ETB'000's 2017A

Statement of Profit or Loss and Other Comprehensive Income

Interest Income 1,601,084.0
Interest Expense 599,428.0
Net Interest Income 1,001,656.0
Net Foreign Exchange Income 202,385.0
Service charges 373,940.0
Commission earned 171,167.0
Net fees and commission income 747,492.0
Dividend income 588.0
Other operating Income 27,099.0
Total Other Income 27,687.0
Total Operating Income 1,776,835.0
Loan Impairment charge 48,856.0
Impairment losses on other assets 14,299.0
Net Operating Income 1,713,680.0
Personnel Expenses 644,183.0
Amortisation of Intangible Assets 13,829.0
Depreciation and Impairment of Property, Plant and Equipment 62,012.0
Depreciation on Investment Property 1,966.0
Other Operating Expenses 314,874.0
Profit before Tax 676,816.0
Income tax expense 166,038.0
Profit after Tax 510,778.0
Other Comprehensive Income net on Income Tax
Items that will not be subsequently reclassified into profit or loss 11,842.0
*Remeasurement gain/loss on retirement benefit obligation
*Deferred liability/asset on remeasurement gain/loss
Total Comprehensive Income for the Period 498,936.0
Earning per share 8.76

Assumptions and Drivers

Interest Income Growth -
Interest Expense (% Interest Income) 37.4%
Net Foreign Exchange Income (% Interest Income) 12.6%
Service charges 373,940.00
Dividend Income (% Interest Income) 0.04%
Other Operating Income (% Interest Income) 1.69%
Commission earned (% Interest Income) 10.69%
Loan Impairment Charge 48,856.0
Impairment losses on other assets 14,299.0
Personnel Expenses 644,183.0
Amortisation of Intangible Assets (% Interest Income) 0.86%
Depreciation and Impairment of Property, Plant and Equipment (% Interest Income) 3.87%
Depreciation on Investment Property (% Interest Income) 0.12%
Other Operating Expenses 314,874.0
Tax Rate 24.5%
Other Comprehensive Income 11,842.0

Earning per share

Earning per share
 2018A 2019E 2020E 2021E 2022E 2023E

2,721,259.0 3,841,434.00 5,422,716.17 7,654,914.97 10,805,972.76 15,254,127.29

1,056,113.0 1,464,519.92 2,067,372.72 2,918,382.95 4,119,701.76 5,815,529.65
1,665,146.0 2,376,914.1 3,355,343.4 4,736,532.0 6,686,271.0 9,438,597.6
11,983.0 251,246.04 354,668.58 500,663.83 706,756.34 997,684.47
360,709.0 367,324.50 367,324.50 367,324.50 367,324.50 367,324.50
145,369.0 307,942.23 434,703.11 613,643.65 866,243.00 1,222,821.98
518,061.0 926,512.8 1,156,696.2 1,481,632.0 1,940,323.8 2,587,830.9
5,873.0 4,850.66 6,847.38 9,666.03 13,644.94 19,261.72
28,774.0 52,818.16 74,560.15 105,251.98 148,577.75 209,738.07
34,647.0 57,668.8 81,407.5 114,918.0 162,222.7 228,999.8
2,217,854.0 3,361,095.7 4,593,447.2 6,333,082.0 8,788,817.5 12,255,428.4
118,360.0 83,608.0 83,608.0 83,608.0 83,608.0 83,608.0
- 14,299.0 14,299.0 14,299.0 14,299.0 14,299.0
2,099,494.0 3,263,188.7 4,495,540.2 6,235,175.0 8,690,910.5 12,157,521.4
862,552.0 753,367.50 753,367.50 753,367.50 753,367.50 753,367.50
15,821.0 27,756.52 39,182.18 55,311.07 78,079.24 110,219.66
72,669.0 125,682.97 177,418.92 250,451.38 353,546.81 499,080.29
1,994.0 3,765.89 5,316.07 7,504.37 10,593.46 14,954.13
380,751.0 347,812.50 347,812.50 347,812.50 347,812.50 347,812.50
765,707.0 2,004,803.3 3,172,443.0 4,820,728.2 7,147,511.0 10,432,087.3
202,908.0 511,542.13 809,475.05 1,230,048.63 1,823,746.50 2,661,833.28
562,799.0 1,493,261.2 2,362,968.0 3,590,679.6 5,323,764.5 7,770,254.0

