Page 71 - Annual Report 2023

ANNUAL REPORT 2023 2
Consolidated statement of profit or loss and other comprehensive income for the year ended 31 December 2023
(Amounts in USD)

Year ended 31 Year ended 31
Notes
December 2023 December 2022
Interest
Interest income 25 243,107,603 172,784,025
Interest expense 26 (50,122,934) (29,597,962)
Net interest margin 192,984,669 143,186,063

Non-interest income, net
Fees and commissions, net 27 33,775,264 29,130,738
Foreign exchange revaluation, net 28 (14,175,863) (2,795,117)
Foreign exchange trading activities income, net 5,295,526 2,111,244
Securities trading gain, net 34,090 53,476,297
Other (expense) / income, net 29 1,094,394 5,833,191
Total non-interest income, net 26,023,411 87,756,353

Operating expenses
Personnel expenses 30 (37,516,591) (27,683,420)
Administrative expenses 31 (51,487,777) (43,817,673)
Depreciation and amortization 13,14,15 (11,318,155) (9,378,577)
Total operating expenses (100,322,523) (80,879,670)

Impairment losses on loans to customers 11 5,369,981 7,284,287

Impairment losses on financial assets, other than loans to customers 32 (18,405,243) (36,098,059)

Profit before taxes 105,650,295 121,248,974

Income tax 33 (14,787,765) (15,933,697)

Net profit for the year 90,862,530 105,315,277

Foreign currency translation differences 5,028,839 6,540,795

Net change in fair value reserves and impairment of FVOCI 22,022,625 (72,636,653)

Other comprehensive income/ (expense) for the year, net of 27,051,464 (66,095,858)
income tax

Total comprehensive income for the year 117,913,994 39,219,419

The consolidated statement of profit or loss and comprehensive income is to be read in conjunction with the notes to and forming part
of the consolidated financial statements set out on pages 6 to 76.