(0) (1) 1 (0) Company Number :671380-H 31 March 31 December 31 March 31 December 2015 2014 2015 2014 RM'000 RM'000 RM'000 RM'000 Assets Cash and short term funds A1 12,227,183 5,134,659 12,227,136 5,134,612 Deposits and placements with banks and other financial institutions A2 462,710 218,934 462,710 218,934 Financial assets held for trading A3 3,219,606 3,536,650 3,219,606 3,536,650 Financial investments available-for-sale A4 2,435,054 2,023,922 2,435,054 2,023,922 Financial investments held-to-maturity A5 771,247 620,992 771,247 620,992 Islamic derivative financial instruments A19 (i) 234,368 263,865 234,368 263,865 Financing, advances and other financing/loans A6 37,599,974 36,299,580 37,599,974 36,299,580 Other assets A7 255,974 101,374 255,974 101,374 Deferred taxation 17,612 21,503 17,612 21,503 Amount due from holding company - 106,783 - 106,783 Amount due from related companies 3,557 662 3,558 662 Statutory deposits with Bank Negara Malaysia 1,475,873 1,297,654 1,475,873 1,297,654 Investment in subsidiaries - - 20 20 Property, plant and equipment 9,258 10,124 9,258 10,124 Intangible assets 89,708 91,096 89,708 91,096 Goodwill 136,000 136,000 136,000 136,000 Total assets 58,938,124 49,863,798 58,938,098 49,863,771 Liabilities Deposits from customers A8 48,192,578 41,328,044 48,192,578 41,328,044 Deposits and placements of banks and other financial institutions A9 5,246,014 3,644,713 5,246,014 3,644,713 Subordinated Sukuk A10 853,538 856,026 853,538 856,026 Other liabilities A11 501,756 297,254 501,756 297,254 Financial liabilities designated at fair value A12 174,164 149,835 174,164 149,835 Islamic derivative financial instruments A19 (i) 401,906 330,197 401,906 330,197 Provision for tax and Zakat 20,219 29,721 20,219 29,721 Amount due to holding company 241,782 - 241,782 - Amount due to related companies 1,024 16,538 1,024 16,537 Total liabilities 55,632,981 46,652,328 55,632,981 46,652,327 Equity Capital and reserves attributable to equity holder of the Bank Ordinary share capital 1,000,000 1,000,000 1,000,000 1,000,000 Reserves 2,085,143 1,991,470 2,085,117 1,991,444 3,085,143 2,991,470 3,085,117 2,991,444 Perpetual preference shares 220,000 220,000 220,000 220,000 Total equity 3,305,143 3,211,470 3,305,117 3,211,444 Total equity and liabilities 58,938,124 49,863,798 58,938,098 49,863,771 Commitments and contingencies A19 (ii) 28,111,512 28,238,559 28,111,512 28,238,559 Net assets per ordinary share attributable to owners of the Parent (RM) 3.09 2.99 3.09 2.99 UNAUDITED STATEMENTS OF FINANCIAL POSITION AS AT 31 MARCH 2015 CIMB ISLAMIC BANK BERHAD CONDENSED INTERIM FINANCIAL STATEMENTS The Bank The Group The unaudited condensed interim financial statements should be read in conjunction with the audited financial statements for the financial year ended 31 December 2014. Page 1
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(0) (1) 1 (0)
Company Number :671380-H
31 March 31 December 31 March 31 December
2015 2014 2015 2014
RM'000 RM'000 RM'000 RM'000
Assets
Cash and short term funds A1 12,227,183 5,134,659 12,227,136 5,134,612
Other overheads and expenditures A18 (109,813) (104,822) (109,813) (104,822)
Profit before taxation 114,491 140,931 114,491 140,931
Taxation (32,215) (35,644) (32,215) (35,644)
Profit for the financial period 82,276 105,287 82,276 105,287
290,397
(208,121)
Profit for the period 82,276 105,287 82,276 105,287
Other comprehensive income/(expenses):
Items that may be reclassified subsequently
to profit or loss
Revaluation reserve of financial investments
available-for-sale
- Net gain/(loss) from change in fair value 15,614 (8,051) 15,614 (8,051)
- Realised gain transferred to statement of income on
disposal (10) (833) (10) (833)
- Income tax effects (3,901) 2,221 (3,901) 2,221
Other comprehensive income/(expense) for the period, net of tax 11,703 (6,663) 11,703 (6,663)
Total comprehensive income for the period 93,979 98,624 93,979 98,624
Earnings per share -basis (sen) B3 8.23 10.53 8.23 10.53
FOR THE QUARTER ENDED 31 MARCH 2015
The Group and The Bank
CIMB ISLAMIC BANK BERHAD
CONDENSED INTERIM FINANCIAL STATEMENTS
UNAUDITED STATEMENT OF INCOME
FOR THE QUARTER ENDED 31 MARCH 2015
CIMB ISLAMIC BANK BERHAD
CONDENSED INTERIM FINANCIAL STATEMENTS
UNAUDITED STATEMENT OF COMPREHENSIVE INCOME
1st Quarter Ended 3 Months Ended
The unaudited condensed interim financial statements should be read in conjunction with the audited financial statements for the financialyear ended 31 December 2014.
