BANK OF AMERICA MALAYSIA BERHAD (Incorporated in …

Bank No. 310983V

BANK OF AMERICA MALAYSIA BERHAD

(Incorporated in Malaysia) UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE FINANCIAL PERIOD ENDED 31 MARCH 2019

Company No. 310983 V

BANK OF AMERICA MALAYSIA BERHAD (Incorporated in Malaysia)

UNAUDITED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION FOR THE FINANCIAL PERIOD ENDED 31 MARCH 2019

ASSETS

Note

31 March 2019

RM'000

31 December 2018

RM'000

Cash and short term funds Financial assets at fair value through profit

or loss (FVTPL) Financial assets at fair value through other

comprehensive income (FVOCI) Loans, advances and financing Other assets Derivative assets Tax recoverable Deferred tax assets Statutory deposits with Bank Negara Malaysia Property, plant and equipment TOTAL ASSETS

7 1,620,702

8 1,581,526

9

225,040

10

183,922

11

68,793

27,294

8,034

1,113

34,501

4,207

3,755,132

2,117,387

2,071,907

52,923 134,594

22,809 31,497

8,630 2,134 16,800 2,017 4,460,698

LIABILITIES AND SHAREHOLDERS' FUNDS

Deposits from customers Deposits and placements of banks and other

financial institutions Bills and acceptances payable Other liabilities Derivative liabilities TOTAL LIABILITIES

Share capital Reserves Shareholders' funds

16 2,922,605

17

33,533

17,669

18

67,607

21,110

3,062,524

135,800 556,808 692,608

2,988,012

680,972 27,258 58,600 33,177

3,788,019

135,800 536,879 672,679

TOTAL LIABILITIES AND SHAREHOLDERS' FUNDS

3,755,132

4,460,698

COMMITMENTS AND CONTINGENCIES

32 8,024,044

11,176,415

1

Company No. 310983 V

BANK OF AMERICA MALAYSIA BERHAD (Incorporated in Malaysia)

UNAUDITED STATEMENT OF COMPREHENSIVE INCOME FOR THE FINANCIAL PERIOD ENDED 31 MARCH 2019

Note

Interest income

19

Interest expense

20

Net interest income

Net trading income

21

Other operating income

22

Net non-interest income

Net income

Other operating expenses

23

Profit before allowance

Write back on impairment for credit losses

24

Profit before taxation

Taxation

Profit for the financial year

Other comprehensive income:

Items that may be subsequently reclassified to profit or loss Change in value of financial assets at fair value through other

comprehensive income (FVOCI): - Income tax effects

Items that may not be subsequently reclassified to profit or loss Change in value of equity investments at fair value through

other comprehensive income (FVOCI): - Income tax effects

Other comprehensive income, net of tax

Total comprehensive income for the financial year

31 March 2019

RM'000 15,861 (11,401)

4,460 36,122

3,379 39,501 43,961 (18,031) 25,930

364 26,294 (6,365) 19,929

-

-

19,929

31 March 2018

RM'000 16,183 (4,993) 11,190 27,079

3,627 30,706 41,896 (19,585) 22,311

1,431 23,742 (4,287) 19,455

-

-

19,455

Earnings per share (sen) - Basic/diluted

14.68

14.33

2

Company No. 310983 V BANK OF AMERICA MALAYSIA BERHAD (Incorporated in Malaysia) UNAUDITED STATEMENT OF CHANGES IN EQUITY FOR THE FINANCIAL PERIOD ENDED 31 MARCH 2019

At 1 January 2019 Total comprehensive income for the financial period Transfer to regulatory reserve At 31 March 2019

At 1 January 2018 Total comprehensive income for the financial period - effects of adoption of MFRS 9:

Loans, advances and financing Financial guarantees and loan commitments Transfer to regulatory reserve At 31 March 2018

Non distributable Distributable

Share capital RM'000

FVOCI Regulatory reserves reserve

RM'000 RM'000

Retained profits RM'000

Total RM'000

135,800 -

1,047 -

135,800

135,800 -

135,800

1,047

1,047 -

1,047

2,679 -

558 3,237

1,691 1,691

533,153 19,929 (558)

552,524

672,679 19,929 -

692,608

490,588 19,455 3,391 3,629 (238) (1,691)

511,743

627,435 19,455 3,391 3,629 (238) -

650,281

3

Company No. 310983 V

BANK OF AMERICA MALAYSIA BERHAD (Incorporated in Malaysia) UNAUDITED STATEMENT OF CASH FLOWS FOR THE FINANCIAL PERIOD ENDED 31 MARCH 2019

Cash flows from operating activities Profit before taxation Adjustments for: - Depreciation of property and equipment - Impairment charge for credit losses - Net unrealised (loss)/gain on fair value changes in derivatives - Net unrealised gain/(loss) on revaluation of financial assets at FVTPL

Changes in working capital: (Increase)/decrease in operating assets: - Financial assets FVTPL - Financial assets FVOCI - Loans, advances and financing - Other assets - Derivative assets - Statutory deposit with Bank Negara Malaysia Increase/(decrease) in operating liabilities: - Deposits from customers - Deposits and placements of banks and other financial ements of banks and othinesrtfitinuationncisal institutions - Bills and acceptances payable - Other liabilities - Derivative liabilities Cash flows from operating activities Taxation paid Net cash provided by operating activities Cash flows from investing activities Purchase of property and equipment Net cash used in investing activities