30,204.0 21,023.0 21,023.0 21,023.0 21,023.0 21,023.0

532,595.0 1,472,238.2 2,341,945.0 3,569,656.6 5,302,741.5 7,749,231.0

6.11 7.435 7.435 7.435 7.435 7.435

41.2% 41.2% 41.2% 41.2% 41.2% 41.2%

38.8% 38.1% 38.1% 38.1% 38.1% 38.1%
0.4% 6.5% 6.5% 6.5% 6.5% 6.5%
360,709.00 367,324.5 367,324.5 367,324.5 367,324.5 367,324.5
0.22% 0.13% 0.13% 0.13% 0.13% 0.13%
1.06% 1.37% 1.37% 1.37% 1.37% 1.37%
5.34% 8.02% 8.02% 8.02% 8.02% 8.02%
118,360.0 83,608.0 83,608.0 83,608.0 83,608.0 83,608.0
- 14,299.0 14,299.0 14,299.0 14,299.0 14,299.0
862,552.0 753,367.5 753,367.5 753,367.5 753,367.5 753,367.5
0.58% 0.72% 0.72% 0.72% 0.72% 0.72%
2.67% 3.27% 3.27% 3.27% 3.27% 3.27%
0.07% 0.10% 0.10% 0.10% 0.10% 0.10%
380,751.0 347,812.5 347,812.5 347,812.5 347,812.5 347,812.5
26.5% 25.5% 25.5% 25.5% 25.5% 25.5%
30,204.0 21,023.0 21,023.0 21,023.0 21,023.0 21,023.0

0.32% 0.16% 0.14% 0.10% 0.07% 0.05% #DIV/0!

8.76 6.11 7.435 7.435 7.435 7.435 7.435
ETB'000's
Statement of Profit or Loss and Other Comprehensive Income
Interest Income
Interest Expense
Net Interest Income
Net Foreign Exchange Income
Service charges
Commission earned
Net fees and commission income
Dividend income
Other operating Income
Total Other Income
Total Operating Income
Loan Impairment charge
Impairment losses on other assets
Net Operating Income
Personnel Expenses
Amortisation of Intangible Assets
Depreciation and Impairment of Property, Plant and Equipment
Depreciation on Investment Property
Other Operating Expenses
Profit before Tax
Income tax expense
Profit after Tax
Other Comprehensive Income net on Income Tax
Items that will not be subsequently reclassified into profit or loss
*Remeasurement gain/loss on retirement benefit obligation
*Deferred liability/asset on remeasurement gain/loss
Total Comprehensive Income for the Period
Earning Per Share

Assumptions and Drivers

Interest Income Growth
Interest Expense (% Interest Income)
Net Foreign Exchange Income (% Interest Income)
Service charges
Dividend Income (% Interest Income)
Other Operating Income (% Interest Income)
Commission earned (% Interest Income)
Loan Impairment Charge
Impairment losses on other assets
Personnel Expenses
Amortisation of Intangible Assets (% Interest Income)
Depreciation and Impairment of Property, Plant and Equipment (% Interest Income)
Depreciation on Investment Property (% Interest Income)
Other Operating Expenses
Tax Rate
Other Comprehensive Income

Analysis
Interest Income
Interest Expense
Net Interest Income
Net Foreign Exchange Income
Service charges
Commission earned
Net fees and commission income
Dividend income
Other operating Income
Total Other Income
Total Operating Income
Loan Impairment charge
Impairment losses on other assets
Net Operating Income
Personnel Expenses
Amortisation of Intangible Assets
Depreciation and Impairment of Property, Plant and Equipment
Depreciation on Investment Property
Other Operating Expenses
Profit before Tax
Income tax expense
Profit after Tax
Other Comprehensive Income net on Income Tax
Total Comprehensive Income for the Period
Earning per share

