3
Opinion
In our opinion, the financial statements present fairly, in all material respects the financial position of
Open Joint Stock Company AmrahBank Joint Stock Bank as at 31 December 2008, and its financial
performance and its cash flows for the year then ended in accordance with International Financial
Reporting Standards.
29 April 2009
Baku, Azerbaijan
OPEN JOINT STOCK COMPANY AMRAHBANK JOINT STOCK BANK
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2008
(in Azerbaijan Manats)
4
Notes
Year ended
31 December
2008
Year ended
31 December
2007
Interest income
4, 23
9,238,290
5,996,393
Interest expense
4, 23
(4,338,377)
(2,683,246)
NET INTEREST INCOME BEFORE RECOVERY OF
PROVISION/(PROVISION) FOR IMPAIRMENT LOSSES ON
INTEREST BEARING ASSETS
4,899,913
3,313,147
Recovery of provision/(provision) for impairment losses on interest
bearing assets
5, 23
445,763
(2,415,929)
NET INTEREST INCOME
5,345,676
897,218
Net gain on foreign exchange operations
6
429,738
64,758
Fee and commission income
7, 23
2,756,736
2,598,463
Fee and commission expense
7
(342,813)
(285,860)
Recovery of provision for impairment losses on other transactions
5
-
206,870
Other income
20,494
5,070
NET NON-INTEREST INCOME
2,864,155
2,589,301
OPERATING INCOME
8,209,831
3,486,519
OPERATING EXPENSES
8, 23
(4,156,320)
(2,172,592)
PROFIT BEFORE INCOME TAX
4,053,511
1,313,927
Income tax expense
9
(993,077)
(296,194)
NET PROFIT
3,060,434
1,017,733
EARNINGS PER SHARE
Basic and diluted
10
26.04
13.30
The notes on pages 9 to 55 form an integral part of these financial statements.
OPEN JOINT STOCK COMPANY AMRAHBANK JOINT STOCK BANK
BALANCE SHEET
AS AT 31 DECEMBER 2008
(in Azerbaijan Manats)
5
Notes
31 December
2008
31 December
2007
ASSETS:
Cash and balances with the National Bank of the Republic of
Azerbaijan
11
6,919,460
9,347,625
Due from banks
12
1,664,997
619,764
Loans to customers
13, 23
39,400,062
38,218,750
Investments available-for-sale
14
5,762,993
200,000
Property and equipment
15
7,163,182
212,878
Other assets
16
496,653
310,291
TOTAL ASSETS
61,407,347
48,909,308
LIABILITIES AND EQUITY
LIABILITIES:
Due to banks and other credit institutions
17
5,723,321
9,163,234
Customer accounts
18, 23
33,611,631
28,593,038
Current income tax liability
729,285
46,304
Deferred income tax liability
9
30,989
2,881
Other liabilities
19
263,720
182,394
Total liabilities
40,358,946
37,987,851
EQUITY:
Share capital
20
12,820,700
9,679,600
Share premium
20
5,140,410
-
Retained earnings
3,087,291
1,241,857
Total equity
21,048,401
10,921,457
TOTAL LIABILITIES AND EQUITY
61,407,347
48,909,308
The notes on pages 9 to 55 form an integral part of these financial statements.
OPEN JOINT STOCK COMPANY AMRAHBANK JOINT STOCK BANK
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2008
(in Azerbaijan Manats)
6
Share capital
Share premium
Retained
earnings
Total equity
31 December 2006
6,779,600
-
1,624,124
8,403,724
Share capital increase (note 20)
2,900,000
-
-
2,900,000
Dividends declared and paid
-
-
(1,400,000)
(1,400,000)
Net profit
-
-
1,017,733
1,017,733
31 December 2007
9,679,600
-
1,241,857
10,921,457
Share capital increase (note 20)
3,141,100
5,140,410
-
8,281,510
Dividends declared and paid
-
-
(1,215,000)
(1,215,000)
Net profit
-
-
3,060,434
3,060,434
31 December 2008
12,820,700
5,140,410
3,087,291
21,048,401
The notes on pages 9 to 55 form an integral part of these financial statements.
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