Unaudited Consolidated

Financial Statements
for the quarter ended
31 March 2022

1
 UNAUDITED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE QUARTER ENDED 31 MARCH 2022

in thousands of Ghana Cedis 2022 2021

Bank Group Bank Group
Interest income 281,929 283,349 220,631 221,374
Interest expense (137,070) (137,032) (99,396) (99,369)
Net interest income 144,859 146,317 121,235 122,005

Fees and commissions income 20,131 23,380 12,467 14,601

Fees and commissions expense (2,560) (2,562) (6,885) (6,885)
Net fees and commission income 17,571 20,818 5,582 7,716

Net trading income 37,764 37,764 39,588 39,588

37,764 37,764 39,588 39,588

Revenue 200,194 204,899 166,405 169,309

Other income 365 369 4,178 4,111

Operating income 200,559 205,268 170,583 173,420

Net impairment loss on financial assets (14,423) (14,423) (22,137) (22,137)
Personnel expenses (44,390) (45,353) (35,467) (36,106)
Depreciation and amortisation (10,151) (10,192) (8,966) (9,006)
Finance cost on lease liabilities (1,144) (1,144) (1,046) (1,046)
Other expenses (37,772) (37,920) (28,496) (28,690)
Total operating expenses (107,880) (109,032) (96,112) (96,985)

Profit before income tax 92,679 96,236 74,471 76,435

Income tax expense (32,438) (33,521) (22,341) (22,977)

Profit for the period and total
comprehensive income 60,241 62,715 52,130 53,458

Earnings per share
(Ghana Cedis per share)
Basic 0.3852 0.4010 0.3332 0.3418
Diluted 0.3852 0.4010 0.3332 0.3418

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 UNAUDITED STATEMENTS OF FINANCIAL POSITION
AS AT 31 MARCH 2022

in thousands of Ghana Cedis 2022 2021

Bank Group Bank Group

Assets
Cash and cash equivalents 1,575,639 1,575,645 1,304,916 1,304,921
Non-pledged trading assets 847,023 847,023 985,659 985,659
Investment securities 4,746,803 4,777,133 2,582,893 2,602,794
Loans and advances to customers 2,706,441 2,706,441 2,225,890 2,225,890
Investments in subsidiaries 3,520 - 2,038 -
Current tax assets - - 6,360 7,300
Property, plant and equipment 416,366 416,419 398,028 399,225
Intangible assets 72,700 73,714 50,102 50,102
Assets held for sale 121,085 121,085 104,493 104,493
Right-of-use lease assets 91,763 91,763 83,081 83,081
Deferred tax assets 28,277 28,265 36,377 36,371
Other assets 82,423 84,714 108,702 111,108
Total assets 10,692,040 10,722,202 7,888,539 7,910,944

Liabilities
Total deposits 5,968,150 5,964,989 4,220,986 4,218,972
Deposits from banks and other
financial institutions 1,126,521 1,123,360 226,033 224,019
Deposits from customers 4,841,629 4,841,629 3,994,953 3,994,953
Borrowings 3,124,363 3,124,363 2,274,189 2,274,189
Current tax liabilities 3,610 3,280 - -
Lease liabilities 88,000 88,000 84,880 84,880
Other liabilities 189,997 192,173 144,850 147,103
Total liabilities 9,374,120 9,372,805 6,724,905 6,725,144

Shareholders’ equity
Stated capital 400,000 400,000 400,000 400,000
Retained earnings 406,735 438,351 302,723 325,473
Revaluation reserve 102,926 102,926 102,926 102,926
Statutory reserve 408,966 408,966 353,128 353,128
Regulatory credit risk reserve - - 5,424 5,424
Other reserves (707) (846) (567) (1,151)
Total shareholders’ equity 1,317,920 1,349,397 1,163,634 1,185,800

Total liabilities and shareholders’ equity 10,692,040 10,722,202 7,888,539 7,910,944

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 UNAUDITED STATEMENTS OF CHANGES IN EQUITY
FOR THE QUARTER ENDED 31 MARCH 2022

Other Reserves
Share Regulatory
Stated Statutory Revaluation Retained Treasury Total
2022 The Bank Capital Reserve Reserve Earnings
Deals
Shares
Credit Risk
Equity
Account Reserve

Balance at 1 January 400,000 393,905 102,926 361,554 (707) - - 1,257,678

Total comprehensive income
Profit for the period - - - 60,241 - - - 60,241
Transfer to/from reserves
Statutory reserve - 15,061 - (15,061) - - - -
Balance at 31 March 400,000 408,966 102,926 406,735 (707) - - 1,317,920

