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Al Baraka Banking Group (B.S.C.)
INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
30 September 2016 (Reviewed)
INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At 30 September 2016 (Reviewed)
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the nine months ended 30 September 2016 (Reviewed)
30 September 2016
US$ ‘000
ASSETS
Cash and balances with banks
Receivables
Mudaraba and Musharaka financing
Investments
Ijarah Muntahia Bittamleek
Property and equipment
Other assets
TOTAL ASSETS
(Audited)
31 December 2015
US$ ‘000
4,927,337
12,215,996
1,588,013
3,437,963
1,812,711
448,382
496,534
24,926,936
5,373,409
11,959,052
1,558,593
3,105,750
1,734,457
444,608
442,332
24,618,201
LIABILITIES, EQUITY OF INVESTMENT ACCOUNTHOLDERS AND OWNERS’ EQUITY
LIABILITIES
Customer current and other accounts
Due to banks
Long term financing
Other liabilities
Total liabilities
EQUITY OF INVESTMENT ACCOUNTHOLDERS
4,824,300
733,994
1,359,341
948,070
7,865,705
4,841,099
808,268
1,497,208
862,444
8,009,019
14,906,316
14,514,599
OWNERS’ EQUITY
Share capital
Treasury shares
Share premium
Reserves
Cumulative changes in fair values
Foreign currency translations
Retained earnings
Proposed appropriations
Equity attributable to parent’s shareholders
Non-controlling interest
Total owners’ equity
1,149,218
(9,327)
18,754
163,847
38,140
(507,117)
543,592
1,397,107
757,808
2,154,915
TOTAL LIABILITIES, EQUITY OF INVESTMENT ACCOUNTHOLDERS
AND OWNERS’ EQUITY
24,926,936
1,115,746
(8,464)
17,662
165,459
38,529
(461,948)
433,631
55,787
1,356,402
738,181
2,094,583
24,618,201
INTERIM CONSOLIDATED STATEMENT OF INCOME
For the nine months ended 30 September 2016 (Reviewed)
Income
Net income from jointly financed contracts and investments
Return on equity of investment accountholders before Group’s share
as a Mudarib
Group’s share as a Mudarib
Return on equity of investment accountholders
346,602
296,843
(228,052)
73,216
(154,836)
(837,250)
293,604
(543,646)
(756,070)
257,796
(498,274)
162,228
142,007
458,642
402,204
Profit paid on long term financing
654
60,862
30,378
18,107
272,229
(21,545)
1,340
58,678
49,937
(8,277)
243,685
(8,049)
2,457
210,282
132,527
48,610
852,518
(63,616)
3,431
201,799
142,848
24,983
775,265
(37,248)
TOTAL OPERATING INCOME
250,684
235,636
788,902
738,017
OPERATING EXPENSES
Staff expenses
Depreciation and amortisation
Other operating expenses
TOTAL OPERATING EXPENSES
76,673
2,184
46,233
125,090
74,910
12,387
42,951
130,248
250,629
32,917
143,654
427,200
232,304
34,593
137,658
404,555
NET INCOME FOR THE PERIOD BEFORE NET PROVISIONS AND
TAXATION
1,002,288
125,594
105,388
361,702
333,462
(39,157)
(11,042)
(76,686)
(34,249)
NET INCOME FOR THE PERIOD BEFORE TAXATION
Taxation
86,437
(25,644)
94,346
(30,646)
285,016
(81,176)
299,213
(85,126)
60,793
63,700
203,840
214,087
35,035
25,758
60,793
3.07
36,400
27,300
63,700
3.19
116,421
87,419
203,840
10.21
121,072
93,015
214,087
10.61
Attributable to:
Equity holders of the parent
Non-controlling interest
Basic and diluted earnings per share - US cents
3
continents
15
countries
572,276
(351,962)
(570,512)
Net cash (used in) from financing activities
(192,245)
587,104
(78,856)
(269,755)
Foreign currency translation adjustments
NET CHANGE IN CASH AND CASH EQUIVALENTS
342,339
319,113
Cash and cash equivalents at 1 January
2,292,689
2,735,121
CASH AND CASH EQUIVALENTS AT 30 SEPTEMBER
2,635,028
3,054,234
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN OWNERS’ EQUITY
For the nine months ended 30 September 2016 (Reviewed)
At 1 January 2016
Dividends
700
Attributable to
equity holders of
the parent
Non-controlling
intreset
Total owners’
equity
US$ ‘000
US$ ‘000
US$ ‘000
1,356,402
738,181
(22,143)
Net movement in treasury shares
Net movement in cumulative changes in fair values
Net movement in other reserves
-
229
-
(389)
(140)
2,094,583
(22,143)
229
(529)
(1,612)
(1,501)
(3,113)
Foreign currency translation
(45,169)
(33,687)
(78,856)
Net income for the period
116,421
Net movement in non-controlling interest
87,419
-
(31,424)
(6,632)
-
-
(1,040)
203,840
(31,424)
(6,632)
(1,040)
At 30 September 2016
1,397,107
757,808
2,154,915
At 1 January 2015
1,338,079
736,544
2,074,623
900,478
Net provisions
NET INCOME FOR THE PERIOD
965,402
Net cash used in investing activities
Allocation of Zakah
Three months ended
Nine months ended
30 September 30 September 30 September 30 September
2016
2015
2016
2015
US$ ‘000
US$ ‘000
US$ ‘000
US$ ‘000
30 September 2015
US$ ‘000
Net cash from operating activities
Dividends of subsidiaries
(275,509)
91,135
(184,374)
Group’s share of income from equity of investment accountholders
(as a Mudarib and Rabalmal)
Mudarib share for managing off-balance sheet equity of investment
accountholders
Net income from self financed contract and investment
Fees and commission income
Other operating income
30 September 2016
US$ ‘000
Dividends
(32,816)
Net movement in treasury shares
Net movement in cumulative changes in fair values
Net movement in other reserves
170
Net income for the period
121,072
At 30 September 2015
Saleh Abdullah Kamel
Chairman
(281)
4,595
(154,179)
Effects of acquision of non-controlling interest
-
(828)
Foreign currency translation
Dividends of subsidiaries
-
716
(447)
1,275,646
(32,816)
170
(1,109)
5,311
(115,577)
(269,756)
93,015
214,087
(33,494)
(33,494)
447
-
681,370
1,957,016
Adnan Ahmed Yousif
Member of the Board and President and Chief Executive
The above Interim Consolidated Financial Statements, have been extracted from the Interim Condensed
Consolidated Financial Statements reviewed by Ernst & Young-Bahrain.
These statements are available in full detail on the website indicated below.
Your Partner Bank
albaraka.com
branches
Al Baraka Banking Group B.S.C.
Al Baraka Headquarters - Bahrain Bay
P.O. BOX 1882, Manama - Kingdom of Bahrain
(Licensed as an Islamic Wholesale Bank by CBB)