Source - RNS
RNS Number : 3141J
Firstrand Bank Ltd.
08 September 2016
 

AUDITED FINANCIAL RESULTS FOR FIRSTRAND BANK LTD
FOR THE year ENDED 30 june 2016

 

Summarised income statement for the year ended 30 June - IFRS (Audited)
 

 

R million

 

2016

 2015

% change

Net interest income before impairment of advances

 

35 543

 30 229

18

Impairment of advances

 

(5 998)

 (4 356)

38

Net interest income after impairment of advances

 

29 545

 25 873

14

Non-interest revenue

 

28 863

 29 216

(1)

Income from operations

 

58 408

 55 089

6

Operating expenses

 

(35 035)

 (33 498)

5

Income before tax

 

23 373

 21 591

8

Indirect tax

 

(763)

 (751)

2

Profit before tax

 

22 610

 20 840

8

Income tax expense

 

(5 460)

 (5 239)

4

Profit for the year

 

17 150

 15 601

10

Attributable to

 

 

 

 

Ordinary equityholders

 

16 931

 15 394

10

NCNR preference shareholders

 

219

 207

6

Profit for the year

 

17 150

 15 601

10

 

 

 

Summarised statement of comprehensive income for the year ended  30 June - IFRS (Audited)

 

 

R million

 

2016

 2015

% change

Profit for the year

 

17 150

 15 601

10

Items that may subsequently be reclassified to profit or loss

 

 

 

 

Cash flow hedges

 

118

 (271)

(>100)

Gains/(losses) arising during the year

 

144

 (569)

(>100)

Reclassification adjustments for amounts included in profit or loss

 

20

 193

(90)

Deferred income tax

 

(46)

 105

(>100)

Available-for-sale financial assets

 

(495)

 (35)

>100

Losses arising during the year

 

(679)

 (40)

>100

Reclassification adjustments for amounts included in profit or loss

 

7

 (20)

(>100)

Deferred income tax

 

177

 25

>100

Exchange differences on translating foreign operations

 

482

 290

66

Gains arising during the year

 

482

 290

66

 

 

 

 

 

Items that may not subsequently be reclassified to profit or loss

 

 

 

 

Remeasurements on defined benefit post-employment plans

 

(133)

 1

(>100)

(Losses)/gains arising during the year

 

(185)

 2

(>100)

Deferred income tax

 

52

 (1)

(>100)

 

 

 

 

 

Other comprehensive loss for the year

 

(28)

 (15)

87

Total comprehensive income for the year

 

17 122

 15 586

10

Attributable to

 

 

 

 

Ordinary equityholders

 

16 903

 15 379

10

NCNR preference shareholders

 

219

 207

6

Total comprehensive income for the year

 

17 122

 15 586

10

 

 

 

Summarised statement of financial position as at 30 June - IFRS (Audited)

 

 

R million

 

2016

2015

ASSETS

 

 

 

Cash and cash equivalents

 

50 997

 53 725

Derivative financial instruments

 

39 923

 34 112

Commodities

 

12 514

 7 354

Investment securities

 

155 825

 133 543

Advances

 

719 693

 675 387

Accounts receivable

 

4 561

 4 301

Non-current assets and disposal groups held for sale

 

-

 125

Current tax asset

 

166

-

Amounts due by holding company and fellow subsidiaries

 

32 793

 27 318

Property and equipment

 

13 632

 12 821

Intangible assets

 

106

 71

Deferred income tax asset

 

1 369

 1 202

Total assets

 

1 031 579

 949 959

EQUITY AND LIABILITIES

 

 

 

Liabilities

 

 

 

Short trading positions

 

14 221

 5 270

Derivative financial instruments

 

50 624

 40 811

Creditors, accruals and provisions*

 

12 644

12 465

Current tax liability

 

75

69

Deposits

 

826 473

 779 703

Employee liabilities

 

8 772

 8 848

Other liabilities

 

5 386

 3 977

Amounts due to holding company and fellow subsidiaries

 

13 997

 11 836

Tier 2 liabilities

 

17 468

 11 983

Total liabilities

 

949 660

 874 962

Equity

 

 

 

Ordinary shares

 

4

 4

Share premium

 

16 804

 16 804

Reserves

 

62 111

 55 189

Capital and reserves attributable to ordinary equityholders

 

78 919

 71 997

NCNR preference shares

 

3 000

 3 000

Total equity

 

81 919

 74 997

Total equity and liabilities

 

1 031 579

949 959

* In the prior year, provisions were presented in a separate line on the statement of financial position. The prior year has been restated accordingly.

 

 

Summarised statement of cash flows for the year ended 30 June - IFRS (Audited)
 

R million

 

2016

2015

Cash flows from operating activities

 

 

 

Interest and fee and commission receipts

 

82 481

70 597

Trading and other income

 

4 297

3 978

Interest payments

 

(26 515)

(20 776)

Other operating expenses

 

(28 614)

(25 422)

Dividends received

 

3 034

2 128

Dividends paid

 

(10 200)

(6 654)

Cash generated from operating activities

 

24 483

23 851

Movement in operating assets and liabilities

 

(31 303)

(20 295)

Liquid assets and trading securities

 

(21 731)

(41 225)

Advances

 

(44 027)

(55 407)

Deposits

 

40 947

84 756

Creditors (net of debtors)

 

166

1 395

Employee liabilities

 

(4 809)

(4 528)

Other liabilities

 

4 364

1 377

Taxation paid

 

(6 213)

(6 663)

Net cash (outflow)/inflow generated from operating activities

 

(6 820)

3 556

Cash flows from investing activities

 

 

 

Acquisition of property and equipment

 

(3 243)

(3 600)

Proceeds on disposal of property and equipment

 

448

424

Acquisition of intangible assets

 

(104)

(36)

Proceeds on disposal on non-current assets held for sale

 

125

-

Net cash outflow from investing activities

 

(2 774)

(3 212)

Cash flows from financing activities

 

 

 

Proceeds from the issue/(repayment of) other liabilities

 

1 290

(460)

Proceeds from the issue of Tier 2 liabilities

 

5 485

499

Proceeds from issue of ordinary shares

 

-

1 500

Net cash inflow from financing activities

 

6 775

1 539

Net (decrease)/increase in cash and cash equivalents

 

(2 819)

1 883

Cash and cash equivalents at the beginning of the year

 

53 725

51 788

Effect of exchange rate changes on cash and cash equivalents

 

91

54

Cash and cash equivalents at the end of the year

 

50 997

53 725

Mandatory reserve balances included above*

 

19 267

18 223

*  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 for the year ended 30 June - IFRS (Audited)

 

 

 

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

Net proceeds of the 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)

-

(6 477)

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

Net proceeds of issue of share capital

-

-

-

-

-

-

-

-

-

-

-

-

-

Movement in other reserves

-

-

-

-

-

-

-

-

-

-

-

-

-

Vesting of share-based payments

-

-

-

-

-

-

-

-

-

-

-

-

-

Equity transactions with fellow subsidiaries

-

-

-

-

-

-

-

-

-

-

-

-

-

Ordinary dividends

-

-

-

-

-

-

-

-

-

(9 981)

(9 981)

-

(9 981)

Preference dividends

-

-

-

-

-

-

-

-

-

-

-

(219)

(219)

Total comprehensive income for the year

-

-

-

(133)

118

-

(495)

482

-

16 931

16 903

219

17 122

Balance as at 30 June 2016

4

16 804

16 808

(898)

308

-

(100)

958

1 345

60 498

62 111

3 000

81 919

 

Please refer to the attached Analysis of financial results for the year ended 30 June 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/3141J_-2016-9-8.pdf


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