|
||||||||
| Condensed Separate Interim Statement of Financial Position as at September 30, 2025 |
||||||||
| Notes |
Sep. 30, 2025 |
|
Dec. 31, 2024 |
|||||
|
|
|
|
|
|
|
|||
| |
Assets |
|
|
|
|
|||
| |
Cash and balances at the central bank |
10 |
20,916,631 |
|
136,165,920 |
|||
| |
Due from banks |
11 |
228,152,325 |
|
270,089,441 |
|||
| |
Loans and advances to banks, net |
13 |
26,914,884 |
|
9,555,410 |
|||
| |
Loans and advances to customers, net |
14 |
452,110,898 |
|
340,955,698 |
|||
| |
Derivative financial instruments |
|
1,222,908 |
|
819,711 |
|||
| |
Financial investments |
|
|
|
|
|||
| |
- Financial Assets at Fair Value through P&L |
15 |
2,203,869 |
|
- |
|||
| |
- Financial Assets at Fair Value through OCI |
15 |
329,796,707 |
|
233,029,903 |
|||
| |
- Financial Assets at Amortized cost |
15 |
228,915,634 |
|
167,276,956 |
|||
| |
Investments in subsidiaries and associates |
16 |
1,255,421 |
|
871,525 |
|||
| |
Non-current assets held for sale |
30 |
159,828 |
|
159,828 |
|||
| |
Other assets |
17 |
49,915,056 |
|
44,175,232 |
|||
| |
Deferred tax assets |
|
2,457,493 |
|
2,337,304 |
|||
| |
Property and equipment |
18 |
5,470,642 |
|
3,881,620 |
|||
| |
Total assets |
|
1,349,492,296 |
|
1,209,318,548 |
|||
|
|
Liabilities and equity |
|
|
|
|
|||
| |
Liabilities |
|
|
|
|
|||
| |
Due to banks |
19 |
7,043,881 |
|
2,317,715 |
|||
| |
Due to customers |
20 |
1,043,204,762 |
|
967,895,387 |
|||
| |
Derivative financial instruments |
|
223,670 |
|
100,571 |
|||
| |
Current income tax liabilities |
|
15,857,818 |
|
18,327,968 |
|||
| |
Other liabilities |
21 |
26,802,780 |
|
21,347,499 |
|||
| |
Issued debt instruments |
22 |
4,779,461 |
|
5,067,781 |
|||
| |
Other loans |
|
30,249,278 |
|
23,962,389 |
|||
| |
Other provisions |
23 |
14,478,190 |
|
18,613,060 |
|||
| |
Total liabilities |
|
1,142,639,840 |
|
1,057,632,370 |
|||
|
|
Equity |
|
|
|
|
|||
| |
Issued and paid capital |
|
30,708,510 |
|
30,431,580 |
|||
| |
Reserves |
|
105,209,974 |
|
63,125,912 |
|||
| |
Reserve for employee stock ownership plan (ESOP) |
|
2,071,247 |
|
1,868,235 |
|||
| |
Retained earnings* |
|
68,862,725 |
|
56,260,451 |
|||
| |
Total equity and net profit for the period / year |
|
206,852,456 |
|
151,686,178 |
|||
|
|
Total liabilities and equity |
|
1,349,492,296 |
|
1,209,318,548 |
|||
|
|
|
|
||||||
| |
|
|
|
|
||||
| |
The accompanying notes are an integral part of these financial statements. |
|
|
|
|
|||
| |
(Review report attached) |
|
|
|
|
|||
| * |
Including net profit for the period |
|
|
|
|
|||
| |
|
|
|
|
|
|||
| |
|
|
|
|
|
|
| Condensed Separate Interim Income Statement for the period ended September 30, 2025 |
||||||
|
|
|
|
Last 9 Months |
|
|
Last 9 Months |
|
|
Notes |
|
Sep. 30, 2025 |
|
|
Sep. 30, 2024 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| Interest and similar income |
|
|
157,761,416 |
|
|
130,537,149 |
| Interest and similar expense |
|
|
(79,403,286) |
|
|
(65,010,779) |
| Net interest income |
|
|
78,358,130 |
|
|
65,526,370 |
|
|
|
|
|
|
|
|
| Fee and commission income |
|
|
11,565,784 |
|
|
9,257,495 |
| Fee and commission expense |
|
|
(5,224,939) |
|
|
(4,048,928) |
| Net fee and commission income |
|
|
6,340,845 |
|
|
5,208,567 |
|
|
|
|
|
|
|
|
| Dividend income |
|
|
125,185 |
|
|
100,858 |
| Net trading income |
6 |
|
1,276,502 |
|
|
18,177,630 |
