Bahrain Islamic Bank B S C : Publication – Financial Statements – 31 March 2023

	CONDENSED CONSOLIDATED INCOME STATEMENT		CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION		CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
	For the three months ended 31 March 2023		As at 31 March 2023		For the three months ended 31 March 2023

	31 March	31 March		31 March	31 December
	2023	2022			2023	2022
	BD'000	BD'000		BD'000	BD'000
	(reviewed)	(reviewed)		(reviewed)	(audited)
INCOME				ASSETS
Income from financing	11,977	12,569		Cash and balances with banks and Central Bank	58,858	70,037
Income from investment in Sukuk	3,468	3,268		Placements with financial institutions	65,920	69,755
Total income from jointly financed assets	15,445	15,837		Financing assets	615,392	620,023
Return on equity of investment accountholders	(5,001)	(6,674)		Investment securities	259,692	259,029
Group's share as Mudarib	4,055	5,943		Ijarah Muntahia Bittamleek	313,208	289,986
Net return on equity of investment accountholders	(946)	(731)		Investment in associates	8,960	8,832
Group's share of income from jointly financed	14,499	15,106		Investment in real estate	13,661	13,661
assets (both as mudarib and investor)		Property and equipment	13,824	14,019
Expense on placements from financial institutions	(1,768)	(837)
	Other assets	16,250	16,475
Expense on placements from non-financial
(3,338)	(1,649)
institutions and individuals		TOTAL ASSETS	1,365,765	1,361,817
Expense on financing from financial institutions	(1,194)	(180)		LIABILITIES, EQUITY OF INVESTMENT
Fee and commission income, net	1,331	1,666
	ACCOUNTHOLDERS AND OWNERS' EQUITY
Income from investment in real estate, net	148	(596)		Liabilities
Share of results of associates, net	127	(16)		Placements from financial institutions	164,745	152,404
Other income, net	852	262		Placements from non-financial institutions
				and individuals	298,615	245,442
Total income	10,657	13,756
	Financing from financial institutions
EXPENSES				108,752	110,113
			Customers' current accounts
Staff costs	3,133	3,449		200,034	231,078
	Other liabilities
Depreciation and amortization	442	412		36,370	36,621
	Total Liabilities	808,516	775,658
Other expenses	2,851	2,761
Equity of Investment Accountholders
Total expenses	6,426	6,622
	Financial institutions
				19,340	29,953
Profit before impairment allowances and other		7,134
		Non-financial institutions and individuals
provisions	4,231		399,431	420,455
Impairment allowance and other provisions, net	(1,228)	(2,171)		Total Equity of Investment Accountholders	418,771	450,408

	31 March	31 March
	2023	2022
	BD'000	BD'000
	(reviewed)	(reviewed)
OPERATING ACTIVITIES
Profit for the period	3,003	4,963
Adjustments for non-cash items:
Depreciation	367	329
Fair value movement in investment in real estate	-	640
Impairment allowance and other provisions, net	1,228	2,171
Amortization of right-of-use asset	75	83
Amortization of gain on sale of investment in
real estate	(108)	(5)
Gain on sale of investment in sukuk	-	(114)
Share of results of associates, net	(127)	16
Operating profit before changes in operating assets
and liabilities	4,438	8,083
Working capital adjustments:
Mandatory reserve with Central Bank of Bahrain	(345)	(1,695)
Financing assets	3,703	(5,177)
Ijarah Muntahia Bittamleek	(23,479)	(8,199)
Other assets	(503)	(343)
Customers' current accounts	(31,044)	(15,917)
Other liabilities	(138)	2,277
Placements from financial institutions	12,967	53,702
Placements from non-financial institutions
and individuals	53,173	16,822
Equity of investment accountholders	(31,637)	(10,743)
Net cash (used in) / from operating activities	(12,865)	38,810
INVESTING ACTIVITIES

PROFIT FOR THE PERIOD	3,003	4,963
BASIC AND DILUTED EARNINGS PER SHARE (fils)	2.85	4.71

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN OWNERS' EQUITY For the three months ended 31 March 2023

	31 March	31 March
	2023	2022
	BD'000	BD'000
	(reviewed)	(reviewed)
Balance at 1 January	135,751	125,760
Profit for the period	3,003	4,963
Zakah approved	(170)	(138)
Donations approved	(250)	(350)
Shares allocated to staff during the period	124	76
Net movement in investment securities fair
value reserve	20	10
Balance as at 31 March	138,478	130,321

Owners' Equity
Share capital	106,406	106,406
Treasury shares	(892)	(892)
Shares under employee share incentive scheme	(169)	(293)
Share premium	206	206
Reserves	7,927	5,324
Equity Attributable to Parent's Shareholders	113,478	110,751
Subordinated Mudaraba (AT1)	25,000	25,000
Total Owners' Equity	138,478	135,751
TOTAL LIABILITIES, EQUITY OF INVESTMENT	1,365,765	1,361,817
ACCOUNTHOLDERS AND OWNERS' EQUITY

The condensed consolidated interim financial information was approved by the Board of

Directors on 3 May 2023 and has been reviewed by KPMG.

Dr. Esam Abdulla Fakhro	Usman Ahmed	Yaser Abduljalil Alsharifi
Chairman	Vice Chairman	Chief Executive Officer

Purchase of property and equipment	(172)	(693)
Purchase of investment securities	(1,581)	(1,296)
Proceeds from disposal of investment securities	1,547	9,239
Net cash (used in) / from investing activities	(206)	7,250
FINANCING ACTIVITIES
Financing from financial institutions	(1,361)	18,014
Lease liability paid	(301)	(64)
Net cash (used in) / from financing activities	(1,662)	17,950
NET (DECREASE) / INCREASE IN CASH AND
CASH EQUIVALENTS	(14,733)	64,010
Cash and cash equivalents at 1 January	101,073	106,678
CASH AND CASH EQUIVALENTS AT 31 MARCH	86,340	170,688
Cash and cash equivalents comprise of:
Cash on hand	13,403	12,146
Balances with CBB, excluding mandatory
reserve deposits	1,064	510
Balances with banks and other financial institutions		7,520
excluding restricted balances	5,953
Placements with financial institutions with original		150,512
maturities less than 90 days	65,920
	86,340	170,688

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