Interim financial statements (unaudited) - Bank for International ...

Interim financial statements (unaudited)

as at 30 September 2019

Contents

Balance sheet ............................................................................................................................ 1

Profit and loss account ............................................................................................................. 2

Statement of comprehensive income ..................................................................................... 3

Statement of cash flows ........................................................................................................... 4

Movements in shareholders' equity ........................................................................................ 6

Notes to the financial statements

Accounting policies ................................................................................................................... 7

1. Use of estimates ........................................................................................................

7

2. Cash and cash equivalents........................................................................................

7

3. Land, buildings and equipment, and depreciation .................................................

8

4. Currency deposits ......................................................................................................

8

5. Share capital...............................................................................................................

8

6. Interest income ..........................................................................................................

9

7. Interest expense ........................................................................................................

9

8. Dividends ....................................................................................................................

10

9. Fair value hierarchy ...................................................................................................

10

10. Related parties ...........................................................................................................

12

11. Contingent liabilities..................................................................................................

13

Capital adequacy

1. Capital adequacy framework ....................................................................................

14

2. Economic capital ........................................................................................................

14

3. Financial leverage.......................................................................................................

16

4. Capital ratios ..............................................................................................................

16

Risk management

1. Risks faced by the Bank.............................................................................................

19

2. Credit risk ...................................................................................................................

19

3. Market risk..................................................................................................................

27

4. Operational risk .........................................................................................................

30

5. Liquidity risk ...............................................................................................................

31

Balance sheet

As at

SDR millions Assets Cash and cash equivalents Securities purchased under resale agreements Loans and advances Government and other securities Gold and gold loans Derivative financial instruments Accounts receivable and other assets Land, buildings and equipment

Total assets

Liabilities Currency deposits Securities sold under repurchase agreements Gold deposits Derivative financial instruments Accounts payable Other liabilities

Total liabilities

Shareholders' equity Share capital Less: shares held in treasury Statutory reserves Profit and loss account Other equity accounts

Total shareholders' equity

Total liabilities and shareholders' equity

1

Note

30 September 2019 31 March 2019

2

45,188.5

60,756.4

62,324.1

62,904.4

43,841.1

41,856.5

89,261.0

97,055.6

21,601.0

19,654.3

2,690.4

2,564.9

4,544.9

6,115.2

3

185.4

188.3

269,636.4

291,095.6

205,648.5 ?

13,598.4 1,599.6

26,923.6 1,127.5

248,897.6

241,604.6 549.1

11,333.4 1,455.4

15,116.8 1,087.0

271,146.3

5

698.9

698.9

5

(1.7)

(1.7)

16,650.7

16,326.3

221.6

461.1

3,169.3

2,464.7

20,738.8

19,949.3

269,636.4

291,095.6

Profit and loss account

For the six months ended 30 September

SDR millions

Interest income Interest expense Net income on financial assets and liabilities at fair value through profit and loss

Net interest and valuation income

Note 6 7

2019 138.6 (226.7)

391.7 303.6

2018 113.5 (214.6)

444.4 343.3

Net gain on sales of currency assets at fair value through other comprehensive income

Net fee income Net foreign exchange movement

Total income

70.1 1.4 3.1

378.2

2.0 2.1 18.2 365.6

Administrative expense Depreciation Operating expense

(145.2) (11.4)

(156.6)

(134.8) (10.3)

(145.1)

Net profit

221.6

220.5

Effective 1 April 2018, the Bank applied a new classification and measurement approach for its financial instruments in its annual report for the financial year ended 31 March 2019. The Bank has also updated the presentation of the profit and loss account. The new financial instrument classification terminology and presentation have been used for both years in the profit and loss account. As a result, the presentation of the 2018 figures has been changed from the previous year's interim financial statements, as described in Note 1 of the latest annual financial statements.

2

Statement of comprehensive income

For the six months ended 30 September

SDR millions Net profit

2019 221.6

2018 220.5

Other comprehensive income / (loss) Items that are or may be reclassified subsequently to profit and loss Currency assets at fair value through other comprehensive income

Net change in fair value during the year Net change in expected credit loss impairment provision Reclassification to profit and loss

Net movement on currency assets at fair value through other comprehensive income

260.4 1.8

(70.1)

192.1

(41.9) ?

(2.0)

(43.9)

Gold at fair value through other comprehensive income

Net change in fair value during the year Reclassification to profit and loss

Net movement on gold at fair value through other comprehensive income

516.8 ?

516.8

(194.1) ?

(194.1)

Items that will not be reclassified to profit and loss Re-measurement of defined benefit obligations

(4.3)

(3.9)

Total comprehensive income / (loss)

926.2

(21.4)

Effective 1 April 2018, the Bank applied a new classification and measurement approach for its financial instruments in its annual report for the financial year ended 31 March 2019. The Bank has also updated the presentation of the statement of comprehensive income. As a result, the presentation of the 2018 figures has been changed from the previous year's interim financial statements as described in Note 1 of the latest annual financial statements.

3

Statement of cash flows

For the six months ended 30 September

SDR millions Cash flow from / (used in) operating activities Interest and similar income received Interest and similar expenses paid Net fee income Net foreign exchange transaction gain Administrative expense Adjustments for non-cash flow items Net income on financial assets and liabilities at fair value through profit and loss. Net foreign exchange translation movement Change in accruals and amortisation Change in operating assets and liabilities Currency deposits Currency banking assets Gold deposits Gold banking assets Accounts receivable and other assets Accounts payable and other liabilities Net derivative financial instruments Net cash flow used in operating activities

Cash flow from / (used in) investment activities Change in currency investment assets Change in gold investment assets Change in securities sold under repurchase agreements in investment portfolios Capital expenditure on land, buildings and equipment Net cash flow used in investment activities

2019

2018

179.1 (223.1)

1.4 9.9 (145.2)

164.3 (216.8)

2.1 6.4 (134.8)

391.7 (6.8)

(44.0)

(35,574.5) 19,317.8

2,265.0 (1,428.9)

(3.0) 103.7

18.7 (15,138.2)

444.4 11.8 (48.6)

(5,127.1) (23,382.3)

(518.5) 4,555.5

125.4 423.7 (3,816.5) (27,511.0)

265.6 (1.0)

(549.1) (8.5)

(293.0)

1,710.2 0.3

(1,959.6) (5.8)

(254.9)

4

SDR millions Cash flow from / (used in) financing activities Dividends paid Net cash flow used in financing activities

2019

2018

8

(136.7)

(131.2)

(136.7)

(131.2)

Total net cash flow

(15,567.9)

(27,897.1)

Net effect of exchange rate changes on cash and cash equivalents Net movement in cash and cash equivalents Net change in cash and cash equivalents

903.5

(16,471.4) (15,567.9)

(1,110.3)

(26,786.8) (27,897.1)

Cash and cash equivalents, beginning of financial year Cash and cash equivalents, end of reporting period

2

60,756.4

73,615.8

2

45,188.5

45,718.7

Effective 1 April 2018, the Bank applied a new classification and measurement approach for its financial instruments. The Bank has also updated the presentation of the statement of cash flows. The new financial instrument classification terminology and presentation have been used for both years in the statement of cash flows. As a result, the presentation of the 2018 figures has been changed from the previous year's interim financial statements as described in Note 1 of the latest annual financial statements.

5

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