| Profits (Losses) on financial investments |
15.1 |
|
598,228 |
|
|
377,992 |
| Administrative expenses |
|
|
(11,880,346) |
|
|
(8,795,429) |
| Other operating income (expenses) |
7 |
|
687,384 |
|
|
(17,980,232) |
| Impairment release (charges) for credit losses |
9 |
|
7,976,997 |
|
|
(3,741,208) |
| Profit before income tax |
|
|
83,482,925 |
|
|
58,874,548 |
|
|
|
|
|
|
|
|
| Income tax expense |
27 |
|
(21,867,730) |
|
|
(16,964,163) |
| Deferred tax assets (Liabilities) |
27 |
|
592,311 |
|
|
646,991 |
| Net profit for the period |
|
|
62,207,506 |
|
|
42,557,376 |
|
|
|
|
|
|
|
|
| Earnings per share |
8 |
|
|
|
|
|
| Basic |
|
|
18.54 |
|
|
12.50 |
| Diluted |
|
|
18.36 |
|
|
12.38 |
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Condensed Separate Interim Statement of Comprehensive Income for the period ended September 30, 2025 |
|
|
||||||
| |
|
|
Last 9 Months |
|
|
Last 9 Months |
|
|
| |
|
|
Sep. 30, 2025 |
|
|
Sep. 30, 2024 |
|
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Net profit for the period |
|
|
62,207,506 |
|
|
42,557,376 |
|
|
| |
|
|
|
|
|
|
|
|
| Transferred to RE from financial assets at fair value through OCI |
|
|
3,586 |
|
|
(370,224) |
|
|
| Net change on financial assets at fair value through comprehensive income after tax |
|
|
6,805,836 |
|
|
8,284,110 |
|
|
| Effect of ECL on fair value of debt instruments measured at fair value through comprehensive income |
|
|
(399,884) |
|
|
624,524 |
|
|
| Total comprehensive income for the period |
|
|
68,617,044 |
|
|
51,095,786 |
|
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
| Condensed Separate Interim Cash Flows for the period ended September 30, 2025 |
||||
|
|
|
|
|
|
| |
Notes |
Sep. 30, 2025 |
|
Sep. 30, 2024 |
|
|
|
|
|
|
| Cash flow from operating activities |
|
|
|
|
| Profit before income tax |
|
83,482,925 |
|
58,874,548 |
| Adjustments to reconcile profits to net cash provided by operating activities |
|
|
|
|
| Fixed assets depreciation |
18 |
1,244,370 |
|
763,079 |
| Impairment release/charge for credit losses (Loans and advances to customers and banks) |
9 |
(7,980,073) |
|
4,226,051 |
| Net charged/released for other provisions |
23 |
(4,080,370) |
|
429,182 |
| Impairment release/charge for credit losses (due from banks) |
9 |
151,236 |
|
(5) |
| Impairment release/charge for credit losses (financial investments) |
9 |
(148,160) |
|
(484,838) |
| Impairment release/charge for other assets |
|
- |
|
(11,956) |
| Exchange revaluation differences for financial assets at fair value through OCI and AC |
|
4,669,694 |
|
(18,536,183) |
| Revaluation differences impairment charge for Financial Assets at Fair value through OCI |
|
(225,004) |
|
1,199,896 |
| Revaluation differences impairment charge for Financial Assets at Amortized cost |
|
(16,709) |
|
107,207 |
| Revaluation differences impairment charge for due from banks |
|
(7,813) |
|
107 |
| Net utilized/recovered for other provisions |
23 |
(2,039) |
|
(9,196) |
| Exchange revaluation differences of other provisions |
23 |
(52,461) |
|
3,963,023 |
| Profits/losses from selling property and equipment |
|
(8,006) |
|
(2,254) |
| Profits/losses from selling financial investments at fair value through OCI |
15.1 |
(416,668) |
|
(377,992) |
| Profits/losses from selling investments in associates |
15.1 |
(181,560) |
|
- |
| Share based payments |
|
990,324 |
|
