills held for Collection 230, , , , , ,175 Outward Bills sent for Collection 298, , , , , ,254 9,395,554 9,053,467 11,525,999 8,827,654 8,380,306 11,021,061

5 ABRIDGED STATEMENTS OF INCOME FOR THE PERIOD ENDED 31 DECEMBER GROUP BANK Quarter Quarter Six Months Six Months Year Quarter Quarter Six Months Six Months Year ended ended ended ended ended ended ended ended ended ended 31-Dec 31-Dec 31-Dec 31-Dec 30-Jun 31-Dec 31-Dec 31-Dec 31-Dec 30-Jun MRs' 000 MRs' 000 MRs' 000 MRs' 000 MRs' 000 MRs' 000 MRs' 000 MRs' 000 MRs' 000 MRs' 000 Interest Income 1,381,453 1,117,948 2,661,639 2,165,119 4,564,764 1,299,033 1,073,405 2,506,478 2,080,325 4,340,124 Interest Expense (847,518) (663,476) (1,671,943) (1,251,166) (2,758,341) (816,148) (635,117) (1,605,590) (1,200,564) (2,655,602) Net Interest Income 533, , , ,953 1,806, , , , ,761 1,684,522 Provisions for Credit Impairment (196,948) (274,235) (211,709) (319,056) (302,173) (130,610) (246,545) (141,053) (291,367) (276,728) Net Interest Income after Provisions for Credit Impairment 336, , , ,897 1,504, , , , ,394 1,407,794 Non Interest Income and Gain 1,108, ,165 1,371, ,860 1,319,417 1,056, ,087 1,296, ,297 1,360,686 Net Interest and Other Income after Provision for Credit Impairment 1,445, ,402 2,149,974 1,349,757 2,823,667 1,408, ,830 2,056,701 1,423,691 2,768,480 Non-Interest Expense (374,924) (289,890) (674,962) (566,252) (1,133,861) (357,509) (270,245) (643,205) (527,468) (1,059,843) Income from Operations 1,070, ,512 1,475, ,505 1,689,806 1,051, ,585 1,413, ,223 1,708,637 Share of Profit of Associates 17,053 16,678 27,827 26,578 49, Net Income before Tax 1,087, ,190 1,502, ,083 1,739,606 1,051, ,585 1,413, ,223 1,708,637 Income Tax Expense (111,040) (78,830) (156,386) (137,754) (233,718) (110,030) (79,770) (150,760) (132,497) (214,212) Net Income after Tax 976, ,360 1,346, ,329 1,505, , ,815 1,262, ,726 1,494,425 Attributable to : Equity holders of the parent 976, ,296 1,346, ,249 1,505, , ,815 1,262, ,726 1,494,425 Minority Interest , ,360 1,346, ,329 1,505, , ,815 1,262, ,726 1,494,425 Weighted average number of outstanding shares (thousands) 258, , ,597 Earnings per Share (Cents)

6 STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED DECEMBER 31, Attributable to equity holders of the parent Reserve Net Unrealised arising Shares Investment Investment Net Property Net Net Share Treasury on Share held by Share Statutory Revenue Fluctuation Fair Value Revaluation Translation Other Total Minority Total Capital Shares Buy Back Subsidiary Premium Reserve Reserve Reserve Reserve Reserve Reserve Reserve Interest Equity GROUP MRs' 000 MRs' 000 MRs' 000 MRs' 000 MRs' 000 MRs' 000 MRs' 000 MRs' 000 MRs' 000 MRs' 000 MRs' 000 MRs' 000 MRs' 000 MRs' 000 MRs' 000 At 1 July ,414 (912,663) - (1,543,321) 570, ,510 5,769,231 67,565 1,842, , ,516 64,752 7,815, ,815,943 Changes in Equity for the Period Realisation of Revaluation Surplus of Property , (16,817) Revaluation Decrease (5,213) - - (5,213) - (5,213) Increase in Value of Available-for-Sale Investments , ,921-46,921 Net Gain Released on Disposal of Available-for Sale Investments (3,670) (3,670) - (3,670) Translation Difference ,843-13,843-13,843 Share of Increase in Reserves of Associates - 3,578 3,578 3,578 Net Income Recognised directly in Equity ,817-43,251 (22,030) 13,843 3,578 55,459-55,459 Profit for the Period , , ,329 Total Recognised Income and Expense for the Period ,066-43,251 (22,030) 13,843 3, , ,788 Treasury Shares Cancelled (57,362) 912, (570,000) (57,362) (227,939) Transfer ,926 (2,926) At 31 December , (1,543,321) - 433,074 6,227,432 67,565 1,885, , ,359 68,330 8,543, ,543,731

