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EYBuilding a betterworking world
Bank Alfalah Limited - AfghanistanCondensed interim financial information(Un-audited)For the nine months ended 30 September 2016
Independent auditors' review report
Ernst & Young Ford RhodesSidat HyderChartered AccountantsHouse 1013, Street 2Shirpoor Road, KabulAfghanistan
Tel: +93 752 055 [email protected]/pk
EY Ernst & Young Ford Rhodes Sidat HyderChartered AccountantsHouse 1013, Street 2Shirpoor Road, KabulAfghanistan
Tel: +93 752 055 [email protected]/pk
Building a betterworking world
INDEPENDENT AUDITORS' REPORT ON REVIEW OFCONDENSED INTERIM FINANCIAL INFORMATION
Introduction
Wehave reviewed the accompanying condensed interim statement of financial position of BankAlfalah Limited Afghanistan as at 30 September 2016 and the related interim condensed statementsof comprehensive income, changes in equity and cash flows together with the notes forming partthereof (here-in-after referred to as the "condensed interim financial information") for the nine monthperiod then ended. Management is responsible for the preparation and presentation of this condensedinterim financial information in accordance with the applicable financial reporting framework as statedin note 2 to the condensed interim financial information. Our responsibility is to express a conclusionon this condensed interim financial information based on our review.
Scope of Review
Weconducted our review in accordance with the International Standard on Review Engagements2410, "Review of Interim Financial Information PerflJrmed by the Independent Auditors of the Entity".A review of condensed interim financial information consists of making inquiries, primarily of personsresponsible for financial and accounting matters, and applying analytical and other review procedures.~ review is substantially less in scope than an audit conducted in accordance with InternationalStandards on Auditing and consequently does not enable us to obtain assurance that we would becomeaware of all significant matters that might be identified in an audit. Accordingly, we do not express anaudit opinion.
Conclusion
Basedon our review, nothing has come to our attention that causes us to believe that theaccompanying condensed interim financial information is not prepared, in all material respects, inaccordance with the applicable financial reporting framework as stated in note 2 to the condensedinterim financial information.
Other Matters
The financial statements for the year ended 31 December 2015 were audited by another firm ofchartered accountants whose audit report, dated 29 March 2016, expressed an unqualified opinionthereon. The requirement to review nine month period ended condensed interim financial information9Y aucttors is applicable from the current year, thus the condensed interim financial information of the~'ankfor the nine month period ended 30 September 2015 was not reviewed by the predecessorauditor.
Chartered AccountantsEngagement Partner: Shabbir YunusDate: 13 November 2016Kabul, Afghanistan
Bank Alfalah Limited Afghanistan
Condensed Interim statement of financial position (Un-audited)As at 30 September 2016
30 September 31 December2016 2015
(Un-audited) (Audited)Note AFS '000' AFS '000'
Assets
Cash and cash equivalents 3,541,588 7,778,009Investments 4 7,501,993 4.225,347Loans and advances to banks 771,606 990,189Loans and advances to customers - net 5 21,873 113,584Property and equipment 7,874 9,172Deferred tax asset49,130 59,382Other assets 111701732 1 171,594Total assets
13,064,796 14,347,277
Liabilities
Deposits from banks 244,131 364,609Deposits from customers 6 11,244,537 12,702,839Other liabilities 157lO4 128018Total liabilities 11,646,372 13,195,466
Equity
Capital contributed by Head Office 1,000,000 1,000,000Capital reserve 7,484 7,484Surplus I (Deficit) on revaluation of available for sale investments 133,213 (57,338)Retained earnings 277127 2011665Total equity 1,418,424 1,151,811
Total liabilities and equity 13,064.796 14,347,277
Contingencies and commitments 7
Bank Alfalah Limited Afghanistan
Condensed Interim statement of comprehensive income (Un-audlted)For the nine months ended 30 September 2016
Nine months Nine months Three months Three monthsended ended ended ended