804,345 |
| Operating profits before changes in operating assets and liabilities |
|
77,419,686 |
|
50,945,014 |
|
|
|
|
|
|
| Net decrease / increase in assets and liabilities |
|
|
|
|
| Due from banks |
|
158,353,929 |
|
(24,748,544) |
| Financial assets at fair value through P&L |
|
(2,203,869) |
|
(2,066,889) |
| Derivative financial instruments |
|
(306,569) |
|
(229,127) |
| Loans and advances to banks and customers |
|
(120,567,170) |
|
(74,803,105) |
| Other assets |
|
(2,706,703) |
|
(14,036,648) |
| Due to banks |
19 |
4,726,166 |
|
(8,606,431) |
| Due to customers |
20 |
75,309,375 |
|
221,382,197 |
| Current income tax obligations paid |
|
(6,009,912) |
|
(2,694,657) |
| Other liabilities |
|
(12,872,687) |
|
(6,305,033) |
| Net cash generated from (used in) operating activities |
|
171,142,246 |
|
138,836,777 |
|
|
|
|
|
|
| Cash flow from investing activities |
|
|
|
|
| Proceeds from sale of investments in associates |
|
339,920 |
|
11,956 |
| Payments for investment in subsidiaries |
|
(542,256) |
|
(200,000) |
| Payments for purchases of property, equipment and branches construction |
|
(5,833,944) |
|
(2,284,236) |
| Proceeds from selling property and equipment |
7 |
8,006 |
|
2,254 |
| Proceeds from redemption of financial assets at amortized cost |
|
21,249,023 |
|
1,093,724 |
| Payments for purchases of financial assets at amortized cost |
|
(83,115,289) |
|
(105,723,312) |
| Payments for purchases of financial assets at fair value through OCI |
|
(192,334,673) |
|
(21,646,713) |
| Proceeds from selling financial assets at fair value through OCI |
|
98,063,752 |
|
67,015,091 |
| Net cash generated from (used in) investing activities |
|
(162,165,461) |
|
(61,731,236) |
|
|
||||
| Condensed Separate Interim Cash Flows for the period ended September 30, 2025 (Cont.) |
||||
|
|
|
|
|
|
| |
|
Sep. 30, 2025 |
|
Sep. 30, 2024 |
|
|
|
|
|
|
| Cash flow from financing activities |
|
|
|
|
| Other loans |
|
6,286,889 |
|
7,840,786 |
| Dividends |
|
(14,714,434) |
|
(5,078,792) |
| Issued debt instruments |
|
(288,320) |
|
1,738,393 |
| Capital increase |
|
276,930 |
|
236,570 |
| Net cash generated from (used in) financing activities |
|
(8,438,935) |
|
4,736,957 |
|
|
|
|
|
|
| Net (decrease) increase in cash and cash equivalent during the period |
|
537,850 |
|
81,842,498 |
| Beginning balance of cash and cash equivalent |
|
227,028,744 |
|
233,912,193 |
| Cash and cash equivalent at the end of the period |
|
227,566,594 |
|
315,754,691 |
|
|
|
|
|
|
| Cash and cash equivalent comprise: |
|
|
|
|
| Cash and balances at the central bank |
10 |
20,916,631 |
|
94,285,689 |
| Due from banks |
|
228,295,965 |
|
304,041,410 |
| Treasury bills and other governmental notes |
12 |
140,546,840 |
|
82,174,775 |
| Obligatory reserve balance with CBE |
|
(2,725,245) |
|
(76,128,521) |
| Due from banks with maturity more than three months |
|
(19,202,757) |
|
(17,846,556) |
| Treasury bills and other governmental notes with maturity more than three months |
|
(140,264,840) |
|
(70,772,106) |
| Total cash and cash equivalent |
|
227,566,594 |
|
315,754,691 |
| |
|
|
|
|
|
|
|
|
|
|
|
| Condensed Separate Interim statement of changes in shareholders' equity |
|||||||||||
|
|
Issued and paid capital |
Legal reserve |
General reserve |
General risk reserve |
Special reserve |
Capital reserve |
