N Kapur |
Group Chief Executive Officer |
Accounting standard | Amendment/interpretation | |
Amendments to IAS 1 | Classification of Liabilities as Current or Non-current: clarify that the classification of liabilities as current or non-current is based solely on a company\u2019s right to defer settlement for at least 12 months at the reporting date. The right needs to exist at the reporting date and must have substance. | |
Amendments to IFRS 16, Leases | Lease Liability in a Sale-and-Leaseback requires a seller-lessee to account for variable lease payments that arise in a sale-and-leaseback transaction as follows: \u2022 On initial recognition, include variable lease payments when measuring a lease liability arising from a sale-and-leaseback transaction. \u2022 After initial recognition, apply the general requirements for subsequent accounting of the lease liability such that no gain or loss relating to the retained right of use is recognised. | |
Amendments to IAS 7, Statement of Cash Flows and IFRS 7, Financial Instruments: Disclosures (Amendment) | Supplier Finance Arrangements: requires an entity to disclose qualitative and quantitative information about its supplier finance programmes, such as terms and conditions \u2013 including, for example, extended payment terms and security or guarantees provided. |
Leasehold improvements | Life of lease |
Computer equipment | 5 years |
Fixtures and fittings | 5 years |
Artwork | 20 years |
Accounting standard* | Details of amendment | |
Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates | Lack of Exchangeability (Issued August 2023). The standard is effective 1 January 2025. | |
Amendments to the Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures effective 1 January 2026 | The amendments provide guidance related to: \u2022 Financial assets with ESG-linked features; \u2022 Settlement of financial liabilities by electronic payments. | |
New sustainability standards issued by the International Sustainability Standards Board (ISSB) effective 1 January 2026 in the UK | The ISSB issued its first two sustainability reporting standards on 26 June 2023. This included: \u2022 General Requirements for Disclosure of Sustainability-related Financial Information (IFRS S1), the core framework for the disclosure of material information about sustainability-related risks and opportunities across an entity\u2019s value chain. \u2022 Climate-related Disclosures (IFRS S2), the first thematic standard issued that sets out requirements for entities to disclose information about climate- related risks and opportunities. | |
IFRS 18 Presentation and Disclosure in Financial Statements effective 1 January 2027 | IFRS 18 affects all companies, bringing significant changes to how companies present their income and what information companies need to disclose, and making certain \u2018non-GAAP\u2019 measures part of audited financial statements for the first time. There will be three new categories of income and expenses, two defined income statement subtotals and one single note on management- defined performance measures. | |
IFRS 19 Reduced Disclosures for Subsidiaries | To simplify and reduce the cost of financial reporting by subsidiaries while maintaining the usefulness of their financial statements. This standard is not applicable to the Group consolidated financial statements. |
Accounting standard | Amendment/interpretation | |
Amendments to IAS 1 | Classification of Liabilities as Current or Non-current: clarify that the classification of liabilities as current or non-current is based solely on a company\u2019s right to defer settlement for at least 12 months at the reporting date. The right needs to exist at the reporting date and must have substance. | |
Amendments to IFRS 16, Leases | Lease Liability in a Sale-and-Leaseback requires a seller-lessee to account for variable lease payments that arise in a sale-and-leaseback transaction as follows: \u2022 On initial recognition, include variable lease payments when measuring a lease liability arising from a sale-and-leaseback transaction. \u2022 After initial recognition, apply the general requirements for subsequent accounting of the lease liability such that no gain or loss relating to the retained right of use is recognised. | |
Amendments to IAS 7, Statement of Cash Flows and IFRS 7, Financial Instruments: Disclosures (Amendment) | Supplier Finance Arrangements: requires an entity to disclose qualitative and quantitative information about its supplier finance programmes, such as terms and conditions \u2013 including, for example, extended payment terms and security or guarantees provided. |
Leasehold improvements | Life of lease |
Computer equipment | 5 years |
Fixtures and fittings | 5 years |
Artwork | 20 years |
Leasehold improvements | Life of lease |
Computer equipment | 5 years |
Fixtures and fittings | 5 years |
Artwork | 20 years |
Accounting standard* | Details of amendment | |
Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates | Lack of Exchangeability (Issued August 2023). The standard is effective 1 January 2025. | |
Amendments to the Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures effective 1 January 2026 | The amendments provide guidance related to: \u2022 Financial assets with ESG-linked features; \u2022 Settlement of financial liabilities by electronic payments. | |
New sustainability standards issued by the International Sustainability Standards Board (ISSB) effective 1 January 2026 in the UK | The ISSB issued its first two sustainability reporting standards on 26 June 2023. This included: \u2022 General Requirements for Disclosure of Sustainability-related Financial Information (IFRS S1), the core framework for the disclosure of material information about sustainability-related risks and opportunities across an entity\u2019s value chain. \u2022 Climate-related Disclosures (IFRS S2), the first thematic standard issued that sets out requirements for entities to disclose information about climate- related risks and opportunities. | |
IFRS 18 Presentation and Disclosure in Financial Statements effective 1 January 2027 | IFRS 18 affects all companies, bringing significant changes to how companies present their income and what information companies need to disclose, and making certain \u2018non-GAAP\u2019 measures part of audited financial statements for the first time. There will be three new categories of income and expenses, two defined income statement subtotals and one single note on management- defined performance measures. | |
IFRS 19 Reduced Disclosures for Subsidiaries | To simplify and reduce the cost of financial reporting by subsidiaries while maintaining the usefulness of their financial statements. This standard is not applicable to the Group consolidated financial statements. |
Accounting standard* | Details of amendment | |
Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates | Lack of Exchangeability (Issued August 2023). The standard is effective 1 January 2025. | |
Amendments to the Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures effective 1 January 2026 | The amendments provide guidance related to: \u2022 Financial assets with ESG-linked features; \u2022 Settlement of financial liabilities by electronic payments. | |
New sustainability standards issued by the International Sustainability Standards Board (ISSB) effective 1 January 2026 in the UK | The ISSB issued its first two sustainability reporting standards on 26 June 2023. This included: \u2022 General Requirements for Disclosure of Sustainability-related Financial Information (IFRS S1), the core framework for the disclosure of material information about sustainability-related risks and opportunities across an entity\u2019s value chain. \u2022 Climate-related Disclosures (IFRS S2), the first thematic standard issued that sets out requirements for entities to disclose information about climate- related risks and opportunities. | |
IFRS 18 Presentation and Disclosure in Financial Statements effective 1 January 2027 | IFRS 18 affects all companies, bringing significant changes to how companies present their income and what information companies need to disclose, and making certain \u2018non-GAAP\u2019 measures part of audited financial statements for the first time. There will be three new categories of income and expenses, two defined income statement subtotals and one single note on management- defined performance measures. | |
IFRS 19 Reduced Disclosures for Subsidiaries | To simplify and reduce the cost of financial reporting by subsidiaries while maintaining the usefulness of their financial statements. This standard is not applicable to the Group consolidated financial statements. |
Accounting standard* | Details of amendment | |
Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates | Lack of Exchangeability (Issued August 2023). The standard is effective 1 January 2025. | |
Amendments to the Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures effective 1 January 2026 | The amendments provide guidance related to: \u2022 Financial assets with ESG-linked features; \u2022 Settlement of financial liabilities by electronic payments. | |
New sustainability standards issued by the International Sustainability Standards Board (ISSB) effective 1 January 2026 in the UK | The ISSB issued its first two sustainability reporting standards on 26 June 2023. This included: \u2022 General Requirements for Disclosure of Sustainability-related Financial Information (IFRS S1), the core framework for the disclosure of material information about sustainability-related risks and opportunities across an entity\u2019s value chain. \u2022 Climate-related Disclosures (IFRS S2), the first thematic standard issued that sets out requirements for entities to disclose information about climate- related risks and opportunities. | |
IFRS 18 Presentation and Disclosure in Financial Statements effective 1 January 2027 | IFRS 18 affects all companies, bringing significant changes to how companies present their income and what information companies need to disclose, and making certain \u2018non-GAAP\u2019 measures part of audited financial statements for the first time. There will be three new categories of income and expenses, two defined income statement subtotals and one single note on management- defined performance measures. | |
IFRS 19 Reduced Disclosures for Subsidiaries | To simplify and reduce the cost of financial reporting by subsidiaries while maintaining the usefulness of their financial statements. This standard is not applicable to the Group consolidated financial statements. |
Judgements | Estimates | |
The accuracy of forecast cash flows is subject to a high degree of uncertainty in volatile market conditions. Where such circumstances are determined to exist, management re- tests goodwill, intangible assets and investments in subsidiaries for impairment more frequently than once a year when indicators of impairment exist. Judgement was involved in calculating the cash flow forecasts and it involved consideration of past business performance, current market conditions and our macroeconomic outlook to estimate future earnings. Key assumptions underlying cash flow projections reflect management\u2019s outlook on interest rates and inflation, as well as business strategy, including the scale of investment in technology and automation. | Cash flow forecasts The future cash flows of the CGUs are the cash flows projected for a three-year period for which detailed forecasts are available and utilise assumptions regarding the long-term pattern of sustainable cash flows thereafter. Forecasts are compared with actual performance and verifiable economic data, but they reflect management\u2019s view of future business prospects at the time of the assessment. Discount rates (Weighted Average Cost of Capital (WACC)) The rates used to discount future expected cash flows can have a significant effect on their valuation, and are based on the costs of equity and debt assigned to individual CGUs. The cost of equity percentage is generally derived from a capital asset pricing model and market implied cost of equity, which incorporates inputs reflecting a number of financial and economic variables, including the risk- free interest rate in the country concerned and a premium for the risk of the business being evaluated. These variables are subject to fluctuations in external market rates and economic conditions beyond management\u2019s control. Terminal growth rates The terminal growth rate is used to extrapolate the cash flows in perpetuity because of the long-term perspective within the Group of business units making up the CGUs. Refer to sensitivity analysis in Note 20. |
Judgements | Estimates | |
\u2022 Defining what is considered to be a significant increase in credit risk \u2022 Selecting and calibrating the Probability of Default (PD), Loss Given Default (LGD) and Exposure At Default (EAD) models, which support the calculations, including making reasonable and supportable judgements about how models react to current and future economic conditions. \u2022 Selecting model inputs and economic forecasts, including determining whether sufficient and appropriately weighted economic forecasts are incorporated to calculate unbiased expected loss. \u2022 Making management adjustments to account for late-breaking events, model and data limitations and deficiencies, and expert credit judgements (none were\u00a0noted). | Note 36 \u2013 Credit Risk sets out the assumptions used in determining ECL, and provides an indication of the sensitivity of the result to the application of different weightings being applied to different economic assumptions. |
Year ended 31 December 2024 | Continuing operations | Discontinued operations | Total |
Income by business line | \u00a3'000 | \u00a3'000 | \u00a3'000 |
FX | 41,215 | \u2013 | 41,215 |
Payments | 27,292 | \u2013 | 27,292 |
Banking services and other income | 37,037 | \u2013 | 37,037 |
Total income \u2013 net of interest expense | 105,544 | \u2013 | 105,544 |
Year ended 31 December 2023 | Continuing operations | Discontinued operations | Total |
Income by business line | \u00a3'000 | \u00a3'000 | \u00a3'000 |
FX | 68,518 | 4 | 68,522 |
Payments | 34,229 | 855 | 35,084 |
Banking services and other income | 34,321 | \u2013 | 34,321 |
Total income \u2013 net of interest expense | 137,068 | 859 | 137,927 |
Reconciliation of profit before tax to EBITDA and Adjusted EBITDA | Continuing operations | Discontinued operations | Total |
Year ended 31 December 2024 | \u00a3'000 | \u00a3'000 | \u00a3'000 |
Profit before taxation | 17,594 | \u2013 | 17,594 |
Adjusted for: | |||
Interest expenses on lease liabilities (Note 4) | 897 | \u2013 | 897 |
Amortisation | 6,213 | \u2013 | 6,213 |
Depreciation\u00b9 | 2,320 | \u2013 | 2,320 |
EBITDA | 27,024 | \u2013 | 27,024 |
Adjusting items | 3,741 | \u2013 | 3,741 |
Adjusted EBITDA | 30,765 | \u2013 | 30,765 |
Reconciliation of profit before tax to EBITDA and Adjusted EBITDA | Continuing operations | Discontinued operations | Total |
Year ended 31 December 2023 | \u00a3'000 | \u00a3'000 | \u00a3'000 |
Profit/(loss) before taxation | 37,617 | (287) | 37,330 |
Adjusted for: | |||
Interest expense on lease liability | 65 | \u2013 | 65 |
Amortisation | 4,607 | 13 | 4,620 |
Depreciation\u00b9 | 1,243 | \u2013 | 1,243 |
EBITDA | 43,532 | (274) | 43,258 |
Adjusting items | 21,101 | \u2013 | 21,101 |
Adjusted EBITDA | 64,633 | (274) | 64,359 |
Consolidated | ||
2024 | 2023 | |
Interest income: | \u00a3'000 | \u00a3'000 |
Interest on cash and balances at central banks | 29,894 | 28,147 |