Page 2
Company Number :671380-H
Revaluation
The Group Perpetual reserve - financial Share-based
Share preference Statutory investments Merger Capital Regulatory payment Retained
31 March 2015 capital shares reserve available-for-sale reserve reserve reserve reserve profits Total
Shares released under Equity Ownership Plan - - - - - - - (433) - (433)
At 31 March 2014 1,000,000 220,000 746,312 (23,059) (2,457) 458 246,828 337 730,864 2,919,283
The unaudited condensed interim financial statements should be read in conjunction with the audited financial statements for the financial year ended 31 December 2014.
CIMB ISLAMIC BANK BERHAD
CONDENSED INTERIM FINANCIAL STATEMENTS
UNAUDITED STATEMENT OF CHANGES IN EQUITY
FOR THE FINANCIAL PERIOD ENDED 31 MARCH 2015
Attributable to owners of the Parent
Page 3
Company Number :671380-H
Distributable
Revaluation
The Bank Perpetual reserve - financial Share-based
Share preference Statutory investments Merger Capital Regulatory payment Retained
31 March 2015 capital shares reserve available-for-sale reserve reserve reserve reserve profits Total
Shares released under Equity Ownership Plan - - - - - - - (433) - (433)
At 31 March 2014 1,000,000 220,000 746,312 (23,059) (2,457) 458 269,035 337 708,631 2,919,257
The unaudited condensed interim financial statements should be read in conjunction with the audited financial statements for the financial year ended 31 December 2014.
CIMB ISLAMIC BANK BERHAD
CONDENSED INTERIM FINANCIAL STATEMENTS
UNAUDITED STATEMENT OF CHANGES IN EQUITY
FOR THE FINANCIAL PERIOD ENDED 31 MARCH 2015
Non-distributable
Page 4
Company Number :671380-H
31 March 31 March 31 March 31 March
2015 2014 2015 2014
RM'000 RM'000 RM'000 RM'000
Profit before taxation 114,491 140,931 114,491 140,931
Adjustments for non-cash items 5,080 15,851 5,080 15,851
Operating profit before changes in working capital 119,571 156,782 119,571 156,782
Net changes in operating assets (1,413,212) (1,136,703) (1,413,212) (1,136,703)
Net changes in operating liabilities 8,959,975 (754,129) 8,959,975 (754,129)
Tax paid (41,588) (39,935) (41,588) (39,935)
Net cash generated from operating activities 7,624,746 (1,773,985) 7,624,746 (1,773,985)
Net cash flows used in investing activities (517,223) (114,028) (517,223) (114,028)
Net cash flows (used in)/generated from financing
activities (14,999) 135,727 (14,999) 135,727
Net change in cash and cash equivalents 7,092,524 (1,752,286) 7,092,524 (1,752,286)
Cash and cash equivalents at beginning of the
financial period 5,134,659 6,983,561 5,134,612 6,983,515
Cash and cash equivalents at end of the
financial period 12,227,183 5,231,275 12,227,136 5,231,229
12,227,183 12,227,136
0 0
CIMB ISLAMIC BANK BERHAD
UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS
FOR THE PERIOD ENDED 31 MARCH 2015
CONDENSED INTERIM FINANCIAL STATEMENTS
The BankThe Group
The Condensed Unaudited Cash Flow Statement should be read in conjunction with the Annual Financial Statements for the The unaudited condensed interim financial statements should be read in conjunction with the audited financial statements for
the financial year ended 31 December 2014.
