Statements of Financial Position ASSETS Cash and cash equivalents Derivative financial instruments Loans and advances to banks Loans and advances to customers Investment securities Investments in associates Investments in subsidiaries Goodwill and other intangible assets Property, plant and equipment Deferred tax assets Other assets Total assets LIABILITIES AND SHAREHOLDERS' EQUITY Deposits from banks Deposits from banks Deposits from customers Derivative financial instruments Other borrowed funds Subordinated liabilities Current tax liabilities Deferred tax liabilities Other liabilities Total liabilities Shareholders' Equity Share capital and share premium Retained earnings Other components of equity Less treasury shares t n e r a p e h t f o s r e d l o h y t i u q e y r a n i d r o e h t o t e l b a t u b i r t t a y t i u q E Non-controlling interests Total equity Total equity and liabilities CONTINGENT LIABILITIES Acceptances, guarantees, letters of credit, endorsements and other obligations on account of customers Commitments Tax assessments Other 30-Sep-10 30-Sep-09 30-Jun-10 30-Sep-10 30-Sep-09 30-Jun-10 Rs'000 Rs'000 Rs'000 Rs'000 Rs'000 Rs'000 13,182,452 16,813,332 15,352,000 12,237,172 15,657,940 14,032,127 274,629 61,384 40,195 274,629 61,384 40,195 2,966,612 1,548,450 1,889,801 2,726,329 1,446,148 1,940,302 109,126,042 95,430,141 107,552,548 102,981,354 90,513,395 101,743,388 17,737,856 17,904,542 19,105,410 14,120,273 13,703,315 15,131,136 6,549,437 6,676,939 6,386,548 883,233 916,311 862,632 - - - 3,241,991 3,069,194 3,230,761 827,920 467,322 756,231 685,124 328,917 611,353 4,964,187 3,979,355 4,696,459 4,197,816 3,159,965 3,927,355 33,965 36,018 29,337 10,582 27,432 9,232 8,265,628 6,735,428 6,930,640 6,887,695 4,943,486 5,835,482 163,928,728 149,652,911 162,739,169 148,246,198 133,827,487 147,363,963 1,925,757 1,819,790 1,118,656 3,717,548 3,730,815 3,067,436 K N A B P U O R G 1,925,757 1,819,790 1,118,656 3,717,548 3,730,815 3,067,436 130,167,987 119,856,703 131,364,901 120,854,107 110,392,763 121,878,417 35,983 16,681 85,571 35,983 16,681 85,571 3,195,273 1,379,781 1,521,864 2,709,600 1,142,025 1,161,061 1,371,012 1,382,396 1,454,853 1,371,012 1,382,396 1,454,853 458,291 862,445 292,540 422,085 748,524 266,769 32,153 44,819 32,987 - - - 3,796,494 3,242,826 4,991,375 3,129,179 2,471,019 4,291,168 140,982,950 128,605,441 140,862,747 132,239,514 119,884,223 132,205,275 2,555,427 2,544,998 2,554,970 2,555,427 2,544,998 2,554,970 14,724,850 12,404,804 13,774,324 10,492,445 8,472,855 9,651,949 4,465,539 4,867,825 4,363,294 3,331,885 3,301,268 3,324,977 21,745,816 19,817,627 20,692,588 16,379,757 14,319,121 15,531,896 (373,073) (375,857) (373,208) (373,073) (375,857) (373,208) 3 4 7 , 2 7 3 , 1 2 19,441,770 20,319,380 16,006,684 13,943,264 15,158,688 1,573,035 1,605,700 1,557,042 - - - 22,945,778 21,047,470 21,876,422 16,006,684 13,943,264 15,158,688 163,928,728 149,652,911 162,739,169 148,246,198 133,827,487 147,363,963 24,703,668 22,129,133 26,796,327 23,533,415 20,413,546 25,628,905 6,011,185 7,103,871 6,450,251 5,848,538 6,987,300 6,239,807 325,372 282,995 319,900 325,372 282,995 319,900 702,848 1,194,253 777,123 702,848 1,194,253 765,152 31,743,073 30,710,252 34,343,601 30,410,173 28,878,094 32,953,764 THE MAURITIUS COMMERCIAL BANK LIMITED Unaudited Interim Financial Statements - 30th September 2010
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Cash and cash equivalentsDerivative financial instrumentsLoans and advances to banksLoans and advances to customersInvestment securitiesInvestments in associatesInvestments in subsidiariesGoodwill and other intangible assetsProperty, plant and equipmentDeferred tax assetsOther assetsTotal assets
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits from banksDeposits from banksDeposits from customersDerivative financial instrumentsOther borrowed fundsSubordinated liabilitiesCurrent tax liabilitiesDeferred tax liabilitiesOther liabilitiesTotal liabilities
Shareholders' EquityShare capital and share premiumRetained earningsOther components of equity
Less treasury sharestnerap eht fo sredloh ytiuqe yranidro eht ot elbatubirtta ytiuqE
Non-controlling interestsTotal equityTotal equity and liabilities
CONTINGENT LIABILITIES
Acceptances, guarantees, letters of credit, endorsements and other obligations on account of customersCommitmentsTax assessmentsOther
THE MAURITIUS COMMERCIAL BANK LIMITEDUnaudited Interim Financial Statements - 30th September 2010
Income Statements
