ARAB BANK GROUP ARAB BANK GROUP
AMMAN - HASHEMITE KINGDOM OF JORDAN
CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION
(REVIEWED NOT AUDITED)
30 JUNE 2023
ARAB BANK GROUP
AMMAN - HASHEMITE KINGDOM OF JORDAN
CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION
(REVIEWED NOT AUDITED)
30 JUNE 2023
Table of contents | |
Review Report | |
Condensed Consolidated Interim Statement of Financial Position | 1 |
Condensed Consolidated Interim Statement of Income | 2 |
Condensed Consolidated Interim Statement of Comprehensive Income | 3 |
Condensed Consolidated Interim Statement of Shareholder's Equity | 4 |
Condensed Consolidated Interim Statement of Cash Flows | 5 |
Page | |
Notes to the Condensed Consolidated Interim Financial Information | 6 - 34 |
Deloitte & Touche (ME) - Jordan Jabal Amman, 5th Circle 190Zahran Street
Amman 11118, Jordan
Tel: +962 (6) 5502200
Fax: +962 (6) 5502210
www.deloitte.com
Report on the Review of the Condensed Consolidated Interim Financial Information
AM / 6631
To the Chairman and Members of the Board of Directors
Arab Bank Group
(A Public Shareholding Limited Company)
Amman - The Hashemite Kingdom of Jordan
Introduction
We have reviewed the accompanying condensed consolidated interim statement of financial position for Arab Bank Group (A Public Shareholding Limited Company) as of June 30, 2023, and the related condensed consolidated interim statements of income and comprehensive income for the three-month and six-month period ended as of June 30, 2023, changes in owners' equity and cash flows for the six-month period then ended, and a summary of significant accounting policies and other explanatory notes. Management is responsible for preparation and fair presentation of interim financial information in accordance with International Accounting Standard 34 Interim Financial Reporting. Our responsibility is to express a conclusion on this condensed consolidated interim financial information based on our review.
Scope of Review
We conducted our review in accordance with International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed consolidated interim financial information is not prepared, in all material respects, in accordance with International Accounting Standard 34 Interim Financial Reporting.
Other Matters
- The condensed consolidated interim financial information of the Bank for the six-month period ended June 30, 2022 and the annual consolidated financial statements for the year ended December 31, 2022 were reviewed and audited respectively by another auditor who expressed an unmodified conclusion and unmodified opinion on the financial information and the statements on July 28, 2022 and February 12, 2023 respectively.
- The accompanying condensed consolidated interim financial information are a translation of the condensed consolidated interim financial information in the Arabic language to which reference is to be made.
Amman - Jordan | Deloitte & Touche (M.E.) - Jordan |
July 30, 2023 |
ARAB BANK GROUP
CONDENSED CONSOLIDATED INTERIM
STATEMENT OF FINANCIAL POSITION
30 June 2023 | 31 December 2022 | ||||
(Reviewed not | |||||
(Audited) | |||||
Notes | Audited) | ||||
ASSETS | USD '000 | USD '000 | |||
Cash and balances with central banks | 4 | 13 075 745 | 11 695 391 | ||
Balances with banks and financial institutions | 5 | 3 512 898 | 4 008 144 | ||
Deposits with banks and financial institutions | 6 | 377 935 | 610 306 | ||
Financial assets at fair value through profit or loss | 7 | 67 129 | 72 253 | ||
Financial derivatives - positive fair value | 201 315 | 196 232 | |||
Direct credit facilities at amortized cost | 9 | 32 308 098 | 31 726 598 | ||
Financial assets at fair value through other comprehensive income | 8 | 752 020 | 750 572 | ||
Other financial assets at amortized cost | 10 | 9 482 165 | 10 002 475 | ||
Investments in associates | 3 686 239 | 3 558 864 | |||
Fixed assets | 11 | 516 661 | 530 393 | ||
Other assets | 12 | 1 288 805 | 1 028 650 | ||
Deferred tax assets | 236 144 | 279 945 | |||
Total Assets | 65 505 154 | 64 459 823 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||
Banks and financial institutions' deposits | 3 708 174 | 3 517 640 | |||
Customers' deposits | 13 | 45 825 498 | 45 287 371 | ||
Cash margin | 2 464 294 | 2 461 500 | |||
Financial derivatives - negative fair value | 151 418 | 163 611 | |||
Borrowed funds | 14 | 538 709 | 522 368 | ||
Provision for income tax | 15 | 254 841 | 293 029 | ||
Other provisions | 224 821 | 232 423 | |||
Other liabilities | 16 | 1 756 024 | 1 570 172 | ||
Deferred tax liabilities | 10 825 | 9 253 | |||
Total Liabilities | 54 934 604 | 54 057 367 | |||
Equity | |||||
Share capital | 17 | 926 615 | 926 615 | ||
Share premium | 1 225 747 | 1 225 747 | |||
Statutory reserve | 17 | 926 615 | 926 615 | ||
Voluntary reserve | 977 315 | 977 315 | |||
General reserve | 1 211 927 | 1 211 927 | |||
General banking risks reserve | 153 030 | 153 030 | |||
Reserves with associates | 1 540 896 | 1 540 896 | |||
Foreign currency translation reserve | ( 380 004) | ( 400 986) | |||
Investments revaluation reserve | ( 371 811) | ( 362 590) | |||
Retained earnings | 19 | 3 433 533 | 3 289 293 | ||
Total Equity Attributable to the Shareholders of the Bank | 9 643 863 | 9 487 862 | |||
Perpetual tier 1 capital bonds | 18 | 360 527 | 360 527 | ||
Non-controlling interests | 566 160 | 554 067 | |||
Total Shareholders' Equity | 10 570 550 | 10 402 456 | |||
Total Liabilities and Shareholders' Equity | 65 505 154 | 64 459 823 | |||
The accompanying notes from (1) to (34) form an integral part of these condensed consolidated interim financial information and
should be read with them and with the review report.
