Page 42 - Ecobank Gambia Annual Report 2020

Financial Statements & Annual Report

Statement of cash flows

for the year ended 31 December 2020 (in Thousands of Gambian Dalasis)

Notes 2020 2019

Cash flows from operating activities

PProfit for the year 349,753 288,804

Adjustments for:

Depreciation and amortization 11.29/30 28,620 26,478

Impairment on financial assets ( 13,190) (3,353)

Net interest income (449,315) (360,959)

Income tax expense 137,896 119,648

Gain on disposal 677 233

54,441 70,853

Change in loans and advances to customers 584,351 (849,146)

Change in other assets (2,696) (28,431)

Change in deposits from banks 165,156 (102,240)

Change in deposits from customers 1,182,960 2,579,438

Change in other liabilities 95,103 111,254

2,024,874 1,710,875

Interest received 526,520 452,030

Interest paid (77,205) (91,071)

Income tax paid 11.36 (97,191) (109,164)

Other taxes paid (84,326) (70,790)

Net cash flows from operating activities 2,292,672 1,891,880

Cash flows from investing activities

Purchase of investment securities (116,115) (677,631)

Purchase of property and equipment 11.29/30 (150,849) (24,856)

Proceeds from sale of property and equipment 233 1,508

Net cash used in investing activities (908,896) (266,731)

Cash flows from financing activities

Repayment of long-term loans - -

Dividend Paid (124,897) (114,521)

Prior year dividend tax remitted - -

Net cash (used in) / from financing activities (124,897) (114,521)

Net (decrease) / increase in cash and cash equivalents 1,313,320 1,581,481

CCash and cash equivalents at 1 January 4,560,026 3,028,275

Effect of exchange rate fluctuations on cash held (17,366) (49,730)

Cash and cash equivalents at 31 December 11.23 5,855,980 4,560,026

40 Ecobank Gambia Annual Report 2020 www.ecobank.com