Quarter to Quarter to 9 mths to Year to Quarter to Quarter to 9 mths to otraeYot shtm 9ot shtm 931-Mar-10 31-Mar-09 31-Mar-10 31-Mar-10 31-Mar-09 31-Mar-10
Total comprehensive income attributable to :- Ordinary equity holders of the parent 620,687 779,035 2,299,385 2,098,546 3,476,556 774,710 865,232 2,250,251 2,173,058 3,152,368 Non-controlling interests (12,158) (21,180) 34,599 (109,639) (17,141) - - - - -
608,529 757,855 2,333,984 1,988,907 3,459,415 774,710 865,232 2,250,251 2,173,058 3,152,368 Basic and diluted earnings per share for profit attributable to the ordinary equity holders of the parent (Rs) 3.96 4.04 11.07 12.05 16.71 Basic weighted average number of shares (thousands) 237,341 237,257 237,290 237,250 237,252 Diluted weighted average number of shares (thousands) 237,401 237,305 237,341 237,286 237,291
Interest incomeInterest expenseNet interest income
Fee and commission incomeFee and commission expenseNet fee and commission income
Other incomeOperating incomeNon-interest expenseOperating profit before impairmentAllowance for credit impairmentAllowance of available-for-sale investmentsOperating profitShare of profit of associatesProfit before taxIncome tax expenseProfit for the period
Profit for the period attributable to :- Ordinary equity holders of the parent Non-controlling interests
Statements of Comprehensive Income
Profit for the period
Other comprehensive (expense)/income:Exchange differences on translating foreign operationsReclassification adjustmentsNet fair value gain/(loss) on available-for-sale investmentsShare of other comprehensive income/(expense) of associates
doirep eht rof )esnepxe(/emocni evisneherpmoc rehtOTotal comprehensive income for the period
Total comprehensive income attributable to :- Ordinary equity holders of the parent Non-controlling interests
Basic and diluted earnings per share for profit attributable to the ordinary equity holders of the parent (Rs)Basic weighted average number of shares (thousands)Diluted weighted average number of shares (thousands)
3 mths to 3 mths to Year to 3 mths to 3 mths to Year to3 mths to 3 mths to Year to 3 mths to 3 mths to Year to30-Sep-10 30-Sep-09 30-Jun-10 30-Sep-10 01-nuJ-0390-peS-03
Net cash flows from trading activitiesNet cash flows from other operating activitiesDividends received from associatesDividends paidDividends paid to non-controlling interests in subsidiariesIncome tax paidNet cash flows from operating activitiesInvesting activitiesNet cash flows before financingEmployee share options exercisedGrant/refund of subordinated loan to associate/subsidiaryDecrease in cash and cash equivalentsNet cash and cash equivalents brought forwardEffect of foreign exchange rate changesNet cash and cash equivalents carried forward
3 mths to 3 mths to Year to 3 mths to30-Sep-10 30-Sep-09 30-Jun-10 30-Sep-10
THE MAURITIUS COMMERCIAL BANK LIMITEDUnaudited Interim Financial Statements - 30th September 2010
COMMENTS ON RESULTS TO 31ST MARCH 2010.
1. Comparatives have been restated to ensure comparability for income tax expense to reflect the doubling of the special levy on Banks following a change in Legislation in July 2009.
2. RESULTSThe MCB Group profits for the nine months ended 31st March were Rs 2,627 million, down 8.1% on the corresponding period in 2009, while those of the Bank decreased by 5.2% to Rs 2,159 million.
In spite of a slowdown in balance sheet growth, in the wake of the global financial crisis, with its knock-on effects on investment projects, net interest income was up by 3.5% while net fee and commission income increased by 11.1% from last year. However, other income dropped by more than 30% to Rs 825 million due to the substantial decrease in profits arising from holdings and dealings in foreign currencies, which were affected throughout the period by the strengthening of the Mauritian rupee in a very illiquid market.
Performance of our overseas subsidiaries was also affected by adverse local conditions. Our Seychelles subsidiary, despite improved results in the last quarter, contributed Rs 67 million less to Group profits compared to last year. The political uncertainty prevailing in Madagascar adversely affected the subsidiary’s contribution to Group profits which went down by 32% to Rs 52 million. Furthermore, share of profits from associates decreased by 31% to Rs 281 million for the period, due essentially to a drop in the profitability of BFCOI in Reunion and of the Promotion and Development Group.
Loan quality continued to improve, with the ratio of non performing loans falling to 4.2% at 31st March, 2010 from 4.9% nine months earlier.
