3rd Quarter Results

Condensed Separate Interim Statement of Financial Position as at September 30, 2025

Notes

Sep. 30, 2025

Dec. 31, 2024

Assets

Cash and balances at the central bank

10

20,916,631

136,165,920

Due from banks

11

228,152,325

270,089,441

Loans and advances to banks, net

13

26,914,884

9,555,410

Loans and advances to customers, net

14

452,110,898

340,955,698

Derivative financial instruments

1,222,908

819,711

Financial investments

- Financial Assets at Fair Value through P&L

15

2,203,869

-

- Financial Assets at Fair Value through OCI

15

329,796,707

233,029,903

- Financial Assets at Amortized cost

15

228,915,634

167,276,956

Investments in subsidiaries and associates

16

1,255,421

871,525

Non-current assets held for sale

30

159,828

159,828

Other assets

17

49,915,056

44,175,232

Deferred tax assets

2,457,493

2,337,304

Property and equipment

18

5,470,642

3,881,620

Total assets

1,349,492,296

1,209,318,548

Liabilities and equity

Liabilities

Due to banks

19

7,043,881

2,317,715

Due to customers

20

1,043,204,762

967,895,387

Derivative financial instruments

223,670

100,571

Current income tax liabilities

15,857,818

18,327,968

Other liabilities

21

26,802,780

21,347,499

Issued debt instruments

22

4,779,461

5,067,781

Other loans

30,249,278

23,962,389

Other provisions

23

14,478,190

18,613,060

Total liabilities

1,142,639,840

1,057,632,370

Equity

Issued and paid capital

30,708,510

30,431,580

Reserves

105,209,974

63,125,912

Reserve for employee stock ownership plan (ESOP)

2,071,247

1,868,235

Retained earnings*

68,862,725

56,260,451

Total equity and net profit for the period / year

206,852,456

151,686,178

Total liabilities and equity

1,349,492,296

1,209,318,548

The accompanying notes are an integral part of these financial statements.

(Review report attached)

*

Including net profit for the period

Condensed Separate Interim Income Statement for the period ended September 30, 2025

Last 9 Months

Last 9 Months

Notes

Sep. 30, 2025

Sep. 30, 2024

Interest and similar income

157,761,416

130,537,149

Interest and similar expense

(79,403,286)

(65,010,779)

Net interest income

78,358,130

65,526,370

Fee and commission income

11,565,784

9,257,495

Fee and commission expense

(5,224,939)

(4,048,928)

Net fee and commission income

6,340,845

5,208,567

Dividend income

125,185

100,858

Net trading income

6

1,276,502

18,177,630

Profits (Losses) on financial investments 

15.1

598,228

377,992

Administrative expenses

(11,880,346)

(8,795,429)

Other operating income (expenses)

7

687,384

(17,980,232)

Impairment release (charges) for credit losses

9

7,976,997

(3,741,208)

Profit before income tax

83,482,925

58,874,548

Income tax expense

27

(21,867,730)

(16,964,163)

Deferred tax assets (Liabilities)

27

592,311

646,991

Net profit for the period

62,207,506

42,557,376

Earnings per share

8

Basic

18.54

12.50

Diluted

18.36

12.38

Condensed Separate Interim Statement of Comprehensive Income for the period ended September 30, 2025

Last 9 Months

Last 9 Months

Sep. 30, 2025

Sep. 30, 2024

Net profit for the period

62,207,506

42,557,376

Transferred to RE from financial assets at fair value through OCI

3,586

(370,224)

Net change on financial assets at fair value through comprehensive income after tax

6,805,836

8,284,110

Effect of ECL on fair value of debt instruments measured at fair value through comprehensive income

(399,884)

624,524

Total comprehensive income for the period

68,617,044

51,095,786

Condensed Separate Interim Cash Flows for the period ended September 30, 2025

Notes

Sep. 30, 2025

Sep. 30, 2024

Cash flow from operating activities

Profit before income tax

83,482,925

58,874,548

Adjustments to reconcile profits to net cash provided by operating activities

Fixed assets depreciation

18

1,244,370

763,079

Impairment release/charge for credit losses (Loans and advances to customers and banks)

9

(7,980,073)

4,226,051

Net charged/released for other provisions

23

(4,080,370)

429,182

Impairment release/charge for credit losses (due from banks)

9

151,236

(5)

Impairment release/charge for credit losses (financial investments)

9

(148,160)

(484,838)

Impairment release/charge for other assets

-

(11,956)

Exchange revaluation differences for financial assets at fair value through OCI and AC

4,669,694

(18,536,183)

Revaluation differences impairment charge for Financial Assets at Fair value through OCI

(225,004)

1,199,896

Revaluation differences impairment charge for Financial Assets at Amortized cost

(16,709)

107,207

Revaluation differences impairment charge for due from banks

(7,813)

107

Net utilized/recovered for other provisions

23

(2,039)

(9,196)

Exchange revaluation differences of other provisions

23

(52,461)

3,963,023

Profits/losses from selling property and equipment

(8,006)

(2,254)

Profits/losses from selling financial investments at fair value through OCI

15.1

(416,668)

(377,992)

Profits/losses from selling investments in associates

15.1

(181,560)

-

Share based payments

990,324

804,345

Operating profits before changes in operating assets and liabilities

77,419,686

50,945,014

Net decrease / increase in assets and liabilities

Due from banks

158,353,929

(24,748,544)

Financial assets at fair value through P&L

(2,203,869)

(2,066,889)

Derivative financial instruments

(306,569)

(229,127)

Loans and advances to banks and customers

(120,567,170)

(74,803,105)

Other assets

(2,706,703)

(14,036,648)