%Change
Interest Income
Interest Expense
Net Interest Income
Net Foreign Exchange Income
Service charges
Commission earned
Net fees and commission income
Dividend income
Other operating Income
Total Other Income
Total Operating Income
Loan Impairment charge
Impairment losses on other assets
Net Operating Income
Personnel Expenses
Amortisation of Intangible Assets
Depreciation and Impairment of Property, Plant and Equipment
Depreciation on Investment Property
Other Operating Expenses
Profit before Tax
Income tax expense
Profit after Tax
Other Comprehensive Income net on Income Tax
Total Comprehensive Income for the Period
Earning per share

Time Periods
Monthly Data
Annual Data

Monthly Periods
Annual Periods
 2017A 2018A 2019E 2020E

1,601,084.0 2,721,259.0 3,841,434.00 5,422,716.17

599,428.0 1,056,113.0 1,464,519.92 2,067,372.72
1,001,656.0 1,665,146.0 2,376,914.1 3,355,343.4
202,385.0 11,983.0 251,246.04 354,668.58
373,940.0 360,709.0 367,324.50 367,324.50
171,167.0 145,369.0 307,942.23 434,703.11
747,492.0 518,061.0 926,512.8 1,156,696.2
588.0 5,873.0 4,850.66 6,847.38
27,099.0 28,774.0 52,818.16 74,560.15
27,687.0 34,647.0 57,668.8 81,407.5
1,776,835.0 2,217,854.0 3,361,095.7 4,593,447.2
48,856.0 118,360.0 83,608.0 83,608.0
14,299.0 - 14,299.0 14,299.0
1,713,680.0 2,099,494.0 3,263,188.7 4,495,540.2
644,183.0 862,552.0 753,367.50 753,367.50
13,829.0 15,821.0 27,756.52 39,182.18
62,012.0 72,669.0 125,682.97 177,418.92
1,966.0 1,994.0 3,765.89 5,316.07
314,874.0 380,751.0 347,812.50 347,812.50
676,816.0 765,707.0 2,004,803.3 3,172,443.0
166,038.0 202,908.0 511,542.13 809,475.05
510,778.0 562,799.0 1,493,261.2 2,362,968.0

11,842.0 30,204.0 21,023.0 21,023.0

498,936.0 532,595.0 1,472,238.2 2,341,945.0

8.76 6.11 7.435 7.435

- 41.2% 41.2% 41.2%

37.4% 38.8% 38.1% 38.1%
12.6% 0.4% 6.5% 6.5%
373,940.00 360,709.00 367,324.5 367,324.5
0.04% 0.22% 0.13% 0.13%
1.69% 1.06% 1.37% 1.37%
10.69% 5.34% 8.02% 8.02%
48,856.0 118,360.0 83,608.0 83,608.0
14,299.0 - 14,299.0 14,299.0
644,183.0 862,552.0 753,367.5 753,367.5
0.86% 0.58% 0.72% 0.72%
3.87% 2.67% 3.27% 3.27%
0.12% 0.07% 0.10% 0.10%
 314,874.0 380,751.0 347,812.5 347,812.5
24.5% 26.5% 25.5% 25.5%
11,842.0 30,204.0 21,023.0 21,023.0

100.0% 100.0% 100.0% 100.0%

37.4% 38.8% 38.1% 38.1%
62.6% 61.2% 61.9% 61.9%
12.6% 0.4% 6.5% 6.5%
23.4% 13.3% 9.6% 6.8%
10.7% 5.3% 8.0% 8.0%
46.7% 19.0% 24.1% 21.3%
0.0% 0.2% 0.1% 0.1%
1.7% 1.1% 1.4% 1.4%
1.7% 1.3% 1.5% 1.5%
111.0% 81.5% 87.5% 84.7%
3.1% 4.3% 2.2% 1.5%
0.9% 0.0% 0.4% 0.3%
107.0% 77.2% 84.9% 82.9%
40.2% 31.7% 19.6% 13.9%
0.9% 0.6% 0.7% 0.7%
3.9% 2.7% 3.3% 3.3%
0.1% 0.1% 0.1% 0.1%
19.7% 14.0% 9.1% 6.4%
42.3% 28.1% 52.2% 58.5%
10.4% 7.5% 13.3% 14.9%
31.9% 20.7% 38.9% 43.6%
0.7% 1.1% 0.5% 0.4%
31.2% 19.6% 38.3% 43.2%
0.55% 0.22% 0.19% 0.14%