Interest on loans and advances | 12,993 | 7,676 |
Interest on letters of credit | 1,347 | 599 |
Interest on investment in debt securities | 14,428 | 15,802 |
Other interest income and similar income\u00b9 | 194 | 129 |
Interest income | 58,857 | 52,353 |
Interest expense: | ||
Interest on financial liabilities at amortised cost | (38,232) | (30,685) |
Interest expense on lease liabilities | (897) | (65) |
Other interest expense\u00b9 | (171) | (104) |
Interest expense | (39,300) | (30,854) |
Total net interest income | 19,557 | 21,499 |
Consolidated | ||
2024 | 2023 | |
Interest income: | \u00a3'000 | \u00a3'000 |
Interest on cash and balances at central banks | 29,894 | 28,147 |
Interest on loans and advances | 12,993 | 7,676 |
Interest on letters of credit | 1,347 | 599 |
Interest on investment in debt securities | 14,428 | 15,802 |
Other interest income and similar income\u00b9 | 194 | 129 |
Interest income | 58,857 | 52,353 |
Interest expense: | ||
Interest on financial liabilities at amortised cost | (38,232) | (30,685) |
Interest expense on lease liabilities | (897) | (65) |
Other interest expense\u00b9 | (171) | (104) |
Interest expense | (39,300) | (30,854) |
Total net interest income | 19,557 | 21,499 |
Consolidated | ||
2024 | 2023 | |
Interest income: | \u00a3'000 | \u00a3'000 |
Interest on cash and balances at central banks | 29,894 | 28,147 |
Interest on loans and advances | 12,993 | 7,676 |
Interest on letters of credit | 1,347 | 599 |
Interest on investment in debt securities | 14,428 | 15,802 |
Other interest income and similar income\u00b9 | 194 | 129 |
Interest income | 58,857 | 52,353 |
Interest expense: | ||
Interest on financial liabilities at amortised cost | (38,232) | (30,685) |
Interest expense on lease liabilities | (897) | (65) |
Other interest expense\u00b9 | (171) | (104) |
Interest expense | (39,300) | (30,854) |
Total net interest income | 19,557 | 21,499 |
Consolidated | ||
2024 | 2023 | |
Interest income: | \u00a3'000 | \u00a3'000 |
Interest on cash and balances at central banks | 29,894 | 28,147 |
Interest on loans and advances | 12,993 | 7,676 |
Interest on letters of credit | 1,347 | 599 |
Interest on investment in debt securities | 14,428 | 15,802 |
Other interest income and similar income\u00b9 | 194 | 129 |
Interest income | 58,857 | 52,353 |
Interest expense: | ||
Interest on financial liabilities at amortised cost | (38,232) | (30,685) |
Interest expense on lease liabilities | (897) | (65) |
Other interest expense\u00b9 | (171) | (104) |
Interest expense | (39,300) | (30,854) |
Total net interest income | 19,557 | 21,499 |
Consolidated | ||
2024 | 2023 | |
Interest income: | \u00a3'000 | \u00a3'000 |
Interest on cash and balances at central banks | 29,894 | 28,147 |
Interest on loans and advances | 12,993 | 7,676 |
Interest on letters of credit | 1,347 | 599 |
Interest on investment in debt securities | 14,428 | 15,802 |
Other interest income and similar income\u00b9 | 194 | 129 |
Interest income | 58,857 | 52,353 |
Interest expense: | ||
Interest on financial liabilities at amortised cost | (38,232) | (30,685) |
Interest expense on lease liabilities | (897) | (65) |
Other interest expense\u00b9 | (171) | (104) |
Interest expense | (39,300) | (30,854) |
Total net interest income | 19,557 | 21,499 |
Consolidated | ||
2024 | 2023 | |
Interest income: | \u00a3'000 | \u00a3'000 |
Interest on cash and balances at central banks | 29,894 | 28,147 |
Interest on loans and advances | 12,993 | 7,676 |
Interest on letters of credit | 1,347 | 599 |
Interest on investment in debt securities | 14,428 | 15,802 |
Other interest income and similar income\u00b9 | 194 | 129 |
Interest income | 58,857 | 52,353 |
Interest expense: | ||
Interest on financial liabilities at amortised cost | (38,232) | (30,685) |
Interest expense on lease liabilities | (897) | (65) |
Other interest expense\u00b9 | (171) | (104) |
Interest expense | (39,300) | (30,854) |
Total net interest income | 19,557 | 21,499 |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Fees and commissions income: | ||
Account management and payments | 12,868 | 11,750 |
Pension payment fees | 1,556 | 1,467 |
Trade finance | 972 | 725 |
Electronic platform fees | 164 | 610 |
FX Payment Fees | 185 | 19 |
Total fees and commission income | 15,745 | 14,571 |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Fees and commissions income: | ||
Account management and payments | 12,868 | 11,750 |
Pension payment fees | 1,556 | 1,467 |
Trade finance | 972 | 725 |
Electronic platform fees | 164 | 610 |
FX Payment Fees | 185 | 19 |
Total fees and commission income | 15,745 | 14,571 |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Financial liabilities | ||
Trade creditors | 828 | 2,041 |
Funds received in advance | 891 | 3,327 |
Transactions credited by third party nostro providers\u00b9 | 1,437 | 159 |
Other creditors | 143 | 696 |
3,299 | 6,223 | |
Non-financial liabilities | ||
Tax liabilities | 1,937 | 1,816 |
Deferred income\u00b2 | 731 | 82 |
2,668 | 1,898 | |
Total other liabilities | 5,967 | 8,121 |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Unsettled transactions\u00b3 | 35,173 | 20,081 |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Accruals4 | 10,380 | 18,367 |
Company | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Accruals | 736 | 1,022 |
Other liabilities | 65 | 422 |
801 | 1,444 |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Profit on settlement of FX contracts and remeasurement of non-sterling balances | 31,010 | 76,402 |
Fair value gains/(losses) on derivatives\u00b9 | 10,205 | (7,884) |
FX gain on payment transaction revenue | 12,588 | 19,899 |
Total | 53,803 | 88,417 |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Other operating income | 616 | 313 |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Other operating income | 616 | 313 |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Other operating income | 616 | 313 |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Staff costs and Directors\u2019 emoluments | ||
Salaries and bonuses | 37,155 | 37,646 |
Share-based payments | 996 | 1,359 |
Social security costs | 4,753 | 4,401 |
Pension costs | 2,701 | 2,180 |
Fees payable to the auditor | ||
Audit | ||
\u2013 the Company | 711 | 724 |
\u2013 Group companies\u00b9 | 731 | 1,090 |
Audit related services | 319 | 477 |
Depreciation and amortisation | ||
Amortisation of intangible assets (Note 20) | 6,213 | 4,607 |
Depreciation of property, plant, and equipment (Note 18) | 767 | 798 |
Depreciation of right-of-use assets (Note 19) | 1,553 | 445 |
Other expenses | ||
Low-value lease expenses | 59 | 47 |
Clearing costs | 2,441 | 2,314 |
Other bank charges | 3,103 | 2,861 |
Software support/licences | 7,599 | 5,903 |
Process automation costs (see Note 35 B(ii)(a)) | 2,115 | 2,000 |
Professional fees | 2,529 | 2,573 |
Irrecoverable VAT | 1,344 | 1,090 |
Other operating expenses | 9,570 | 7,431 |
Operating expenses before adjusting items | 84,659 | 77,946 |
Adjusting items\u00b2 | 3,741 | 21,101 |
Total operating expenses after adjusting items | 88,400 | 99,047 |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Professional costs incurred in connection with review of strategic options: | 1,687 | 16,559 |
Fees related to services provided by the auditor | \u2013 | 1,250 |
Issuer\u2019s counsel | \u2013 | 4,356 |
Mergers and Acquisition, Tax and Structuring advice | \u2013 | 3,198 |
Capital Markets advisory | \u2013 | 2,391 |
Public Offering of Securities Insurance and Directors' and Officers' Insurance | \u2013 | 334 |
Joint Global Co-ordinator | \u2013 | 1,553 |
Admission fee | \u2013 | 411 |
Project consultancy services | \u2013 | 400 |
Refresh report on the business | \u2013 | 367 |
Stamp duty and professional fees | \u2013 | 408 |
Strategic consultants | 698 | \u2013 |
Due diligence triggered by investor bid | 677 | \u2013 |
Other\u00b9 | 312 | 1,891 |
Transition costs relating to the new Executive Committee | 2,054 | \u2013 |
Redundancies | 202 | \u2013 |
Dual running, recruitment and settlement agreements | 1,852 | \u2013 |
Bonus related to: | \u2013 | 4,542 |
Listing | \u2013 | 2,288 |
Take-on commitments | \u2013 | 2,254 |
Total adjusting items | 3,741 | 21,101 |
Average number of persons employed during the year by legal entity | 2024 | 2023 |
Crown Agents Bank Limited | 364 | 303 |
CAB US Inc (formerly Segovia Technology Company) | 6 | 6 |
CAB Europe BV | 8 | 1 |
Total | 378 | 310 |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Staff costs and Directors\u2019 emoluments | ||
Salaries and bonuses | 37,155 | 37,646 |
Share-based payments | 996 | 1,359 |
Social security costs | 4,753 | 4,401 |
Pension costs | 2,701 | 2,180 |
Fees payable to the auditor | ||
Audit | ||
\u2013 the Company | 711 | 724 |
\u2013 Group companies\u00b9 | 731 | 1,090 |
Audit related services | 319 | 477 |
Depreciation and amortisation | ||
Amortisation of intangible assets (Note 20) | 6,213 | 4,607 |
Depreciation of property, plant, and equipment (Note 18) | 767 | 798 |
Depreciation of right-of-use assets (Note 19) | 1,553 | 445 |
Other expenses | ||
Low-value lease expenses | 59 | 47 |
Clearing costs | 2,441 | 2,314 |
Other bank charges | 3,103 | 2,861 |
Software support/licences | 7,599 | 5,903 |
Process automation costs (see Note 35 B(ii)(a)) | 2,115 | 2,000 |
Professional fees | 2,529 | 2,573 |
Irrecoverable VAT | 1,344 | 1,090 |
Other operating expenses | 9,570 | 7,431 |
Operating expenses before adjusting items | 84,659 | 77,946 |
Adjusting items\u00b2 | 3,741 | 21,101 |
Total operating expenses after adjusting items | 88,400 | 99,047 |
Average number of persons employed during the year by legal entity | 2024 | 2023 |
Crown Agents Bank Limited | 364 | 303 |
CAB US Inc (formerly Segovia Technology Company) | 6 | 6 |
CAB Europe BV | 8 | 1 |
Total | 378 | 310 |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Staff costs and Directors\u2019 emoluments | ||
Salaries and bonuses | 37,155 | 37,646 |
Share-based payments | 996 | 1,359 |
Social security costs | 4,753 | 4,401 |
Pension costs | 2,701 | 2,180 |
Fees payable to the auditor | ||
Audit | ||
\u2013 the Company | 711 | 724 |
\u2013 Group companies\u00b9 | 731 | 1,090 |
Audit related services | 319 | 477 |
Depreciation and amortisation | ||
Amortisation of intangible assets (Note 20) | 6,213 | 4,607 |
Depreciation of property, plant, and equipment (Note 18) | 767 | 798 |
Depreciation of right-of-use assets (Note 19) | 1,553 | 445 |
Other expenses | ||
Low-value lease expenses | 59 | 47 |
Clearing costs | 2,441 | 2,314 |
Other bank charges | 3,103 | 2,861 |
Software support/licences | 7,599 | 5,903 |
Process automation costs (see Note 35 B(ii)(a)) | 2,115 | 2,000 |
Professional fees | 2,529 | 2,573 |
Irrecoverable VAT | 1,344 | 1,090 |
Other operating expenses | 9,570 | 7,431 |
Operating expenses before adjusting items | 84,659 | 77,946 |
Adjusting items\u00b2 | 3,741 | 21,101 |
Total operating expenses after adjusting items | 88,400 | 99,047 |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Professional costs incurred in connection with review of strategic options: | 1,687 | 16,559 |
Fees related to services provided by the auditor | \u2013 | 1,250 |
Issuer\u2019s counsel | \u2013 | 4,356 |
Mergers and Acquisition, Tax and Structuring advice | \u2013 | 3,198 |
Capital Markets advisory | \u2013 | 2,391 |
Public Offering of Securities Insurance and Directors' and Officers' Insurance | \u2013 | 334 |
Joint Global Co-ordinator | \u2013 | 1,553 |
Admission fee | \u2013 | 411 |
Project consultancy services | \u2013 | 400 |
Refresh report on the business | \u2013 | 367 |
Stamp duty and professional fees | \u2013 | 408 |
Strategic consultants | 698 | \u2013 |
Due diligence triggered by investor bid | 677 | \u2013 |
Other\u00b9 | 312 | 1,891 |
Transition costs relating to the new Executive Committee | 2,054 | \u2013 |
Redundancies | 202 | \u2013 |
Dual running, recruitment and settlement agreements | 1,852 | \u2013 |
Bonus related to: | \u2013 | 4,542 |
Listing | \u2013 | 2,288 |
Take-on commitments | \u2013 | 2,254 |
Total adjusting items | 3,741 | 21,101 |
Average number of persons employed during the year by legal entity | 2024 | 2023 |
Crown Agents Bank Limited | 364 | 303 |
CAB US Inc (formerly Segovia Technology Company) | 6 | 6 |
CAB Europe BV | 8 | 1 |
Total | 378 | 310 |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Staff costs and Directors\u2019 emoluments | ||
Salaries and bonuses | 37,155 | 37,646 |
Share-based payments | 996 | 1,359 |
Social security costs | 4,753 | 4,401 |
Pension costs | 2,701 | 2,180 |
Fees payable to the auditor | ||
Audit | ||
\u2013 the Company | 711 | 724 |
\u2013 Group companies\u00b9 | 731 | 1,090 |
Audit related services | 319 | 477 |
Depreciation and amortisation | ||
Amortisation of intangible assets (Note 20) | 6,213 | 4,607 |
Depreciation of property, plant, and equipment (Note 18) | 767 | 798 |
Depreciation of right-of-use assets (Note 19) | 1,553 | 445 |
Other expenses | ||
Low-value lease expenses | 59 | 47 |
Clearing costs | 2,441 | 2,314 |
Other bank charges | 3,103 | 2,861 |
Software support/licences | 7,599 | 5,903 |
Process automation costs (see Note 35 B(ii)(a)) | 2,115 | 2,000 |
Professional fees | 2,529 | 2,573 |
Irrecoverable VAT | 1,344 | 1,090 |
Other operating expenses | 9,570 | 7,431 |
Operating expenses before adjusting items | 84,659 | 77,946 |
Adjusting items\u00b2 | 3,741 | 21,101 |
Total operating expenses after adjusting items | 88,400 | 99,047 |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Professional costs incurred in connection with review of strategic options: | 1,687 | 16,559 |
Fees related to services provided by the auditor | \u2013 | 1,250 |
Issuer\u2019s counsel | \u2013 | 4,356 |
Mergers and Acquisition, Tax and Structuring advice | \u2013 | 3,198 |
Capital Markets advisory | \u2013 | 2,391 |
Public Offering of Securities Insurance and Directors' and Officers' Insurance | \u2013 | 334 |
Joint Global Co-ordinator | \u2013 | 1,553 |
Admission fee | \u2013 | 411 |
Project consultancy services | \u2013 | 400 |
Refresh report on the business | \u2013 | 367 |
Stamp duty and professional fees | \u2013 | 408 |
Strategic consultants | 698 | \u2013 |
Due diligence triggered by investor bid | 677 | \u2013 |
Other\u00b9 | 312 | 1,891 |
Transition costs relating to the new Executive Committee | 2,054 | \u2013 |
Redundancies | 202 | \u2013 |
Dual running, recruitment and settlement agreements | 1,852 | \u2013 |
Bonus related to: | \u2013 | 4,542 |
Listing | \u2013 | 2,288 |
Take-on commitments | \u2013 | 2,254 |
Total adjusting items | 3,741 | 21,101 |
Average number of persons employed during the year by legal entity | 2024 | 2023 |
Crown Agents Bank Limited | 364 | 303 |
CAB US Inc (formerly Segovia Technology Company) | 6 | 6 |
CAB Europe BV | 8 | 1 |
Total | 378 | 310 |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Staff costs and Directors\u2019 emoluments | ||
Salaries and bonuses | 37,155 | 37,646 |
Share-based payments | 996 | 1,359 |
Social security costs | 4,753 | 4,401 |
Pension costs | 2,701 | 2,180 |
Fees payable to the auditor | ||
Audit | ||
\u2013 the Company | 711 | 724 |
\u2013 Group companies\u00b9 | 731 | 1,090 |
Audit related services | 319 | 477 |
Depreciation and amortisation | ||
Amortisation of intangible assets (Note 20) | 6,213 | 4,607 |
Depreciation of property, plant, and equipment (Note 18) | 767 | 798 |
Depreciation of right-of-use assets (Note 19) | 1,553 | 445 |
Other expenses | ||
Low-value lease expenses | 59 | 47 |
Clearing costs | 2,441 | 2,314 |
Other bank charges | 3,103 | 2,861 |
Software support/licences | 7,599 | 5,903 |