30 September 30 September 30 September 30 September2016 2015 2016 2015
------_ (AFS '000') ---- _
Interest income 237,931 225,337 95,264 71,540Interest expense{33.388) (211604) {15.536} (7.639)Net interest income 204,543 203,733 79,728 63,901
Fee and commission income25.697 II 42,2671Fee and commission expense{599} (2,389):Net fee and commission Income
25,098 39,878Income from dealing in foreign currencies1z173 6,769
106,599 110,548Other income 75,586 (149,525) 11,724 (166,976)Reversal of provision against loans and advances 1,398 2,935 462 424Provision on placements (6,049) (6,049)Personnel expenses (77,096) (78.249) (23,231) (24,090)Depreciation (3,204) (3,454) (929) (1,032)Other operating expenses !121,961~ {S31959} {22,2411 (30,418)Profltl(Loss) before taxation 213,828 35,408 66,335 (111,544)Taxation (34.791) (51763) (9.756) 22,619Protitl(Loss) after taxation 179.037 29,645 56,579 (88,925)Other comprehensive incomeItems that are or may be reclassified toprofit or loss in subsequent periods
Surplus/(deficit) on revaluation ofavailable for sale investments 228,661 (25,251) 219,051 3,463Related deferred tax (381110) 5,050 (351590) (693)Other comprehensive income/(loss) 190.551 (201201) 1831461 2770
Total comprehensive Income/(los8) 3691588 91444 240 040 ,86.155}----The annexed notes 1 to 9 form an integral part of this condensed interim fina(ci'al information.
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Bank Alfalah Limited AfghanistanCondensed Interim statement of cash flows (Un-audited)For the nine months ended 30 September 2016
CASH FLOW FROM OPERATING ACTIVITIES
Profit before taxation
Adjustments for non-cash ItemsDepreciationReversal of provision against non-performing advancesLoss on disposal of property and equipment
Decrease I (Increase) In operating assetsLoans and advances to banksLoans and advances to customers - netOther assets
Decrease I (Increase) In operating liabilitiesDeposits from banksDeposits from customersOther liabilities
Income tax paidNet cash flows I (used In) from operating activities
CASH FLOW FROM INVESTING ACTIVITIES
Investments - netAcquisition in property and equipmentSale proceeds from disposal of property and equipmentNet cash flows used In Investing activities
CASH FLOW FROM FINANCING ACTIVITIES
Remittances to Head OfficeNet cash used in financing activities
Net decrease in cash and cash equivalentsCash and cash equivalents at beginning of the periodCash and cash equivalents at end of the period
Nine monthsended
Nine monthsended
30 September2016
AFS '000'
30 September2015
AFS '000'
213.828 35,408
3.204 3,454(1,398) (2,935)
{186)215,634 35.741
218,583 (345.669)93,109 118.611
862 {70,457)312,554 (297,515)
(120,478) 390,162(1,458,302) 713,435
29,686 64636(1,549,094) 1.168.233
(24,539) (42.558)(1,045,445) 863.901
(3.086,095)(1,906)
(950.706)(369)213
(3,088,001) (950,862)
(102,975) __ -.....;(2:;-;1-7°",='07:00~)(102,975) (210,OOO)
(296.961)6,229.863
The annexed notes 1 to 9 form an integral part of this condensed interim finan ial information:~ -,
Bank Alfalah Limited Atvhanl.t.nNote. to the condenseel Interim ftnanclal Information (Un-audited)For the nine month. ended 30 September 2016
STATUSAND NATURE OF BUSINESS
Bank AJfalahLimited Afghanistan (''the Bank") is a foreign branch of Bank AJfalahLimited, Pakistan and is registered andoperating in Afghanistan as a commercial bank. The Bankobtained bUllness license from Afghanistan InvestmentSupportAgency which has been renewed on 01 August 2016. The Bank commenced its operations on 05 September 2005 underthe license for commercial banking issued by Da Afghanistan Bank (DAB) under the Law of Banking in Afghanistan.Currently, the Bank has two conventional banking branches at Kabul and Herat including one sub-branch in UNCompoundKabul.
The registered office of the Bank is located in Kabul,Afghanistan.
2 BASIS OF PREPARATIONThis condensed interim financial information of the Bank for the nine monthsended 30 September 2016 has been preparedin accordance with the requirements of the International Accounting Standard 34 - 'Interim Financial Reporting' and theLaw of Banking in Afghanistan. In case, where requirementsdiffer, the requirement of Law of Banking of Afghanistan takesprecedence.
