Page 25 - Agib Bank Limited Annual Report 2021

Financial Statements and Annual
Report
Statement of cash flows

for the year ended 31 December 2021
(in thousands of Gambian Dalasi)

Notes 2021 2020

Cash flows from operating activities

Profit for the year before tax 86,690 59,114
Adjustment for

Depreciation right of use 26 4,405 4,204
Depreciation and amortisation 24,25 23,655 26,112

114,750 89,430

Changes in Islamic financing and related assets 19 (1,020,724) (338,547)
Change in other assets 28 3,412 (670)
Changes in other receivables 70,705 (109,805)
Change in other liabilities 30 (22,794) (65,690)
Change in deposits from customers 29 937,455 873,266
Change in Lease Liability 27 2,813 (3,617)

Income tax paid (17,400) (3,988)
Changes in restricted funds (69,572) (71,054)

Net cash used from operating activities (1,355) 369,325

Cash flows from investing activities
Change in investment 20 (157,734) 128,143

Purchase of investment properties 2,371 (10,043)
Purchase of property and equipment 24 (8,001)
(35,012
)
Transfer from work in progress 24 2,281 3,094
Right of Use Asset
(13,343)
Purchase of intangible assets 25 (11,585) (4,918)

Net cash used in investing activities (213,022) 108,275

Cash flows from financing activities

Dividends paid 31 - (10,918)

Net cash from financing activities - (10,918)

Net (decrease)/increase in cash and cash equivalents (214,377) 466,682

Cash and cash equivalents at 1 January 770,697 304,015

Cash and cash equivalents at 31 December (note 18) 556,320 770,697

The accompanying notes are an integral part of these financial statements.

Agib Bank Annual Report 2021 www.agib.gm 25