Page 88 - GTBANK GAMBIA ANNUAL REPORT 2021
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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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