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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Icb Fin | LSE:ICB | London | Ordinary Share | CH0030730391 | ORD CHF1 (CDI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 13.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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TIDMICB
ICB FINANCIAL GROUP HOLDINGS AG
Incorporated in Switzerland
Registration Number CH-130.3.009.158-0
INTERIM FINANCIAL STATEMENTS
FOR THE 6 MONTH
PERIOD ENDED 30 JUNE 2012
ICB Financial Group Holdings AG
(Incorporated in Switzerland)
Interim Financial Statements
For The 6 Month Period Ended 30 June 2012
Contents Page(s)
Interim Results Summary 1
Financial Highlights 1
Consolidated Statement of Comprehensive Income 2
Consolidated Statement of Financial Position 3
Consolidated Statement of Cash Flows 4 - 5
Consolidated Statement of Changes in Equity 6 - 7
Notes to the Interim Consolidated Financial Statements 8 - 11
ICB Financial Group Holdings AG
Interim Results For The 6 Month
Period Ended 30 June 2012
Interim Results Summary
For the 6 months ended 30 June 2012, ICB Financial Group Holdings AG ("ICBFGH"
or the "Group") recorded a consolidated pre-tax profit of USD6.1 million,
compared to USD1.8 million in the corresponding period last year.
The improved result for the half-year was contributed by non-interest income,
mainly from foreign currency transaction gains and the write back of
impairment charges on the fair value change in foreclosed properties.
Financial Highlights
- The Group's total loans and advances decreased by USD26.2 million to
USD791.4 million (-3.2%) for the first 6 months of this year. This decrease
was largely due to a decrease in loans from ICB Indonesia although this was
offset by loan growth from certain ICB Banks in Africa and Laos.
- Customer deposits declined by USD50.1 million to USD1,064.2 million (-4.5%)
for the first 6 months of this year. The decrease was mainly contributed to by
ICB Indonesia, where high cost funds were reduced as part of balance sheet
management to improve net interest margins and maintain the loan to deposit
ratio at a more efficient level in line with the loan reduction.
- The net interest income of the Group of USD35.4 million was down by USD1.6
million (-4.3%) compared to the corresponding period last year. This decrease
was mainly attributable to negative growth in loans and advances.
- Foreign currency gains for the period were USD3.2 million, USD3.8 million
higher than last year, mainly due to a higher volume of foreign exchange
transactions.
- Operating expenses decreased by USD0.3 million to USD41.3 million for the
period.
- Impairment charges for the half year were USD3.3 million, a small increase
of USD0.2 million compared to the corresponding period last year.
ICB Financial Group Holdings AG
(Incorporated in Switzerland)
Consolidated Statement of Comprehensive Income
For The 6 Month Period Ended 30 June 2012
6 months 6 months
ended ended
Note 30-Jun-12 30-Jun-11
USD'000 USD'000
Interest income 63,901 72,331
Interest expense (28,490) (35,297)
Net interest income 35,411 37,034
Fee and commission income 6,876 8,456
Foreign currency gain/(loss) 3,219 (617)
Gains less losses from financial investments 1,726 1,249
Loss on disposal of foreclosed properties 53 (503)
Other operating income 2,685 1,374
Impairment charges for loans and advances to (3,346) (3,120)
customers
Fair value change in foreclosed properties 755 (507)
Operating expenses (41,285) (41,615)
Operating profit 6,094 1,751
Share of results of associates 2 20
Profit before taxation 6,096 1,771
Tax expense (1,455) (1,485)
Profit for the period 4,641 286
Other comprehensive income for the period:
Exchange differences on translating foreign (13,996) 13,217
operations
Available-for-sale financial assets (1,671) 518
(15,667) 13,735
Total Comprehensive income for the period (11,026) 14,021
Profit of the period attributable to:
- Owners of the parent 4,180 43
- Non-controlling interests 461 243
4,641 286
Total comprehensive income attributable to:
- Owners of the parent (10,388) 9,197
- Non-controlling interests (638) 4,824
(11,026) 14,021
Earnings per share
- Basic and diluted (Expressed in USD per share) 3 0.02 0.00
The accompanying notes form an integral part of the financial statements.
