Page 88 - GTBANK GAMNBIA 2021 ANNUAL REPORT

14.1. Reconciliation of the effective tax rate
The tax charge shown in the income statement differs from the tax charge that would apply if all profits had been
charged at the Bank’s corporate rate. A reconciliation between the tax expense and the accounting profit multiplied
by the Bank’s domestic tax rate for the years ended 31 December 2021 and 2020 is as follows:
st

In thousands of Gambian Dalasi Dec.-2021 Dec.-2021 Dec.-2020 Dec.-2020

Accounting profit before tax 448,256 313,193
Income tax using the domestic corporation tax rate 121,032 27% 88,859 27%
Non-deductible expenses 35,868 8.01% 32,621 10.42%

Deductible expenses (8.01)% (10.42)%
(35,868) (32,621)
Difference in tax base (5,481) 0% (1,543) -0.49%

Total income tax expense in comprehensive income 115,551 26% 87,316 28%

15. Deferred tax

In thousands of Gambian Dalasi
Dec.-2021 Dec.-2020

Opening deferred tax 6,131 7,674
Reduction during the year (5,481) (1,543)
Closing deferred tax liability 650 6,131

16. Earnings per share

Basic earnings per share are calculated by dividing the net profit attributable to equity holders of the bank by the
weighted average number of ordinary shares in issue during the year.

The calculation of basic earnings per share for the reporting year was based on the profit attributable to ordinary
shareholders of D332, 705,000 and a weighted average number of ordinary shares outstanding of 300,000,000 and
it is calculated as follows:

Profit attributable to Ordinary Shareholders

In thousands of Gambian Dalasi Dec.-2021 Dec.-2020

Net profit attributable to equity holders of the Bank 332,705 225,877
Interest expense on convertible debt (net of tax)

Net profit used to determine dilute earnings per share 332,705 225,877
Number of ordinary shares - -

Weighted average number of ordinary shares in issue 300,000 300,000
Annual Report 2021
Basic earnings per share (expressed in Dalasi per share) 1.11 0.75

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