The disclosures made in this condensed interim financial information have been limited based on the format prescribedbythe InternationalAccounting Standard (lAS) 34 - 'Interim Financial Reporting' and do not include all the information requiredin the annual financial statements. Accordingly, this condensed interim financial information should be read in conjunctionwith the annual financial statements ofthe Bank for the year ended 31 December 2015.
3 ACCOUNTINGPOLICIES
The accounting policies adopted in preparation of this condensed interim financial information are consistent with thosefollowed in the preparation of the annual financial statements of the Bank for the year ended 31 December 2015.
The estimates I judgments and assumptions used in the preparation of this condensed interim financial information areconsistent with those applied In the preparation of the annual finanCial statements of the Bank for the year ended 31December2015.
The financial risk management policies and procedures are the same 8S those disclosed in annual financial statementsofthe Bank for the year ended 31 December 2015.
4 INVESTMENTS30 September 31 December
201' 2015(Un-audlted) (Audited)
Note AFS '000' AFS '000'
Available-for-sale Investments:Foreignbonds 4.1 5,241,071 2,340,904
Held-lo-maturity investments:Capital noteswith DAB 4.2 1,600,127 839.478State of Qatar 2026 Bond 4.3 328,654PakistanEuro Bond 4.4 332141 1044965
2.260.922 1884,443G>1,..... 715011993 412251347
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Bank Alfalah Limited Afghanistan
Notes to the c:onden_d Interim flnanc:lal Information (Un-audited)For the nine months ended 30 SeptemtJer 2016
8 RELATED PARTY TRANSACTIONS
The Bank is a fully owned branch of Bank AJfalah Limited Pakistan. Related parties comprl$e associated undertakings. majority shareholders.retirement benefit plans. diredors of the Head Office of the Bank. key management personnel of the Bank and its Head OffICe.Transactionswith key management personnel have been carried out a. per term. of their employment. Detail. of transactions and balances with relatedparties are as follows:
8.1 Transactions with other ..... t.d PIIrtI ••
Detail. of tran •• ctlon. with the ... Iated partial during the period I y•• r .... a. follows:
30 S.ptember 31 December2016 2015
(Un-audited) (Audited)Name of group companle. Nature of transaction. AFS '000' AFS '000'
Bank Alfalah Limited Bahrain Placement made 3,784,800 540.545Placement matured 4,249,600 717.185
Nine month. Nine months Th .... month. ThrH months
end.d .nded ended .nd.d
3O-Sep-16 30-S.p-15 30-Sep-18 30-Sep.15AFS'OOO' AFS '000' AFS '000' AFS '000'
Bank Alfalah Limited Bahrain Income earned on placements 4,711 3.438 1,799 1,188Interest income on interest rate swap 5.495 2.106 1,937 798
Interest raceivable on Interest rate swap 1,017 629 20 242
Interest expense on interest rate swap 19,698 17,325 6,487 6.101
Interest payable on interest rate swap 7,485 7.307 1,892 2.346
Bank AJlalahLimited Pakistan Profit remitted to Head Office 102,975 210.000
Alfalah Insurance Company Reimbursement of insurance premium6,984 2.530Limited paid
Balance. with related partiH aa at period I yaar and ara •• follow.:30·Sep-16 31·0ec-15
(Un-auditad) (Audited)
Name of group company Nature of transaction AFS '000' AFS '000'
Bank AJfalahLimited Bahrain Placement 479.150
8.2 Key management compensation
Nine months Nln. months ThTHmonths Three months
.nded .nded ended ended
30-S.p-16 30-Sep-15 30-Sep-16 30-Sep-15(Un-audlt.d) (Un-audltld) (Un-audlted) (Un-audlted)
AFS '000' AFS '000' AFS '000' AFS '000'
Salaries and benefits 25,638,468 21.688.723 7,418,664 6.474.688
In addition to their salaries. the Bank also provides non-cash benefit to executives which Include fumished accommodation.
9 Date of authorization for is.ue
This condensed interim financial information has been authorized for issue by the CountBankon _
~
Country Manager of the