10%
1,761,192.40 2,993,384.90 4,225,577.40 5,964,987.78
659,370.80 1,161,724.30 1,610,971.91 2,274,109.99
1,101,821.60 1,831,660.60 2,614,605.49 3,690,877.79
222,623.50 13,181.30 276,370.64 390,135.44
411,334.00 396,779.90 404,056.95 404,056.95
188,283.70 159,905.90 338,736.45 478,173.42
822,241.20 569,867.10 1,019,164.04 1,272,365.81
646.80 6,460.30 5,335.73 7,532.12
29,808.90 31,651.40 58,099.98 82,016.17
30,455.70 38,111.70 63,435.71 89,548.29
1,954,518.50 2,439,639.40 3,697,205.23 5,052,791.88
53,741.60 130,196.00 91,968.80 91,968.80
15,728.90 - 15,728.90 15,728.90
 1,885,048.00 2,309,443.40 3,589,507.53 4,945,094.18
708,601.30 948,807.20 828,704.25 828,704.25
15,211.90 17,403.10 30,532.18 43,100.40
68,213.20 79,935.90 138,251.26 195,160.81
2,162.60 2,193.40 4,142.48 5,847.68
346,361.40 418,826.10 382,593.75 382,593.75
744,497.60 842,277.70 2,205,283.62 3,489,687.30
182,641.80 223,198.80 562,696.34 890,422.55
561,855.80 619,078.90 1,642,587.28 2,599,264.75
11,843.0 30,205.0 21,024.0 21,024.0
498,936.0 532,595.0 1,472,238.2 2,341,945.0
9.636 6.721 8.1785 8.1785

5/30/2022 0 1 2 3
5/31/2022 6/30/2022 7/31/2022 8/31/2022
12/31/2022 12/31/2023 12/31/2024 12/31/2025

0 0.08333333333 0.16666666666667 0.25

0.583333333333333 1.58333333333 2.58333333333333 3.58333333333333
 2021E 2022E 2023E

7,654,914.97 10,805,972.76 15,254,127.29

2,918,382.95 4,119,701.76 5,815,529.65
4,736,532.0 6,686,271.0 9,438,597.6
500,663.83 706,756.34 997,684.47
367,324.50 367,324.50 367,324.50
613,643.65 866,243.00 1,222,821.98
1,481,632.0 1,940,323.8 2,587,830.9
9,666.03 13,644.94 19,261.72
105,251.98 148,577.75 209,738.07
114,918.0 162,222.7 228,999.8
6,333,082.0 8,788,817.5 12,255,428.4
83,608.0 83,608.0 83,608.0
14,299.0 14,299.0 14,299.0
6,235,175.0 8,690,910.5 12,157,521.4
753,367.50 753,367.50 753,367.50
55,311.07 78,079.24 110,219.66
250,451.38 353,546.81 499,080.29
7,504.37 10,593.46 14,954.13
347,812.50 347,812.50 347,812.50
4,820,728.2 7,147,511.0 10,432,087.3
1,230,048.63 1,823,746.50 2,661,833.28
3,590,679.6 5,323,764.5 7,770,254.0

21,023.0 21,023.0 21,023.0

3,569,656.6 5,302,741.5 7,749,231.0

7.435 7.435 7.435

41.2% 41.2% 41.2%

38.1% 38.1% 38.1%
6.5% 6.5% 6.5%
367,324.5 367,324.5 367,324.5
0.13% 0.13% 0.13%
1.37% 1.37% 1.37%
8.02% 8.02% 8.02%
83,608.0 83,608.0 83,608.0
14,299.0 14,299.0 14,299.0
753,367.5 753,367.5 753,367.5
0.72% 0.72% 0.72%
3.27% 3.27% 3.27%
0.10% 0.10% 0.10%
 347,812.5 347,812.5 347,812.5
25.5% 25.5% 25.5%
21,023.0 21,023.0 21,023.0

