First Merchant Bank

Ticker code FMB Industry Regional Banks Livingstone Towers
Glyn Jones Road
Private Bag 122
Blantyre, Malawi
ISIN MW000A1C5MC8 Sector Financial
Initial Listing 19 June 2006 Financial Year End 31 December
Website www.fmbmalawi.com Results Released Half-yearly
2010 2011 2012 2013 2014
  MWK'000 MWK'000 MWK'000 MWK'000 MWK'000
Net interest income 3,661,059 4,268,889 4,302,037 7,575,483 8,668,182
Net trading income 5,601,022 6,621,748 8,969,925 15,895,806 17,845,404
Total operating income 5,644,062 6,705,671 8,998,198 15,898,876 17,845,404
Total expenses 3,027,573 3,695,019 4,617,791 7,948,751 10,456,772
Operating profit 2,616,489 3,010,652 4,380,407 7,950,125 7,388,632
Profit before income tax expense 2,616,489 3,010,652 4,544,509 8,183,915 7,511,117
Income tax expense -787,894 -995,620 -1,127,841 -2,195,274 -2,314,371
Profit for the year 1,828,595 2,015,032 3,416,668 5,988,641 5,196,746
Total other comprehensive income for the year 77,817 -96,255 1,070,890 390,715 824,040
Total comprehensive income for the year 1,906,412 1,918,777 4,487,558 6,379,356 6,020,786
Profit or loss attributable to:
Owners of the parent 1,766,992 1,858,453 3,416,668 6,093,125 5,457,150
Non-controlling interest 61,603 156,579 - -104,484 -260,404
Total comprehensive income attributable to:
Owners of the parent 1,812,723 1,809,474 4,487,558 6,447,032 6,288,112
Non-controlling interest 93,689 109,303 - -67,676 -267,326
Basic and diluted earnings per share (tambala) 76 80 146 261 234
Assets
Total assets 49,678,000 59,919,856 53,023,571 82,947,923 104,362,846
Liabilities and equity
Total liabilities 41,509,847 50,580,526 40,916,983 65,335,938 82,349,324
Total equity attributable to equity holders of the company 7,538,381 8,600,255 12,106,588 17,143,654 21,329,141
Non-controlling interest 629,772 739,075 - 468,331 684,381
Total equity 8,168,153 9,339,330 12,106,588 17,611,985 22,013,522
Total equity and liabilities 49,678,000 59,919,856 53,023,571 82,947,923 104,362,846
Net cash from operating activities 3,125,850 7,705,489 2,771,365 15,828,950 9,003,036
Net cash used in investing activities -2,304,439 1,659,628 -36,153 -3,380,161 -8,891,664
Net cash from financing activities -630,794 -747,600 -981,225 2,807,359 594,829
Net increase/decrease in cash and cash equivalents 190,617 8,617,517 1,753,987 15,256,148 706,201
Cash and cash equivalents at 31 December 5,321,066 13,938,583 15,962,215 31,461,380 32,429,431

Period ended: 31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14
Unit: MWK'000 MWK'000 MWK'000 MWK'000 MWK'000
Statement type: Audited Audited Audited Audited Audited
View original statement: Download Download Download Download Download
Interest income 5,113,901 6,068,358 5,800,254 11,045,045 12,505,246
Interest expense on deposits and other accounts -1,452,842 -1,799,469 -1,498,217 -3,469,562 -3,837,064
Net interest income 3,661,059 4,268,889 4,302,037 7,575,483 8,668,182
Fees and commission income 1,162,620 1,245,391 2,248,814 3,258,647 4,377,378
Income from investments 104,359 354,609 546,656 1,159,714 762,867
Gain on foreign exchange transactions 672,984 752,859 1,872,418 3,901,962 4,036,977
Net trading income 5,601,022 6,621,748 8,969,925 15,895,806 17,845,404
Other operating income 43,040 83,923 28,273 3,070 -
Total operating income 5,644,062 6,705,671 8,998,198 15,898,876 17,845,404
Staff and training costs 1,454,562 1,586,407 2,130,817 3,399,831 5,541,187
Premises and equipment costs 346,363 535,613 543,794 844,705 1,053,776
Depreciation expense 331,936 400,689 396,434 561,567 598,967
Other expenses 816,031 1,083,487 1,099,669 2,113,259 2,746,442
Impairment loss on financial assets 78,681 88,823 447,077 1,029,389 516,400
Total expenses 3,027,573 3,695,019 4,617,791 7,948,751 10,456,772
           
