Posted by: 23 june, 2023
JOINT STOCK COMMERCIAL MORTGAGE BANK "IPOTEKA BANK" AND ITS SUBSIDIARIES
Bank is registered in Uzbekistan to carry out banking and foreign exchange activities and has operated under the banking license No.74 reissued by the Central bank of Uzbekistan (the "CBU") on December 25, 2021.
The Bank's registered address is: P/o box 100000. 30, Shakhrisabz Street, Tashkent, Uzbekistan.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2022
(In millions of UZS)
|
|
31 December |
31 December |
|
ASSETS |
||
|
Cash and cash equivalents |
5,070,178 |
7,229,674 |
|
Due from other banks |
1,952,797 |
2,031,514 |
|
Loans and advances to customers |
32,856,102 |
29,263,226 |
|
Debt securities at amortized cost |
3,921,719 |
1,095,081 |
|
Financial assets at fair value through other comprehensive income |
5,671 |
4,308 |
|
Investment in associates |
30,180 |
22,907 |
|
Premises, equipment and intangible assets |
313,596 |
325,586 |
|
Current income tax prepayment |
- |
25,666 |
|
Deferred tax asset |
83,453 |
34,292 |
|
Other financial assets |
29,883 |
21,385 |
|
Other non-financial assets |
304,554 |
110,677 |
|
TOTAL ASSETS |
44,568,133 |
40,164,316 |
|
LIABILITIES |
||
|
Due to other banks |
1,783,791 |
- |
|
Customer accounts |
12,569,851 |
13,632,275 |
|
Debt securities in issue |
4,184,718 |
4,057,179 |
|
Borrowings from government, state and international financial institutions |
19,145,068 |
16,947,048 |
|
Subordinated debt |
425,905 |
425,905 |
|
Deferred tax liability |
- |
- |
|
Other financial liabilities |
9,137 |
13,306 |
|
Other non-financial liabilities |
188,114 |
161,559 |
|
TOTAL LIABILITIES |
38,306,584 |
35,237,272 |
|
EQUITY |
||
|
Share capital |
2,987,950 |
2,990,570 |
|
Retained earnings |
3,270,843 |
1,936,488 |
|
Revaluation reserve of financial assets at fair value through other comprehensive income |
2,756 |
(14) |
|
Net assets attributable to the Bank’s owners |
6,261,549 |
4,927,044 |
|
TOTAL EQUITY |
6,261,549 |
4,927,044 |
|
TOTAL LIABILITIES AND EQUITY |
44,568,133 |
40,164,316 |
ONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED DECEMBER 31, 2022
(In millions of UZS)
|
|
Attributable to owners of the Bank |
|||
|
1 January 2022 |
2,990,570 |
1,936,488 |
(14) |
4,927,044 |
|
Net profit for the period |
- |
1,334,355 |
- |
1,334,355 |
|
Other comprehensive income for the period |
- |
- |
2,770 |
2,770 |
|
Total comprehensive income for the period |
- |
1,334,355 |
2,770 |
1,337,125 |
|
Transfer of shares to the Agency for Management of State Assets of the Republic of Uzbekistan |
(2,620) |
|
- |
(2,620) |
|
Ordinary shares issued |
- |
- |
- |
- |
|
31 December 2022 |
2,987,950 |
3,270,843 |
2,756 |
6,261,549 |
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED DECEMBER 31, 2022
(In millions of UZS)
|
|
2022 |
2021 |
|
Interest income calculated using the effective interest rate |
4,512,276 |
3,693,881 |
|
Other interest income |
35,590 |
28,594 |
|
Interest expense |
(2,094,645) |
(1,600,739) |
|
Net interest income before charge for expected credit losses |
2,453,221 |
2,121,736 |
|
Charge for credit losses on loans and advances to customers |
(295,121) |
(591,328) |
|
Net interest income |
2,158,100 |
1,530,408 |
|
Fee and commission income |
391,997 |
343,937 |
|
Fee and commission expense |
(75,501) |
(82,415) |
|
Net gain from trading in foreign currencies |
146,021 |
59,841 |
|
Net (loss)/gain from foreign exchange translation |
(19,576) |
10,050 |
|
Net effect of initial recognition of financial instruments at fair value |
(23,913) |
(8,336) |
|
Loans and advances to customers |
(7,388) |
(8,336) |
|
Borrowings from government, state and international financial institutions |
(16,525) |
- |
|
Dividend income |
2,916 |
164 |
|
Impairment charge on other financial assets and contingencies |
(21,655) |
(33,620) |
|
Impairment charge on assets held for sale |
(25,417) |
- |
|
Other operating income |
130,425 |
161,925 |
|
Administrative and other operating expenses |
(1,107,935) |
(894,127) |
|
Share of profit of associates |
4,828 |
2,553 |
|
Profit before tax |
1,560,290 |
1,090,380 |
|
Income tax expense |
