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Financials

FINANCIAL INVESTMENT AND CONSULTANCY SERVICES LIMITED
Consolidated Statement of Financial Position
As at December 31, 2015
(Expressed in Eastern Caribbean Dollars)


  Notes 2015
$
2014
$

Assests

 

   

Cash and cash equivalents

 4

4,675,310

11,959,896

Loans and advances to customers

 5 107,922,333 89,070,040

Investment securities

 6 55,532,810  55,903,098

Other assets

 7 810,039      322,572

Property, plant and equipment

 8

7,630,462

7,781,135

Investment property

 9 2,191,844 2,197,434

Prepaid income tax

 

56,391

56,391

 
Total Assets

 


178,827,133


167,290,566


Liabilities and equity
Liabilities

 

   

Bank overdraft

4

 

72,317

Deposits and interest payable

10

155,293,717

148,964,419

Accounts payable and other accruals

11

525,808

493,966

Income tax payable

 

399,289

140,673

Borrowings


 12


3,018,000

 


Total liabilities

 


159,236,814


149,671,375


Equity

     

Share capital

13

5,522,490

5,422, 140

Revaluation reserve

14

3,006,551

3,004,132

Statutory reserve

15

2,348,855
2,255,541

Other reserves

16

499,808
425,157

Retained earnings

 

3,347,765
3,359,377

Non-controlling interest

17

4,864,850

3,152,844


Total equity

 


19,590,319


17,619, 191


Total liabilities and equity

 


178,827,133


167,290,566

 

FINANCIAL INVESTMENT AND CONSULTANCY SERVICES LIMITED
Consolidated Statement of Profit or Loss and Other Comprehensive Income
For the Year Ended December 31, 2015
(Expressed in Eastern Caribbean Dollars)


  Notes 2015
$
2014
$


lnterestand investment income

 
21


11,751,067


10,818,347

 

 

   

Interest expense on deposits

  (6,745, 147) (7 ,229,056)

Net interest income
 
5,005,920

3,589,291
Recoveries on loans and advances to customers   117,466 180,483

Impairment losses on investment securities

7
(100,000) (200,000)
Other operating income   2,169,630 1,147,219

 
Operating income

 


7,193,016


4,716,993


Operating expenses
General and administrative expenses



24



(5,393, 157)


(3 ,157,290)


Profit before tax

 


1,799,859


1,559,703


Income tax expense


20


(399,286)


(140,673)


Net profit for the year

 


1,400,573


1,419,030


Other comprehensive income/(loss)
Fair value increase/(decrease) in investment securities

 



2,419



(56,816)


Total comprehensive income for the year

 


1,402,992


1,362,214


Attributable to shareholders of the Group

 

700,986

1,133,110
Non-controlling interests

 

702,006

229,104



 


1,402,992


1,362,214


Earnings per share
Basic and diluted



22



1.27



2.36

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