Operating profit 2,616,489 3,010,652 4,380,407 7,950,125 7,388,632
Share of profit from associate - - 164,102 233,790 122,485
Profit before income tax expense 2,616,489 3,010,652 4,544,509 8,183,915 7,511,117
Income tax expense -787,894 -995,620 -1,127,841 -2,195,274 -2,314,371
Profit for the year 1,828,595 2,015,032 3,416,668 5,988,641 5,196,746
           
Other comprehensive income
Items that will never be classfied to profit or loss
Revaluation surplus on property - - 1,361,727 - 970,416
Tax on other comprehensive income 8,426 5,986 -270,721 268,022 -123,300
8,426 5,986 1,091,006 268,022 847,116
Items that are or may be classified to profit or loss
Transfer to profit and loss on reclassification - - -20,116 - -
Translation difference for foreign operations 69,391 -102,241 - 122,693 -23,076
Total other comprehensive income for the year 77,817 -96,255 1,070,890 390,715 824,040
Total comprehensive income for the year 1,906,412 1,918,777 4,487,558 6,379,356 6,020,786
           
Profit or loss attributable to:
Owners of the parent 1,766,992 1,858,453 3,416,668 6,093,125 5,457,150
Non-controlling interest 61,603 156,579 - -104,484 -260,404
Profit for the year 1,828,595 2,015,032 3,416,668 5,988,641 5,196,746
Total comprehensive income attributable to:
Owners of the parent 1,812,723 1,809,474 4,487,558 6,447,032 6,288,112
Non-controlling interest 93,689 109,303 - -67,676 -267,326
Total comprehensive income for the year 1,906,412 1,918,777 4,487,558 6,379,356 6,020,786
Basic and diluted earnings per share (tambala) 76 80 146 261 234

Period ended: 30-Jun-13 31-Dec-13 30-Jun-14 31-Dec-14 30-Jun-15
Period length: 6-months 6-months 6-months 6-months 6-months
Unit: MWK million MWK million MWK million MWK million MWK million
Statement type: Unaudited Audited Unaudited Audited Unaudited
View original statement: Download Download Download Download Download
Income
Interest income 5,106 5,939 5,943 6,562 8,059
Interest paid -1,530 -1,940 -1,843 -1,994 -2,363
Net interest income 3,576 3,999 4,100 4,568 5,696
Non-interest income 4,063 4,260 5,194 3,983 4,725
Total operating income 7,639 8,259 9,294 8,551 10,421
           
Expenditure
Total operating expenditure -2,641 -4,278 -4,479 -5,462 -5,513
           
Profit before impairment losses 4,998 3,981 4,815 3,089 4,908
Impairment losses -322 -707 -55 -461 -369
Operating profit 4,676 3,274 4,760 2,628 4,539
Share of profit from associate 96 138 129 -7 302
Profit before income tax expense 4,772 3,412 4,889 2,621 4,841
Income tax expense -1,214 -981 -1,422 -891 -1,264
Profit for the period 3,558 2,431 3,467 1,730 3,577
Other comprehensive income - 391 -174 998 56
Total comprehensive income for the period 3,558 2,822 3,293 2,728 3,633
           
Profit attributable to:
Equity holders of the bank 3,558 2,535 3,556 1,901 3,591
Non-controlling interests - -104 -89 -171 -14
Profit for the period 3,558 2,431 3,467 1,730 3,577
Earnings per share (tambala) 152 109 152 82 154

Period ended: 31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14
Unit: MWK'000 MWK'000 MWK'000 MWK'000 MWK'000
Statement type: Audited Audited Audited Audited Audited
View original statement: Download Download Download Download Download
Assets
Cash and cash equivalents 5,321,760 13,938,583 15,962,215 31,461,380 32,429,431
Money market investments 13,379,327 10,291,645 2,878,008 4,624,291 10,651,002
Loans and advances to customers 22,597,545 24,421,580 20,383,711 25,833,352 35,650,617
Finance lease receivables 3,639,703 5,308,046 5,354,608 4,337,258 4,556,258
Other assets 387,715 533,833 576,565 1,675,220 2,218,403
Amounts due from subsidiaries and associated companies - - - - -
Investments in listed companies 1,308,968 2,128,795 2,488,253 4,548,921 5,025,873
Investment in subsidiaries - - - - -
Investment in associated companies - - 1,067,956 4,694,997 4,817,482
Property and equipment 2,868,941 3,297,374 4,312,255 5,772,504 9,013,780
Deferred tax assets 174,041 - - - -
Total assets 49,678,000 59,919,856 53,023,571 82,947,923 104,362,846
           