Page 5
PART A - EXPLANATORY NOTES
A. BASIS OF PREPARATION
The unaudited condensed interim financial statements for the financial period ended 31 March 2015 have been prepared
under the historical cost convention, except for financial assets held for trading, financial investments available-for-sale,
derivative financial instruments and financial liabilities designated at fair value, that have been measured at fair value.
The unaudited condensed interim financial statements have been prepared in accordance with MFRS 134 “Interim
Financial Reporting” issued by the Malaysian Accounting Standards Board and paragraph 9.22 of Bursa Malaysia
Securities Berhad's Listing Requirements.
The unaudited condensed interim financial statements should be read in conjunction with the Group's and the Bank's
audited financial statements for the financial year ended 31 December 2014. The explanatory notes attached to the
condensed interim financial statements provide an explanation of events and transactions that are significant to an
understanding of the changes in the financial position and performance of the Group and the Bank since the financial
year ended 31 December 2014.
The significant accounting policies and methods of computation applied in the unaudited condensed interim financial
statements are consistent with those adopted in the most recent audited annual financial statements for the financial year
ended 31 December 2014, and modified for the adoption of the following accounting standards applicable for financial
periods beginning on or after 1 January 2015:
● Annual improvement to MFRSs 2010 - 2012 Cycle
- Amendment to MFRS 2 “Share-based Payment”
- Amendment to MFRS 3 “Business Combinations”
- Amendment to MFRS 8 “Operating Segments”
- Amendment to MFRS 13 “Fair Value Measurement”
- Amendments to MFRS 116 “Property, Plant and Equipment” and MFRS 138 “Intangible Assets”
- Amendment to MFRS 124 “Related Party Disclosures”
● Annual improvement to MFRSs 2011 - 2013 Cycle
- Amendment toMFRS 3 “Business Combinations”
- Amendment toMFRS 13 “Fair Value Measurement”
The adoption of the new standards, amendments to published standards and interpretations are not expected to have any
material impact on the financial results of the Group and the Bank.
The preparation of unaudited condensed interim financial statements in conformity with the MFRS requires the use of
certain critical accounting estimates and assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the unaudited condensed interim financial statements, and the
reported amounts of income and expenses during the reported period. It also requires Directors to exercise their
judgement in the process of applying the Group's and Bank's accounting policies. Although these estimates and
assumptions are based on the Directors' best knowledge of current events and actions, actual results may differ from
those estimates.
Page 6
PART A - EXPLANATORY NOTES (CONTINUED)
B.
C.
D.
E. SIGNIFICANT EVENTS AFTER THE REPORTING PERIOD
CHANGES IN ESTIMATES
PROPOSED DIVIDEND
ISSUANCE AND REPAYMENT OF DEBT EQUITY SECURITIES
There were no material changes to financial estimates made in respect of the current financial period that had previously
been announced or disclosed.
There were no dividends paid or proposed for the period ended 31 March 2015.
There were no issuance and repayment of debt securities during the period.
On 15 May 2015, CIMB Group Holdings Berhad announced that they have offered employees in Malaysia and
Indonesia a Mutual Separation Scheme (“MSS”). The MSS exercise is fully voluntary and is aimed at enhancing the
Group's efficiency levels across the board.
Page 7
PART A - EXPLANATORY NOTES (CONTINUED) (0.39) - 0.92 (0.14)
31 March 31 December 31 March 31 December
2015 2014 2015 2014
RM'000 RM'000 RM'000 RM'000
A1 Cash and short-term funds
Cash and balances with banks and other financial institutions 279,714 266,808 279,667 266,761
Money at call and deposit placements maturing
within one month 11,947,469 4,867,851 11,947,469 4,867,851
12,227,183 5,134,659 12,227,136 5,134,612
A2 Deposits and placements with banks and other financial
institutions
Licensed banks 462,710 218,934 462,710 218,934
462,710 218,934 462,710 218,934
A3 Financial assets held for trading
Money market instruments
Unquoted
In Malaysia
Malaysian Government treasury bills 34,188 14,826 34,188 14,826
Bank Negara monetary notes 1,222,418 2,235,535 1,222,418 2,235,535
Islamic negotiable instruments of deposits 1,380,083 992,580 1,380,083 992,580
Government Investment Issues 269,721 12,885 269,721 12,885
Total Tier II capital 640,119 722,231 640,121 722,233
Total capital 3,486,527 3,555,414 3,486,502 3,555,389
The Group The Bank
Bank Negara Malaysia (BNM) issued revised guidelines on the capital adequacy framework on 28 November 2012, of which took effect
beginning 1 January 2013. The revised guidelines sets out the regulatory capital requirements concerning capital adequacy ratios and
components of eligible regulatory capital in compliance with Basel III.
