Annual Report 2017
Your Partner for Growth
Financial Statements
Statement of Cash Flows
For the year ended 31 December 2017
| Note | 31 December 2017 AFN ‘000’ |
31 December 2016 AFN ‘000’ |
|
|---|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES | |||
| Profit for the year | 357,945 | 519,072 | |
| Adjustments for: | |||
| Provision against loans and advances | 9.4 | (48,091) | 79,818 |
| Depreciation | 11.2 | 57,319 | 50,651 |
| Amortization | 12.1 | 99,236 | 99,056 |
| Reversal/(provision) on placements | 7.3 | (52,444) | 65,222 |
| Provision on investments | 64,366 | 1,788 | |
| General provision on: | |||
| Guarantees | 17.2 | 65,310 | – |
| Other assets | 14.2 | 5,747 | – |
| Commercial letters of credit | 17.2 | 2,928 | – |
| Net interest income | (1,081,348) | (1,057,925) | |
| Income tax expense | 27 | 287,513 | 48,843 |
| (241,519) | (193,475) | ||
| Changes in operating assets and liabilities | |||
| Receivable from financial institutions | (65,050) | (350,004) | |
| Required reserve maintained with DAB | (1,378,903) | 244,839 | |
| Cash margin held with other banks | (48,143) | 8,962 | |
| Loans and advances to customers – net | 407,509 | (351,353) | |
| Other assets | 287,837 | (309,771) | |
| Deferred income | (3,165) | (11,286) | |
| Customers’ deposits | 2,183,778 | (3,919,884) | |
| Deposits from banks | 500,000 | – | |
| Other liabilities | 50,567 | (14,497) | |
| 1,693,011 | (4,896,468) | ||
| Interest received | 1,167,371 | 998,190 | |
| Interest paid | (60,009) | (13,346) | |
| Income tax paid | (435,318) | (221,219) | |
| Net cash (used in)/from operating activities | 2,365,055 | (4,132,843) | |
| CASH FLOWS FROM INVESTING ACTIVITIES | |||
| Capital work-in-progress | (941,868) | (586,110) | |
| Acquisition of operating fixed assets | (36,314) | (42,568) | |
| Acquisition of intangible assets | (17,697) | (53,565) | |
| Placements (with maturity more than three months) | 7,801,384 | (3,746,107) | |
| Investments | (1,649,623) | (815,904) | |
| Net cash used in investing activities | 5,155,882 | (5,244,254) | |
| CASH FLOWS FROM FINANCING ACTIVITIES | |||
| Dividend paid | 18 | (412,605) | (335,100) |
| Net cash used in financing activities | (412,605) | (335,100) | |
| Net increase/(decrease) in cash and cash equivalents | 7,108,872 | (9,712,197) | |
| Cash and cash equivalents at 01 January | 18,458,976 | 28,171,173 | |
| Cash and cash equivalents at 31 December | 29 | 25,567,848 | 18,458,976 |
Chief Executive Officer
Chief Financial Officer
Chairman