(225,935) |
(203,599) |
|
Profit for the period from continuing operations |
1,334,355 |
886,781 |
|
DISCONTINUED OPERATIONS |
|
|
|
Loss for the year from discontinued operations |
- |
- |
|
NET PROFIT FOR THE PERIOD |
1,334,355 |
886,781 |
|
Items that are or may be reclassified subsequently to |
3,462 |
(61) |
|
Tax effect |
(692) |
12 |
|
Total other comprehensive loss for the period |
2,770 |
(49) |
|
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
1,337,125 |
886,732 |
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2022
(In millions of UZS)
|
|
2022 |
2021 |
|
Cash flows from operating activities |
|
|
|
Interest received |
4,454,775 |
3,436,565 |
|
Interest paid |
(2,020,858) |
(1,557,336) |
|
Fees and commissions received |
367,769 |
325,246 |
|
Fees and commissions paid |
(75,501) |
(82,415) |
|
Insurance operations income received |
30,075 |
76,442 |
|
Insurance operations expense paid |
(4,397) |
(12,869) |
|
Income received from trading in foreign currencies |
146,021 |
79,867 |
|
Other operating income received |
99,668 |
85,198 |
|
Staff costs paid |
(806,250) |
(591,932) |
|
Administrative and other operating expenses paid |
(208,305) |
(177,385) |
|
Income tax paid |
(250,122) |
(189,175) |
|
Cash flows from operating activities before changes |
1,732,875 |
1,392,205 |
|
Net decrease / (increase) in due from other banks |
141,141 |
(291,504) |
|
Net increase in loans and advances to customers |
(3,724,922) |
(5,689,615) |
|
Net increase in other financial assets |
(8,881) |
(118) |
|
Net decrease in other non-financial assets |
7,312 |
15 |
|
Net increase / (decrease) in due to other banks |
1,736,719 |
(517,837) |
|
Net (decrease) / increase in customer accounts |
(1,180,522) |
4,514,710 |
|
Net increase in insurance liabilities |
- |
- |
|
Net increase in other financial liabilities |
779 |
2,711 |
|
Net decrease in other non-financial liabilities |
(5,322) |
(5,345) |
|
Net cash used in operating activities |
(1,300,821) |
(594,777) |
|
Cash flows from investing activities |
|
|
|
Purchase of premises, equipment and intangible assets |
(61,785) |
(58,945) |
|
Proceeds from disposal of premises, equipment and |
8,757 |
1,706 |
|
Sale of financial assets at fair value through other comprehensive income |
(521) |
581 |
|
Purchase of associates (incorporation) |
- |
- |
|
Purchase of debt securities at amortized cost |
(14,122,474) |
(2,201,848) |
|
Proceeds from debt securities at amortized cost |
11,302,147 |
1,865,445 |
|
Dividend income received |
471 |
164 |
|
Net cash used in investing activities |
(2,873,405) |
(392,897) |
|
Cash flows from financing activities |
|
|
|
Proceeds from borrowings from government, state and international financial institutions |
2,056,268 |
3,483,889 |
|
Repayment of borrowings from government, state and |
(68,841) |
(1,354,617) |
|
Proceeds from issue of debt securities |
- |
984,378 |
|
Repayment of debt securities in issue |
(5,027) |
- |
|
Net cash from financing activities |
1,982,400 |
3,113,650 |
|
Effect of exchange rate changes on cash and cash equivalents |
32,330 |
(43,943) |
|
Net increase in cash and cash equivalents |
(2,159,496) |
2,082,033 |
|
Cash and cash equivalents at the beginning of the year before allowance for expected credit losses |
7,229,900 |
5,147,781 |
|
Change in allowance for expected credit losses |
(125) |
86 |
|
Cash and cash equivalents at the end of the year before allowance for expected credit losses |
5,070,279 |
7,229,900 |
Audit organization: "KPMG Audit" LLC Tashkent, the Republic of Uzbekistan (qualification certificate of bank auditor No. 16/3 dated 1 February 2020, issued by the Central Bank of the Republic of Uzbekistan). Management is responsible for the preparation of the consolidated financial statements that present fairly the consolidated financial position of JSCMB "Ipoteka Bank" ("the Bank") and its subsidiaries (collectively - "the Group") as of December 31, 2021 and the related consolidated financial performance and consolidated cash flows for the year then ended, in accordance with International Financial Reporting Standards ("IFRS").