Other Reserves
Share Regulatory
Stated Statutory Revaluation Retained Treasury Total
2022 The Group Capital Reserve Reserve Earnings
Deals
Shares
Credit Risk
Equity
Account Reserve

Balance at 1 January 400,000 393,905 102,926 390,697 (707) (139) - 1,286,682

Total comprehensive income
Profit for the period - - - 62,715 - - - 62,715
Transfer to/from reserves
Statutory reserve - 15,061 - (15,061) - - - -
Balance at 31 March 400,000 408,966 102,926 438,351 (707) (139) - 1,349,397

Other Reserves
Share Regulatory
Stated Statutory Revaluation Retained Treasury Total
2021 The Bank Capital Reserve Reserve Earnings
Deals
Shares
Credit Risk
Equity
Account Reserve
Balance at 1 January 400,000 340,096 104,636 227,273 (136) - 40,066 1,111,935
Total comprehensive income
Profit for the period - - - 52,130 - - - 52,130
Transactions with shareholders
Share repurchased - - - - (431) - - (431)
Transfer to/from reserves
Statutory reserves - 13,032 - (13,032) - - - -
Regulatory credit risk reserve - - - 34,642 - - (34,642) -
Revaluation gain on disposed PPE - - (1,710) 1,710 - - - -
Balance at 31 March 400,000 353,128 102,926 302,723 (567) - 5,424 1,163,634

Other Reserves
Share Regulatory
Stated Statutory Revaluation Retained Treasury Total
2021 The Group Capital Reserve Reserve Earnings
Deals
Shares
Credit Risk
Equity
Account Reserve
Balance at 1 January 400,000 3 40,096 104,636 227,273 (136) (584) 40,066 1,111,935
Total comprehensive income
Profit for the period - - - 53,458 - - - 53,458
Transactions with shareholders
Share repurchased - - - - (431) - - (431)
Transfer to/from reserves
Statutory reserves - 13,032 - (13,032) - - - -
Regulatory credit risk reserve - - - 34,642 - - (34,642) -
Revaluation gain on disposed PPE - - (1,710) 1,710 - - - -
Balance at 31 March 400,000 353,128 102,926 325,473 (567) (584) 5,424 1,185,800

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 UNAUDITED STATEMENTS OF CASH FLOWS
FOR THE QUARTER ENDED 31 MARCH 2022

in thousands of Ghana Cedis 2022 2021

Bank Group Bank Group
Cash flows from operating activities
Profit for the period 60,241 62,715 52,130 53,458
Adjustments for:
Depreciation and amortisation 10,151 10,192 8,966 9,006
Net impairment loss on financial assets 14,423 14,423 22,137 22,137
Net interest income (144,859) (146,317) (121,235) (122,005)
Income tax expense 32,438 33,521 22,341 22,977
Unrealised exchange difference 2,363 2,363 1,559 1,559
Profit from disposal of property and equipment - - (1,189) (1,189)
Finance cost on lease liabilities 1,144 1,144 1,046 1,046
Cash used in operations before changes
in operating assets and liabilities (24,099) (21,959) (14,245) (13,011)
Changes in:
Loans and advances to customers (468,668) (468,668) 162,336 162,336
Other assets 7,816 8,541 (56,681) (57,011)
Derivaitive assets 26,466 26,466 731 731
Deposits from banks and other
financial institutions (35,011) (34,490) (40,860) (40,728)
Deposits from customers (307,967) (307,967) (154,747) (154,747)
Other liabilities 49,941 49,818 (34,416) (34,642)
Cash used in operating activities (727,423) (726,300) (123,637) (124,061)
Interest received 134,881 135,783 224,984 224,927
Interest paid (125,949) (125,935) (117,996) (117,969)
Finance charges on lease liability paid (1,046) (1,046) - -
Income taxes paid (31,010) (32,403) 2,544 1,607
(23,124) (23,601) 109,532 108,565

Net cash flows from operating activities (774,646) (771,860) (28,350) (28,507)

Cash flows from investing activities
Disposal of trading assets (174,514) (174,514) (151,528) (151,528)
Acquisition of investment securities 334,549 331,759 84,828 85,001
Acquisition of property and equipment (10,248) (10,245) (575) (575)
Proceeds from sale of property and equipment - - 16,128 16,128
Acquisition of intangible assets - - (6,445) (6,461)
Net cash flows from / (used in)
investing activities 149,787 147,000 (57,592) (57,435)

