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llllll t I
ETBuildinq a betterworkinf world
CJSC SPITAMEN BANK
FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2OT4
Ernst & Young Ford Rhodes Sidat HyderChartered AccountantsProgressive Plaza, Beaumont RoadP.O. Box 15541, Karachi75530Pakistan
Tel: +9227 3555 0007-11Fax:+922L 3558 [email protected]/pk
HY f e t +9227 3565 0007-1 1Fax: +9227 3568 1965ey f r sh .kh i@pk .ey .comey .com/pk
Buildinq a betterworkin{ world
Independent Audltors' Report
To the Management Board of the Closed Joint Stock Company Spitamen Bank'
We have audited the accompanying financial statements of 'Closed Joint Stock Company SpitamenBank'(the Bank), which comprise the statement of f inancial posit ion as at 31 December ZOL4, and thestatements of comprehensive income, cash flow and changes in equity for the year then ended, andnotes, comprising a summary of signif icant accounting policies and other explanatory information.
Managemenf 's Responslbility for the Financlal Sfafemenfs
Management is responsible for the preparation and fair presentation of these financial statements inaccordance with International Financial Reporting Standards, and for such internal control asmanagement determines is necessary to enable the preparation of f inancial statements that are freefrom material misstatement, whether due to fraud or error.
Aud itor's Respons i bl ll ty
Our responsibil i ty is to express an opinion on these financial statements based on our audit. Weconducted our audi t in accordance with tnternat ional Standards on Audit ing. Those standards requirethat we comply with ethical requirements and plan and perform the audit to obtain reasonabteassurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures inthe financial statements. The procedures selected depend on the auditor's judgment, including theassessment of the risks of material misstatement of the financial statements, whether due to fraud orerror. In making those risk assessments, the auditor considers internal control relevant to the entity'spreparation and fair presentation pof the financial statements in order to design audit procedures thatare appropriate in the circumstances, but not for the purpose of expressing an opinion on theeffectiveness of the entity's internal control. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of accounting estimates made by management, aswell as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis forour qual i f ied audit opinion.
Basls of gualified opinlon
We did not observe the cash count as at 31 December 2Ot4 as we were engaged as auditors of theBank after the year ended 31 December 2QL4. Further, we were not able to satisfy ourselves as to theexistence of the cash held by the Bank by other means. Accordingly, we were unable to determinewhether any adjustment might be necessary to the cash in hand as at 31 December ZOt4
Quallfied Opinion
In our opinion, except for the possible effects of the matter described in the Basis for Qualif ied Opinionparagraph, the financial statements present fairly, in all material respects, the financiat posit ion of the'Cfosed Joint Stock Company Spitamen Bank' as at 31 December 2QL4, and its f inancial performanceand its cash flows for the period then ended in accordance with International Financial ReportingS tandards . n . . lWU*
t '
Ernst & Young Ford Rhodes Sidat HyderChartered AccountantsProgressive Plaza, Beaumont RoadP.O. Box 15547 , Karach i75530Pakistan
II
ETBuildino a betterworkin{world
Other Matter
The flnancial statements of the B.1nk for the year ended 31 December 2013 were audlted by anotheraudltor who expressed an unmodifled oplnion on those statements on 10 September 2O!4.
2*4\LY-AJAJ"^1W I e\Chartered Accountants
-
Engagement Partner: Omer Chughtal
Date: 08 June 2Ol5
Karachl, Pakfstan
A member tirm of Ernst & Young Global Limited
1
&,IC IPITATEN BANK
ITATE]f, E]IT OF COTIPRE}IENEIVE INCOTE
FOR TIIE VEAR ENDED !{ DECETBER 20'14
lnterest incomeInterest exPense
(Provision) / reversal of provision againstloans to customers
Net interest income
Foreign exchange gain - netFee and commission income - netDividend incomeOther incomeNet operating income
Operating expensesProfit before tax
Taxation
Profit for the Year after taxation
Other comPrehensive income
Tota|comprehensiveincomefortheyearaftertaxation
The annexed notes 1 to 28 form an integral parl of these financial statements'
Note 31 December2014
13.1 (6 ,314)7,734
26,7285,613
719
32.42140,155
9 16,44723,708
10 (6,508)
17,200
re
56
(TJS'000)
31,005 15,358
- (16,95-7) . g'g?)- 14 ,048 11 ,706
| 2 , 1 7 3 |I s ,411 |I Il lI 1 1 |
. 5,q9517,767
78
31 December2013
46612,172
7,0541 0 , 7 1 3
(2,676)
'8,037
-g':ob?- - - - - .
