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  • Ardshinbank CJSC

    Interim Financial Statements

    for the period ended 30 June 2016

  • Contents

    Interim statement of profit or loss and other comprehensive income ............................................................... 3 Interim statement of financial position .............................................................................................................. 4

    Interim statement of cash flows ......................................................................................................................... 5

    Interim statement of changes in equity .............................................................................................................. 6

    Notes to the interim financial statements ........................................................................................................... 7

  • Ardshinbank CJSC

    Interim Statement of Profit or Loss and Other

    Comprehensive Income for the period ended 30 June 2016

    3

    Notes

    01.04.2016-

    30.06.2016

    AMD’000

    (unaudited)

    01.01.2016-

    30.06.2016

    AMD’000

    (unaudited)

    01.04.2015-

    30.06.2015

    AMD’000

    (unaudited)

    01.01.2015-

    30.06.2015

    AMD’000

    (unaudited)

    Interest income 4 11,472,535 22,348,252 9,602,831 18,569,744

    Interest expense 4 (7,897,735) (15,626,765) (6,181,906) (12,437,910)

    Net interest income 3,574,800 6,721,487 3,420,925 6,131,834

    Fee and commission income 5 660,757 1,284,339 693,584 1,368,758

    Fee and commission expense (174,356) (351,614) (186,928) (333,728)

    Net fee and commission income 486,401 932,725 506,656 1,035,030

    Net foreign exchange income 6 369,425 836,498 421,669 936,294

    Net (loss) gain on available-for-sale financial assets (4,582) 46,850 7,220 64,299

    Other operating income

    246,521 441,005

    138,062 205,045

    Operating income 4,672,565 8,978,565 4,494,532 8,372,502

    Impairment losses 13 (1,069,073) (1,923,604) (1,344,166) (2,036,490)

    Personnel expenses 7 (1,012,926) (2,058,499) (1,156,678) (2,303,092)

    Other general administrative expenses 8 (1,197,934) (2,188,459) (1,038,805) (2,107,971)

    Profit before income tax 1,392,632 2,808,003 954,883 1,924,949

    Income tax 9 (292,281) (581,614) (228,731) (416,107)

    Profit for the period 1,100,351 2,226,389 726,152 1,508,842

    Other comprehensive income (loss), net of

    income tax

    Items that are or may be reclassified subsequently

    to profit or loss:

    Revaluation reserve for available-for-sale financial

    assets:

    - Net change in fair value 410,932 688,770 (142,884) (553,024)

    - Net change in fair value transferred to profit or

    loss

    3,666 (37,480) (5,776) (51,439)

    Total items that are or may be reclassified

    subsequently to profit or loss

    414,598 651,290 (148,660) (604,463)

    Items that will not be reclassified to profit or loss:

    Revaluation of land and buildings - - - 800,000

    Total items that will not be reclassified to profit or

    loss

    - - - 800,000

    Other comprehensive income (loss) for the

    period, net of income tax

    414,598 651,290 (148,660) 195,537

    Total comprehensive income for the period 1,514,949 2,877,679 577,492 1,704,379

    The financial statements as set out on pages 3 to 58 were approved by management on 15 July 2016 and were

    signed on its behalf by:

    Mher Grigoryan Vahagn Durgaryan

    Chairman of Management Board Chief Accountant

  • Ardshinbank CJSC

    Interim Statement of Financial Position as at 30 June 2016

    4

    Notes

    30.06.2016

    AMD’000

    (unaudited)

    31.12.2015

    AMD’000

    (audited)

    ASSETS

    Cash and cash equivalents 10 100,055,539 69,073,026

    Available-for-sale financial assets 11

    - Held by the Bank 11,822,127 19,875,483

    - Pledged under sale and repurchase agreements 90,412 1,594,171

    Loans and advances to banks and financial institutions 12 3,842,335 17,243,320

    Loans to customers 13 310,574,753 274,461,557

    Held-to-maturity investments 14

    - Held by the Bank 8,069,513 493,822

    Repossessed property 13 5,030,257 6,014,801

    Property, equipment and intangible assets 15 9,168,743 8,913,505

    Current tax asset 175,081 266,196

    Other assets 16 3,969,315 2,469,670

    Total assets 452,798,075 400,405,551

    LIABILITIES

    Deposits and balances from banks and other borrowings 17 100,435,228 90,687,053

    Debt securities issued 18 50,162,762 55,271,785

    Current accounts and deposits from customers 19 248,699,440 204,107,041

    Deferred tax liabilities 9 1,388,794 949,284

    Other liabilities 20 817,065 973,281

    Total liabilities 401,503,289 351,988,444

    EQUITY

    Share capital 21 17,925,200 17,925,200

    Share premium 1,711,179 1,711,179

    Revaluation surplus for land and buildings 4,392,623 4,392,623

    Revaluation reserve for available-for-sale financial assets (576,559) (1,227,849)

