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Firstrand Bank Ltd. (96CF)

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Friday 27 March, 2015

Firstrand Bank Ltd.

FirstRand Bank Interim Financial Results

RNS Number : 7098I
Firstrand Bank Ltd.
27 March 2015
 

UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR FIRSTRAND BANK FOR THE SIX MONTHS ENDED 31 DECEMBER 2014

 

Condensed income statement - IFRS

 



Six months ended

31 December

 

% change

Year ended

30 June

R million


2014

 2013


2014

Net interest income before impairment of advances


14 812

12 457

 19

25 199

Impairment of advances


(2 206)

(2 213)

-

(4 827)

Net interest income after impairment of advances


12 606

10 244

23

20 372

Non-interest revenue


14 713

14 647

-

28 622

Income from operations


27 319

24 891

10

48 994

Operating expenses


(16 946)

(15 319)

11

(31 076)

Income before tax


10 373

9 572

8

17 918

Indirect tax


(426)

(429)

(1)

(796)

Profit before tax


9 947

9 143

9

17 122

Income tax expense


(2 509)

(2 232)

 12

(4 375)

Profit for the period


7 438

6 911

8

12 747

Attributable to






Ordinary equityholders


7 336

6 815

8

12 555

NCNR preference shareholders


102

96

 6

192

Profit for the period


7 438

6 911

8

12 747

 



 

Condensed statement of comprehensive income - IFRS

 

 



 

Six months ended

31 December

 

 

% change

Year

 ended

30 June

R million


2014

 2013


2014

Profit for the period


7 438

6 911

8

12 747

Items that may subsequently be reclassified to profit or loss






Cash flow hedges


 (141)

 75

(>100)

 361

Losses arising during the period


 (368)

 (260)

 42

(111)

Reclassification adjustments for amounts included in profit or loss


 172

 364

 (53)

 613

Deferred income tax


 55

 (29)

(>100)

 (141)

Available-for-sale financial assets


150

(126)

(>100)

(149)

Gains/(losses) arising during the period


206

(110)

(>100)

(149)

Reclassification adjustments for amounts included in profit or loss


(5)

 (66)

(92)

(67)

Deferred income tax


 (51)

50

 (>100)

67

Exchange differences on translating foreign operations


 141

156

(10)

193

Gains arising during the period


141

156

(10)

193







Items that may not subsequently be reclassified to profit or loss






Actuarial losses on defined benefit post-employment plans


 (12)

(18)

(33)

(207)

Losses arising during the period


 (16)

 (25)

(36)

(287)

Deferred income tax


 4

 7

(43)

80







Other comprehensive income for the period


138

87

59

198

Total comprehensive income for the period


7 576

6 998

8

12 945

Attributable to






Ordinary equityholders


7 474

6 902

8

12 753

NCNR preference shareholders


 102

96

 6

192

Total comprehensive income for the period


7 576

6 998

8

12 945

 



 

Condensed statement of financial position - IFRS

 

 



 

As at 31 December

As at

30 June

R million


2014

2013

2014

ASSETS





Cash and cash equivalents


43 160

41 298

51 788

Derivative financial instruments


38 769

43 684

38 633

Commodities


 6 271

 6 894

 7 904

Accounts receivable


3 839

3 632

4 131

Current tax asset


865

471

-

Advances


648 743

574 360

622 112

Amounts due by holding company and fellow subsidiary companies


26 976

24 281

26 005

Investment securities and other investments


95 635

92 134

88 783

Investments in associates


-

29

-

Property and equipment


12 438

10 965

11 369

Intangible assets


91

233

84

Deferred income tax asset


39

-

400

Total assets


876 826

797 981

851 209

EQUITY AND LIABILITIES





Liabilities





Short trading positions


476

5 489

5 398

Derivative financial instruments


42 807

48 775

41 628

Creditors and accruals


9 192

7 821

10 380

Current tax liability


 -

-

53

Deposits


723 696

649 971

693 176

Provisions


388

278

386

Employee liabilities


6 507

5 531

8 080

Other liabilities


4 320

1 147

4 268

Amounts due to holding company and fellow subsidiary companies


12 964

10 829

12 292

Deferred income tax liability


-

412

-

Tier 2 liabilities


9 868

7 625

11 484

Total liabilities


810 218

737 878

787 145

Equity





Ordinary shares


4

4

4

Share premium


15 304

15 304

15 304

Reserves


48 300

41 795

45 756

Capital and reserves attributable to ordinary equityholders


63 608

57 103

61 064

NCNR preference shares


3 000

3 000

3 000

Total equity


66 608

60 103

64 064

Total equity and liabilities


876 826

797 981

851 209

 