' ! d
ffi
ASSETS
Cash in hanGn6alancesarith thNationaBank oflaj ikistan
Due from banksLoans to customerslnvestmentPropertY and equiPmentIntangible assetsOther assetsTotal assets
LIABILITIES AND EQUIW
LIABILITIESDepositsBorrowingsDue to banksTax paYableOther liabilitiesTotal liabilities
EQUIWShare caPitalAdditional Paid-in caPitalGeneral ReserueRetained earningsTotal equitY
TOTAL LIABILITIES AND EQUIW
CONTINGENCIES AND COMMITMENTS
The annexed notes 1 to 2g form an integral part of these financial statements'
2
G'tG SP]TATIN BANK
tTATETEIIIT OF FINANCIAL FOSITTOI.I
AS AT t{ DECETBER 2O"4
1 11 21 31 41 51 61 7
1 81 9
Note 31 December 31 December2014 2013
(TJS'o0o)
205,3911,254
138,711714
22,9399,3312,120
380-460
47,24141,23478,420
7 1 414,8012,966
837re
20
52,227246,595
24,989
182303,996
53,622217140
72,20851,799
2202,425
305ffi
5 0 , 1 1 4217140
8,785
76,464 59,256
21
K,#"ffi
3
GJ$G gPITAMEN BANK
STATEMENT OF CAEH FLOW
FOR THE YEAR ENDED 3{ DECEMBER 2014
Note 31 December2014
31 December20'13
(TJS'000)
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before tax
Adjustments for non cash items
Depreciation and amortization expense
lnterest expense on borrowings
Unrealized exchange loss
(Provision; I reversil of provision against loans to customers
Loss on disposal of property and equipment
(lncrease) / decrease in assets:
Due from banksMandatory reserveLoans to customersOther assets
lncrease / (decrease) in l iabi l i t ies:
DePositsDue to banksAccounts payable and other l iabt l i t ies
Taxes Paidlnterest Paid on borrowtng
Net cash (used in) / genlrated from operating activit ies
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sales of property and equipment
Purchase of intangible assets
Purchase of properly and equipment
Net cash used in investing activit ies
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings
lssuance of share caPital
Net cash generated from financing activit ies
Net increase in cash and caslr equivalents durrng the year
Cash and cash equivalents at beginning of the year
C a s h a n d c a s h e q u i v a | e n t s a t e n d o f t h e y e a r
The annexed notes 1 to 2g form an integral part of these financial statements'
23,708
1 , 1 0 514,72216,893
6,3141 4
1 0 , 7 1 3
9242 , 1 9 9
58466
514,366
5,865
25
r---5ol @lI t2,3s2)l I (271)lI ts6,6o5)l | (63'633)l|
' r r .zesr l | .=(199) l--,990) (40'644)
f .-(
1J- e I o il [--- 6i3 s-? 1 II (218)l | 220 |I i r z g r l | = , ? 1 ? trc11 64J04
(3,944) (3Bo)t14.722t l?.ie?)(46,221) rc'zn t
r---nl=-RlL;*rt-ii,?idtI l
1 7 7 ' 9 1 0 c r ' / ' t r
79,249
8 5 , 1 1 5
4
CJSC SPITAMEN BANK
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 3{ DECEMBER 2014
Share Additional G"neralcapital Paid-in reserye
capit{ ffi
Retainedearnings
Total
Bafances at 31 December 2012
Total comprehensive income for the year
Balances at 31 December 2013
lssuance of ordinary share caPital
lssued as bonus shares
Total comprehensive income for the year
Balances at 31 December 2014
50,114 217 140
-
748
8,037
6ffi'- -de-rc-
8
51,219
8,037
50 ,114
I
3,500
217
(3,500)
17,200 17,200
f f i r c# = - F
The annexed notes 1 to 29 form an integral part of these financial