The risk-weighted assets of the Group and the Bank are computed in accordance with the Capital Adequacy Framework (Basel II - Risk-
Weighted Assets). The IRB Approach is applied for the major credit exposures with retail exposures on Advanced IRB approach and
non-retail exposures on Foundation IRB approach. The remaning credit exposures and Market Risk are on the Standardised Approach
while Operational Risk is based on Basic Indicator Approach.
^ The capital base of the Group and the Bank as at 31 March 2015 have excluded portfolio impairment allowance on impaired financings restricted
from Tier II capital of RM23.6 million (31 December 2014: RM24.5 million ) respectively.
Page 24
PART A - EXPLANATORY NOTES (CONTINUED)
A21 Segmental reporting
Definition of segments
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating
decision-maker is the person or group that allocates resources to and assesses the performance of the operating segments of an entity. The Group has
determined the Group Management Committee as its chief operating decision-maker.
Segment information is presented in respect of the Group’s business segment and geographical segment.
The business segment results are prepared based on the Group’s internal management reporting, which reflect the organisation’s management reporting
structure.
Business segment reporting
Definition of segments:
As a result of an internal reorganisation, there is a change in business segment reporting. The Group has been re-organised into five major operation divisions.
The divisions form the basis on which the Group reports its segment information.
Consumer Banking
Consumer Banking provides everyday banking solutions to individual customers covering Islamic financial products and services such as residential property
financing, non-residential property financing, personal financing, hire purchase financing ,share purchase financing, credit cards, wealth management,
bancassurance, remittance and foreign exchange, deposits and internet banking services. It also offers products and services through Enterprise Banking to
micro and small enterprises, which are businesses under sole proprietorship, partnership and private limited.
Commercial Banking
Commercial Banking is responsible for offering products and services for customer segments comprising small and medium-scale enterprises (“SMEs”) and
mid-sized corporations. Their products and services include core banking credit facilities, trade financing, remittance and foreign exchange, as well as general
deposit products.
Commercial Banking also secured several cash management mandates from SMEs in various sectors by leveraging on CIMB Islamic Bank’s online business
banking platform, which allows customers to conduct their commercial banking transactions over the internet.
Wholesale Banking
Wholesale Banking comprises comprises Investment Banking, Corporate Banking, Treasury and Markets, Transaction Banking, Equities and Private
Banking.
Investment Banking includes end-to-end client coverage and advisory services. Client coverage focuses on marketing and delivering solutions to corporate
and financial institutional clients whereas advisory offers financial advisory services to corporations on issuance of equity and equity-linked products, debt
restructuring, initial public offerings, secondary offerings and general corporate advisory.
Corporate Banking offers a broad spectrum of both conventional and Islamic funding solutions ranging from trade, working capital lines and capital
expenditure to leveraging, merger and acquisition, leveraged and project financing. Corporate Banking’s client managers partner with product specialists
within the Group to provide a holistic funding solution, from cash management, trade finance, foreign exchange, custody and corporate loans, to derivatives,
structured products and debt capital market.
Treasury focuses on treasury activities and services which include foreign exchange, money market, derivatives and trading of capital market instruments. It
includes the Group’s equity derivatives which develops and issues new equity derivatives instruments such as structured warrants and over-the-counter
options to provide investors with alternative investment avenues.
Transaction Banking comprises Trade Finance and Cash Management which provide various trade facilities and cash management solutions.
Equities provides broking services to corporate, institutional and retail clients.
Private Banking offers a full suite of wealth management solutions to high net worth individuals with access to a complete range of private banking services,
extending from investment to securities financing to trust services.
Investments
Investments focus on defining and formulating strategies at the corporate and business unit levels, oversee the Group's strategic and private equity fund
management businesses. It also invests in the Group’s proprietary capital.
Support and others
Support services comprise of unallocated middle and back-office processes and cost centres and other subsidiaries whose results are not material to the
Group.
