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Firstrand Bank Ltd. (96CF)

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Thursday 09 March, 2017

Firstrand Bank Ltd.

FirstRand Bank Ltd interim results December 2016

RNS Number : 9618Y
Firstrand Bank Ltd.
09 March 2017
 

UNAUDITED CONDENSED FINANCIAL RESULTS FOR FIRSTRAND BANK LTD. FOR THE SIX MONTHS ENDED 31 DECEMBER 2016

 

Condensed income statement - IFRS

 

 

Six months ended

31 December

 

 

Year ended

30 June

R million

 

2016

 2015*

% change

2016*

Net interest income before impairment of advances

 

19 198

 17 434

10

36 777

Impairment of advances

 

(3 087)

(2 933)

5

(6 255)

Net interest income after impairment of advances

 

16 111

14 501

11

30 522

Non-interest revenue

 

15 550

12 699

22

27 886

Income from operations

 

31 661

27 200

16

58 408

Operating expenses

 

(18 559)

(16 902)

10

(35 035)

Income before indirect tax

 

13 102

10 298

27

23 373

Indirect tax

 

(473)

(352)

34

(763)

Profit before income tax

 

12 629

9 946

27

22 610

Income tax expense

 

(3 172)

(2 639)

20

(5 460)

Profit for the period

 

9 457

7 307

29

17 150

Attributable to

 

 

 

 

 

Ordinary equityholders

 

9 339

7 198

30

16 931

NCNR preference shareholders

 

118

109

8

219

Profit for the period

 

9 457

7 307

29

17 150

 

 

* Restated.

Condensed statement of comprehensive income - IFRS

 

 

 

Six months ended

31 December

 

 

 

Year

 ended

30 June

R million

 

2016

 2015

% change

2016

Profit for the period

 

9 457

7 307

29

17 150

Items that may subsequently be reclassified to profit or loss

 

 

 

 

 

Cash flow hedges

 

45

528

(91)

118

Gains arising during the period

 

116

717

(84)

144

Reclassification adjustments for amounts included in profit or loss

 

(53)

16

(>100)

20

Deferred income tax

 

(18)

(205)

(91)

(46)

Available-for-sale financial assets

 

(134)

(759)

(82)

(495)

Losses arising during the period

 

(125)

(1 050)

(88)

(679)

Reclassification adjustments for amounts included in profit or loss

 

(64)

2

(>100)

7

Deferred income tax

 

55

289

(81)

177

Exchange differences on translating foreign operations

 

(432)

931

(>100)

482

(Losses)/gains arising during the period

 

(432)

931

(>100)

482

 

 

 

 

 

 

Items that may not subsequently be reclassified to profit or loss

 

 

 

 

 

Remeasurements on defined benefit post-employment plans

 

(80)

(64)

25

(133)

Losses arising during the period

 

(111)

(89)

25

(185)

Deferred income tax

 

31

25

24

52

 

 

 

 

 

 

Other comprehensive (loss)/income for the period

 

(601)

636

(>100)

(28)

Total comprehensive income for the period

 

8 856

7 943

11

17 122

Attributable to

 

 

 

 

 

Ordinary equityholders

 

8 738

7 834

12

16 903

NCNR preference shareholders

 

118

109

8

219

Total comprehensive income for the period

 

8 856

7 943

11

17 122

 

 

Condensed statement of financial position - IFRS

 

 

 

As at 31 December

As at

30 June

R million

 

2016

2015**

2016**

ASSETS

 

 

 

 

Cash and cash equivalents

 

51 035

46 268

50 997

Derivative financial instruments

 

35 389

68 213

39 923

Commodities

 

9 110

10 779

12 514

Investment securities

 

131 470

95 566

111 430

Advances

 

767 013

744 876

764 088

-     Advances to customers

 

721 235

709 504

719 693

-     Marketable advances

 

45 778

35 372

44 395

Accounts receivable

 

7 245

5 786

4 561

Current tax asset

 

315

1 219

166

Amounts due by holding company and fellow subsidiary companies

 

31 674

33 493

32 793

Property and equipment

 

14 631

13 045

13 632

Intangible assets

 

179

110

106

Deferred income tax asset

 

1 212

460

1 369

Total assets

 

1 049 273

1 019 815

1 031 579

EQUITY AND LIABILITIES

 

 

 

 

Liabilities

 

 

 

 

Short trading positions

 

13 828

6 033

14 221

Derivative financial instruments

 

44 983

81 893

50 624

Creditors, accruals and provisions*

 

11 622

10 926

12 644

Current tax liability

 

98

-

75

Deposits

 

847 635

804 184

826 473

-     Deposits from customers

 

635 630

603 941

612 492

-     Debt securities

 

149 985

134 264

146 280

-     Other

 

62 020

65 979

67 701

Employee liabilities

 

6 624

6 437

8 772

Other liabilities

 

