Page 88 - GTBANK GAMBIA ANNUAL REPORT 2021
P. 88

Charge for the year                                            121,032            88,859

           Payments during the year                                      (117,883)           (77,801)
           Prior year under-provision                                        -                  -
                                                                          30,029             26,880
         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
                                                         st
        by the Bank’s domestic tax rate for the years ended 31 December 2021 and 2020 is as follows:

         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)
     Annual Report 2021



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