Page 25
PART A - EXPLANATORY NOTES (CONTINUED)
A21 Segmental reporting (continued)
The Group Commercial Consumer Wholesale
31 March 2015 Banking Banking Banking Investments Total
Financial liabilities designated at fair value 174,164 174,164 - 174,164 149,835 149,835 - 149,835
Total 576,070 576,070 - 576,070 480,032 480,032 - 480,032
^ Placement with Islamic Banking and Finance Institute Malaysia (IBFIM)
A23 Change in accounting policies
There were no changes in the accounting policy during the financial period.
31 March 2015 31 December 2014
Carrying
amount
Fair Value
Carrying
amount
Fair Value
The following table represents the assets and liabilities measured at fair value and classified by level with the following fair value hierarchy as at 31 March 2015 and
31 December 2014.
Fair Value Fair Value
Page 29
PART B
B1 GROUP PERFORMANCE REVIEW
B2 PROSPECTS FOR THE CURRENT FINANCIAL YEAR
B3 COMPUTATION OF EARNINGS PER SHARE (EPS)
a) Basic EPS
The Group and the Bank
31 March 31 March 31 March 31 March
2015 2014 2015 2014
RM'000 RM'000 RM'000 RM'000
Net profit for the financial period (RM '000) 82,276 105,287 82,276 105,287
Weighted average number of ordinary shares in issue ( '000) 1,000,000 1,000,000 1,000,000 1,000,000
Basic earnings per share (expressed in sen per share) 8.23 10.53 8.23 10.53
b) Diluted EPS
1st Quarter Ended 3 Months Ended
The unaudited interim financial statements for the second quarter ended 30 June 2008 have beenThere were no extraordinary items during the first quarter ended 31 March 2008.There were no changes in the Group composition for the financial period ended 31 March 2007.The syndicated term loan facility of USD120 million facility has matured on 12 August 2005.Foreign exchange, interest rate and equity and commodity related contracts are subject to Market risk is the potential change in value caused by movement in market rates or prices.Credit risk arises from the possibility that a counter-party may be unable to meet the terms ofThe credit equivalent amount is arrived at using the credit conversion factor as per BankExempted for disclosure.Commerce Asset-Holding Berhad (CAHB) has proposed a merger between the Bank (BCB) and its subsidiary The operations of the Group and the Bank are not subject to any material seasonal or cyclical factors.The Group and the Bank do not have any material litigations which would materially and adversely affect the financialThe credit equivalent amount is arrived at using the credit conversion factor as specified by Bank Negara Malaysia.In the normal course of business, the Group and the Bank make various commitments and incur certain contingent The credit equivalent amount is arrived at using the credit conversion factor as specified by Bank Negara Malaysia.(iii) Movements in allowance for bad and doubtful debts are as follows :(iv)For the current quarter, the Group registered a profit before tax of RM372.8 million, a decrease of 37.1% compared toFor the current period, the Group registered a profit before tax of RM1,747.8 million, an increase of RM1,003.1 millionThe Bank recommends an interim gross dividen of 4.00 sen per share on 2,063,956,016 ordanary shares, less income Certain comparative figures have been changed to conform with changes in presentation to comply with the additionalOn 1 April 2008, the Group entered into a Sale and Purchase Agreement with British American Investment Co.The final dividend of RM59,441,012.06 for ordinary shares in respect of financial year ended 31 December 2005 wasIn respect of the financial year ended 31 December 2007, a final gross dividend of approximately 13.63
The Group and Bank basic EPS is calculated by dividing the net profit for the financial period by the weighted average number
of ordinary shares in issue during the financial period.
The following comparative figures have been restated for the effects of adopting the above changes in accounting
There were no dilutive potential ordinary shares outstanding as at 31 March 2015 and 31 March 2014.
The Group recorded a lower pre-tax profit of 18.8% or RM26.4 million from RM140.9 million to RM114.5 million for the three
months ended 31 March 2015. The profit decreased was primarily due to higher allowances for impairment losses on financing,
advances and other financing/loans as well as higher income attributable to depositors by RM27.8 million and RM58.6 million
respectively compared to same quarter last year. However, this was offset by higher income derived from investment of
shareholder's funds of RM74.2 million.
Growth prospects for CIMB Islamic are expected to track the cautious economic environment (GDP growth projected to ease to
4.5%-5.5% this year from 6% in 2014) as well as the moderation in consumer spending following the GST implementation.
Focus will be on maintaining a healthy liquidity level and stable funding base, and to expand fee based income from amongst
others, wealth management and bancatakaful businesses.