Process automation costs (see Note 35 B(ii)(a)) | 2,115 | 2,000 |
Professional fees | 2,529 | 2,573 |
Irrecoverable VAT | 1,344 | 1,090 |
Other operating expenses | 9,570 | 7,431 |
Operating expenses before adjusting items | 84,659 | 77,946 |
Adjusting items\u00b2 | 3,741 | 21,101 |
Total operating expenses after adjusting items | 88,400 | 99,047 |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Professional costs incurred in connection with review of strategic options: | 1,687 | 16,559 |
Fees related to services provided by the auditor | \u2013 | 1,250 |
Issuer\u2019s counsel | \u2013 | 4,356 |
Mergers and Acquisition, Tax and Structuring advice | \u2013 | 3,198 |
Capital Markets advisory | \u2013 | 2,391 |
Public Offering of Securities Insurance and Directors' and Officers' Insurance | \u2013 | 334 |
Joint Global Co-ordinator | \u2013 | 1,553 |
Admission fee | \u2013 | 411 |
Project consultancy services | \u2013 | 400 |
Refresh report on the business | \u2013 | 367 |
Stamp duty and professional fees | \u2013 | 408 |
Strategic consultants | 698 | \u2013 |
Due diligence triggered by investor bid | 677 | \u2013 |
Other\u00b9 | 312 | 1,891 |
Transition costs relating to the new Executive Committee | 2,054 | \u2013 |
Redundancies | 202 | \u2013 |
Dual running, recruitment and settlement agreements | 1,852 | \u2013 |
Bonus related to: | \u2013 | 4,542 |
Listing | \u2013 | 2,288 |
Take-on commitments | \u2013 | 2,254 |
Total adjusting items | 3,741 | 21,101 |
Average number of persons employed during the year by legal entity | 2024 | 2023 |
Crown Agents Bank Limited | 364 | 303 |
CAB US Inc (formerly Segovia Technology Company) | 6 | 6 |
CAB Europe BV | 8 | 1 |
Total | 378 | 310 |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Staff costs and Directors\u2019 emoluments | ||
Salaries and bonuses | 37,155 | 37,646 |
Share-based payments | 996 | 1,359 |
Social security costs | 4,753 | 4,401 |
Pension costs | 2,701 | 2,180 |
Fees payable to the auditor | ||
Audit | ||
\u2013 the Company | 711 | 724 |
\u2013 Group companies\u00b9 | 731 | 1,090 |
Audit related services | 319 | 477 |
Depreciation and amortisation | ||
Amortisation of intangible assets (Note 20) | 6,213 | 4,607 |
Depreciation of property, plant, and equipment (Note 18) | 767 | 798 |
Depreciation of right-of-use assets (Note 19) | 1,553 | 445 |
Other expenses | ||
Low-value lease expenses | 59 | 47 |
Clearing costs | 2,441 | 2,314 |
Other bank charges | 3,103 | 2,861 |
Software support/licences | 7,599 | 5,903 |
Process automation costs (see Note 35 B(ii)(a)) | 2,115 | 2,000 |
Professional fees | 2,529 | 2,573 |
Irrecoverable VAT | 1,344 | 1,090 |
Other operating expenses | 9,570 | 7,431 |
Operating expenses before adjusting items | 84,659 | 77,946 |
Adjusting items\u00b2 | 3,741 | 21,101 |
Total operating expenses after adjusting items | 88,400 | 99,047 |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Professional costs incurred in connection with review of strategic options: | 1,687 | 16,559 |
Fees related to services provided by the auditor | \u2013 | 1,250 |
Issuer\u2019s counsel | \u2013 | 4,356 |
Mergers and Acquisition, Tax and Structuring advice | \u2013 | 3,198 |
Capital Markets advisory | \u2013 | 2,391 |
Public Offering of Securities Insurance and Directors' and Officers' Insurance | \u2013 | 334 |
Joint Global Co-ordinator | \u2013 | 1,553 |
Admission fee | \u2013 | 411 |
Project consultancy services | \u2013 | 400 |
Refresh report on the business | \u2013 | 367 |
Stamp duty and professional fees | \u2013 | 408 |
Strategic consultants | 698 | \u2013 |
Due diligence triggered by investor bid | 677 | \u2013 |
Other\u00b9 | 312 | 1,891 |
Transition costs relating to the new Executive Committee | 2,054 | \u2013 |
Redundancies | 202 | \u2013 |
Dual running, recruitment and settlement agreements | 1,852 | \u2013 |
Bonus related to: | \u2013 | 4,542 |
Listing | \u2013 | 2,288 |
Take-on commitments | \u2013 | 2,254 |
Total adjusting items | 3,741 | 21,101 |
Average number of persons employed during the year by legal entity | 2024 | 2023 |
Crown Agents Bank Limited | 364 | 303 |
CAB US Inc (formerly Segovia Technology Company) | 6 | 6 |
CAB Europe BV | 8 | 1 |
Total | 378 | 310 |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Continuing and discontinued operations | ||
Current tax | ||
Corporation tax based on the taxable profit for the year | 3,726 | 13,079 |
Adjustment in respect of prior years | (861) | 316 |
2,865 | 13,395 | |
Deferred tax | ||
Origination and reversal of temporary differences | 517 | 332 |
517 | 332 | |
Total tax expense in statement of profit or loss | 3,382 | 13,727 |
Analysed as follows: | ||
Continuing operations | 3,382 | 13,727 |
Discontinued operations | \u2013 | (66) |
Total tax expense for the year | 3,382 | 13,661 |
Effective tax rate | 19% | 36% |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Aggregate deferred tax arising in the year and not recognised in net profit or loss and recognised in other comprehensive income: | ||
Current year | 5 | 6 |
Adjustment in respect of prior years | \u2013 | 6 |
Deferred tax charge (Note 22) | 5 | 12 |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Profit before taxation | 17,594 | 37,617 |
Standard rate corporation tax of 25% on profit before taxation (2023: 25%/19%) | 4,399 | 8,840 |
19% | \u2013 | 1,787 |
25% | 4,399 | 7,053 |
Effect of: | ||
Expenses not deductible for tax | 124 | 4,514 |
Fixed asset differences | (342) | (19) |
Losses not available for group relief | \u2013 | 20 |
Impact of overseas tax rates | 62 | 67 |
Permanent difference due to banking surcharge levy | \u2013 | 642 |
Prior year adjustments | (861) | (337) |
Total tax expense for continuing operations for the year | 3,382 | 13,727 |
Consolidated | |||||
Property, plant and equipment | Investment in equity | Intangible assets | ECL Provision | Total | |
Deferred tax liability (2024) | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 |
At 1 January 2024 | 115 | 36 | 544 | \u2013 | 695 |
Charge/(Credit) to profit and loss 2024 | 3 | \u2013 | 514 | \u2013 | 517 |
Charge to other comprehensive income 2024 | \u2013 | 5 | \u2013 | \u2013 | 5 |
At 31 December 2024 | 118 | 41 | 1,058 | \u2013 | 1,217 |
Analysed as follows: | |||||
Continued operations | 118 | 41 | 1,058 | \u2013 | 1,217 |
Discontinued operations | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |
118 | 41 | 1,058 | \u2013 | 1,217 | |
Deferred tax liability (2023) | |||||
At 1 January 2023 | 3 | 24 | 263 | 44 | 334 |
Charge/(Credit) to profit and loss 2023 | 112 | \u2013 | 281 | (44) | 349 |
Charge to other comprehensive income 2023 | \u2013 | 12 | \u2013 | \u2013 | 12 |
At 31 December 2023 | 115 | 36 | 544 | \u2013 | 695 |
Analysed as follows: | |||||
Continued operations | 115 | 36 | 544 | \u2013 | 695 |
Discontinued operations | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |
115 | 36 | 544 | \u2013 | 695 |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Liability reversing at 25% | 1,217 | 695 |
At 31 December 2024 at 25% (2023: 25%) | 1,217 | 695 |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Accelerated tax depreciation on property, plant and equipment | 3 | 112 |
Intangible assets | 514 | 300 |
Expected credit loss provision | \u2013 | (80) |
Total tax expense to profit or loss\u00b9 | 517 | 332 |
Charged to other comprehensive income: | ||
Deferred tax expense on investment on equity securities | 5 | 12 |
Total deferred tax expense in other comprehensive income | 5 | 12 |
Total deferred tax charge for the year | 522 | 344 |
Consolidated | ||
2024 | Restated 2023 | |
\u00a3'000 | \u00a3'000 | |
Cash and balances at central banks\u00b9 | 584,679 | 529,835 |
Less: Impairment loss allowance | \u2013 | \u2013 |
584,679 | 529,835 | |
Component of cash and balances included in cash flow under: | ||
Cash and balances at central banks\u00b9 | 584,679 | 529,835 |
Other loans and advances to banks | Cash and balances at central banks | |
Consolidated financial statements as at 31 December 2023 | \u00a3'000 | \u00a3'000 |
Year ended 31 December 2023 (as previously reported) | 137,570 | 528,396 |
Prior period adjustment | (1,439) | 1,439 |
Year ended 31 December 2023 (as restated) | 136,131 | 529,835 |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Open Ended Investment Companies | ||
Morgan Stanley Euro Liquidity Fund | 25,748 | \u2013 |
Goldman Sachs USD Treasury Liquid Reserves Fund | 402,594 | 380,805 |
Black Rock ICS USD Liquidity Fund | 11,971 | 98,566 |
JP Morgan USD Liquidity LVNAV Fund | 7,981 | 39,393 |
BlackRock ICS US Treasury Fund Class Premier Distributing USD | 39,903 | \u2013 |
488,197 | 518,764 | |
Component of Money Market Funds included in consolidated statement of cash flows under: | ||
Cash and cash equivalent balances | 488,197 | 518,764 |
Consolidated | ||
2024 | Restated 2023 | |
\u00a3'000 | \u00a3'000 | |
Cash and balances at central banks\u00b9 | 584,679 | 529,835 |
Less: Impairment loss allowance | \u2013 | \u2013 |
584,679 | 529,835 | |
Component of cash and balances included in cash flow under: | ||
Cash and balances at central banks\u00b9 | 584,679 | 529,835 |
Other loans and advances to banks | Cash and balances at central banks | |
Consolidated financial statements as at 31 December 2023 | \u00a3'000 | \u00a3'000 |
Year ended 31 December 2023 (as previously reported) | 137,570 | 528,396 |
Prior period adjustment | (1,439) | 1,439 |
Year ended 31 December 2023 (as restated) | 136,131 | 529,835 |
Consolidated | ||
Restated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Loans and advances (gross) | ||
Loans and advances on demand to banks | 185,563 | 135,203 |
Other loans and advances to banks\u00b9 | 180,148 | 136,158 |
Other loans and advances to non-banks | 32,835 | 8,712 |
Total | 398,546 | 280,073 |
Less: Impairment loss allowance | ||
Loans and advances on demand to banks | (4) | (25) |
Other loans and advances to banks | (64) | (27) |
Other loans and advances to non-banks | (239) | (496) |
Total | (307) | (548) |
Net Loans and advances on demand to banks | 185,559 | 135,178 |
Net Other loans and advances to banks | 180,084 | 136,131 |
Net Other loans and advances to non-banks | 32,596 | 8,216 |
Net loans and advances | 398,239 | 279,525 |
Component of loans and advances included in the consolidated statement of cash flows under: | ||
Cash and cash equivalents | 185,559 | 135,178 |
Total | 185,559 | 135,178 |
Consolidated | ||
Restated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Loans and advances (gross) | ||
Loans and advances on demand to banks | 185,563 | 135,203 |
Other loans and advances to banks\u00b9 | 180,148 | 136,158 |
Other loans and advances to non-banks | 32,835 | 8,712 |
Total | 398,546 | 280,073 |
Less: Impairment loss allowance | ||
Loans and advances on demand to banks | (4) | (25) |
Other loans and advances to banks | (64) | (27) |
Other loans and advances to non-banks | (239) | (496) |
Total | (307) | (548) |
Net Loans and advances on demand to banks | 185,559 | 135,178 |
Net Other loans and advances to banks | 180,084 | 136,131 |
Net Other loans and advances to non-banks | 32,596 | 8,216 |
Net loans and advances | 398,239 | 279,525 |
Component of loans and advances included in the consolidated statement of cash flows under: | ||
Cash and cash equivalents | 185,559 | 135,178 |
Total | 185,559 | 135,178 |
Consolidated | ||
Restated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Loans and advances (gross) | ||
Loans and advances on demand to banks | 185,563 | 135,203 |
Other loans and advances to banks\u00b9 | 180,148 | 136,158 |
Other loans and advances to non-banks | 32,835 | 8,712 |
Total | 398,546 | 280,073 |
Less: Impairment loss allowance | ||
Loans and advances on demand to banks | (4) | (25) |
Other loans and advances to banks | (64) | (27) |
Other loans and advances to non-banks | (239) | (496) |
Total | (307) | (548) |
Net Loans and advances on demand to banks | 185,559 | 135,178 |
Net Other loans and advances to banks | 180,084 | 136,131 |
Net Other loans and advances to non-banks | 32,596 | 8,216 |
Net loans and advances | 398,239 | 279,525 |
Component of loans and advances included in the consolidated statement of cash flows under: | ||
Cash and cash equivalents | 185,559 | 135,178 |
Total | 185,559 | 135,178 |
2024 | 2023 | |||||
Consolidated | Notional principal | Assets (Carrying amounts) | Liabilities (Carrying amounts | Notional principal | Assets (Carrying amounts) | Liabilities (Carrying amounts) |
FX Forwards: | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 |
Total derivative assets/(liabilities) held for economic hedging | 652,297 | 4,877 | (539) | 709,889 | 3,823 | (9,650) |
Total derivative assets/(liabilities) held for trading | 733 | 7 | \u2013 | 1,209 | 6 | (29) |
Total derivative assets/(liabilities) | 653,030 | 4,884 | (539) | 711,098 | 3,829 | (9,679) |
Consolidated | |||||
2024 | |||||
\u00a3'000 | Gross amounts | Gross amounts set off in the balance sheet | Net amounts presented in the balance sheet | Amounts subjected on master netting arrangements\u00b9 | Net amount |
\u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | |
Financial assets | |||||
Derivative assets | 4,884 | \u2013 | 4,884 | 4,690 | 194 |
Financial liabilities | |||||
Derivative liabilities | (539) | \u2013 | (539) | 408 | (947) |
Consolidated | |||||
2023 | |||||
\u00a3'000 | Gross amounts | Gross amounts set off in the balance sheet | Net amounts presented in the balance sheet | Amounts subjected on master netting arrangements\u00b9 | Net amount |
\u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | |
Financial assets | |||||
Derivative assets | 3,829 | \u2013 | 3,829 | 736 | 3,093 |
Financial liabilities | |||||
Derivative liabilities | (9,679) | \u2013 | (9,679) | (8,387) | (1,292) |
2024 | 2023 | |||||
Consolidated | Notional principal | Assets (Carrying amounts) | Liabilities (Carrying amounts | Notional principal | Assets (Carrying amounts) | Liabilities (Carrying amounts) |
FX Forwards: | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 |
Total derivative assets/(liabilities) held for economic hedging | 652,297 | 4,877 | (539) | 709,889 | 3,823 | (9,650) |
Total derivative assets/(liabilities) held for trading | 733 | 7 | \u2013 | 1,209 | 6 | (29) |
Total derivative assets/(liabilities) | 653,030 | 4,884 | (539) | 711,098 | 3,829 | (9,679) |
Consolidated | |||||
2024 | |||||
\u00a3'000 | Gross amounts | Gross amounts set off in the balance sheet | Net amounts presented in the balance sheet | Amounts subjected on master netting arrangements\u00b9 | Net amount |
\u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | |
Financial assets | |||||
Derivative assets | 4,884 | \u2013 | 4,884 | 4,690 | 194 |
Financial liabilities | |||||
Derivative liabilities | (539) | \u2013 | (539) | 408 | (947) |
Consolidated | |||||
2023 | |||||
\u00a3'000 | Gross amounts | Gross amounts set off in the balance sheet | Net amounts presented in the balance sheet | Amounts subjected on master netting arrangements\u00b9 | Net amount |
\u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | |
Financial assets | |||||
Derivative assets | 3,829 | \u2013 | 3,829 | 736 | 3,093 |
Financial liabilities | |||||
Derivative liabilities | (9,679) | \u2013 | (9,679) | (8,387) | (1,292) |
2024 | 2023 | |||||
Consolidated | Notional principal | Assets (Carrying amounts) | Liabilities (Carrying amounts | Notional principal | Assets (Carrying amounts) | Liabilities (Carrying amounts) |
FX Forwards: | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 |
Total derivative assets/(liabilities) held for economic hedging | 652,297 | 4,877 | (539) | 709,889 | 3,823 | (9,650) |