ICB Financial Group Holdings AG
(Incorporated in Switzerland)
Consolidated Statement of Financial Position
As At 30 June 2012
30-Jun-12 31-Dec-11
Note USD'000 USD'000
ASSETS
Cash and bank balances 288,154 338,664
Loans and advances to customers 4 791,379 817,613
Financial investments 176,490 188,133
Foreclosed properties 7,619 7,710
Investment in associates 2,269 2,329
Goodwill and other intangible assets 44,506 45,196
Prepaid lease payments 11 13
Property and equipment 19,524 21,153
Other assets 67,101 57,034
Deferred tax assets 8,084 6,816
Total Assets 1,405,137 1,484,661
LIABILITIES
Deposits from other banks 115,512 151,333
Deposits from customers 5 1,064,237 1,114,362
Other liabilities 70,762 52,373
Tax liabilities 1,354 2,251
Deferred tax liabilities 159 187
Total Liabilities 1,252,024 1,320,506
EQUITY
Paid up share capital 6 145,960 145,960
Share premium 782 782
Retained earnings 46,471 42,291
Other reserves (7,187) 7,381
Equity attributable to owners of the Company 186,026 196,414
Non-controlling interests (32,913) (32,259)
Total Equity 153,113 164,155
Total Equity and Liability 1,405,137 1,484,661
The accompanying notes form an integral part of the financial statements.
ICB Financial Group Holdings AG
(Incorporated in Switzerland)
Consolidated Statement of Cash Flows
For The 6 Month Period Ended 30 June 2012
6 months 6 months
ended ended
30-Jun-12 30-Jun-11
USD'000 USD'000
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before taxation 6,096 1,771
Adjustment for :
Impairment charges for loans and advances to 3,346 3,120
customers
Amortisation of prepaid lease rental - 20
Amortisation of intangible assets 1,080 971
Depreciation of property and equipment 2,363 2,491
Fair value change in foreclosed properties (755) 507
(Gain)/Loss on disposal of foreclosed assets (53) 503
Share of results of associates (2) (20)
Gain on disposal of property and equipment (7) -
(Gain)/Loss on foreign exchange translation (3,219) 617
Cash flow from operations before working capital 8,849 9,980
changes
(Increase)/Decrease in operating assets (21,817) 20,204
(Decrease) in operating liabilities (19,882) (90,330)
Cash used in operations (32,850) (60,146)
Tax paid (1,377) (1,054)
Net cash used in operating activities (34,227) (61,200)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of foreclosed assets 615 3,069
Proceeds from sale of property and equipment 436 -
Purchase of property and equipment (1,861) (1,067)
Purchase of intangible assets (644) (216)
Net (decrease)/increase in financial investments (1,052) 3,214
Net (cash used in)/from investing activities (2,506) 5,000
CASH FLOWS FROM INVESTING ACTIVITIES
Dividend paid to minority interest (16) -
Net cash used in investing activities (16) -
ICB Financial Group Holdings AG
(Incorporated in Switzerland)
Consolidated Statement of Cash Flows (Cont'd.)
For The 6 Month Period Ended 30 June 2012
6 months 6 months
ended ended
30-Jun-12 30-Jun-11
USD'000 USD'000
Net decrease in cash and cash equivalents (36,749) (56,200)
Cash and cash equivalents at the beginning of the 243,276 304,850
year
Effect of exchange rate changes on cash and cash (13,292) 7,194
equivalents
Cash and cash equivalents at the end of the year 193,235 255,844
Cash and Cash Equivalents
For the purpose of the cash flow statement, cash and cash
equivalents comprise of cash and bank balances, items in the course of
collection less mandatory reserve deposits with central banks.
The accompanying notes form an integral part of the financial statement.
ICB Financial Group Holdings AG
(Incorporated in Switzerland)
Consolidated Statement of Changes in Equity
For The 6 Month Period Ended 30 June 2012
Share Share Other Retained Total Equity Non-controlling Total
Capital Premium Reserves Earnings Attributable Equity
To Owners of Interests
the Parent
USD'000 USD'000 USD'000 USD'000 USD'000 USD'000 USD'000
At 1 January 2012 145,960 782 7,381 42,291 196,414 (32,259) 164,155
Profit for the period 4,180 4,180 461 4,641
Other comprehensive income:
Currency translation differences arising
from translation to presentation currency (13,400) (13,400) (596) (13,996)
Loss in fair value on available-for-sale (1,168) (1,168) (503) (1,671)
securities
Total comprehensive income for the period - - (14,568) 4,180 (10,388) (638) (11,026)
Dividend paid to
non-controlling interests (16) (16)
At 30 June 2012 145,960 782 (7,187) 46,471 186,026 (32,913) 153,113
ICB Financial Group Holdings AG
(Incorporated in Switzerland)
Consolidated Statement of Changes in Equity (Cont'd.)
For The 6 Month Period Ended 30 June 2011
Share Share Other Retained Total Equity Non-controlling Total
Capital Premium Reserves Earnings Attributable Equity
To Owners of Interests
the Parent
USD'000 USD'000 USD'000 USD'000 USD'000 USD'000 USD'000
At 1 January 2011 145,960 782 16,155 43,591 206,488 (39,303) 167,185
Profit for the period 43 43 243 286
Other comprehensive income:
Currency translation differences arising
from translation to presentation currency - - 8,792 - 8,792 4,425 13,217
Loss in fair value on available-for-sale - - 362 - 362 156 518
securities
Total comprehensive income for the year - - 9,154 43 9,197 4,824 14,021
At 30 June 2011 145,960 782 25,309 43,634 215,685 (34,479) 181,206
The accompanying notes form an integral part of the financial statements.