7 STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED DECEMBER 31, 2007 (CONT D) Reserve Net Unrealised arising Shares Investment Investment Net Property Net Net Share Treasury on Share held by Share Statutory Revenue Fluctuation Fair Value Revaluation Translation Other Total Minority Total Capital Shares Buy Back Subsidiary Premium Reserve Reserve Reserve Reserve Reserve Reserve Reserve Interest Equity GROUP MRs' 000 MRs' 000 MRs' 000 MRs' 000 MRs' 000 MRs' 000 MRs' 000 MRs' 000 MRs' 000 MRs' 000 MRs' 000 MRs' 000 MRs' 000 MRs' 000 MRs' 000 At 1 July ,414 (912,663) - (1,543,321) 570, ,510 5,769,231 67,565 1,842, , ,516 64,752 7,815, ,815,943 Changes in Equity for the Year Realisation of Revaluation Surplus of Property , (36,952) Efffect of Change in Deferred Tax Rate on Revaluation Surplus of Property , ,499-79,499 Net Increase in Revaluation Surplus of Property , ,069-96,069 Deferred Tax on Increase in Revaluation Surplus of Property (33,118) - - (33,118) - (33,118) Increase in Value of Available-for-Sale Investments , , ,706 Net Gain Released on Disposal of Available-for Sale Investments (3,666) (3,666) - (3,666) Translation Reserve Released on Disposal of Subsidiary - - (81,405) , Purchase of Minority Interest Share (455) (455) Translation Difference ,437-62,437-62,437 Share of Increase in Reserves of Associates ,578 3,578-3,578 Net Income Recognised directly in Equity - - (81,405) , , , ,842 3, ,505 (455) 402,050 Profit for the Year ,505, ,505, ,505,888 Total Recognised Income and Expense for the Year - - (81,405) ,542, , , ,842 3,578 1,908,185 (247) 1,907,938 Shares Cancelled during the year (78,674) 912, (570,000) - (1,352,147) (1,088,158) - (1,088,158) Treasury Shares Purchased - (2,333,286) (2,333,286) - (2,333,286) Disposal of Shares held by subsidiary ,476 1,543, ,352, ,212,944-3,212,944 Transfer (50,044) 45,470 4, At 30 June ,740 (2,333,286) 236, ,466 7,357,333 72,139 2,036,500 1,072, ,358 68,330 9,515,381-9,515,381

8 STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED DECEMBER 31, 2007 (CONT D) Reserve Net Unrealised arising Shares Investment Investment Net Property Net Net Share Treasury on Share held by Share Statutory Revenue Fluctuation Fair Value Revaluation Translation Other Total Minority Total Capital Shares Buy Back Subsidiary Premium Reserve Reserve Reserve Reserve Reserve Reserve Reserve Interest Equity GROUP MRs' 000 MRs' 000 MRs' 000 MRs' 000 MRs' 000 MRs' 000 MRs' 000 MRs' 000 MRs' 000 MRs' 000 MRs' 000 MRs' 000 MRs' 000 MRs' 000 MRs' 000 At 1 July ,740 (2,333,286) 236, ,466 7,357,333 72,139 2,036,500 1,072, ,358 68,330 9,515,381-9,515,381 Changes in Equity for the Period Realisation of Revaluation Surplus of Property , (11,228) Decrease in Value of Available-for-Sale Investments (321,373) (321,373) - (321,373) Translation Difference (302,941) - (302,941) - (302,941) Net Income Recognised directly in Equity ,228 - (321,373) (11,228) (302,941) - (624,314) - (624,314) Profit for the Period ,346, ,346,453-1,346,453 Total Recognised Income and Expense for the Period ,357,681 - (321,373) (11,228) (302,941) - 722, ,139 Dividend (542,176) (542,176) - (542,176) Transfer (295) At 31 December ,740 (2,333,286) 236, ,761 8,172,543 72,139 1,715,127 1,061,502 (38,583) 68,330 9,695,344-9,695,344

9 STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED DECEMBER 31, 2007 (CONT D) Net Unrealised Investment Investment Net Property Net Total Share Treasury Share Statutory Revenue Fluctuation Fair Value Revaluation Translation Equity Capital Shares Premium Reserve Reserve Reserve Reserve Reserve Reserve BANK MRs' 000 MRs' 000 MRs' 000 MRs' 000 MRs' 000 MRs' 000 MRs' 000 MRs' 000 MRs' 000 MRs' 000 At 1 July ,414 (912,663) 570, ,166 4,937,782 67,565 2,177, , ,386 8,772,564 Changes in Equity for the Period Realisation of Revaluation Surplus of Property , (16,817) - - Revaluation Decrease (5,213) - (5,213) Increase in Value of Available-for-Sale Investments (59,585) - - (59,585) Net Profit Released on Disposal of Available-for Sale Investments (3,670) - - (3,670) Translation Difference , ,165 Net Income Recognised directly in Equity ,817 - (63,255) (22,030) 110,165 41,697 Net Profit for the Period , ,726 Total Recognised Income and Expense for the Period ,543 - (63,255) (22,030) 110, ,423 Treasury Shares Cancelled (57,362) 912,663 (570,000) (57,362) (227,939) At 31 December , ,804 5,490,386 67,565 2,114, , ,551 9,577,987