Total derivative assets/(liabilities) held for trading | 733 | 7 | \u2013 | 1,209 | 6 | (29) |
Total derivative assets/(liabilities) | 653,030 | 4,884 | (539) | 711,098 | 3,829 | (9,679) |
Consolidated | |||||
2024 | |||||
\u00a3'000 | Gross amounts | Gross amounts set off in the balance sheet | Net amounts presented in the balance sheet | Amounts subjected on master netting arrangements\u00b9 | Net amount |
\u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | |
Financial assets | |||||
Derivative assets | 4,884 | \u2013 | 4,884 | 4,690 | 194 |
Financial liabilities | |||||
Derivative liabilities | (539) | \u2013 | (539) | 408 | (947) |
Consolidated | |||||
2023 | |||||
\u00a3'000 | Gross amounts | Gross amounts set off in the balance sheet | Net amounts presented in the balance sheet | Amounts subjected on master netting arrangements\u00b9 | Net amount |
\u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | |
Financial assets | |||||
Derivative assets | 3,829 | \u2013 | 3,829 | 736 | 3,093 |
Financial liabilities | |||||
Derivative liabilities | (9,679) | \u2013 | (9,679) | (8,387) | (1,292) |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Investment in debt securities at amortised cost | ||
Balance at the beginning of the year | 353,028 | 414,061 |
Purchases | 211,209 | 484,208 |
Redemptions | (321,926) | (521,161) |
Exchange losses | (314) | (19,776) |
Movement in premium/(discount) and accrued interest receivable | 4,031 | (4,290) |
246,028 | 353,042 | |
Less: Impairment loss allowance | (7) | (14) |
Balance at the end of the year | 246,021 | 353,028 |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Investment in debt securities at amortised cost | ||
Balance at the beginning of the year | 353,028 | 414,061 |
Purchases | 211,209 | 484,208 |
Redemptions | (321,926) | (521,161) |
Exchange losses | (314) | (19,776) |
Movement in premium/(discount) and accrued interest receivable | 4,031 | (4,290) |
246,028 | 353,042 | |
Less: Impairment loss allowance | (7) | (14) |
Balance at the end of the year | 246,021 | 353,028 |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Shares in The Society for Worldwide Interbank Financial Telecommunication (SWIFT) | 553 | 495 |
553 | 495 |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
At 1 January | 495 | 488 |
Exchange loss | (15) | (20) |
Fair value gain | 20 | 27 |
Additions | 53 | \u2013 |
At 31 December | 553 | 495 |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Financial assets: | ||
Accrued income | 927 | 547 |
Less: Impairment loss allowance | (2) | (3) |
925 | 544 | |
Non-financial assets: | ||
Research and development tax rebate | \u2013 | 671 |
Balance at year-end | 925 | 1,215 |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Financial assets: | ||
Balances with mobile network operators\u00b9 | 1,468 | 3,164 |
Staff loans | 349 | 335 |
Transactions debited by third party Nostro provider \u00b2 | 566 | 1,996 |
Funds paid in advance | 140 | \u2013 |
Other assets | 885 | 262 |
Less: impairment loss | (18) | (36) |
Total | 3,390 | 5,721 |
Non-financial assets: | ||
VAT refund | 2,592 | 1,994 |
Corporation tax | 9,397 | \u2014 |
Prepayments | 3,741 | 3,429 |
Deferred tax | 221 | 56 |
Total | 15,951 | 5,479 |
Total other assets | 19,341 | 11,200 |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Unsettled transaction | 10,870 | 8,417 |
Less: impairment loss | (4) | \u2013 |
Unsettled transactions\u00b3 | 10,866 | 8,417 |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Financial assets: | ||
Accrued income | 927 | 547 |
Less: Impairment loss allowance | (2) | (3) |
925 | 544 | |
Non-financial assets: | ||
Research and development tax rebate | \u2013 | 671 |
Balance at year-end | 925 | 1,215 |
Consolidated | ||||
Leasehold improvements\u00b9 | Computer equipment | Fixtures & fittings\u00b2 | Total | |
2024 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 |
Cost | ||||
At 1 January 2024 | 122 | 2,789 | 2,275 | 5,186 |
Additions | 970 | 1,424 | 34 | 2,428 |
Disposals | (131) | (146) | (13) | (290) |
At 31 December 2024 | 961 | 4,067 | 2,296 | 7,324 |
Accumulated depreciation and impairment | ||||
At 1 January 2024 | 111 | 1,907 | 1,977 | 3,995 |
Charge to profit or loss | 248 | 499 | 20 | 767 |
Disposals | (125) | (89) | (5) | (219) |
At 31 December 2024 | 234 | 2,317 | 1,992 | 4,543 |
Net book value | ||||
At 1 January 2024 | 11 | 882 | 298 | 1,191 |
At 31 December 2024 | 727 | 1,750 | 304 | 2,781 |
Consolidated | ||||
Leasehold improvements | Computer equipment | Fixtures & fittings\u00b9 | Total | |
2023 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 |
Cost | ||||
At 1 January 2023 | 122 | 2,516 | 2,209 | 4,847 |
Additions | \u2013 | 348 | 74 | 422 |
Disposals | \u2013 | (75) | (8) | (83) |
At 31 December 2023 | 122 | 2,789 | 2,275 | 5,186 |
Accumulated depreciation | ||||
At 1 January 2023 | 89 | 1,605 | 1,574 | 3,268 |
Charge to profit or loss | 22 | 371 | 405 | 798 |
Disposals | \u2013 | (69) | (2) | (71) |
At 31 December 2023 | 111 | 1,907 | 1,977 | 3,995 |
Net book value | ||||
At 1 January 2023 | 33 | 911 | 635 | 1,579 |
At 31 December 2023 | 11 | 882 | 298 | 1,191 |
Consolidated | |
Leasehold property\u00b9 | |
\u00a3'000 | |
Cost | |
At 1 January 2024 | 1,760 |
Additions\u00b2 | 19,061 |
Lease assignment3 | (695) |
At 31 December 2024 | 20,126 |
Accumulated depreciation | |
At 1 January 2024 | 1,071 |
Charge to profit or loss\u00b9 | 1,553 |
Lease assignment3 | (252) |
At 31 December 2024 | 2,372 |
Net book value | |
At 31 December 2024 | 17,754 |
Cost | |
At 1 January 2023 | 1,760 |
Additions | \u2013 |
At 31 December 2023 | 1,760 |
Accumulated depreciation | |
At 1 January 2023 | 626 |
Charge to profit or loss\u00b9 | 445 |
At 31 December 2023 | 1,071 |
Net book value | |
At 31 December 2023 | 689 |
Consolidated | |
Leasehold property | |
\u00a3'000 | |
Lease liabilities as at 1 January 2024 | 884 |
Additions during the year | 17,264 |
Payments during the year\u00b9 | (328) |
Lease assignment (Note 19a) | (628) |
Foreign exchange revaluation | 63 |
Add: interest on lease liabilities | 814 |
At 31 December 2024 | 18,069 |
Lease liabilities as at 1 January 2023 | 1,281 |
Additions during the year | \u2013 |
Payments during the year | (462) |
Add: interest on lease liabilities | 65 |
At 31 December 2023 | 884 |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Non-current | 16,681 | 512 |
Current | 1,388 | 372 |
Lease liabilities | 18,069 | 884 |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Depreciation expense of right-of-use assets (Note 8) | 1,553 | 445 |
Interest expense on lease liabilities (Note 4) | 897 | 65 |
Impact of lease assignment | (21) | \u2013 |
Expense relating to leases of low-value assets (Note 8) | 59 | 47 |
Total amount recognised in profit or loss | 2,488 | 557 |
Right-of-use assets | Lease liability | ||||
2024 | 2023 | 2024 | 2023 | ||
Percentage | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | |
+1% | 17,055 | 698 | 17,322 | 753 | |
-1% | 18,627 | 723 | 18,866 | 774 |
Consolidated | |
Leasehold property\u00b9 | |
\u00a3'000 | |
Cost | |
At 1 January 2024 | 1,760 |
Additions\u00b2 | 19,061 |
Lease assignment3 | (695) |
At 31 December 2024 | 20,126 |
Accumulated depreciation | |
At 1 January 2024 | 1,071 |
Charge to profit or loss\u00b9 | 1,553 |
Lease assignment3 | (252) |
At 31 December 2024 | 2,372 |
Net book value | |
At 31 December 2024 | 17,754 |
Cost | |
At 1 January 2023 | 1,760 |
Additions | \u2013 |
At 31 December 2023 | 1,760 |
Accumulated depreciation | |
At 1 January 2023 | 626 |
Charge to profit or loss\u00b9 | 445 |
At 31 December 2023 | 1,071 |
Net book value | |
At 31 December 2023 | 689 |
Consolidated | |
Leasehold property | |
\u00a3'000 | |
Lease liabilities as at 1 January 2024 | 884 |
Additions during the year | 17,264 |
Payments during the year\u00b9 | (328) |
Lease assignment (Note 19a) | (628) |
Foreign exchange revaluation | 63 |
Add: interest on lease liabilities | 814 |
At 31 December 2024 | 18,069 |
Lease liabilities as at 1 January 2023 | 1,281 |
Additions during the year | \u2013 |
Payments during the year | (462) |
Add: interest on lease liabilities | 65 |
At 31 December 2023 | 884 |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Non-current | 16,681 | 512 |
Current | 1,388 | 372 |
Lease liabilities | 18,069 | 884 |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Depreciation expense of right-of-use assets (Note 8) | 1,553 | 445 |
Interest expense on lease liabilities (Note 4) | 897 | 65 |
Impact of lease assignment | (21) | \u2013 |
Expense relating to leases of low-value assets (Note 8) | 59 | 47 |
Total amount recognised in profit or loss | 2,488 | 557 |
Right-of-use assets | Lease liability | ||||
2024 | 2023 | 2024 | 2023 | ||
Percentage | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | |
+1% | 17,055 | 698 | 17,322 | 753 | |
-1% | 18,627 | 723 | 18,866 | 774 |
Consolidated | |
Leasehold property\u00b9 | |
\u00a3'000 | |
Cost | |
At 1 January 2024 | 1,760 |
Additions\u00b2 | 19,061 |
Lease assignment3 | (695) |
At 31 December 2024 | 20,126 |
Accumulated depreciation | |
At 1 January 2024 | 1,071 |
Charge to profit or loss\u00b9 | 1,553 |
Lease assignment3 | (252) |
At 31 December 2024 | 2,372 |
Net book value | |
At 31 December 2024 | 17,754 |
Cost | |
At 1 January 2023 | 1,760 |
Additions | \u2013 |
At 31 December 2023 | 1,760 |
Accumulated depreciation | |
At 1 January 2023 | 626 |
Charge to profit or loss\u00b9 | 445 |
At 31 December 2023 | 1,071 |
Net book value | |
At 31 December 2023 | 689 |
Consolidated | |||||
Goodwill | Core accounting software | Other software | Brand/name | Total | |
\u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | |
Cost | |||||
At 1 January 2024 | 5,919 | 5,872 | 31,653 | 1,483 | 44,927 |
Additions | \u2013 | 855 | 11,669 | \u2013 | 12,524 |
Reclassification of software from core to non-core | \u2013 | (805) | 805 | \u2013 | \u2013 |
Exchange rate loss | \u2013 | \u2013 | 23 | \u2013 | 23 |
At 31 December 2024 | 5,919 | 5,922 | 44,150 | 1,483 | 57,474 |
Accumulated amortisation and impairment | |||||
At 1 January 2024 | \u2013 | 4,428 | 16,038 | 167 | 20,633 |
Charged for the year | \u2013 | 437 | 5,724 | 52 | 6,213 |
Reclassification of software from core to non-core | \u2013 | (308) | 308 | \u2013 | \u2013 |
Exchange rate loss | \u2013 | \u2013 | 23 | \u2013 | 23 |
At 31 December 2024 | \u2013 | 4,557 | 22,093 | 219 | 26,869 |
Net book value | |||||
At 1 January 2024 | 5,919 | 1,444 | 15,615 | 1,316 | 24,294 |
At 31 December 2024 | 5,919 | 1,365 | 22,057 | 1,264 | 30,605 |
Consolidated | |||||
Goodwill | Core accounting software | Other software | Brand/name | Total | |
\u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | |
Cost | |||||
At 1 January 2023 | 5,919 | 5,817 | 24,809 | 1,427 | 37,972 |
Additions | \u2013 | 82 | 6,844 | 56 | 6,982 |
Exchange rate loss | \u2013 | (27) | \u2013 | \u2013 | (27) |
At 31 December 2023 | 5,919 | 5,872 | 31,653 | 1,483 | 44,927 |
Accumulated amortisation | |||||
At 1 January 2023 | \u2013 | 4,146 | 11,785 | 122 | 16,053 |
Charged for the year | \u2013 | 309 | 4,253 | 45 | 4,607 |
Exchange rate loss | \u2013 | (27) | \u2013 | \u2013 | (27) |
At 31 December 2023 | \u2013 | 4,428 | 16,038 | 167 | 20,633 |
Net book value | |||||
At 1 January 2023 | 5,919 | 1,671 | 13,024 | 1,305 | 21,919 |
At 31 December 2023 | 5,919 | 1,444 | 15,615 | 1,316 | 24,294 |
2024 | 2023 | |
Discount rate pre tax | 11% | 20% |
Discount rate post tax | 9% | 15% |
Terminal value growth rate | 2% | 2% |
Key Input | Required before headroom is breached | |
CAB | Group | |
Fall in forecast profit after tax for all three years of forecast | (65)% | (75)% |
Terminal growth rate | (10)% | (11)% |
WACC (post tax) | 18% | 19% |
Consolidated | |||||
Goodwill | Core accounting software | Other software | Brand/name | Total | |
\u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | |
Cost | |||||
At 1 January 2024 | 5,919 | 5,872 | 31,653 | 1,483 | 44,927 |
Additions | \u2013 | 855 | 11,669 | \u2013 | 12,524 |
Reclassification of software from core to non-core | \u2013 | (805) | 805 | \u2013 | \u2013 |
Exchange rate loss | \u2013 | \u2013 | 23 | \u2013 | 23 |
At 31 December 2024 | 5,919 | 5,922 | 44,150 | 1,483 | 57,474 |
Accumulated amortisation and impairment | |||||
At 1 January 2024 | \u2013 | 4,428 | 16,038 | 167 | 20,633 |
Charged for the year | \u2013 | 437 | 5,724 | 52 | 6,213 |
Reclassification of software from core to non-core | \u2013 | (308) | 308 | \u2013 | \u2013 |
Exchange rate loss | \u2013 | \u2013 | 23 | \u2013 | 23 |
At 31 December 2024 | \u2013 | 4,557 | 22,093 | 219 | 26,869 |
Net book value | |||||
At 1 January 2024 | 5,919 | 1,444 | 15,615 | 1,316 | 24,294 |
At 31 December 2024 | 5,919 | 1,365 | 22,057 | 1,264 | 30,605 |
Consolidated | |||||
Goodwill | Core accounting software | Other software | Brand/name | Total | |
\u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | |
Cost | |||||
At 1 January 2023 | 5,919 | 5,817 | 24,809 | 1,427 | 37,972 |
Additions | \u2013 | 82 | 6,844 | 56 | 6,982 |
Exchange rate loss | \u2013 | (27) | \u2013 | \u2013 | (27) |
At 31 December 2023 | 5,919 | 5,872 | 31,653 | 1,483 | 44,927 |
Accumulated amortisation | |||||
At 1 January 2023 | \u2013 | 4,146 | 11,785 | 122 | 16,053 |
Charged for the year | \u2013 | 309 | 4,253 | 45 | 4,607 |
Exchange rate loss | \u2013 | (27) | \u2013 | \u2013 | (27) |
At 31 December 2023 | \u2013 | 4,428 | 16,038 | 167 | 20,633 |
Net book value | |||||
At 1 January 2023 | 5,919 | 1,671 | 13,024 | 1,305 | 21,919 |
At 31 December 2023 | 5,919 | 1,444 | 15,615 | 1,316 | 24,294 |
2024 | 2023 | |
Discount rate pre tax | 11% | 20% |
Discount rate post tax | 9% | 15% |
Terminal value growth rate | 2% | 2% |
Key Input | Required before headroom is breached | |
CAB | Group | |
Fall in forecast profit after tax for all three years of forecast | (65)% | (75)% |
Terminal growth rate | (10)% | (11)% |
WACC (post tax) | 18% | 19% |
Consolidated | |||||
Goodwill | Core accounting software | Other software | Brand/name | Total | |
\u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | |
Cost | |||||
At 1 January 2024 | 5,919 | 5,872 | 31,653 | 1,483 | 44,927 |
Additions | \u2013 | 855 | 11,669 | \u2013 | 12,524 |
Reclassification of software from core to non-core | \u2013 | (805) | 805 | \u2013 | \u2013 |
Exchange rate loss | \u2013 | \u2013 | 23 | \u2013 | 23 |
At 31 December 2024 | 5,919 | 5,922 | 44,150 | 1,483 | 57,474 |
Accumulated amortisation and impairment | |||||
At 1 January 2024 | \u2013 | 4,428 | 16,038 | 167 | 20,633 |
Charged for the year | \u2013 | 437 | 5,724 | 52 | 6,213 |
Reclassification of software from core to non-core | \u2013 | (308) | 308 | \u2013 | \u2013 |
Exchange rate loss | \u2013 | \u2013 | 23 | \u2013 | 23 |
At 31 December 2024 | \u2013 | 4,557 | 22,093 | 219 | 26,869 |
Net book value | |||||
At 1 January 2024 | 5,919 | 1,444 | 15,615 | 1,316 | 24,294 |
At 31 December 2024 | 5,919 | 1,365 | 22,057 | 1,264 | 30,605 |
Consolidated | |||||
Goodwill | Core accounting software | Other software | Brand/name | Total | |
\u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | |
Cost | |||||
At 1 January 2023 | 5,919 | 5,817 | 24,809 | 1,427 | 37,972 |
Additions | \u2013 | 82 | 6,844 | 56 | 6,982 |
Exchange rate loss | \u2013 | (27) | \u2013 | \u2013 | (27) |
At 31 December 2023 | 5,919 | 5,872 | 31,653 | 1,483 | 44,927 |
Accumulated amortisation | |||||
At 1 January 2023 | \u2013 | 4,146 | 11,785 | 122 | 16,053 |
Charged for the year | \u2013 | 309 | 4,253 | 45 | 4,607 |
Exchange rate loss | \u2013 | (27) | \u2013 | \u2013 | (27) |