3. PROSPECTSThe slow pace of economic recovery in our main export markets together with the ongoing euro weakness and fiscal consolidation could seriously impair the performance of export sectors. Against this background and based on current trends, fourth quarter results are not expected to be materially different from those of 2009. Consequently, we expect our full year results to fall short of the performance realised last year.
The unaudited interim financial statements have been prepared using the same accounting policies as those adopted in the financial statements for the year ended 30th June 2009 and comply with IAS34.
By order of the Board
14th May 2010.
Copies of the unaudited interim financial statements can be obtained free of charge upon request at the registered office of the Company, 9-15, Sir William Newton Street, Port-Louis.
The statement of direct and indirect interests of officers of the Company required under rule 8(2)(m) of the Securities (Disclosure Obligations of Reporting Issuers) Rules 2007 is available upon request, free of charge, at the registered office of the Company.
This communiqué is issued pursuant to Listing Rule 12.20 and Securities Act 2005.The Board of Directors of The Mauritius Commercial Bank Limited accepts full responsibility for the accuracy of the information contained in this communiqué.
COMMENTS ON RESULTS TO 30TH SEPTEMBER 2010
1. ResultsGroup attributable profits recovered from last year’s decline to rise by 19.5%, reaching Rs 945.8 million for the quarter to September 2010. Results for the Bank were up by 25.5% on 2009.
Net interest income increased by 7% in spite of lower income from securities in a market characterised by typically low yields on Treasury Bills, while fee and commission income was up by 29.6%, fuelled by revenue linked to regional trade financing, loan facilities and bank guarantees. Furthermore, there was a recovery in profits from foreign exchange operations which, last year, had been affected by adverse market conditions.
The share of profits from associated companies decreased by 91%, caused by a major drop in contribution from BFCOI, as a result of additional provisioning in the wake of tough economic conditions.
Operating expenses were well contained, growing by around 7% for the Group and there was a further improvement in asset quality, with credit impairment allowances pursuing their declining trend and the net non-performing loan ratio improving to 1.6% at 30th September 2010, from 1.9% in June 2010.
2. OutlookWhilst there are indications of a relative pick-up in some areas of economic activity, the operating environment of the MCB Group is likely to remain delicate for some time yet, given country-specific vulnerabilities and uncertainties characterising the main export markets of Mauritius Nonetheless the MCB is well poised to register a rebound in results Based on current estimates Group results for
COMMENTS ON RESULTS TO 30TH SEPTEMBER 2010
1. ResultsGroup attributable profits recovered from last year’s decline to rise by 19.5%, reaching Rs 945.8 million for the quarter to September 2010. Results for the Bank were up by 25.5% on 2009.
Net interest income increased by 7% in spite of lower income from securities in a market characterised by typically low yields on Treasury Bills, while fee and commission income was up by 29.6%, fuelled by revenue linked to regional trade financing, loan facilities and bank guarantees. Furthermore, there was a recovery in profits from foreign exchange operations which, last year, had been affected by adverse market conditions.
The share of profits from associated companies decreased by 91%, caused by a major drop in contribution from BFCOI, as a result of additional provisioning in the wake of tough economic conditions.
Operating expenses were well contained, growing by around 7% for the Group and there was a further improvement in asset quality, with credit impairment allowances pursuing their declining trend and the net non-performing loan ratio improving to 1.6% at 30th September 2010, from 1.9% in June 2010.
2. OutlookWhilst there are indications of a relative pick-up in some areas of economic activity, the operating environment of the MCB Group is likely to remain delicate for some time yet, given country-specific vulnerabilities and uncertainties characterising the main export markets of Mauritius. Nonetheless, the MCB is well poised to register a rebound in results. Based on current estimates, Group results for the first half year of 2010/11 should be better than last year’s performance for the corresponding period.
3. Dividend declaration The Board of Directors has declared an interim dividend of Rs 2.50 per share for the year to 30th June 2011.
By order of the Board
12th November 2010
The unaudited interim financial statements have been prepared using the same accounting policies as those adopted in the financial statements for the year ended 30th June 2010 and comply with IAS34.
Copies of the unaudited interim financial statements can be obtained free of charge upon request at the registered office of the Company, 9-15, Sir William Newton Street, Port-Louis.
The statement of direct and indirect interests of officers of the Company required under rule 8(2)(m) of the Securities (Disclosure Obligations of Reporting Issuers) Rules 2007 is available upon request, free of charge, at the registered office of the Company.
This communiqué is issued pursuant to Listing Rule 12.20 and Securities Act 2005.This communiqué is issued pursuant to Listing Rule 12.20 and Securities Act 2005.The Board of Directors of The Mauritius Commercial Bank Limited accepts full responsibility for the accuracy of the information contained in this communiqué.
THE MAURITIUS COMMERCIAL BANK LIMITEDUnaudited Interim Financial Statements - 30th September 2010