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Firstrand Bank Ltd. (96CF)

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Thursday 10 September, 2015

Firstrand Bank Ltd.

Release of Audited Financial Results

RNS Number : 6772Y
Firstrand Bank Ltd.
10 September 2015
 

AUDITED FINANCIAL RESULTS FOR FIRSTRAND BANK
FOR THE year ENDED 30 june 2015

 

Summarised income statement - IFRS

 

R million


2015

 2014

% change

Net interest income before impairment of advances


 30 229

 25 199

 20

Impairment of advances


 (4 356)

 (4 827)

 (10)

Net interest income after impairment of advances


 25 873

 20 372

 27

Non-interest revenue


 29 216

 28 622

 2

Income from operations


 55 089

 48 994

 12

Operating expenses


 (33 498)

 (31 076)

 8

Income before tax


 21 591

 17 918

 20

Indirect tax


 (751)

 (796)

 (6)

Profit before tax


 20 840

 17 122

 22

Income tax expense


 (5 239)

 (4 375)

 20

Profit for the year


 15 601

 12 747

 22

Attributable to





Ordinary equityholders


 15 394

 12 555

 23

NCNR preference shareholders


 207

 192

 8

Profit for the year


 15 601

 12 747

 22

 



 

Summarised statement of comprehensive income - IFRS

 

 

R million


2015

 2014

% change

Profit for the year


 15 601

 12 747

 22

Items that may subsequently be classified to profit or loss





Cash flow hedges


 (271)

 361

(>100)

Losses arising during the year


 (569)

 (111)

>100

Reclassification adjustments for amounts included in profit or loss


 193

 613

 (69)

Deferred income tax


 105

 (141)

(>100)

Available-for-sale financial assets


 (35)

 (149)

(77)

Losses arising during the year


 (40)

 (149)

(73)

Reclassification adjustments for amounts included in profit or loss


 (20)

 (67)

(70)

Deferred income tax


 25

 67

(63)

Exchange differences on translating foreign operations


 290

 193

 50

Gains arising during the year


 290

 193

 50






Items that may not subsequently be reclassified to profit or loss





Remeasurements on defined benefit post-employment plans


 1

 (207)

 (100)

Gains/(losses) arising during the year


 2

 (287)

 (>100)

Deferred income tax


 (1)

 80

 (>100)






Other comprehensive (loss)/income for the year


 (15)

 198

 (>100)

Total comprehensive income for the year


 15 586

 12 945

 20

Attributable to





Ordinary equityholders


 15 379

 12 753

 21

NCNR preference shareholders


 207

 192

 8

Total comprehensive income for the year


 15 586

 12 945

 20

 



 

Summarised statement of financial position - IFRS

 

 

R million


2015

2014

ASSETS




Cash and cash equivalents


 53 725

 51 788

Derivative financial instruments


 34 112

 38 633

Commodities


 7 354

 7 904

Accounts receivable


 4 301

 4 131

Advances


 675 387

 622 112

Amounts due by holding company and fellow subsidiary companies


 27 318

 26 005

Investment securities and other investments


 133 543

 88 783

Investment in subsidiary companies


*

*

Investment in associate companies


*

*

Property and equipment


 12 821

 11 369

Intangible assets


 71

 84

Deferred income tax asset


 1 202

 400

Non-current assets and disposal groups held for sale


 125

-

Total assets


 949 959

 851 209

EQUITY AND LIABILITIES




Liabilities




Short trading positions


 5 270

 5 398

Derivative financial instruments


 40 811

 41 628

Creditors and accruals


12 166

 10 380

Current tax liability


69

 53

Deposits


 779 703

 693 176

Provisions


 299

 386

Employee liabilities


 8 848

 8 080

Other liabilities


 3 977

 4 268

Amounts due to holding company and fellow subsidiary companies


 11 836

 12 292

Tier 2 liabilities


 11 983

 11 484

Total liabilities


 874 962

 787 145

Equity




Ordinary shares


 4

 4

Share premium


 16 804

 15 304

Reserves


 55 189

 45 756

Capital and reserves attributable to ordinary equityholders


 71 997

 61 064

NCNR preference shares


 3 000

 3 000

Total equity


 74 997

 64 064

Total equity and liabilities


 949 959

 851 209

* Denotes amounts less than R500 000.



 

Summarised statement of cash flows - IFRS

 

R million


2015

2014

Cash flows from operating activities




Cash receipts from customers


 74 575

 67 634

Cash paid to customers, suppliers and employees


 (46 198)

 (41 379)

Dividends received


 2 128

 1 982

Dividends paid


 (6 654)

 (4 481)

Cash generated from operating activities


23 851

 23 756

Increase in income-earning assets


 (96 632)

 (66 796)

Increase in deposits and other liabilities


83 000

 53 558

Taxation paid


 (6 663)

 (5 342)

Net cash generated from operating activities


 3 556

 5 176

Net cash outflow from investing activities


 (3 212)

 (2 733)

Net cash inflow from financing activities


 1 539

 7 039

Net increase in cash and cash equivalents


 1 883

 9 482

Cash and cash equivalents at the beginning of the year


 51 788

 42 296

Effect of exchange rate changes on cash and cash equivalents


 54

 10

Cash and cash equivalents at the end of the year


 53 725

 51 788

Mandatory reserve balances included above*


 18 173

 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.


Summarised statement of changes in equity - IFRS

for the year ended 30 June

 

 


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

 -

 -

 -

 -

 -

 26

 -

 -

 -

 -

 26

 -

 26

Equity transactions with fellow subsidiaries

 -

 -

 -

 -

 -

 -

 -

 -

 -

 1 167

 1 167

-

 1 167

Ordinary dividends

 -

 -

 -

 -

 -

 -

 -

 -

 -

 (4 289)

 (4 289)

 -

 (4 289)

Preference dividends

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 (192)

 (192)

Total comprehensive income for the year

 -

 -

 -

 (207)

 361

 -

 (149)

 193

 -

 12 555

 12 753

 192

 12 945

Balance as at 30 June 2014

 4

 15 304

 15 308

 (766)

 461

 465

 430

 186

 1 345

 43 635

 45 756

 3 000

 64 064

Issue of share capital

 *

 1 500

 1 500

 -

 -

 -

 -

 -

 -

 -

 -

 -

 1 500

Movement in other reserves

 -

 -

 -

 -

 -

74

 -

 -

 -

 -

74

 -

74

Vesting of share-based payments

 -

 -

 -

 -

 -

(539)

 -

 -

 -

539

-

 -

-

Equity transactions with fellow subsidiaries

-

-

-

-

-

-

-

-

-

427

427

 -

427

Ordinary dividends

 -

 -

 -

 -

 -

 -

 -

 -

 -

 (6 447)

 (6 447)

 -

 (6 447)

Preference dividends

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 (207)

 (207)

Total comprehensive income for the year

 -

 -

 -

 1

 (271)

 -

 (35)

 290

 -

 15 394

 15 379

 207

 15 586

Balance as at 30 June 2015

 4

 16 804

 16 808

 (765)

 190

 -

 395

 476

 1 345

 53 548

 55 189

 3 000

 74 997

* Denotes amounts less than R500 000.

 

Please refer to the attached Analysis of financial results for the year ended 30 June 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/6772Y_-2015-9-10.pdf


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