At 31 December 2023 | \u2013 | 4,428 | 16,038 | 167 | 20,633 |
Net book value | |||||
At 1 January 2023 | 5,919 | 1,671 | 13,024 | 1,305 | 21,919 |
At 31 December 2023 | 5,919 | 1,444 | 15,615 | 1,316 | 24,294 |
2024 | 2023 | |
Discount rate pre tax | 11% | 20% |
Discount rate post tax | 9% | 15% |
Terminal value growth rate | 2% | 2% |
Key Input | Required before headroom is breached | |
CAB | Group | |
Fall in forecast profit after tax for all three years of forecast | (65)% | (75)% |
Terminal growth rate | (10)% | (11)% |
WACC (post tax) | 18% | 19% |
Company | ||
2024 | 2023 | |
Reconciliation | \u00a3'000 | \u00a3'000 |
At 1 January | 164,380 | 63,384 |
Additions | \u2013 | 100,996 |
Impairments | \u2013 | \u2013 |
Stamp duty refund | (39) | \u2013 |
At 31 December | 164,341 | 164,380 |
Company | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Analysed as: | ||
CAB Tech Holdco Limited (CTH) | 164,341 | 164,380 |
164,341 | 164,380 |
Principal activity/business | Country of incorporation and principal place of business | |
CAB Tech HoldCo Limited* (only direct subsidiary) | Holding Company | UK |
Crown Agents Bank Limited (\u2018CAB\u2019) | Bank | UK |
CAB Europe BV | Payments | Netherlands |
Stichting CAB Payments Europe | Trust company | Netherlands |
CAB Tech HoldCo USA LLC | Holding Company | US |
CAB US Inc (formerly Segovia Technology Company) | Fintech | US |
Segovia International Holdings LLC | Holding Company | US |
Segovia Technology Pakistan (PVT) Limited* | Dormant | Pakistan |
Segovia Technology International Ltd | Holding Company | Cayman Islands |
Segovia Technology Congo SARL* | Dormant | Republic of Congo |
Segovia Technology C\u00f4te d\u2019Ivoire SARL | Fintech | Ivory Coast |
Segovia Technology Kenya Limited | Fintech | Kenya |
Segovia Technology Liberia Corporation (dissolved June 2024) | Dissolved | Liberia |
Segovia Technology 454 Limited* | Dormant | Malawi |
Segovia Technology Nigeria Limited* | Dormant | Nigeria |
Segovia Technology Rwanda Corporation Limited | Dormant | Rwanda |
Segovia Technology Tanzania Company Limited* | Fintech | Tanzania |
Segovia Technology Company Uganda Limited | Fintech | Uganda |
Segovia Technology Senegal Corp SUARL (dissolved January 2023) | Dissolved | Senegal |
Company | ||
2024 | 2023 | |
Reconciliation | \u00a3'000 | \u00a3'000 |
At 1 January | 164,380 | 63,384 |
Additions | \u2013 | 100,996 |
Impairments | \u2013 | \u2013 |
Stamp duty refund | (39) | \u2013 |
At 31 December | 164,341 | 164,380 |
Company | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Analysed as: | ||
CAB Tech Holdco Limited (CTH) | 164,341 | 164,380 |
164,341 | 164,380 |
Principal activity/business | Country of incorporation and principal place of business | |
CAB Tech HoldCo Limited* (only direct subsidiary) | Holding Company | UK |
Crown Agents Bank Limited (\u2018CAB\u2019) | Bank | UK |
CAB Europe BV | Payments | Netherlands |
Stichting CAB Payments Europe | Trust company | Netherlands |
CAB Tech HoldCo USA LLC | Holding Company | US |
CAB US Inc (formerly Segovia Technology Company) | Fintech | US |
Segovia International Holdings LLC | Holding Company | US |
Segovia Technology Pakistan (PVT) Limited* | Dormant | Pakistan |
Segovia Technology International Ltd | Holding Company | Cayman Islands |
Segovia Technology Congo SARL* | Dormant | Republic of Congo |
Segovia Technology C\u00f4te d\u2019Ivoire SARL | Fintech | Ivory Coast |
Segovia Technology Kenya Limited | Fintech | Kenya |
Segovia Technology Liberia Corporation (dissolved June 2024) | Dissolved | Liberia |
Segovia Technology 454 Limited* | Dormant | Malawi |
Segovia Technology Nigeria Limited* | Dormant | Nigeria |
Segovia Technology Rwanda Corporation Limited | Dormant | Rwanda |
Segovia Technology Tanzania Company Limited* | Fintech | Tanzania |
Segovia Technology Company Uganda Limited | Fintech | Uganda |
Segovia Technology Senegal Corp SUARL (dissolved January 2023) | Dissolved | Senegal |
Consolidated | |||||
Property, plant and equipment | Investment in equity | Intangible assets | ECL Provision | Total | |
Deferred tax liability (2024) | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 |
At 1 January 2024 | 115 | 36 | 544 | \u2013 | 695 |
Charge/(Credit) to profit and loss 2024 | 3 | \u2013 | 514 | \u2013 | 517 |
Charge to other comprehensive income 2024 | \u2013 | 5 | \u2013 | \u2013 | 5 |
At 31 December 2024 | 118 | 41 | 1,058 | \u2013 | 1,217 |
Analysed as follows: | |||||
Continued operations | 118 | 41 | 1,058 | \u2013 | 1,217 |
Discontinued operations | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |
118 | 41 | 1,058 | \u2013 | 1,217 | |
Deferred tax liability (2023) | |||||
At 1 January 2023 | 3 | 24 | 263 | 44 | 334 |
Charge/(Credit) to profit and loss 2023 | 112 | \u2013 | 281 | (44) | 349 |
Charge to other comprehensive income 2023 | \u2013 | 12 | \u2013 | \u2013 | 12 |
At 31 December 2023 | 115 | 36 | 544 | \u2013 | 695 |
Analysed as follows: | |||||
Continued operations | 115 | 36 | 544 | \u2013 | 695 |
Discontinued operations | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |
115 | 36 | 544 | \u2013 | 695 |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Liability reversing at 25% | 1,217 | 695 |
At 31 December 2024 at 25% (2023: 25%) | 1,217 | 695 |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Accelerated tax depreciation on property, plant and equipment | 3 | 112 |
Intangible assets | 514 | 300 |
Expected credit loss provision | \u2013 | (80) |
Total tax expense to profit or loss\u00b9 | 517 | 332 |
Charged to other comprehensive income: | ||
Deferred tax expense on investment on equity securities | 5 | 12 |
Total deferred tax expense in other comprehensive income | 5 | 12 |
Total deferred tax charge for the year | 522 | 344 |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Repayable on demand | 676,720 | 785,316 |
Other customers\u2019 accounts with agreed maturity dates or periods of notice by residual maturity repayable: | ||
3 months or less | 845,081 | 670,901 |
1 year or less but over 3 months | 63,199 | 81,020 |
2 years or less but over 1 year | \u2013 | 5,652 |
1,585,000 | 1,542,889 |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Financial liabilities | ||
Trade creditors | 828 | 2,041 |
Funds received in advance | 891 | 3,327 |
Transactions credited by third party nostro providers\u00b9 | 1,437 | 159 |
Other creditors | 143 | 696 |
3,299 | 6,223 | |
Non-financial liabilities | ||
Tax liabilities | 1,937 | 1,816 |
Deferred income\u00b2 | 731 | 82 |
2,668 | 1,898 | |
Total other liabilities | 5,967 | 8,121 |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Unsettled transactions\u00b3 | 35,173 | 20,081 |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Accruals4 | 10,380 | 18,367 |
Company | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Accruals | 736 | 1,022 |
Other liabilities | 65 | 422 |
801 | 1,444 |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Financial liabilities | ||
Trade creditors | 828 | 2,041 |
Funds received in advance | 891 | 3,327 |
Transactions credited by third party nostro providers\u00b9 | 1,437 | 159 |
Other creditors | 143 | 696 |
3,299 | 6,223 | |
Non-financial liabilities | ||
Tax liabilities | 1,937 | 1,816 |
Deferred income\u00b2 | 731 | 82 |
2,668 | 1,898 | |
Total other liabilities | 5,967 | 8,121 |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Unsettled transactions\u00b3 | 35,173 | 20,081 |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Accruals4 | 10,380 | 18,367 |
Company | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Accruals | 736 | 1,022 |
Other liabilities | 65 | 422 |
801 | 1,444 |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Financial liabilities | ||
Trade creditors | 828 | 2,041 |
Funds received in advance | 891 | 3,327 |
Transactions credited by third party nostro providers\u00b9 | 1,437 | 159 |
Other creditors | 143 | 696 |
3,299 | 6,223 | |
Non-financial liabilities | ||
Tax liabilities | 1,937 | 1,816 |
Deferred income\u00b2 | 731 | 82 |
2,668 | 1,898 | |
Total other liabilities | 5,967 | 8,121 |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Unsettled transactions\u00b3 | 35,173 | 20,081 |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Accruals4 | 10,380 | 18,367 |
Company | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Accruals | 736 | 1,022 |
Other liabilities | 65 | 422 |
801 | 1,444 |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Financial liabilities | ||
Trade creditors | 828 | 2,041 |
Funds received in advance | 891 | 3,327 |
Transactions credited by third party nostro providers\u00b9 | 1,437 | 159 |
Other creditors | 143 | 696 |
3,299 | 6,223 | |
Non-financial liabilities | ||
Tax liabilities | 1,937 | 1,816 |
Deferred income\u00b2 | 731 | 82 |
2,668 | 1,898 | |
Total other liabilities | 5,967 | 8,121 |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Unsettled transactions\u00b3 | 35,173 | 20,081 |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Accruals4 | 10,380 | 18,367 |
Company | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Accruals | 736 | 1,022 |
Other liabilities | 65 | 422 |
801 | 1,444 |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Expected credit loss for off balance sheet balances: | ||
Financial guarantee liability | 1 | 2 |
Liability for letter of credit confirmations/bill acceptances | 2 | 6 |
Working capital facilities \u2013 undrawn commitments | 62 | 228 |
ECL for off balance sheet balances (Note 36) | 65 | 236 |
Dilapidation provision for the London Bridge Lease (Note 19) | 1,884 | \u2013 |
\u00a0 \u00a0 \u00a0 \u00a0 Additions | 1,800 | \u2013 |
\u00a0 \u00a0 \u00a0 \u00a0 Interest on dilapidation provision | 84 | \u2013 |
Provisions | 1,949 | 236 |
2024 | 2023 | |
Payment Due | \u00a3'000 | \u00a3'000 |
Not later than one year | 1,883 | 2,260 |
Later than one year and not later than five years | \u2013 | 1,883 |
1,883 | 4,143 |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Expected credit loss for off balance sheet balances: | ||
Financial guarantee liability | 1 | 2 |
Liability for letter of credit confirmations/bill acceptances | 2 | 6 |
Working capital facilities \u2013 undrawn commitments | 62 | 228 |
ECL for off balance sheet balances (Note 36) | 65 | 236 |
Dilapidation provision for the London Bridge Lease (Note 19) | 1,884 | \u2013 |
\u00a0 \u00a0 \u00a0 \u00a0 Additions | 1,800 | \u2013 |
\u00a0 \u00a0 \u00a0 \u00a0 Interest on dilapidation provision | 84 | \u2013 |
Provisions | 1,949 | 236 |
2024 | 2023 | |
Number of ordinary shares | \u00a3'000 | \u00a3'000 |
Authorised, allotted, issued, and fully paid (ordinary shares \u2013 Class A) | ||
As at beginning of year | \u2013 | 68,000 |
Redesignation of Class A Shares to new ordinary shares (Note 26c) | \u2013 | (68,000) |
As at period end (ordinary shares \u2013 Class A) | \u2013 | \u2013 |
Authorised, allotted, issued, and fully paid (ordinary shares \u2013 Class B) | ||
As at beginning of the year | \u2013 | 10 |
Share split of Class B shares resulting in reduction of nominal value per share from \u00a30.5913044 to \u00a30.001 | \u2013 | 5,913 |
Redesignation of Class B shares to new ordinary shares (Note 26c) | \u2013 | (5,913) |
As of end of the year (ordinary shares - Class B) | \u2013 | \u2013 |
Authorised, allotted, issued, and fully paid (number of ordinary shares) | ||
As of beginning of the year (\u00a30.000333 nominal value per ordinary share) | 254,143 | \u2013 |
Redesignation of Class A and Class B shares to new ordinary shares (Note 26c) | \u2013 | 73,913 |
Share split (Note 26d) | \u2013 | 147,826 |
Issuance of ordinary shares to former external shareholders of CTH (Note 26e) | \u2013 | 32,404 |
As of end of the year (\u00a30.000333 nominal value per ordinary share) | 254,143 | 254,143 |
2024 | 2023 | |
Ordinary share balance | \u00a3'000 | \u00a3'000 |
As at beginning of the year | 85 | 68,010 |
Share capital reduction of Class A shares and Class B shares before redesignation (Note 26a) | \u2013 | (67,936) |
Issuance of ordinary shares to former external shareholders of CTH (32,404 at \u00a30.000333 per share) (Note 26e) | \u2013 | 11 |
Total share capital \u2013 at year-end | 85 | 85 |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Balance at beginning of year | 131,478 | 40,179 |
Profit for the year | 14,212 | 22,713 |
Share capital reduction | \u2013 | 67,936 |
Dividends declared and paid | \u2013 | (11,300) |
Share-based payment expense (Note 31) | 996 | 1,313 |
Acquisition of NCI | \u2013 | 7,530 |
Capital injection | \u2013 | 3,661 |
Issuance of new shares | \u2013 | (11) |
Change in ownership interest in subsidiary | 38 | (543) |
Balance at end of year | 146,724 | 131,478 |
Company | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Balance at beginning of year | 48,088 | (3,964) |
Loss for the year | (2,092) | (4,584) |
Share capital reduction | \u2013 | 67,936 |
Dividends declared and paid | \u2013 | (11,300) |
Balance at end of year | 45,996 | 48,088 |
Consolidated | |
\u00a3'000 | |
Balance at 1 January 2024 | 111 |
Fair value gain on investments in equity instruments designated as at FVTOCI | 20 |
Income tax relating to above | (5) |
Balance at 31 December 2024 | 126 |
Balance at 1 January 2023 | 96 |
Fair value gain on investments in equity instruments designated as at FVTOCI | 27 |
Income tax relating to above | (12) |
Balance at 31 December 2023 | 111 |
2024 | 2023 | |
Number of ordinary shares | \u00a3'000 | \u00a3'000 |
Authorised, allotted, issued, and fully paid (ordinary shares \u2013 Class A) | ||
As at beginning of year | \u2013 | 68,000 |
Redesignation of Class A Shares to new ordinary shares (Note 26c) | \u2013 | (68,000) |
As at period end (ordinary shares \u2013 Class A) | \u2013 | \u2013 |
Authorised, allotted, issued, and fully paid (ordinary shares \u2013 Class B) | ||
As at beginning of the year | \u2013 | 10 |
Share split of Class B shares resulting in reduction of nominal value per share from \u00a30.5913044 to \u00a30.001 | \u2013 | 5,913 |
Redesignation of Class B shares to new ordinary shares (Note 26c) | \u2013 | (5,913) |
As of end of the year (ordinary shares - Class B) | \u2013 | \u2013 |
Authorised, allotted, issued, and fully paid (number of ordinary shares) | ||
As of beginning of the year (\u00a30.000333 nominal value per ordinary share) | 254,143 | \u2013 |
Redesignation of Class A and Class B shares to new ordinary shares (Note 26c) | \u2013 | 73,913 |
Share split (Note 26d) | \u2013 | 147,826 |
Issuance of ordinary shares to former external shareholders of CTH (Note 26e) | \u2013 | 32,404 |
As of end of the year (\u00a30.000333 nominal value per ordinary share) | 254,143 | 254,143 |
2024 | 2023 | |
Ordinary share balance | \u00a3'000 | \u00a3'000 |
As at beginning of the year | 85 | 68,010 |
Share capital reduction of Class A shares and Class B shares before redesignation (Note 26a) | \u2013 | (67,936) |
Issuance of ordinary shares to former external shareholders of CTH (32,404 at \u00a30.000333 per share) (Note 26e) | \u2013 | 11 |
Total share capital \u2013 at year-end | 85 | 85 |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Balance at beginning of year | 131,478 | 40,179 |
Profit for the year | 14,212 | 22,713 |
Share capital reduction | \u2013 | 67,936 |
Dividends declared and paid | \u2013 | (11,300) |
Share-based payment expense (Note 31) | 996 | 1,313 |
Acquisition of NCI | \u2013 | 7,530 |
Capital injection | \u2013 | 3,661 |
Issuance of new shares | \u2013 | (11) |
Change in ownership interest in subsidiary | 38 | (543) |
Balance at end of year | 146,724 | 131,478 |
Company | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Balance at beginning of year | 48,088 | (3,964) |
