Page 168 - ACCESS BANK ANNUAL REPORTS_eBook

Consolidated statement of cash flows

Group Group Bank Bank
In thousands of Naira December December December December
Cash flows from operating activities Note 2017 2016 2017 2016
Profit before income tax 80,072,480 90,339,456 67,043,501 80,579,576

Adjustments for:
Depreciation 28 11,237,951 9,106,886 9,499,180 7,774,591
Amortization 29 2,407,886 2,186,905 1,946,601 1,854,437
Gain on disposal of property and equipment 13 (10,090) (167,340) (902) (143,985)
Gain on disposal of available for sale securities 13 - (16,206,410) - (16,206,410)
Impairment on financial assets 9 34,466,868 21,952,819 29,149,849 17,641,128
Additional gratuity provision 14 753,058 1,207,851 753,058 1,196,995
Restricted share performance plan expense 14 1,170,693 1,061,070 1,023,860 884,777
Property and equipment written off 28 - 361,001 - 155,143
Net interest income 8 (163,451,545) (137,289,619) (131,537,034) (116,017,406)
Unrealised foreign exchange loss on revaluation 12 12,330,254 5,246,704 12,526,107 5,326,545
Dividends on available for sale equity securities 13 (2,357,175) (860,339) (2,357,175) (860,339)
(23,379,620) (23,061,016) (11,952,955) (17,814,948)
Changes in operating assets
Non-pledged trading assets (2,532,464) 7,622,062 1,612,589 7,622,062
Derivative financial instruments 39,272,532 (50,771,390) 38,413,712 (50,061,510)
Pledged assets (132,166,902) (111,232,105) (125,555,825) (114,482,878)
Restricted deposits (93,261,157) (130,490,427) (92,845,896) (129,978,902)
Loans and advances to banks and customers (157,481,610) (376,205,828) (146,875,704) (293,285,572)
Other assets (22,207,412) 17,588,435 (17,301,652) 24,813,416

Changes in operating liabilities
Deposits from financial institutions 282,378,081 94,853,538 180,413,510 32,098,779
Deposits from customers 128,556,097 368,213,235 73,170,265 279,424,380
Other liabilities 140,342,933 44,215,293 131,156,489 43,444,581
Payment to gratuity benefit holders (707,744) - (707,744) -
Interest paid on deposits to banks and customers (101,532,364) (77,202,482) (90,953,447) (62,659,950)
Interest received on loans and advances 204,920,752 228,932,846 173,647,956 162,170,378
262,201,122 (7,537,839) 112,221,298 (118,710,164)

Income tax paid (9,458,675) (8,007,140) (7,860,615) (5,222,302)
Net cash generated from/(used in) operating activities 252,742,447 (15,544,979) 104,360,683 (123,932,466)

Cash flows from investing activities
Acquisition of investment securities (933,672,018) (512,931,206) (600,884,620) (442,207,340)
Interest received on investment securities 58,941,173 38,148,395 44,099,567 23,716,900
Investment under management - (1,830,000) - (1,830,000)
Dividend received 13 2,357,175 860,339 2,357,175 860,339
Acquisition of property and equipment 28 (22,624,987) (18,042,759) (22,383,831) (14,703,152)
Proceeds from the sale of property and equipment 236,341 562,167 214,780 436,417
Acquisition of intangible assets 29 (3,454,724) (2,537,024) (2,754,724) (2,050,313)
Proceeds from disposal of asset held for sale 30,000 39,116 30,000 39,116
Proceeds from matured investment securities 347,565,681 121,997,751 248,075,428 110,725,856
Additional investment in subsidiaries - - (27,678,395) (12,350,316)
Proceeds from sale of investment securities 543,982,533 403,664,891 425,785,910 388,554,135
Proceeds from sale of equity investments - 16,347,587 - 16,347,587
Net cash generated from investing activities (6,638,826) 46,279,257 66,861,290 67,539,229

168 Access BAnk Plc
Annual Report & Accounts 2017