Консолидированная финансовая отчетность АКИБ "Ипотека-банка" ("Ipoteka bank" and its subsidiaries)

Bank is registered in Uzbekistan to carry out banking and foreign exchange activities and has operated under the banking license No.74 reissued by the Central bank of Uzbekistan (the "CBU") on December 25, 2021.

The Bank's registered address is: P/o box 100000. 30, Shakhrisabz Street, Tashkent, Uzbekistan.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2022

(In millions of UZS)

 31 December

2022

 31 December

2021

ASSETS

Cash and cash equivalents

5,070,178

7,229,674

Due from other banks

1,952,797

2,031,514

Loans and advances to customers

32,856,102

29,263,226

Debt securities at amortized cost

3,921,719

1,095,081

Financial assets at fair value through other comprehensive income

5,671

4,308

Investment in associates

30,180

22,907

Premises, equipment and intangible assets

313,596

325,586

Current income tax prepayment

-

25,666

Deferred tax asset

83,453

34,292

Other financial assets

29,883

21,385

Other non-financial assets

304,554

110,677

TOTAL ASSETS

44,568,133

40,164,316

LIABILITIES

Due to other banks

1,783,791

-

Customer accounts

12,569,851

13,632,275

Debt securities in issue

4,184,718

4,057,179

Borrowings from government, state and international financial institutions

19,145,068

16,947,048

Subordinated debt

425,905

425,905

Deferred tax liability

-

-

Other financial liabilities

9,137

13,306

Other non-financial liabilities

188,114

161,559

TOTAL LIABILITIES

38,306,584

35,237,272

EQUITY

Share capital

2,987,950

2,990,570

Retained earnings

3,270,843

1,936,488

Revaluation reserve of financial assets at fair value through other comprehensive income

2,756

(14)

Net assets attributable to the Bank’s owners

6,261,549

4,927,044

TOTAL EQUITY

6,261,549

4,927,044

TOTAL LIABILITIES AND EQUITY

44,568,133

40,164,316

ONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED DECEMBER 31, 2022

(In millions of UZS)

Attributable to owners of the Bank

1 January 2022

2,990,570

1,936,488

(14)

4,927,044

Net profit for the period

-

1,334,355

-

1,334,355

Other comprehensive income for the period

-

-

2,770

2,770

Total comprehensive income for the period

-

1,334,355

2,770

1,337,125

Transfer of shares to the Agency for Management of State Assets of the Republic of Uzbekistan

       (2,620)

-

(2,620)

Ordinary shares issued

-

-

-

-

31 December 2022

2,987,950

3,270,843

2,756

6,261,549

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED DECEMBER 31, 2022

 (In millions of UZS)

2022

2021

Interest income calculated using the effective interest rate

             4,512,276

            3,693,881

Other interest income

                  35,590

                 28,594

Interest expense

           (2,094,645)

          (1,600,739)

Net interest income before charge for expected credit losses

             2,453,221

            2,121,736

Charge for credit losses on loans and advances to customers

              (295,121)

             (591,328)

Net interest income

             2,158,100

            1,530,408

Fee and commission income

                391,997

               343,937

Fee and commission expense

                 (75,501)

                (82,415)

Net gain from trading in foreign currencies

                146,021

                 59,841

Net (loss)/gain from foreign exchange translation

                 (19,576)

                 10,050

Net effect of initial recognition of financial instruments at fair value

                 (23,913)

                  (8,336)

Loans and advances to customers

                  (7,388)

                 (8,336)

Borrowings from government, state and international financial institutions

                (16,525)

                            -

Dividend income

                     2,916

                       164

Impairment charge on other financial assets and contingencies

                 (21,655)

                (33,620)

Impairment charge on assets held for sale

                 (25,417)

                             -

Other operating income

                130,425

               161,925

Administrative and other operating expenses

           (1,107,935)

             (894,127)

Share of profit of associates

                     4,828

                    2,553

Profit before tax

             1,560,290

            1,090,380

Income tax expense

              (225,935)