Loss for the year | (2,092) | (4,584) |
Share capital reduction | \u2013 | 67,936 |
Dividends declared and paid | \u2013 | (11,300) |
Balance at end of year | 45,996 | 48,088 |
Consolidated | |
\u00a3'000 | |
Balance at 1 January 2024 | 111 |
Fair value gain on investments in equity instruments designated as at FVTOCI | 20 |
Income tax relating to above | (5) |
Balance at 31 December 2024 | 126 |
Balance at 1 January 2023 | 96 |
Fair value gain on investments in equity instruments designated as at FVTOCI | 27 |
Income tax relating to above | (12) |
Balance at 31 December 2023 | 111 |
Consolidated | |
\u00a3'000 | |
Balance at 1 January 2024 | (144) |
Exchange gain arising on translating the foreign operations | 4 |
FX translation adjustment | \u2013 |
Balance at 31 December 2024 | (140) |
Balance at 1 January 2023 | (31) |
Exchange losses arising on translating the foreign operations | (121) |
Attributable to owners | (111) |
Acquisition of NCI | (10) |
FX translation adjustment | 8 |
Balance at 31 December 2023 | (144) |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Share-based payments expenses recognised in statement of profit or loss and other comprehensive income | ||
Share-based scheme 1 - 2017 LTIP Scheme | \u2013 | 665 |
Share-based scheme 2 - Restricted shares and restricted share units scheme | \u2013 | 387 |
Share-based scheme 3 - 2023 LTIP Scheme | 660 | 307 |
Share-based scheme 4 - 2024 LTIP Scheme | 162 | \u2013 |
Share-based scheme 5 - Free Share Scheme | 174 | \u2013 |
Expense arising from equity settled share based payment transactions | 996 | 1,359 |
Consolidated | |
Share-based payments scheme 1 | Number of awards |
Outstanding at 1 January 2023 | 10,000 |
Granted during the year | \u2013 |
Released during the year | (10,000) |
Cancelled during the year | \u2013 |
Forfeited during the year | \u2013 |
Outstanding at 31 December 2023 | \u2013 |
Vested and exercisable at 31 December 2023 | \u2013 |
Outstanding at 1 January 2024 | \u2013 |
Granted during the year | \u2013 |
Released during the year | \u2013 |
Cancelled during the year | \u2013 |
Forfeited during the year | \u2013 |
Outstanding at 31 December 2024 | \u2013 |
Vested and exercisable at 31 December 2024 | \u2013 |
Consolidated number of awards | ||
Share-based payments scheme 2 | RS-Number | RSU-Number |
Outstanding at 1 January 2023 | 858,560 | 1,384,442 |
Granted during the year | \u2013 | \u2013 |
Released during the year | (858,560) | (1,384,442) |
Cancelled during the year | \u2013 | \u2013 |
Forfeited during the year | \u2013 | \u2013 |
Outstanding at 31 December 2023 | \u2013 | \u2013 |
Vested and exercisable at 31 December 2023 | \u2013 | \u2013 |
Outstanding at 1 January 2024 | \u2013 | \u2013 |
Granted during the year | \u2013 | \u2013 |
Released during the year | \u2013 | \u2013 |
Cancelled during the year | \u2013 | \u2013 |
Forfeited during the year | \u2013 | \u2013 |
Outstanding at 31 December 2024 | \u2013 | \u2013 |
Vested and exercisable at 31 December 2024 | \u2013 | \u2013 |
Two-year awards | Three-year awards | |||
Holding period | Non-holding period | Holding period | Non-holding period | |
Share-based payments scheme 3 | Number of awards | |||
Outstanding at 1 January 2024 | 629,851 | 758,463 | 1,106,713 | 758,451 |
Granted during the year | \u2013 | \u2013 | \u2013 | \u2013 |
Released during the year | \u2013 | \u2013 | \u2013 | \u2013 |
Cancelled during the year | \u2013 | \u2013 | \u2013 | \u2013 |
Forfeited during the year | (148,679) | (89,719) | (228,326) | (97,519) |
Outstanding at 31 December 2024 | 481,172 | 668,744 | 878,387 | 660,932 |
Vested and exercisable at 31 December 2024 | \u2013 | \u2013 | \u2013 | \u2013 |
Outstanding at 1 January 2023 | \u2013 | \u2013 | \u2013 | \u2013 |
Granted during the year | 629,851 | 792,492 | 1,106,713 | 792,480 |
Released during the year | \u2013 | \u2013 | \u2013 | \u2013 |
Cancelled during the year | \u2013 | (34,029) | \u2013 | (34,029) |
Forfeited during the year | \u2013 | \u2013 | \u2013 | \u2013 |
Outstanding at 31 December 2023 | 629,851 | 758,463 | 1,106,713 | 758,451 |
Vested and exercisable at 31 December 2023 | \u2013 | \u2013 | \u2013 | \u2013 |
Key inputs at grant date | Key inputs at modification date | |||
Two-year awards | Three-year awards | Two-year awards | Three-year awards | |
Grant date | 11 July 2023 | 11 July 2023 | n/a | n/a |
Modification date | n/a | n/a | 4 June 2024 | 4 June 2024 |
Share price at grant date (\u00a3) | \u00a33.10 | \u00a33.10 | n/a | n/a |
Share price at modification date (\u00a3) | n/a | n/a | \u00a31.52 | \u00a31.52 |
Actual leavers | 34,029 | 34,029 | \u2013 | \u2013 |
Vesting period | 11 July 2025 | 11 July 2026 | 11 July 2025 | 11 July 2026 |
Earnings per share minimum level | Minimum 25.5p | Minimum 33.4p | Minimum 13.9p | Minimum 16.7p |
Total shareholder return discount | 45% | 39% | \u2013 | \u2013 |
Holding period discount | 8% | 9% | 8% | 9% |
Leavers lapse provision (holding/non- holding period) | 0%/22% | 0%/31% | 0%/12% | 0%/21% |
Clawback condition \u2013 effect on valuation | \u2013% | \u2013% | \u2013% | \u2013% |
Model used | Monte Carlo | Monte Carlo | Monte Carlo | Monte Carlo |
Senior Management | Executive Directors | ||||
Holding period | Non-holding period | Holding period | Non-holding period | ||
Number of awards | |||||
Outstanding at 1 January 2024 | \u2013 | \u2013 | \u2013 | \u2013 | |
Granted during the year | 1,838,117 | 2,329,001 | 1,448,629 | \u2013 | |
Released during the year | \u2013 | \u2013 | \u2013 | \u2013 | |
Cancelled during the year | \u2013 | \u2013 | \u2013 | \u2013 | |
Forfeited during the year | 771,052 | \u2013 | \u2013 | \u2013 | |
Outstanding at 31 December 2024 | 1,067,065 | 2,329,001 | 1,448,629 | \u2013 | |
Vested and exercisable at 31 December 2024 | \u2013 | \u2013 | \u2013 | \u2013 |
Key inputs | |||
Senior Management | Senior Management | Executive Directors | |
Grant date | 19/6/2024 | 11/11/2024 | 11/11/2024 |
Share price at grant date (\u00a3) | 1.244 | 0.75 | 0.75 |
Actual leavers | 771,052 | \u2013 | \u2013 |
Vesting period | \u2018April 2027 | \u2018April 2027 | \u2018November 2027 |
Minimum earnings per share | 14.2p | 14.2p | 14.2p |
Total shareholder return discount | 37% | 26% | 26% |
Holding period discount | 9% | 18% | 18% |
Leavers lapse provision (holding/non-holding period) | 0%/31% | 0%/25% | 0%/n/a |
Clawback condition \u2013 effect on valuation | \u2013% | \u2013% | \u2013% |
Model used | Monte Carlo | Monte Carlo | Monte Carlo |
Principal activity/business | Country of incorporation and principal place of business | |
CAB Tech HoldCo Limited* (only direct subsidiary) | Holding Company | UK |
Crown Agents Bank Limited (\u2018CAB\u2019) | Bank | UK |
CAB Europe BV | Payments | Netherlands |
Stichting CAB Payments Europe | Trust company | Netherlands |
CAB Tech HoldCo USA LLC | Holding Company | US |
CAB US Inc (formerly Segovia Technology Company) | Fintech | US |
Segovia International Holdings LLC | Holding Company | US |
Segovia Technology Pakistan (PVT) Limited* | Dormant | Pakistan |
Segovia Technology International Ltd | Holding Company | Cayman Islands |
Segovia Technology Congo SARL* | Dormant | Republic of Congo |
Segovia Technology C\u00f4te d\u2019Ivoire SARL | Fintech | Ivory Coast |
Segovia Technology Kenya Limited | Fintech | Kenya |
Segovia Technology Liberia Corporation (dissolved June 2024) | Dissolved | Liberia |
Segovia Technology 454 Limited* | Dormant | Malawi |
Segovia Technology Nigeria Limited* | Dormant | Nigeria |
Segovia Technology Rwanda Corporation Limited | Dormant | Rwanda |
Segovia Technology Tanzania Company Limited* | Fintech | Tanzania |
Segovia Technology Company Uganda Limited | Fintech | Uganda |
Segovia Technology Senegal Corp SUARL (dissolved January 2023) | Dissolved | Senegal |
Consolidated | Company | ||||
2024 | 2023 | 2024 | 2023 | ||
Restated | |||||
\u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | ||
Profit/(loss) before taxation | |||||
Continuing operations | 17,594 | 37,617 | (3,159) | (4,964) | |
Discontinued operations | \u2013 | (220) | \u2013 | \u2013 | |
Adjusted for non-cash items: | |||||
Effect of currency exchange rate change | (1,219) | (14,988) | \u2013 | \u2013 | |
Effect of other mark to market revaluations | (20) | (83) | \u2013 | \u2013 | |
Amortisation | 6,213 | 4,607 | 11 | \u2013 | |
Depreciation | |||||
\u2013 Right of use of assets | 1,553 | 445 | \u2013 | \u2013 | |
\u2013 Property, plant and equipment | 767 | 798 | \u2013 | \u2013 | |
Share-based payment charge | 996 | 1,359 | \u2013 | \u2013 | |
Effective interest rates | (89) | \u2013 | \u2013 | \u2013 | |
(Profit)/loss on write-off of: | |||||
\u2013 Property, plant and equipment | 71 | 12 | \u2013 | \u2013 | |
\u2013 Right of use assets | (184) | \u2013 | \u2013 | \u2013 | |
\u2013 Intangible assets | \u2013 | 284 | \u2013 | \u2013 | |
Profit on disposal of discontinued operations | \u2013 | (67) | \u2013 | \u2013 | |
Interest accrued on lease liabilities | 814 | 65 | \u2013 | \u2013 | |
Other non-cash expenses | \u2013 | 1,045 | \u2013 | \u2013 | |
Dividend received from subsidiary | \u2013 | \u2013 | \u2013 | (15,560) | |
26,496 | 30,874 | (3,148) | (20,524) | ||
Changes in working capital: | |||||
Net increase in loans and advances to banks other than on demand | (44,349) | (52,937) | \u2013 | \u2013 | |
Net increase in customer accounts | 27,634 | 294,336 | \u2013 | \u2013 | |
Net decrease in investment in debt securities | 107,553 | 41,410 | \u2013 | \u2013 | |
Net (increase)/decrease in other loans and advances to non-banks | (24,031) | 4,226 | \u2013 | \u2013 | |
Net decrease in unsettled transactions | 12,643 | 1,952 | \u2013 | \u2013 | |
Net decrease in other assets | 243 | 4,756 | 3,654 | 11,181 | |
Net increase/(decrease) in other liabilities | (1,718) | (237) | (432) | 19,009 | |
Decrease in accrued income | 290 | 470 | \u2013 | \u2013 | |
Increase in accruals | (7,987) | (1,935) | (288) | 702 | |
Net cash generated/(outflow) from operating activities\u00b9 | 96,774 | 322,915 | (214) | 10,368 |
2024 | 2023 | ||||
No. | \u00a3'000 | No. | \u00a3'000 | ||
Directors | |||||
As at 1 January | 1 | 335 | 3 | 159 | |
As at period end | \u2013 | \u2013 | 1 | 335 | |
Key Management | |||||
As at 1 January | \u2013 | \u2013 | 8 | 252 | |
As at year end | \u2013 | \u2013 | \u2013 | \u2013 |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Short-term employee benefits (including bonuses and Employer's NICs) | 4,393 | 12,427 |
Post-employment benefits | 141 | 241 |
Share-based payments | 457 | 639 |
Total remuneration | 4,991 | 13,307 |
2024 | 2023 | ||||
No. | \u00a3'000 | No. | \u00a3'000 | ||
Directors | |||||
As at 1 January | 1 | 335 | 3 | 159 | |
As at period end | \u2013 | \u2013 | 1 | 335 | |
Key Management | |||||
As at 1 January | \u2013 | \u2013 | 8 | 252 | |
As at year end | \u2013 | \u2013 | \u2013 | \u2013 |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Short-term employee benefits (including bonuses and Employer's NICs) | 4,393 | 12,427 |
Post-employment benefits | 141 | 241 |
Share-based payments | 457 | 639 |
Total remuneration | 4,991 | 13,307 |
2024 | 2023 | ||||
No. | \u00a3'000 | No. | \u00a3'000 | ||
Directors | |||||
As at 1 January | 1 | 335 | 3 | 159 | |
As at period end | \u2013 | \u2013 | 1 | 335 | |
Key Management | |||||
As at 1 January | \u2013 | \u2013 | 8 | 252 | |
As at year end | \u2013 | \u2013 | \u2013 | \u2013 |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Short-term employee benefits (including bonuses and Employer's NICs) | 4,393 | 12,427 |
Post-employment benefits | 141 | 241 |
Share-based payments | 457 | 639 |
Total remuneration | 4,991 | 13,307 |
2024 | 2023 | |
Payment Due | \u00a3'000 | \u00a3'000 |
Not later than one year | 1,883 | 2,260 |
Later than one year and not later than five years | \u2013 | 1,883 |
1,883 | 4,143 |
2024 | 2023 | |
Payment Due | \u00a3'000 | \u00a3'000 |
Not later than one year | 1,883 | 2,260 |
Later than one year and not later than five years | \u2013 | 1,883 |
1,883 | 4,143 |
Instrument | Description | Note | ||
Cash and balances at central banks | These are balances with the Bank of England, which has AA-credit rating. Balances are available on demand and are located in the UK. | 10 | ||
Loans and advances on demand to banks | These are nostro bank accounts that the Group holds with other commercial banks in support of client payment flows. | 12 | ||
Other loans and advances to banks | Credit Support Annex (CSA) Loans represent collateral required from clients through a credit support annexe for initial and variation margin as part of derivative transactions. They are under a collateralised to market (CTM) regime. A CTM model requires the out of the money party to post collateral with an amount equal to the cumulative mark to market value, either with the counterparty or with an exchange. Both initial and variation margin are refundable upon settlement of the derivative and is therefore accounted for as collateral. Discounted Letters of Credit are advanced letter of credit payments that the Group pays to counterparties before the completion of the sales and shipping process. The amount that the Group pays out is discounted by a discounted fee (interest rate) and as such, is lower that the principal expected to be received. They are essentially factoring transactions. Trade Finance loans are short-term working capital loans to banks operating in trade finance markets. They assist buyers and sellers to finance their trade commitments on a transactional basis. The Group receives interest payments in return. | 12 | ||
Other loans and advances to non-banks | Working capital is a type of overdraft facility where the Group agrees to provide clients with a facility for a set period with specific terms as set out in the Working capital facilities agreement. The clients use the liquidity to undertake foreign exchange business with the Group. A flat facility fee is charged for the provision of the facility. The Group will lend money to clients solely for the purpose of assisting the client with its specific liquidity requirements that arise from settlement timelines in its standard payment flows. The rate charged for the amount lent is the greater of (i) a fixed rate (e.g. 9%) or (ii) US Federal rate plus a spread (e.g. US Federal rate plus 1%). | 12 | ||
Unsettled transactions | Unsettled transactions are unsettled balances resulting from foreign exchange transactions that are delayed due to time differences, public holidays in other countries (where the counterparties are located) or similar operational reasons. The balances are short-term (typically less than four days). | 17 | ||
Investment in Debt Securities | Fixed rate bonds (US Treasury bills) are US Treasury bills issued by the US Government which offer a fixed rate of interest for a set period of time. Fixed rate bonds (other) are other fixed rate bonds issued by companies or G20 governments which offer a fixed rate of interest for a set period of time. Floating rate notes are investment in debt securities that pay a coupon determined by a reference rate which resets periodically. As such, the interest received is not fixed. Certificates of deposit (CDs) are investments in debt securities that pay fixed interest for a fixed period of time. Unlike bonds, CDs are usually not tradable in a secondary market. | 14 |
Instrument | Description | Note | ||