Cash flows from financing activities
Net changes in borrowings 899,101 899,101 183,054 183,054
Payment of lease liabilities (6,297) (6,297) (3,526) (3,526)
Repurchase of issued shares - - (430) (430)
Net cash flows from financing activities 892,804 892,804 179,098 179,098

Net increase in cash and cash equivalents 267,945 267,944 93,155 93,155

Cash and cash equivalents at 1 January 1,307,694 1,307,701 1,211,761 1,211,766

Cash and cash equivalents at 31 March 1,575,639 1,575,645 1,304,916 1,304,921

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Basis of preparation
The summary financial statements are prepared in accordance with the requirements of the Guide for
Financial Publication for Banks and Bank of Ghana Licensed Financial Institutions and in the form and
manner required by the Securities and Exchange Commission Regulations, 2003 as applicable to summary
financial statements. The Guide require the summary financial statements to be prepared in accordance
with the framework concepts and the measurement and recognition requirements of International Financial
Reporting Standards (IFRSs) as issued by the International Accounting Standards Board (IASB) and adopted
by the Institute of Chartered Accountants, Ghana (ICAG). The accounting policies applied in the preparation
of the unaudited summary financial statements are in accordance with IFRSs and are consistent with the
accounting policies applied in the preparation of the 2021 annual audited financial statements as published on
our website www.calbank.net.

Regulatory quantitative disclosures

2022 2021

Capital adequacy ratio 22.4% 19.2%

Non-performing loan ratio 9.2% 14.4%
Common equity tier 1 ratio 20.4% 17.2%
Leverage ratio 9.3% 10.9%

Compliance with statutory liquidity requirement

Default in statutory liquidity (times) Nil Nil
Default in statutory liquidity sanction (GHS’000) Nil Nil
Other regulatory penalties (GHS’000) 6 Nil

Qualitative disclosures

Risk management framework

The Bank’s dominant risks are: credit risk, liquidity risk, market risk and operational risk. To manage these risks,
we have designed a Risk Management Framework covering the strategic framework, organisational structure,
appetite, operational framework and risk monitoring and reporting.

The Board of Directors has overall responsibility for the establishment and oversight of the Bank’s risk
management framework. There are in place the Risk Management and Audit sub-committees of the Board
and an established Asset and Liability Management Committee (ALCO) which are responsible for developing
and monitoring risk management policies in their specified areas.

The Bank’s risk management policies are established to identify and analyse the risks faced by the Bank, to
set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies
and systems are reviewed regularly to reflect changes in market conditions, products and services offered.
The Bank, through its training and management standards and procedures, aims to develop a disciplined
and constructive control environment, in which all employees understand their roles and obligations.

The process followed in risk management for the period ended 31 March 2022 are consistent with those
followed for the year ended 31 December 2021.

“The financial statements do not contain untrue statements, misleading facts or omit material facts to the best
of our knowledge.”

Philip Owiredu Joe Rexford Mensah
Director Director

5
 FOR FURTHER INFORMATION:

CalBank Plc
Dzifa Amegashie (Head, Investor Relations): +233 (0)261 513134 or damegashie@calbank.net

Notes to the Editors:

The Bank commenced operations as a local merchant bank in 1990 with the sole aim of providing truly
differentiated world-class banking solutions. CalBank Plc acquired a Universal Banking License in 2004 and
in the same year undertook an initial public offer that was 4.5 times oversubscribed.

The operations of the Bank are backed by experienced managers in key functional areas with a combined
experience of over 100 years in banking and finance. The CalBank Plc team provides the required solutions
to clients and is supported by a strong IT platform that has seen the Bank being recognized for its innovative
products in ICT & Electronic Banking since 2007.

Operations and Subsidiaries

CalBank’s growth strategy is to focus on the growing Ghanaian corporate business sector. Since 2006, the
Bank has developed its retail banking operations with specialized products and services to serve the needs
of its growing retail clientele. The Bank currently has two Wholly-owned Operating Subsidiaries. CalAsset
Management Company Limited is licensed as a fund manager and investment advisor by the Securities &
Exchange Commission of Ghana. CalBank Nominees Limited (“CalNominees”) holds and administers assets
as a custodian.

Branch Network
The Bank has embarked on an expansion program and will continue to expand its footprint by increasing the
number of branches throughout the country. Internationally, CalBank Plc benefits from strong correspondent
banks all over the world. This enables us handle all international transactions quickly and effectively.

More information available at: www.calbank.net /www.calbank.investoreports.com