ARAB BANK GROUP
CONDENSED CONSOLIDATED INTERIM STATEMENT OF INCOME
(REVIEWED NOT AUDITED)
For the Six-Months | For the Three-Months | ||||||||
Period Ended 30 June | Period Ended 30 June | ||||||||
Notes | 2023 | 2022 | 2023 | 2022 | |||||
USD '000 | USD '000 | USD '000 | USD '000 | ||||||
REVENUE | |||||||||
Interest income | 20 | 1 723 198 | 1 132 932 | 891 689 | 577 091 | ||||
Less:interest expense | 21 | 739 117 | 432 367 | 385 950 | 219 018 | ||||
Net Interest Income | 984 081 | 700 565 | 505 739 | 358 073 | |||||
Net commission income | 22 | 199 557 | 196 017 | 104 810 | 96 966 | ||||
Net Interest and Commission Income | 1 183 638 | 896 582 | 610 549 | 455 039 | |||||
Foreign exchange differences | 57 434 | 56 106 | 29 597 | 29 888 | |||||
Gain from financial assets at fair value | 23 | 1 482 | ( 289) | 323 | ( 610) | ||||
Dividends from financial assets at fair value through other comprehensive income | 8 | 7 410 | 7 205 | 3 207 | 2 272 | ||||
Group's share of profits of associates | 258 162 | 169 872 | 126 436 | 87 298 | |||||
Other revenue - net | 24 | 22 714 | 38 705 | 9 991 | 20 048 | ||||
Total Income | 1 530 840 | 1 168 181 | 780 103 | 593 935 | |||||
EXPENSES | |||||||||
Employees' expenses | 343 913 | 313 410 | 171 818 | 153 685 | |||||
Other expenses | 215 043 | 194 982 | 115 288 | 104 109 | |||||
Depreciation and amortization | 42 130 | 42 595 | 20 657 | 21 790 | |||||
Expected credit loss on financial assets | 298 894 | 221 423 | 167 440 | 145 768 | |||||
Provision for impairment of investments held for sale | - | 13 000 | - | 13 000 | |||||
Other provisions | 13 132 | 5 035 | 7 349 | 3 101 | |||||
Total Expenses | 913 112 | 790 445 | 482 552 | 441 453 | |||||
Profit for the Period before Income Tax | 617 728 | 377 736 | 297 551 | 152 482 | |||||
Less:Income tax expense | 15 | 216 460 | 125 379 | 112 581 | 66 168 | ||||
Profit for the Period | 401 268 | 252 357 | 184 970 | 86 314 | |||||
Attributable to : | |||||||||
- | Bank's shareholders | 383 065 | 241 647 | 174 552 | 82 781 | ||||
- | Non-controlling interests | 18 203 | 10 710 | 10 418 | 3 533 | ||||
Total | 401 268 | 252 357 | 184 970 | 86 314 | |||||
Earnings per share attributable to the Bank's shareholders | |||||||||
- | Basic and Diluted (US Dollars) | 31 | 0.59 | 0.37 | 0.26 | 0.12 | |||
The accompanying notes from (1) to (34) form an integral part of these condensed consolidated interim financial information and should be read with them and with the
review report.
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Disclaimer
Arab Bank plc published this content on 31 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 July 2023 08:34:01 UTC.