 

Condensed statement of cash flows - IFRS

 



Six months ended

31 December

Year ended

30 June

R million


2014

2013

2014

Cash flows from operating activities





Cash receipts from customers


36 937

32 835

67 634

Cash paid to customers, suppliers and employees


(22 978)

(20 731)

(41 379)

Dividends received


1 044

1 107

1 982

Dividends paid


(5 532)

(1 276)

(4 481)

Cash generated from operating activities


9 471

11 935

23 756

Increase in income-earning assets


(31 940)

(22 303)

(66 796)

Increase in deposits and other liabilities


20 722

13 071

53 558

Taxation paid


(3 379)

(2 484)

(5 342)

Net cash (utilised by)/generated from operating activities


(5 126)

219

5 176

Net cash outflow from investing activities


(1 922)

(1 360)

(2 733)

Net cash (outflow)/inflow from financing activities


(1 610)

136

7 039

Net (decrease)/increase in cash and cash equivalents


(8 658)

(1 005)

9 482

Cash and cash equivalents at the beginning of the period


51 788

42 296

42 296

Effect of exchange rate changes on cash and cash equivalents


30

7

10

Cash and cash equivalents at the end of the period


43 160

41 298

51 788

Mandatory reserve balances included above*


17 204

14 924

16 040

*  Banks are required to deposit a minimum average balance, calculated monthly, with the central bank, which is

   not available for use in the bank's day-to-day operations. The deposit bears no or low interest. Money at short

   notice constitutes amounts withdrawable in 32 days or less.

 


Condensed statement of changes in equity - IFRS

for the six months ended 31 December

 


Ordinary share capital and ordinary equityholders' funds



 

 

 

 

 

R million

 

 

 

 

Share

capital

 

 

 

 

Share

premium

 

 

Share

 capital

 and share

premium

Defined

benefit

 post-

employ-

ment

 reserve

 

 

Cash flow

 hedge

 reserve

 

 

Share-

based

payment

 reserve

 

 

 

Available-

for-sale

 reserve

 

 

Foreign

 currency

translation

 reserve

 

 

 

 

Other

reserves

 

 

 

 

Retained

earnings

 

Reserves

 attributable

 to ordinary

 equity-

 holders

 

 

 

NCNR

 preference

 shares

 

 

 

 

Total

equity

Balance as at

1 July 2013

4

15 304

15 308

(559)

 100

439

579

(7)

1 345

34 202

36 099

3 000

54 407

Movement in other reserves

 -

 -

 -

 -

 -

11

 -

 -

-

(37)

(26)

 -

(26)

Ordinary dividends

 -

 -

 -

 -

 -

 -

 -

 -

 -

(1 180)

 (1 180)

 -

(1 180)

Preference dividends

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 (96)

 (96)

Total comprehensive income for the period

 -

 -

 -

 (18)

75

 -

 (126)

156

-

6 815

6 902

96

6 998

Balance as at

31 December 2013

 4

15 304

15 308

(577)

175

450

453

149

1 345

39 800

41 795

3 000

60 103

Balance as at

1 July 2014

 4

15 304

15 308

(766)

 461

465

430

186

1 345

43 635

45 756

3 000

64 064

Movement in other reserves

 -

 -

 -

 -

 -

 (465)

 -

 -

-

965

500

 -

500

Ordinary dividends

 -

 -

 -

 -

 -

 -

 -

 -

 -

(5 430)

(5 430)

 -

(5 430)

Preference dividends

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 (102)

 (102)

Total comprehensive income for the period

 -

 -

 -

 (12)

 (141)

 -

150

141

-

7 336

7 474

102

7 576

Balance as at

31 December 2014

 4

15 304

15 308

(778)

 320

 -

580

327

1 345

46 506

48 300

3 000

66 608

 

Please refer to the attached Analysis of financial results for the six months ended 31 December 2014 (PDF) for abridged financials for FirstRand Bank Limited, a detailed analysis of financial results, segmental reporting and balance sheet analysis (including information on the bank's capital and funding position and credit portfolios).

 

Abridged consolidated interim financial results for FirstRand Bank Limited group are also attached.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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