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Firstrand Bank Ltd. (96CF)

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Tuesday 08 March, 2016

Firstrand Bank Ltd.

FirstRand Bank unaudited interim results Dec 2015

RNS Number : 3524R
Firstrand Bank Ltd.
08 March 2016
 

UNAUDITED CONDENSED FINANCIAL RESULTS FOR FIRSTRAND BANK LIMITED FOR THE SIX MONTHS ENDED 31 DECEMBER 2015

 

Condensed income statement - IFRS

 



Six months ended

31 December

 

% change

Year ended

30 June

R million


2015

 2014


2015

Net interest income before impairment of advances


 16 914

 14 812

 14

 30 229

Impairment of advances


 (2 658)

 (2 206)

 20

 (4 356)

Net interest income after impairment of advances


 14 256

 12 606

 13

 25 873

Non-interest revenue


 12 944

 14 713

 (12)

 29 216

Income from operations


 27 200

 27 319

-

 55 089

Operating expenses


 (16 902)

 (16 946)

-

 (33 498)

Income before tax


 10 298

 10 373

 (1)

 21 591

Indirect tax


 (352)

 (426)

 (17)

 (751)

Profit before tax


 9 946

 9 947

-

 20 840

Income tax expense


 (2 639)

 (2 509)

 5

 (5 239)

Profit for the period


 7 307

 7 438

 (2)

 15 601

Attributable to






Ordinary equityholders


 7 198

 7 336

 (2)

 15 394

NCNR preference shareholders


 109

 102

 7

 207

Profit for the period


 7 307

 7 438

 (2)

 15 601

 



 

Condensed statement of comprehensive income - IFRS

 

 



 

Six months ended

31 December

 

 

% change

Year

 ended

30 June

R million


2015

 2014


2015

Profit for the period


 7 307

 7 438

 (2)

 15 601

Items that may subsequently be reclassified to profit or loss






Cash flow hedges


 528

 (141)

(>100)

 (271)

Gains/(losses) arising during the period


 717

 (368)

(>100)

 (569)

Reclassification adjustments for amounts included in profit or loss


 16

 172

 (91)

 193

Deferred income tax


 (205)

 55

(>100)

 105

Available-for-sale financial assets


 (759)

 150

(>100)

 (35)

(Losses)/gains arising during the period


 (1 050)

 206

(>100)

 (40)

Reclassification adjustments for amounts included in profit or loss


 2

 (5)

(>100)

 (20)

Deferred income tax


 289

 (51)

(>100)

 25

Exchange differences on translating foreign operations


 931

 141

 >100

 290

Gains arising during the period


 931

 141

 >100

 290







Items that may not subsequently be reclassified to profit or loss






Remeasurements on defined benefit post-employment plans


 (64)

 (12)

>100

 1

(Losses)/gains arising during the period


 (89)

 (16)

 >100 

 2

Deferred income tax


 25

 4

 >100 

 (1)







Other comprehensive income/(loss) for the period


 636

 138

 >100

 (15)

Total comprehensive income for the period


 7 943

 7 576

 5

 15 586

Attributable to






Ordinary equityholders


 7 834

 7 474

 5

 15 379

NCNR preference shareholders


 109

 102

 7

 207

Total comprehensive income for the period


 7 943

 7 576

 5

 15 586

 



 

Condensed statement of financial position - IFRS

 

 



 

As at 31 December

As at

30 June

R million


2015

2014

2015

ASSETS





Cash and cash equivalents


 46 268

 43 160

 53 725

Derivative financial instruments


 68 213

 38 769

 34 112

Commodities


 10 779

 6 271

 7 354

Accounts receivable


 5 786

 3 839

 4 301

Current tax asset


 1 219

 865

 -

Advances


 709 504

 648 743

 675 387

Amounts due by holding company and fellow subsidiary companies


 33 493

 26 976

 27 318

Investment securities and other investments


 130 938

 95 635

 133 543

Property and equipment


 13 045

 12 438

 12 821

Intangible assets


 110

 91

 71

Deferred income tax asset


 460

 39

 1 202

Non-current assets and disposal groups held for sale


 -

 -

 125

Total assets


 1 019 815

 876 826

 949 959

EQUITY AND LIABILITIES





Liabilities





Short trading positions


 6 033

 476

 5 270

Derivative financial instruments


 81 893

 42 807

 40 811

Creditors and accruals


 10 609

 9 192

 12 166

Current tax liability


 -

 -

 69

Deposits


 804 184

 723 696

 779 703

Provisions


 317

 388

 299

Employee liabilities


 6 437

 6 507

 8 848

Other liabilities


 3 995

 4 320

 3 977

Amounts due to holding company and fellow subsidiary companies


 13 823

 12 964

 11 836

Tier 2 liabilities


 15 011

 9 868

 11 983

Total liabilities


 942 302

 810 218

 874 962

Equity





Ordinary shares


 4

 4

 4

Share premium


 16 804

 15 304

 16 804

Reserves


 57 705

 48 300

 55 189

Capital and reserves attributable to ordinary equityholders


 74 513

 63 608

 71 997

NCNR preference shares


 3 000

 3 000

 3 000

Total equity


 77 513

 66 608

 74 997

Total equity and liabilities


 1 019 815

 876 826

 949 959

 



 

Condensed statement of cash flows - IFRS

 



As at

31 December

As at

30 June

R million


2015

2014

2015

Cash flows from operating activities





Cash receipts from customers


 40 962

 36 937

 74 575

Cash paid to customers, suppliers and employees


 (27 062)

 (22 978)

 (46 198)

Dividends received


 1 250

 1 044

 2 128

Dividends paid


 (5 427)

 (5 532)

 (6 654)

Cash generated from operating activities


 9 723

 9 471

 23 851

Increase in income-earning assets


 (26 013)

 (31 940)

 (96 632)

Increase in deposits and other liabilities


 9 966

 20 722

 83 000

Taxation paid


 (3 361)

 (3 379)

 (6 663)

Net cash (utilised by)/generated from operating activities


 (9 685)

 (5 126)

 3 556

Net cash outflow from investing activities


 (1 079)

 (1 922)

 (3 212)

Net cash inflow/(outflow) from financing activities


 3 176

 (1 610)

 1 539

Net (decrease)/increase in cash and cash equivalents


 (7 588)

 (8 658)

 1 883

Cash and cash equivalents at the beginning of the period


 53 725

 51 788

 51 788

Effect of exchange rate changes on cash and cash equivalents


 131

 30

 54

Cash and cash equivalents at the end of the period


 46 268

 43 160

 53 725

Mandatory reserve balances included above*


 18 618

 17 204

 18 173

*  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 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

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

Movement in other reserves

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

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

 

Please refer to the attached Analysis of financial results for the six months ended 31 December 2015 (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/3524R_-2016-3-8.pdf


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