100.0% 100.0% 100.0%

38.1% 38.1% 38.1%
61.9% 61.9% 61.9%
6.5% 6.5% 6.5%
4.8% 3.4% 2.4%
8.0% 8.0% 8.0%
19.4% 18.0% 17.0%
0.1% 0.1% 0.1%
1.4% 1.4% 1.4%
1.5% 1.5% 1.5%
82.7% 81.3% 80.3%
1.1% 0.8% 0.5%
0.2% 0.1% 0.1%
81.5% 80.4% 79.7%
9.8% 7.0% 4.9%
0.7% 0.7% 0.7%
3.3% 3.3% 3.3%
0.1% 0.1% 0.1%
4.5% 3.2% 2.3%
63.0% 66.1% 68.4%
16.1% 16.9% 17.4%
46.9% 49.3% 50.9%
0.3% 0.2% 0.1%
46.6% 49.1% 50.8%
0.10% 0.07% 0.05%

8,420,406.47 11,886,570.04 16,779,540.02

3,210,221.24 4,531,671.93 6,397,082.61
5,210,185.23 7,354,898.11 10,382,457.41
550,730.21 777,431.97 1,097,452.91
404,056.95 404,056.95 404,056.95
675,008.01 952,867.30 1,345,104.18
1,629,795.17 2,134,356.22 2,846,614.04
10,632.63 15,009.43 21,187.89
115,777.18 163,435.53 230,711.88
126,409.81 178,444.96 251,899.77
6,966,390.21 9,667,699.29 13,480,971.22
91,968.80 91,968.80 91,968.80
15,728.90 15,728.90 15,728.90
 6,858,692.51 9,560,001.59 13,373,273.52
828,704.25 828,704.25 828,704.25
60,842.18 85,887.16 121,241.63
275,496.51 388,901.49 548,988.32
8,254.81 11,652.80 16,449.55
382,593.75 382,593.75 382,593.75
5,302,801.01 7,862,262.13 11,475,296.03
1,353,053.50 2,006,121.15 2,928,016.61
3,949,747.51 5,856,140.98 8,547,279.42
21,024.0 21,024.0 21,024.0
3,569,656.6 5,302,741.5 7,749,231.0
8.1785 8.1785 8.1785

4 5 6
9/30/2022 10/31/2022 11/30/2022
12/31/2026 12/31/2027 12/31/2028

0.333333333333333 0.416666666667 0.5

4.58333333333333 5.583333333333 6.583333333333
Interest Income 1,601,084.0 2,721,259.0
Interest Expense 599,428.0 1,056,113.0
Net Interest Income 1,001,656.0 1,665,146.0
Net Foreign Exchange Income 202,385.0 11,983.0
Service charges 373,940.0 360,709.0
Commission earned 171,167.0 145,369.0
Net fees and commission income 747,492.0 518,061.0
Dividend income 588.0 5,873.0
Other operating Income 27,099.0 28,774.0
Total Other Income 27,687.0 34,647.0
Total Operating Income 1,776,835.0 2,217,854.0
Loan Impairment charge 48,856.0 118,360.0
Impairment losses on other assets 14,299.0 -
Net Operating Income 1,713,680.0 2,099,494.0
Personnel Expenses 644,183.0 862,552.0
Amortisation of Intangible Assets 13,829.0 15,821.0
Depreciation and Impairment of Property, Plant and Equipment 62,012.0 72,669.0
Depreciation on Investment Property 1,966.0 1,994.0
Other Operating Expenses 314,874.0 380,751.0
Profit before Tax 676,816.0 765,707.0
Income tax expense 166,038.0 202,908.0
Profit after Tax 510,778.0 562,799.0
Other Comprehensive Income net on Income Tax
Items that will not be subsequently reclassified into profit or loss 11,842.0 30,204.0
*Remeasurement gain/loss on retirement benefit obligation
*Deferred liability/asset on remeasurement gain/loss
Total Comprehensive Income for the Period 498,936.0 532,595.0
8.76