             (203,599)

Profit for the period from continuing operations

1,334,355

886,781

DISCONTINUED OPERATIONS

Loss for the year from discontinued operations

                              -

                             -

NET PROFIT FOR THE PERIOD

             1,334,355

               886,781

Items that are or may be reclassified subsequently to

  profit or loss:

  Fair value adjustment on financial assets at fair

  value through other comprehensive income

                     3,462

                        (61)

  Tax effect

                      (692)

                         12

Total other comprehensive loss for the period

                     2,770

                        (49)

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

             1,337,125

               886,732

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2022

(In millions of UZS)

2022

2021

Cash flows from operating activities

Interest received

4,454,775

           3,436,565

Interest paid

(2,020,858)

          (1,557,336)

Fees and commissions received

367,769

               325,246

Fees and commissions paid

(75,501)

               (82,415)

Insurance operations income received

30,075

                 76,442

Insurance operations expense paid

(4,397)

               (12,869)

Income received from trading in foreign currencies

146,021

                 79,867

Other operating income received

99,668

                 85,198

Staff costs paid

(806,250)

             (591,932)

Administrative and other operating expenses paid

(208,305)

             (177,385)

Income tax paid

(250,122)

             (189,175)

Cash flows from operating activities before changes

 in operating assets and liabilities

                   1,732,875

           1,392,205

Net decrease / (increase) in due from other banks

141,141

(291,504)

Net increase in loans and advances to customers

(3,724,922)

(5,689,615)

Net increase in other financial assets

(8,881)

                     (118)

Net decrease in other non-financial assets

7,312

                         15

Net increase / (decrease) in due to other banks

1,736,719

(517,837)

Net (decrease) / increase in customer accounts

(1,180,522)

4,514,710

Net increase in insurance liabilities

-

-

Net increase in other financial liabilities

779

2,711

Net decrease in other non-financial liabilities

(5,322)

(5,345)

Net cash used in operating activities

                 (1,300,821)

             (594,777)

Cash flows from investing activities

Purchase of premises, equipment and intangible assets

(61,785)

               (58,945)

Proceeds from disposal of premises, equipment and

intangible assets

8,757

                   1,706

Sale of financial assets at fair value through other comprehensive income

(521)

581

Purchase of associates (incorporation)

-

                            -

Purchase of debt securities at amortized cost

(14,122,474)

          (2,201,848)

Proceeds from debt securities at amortized cost

11,302,147

           1,865,445

Dividend income received

471

                       164

Net cash used in investing activities

                 (2,873,405)

             (392,897)

Cash flows from financing activities

Proceeds from borrowings from government, state and international financial institutions

2,056,268

           3,483,889

Repayment of borrowings from government, state and

international financial institutions

(68,841)

          (1,354,617)

Proceeds from issue of debt securities

-

               984,378

Repayment of debt securities in issue

(5,027)

                            -

Net cash from financing activities

1,982,400

3,113,650

Effect of exchange rate changes on cash and cash equivalents

                        32,330

               (43,943)

Net increase in cash and cash equivalents

                 (2,159,496)

           2,082,033

Cash and cash equivalents at the beginning of the year before allowance for expected credit losses

                   7,229,900

           5,147,781

Change in allowance for expected credit losses

                            (125)

                         86

Cash and cash equivalents at the end of the year before allowance for expected credit losses

                   5,070,279

           7,229,900

Audit organization: "KPMG Audit" LLC Tashkent, the Republic of Uzbekistan (qualification certificate of bank auditor No. 16/3 dated 1 February 2020, issued by the Central Bank of the Republic of Uzbekistan). Management is responsible for the preparation of the consolidated financial statements that present fairly the consolidated financial position of JSCMB "Ipoteka Bank" ("the Bank") and its subsidiaries (collectively - "the Group") as of December 31, 2021 and the related consolidated financial performance and consolidated cash flows for the year then ended, in accordance with International Financial Reporting Standards ("IFRS").

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