Full ReportSTATEMENT OF CASH FLOWS |For the year ended 31 December 2016
Note |
31 December 2016 |
31 December 2015
|
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CASH FLOW FROM OPERATING ACTIVITIES |
|
|
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Profit for the year |
519,072 |
487,687 |
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Adjustments for: |
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|
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Provision against loans and advances |
79,818 |
98,873 |
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Depreciation |
50,651 |
44,805 |
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Amortization |
99,056 |
73,508 |
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Provision on investment |
1,788 |
13,555 |
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Provision on placements |
65,222 |
24,623 |
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Effect of exchange rate fluctuation on cash held |
– |
(2,687,947) |
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Net interest income |
(1,057,925) |
(1,074,726) |
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Income tax expense |
48,843 |
65,451 |
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|
(193,475) |
(2,954,171) |
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| Changes in operating assets and liabilities |
|
|
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Receivable from financial institutions |
(350,004) |
(69,465) |
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Required reserve maintained with DAB |
244,839 |
(298,275) |
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Cash margin held with other banks |
8,962 |
128,487 |
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Loans and advances to customers – net |
(351,353) |
(667,003) |
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Other assets |
(309,771) |
5,061 |
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Deferred income on commercial letter of credit and guarantees |
(11,286) |
18,579 |
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Customers’ deposits |
(3,919,884) |
5,089,179 |
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Other liabilities |
(14,497) |
(15,271) |
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|
(4,896,468) |
1,237,121 |
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Interest received |
998,190 |
998,702 |
|||
Interest paid |
(13,346) |
(6,016) |
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Income tax paid |
(221,219) |
(108,993) |
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Net cash (used in)/from operating activities |
(4,132,843) |
2,120,814 |
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CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
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Capital work-in-progress |
(586,110) |
(545,402) |
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Acquisition of operating fixed assets |
(42,568) |
(55,309) |
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Acquisition of intangible assets |
(53,565) |
(87,362) |
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Placements (with maturity more than three months) |
(3,746,107) |
(2,077,591) |
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Investments |
(815,904) |
849,455 |
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Net cash used in investing activities |
(5,244,254) |
(1,916,209) |
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CASH FLOWS FROM FINANCING ACTIVITIES |
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Dividend paid |
(335,100) | (144,000) | |||
Net cash used in financing activities |
(335,100) |
(144,000) |
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Net (decrease)/increase in cash and cash equivalents |
(9,712,197) |
60,605 |
|||
Cash and cash equivalents at 01 January |
28,171,173 |
25,422,621 |
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Effect of exchange rate fluctuation on cash held |
– |
2,687,947 |
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| Cash and cash equivalents at 31 December | 29 | 18,458,976 | 28,171,173 |
Chief Executive Officer
Chief Financial Officer
Chairman