Due to banks

19

4,726,166

(8,606,431)

Due to customers

20

75,309,375

221,382,197

Current income tax obligations paid

(6,009,912)

(2,694,657)

Other liabilities

(12,872,687)

(6,305,033)

Net cash generated from (used in) operating activities

171,142,246

138,836,777

Cash flow from investing activities

Proceeds from sale of investments in associates

339,920

11,956

Payments for investment in subsidiaries

(542,256)

(200,000)

Payments for purchases of property, equipment and branches construction

(5,833,944)

(2,284,236)

Proceeds from selling property and equipment

7

8,006

2,254

Proceeds from redemption of financial assets at amortized cost

21,249,023

1,093,724

Payments for purchases of financial assets at amortized cost

(83,115,289)

(105,723,312)

Payments for purchases of financial assets at fair value through OCI

(192,334,673)

(21,646,713)

Proceeds from selling financial assets at fair value through OCI

98,063,752

67,015,091

Net cash generated from (used in) investing activities

(162,165,461)

(61,731,236)

Condensed Separate Interim Cash Flows for the period ended September 30, 2025 (Cont.)

Sep. 30, 2025

Sep. 30, 2024

Cash flow from financing activities

Other loans

6,286,889

7,840,786

Dividends

(14,714,434)

(5,078,792)

Issued debt instruments

(288,320)

1,738,393

Capital increase

276,930

236,570

Net cash generated from (used in) financing activities

(8,438,935)

4,736,957

Net (decrease) increase in cash and cash equivalent during the period

537,850

81,842,498

Beginning balance of cash and cash equivalent

227,028,744

233,912,193

Cash and cash equivalent at the end of the period

227,566,594

315,754,691

Cash and cash equivalent comprise:

Cash and balances at the central bank

10

20,916,631

94,285,689

Due from banks

228,295,965

304,041,410

Treasury bills and other governmental notes

12

140,546,840

82,174,775

Obligatory reserve balance with CBE

(2,725,245)

(76,128,521)

Due from banks with maturity more than three months

(19,202,757)

(17,846,556)

Treasury bills and other governmental notes with maturity more than three months

(140,264,840)

(70,772,106)

Total cash and cash equivalent

227,566,594

315,754,691

Condensed Separate Interim statement of changes in shareholders' equity

Issued and paid capital

Legal reserve

General reserve

General risk reserve

Special reserve

Capital reserve

Reserve for financial assets at fair value through OCI

Banking risks reserve

Retained earnings

Reserve for employee stock ownership plan

Total

Sep. 30, 2024

Beginning Balance at 1 January 2024

30,195,010

4,770,354

39,840,707

1,549,445

-

21,155

(16,808,265)

15,230

29,230,360

1,486,010

90,300,006

Capital increase

236,570

-

-

-

-

-

-

-

-

-

236,570

Transferred to reserves

-

1,438,320

22,582,085

-

-

1,663

-

-

(23,398,943)

(623,125)

-

Dividend paid

-

-

-

-

-

-

-

-

(5,366,429)

-

(5,366,429)

Net profit for the period

-

-

-

-

-

-

-

-

42,557,376

-

42,557,376

Transferred to RE from financial assets at fair value through OCI

-

-

-

-

-

-

(370,224)

-

370,224

-

-

Net change on financial assets at fair value through OCI after tax

-

-

-

-

-

-

8,284,110

-

-

-

8,284,110

Transferred (from) to banking risk reserve

-

-

-

-

-

-

-

2,694

(2,694)

-

-

Effect of ECL on debt instruments measured at fair value through OCI

-

-

-

-

-

-

624,524

-

-

-

624,524

Cost of employees stock ownership plan (ESOP)

-

-

-

-

-

-

-

-

-

804,345

804,345

 Balance at 30 September 2024

30,431,580

6,208,674

62,422,792

1,549,445

-

22,818

(8,269,855)

17,924

43,389,894

1,667,230

137,440,502

Issued and paid capital

Legal reserve

General reserve

General risk reserve

Special reserve

Capital reserve

Reserve for financial assets at fair value through OCI

Banking risks reserve

Retained earnings

Reserve for employee stock ownership plan

Total

Sep. 30, 2025

Beginning Balance at 1 January 2025

30,431,580

6,208,674

62,422,792

1,549,445

-

22,818

(7,095,741)

17,924

56,260,451

1,868,235

151,686,178

Capital increase

276,930

-

-

-

-

-

-

-

-

-

276,930

Transferred to reserves

-

2,771,284

19,758,610

-

-

2,246

-

-

(21,744,828)

(787,312)

-

Dividends paid

-

-

-

-

-

-

-

-

(14,714,434)

-

(14,714,434)

Net profit for the period

-

-

-

-

-

-

-

-

62,207,506

-

62,207,506

Transferred to RE from financial assets at fair value through OCI

-

-

-

-

-

-

3,586

-

(3,586)

-

-

Transferred from net profit to special reserve

-

-

-

-

13,145,012

-

-

-

(13,145,012)

-

-

Net change on financial assets at fair value through OCI after tax

-

-

-

-

-

-

6,805,836

-

-

-

6,805,836

Transferred (from) to banking risk reserve

-

-

-

-

-

-

-

(2,628)

2,628

-

-

Effect of ECL on debt instruments measured at fair value through OCI

-

-

-

-

-

-

(399,884)

-

-

-

(399,884)

Cost of employees stock ownership plan (ESOP)

-

-

-

-

-

-

-

-

-

990,324

990,324

 Balance at 30 September 2025

30,708,510

8,979,958

82,181,402

1,549,445

13,145,012

25,064

(686,203)

15,296

68,862,725

2,071,247

206,852,456