5 382

3 995

5 386

Amounts due to holding company and fellow subsidiary companies

 

14 780

13 823

13 997

Tier 2 liabilities

 

19 592

15 011

17 468

Total liabilities

 

964 544

942 302

949 660

Equity

 

 

 

 

Ordinary shares

 

4

4

4

Share premium

 

16 804

16 804

16 804

Reserves

 

64 921

57 705

62 111

Capital and reserves attributable to ordinary equityholders

 

81 729

74 513

78 919

NCNR preference shares

 

3 000

3 000

3 000

Total equity

 

84 729

77 513

81 919

Total equity and liabilities

 

1 049 273

1 019 815

1 031 579

*   In December 2015, provisions were presented in a separate line on the statement of financial position. The prior year

    has been restated accordingly.

** Restated.

 

Condensed statement of cash flows - IFRS

 

 

Six months ended

31 December

Year ended 30 June

R million

 

2016

2015**

2016**

Cash generated from operating activities

 

 

 

 

Interest and fee commission receipts

 

46 044

39 478

83 715

Trading and other income

 

1 336

1 759

3 320

Interest payments

 

(16 091)

(12 487)

(26 515)

Other operating expenses

 

(15 476)

(14 575)

(28 614)

Dividends received

 

1 601

1 250

3 034

Dividends paid

 

(6 046)

(5 427)

(10 200)

Cash generated from operating activities

 

11 368

9 998

24 740

Movement in operating assets and liabilities

 

(11 316)

(19 683)

(31 560)

-     Liquid assets and trading securities

 

25 261

7 978

(7 206)

-     Advances

 

(52 414)

(34 266)

(58 809)

-     Deposits

 

23 285

16 329

40 947

-     Creditors (net of debtors)

 

(3 444)

(2 626)

166

-     Employee liabilities

 

(4 385)

(4 434)

(4 809)

-     Other liabilities

 

3 794

697

4 364

-     Taxation paid

 

(3 413)

(3 361)

(6 213)

 

 

 

 

 

Net cash generated from/(utilised by) operating activities

 

52

(9 685)

(6 820)

Cash flows from investing activities

 

 

 

 

Acquisition of property and equipment

 

(2 332)

(1 456)

(3 243)

Proceeds on disposal of property and equipment

 

184

306

448

Acquisition of intangible assets

 

(103)

(54)

(104)

Proceeds on disposal of non-current assets held for sale

 

-

125

125

Net cash outflow from investing activities

 

(2 251)

(1 079)

(2 774)

Cash flows from financing activities

 

 

 

 

Proceeds from issue of other liabilities

 

164

148

1 290

Proceeds from issue of Tier 2 liabilities

 

2 124

3 028

5 485

Net cash inflow from financing activities

 

2 288

3 176

6 775

Net increase/(decrease) in cash and cash equivalents

 

89

(7 588)

(2 819)

Cash and cash equivalents at the beginning of the year

 

50 997

53 725

53 725

Effect of exchange rate changes on cash and cash equivalents

 

(51)

131

91

Cash and cash equivalents at the end of the year

 

51 035

46 268

50 997

Mandatory reserve balances included above*

 

19 130

18 618

19 267

*   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.

** Restated.

 

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

 

 

 

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 2015

 4

 16 804

 16 808

 (765)

 190

 395

 476

 1 345

 53 548

 55 189

 3 000

 74 997

Ordinary dividends

 -

 -

 -

 -

 -

 -

 -

 -

 (5 318)

 (5 318)

 -

 (5 318)

Preference dividends

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 (109)

 (109)

Total comprehensive income for the period

 -

 -

 -

 (64)

 528

(759)

 931

 -

 7 198

 7 834

 109

 7 943

Balance as at

31 December 2015

 4

 16 804

 16 808

 (829)

 718

 (364)

1 407

 1 345

 55 428

 57 705

 3 000

 77 513

Balance as at

1 July 2016

 4

 16 804

 16 808

 (898)

 308

(100)

958

 1 345

 60 498

 62 111

 3 000

 81 919

Ordinary dividends

 -

 -

 -

 -

 -

 -

 -

 -

 (5 928)

 (5 928)

 -

 (5 928)

Preference dividends

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 (118)

 (118)

Total comprehensive income for the period

 -

 -

 -

 (80)

 45

 (134)

 (432)

 -

 9 339

 8 738

 118

 8 856

Balance as at

31 December 2016

 4

 16 804

 16 808

 (978)

 353

 (234)

 526

1 345

 63 909

 64 921

 3 000

 84 729

 

Please refer to the attached Analysis of financial results for the six months ended 31 December 2016 (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).

 

http://www.rns-pdf.londonstockexchange.com/rns/9618Y_-2017-3-9.pdf

 

The analysis of financial results will also be available on the FirstRand Limited website at http://www.firstrand.co.za/InvestorCentre/Pages/annual-reports-frb.aspx .

 

 


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