Demerara Bank Statement Of Income And Expense Page 2
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1
2Consolidated Statement of Change in Equity
Retained
Statutory
Share Capital
Earnings
Reserves
Quarter ended 31 March 2013
Balances as at beginning of period
$
450,000
$
4,523,425
$
450,000
Dividend Paid
$
(189,000)
Transferred from Retained Earnings
Transferred from Profit
$
577,585
Balances as at end of period
450,000
4,912,010
450,000
Year ended 30 September 2013
Balances as at beginning of period
$
450,000
$
4,523,425
$
450,000
Transferred to Statutory Reserve
Dividends Paid
$
(279,000)
Transferred from Retained Earnings
Transferred from Profit
$
1,294,563
$
-
Balances as at end of year
450,000
5,538,988
450,000
Quarter ended 31 March 2014
Balances as at beginning of period
$
450,000
$
5,538,988
$
450,000
Dividends Paid
$
(225,000)
Transferred from Retained Earnings
$
-
Transferred from Profit
$
760,557
$
-
Balances as at end of period
450,000
6,074,545
450,000
Statement of Cash Flow
Unaudited
Audited
31-Mar-2014
30-Sep-2013
Cash flows from operating activities:
Net income before taxation
1,175,557
1,957,259
Interest income
(1,580,446)
(2,738,040)
Interest expense
246,298
477,787
Adjustments for:
Depreciation
25,189
54,161
Loss on disposal of plant and equipment
-
565
Interest Received
1,658,723
2,757,091
Interest paid
(230,508)
(528,503)
Increase in deposit with the central bank
626,485
(1,343,560)
(Increase) decrease in other assets
(477,485)
(17,727)
Increase in deposits
(1,112,838)
6,490,972
Increase (decrease) in other liabilities
296,346
165,681
Taxes paid
(102,418)
(438,150)
Net cash from operating activities
524,902
6,837,536
Cash flows from investing activities:
(Increase) Decrease in investments
1,698,205
(5,800,478)
(Increase) Decrease in loans and advances
(1,670,364)
(3,221,390)
Proceeds from sale of property plant and equipment
851
Decrease in asset classified as held for sale
-
15,000
Purchase of property, plant and equipment
(2,936)
(239,105)
Net cash used in investing activities
24,905
(9,245,122)
Cash flows from financing activities:
Dividends
(225,000)
(279,000)
Net cash used in financing activities
(225,000)
(279,000)
Net decrease in cash and cash equivalents
324,807
(2,686,586)
Cash and cash equivalents, beginning of year
3,765,778
6,452,364
Cash and cash equivalents, end of year
4,090,585
3,765,778
Cash and cash equivalent comprise of the following statement of financial positon items:
Cash
829,013
194,391
Due from banks
3,261,572
3,571,386
4,090,585
3,765,778
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