ICB Financial Group Holdings AG
(Incorporated in Switzerland)
Notes To The Interim Consolidated Financial Statements
1. Basis of Preparation
The interim financial statements of the Group are unaudited and have been
prepared in accordance with International Financial Reporting Standards
("IFRS").
The preparation of financial statements in conformity with IFRS requires
management to make estimates and assumptions that affect the reported amounts
of assets and liabilities, revenues and expenses. Due to the inherent
uncertainty in making those estimates, actual results reported in future
periods could differ from such estimates.
The interim financial statements should be read in conjunction with the
audited financial statements for the year ended 31 December 2011.
The interim financial statements were approved by the board on 13 September
2012.
2. Basis of Accounting
The interim financial statements of the Group have been prepared under the
historical cost convention as modified by the revaluation of
available-for-sale financial assets, financial assets and financial
liabilities held at fair value through profit or loss. The accounting policies
and methods of computation adopted are consistent with those followed in the
preparation of the Group's audited financial statements for the year ended 31
December 2011.
3. Earnings per share
Basic earnings per share is calculated by dividing the net profit attributable
to shareholders by the weighted average number of shares in issue, in the 6
month period ended 30 June 2012 of 180,000,000 (2011: 180,000,000).
There are no options or other instruments in issue that would dilute the
earnings per share.
4. Loans and Advances to Customers
As at As at
30-Jun-12 31-Dec-11
USD'000 USD'000
Gross loans and advances 877,008 909,771
Less: Allowance for losses on loans and advances (85,629) (92,158)
791,379 817,613
5. Deposits
As at As at
30-Jun-12 31-Dec-11
USD'000 USD'000
Current accounts 163,409 188,840
Saving accounts 200,062 237,798
Time deposits 663,407 660,140
Others 37,359 27,584
1,064,237 1,114,362
6. Paid-Up Share Capital
No of Shares
As at As at As at As at
30-Jun-12 31-Dec-11 30-Jun-12 31-Dec-11
`000 `000 USD'000 USD'000
As at 1 January/30 June 180,000 180,000 145,960 145,960
7. Subsidiaries & Associates
Details of subsidiaries & Associates are as follows:
% effective interest held
Country of As at As at Principal
Incorporation 30-Jun-12 31-Dec-11 Activities
Name of subsidiaries
International
Commercial Commercial
Bank (Gambia) Ltd. Gambia 99.10 99.10 Bank
International
Commercial Commercial
Bank S. A. Guinea 97.00 97.00 Bank
International
Commercial Commercial
Bank (Sierra Leone) Ltd. Sierra Leone 99.98 99.98 Bank
International
Commercial Commercial
Bank SH. A Albania 100.00 100.00 Bank
International
Commercial Bank Commercial
(Mozambique) S.A. Mozambique 99.99 99.99 Bank
International
Commercial Commercial
Bank Limited Ghana 100.00 100.00 Bank
PT Bank ICB Bumiputra Commercial
Tbk Indonesia 69.90 69.90 Bank
International
Commercial Commercial
Bank (Djibouti) S.A. Djibouti 99.90 99.90 Bank
ICB Global Management Providing
Sdn. Bhd. Malaysia 100.00 100.00 Technical &
Management
Services
ICB Islamic Bank Ltd Bangladesh 50.10 50.10 Commercial
Bank
International Laos 100.00 100.00 Commercial
Commercial Bank Lao Ltd Bank
International Malawi 100.00 100.00 Commercial
Commercial Bank Ltd - Bank
Malawi
International
Commercial Commercial
Bank Zambia Limited Zambia 100.00 100.00 Bank
7. Subsidiaries & Associates (Cont'd.)
% effective interest held
Country of As at As at Principal
Incorporation 30-Jun-12 31-Dec-11 Activities
International
Commercial
Bank (Tanzania) Commercial
Limited Tanzania 57.68 57.68 Bank
Name of associates
International Commercial
Commercial
Bank Senegal S.A. Senegal 20.00 20.00 Bank
8. Significant Events
On 3 June 2010, the Group announced that it had entered into a sale and
purchase agreement ("SPA") to dispose of its entire equity interest in Islamic
Bank Ltd ("ICBIB"), for a total cash consideration of BDT3.8 billion
(equivalent USD55 million). The disposal completion is pending regulatory
approval from the Bank of Bangladesh.
ICBFGH's AIM nominated adviser is RFC Ambrian Limited.
Contact Stephen Allen or Trinity McIntyre at +61894802500.
END
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