Reserve for financial assets at fair value through OCI |
Banking risks reserve |
Retained earnings |
Reserve for employee stock ownership plan |
Total |
| Sep. 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
| Beginning Balance at 1 January 2024 |
30,195,010 |
4,770,354 |
39,840,707 |
1,549,445 |
- |
21,155 |
(16,808,265) |
15,230 |
29,230,360 |
1,486,010 |
90,300,006 |
| Capital increase |
236,570 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
236,570 |
| Transferred to reserves |
- |
1,438,320 |
22,582,085 |
- |
- |
1,663 |
- |
- |
(23,398,943) |
(623,125) |
- |
| Dividend paid |
- |
- |
- |
- |
- |
- |
- |
- |
(5,366,429) |
- |
(5,366,429) |
| Net profit for the period |
- |
- |
- |
- |
- |
- |
- |
- |
42,557,376 |
- |
42,557,376 |
| Transferred to RE from financial assets at fair value through OCI |
- |
- |
- |
- |
- |
- |
(370,224) |
- |
370,224 |
- |
- |
| Net change on financial assets at fair value through OCI after tax |
- |
- |
- |
- |
- |
- |
8,284,110 |
- |
- |
- |
8,284,110 |
| Transferred (from) to banking risk reserve |
- |
- |
- |
- |
- |
- |
- |
2,694 |
(2,694) |
- |
- |
| Effect of ECL on debt instruments measured at fair value through OCI |
- |
- |
- |
- |
- |
- |
624,524 |
- |
- |
- |
624,524 |
| Cost of employees stock ownership plan (ESOP) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
804,345 |
804,345 |
| Balance at 30 September 2024 |
30,431,580 |
6,208,674 |
62,422,792 |
1,549,445 |
- |
22,818 |
(8,269,855) |
17,924 |
43,389,894 |
1,667,230 |
137,440,502 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|||||||||||
|
|
Issued and paid capital |
Legal reserve |
General reserve |
General risk reserve |
Special reserve |
Capital reserve |
Reserve for financial assets at fair value through OCI |
Banking risks reserve |
Retained earnings |
Reserve for employee stock ownership plan |
Total |
| Sep. 30, 2025 |
|
|
|
|
|
|
|
|
|
|
|
| Beginning Balance at 1 January 2025 |
30,431,580 |
6,208,674 |
62,422,792 |
1,549,445 |
- |
22,818 |
(7,095,741) |
17,924 |
56,260,451 |
1,868,235 |
151,686,178 |
| Capital increase |
276,930 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
276,930 |
| Transferred to reserves |
- |
2,771,284 |
19,758,610 |
- |
- |
2,246 |
- |
- |
(21,744,828) |
(787,312) |
- |
| Dividends paid |
- |
- |
- |
- |
- |
- |
- |
- |
(14,714,434) |
- |
(14,714,434) |
| Net profit for the period |
- |
- |
- |
- |
- |
- |
- |
- |
62,207,506 |
- |
62,207,506 |
| Transferred to RE from financial assets at fair value through OCI |
- |
- |
- |
- |
- |
- |
3,586 |
- |
(3,586) |
- |
- |
| Transferred from net profit to special reserve |
- |
- |
- |
- |
13,145,012 |
- |
- |
- |
(13,145,012) |
- |
- |
| Net change on financial assets at fair value through OCI after tax |
- |
- |
- |
- |
- |
- |
6,805,836 |
- |
- |
- |
6,805,836 |
| Transferred (from) to banking risk reserve |
- |
- |
- |
- |
- |
- |
- |
(2,628) |
2,628 |
- |
- |
| Effect of ECL on debt instruments measured at fair value through OCI |
- |
- |
- |
- |
- |
- |
(399,884) |
- |
- |
- |
(399,884) |
| Cost of employees stock ownership plan (ESOP) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
990,324 |
990,324 |
| Balance at 30 September 2025 |
30,708,510 |
8,979,958 |
82,181,402 |
1,549,445 |
13,145,012 |
25,064 |
(686,203) |
15,296 |
68,862,725 |
2,071,247 |
206,852,456 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|