10 STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED DECEMBER 31, 2007 (CONT D) Net Unrealised Investment Investment Net Property Net Total Share Treasury Share Statutory Revenue Fluctuation Fair Value Revaluation Translation Equity Capital Shares Premium Reserve Reserve Reserve Reserve Reserve Reserve BANK MRs' 000 MRs' 000 MRs' 000 MRs' 000 MRs' 000 MRs' 000 MRs' 000 MRs' 000 MRs' 000 MRs' 000 At 1 July ,414 (912,663) 570, ,166 4,937,782 67,565 2,177, , ,386 8,772,564 Changes in Equity for the Year Realisation of Revaluation Surplus of Property , (36,952) - - Effect of Change in Deferred Tax Rate on Revaluation Surplus of Property ,499-79,499 Net Increase in Revaluation Surplus of Property ,069-96,069 Deferred Tax on Increase in Revaluation Surplus of Property (33,118) - (33,118) Increase in Value of Available-for-Sale Investments , ,744 Net Gain Released on Disposal of Available-for Sale Investments (3,670) - - (3,670) Translation Difference , ,566 Net Income Recognised directly in Equity ,952-8, , , ,090 Profit for the Year ,494, ,494,425 Total Recognised Income and Expense for the Year ,531,377-8, , ,566 1,789,515 Shares Cancelled during the year (78,674) 912,663 (570,000) - (1,352,147) (1,088,158) Treasury Shares Purchased - (2,333,286) (2,333,286) Transfer (63,370) 58,796 4, At 30 June ,740 (2,333,286) - 393,796 5,175,808 72,139 2,185,756 1,072, ,952 7,140,635

11 STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED DECEMBER 31, 2007 (CONT D) Net Unrealised Investment Investment Net Property Net Total Share Treasury Share Statutory Revenue Fluctuation Fair Value Revaluation Translation Equity Capital Shares Premium Reserve Reserve Reserve Reserve Reserve Reserve BANK MRs' 000 MRs' 000 MRs' 000 MRs' 000 MRs' 000 MRs' 000 MRs' 000 MRs' 000 MRs' 000 MRs' 000 At 1 July ,740 (2,333,286) - 393,796 5,175,808 72,139 2,185,756 1,072, ,952 7,140,635 Changes in Equity for the Period Realisation of Revaluation Surplus of Property , (11,228) - - Revaluation Decrease Decrease in Value of Available-for-Sale Investments (261,965) - - (261,965) Net Profit Released on Disposal of Available-for Sale Investments Translation Difference (96,587) (96,587) Net Income Recognised directly in Equity ,228 - (261,965) (11,228) (96,587) (358,552) Net Profit for the Period ,262, ,262,736 Total Recognised Income and Expense for the Period ,273,964 - (261,965) (11,228) (96,587) 904,184 Dividend paid (542,176) (542,176) At 31 December ,740 (2,333,286) - 393,796 5,907,596 72,139 1,923,791 1,061, ,365 7,502,643

12 ABRIDGED CASH FLOW STATEMENTS FOR THE PERIOD ENDED DECEMBER 31, GROUP BANK Six Months Six Months Year Six Months Six Months Year ended ended ended ended ended ended 31-Dec 31-Dec 30-Jun 31-Dec 31-Dec 30-Jun MRs' 000 MRs' 000 MRs' 000 MRs' 000 MRs' 000 MRs' 000 Net Cash Provided by Operating Activities (855,274) 1,522,585 6,440,526 (627,418) 1,445,990 7,486,324 Net Cash used in Financing Activities (819,051) (1,078,612) (4,059,850) (890,462) (1,276,372) (4,436,852) Net Cash from Investing Activities 372,508 2,195,773 4,312, ,276 2,471,532 1,972,840 Net Change in Cash and Cash Equivalents (1,301,817) 2,639,746 6,693,109 (1,181,604) 2,641,150 5,022,312 Cash and Cash Equivalents at beginning of period 15,061,953 8,368,844 8,368,844 13,181,083 8,158,771 8,158,771 Cash and Cash Equivalents at end of period 13,760,136 11,008,590 15,061,953 11,999,479 10,799,921 13,181,083

13 NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2007 SEGMENT INFORMATION Primary reporting format - Business segments Consolidation Banking Leasing Others Adjustments Group MRs'000 MRs'000 MRs'000 MRs'000 MRs'000 Total Gross Income 3,887,608 79,656 96,601 (30,239) 4,033,626 Profit before Provision for Credit Impairment 1,569,810 32,256 84,655-1,686,721 Provision for Credit Impairment (211,339) (370) - - (211,709) Profit after Provision for Credit Impairment 1,358,471 31,886 84,655-1,475,012 Share of Profit of Associates 27,827 Net Income before Tax 1,502,839 Income Tax Expense (156,386) Net Income after Tax 1,346,453 Copies of the interim report are available to the public free of charge at the registered office of the Company, State Bank Tower, 1 Queen Elizabeth II Avenue, Place D Armes, Port Louis and can be viewed on our website: The Communiqué is issued pursuant to Listing Rule The Board of Directors of State Bank of Mauritius Ltd accepts full responsibility for the accuracy of the information contained in this Communiqué. By Order of the Board C APPADOO COMPANY SECRETARY