Liabilities and equity          
Liabilities   
Customer deposits 37,127,432 47,027,658 36,390,079 53,598,066 64,493,327
Balances due to other banks 1,838,605 1,466,070 1,975,643 2,565,044 7,341,200
Income tax payable 329,539 180,943 467,371 352,743 409,599
Other liabilities 1,689,680 1,605,797 1,573,785 4,169,605 5,033,762
Employee benefits liabilities 190,108 59,149 28,041 25,227 75,227
Deferred tax liabilities 334,483 240,909 482,064 289,330 351,933
Subordinated debt - - - 4,335,923 4,644,276
Total liabilities 41,509,847 50,580,526 40,916,983 65,335,938 82,349,324
           
Equity
Share capital 116,813 116,813 116,813 116,813 116,813
Share premium 1,565,347 1,565,347 1,565,347 1,565,347 1,565,347
Property revaluation reserve 540,731 523,198 1,614,204 1,858,132 2,705,248
Investment revaluation reserve 1,124,130 1,381,407 1,827,528 - -
Loan loss reserve 40,032 114,638 240,464 297,613 488,594
Non-distributable reserves 350,000 350,000 350,000 350,000 350,000
Translation reserve 10,778 -44,187 - -39,143 -55,297
Retained earnings 3,790,550 4,593,039 6,392,232 12,994,892 16,158,436
Total equity attributable to equity holders of the company 7,538,381 8,600,255 12,106,588 17,143,654 21,329,141
Non-controlling interest 629,772 739,075 - 468,331 684,381
Total equity  8,168,153 9,339,330 12,106,588 17,611,985 22,013,522
Total equity and liabilities  49,678,000 59,919,856 53,023,571 82,947,923 104,362,846

Period ended: 30-Jun-13 31-Dec-13 30-Jun-14 31-Dec-14 30-Jun-15
Unit: MWK million MWK million MWK million MWK million MWK million
Statement type: Unaudited Audited Unaudited Audited Unaudited
View original statement: Download Download Download Download Download
Liabilities and equity          
Liabilities 
Amounts due to depositors 35,208 53,598 57,933 64,493 72,769
Other payables 5,020 7,402 11,846 13,213 13,065
Subordinated debt 3,326 4,336 3,977 4,644 4,410
Total liabilities  43,554 65,336 73,756 82,350 90,244
           
Equity
Share capital 117 117 117 117 117
Share premium 1,565 1,565 1,565 1,565 1,565
Revaluation reserve 3,442 1,858 1,858 2,705 2,705
Loan loss reserve 320 298 298 489 589
Other non distributable reserves 350 350 350 350 350
Translation reserve - -39 -161 -55 -16
Retained earnings 9,637 12,995 15,850 16,158 18,948
Equity attributable to the parent 15,431 17,144 19,877 21,329 24,258
Non-controlling interest - 468 327 684 687
Total equity 15,431 17,612 20,204 22,013 24,945
           
Total equity and liabilities 58,985 82,948 93,960 104,363 115,189
           
Assets
Cash and cash equivalents 13,374 31,461 28,293 32,429 22,341
Money market investments 5,088 4,624 10,207 10,651 23,453
Equity investments 2,964 4,549 4,780 5,026 5,353
Investment in subsidiaries - - - - -
Investment in associate 1,164 4,695 4,824 4,818 5,119
Advances and loans to customers (net) 21,502 25,833 32,238 35,651 43,759
Finance leases 4,954 4,337 4,657 4,556 3,738
Other receivables 5,391 1,676 1,708 2,218 2,183
Property, plant and equipment 4,548 5,773 7,253 9,014 9,243
Total assets 58,985 82,948 93,960 104,363 115,189