    Retained earnings 27,842,343 25,615,954

    Total equity 51,294,786 48,417,107

    Total liabilities and equity 452,798,075 400,405,551

  • Ardshinbank CJSC

    Interim Statement of Cash Flows for the period ended 30 June 2016

    5

    Notes

    30.06.2016

    AMD’000

    (unaudited)

    30.06.2015

    AMD’000

    (unaudited)

    CASH FLOWS FROM OPERATING ACTIVITIES

    Interest receipts 20,645,341 18,141,134

    Interest payments (14,991,771) (11,774,742)

    Fee and commission receipts 1,284,339 1,368,758

    Fee and commission payments (351,614) (333,728)

    Net receipts from foreign exchange 805,199 955,505

    Other income receipts 487,855 265,136

    Other general administrative expenses payments (4,258,919) (4,213,730)

    (Increase) decrease in operating assets

    Available-for-sale financial assets 10,391,469 (6,177,356)

    Loans and advances to banks and financial institutions 14,103,870 11,719,044

    Loans to customers (39,480,577) (20,337,741)

    Other assets (707,265) 144,886

    Increase (decrease) in operating liabilities

    Short term deposits and balances from banks 57,806 (10,282,536)

    Current accounts and deposits from customers 45,699,626 (7,878,362)

    Other liabilities 5,801 (551)

    Net cash from (used in) operating activities before income

    tax paid 33,691,160 (28,404,283)

    Income tax paid (213,809) (765,389)

    Cash flows from (used in) operations 33,477,351 (29,169,672)

    CASH FLOWS FROM INVESTING ACTIVITIES

    Purchases of property and equipment and intangible assets (676,900) (1,103,396)

    Held-to-maturity investments (7,583,061) -

    Cash flows used in investing activities (8,259,961) (1,103,396)

    CASH FLOWS FROM FINANCING ACTIVITIES

    Receipts of borrowed funds 15,713,457 16,923,300

    Repayment of borrowed funds (4,910,258) (4,432,177)

    Proceeds from issuance of debt securities (4,598,549) -

    Cash flows from financing activities 6,204,650 12,491,123

    Net increase (decrease) in cash and cash equivalents 31,422,040 (17,781,945)

    Effect of changes in exchange rates on cash and cash

    equivalents (439,527) (434,472)

    Cash and cash equivalents as at the beginning of the period 69,073,026 85,009,721

    Cash and cash equivalents as at the end of the period 10 100,055,539 66,793,304

  • Ardshinbank CJSC

    Interim Statement of Changes in Equity for the period ended 30 June 2016

    6

    AMD’000 Share capital

    Share

    premium

    Revaluation

    surplus for

    land and

    buildings

    Revaluation reserve

    for available-for-sale

    financial assets

    Retained

    earnings

    Total

    equity

    (unaudited)

    Balance as at 1 January 2015 17,925,200 1,711,179 4,392,623 (507,249) 23,610,513 47,132,266

    Total comprehensive income

    Profit for the period - - - - 1,508,842 1,508,842

    Other comprehensive income (loss)

    Items that are or may be reclassified

    subsequently to profit or loss: Net change in fair value of available-

    for-sale financial assets, net of deferred

    tax - - - (553,024) - (553,024)

    Net change in fair value of available-

    for-sale financial assets transferred to

    profit or loss, net of deferred tax - - - (51,439) - (51,439)

    Total items that are or may be

    reclassified subsequently to profit or

    loss - - - (604,463) - (604,463)

    Items that will not be reclassified to

    profit or loss:

    Revaluation of land and buildings,

    net of deferred tax - - 800,000 - - 800,000

    Total items that will not be reclassified