Cash and cash equivalents As at 1 January As at 31 March 2019

31 March 2019

RM'000

31 March 2018

RM'000

26,294

23,742

244 (364) (7,866) 3,572 21,880

220 (1,431) 29,953 (3,399) 49,085

486,809 (172,117)

(48,964) (45,984) 12,069 (17,701)

(793,630) -

27,385 (128,640)

(10,884) -

(65,407)

59,833

(647,439) (9,589) 9,007

(12,067) (489,503)

(4,748) (494,251)

(72,994) (22,151) 70,937 10,882 (810,177)

(3,526) (813,703)

(2,434) (2,434)

(427) (427)

(496,685) 2,117,387 1,620,702

(814,130) 2,765,001 1,950,871

4

Company No. 310983 V

BANK OF AMERICA MALAYSIA BERHAD (Incorporated in Malaysia)

NOTES TO THE FINANCIAL STATEMENTS MARCH 2019 1 BASIS OF PREPARATION

The unaudited condensed interim financial statements of the Bank for the first quarter ended 31 March 2019 have been prepared in accordance with the requirements of Malaysian Financial Reporting Standard ("MFRS") 134 "Interim Financial Reporting" issued by the Malaysian Accounting Standards Board ("MASB"). The unaudited condensed interim financial statements should be read in conjunction with the Bank's audited financial statements for the financial year ended 31 December 2018. The explanatory notes attached to the unaudited condensed interim financial statements provide an explanation of events and transactions that are significant for an understanding of the changes in the financial position and performance of the Bank since the financial year ended 31 December 2018. The unaudited condensed interim financial statements have been prepared under the historical cost convention. The accounting policies and methods of computation applied in the unaudited condensed interim financial statements are consistent with those adopted in the most recent audited financial statements for the year ended 31 December 2018, except as follows:

A NEW AND AMENDED STANDARDS ADOPTED BY THE BANK The Bank has applied MFRS 16 "Leases" for the first time with a date of initial application of 1 January 2019. MFRS 16 "Leases" supersedes MFRS 117 "Leases" and the related interpretations.

- Under MFRS 16, a lease is a contract (or part of a contract) that conveys the right to control the use of an identified asset for a year of time in exchange for consideration.

- MFRS 16 eliminates the classification of leases by the lessee as either finance leases (on balance sheet) or operating leases (off balance sheet). MFRS 16 requires a lessee to recognise a 'right-of-use' of the underlying asset and a lease liability reflecting future lease payments for most leases.

- The right-of-use asset is depreciated in accordance with the principle in MFRS 116 Property, Plant and Equipment and the lease liability is accreted over time with interest expense recognised in profit or loss.

- For lessors, MFRS 16 retains most of the requirements in MFRS 117. Lessors continue to classify all leases as either operating leases or finance leases and account for them differently.

The adoption of MFRS 16 "Leases" did not have a significant effect on the unaudited condensed interim financial statements of the Bank.

2 AUDITOR'S REPORT ON PRECEDING ANNUAL FINANCIAL STATEMENTS

The auditor's report on the financial statements for the preceding financial year ended 31 December 2018 was not subject to any qualification.

3 SEASONAL OR CYCLICALITY FACTORS

The business operations of the Bank have not been affected by any material seasonal or cyclical factors.

5

Company No. 310983 V BANK OF AMERICA MALAYSIA BERHAD (Incorporated in Malaysia) NOTES TO THE FINANCIAL STATEMENTS MARCH 2019

4 UNUSUAL ITEMS DUE TO THEIR NATURE, SIZE OR INCIDENCE There were no unusual items affecting the assets, liabilities, equity, net income or cash flows of the Bank during the first quarter ended 31 March 2019.

5 CHANGES IN ESTIMATES There were no significant changes in estimates arising from prior financial period/year that have a material effect on the financial results and position for the financial quarter ended 31 March 2019.

6 ISSUANCE AND REPAYMENTS OF DEBTS AND EQUITY SECURITIES There were no cancellations, repurchase, resale or repayments of debt and equity securities during the current financial quarter under review.

6

Company No. 310983 V

BANK OF AMERICA MALAYSIA BERHAD (Incorporated in Malaysia)

NOTES TO THE FINANCIAL STATEMENTS MARCH 2019

7 CASH AND SHORT TERM FUNDS

Cash and balances wiCthabsahnaksnadnbdaolathnecrefsinwanitchiablainnsktsituatniodnos ther financial institutions

Deposits and placemeMnotsnweyithatFicsall and deposit placements maturing within one month

31 March 2019

RM'000

31 December 2018

RM'000

69,785

1,550,917 1,620,702

102,921

2,014,466 2,117,387

8 FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (FVTPL)

Malaysian Government Securities Malaysian Government Investment Issues Malaysian Government Treasury Bills

31 March 2019

RM'000

31 December 2018

RM'000

751,853 160,286 669,387 1,581,526

1,041,185 131,546 899,176

2,071,907

9 FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME

(FVOCI)

31 March 31 December

2019

2018

RM'000

RM'000

Quoted securities in Malaysia: Bank Negara Bills

222,045

49,928

Unquoted securities in Malaysia: Shares Bonds

2,980 15

225,040

2,980 15

52,923

7

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