Period ended: 31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14
Unit: MWK'000 MWK'000 MWK'000 MWK'000 MWK'000
Statement type: Audited Audited Audited Audited Audited
View original statement: Download Download Download Download Download
Cash flows from operating activities
Interest and fees received 6,176,872 8,150,531 9,905,986 17,975,534 23,042,159
Interest paid -1,449,630 -1,778,713 -1,463,412 -3,435,388 -3,797,166
Cash paid to suppliers and employees -1,977,601 -3,467,543 -3,617,186 -4,930,725 -8,532,137
2,749,641 2,905,275 4,825,388 9,609,421 10,712,856
Net increase/decrease in customer balances 746,444 5,846,534 -1,241,275 8,251,381 342,596
Cash generated from operations  3,496,085 8,751,809 3,584,113 17,860,802 11,055,452
Dividend received from listed and subsidiary companies 108,064 97,896 70,345 202,762 265,796
Income taxes paid -478,299 -1,144,216 -883,093 -2,234,614 -2,318,212
Net cash from operating activities  3,125,850 7,705,489 2,771,365 15,828,950 9,003,036
           
Cash flows from investing activities
Purchase/maturities of money market investments -1,160,304 3,087,682 667,056 -1,743,638 -6,026,711
Proceeds from sale of shares and other investments 296 17,560 17,292 28,332 -
Purchase of shares in associate companies - - -7,869 -3,393,251 -
Cash acquired less consideration paid on acquisition of subsidiary companies - - - 3,582,318 -
Proceeds from sale of equipment 815 2,423 264 - -
Subscription for shares in subsidiary companies - - - - -
Acquisition of property and equipment -1,145,246 -867,926 -645,719 -1,853,922 -2,864,953
Purchase of listed equity investments - -580,111 -67,177 - -
Net cash used in investing activities  -2,304,439 1,659,628 -36,153 -3,380,161 -8,891,664
           
Cash flows to financing activities 
Dividend paid -630,794 -747,600 -981,225 -1,284,938 -2,102,625
Repayment of loans from foreign banks - - - - -411,490
Proceeds from new credit line from foreign banks - - - - 3,108,944
Proceeds from subordinated debt issuance - - - 4,092,297 -
Net cash from financing activities  -630,794 -747,600 -981,225 2,807,359 594,829
           
Net increase/decrease in cash and cash equivalents 190,617 8,617,517 1,753,987 15,256,148 706,201
Cash and cash equivalents at 1 January 5,130,449 5,321,066 13,938,583 15,962,215 31,461,380
Effects of changes in exchange rates - - 269,645 243,017 261,850
Cash and cash equivalents at 31 December  5,321,066 13,938,583 15,962,215 31,461,380 32,429,431

Period ended: 30-Jun-13 31-Dec-13 30-Jun-14 31-Dec-14 30-Jun-15
Period length: 6-months 6-months 6-months 6-months 6-months
Unit: MWK million MWK million MWK million MWK million MWK million
Statement type: Unaudited Audited Unaudited Audited Unaudited
View original statement: Download Download Download Download Download
Cash flows from operating activities
Interest and fees received 8,655 9,564 10,151 12,891 12,194
Interest paid -1,600 -1,835 -1,865 -1,932 -2,425
Cash paid to suppliers and employees -2,344 -2,830 -1,216 -7,316 -6,314
4,711 4,899 7,070 3,643 3,455
Net increase/decrease in customer balances -3,154 11,405 -1,340 1,682 1,446
Cash generated from operations  1,557 16,304 5,730 5,325 4,901
Dividend received from listed and subsidiary companies 125 78 129 137 138
Income taxes paid -987 -1,248 -977 -1,341 -976
Net cash from investing activities 695 15,134 4,882 4,121 4,063
           
Cash flows from investing activities
Purchases of money market investments -5,902 4,159 -5,580 -447 -12,802
Proceeds from sale of shares and other investments - 28 - - -
Purchase of shares in associate companies - -3,393 - - -
Cash acquired less consideration paid on acquisition of subsidiary companies - 3,582 - - -
Subscription of shares in subsidiary - - - -50 -
Acquisition of property and equipment -473 -1,381 -1,769 -1,096 -648
Net cash used in investing activities -6,375 2,995 -7,349 -1,543 -13,450
           
Cash flows from financing activities
Repayment of loans from foreign banks - - - -411 -
Proceeds from subordinated debt issuance 3,326 766 - - -
Proceeds from new credit lines from foreign banks - - - 3,109 -
Dividend paid -234 -1,051 -701 -1,402 -701
Net cash from financing activities  3,092 -285 -701 1,296 -701
           
Net increase/decrease in cash and cash equivalents -2,588 17,844 -3,168 3,874 -10,088
Cash and cash equivalents at beginning of period 15,962 13,374 31,461 28,293 32,429
Effects of changes in exchange rates - 243 - 262 -
Cash and cash equivalents at end of period  13,374 31,461 28,293 32,429 22,341