Other assets | Balances with mobile network operators are the payments from mobile network operators (MNOs) that are due to the Group in respect of mobile money accounts. In certain African countries where mobile money accounts are widely used, this service allows users to deposit money into an account stored on their mobile phones and to then send balances using a PIN-secured SMS text message to other users. One of the services that the Group provides is the transfer of funds by clients to beneficiaries via a mobile phone. Typically, a client will deposit funds in the Group\u2019s controlled bank account. These funds are then transferred to an account held with an MNO. Clients then submit a request for a payment to be made on the Payment Gateway. On receipt of the request, funds are remitted from the account held with the MNOs to the beneficiary with the Group simultaneously deducting a fee. MNOs therefore provide the Group with the equivalent of a bank account. In relation to the Company \u2013 Other Asset exposures also include amounts due from Group companies. | 17 | ||
Accrued income | Accrued income is money owed to the Group for services rendered or provided that have not yet been invoiced. The balance arises from several components such as management fees, pension fee accruals, and other revenues. | 16 | ||
Off-balance sheet accounts | These include trade finance guarantees, letter of acceptances and confirmation that are contingent liabilities and so require documented levels of performance to be achieved for settlement. Typically, the Group\u2019s counterparty is another bank and ordinarily the contract has a maximum tenor of six months. They also include the undrawn portion of Working capital facilities. These Working capital facilities are repayable on demand as drawing to the agreed limit can be made at the counterparty\u2019s instruction then the undrawn portion does attract an ECL amount. | 25 |
Consolidated | ||
Restated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Cash and balances at central banks\u00b9 | 584,679 | 529,835 |
Loans and advances on demand to banks | 185,563 | 135,203 |
Other loans and advances to banks\u00b9 | 180,148 | 136,158 |
Other loans and advances to non-banks | 32,835 | 8,712 |
Unsettled transactions | 10,870 | 8,417 |
Investment in debt securities | 246,028 | 353,042 |
Other asset (measured at amortised cost) | 3,408 | 11,257 |
Accrued income | 927 | 1,218 |
Total on-balance sheet exposure | 1,244,458 | 1,183,842 |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Financial guarantee contracts | 809 | 1,911 |
Trade Finance \u2013 letter of credit confirmation / acceptance | 1,698 | 4,228 |
Confirmations | 23,246 | 9,173 |
Working capital facilities | 14,555 | 14,884 |
Total off-balance sheet exposure\u00b9 | 40,308 | 30,196 |
Rating Type | Rating | TTC PD Range |
Investment Grade | Rating 0 | 0%, 0.01% |
Rating 1 | 0.01%, 0.02% | |
Rating 2 | 0.03%, 0.05% | |
Rating 3 | 0.06%, 0.08% | |
Sub-Investment Grade | Rating 4 | 0.081%, 0.10% |
Rating 5 | 0.11%, 0.5% | |
Rating 6 | 0.51%, 1.5% | |
Rating 7 | 1.51%, 25% | |
Rating 8 (Default) | 100% |
2024 | 2023 | ||||||
Average | ECL | ECL sensitivity from base case | Average | ECL | ECL sensitivity from base case | ||
As at | 12m PD | \u00a3\u2019000 | \u00a3\u2019000 | 12m PD | \u00a3\u2019000 | \u00a3\u2019000 | |
Base | 0.13% | 400 | \u2013 | 0.20% | 814 | \u2014 | |
Upside | 0.12% | 393 | -7 | 0.20% | 713 | - 101 | |
Mild upside | 0.13% | 396 | -4 | 0.20% | 750 | - 64 | |
Stagnation | 0.13% | 406 | 6 | 0.20% | 889 | + 75 | |
Downside | 0.13% | 409 | 9 | 0.20% | 921 | + 107 | |
Severe | 0.13% | 415 | 15 | 0.30% | 1,004 | + 190 |
Economic Scenario | Probability Weighting |
1. Base | 30% |
2. Upside | 10% |
3. Mild upside | 15% |
4. Stagnation | 10% |
5. Downside | 20% |
6. Severe | 15% |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Impairment recognised in profit or loss: | ||
Increase in ECL provision for cash and balances at central banks | \u2013 | \u2013 |
(Decrease)/increase in ECL for loans and advances on demand to banks | (20) | 21 |
Increase/(decrease) in ECL for other loans and advances to banks | 3 | (62) |
(Decrease)/increase in ECL for other loans and advances to non-banks | (224) | 448 |
Increase in ECL unsettled transaction exposures | 5 | \u2013 |
(Decrease)/increase in ECL provision for investment in debt securities | (6) | 1 |
(Decrease)/increase in ECL for other assets | (37) | 42 |
(Decrease) in ECL for accrued income | (1) | (2) |
Total impairment (reversal)/loss recognised in profit or loss for financial assets | (280) | 448 |
Increase in ECL for guarantees | \u2013 | 1 |
(Decrease)/increase in ECL for acceptances | (3) | 3 |
(Decrease) in ECL for confirmations | (1) | (6) |
Decrease in ECL for Working capital facilities | (166) | (43) |
Total impairment (reversal)/loss recognised in profit or loss | (450) | 404 |
Consolidated | |||||||
2024 | 2023 | ||||||
Restated | |||||||
Exposure by grade | Investment grade | Sub-investment grade | Total | Investment grade | Sub-investment grade | Total | |
On-balance sheet exposure | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | |
Cash and balances at central banks\u00b9 | 584,679 | \u2013 | 584,679 | 529,835 | \u2013 | 529,835 | |
Loans and advances on demand to banks | 161,908 | 23,655 | 185,563 | 115,274 | 19,929 | 135,203 | |
Other loans and advances to banks\u00b9 | 666 | 179,482 | 180,148 | 76,814 | 59,344 | 136,158 | |
Other loans and advances to non- banks | \u2013 | 32,835 | 32,835 | \u2013 | 8,712 | 8,712 | |
Unsettled transactions | 3,212 | 7,658 | 10,870 | 1,608 | 6,809 | 8,417 | |
Investment in debt securities | 246,028 | \u2013 | 246,028 | 353,042 | \u2013 | 353,042 | |
Other assets | 12 | 3,396 | 3,408 | 2,493 | 8,764 | 11,257 | |
Accrued income | \u2013 | 927 | 927 | 391 | 827 | 1,218 | |
Total on-balance sheet exposure | 996,505 | 247,953 | 1,244,458 | 1,079,457 | 104,385 | 1,183,842 |
Consolidated | |||||||
2024 | 2023 | ||||||
Exposure by grade | Investment grade | Sub-investment grade | Total | Investment grade | Sub-investment grade | Total | |
Off-balance sheet exposure | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | |
Financial guarantees | \u2013 | 809 | 809 | \u2013 | 1,911 | 1,911 | |
Acceptances | \u2013 | 1,698 | 1,698 | 1,482 | 2,746 | 4,228 | |
Confirmations | 228 | 23,018 | 23,246 | 3,680 | 5,493 | 9,173 | |
Working capital facilities | \u2013 | 14,555 | 14,555 | \u2013 | 14,884 | 14,884 | |
Total off-balance sheet exposure | 228 | 40,080 | 40,308 | 5,162 | 25,034 | 30,196 | |
Total exposure | 996,733 | 288,033 | 1,284,766 | 1,084,619 | 129,419 | 1,214,038 |
2024 | Consolidated | |||||||||
Exposures by region | Africa | China | Europe | Far East | Japan | Middle East | Other | UK | Americas | Total |
On-balance sheet exposure | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 |
Cash and balances at central banks | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 584,679 | \u2013 | 584,679 |
Loans and advances on demand to banks | 21,874 | 3,011 | 96,841 | 867 | 6,752 | 2,529 | \u2013 | 30,267 | 23,422 | 185,563 |
Other loans and advances to banks | 134,396 | \u2013 | \u2013 | 9,291 | \u2013 | \u2013 | \u2013 | 26,486 | 9,975 | 180,148 |
Other loans and advances to non-banks | 6,377 | \u2013 | \u2013 | \u2013 | \u2013 | 798 | \u2013 | 25,654 | 6 | 32,835 |
Unsettled transactions | 7,659 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 11 | 3,200 | 10,870 |
Investment in debt securities | \u2013 | \u2013 | 121,720 | 28,179 | \u2013 | \u2013 | \u2013 | 44,477 | 51,652 | 246,028 |
Other assets | 1,846 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 1,562 | \u2013 | 3,408 |
Accrued income | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 927 | \u2013 | 927 |
Total on-balance sheet exposure | 172,152 | 3,011 | 218,561 | 38,337 | 6,752 | 3,327 | \u2013 | 714,063 | 88,255 | 1,244,458 |
Restated | Consolidated | |||||||||
2023 | ||||||||||
Exposures by region | Africa | China | Europe | Far East | Japan | Middle East | Other | UK | Americas | Total |
On-balance sheet exposure | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 |
Cash and balances at central banks\u00b9 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 529,835 | \u2013 | 529,835 |
Loans and advances on demand to banks | 15,647 | 1,489 | 22,759 | 3,414 | 15,758 | 872 | 1,580 | 23,490 | 50,194 | 135,203 |
Other loans and advances to banks\u00b9 | 52,021 | 8,079 | 10,486 | 15,492 | \u2013 | 33,424 | \u2013 | 13,821 | 2,835 | 136,158 |
Other loans and advances to non-banks | 5,544 | \u2013 | 352 | \u2013 | \u2013 | \u2013 | \u2013 | 2,816 | \u2013 | 8,712 |
Unsettled transactions | 5,286 | \u2013 | 1,419 | 656 | \u2013 | 413 | \u2013 | 644 | \u2013 | 8,417 |
Investment in debt securities | \u2013 | \u2013 | 194,872 | 65,036 | \u2013 | \u2013 | 29,923 | \u2013 | 63,211 | 353,042 |
Other assets | 7,533 | \u2013 | 41 | 8 | \u2013 | \u2013 | \u2013 | 3,675 | \u2013 | 11,257 |
Accrued income | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 1,218 | \u2013 | 1,218 |
Total on-balance sheet exposure | 86,031 | 9,568 | 229,929 | 84,606 | 15,758 | 34,709 | 31,503 | 575,499 | 116,240 | 1,183,842 |
2024 | Consolidated | |||||||||
Exposures by region | Africa | China | Europe | Far East | Japan | Middle East | Other | UK | Americas | Total |
Off-balance sheet exposure | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 |
Financial guarantees | 809 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 809 |
Acceptances | 1,698 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 1,698 |
Confirmations | 23,018 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 228 | 23,246 |
Working capital facilities | 14,555 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 14,555 |
Total off-balance sheet exposure | 40,080 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 228 | 40,308 |
2023 | Consolidated | |||||||||
Exposures by region | Africa | China | Europe | Far East | Japan | Middle East | Other | UK | Americas | Total |
Off-balance sheet exposure | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 |
Financial guarantees | 1,589 | \u2013 | \u2013 | \u2013 | \u2013 | 87 | 235 | 1,911 | ||
Acceptances | 2,746 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 1,482 | 4,228 |
Confirmations | 5,494 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 3,680 | 9,173 |
Working capital facilities | 544 | \u2013 | 1,875 | \u2013 | \u2013 | \u2013 | \u2013 | 12,465 | \u2013 | 14,884 |
Total off-balance sheet exposure | 10,373 | \u2013 | 1,875 | \u2013 | \u2013 | \u2013 | \u2013 | 12,552 | 5,397 | 30,196 |
Consolidated | |||||||
Restated | |||||||
2024 | 2023 | ||||||
Exposure by maturity | 3 months or less | More than 3 months | Total | 3 months or less | More than 3 months | Total | |
On-balance sheet exposure | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | |
Cash and balances at central banks\u00b9 | 584,679 | \u2013 | 584,679 | 529,835 | \u2013 | 529,835 | |
Loans and advances on demand to banks | 185,563 | \u2013 | 185,563 | 135,203 | \u2013 | 135,203 | |
Other loans and advances to banks\u00b9 | 89,443 | 90,705 | 180,148 | 136,158 | \u2013 | 136,158 | |
Other loans and advances to non- banks | 32,835 | \u2013 | 32,835 | 8,712 | \u2013 | 8,712 | |
Unsettled transactions | 10,870 | \u2013 | 10,870 | 8,417 | \u2013 | 8,417 | |
Investment in debt securities | 35,729 | 210,299 | 246,028 | 353,042 | \u2013 | 353,042 | |
Other assets | 2,896 | 512 | 3,408 | 11,257 | \u2013 | 11,257 | |
Accrued income | 927 | \u2013 | 927 | 1,218 | \u2013 | 1,218 | |
Total on-balance sheet exposure | 942,942 | 301,516 | 1,244,458 | 1,183,842 | \u2013 | 1,183,842 |
Consolidated | |||||||
2024 | 2023 | ||||||
Exposure by maturity | 3 months or less | More than 3 months | Total | 3 months or less | More than 3 months | Total | |
Off-balance sheet exposure | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | |
Financial guarantees | 250 | 559 | 809 | 1,911 | \u2013 | 1,911 | |
Acceptances | 1,430 | 268 | 1,698 | 4,228 | \u2013 | 4,228 | |
Confirmations | 22,555 | 691 | 23,246 | 9,173 | \u2013 | 9,173 | |
Working capital facilities | \u2013 | 14,555 | 14,555 | 14,884 | \u2013 | 14,884 | |
Total off-balance sheet exposure | 24,235 | 16,073 | 40,308 | 30,196 | \u2013 | 30,196 | |
Total exposure | 967,177 | 317,589 | 1,284,766 | 1,214,038 | \u2013 | 1,214,038 |
Consolidated | |||||||
Restated | |||||||
2024 | 2023 | ||||||
Gross carrying amount | Loss allowance | Total | Gross carrying amount | Loss allowance | Total | ||
On-balance sheet exposure | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | |
Cash and balances at central banks\u00b9 | 584,679 | \u2013 | 584,679 | 529,835 | \u2013 | 529,835 | |
Loans and advances on demand to banks | 185,563 | (4) | 185,559 | 135,203 | (25) | 135,178 | |
Other loans and advances to banks\u00b9 | 180,148 | (64) | 180,084 | 136,158 | (27) | 136,131 | |
Other loans and advances to non- banks | 32,835 | (239) | 32,596 | 8,712 | (496) | 8,216 | |
Unsettled transactions | 10,870 | (4) | 10,866 | 8,417 | \u2013 | 8,417 | |
Investment in debt securities | 246,028 | (7) | 246,021 | 353,042 | (14) | 353,028 | |
Other assets | 3,408 | (18) | 3,390 | 11,257 | (57) | 11,200 | |
Accrued income | 927 | (2) | 925 | 1,218 | (3) | 1,215 | |
Total on-balance sheet exposure | 1,244,458 | (338) | 1,244,120 | 1,183,842 | (621) | 1,183,220 |
Consolidated | |||||||
2024 | 2023 | ||||||
Gross carrying amount | Loss allowance | Total | Gross carrying amount | Loss allowance | Total | ||
Off-balance sheet exposure | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | |
Financial guarantees | 809 | (1) | 808 | 1,911 | (2) | 1,909 | |
Acceptances | 1,698 | \u2013 | 1,698 | 4,228 | (3) | 4,225 | |
Confirmations | 23,246 | (2) | 23,244 | 9,173 | (3) | 9,170 | |
Working capital facilities | 14,555 | (62) | 14,493 | 14,884 | (228) | 14,656 | |
Total off-balance sheet exposure | 40,308 | (65) | 40,243 | 30,196 | (236) | 29,960 | |
Total exposure | 1,284,766 | (403) | 1,284,363 | 1,214,038 | (857) | 1,213,180 |
2024 | 2023 | ||||||
Consolidated | \u00a3'000 | \u00a3'000 | |||||
ECL | Stage 1 | Stage 2 | Stage 3 | Stage 1 | Stage 2 | Stage 3 | |
Cash and balances at central banks | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | |
Investment grade | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | |
Sub-investment grade | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | |
Loans and advances on demand to banks | 3 | 1 | \u2013 | 25 | \u2013 | \u2013 | |
Investment grade | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | |
Sub-investment grade | 3 | 1 | \u2013 | 25 | \u2013 | \u2013 | |
Other loans and advances to banks | 29 | 3 | 32 | 27 | \u2013 | \u2013 | |
Investment grade | \u2013 | \u2013 | \u2013 | 1 | \u2013 | \u2013 | |
Sub-investment grade | 29 | 3 | 32 | 27 | \u2013 | \u2013 | |
Other loans and advances to non-banks | 3 | 175 | 61 | 14 | 450 | 32 | |
Investment grade | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | |
Sub-investment grade | 3 | 175 | 61 | 14 | 450 | 32 | |
Unsettled transactions | 3 | 1 | \u2013 | 13 | \u2013 | \u2013 | |
Investment grade | \u2013 | \u2013 | \u2013 | \u2013 | |||
Sub-investment grade | 3 | 1 | \u2013 | 13 | \u2013 | \u2013 | |
Investment in debt securities | 7 | \u2013 | \u2013 | 14 | \u2013 | \u2013 | |
Investment grade | 7 | \u2013 | \u2013 | 14 | \u2013 | \u2013 | |
Sub-investment grade | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | |
Other asset exposures | 18 | \u2013 | \u2013 | 27 | 1 | 16 | |
Investment grade | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | |
Sub-investment grade | 18 | \u2013 | \u2013 | 27 | 1 | 16 | |
Accrued income | 2 | \u2013 | \u2013 | 3 | \u2013 | \u2013 | |
Investment grade | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | |
Sub-investment grade | 2 | \u2013 | \u2013 | 3 | \u2013 | \u2013 | |
Total on-balance sheet ECL | 65 | 180 | 93 | 122 | 451 | 48 | |
Total on-balance sheet ECL | 338 | 621 |
Year | 2024 | 2023 | |||||
ECL | \u00a3'000 | \u00a3'000 | |||||
Off-balance sheet items | Stage 1 | Stage 2 | Stage 3 | Stage 1 | Stage 2 | Stage 3 | |
Financial guarantees | \u2013 | 1 | \u2013 | 2 | \u2013 | \u2013 | |
Investment grade | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | |
Sub-investment grade | \u2013 | 1 | \u2013 | 2 | \u2013 | \u2013 | |
Acceptances | \u2013 | \u2013 | \u2013 | 3 | \u2013 | \u2013 | |
Investment grade | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | |
Sub-investment grade | \u2013 | \u2013 | \u2013 | 3 | \u2013 | \u2013 | |
Confirmation | 2 | \u2013 | \u2013 | 3 | \u2013 | \u2013 | |
Investment grade | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | |
Sub-investment grade | 2 | \u2013 | \u2013 | 3 | \u2013 | \u2013 | |
Working capital facilities | \u2013 | 62 | \u2013 | 7 | 221 | \u2013 | |
Investment grade | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | |
Sub-investment grade | \u2013 | 62 | \u2013 | 7 | 221 | \u2013 | |
Total off-balance sheet ECL | 2 | 63 | \u2013 | 15 | 221 | \u2013 | |
Total off-balance sheet ECL | 65 | 236 | |||||
Total ECL per stage | 67 | 243 | 93 | 137 | 672 | 48 | |
Total ECL | 403 | 857 |
Restated | |||||||
2024 | 2023 | ||||||
Maximum exposure per staging | \u00a3'000 | \u00a3'000 | |||||
On-balance sheet items | Stage 1 | Stage 2 | Stage 3 | Stage 1 | Stage 2 | Stage 3 | |
Cash and balances at central banks\u00b9 | 584,679 | \u2013 | \u2013 | 529,835 | \u2013 | \u2013 | |
Loans and advances on demand to banks | 184,658 | 905 | \u2013 | 134,882 | 322 | \u2013 | |
Other loans and advances to banks\u00b9 | 171,020 | 9,128 | \u2013 | 136,158 | \u2013 | \u2013 | |
Other loans and advances to non-banks | 731 | 32,010 | 94 | 2,531 | 6,092 | \u2013 | |
Unsettled transactions | 9,404 | 1,466 | \u2013 | 7,365 | 1,035 | \u2013 | |
Investment in debt securities | 246,028 | \u2013 | \u2013 | 353,042 | \u2013 | \u2013 | |
Other asset exposures | 3,318 | 90 | \u2013 | 8,057 | 3,109 | 89 | |
Accrued income | 927 | \u2013 | \u2013 | 1,218 | \u2013 | \u2013 | |
Total on-balance sheet maximum exposure per stage | 1,200,765 | 43,599 | 94 | 1,173,089 | 10,558 | 89 | |
Total on-balance sheet maximum exposure | 1,244,458 | 1,183,736 | |||||
Off-balance sheet items | |||||||
Financial guarantees | 649 | 160 | \u2013 | 1,899 | 12 | \u2013 | |
Acceptances | 1,306 | 392 | \u2013 | 4,228 | \u2013 | \u2013 | |
Confirmation | 20,399 | 2,847 | \u2013 | 9,173 | \u2013 | \u2013 | |
Working capital facilities | \u2013 | 14,555 | \u2013 | 685 | 14,199 | \u2013 | |
Total off-balance sheet maximum exposure per stage | 22,354 | 17,954 | \u2013 | 15,985 | 14,211 | \u2013 | |
Total off-balance sheet maximum exposure | 40,308 | 30,196 | |||||
Total maximum exposure per stage | 1,223,119 | 61,553 | 94 | 1,189,074 | 24,769 | 89 | |
Total maximum exposure | 1,284,766 | 1,213,932 |
2024 | 2023 | ||||||
Coverage ratios | Gross carrying amount | ECL | Coverage | Gross carrying amount | ECL | Coverage | |
On-balance sheet | \u00a3\u2019000 | \u00a3\u2019000 | ratio % | \u00a3\u2019000 | \u00a3\u2019000 | ratio % | |
Stage 1 | 1,200,765 | 65 | 0.01% | 1,173,089 | 122 | \u2013% | |
Stage 2 | 43,599 | 180 | 0.41% | 10,558 | 451 | 4.3% | |
Stage 3 | 94 | 93 | 98.94% | 89 | 48 | 53.9% | |
Total on-balance sheet | 1,244,458 | 338 | 0.03% | 1,183,736 | 621 | 0.1% | |
Off\u2013balance sheet | |||||||
Stage 1 | 22,354 | 2 | 0.01% | 15,985 | 15 | 0.1% | |
Stage 2 | 17,954 | 63 | 0.35% | 14,211 | 221 | 1.6% | |
Stage 3 | \u2013 | \u2013 | \u2013% | \u2013 | \u2013 | \u2013% | |
Total off-balance sheet | 40,308 | 65 | 0.16% | 30,196 | 236 | 0.8% | |
Total | 1,284,766 | 403 | 0.03% | 1,213,932 | 857 | 0.1% |
2024 | 2023 | ||||||
\u00a3'000 | \u00a3'000 | ||||||
Consolidated | Stage 1 | Stage 2 | Stage 3 | Stage 1 | Stage 2 | Stage 3 | |
Loss allowance at beginning of period | 137 | 672 | 48 | 454 | 2 | \u2013 | |
Loans expired/closed from previous period | (130) | (671) | (16) | (448) | (2) | \u2013 | |
New loans issued | 60 | 242 | 61 | 843 | 8 | \u2013 | |
Expected credit loss before changes in loss allowance | 849 | 8 | \u2013 | ||||
Change in loss allowance | \u2013 | \u2013 | \u2013 | (712) | \u2013 | \u2013 | |
Transfer to Stage 1 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | |
Transfer to Stage 2 | \u2013 | \u2013 | \u2013 | (664) | \u2013 | \u2013 | |
Transfer to Stage 3 | \u2013 | \u2013 | \u2013 | (48) | \u2013 | \u2013 | |
Transfers in | \u2013 | \u2013 | \u2013 | \u2013 | 664 | 48 | |
Adjustments in expected credit loss | \u2013 | \u2013 | \u2013 | 92 | 8 | \u2013 | |
Loss allowance at end of period | 67 | 243 | 93 | 137 | 672 | 48 | |
Total loss allowance at end of period | 403 | 857 |
Instrument | Description | Note | ||
Cash and balances at central banks | These are balances with the Bank of England, which has AA-credit rating. Balances are available on demand and are located in the UK. | 10 | ||
Loans and advances on demand to banks | These are nostro bank accounts that the Group holds with other commercial banks in support of client payment flows. | 12 | ||
Other loans and advances to banks | Credit Support Annex (CSA) Loans represent collateral required from clients through a credit support annexe for initial and variation margin as part of derivative transactions. They are under a collateralised to market (CTM) regime. A CTM model requires the out of the money party to post collateral with an amount equal to the cumulative mark to market value, either with the counterparty or with an exchange. Both initial and variation margin are refundable upon settlement of the derivative and is therefore accounted for as collateral. Discounted Letters of Credit are advanced letter of credit payments that the Group pays to counterparties before the completion of the sales and shipping process. The amount that the Group pays out is discounted by a discounted fee (interest rate) and as such, is lower that the principal expected to be received. They are essentially factoring transactions. Trade Finance loans are short-term working capital loans to banks operating in trade finance markets. They assist buyers and sellers to finance their trade commitments on a transactional basis. The Group receives interest payments in return. | 12 | ||
Other loans and advances to non-banks | Working capital is a type of overdraft facility where the Group agrees to provide clients with a facility for a set period with specific terms as set out in the Working capital facilities agreement. The clients use the liquidity to undertake foreign exchange business with the Group. A flat facility fee is charged for the provision of the facility. The Group will lend money to clients solely for the purpose of assisting the client with its specific liquidity requirements that arise from settlement timelines in its standard payment flows. The rate charged for the amount lent is the greater of (i) a fixed rate (e.g. 9%) or (ii) US Federal rate plus a spread (e.g. US Federal rate plus 1%). | 12 | ||
Unsettled transactions | Unsettled transactions are unsettled balances resulting from foreign exchange transactions that are delayed due to time differences, public holidays in other countries (where the counterparties are located) or similar operational reasons. The balances are short-term (typically less than four days). | 17 | ||
Investment in Debt Securities | Fixed rate bonds (US Treasury bills) are US Treasury bills issued by the US Government which offer a fixed rate of interest for a set period of time. Fixed rate bonds (other) are other fixed rate bonds issued by companies or G20 governments which offer a fixed rate of interest for a set period of time. Floating rate notes are investment in debt securities that pay a coupon determined by a reference rate which resets periodically. As such, the interest received is not fixed. Certificates of deposit (CDs) are investments in debt securities that pay fixed interest for a fixed period of time. Unlike bonds, CDs are usually not tradable in a secondary market. | 14 |
Instrument | Description | Note | ||
Other assets | Balances with mobile network operators are the payments from mobile network operators (MNOs) that are due to the Group in respect of mobile money accounts. In certain African countries where mobile money accounts are widely used, this service allows users to deposit money into an account stored on their mobile phones and to then send balances using a PIN-secured SMS text message to other users. One of the services that the Group provides is the transfer of funds by clients to beneficiaries via a mobile phone. Typically, a client will deposit funds in the Group\u2019s controlled bank account. These funds are then transferred to an account held with an MNO. Clients then submit a request for a payment to be made on the Payment Gateway. On receipt of the request, funds are remitted from the account held with the MNOs to the beneficiary with the Group simultaneously deducting a fee. MNOs therefore provide the Group with the equivalent of a bank account. In relation to the Company \u2013 Other Asset exposures also include amounts due from Group companies. | 17 | ||
Accrued income | Accrued income is money owed to the Group for services rendered or provided that have not yet been invoiced. The balance arises from several components such as management fees, pension fee accruals, and other revenues. | 16 | ||
Off-balance sheet accounts | These include trade finance guarantees, letter of acceptances and confirmation that are contingent liabilities and so require documented levels of performance to be achieved for settlement. Typically, the Group\u2019s counterparty is another bank and ordinarily the contract has a maximum tenor of six months. They also include the undrawn portion of Working capital facilities. These Working capital facilities are repayable on demand as drawing to the agreed limit can be made at the counterparty\u2019s instruction then the undrawn portion does attract an ECL amount. | 25 |
Consolidated | ||
Restated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Cash and balances at central banks\u00b9 | 584,679 | 529,835 |
Loans and advances on demand to banks | 185,563 | 135,203 |
Other loans and advances to banks\u00b9 | 180,148 | 136,158 |
Other loans and advances to non-banks | 32,835 | 8,712 |
Unsettled transactions | 10,870 | 8,417 |
Investment in debt securities | 246,028 | 353,042 |
Other asset (measured at amortised cost) | 3,408 | 11,257 |
Accrued income | 927 | 1,218 |
Total on-balance sheet exposure | 1,244,458 | 1,183,842 |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Financial guarantee contracts | 809 | 1,911 |
Trade Finance \u2013 letter of credit confirmation / acceptance | 1,698 | 4,228 |
Confirmations | 23,246 | 9,173 |
Working capital facilities | 14,555 | 14,884 |
Total off-balance sheet exposure\u00b9 | 40,308 | 30,196 |
Rating Type | Rating | TTC PD Range |
Investment Grade | Rating 0 | 0%, 0.01% |
Rating 1 | 0.01%, 0.02% | |
Rating 2 | 0.03%, 0.05% | |
Rating 3 | 0.06%, 0.08% | |
Sub-Investment Grade | Rating 4 | 0.081%, 0.10% |
Rating 5 | 0.11%, 0.5% | |
Rating 6 | 0.51%, 1.5% | |
Rating 7 | 1.51%, 25% | |
Rating 8 (Default) | 100% |
2024 | 2023 | ||||||
Average | ECL | ECL sensitivity from base case | Average | ECL | ECL sensitivity from base case | ||
As at | 12m PD | \u00a3\u2019000 | \u00a3\u2019000 | 12m PD | \u00a3\u2019000 | \u00a3\u2019000 | |
Base | 0.13% | 400 | \u2013 | 0.20% | 814 | \u2014 | |
Upside | 0.12% | 393 | -7 | 0.20% | 713 | - 101 | |
Mild upside | 0.13% | 396 | -4 | 0.20% | 750 | - 64 | |
Stagnation | 0.13% | 406 | 6 | 0.20% | 889 | + 75 | |
Downside | 0.13% | 409 | 9 | 0.20% | 921 | + 107 | |
Severe | 0.13% | 415 | 15 | 0.30% | 1,004 | + 190 |
Economic Scenario | Probability Weighting |
1. Base | 30% |
2. Upside | 10% |
3. Mild upside | 15% |
4. Stagnation | 10% |
5. Downside | 20% |
6. Severe | 15% |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Impairment recognised in profit or loss: | ||
Increase in ECL provision for cash and balances at central banks | \u2013 | \u2013 |
(Decrease)/increase in ECL for loans and advances on demand to banks | (20) | 21 |
Increase/(decrease) in ECL for other loans and advances to banks | 3 | (62) |
(Decrease)/increase in ECL for other loans and advances to non-banks | (224) | 448 |
Increase in ECL unsettled transaction exposures | 5 | \u2013 |
(Decrease)/increase in ECL provision for investment in debt securities | (6) | 1 |
(Decrease)/increase in ECL for other assets | (37) | 42 |
(Decrease) in ECL for accrued income | (1) | (2) |
Total impairment (reversal)/loss recognised in profit or loss for financial assets | (280) | 448 |
Increase in ECL for guarantees | \u2013 | 1 |
(Decrease)/increase in ECL for acceptances | (3) | 3 |
(Decrease) in ECL for confirmations | (1) | (6) |
Decrease in ECL for Working capital facilities | (166) | (43) |
Total impairment (reversal)/loss recognised in profit or loss | (450) | 404 |
Consolidated | |||||||
2024 | 2023 | ||||||
Restated | |||||||
Exposure by grade | Investment grade | Sub-investment grade | Total | Investment grade | Sub-investment grade | Total | |
On-balance sheet exposure | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | |
Cash and balances at central banks\u00b9 | 584,679 | \u2013 | 584,679 | 529,835 | \u2013 | 529,835 | |
Loans and advances on demand to banks | 161,908 | 23,655 | 185,563 | 115,274 | 19,929 | 135,203 | |
Other loans and advances to banks\u00b9 | 666 | 179,482 | 180,148 | 76,814 | 59,344 | 136,158 | |
Other loans and advances to non- banks | \u2013 | 32,835 | 32,835 | \u2013 | 8,712 | 8,712 | |
Unsettled transactions | 3,212 | 7,658 | 10,870 | 1,608 | 6,809 | 8,417 | |
Investment in debt securities | 246,028 | \u2013 | 246,028 | 353,042 | \u2013 | 353,042 | |
Other assets | 12 | 3,396 | 3,408 | 2,493 | 8,764 | 11,257 | |
Accrued income | \u2013 | 927 | 927 | 391 | 827 | 1,218 | |
Total on-balance sheet exposure | 996,505 | 247,953 | 1,244,458 | 1,079,457 | 104,385 | 1,183,842 |
Consolidated | |||||||
2024 | 2023 | ||||||
Exposure by grade | Investment grade | Sub-investment grade | Total | Investment grade | Sub-investment grade | Total | |
Off-balance sheet exposure | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | |
Financial guarantees | \u2013 | 809 | 809 | \u2013 | 1,911 | 1,911 | |
Acceptances | \u2013 | 1,698 | 1,698 | 1,482 | 2,746 | 4,228 | |
Confirmations | 228 | 23,018 | 23,246 | 3,680 | 5,493 | 9,173 | |
Working capital facilities | \u2013 | 14,555 | 14,555 | \u2013 | 14,884 | 14,884 | |
Total off-balance sheet exposure | 228 | 40,080 | 40,308 | 5,162 | 25,034 | 30,196 | |
Total exposure | 996,733 | 288,033 | 1,284,766 | 1,084,619 | 129,419 | 1,214,038 |
2024 | Consolidated | |||||||||
Exposures by region | Africa | China | Europe | Far East | Japan | Middle East | Other | UK | Americas | Total |
On-balance sheet exposure | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 |
Cash and balances at central banks | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 584,679 | \u2013 | 584,679 |
Loans and advances on demand to banks | 21,874 | 3,011 | 96,841 | 867 | 6,752 | 2,529 | \u2013 | 30,267 | 23,422 | 185,563 |
Other loans and advances to banks | 134,396 | \u2013 | \u2013 | 9,291 | \u2013 | \u2013 | \u2013 | 26,486 | 9,975 | 180,148 |
Other loans and advances to non-banks | 6,377 | \u2013 | \u2013 | \u2013 | \u2013 | 798 | \u2013 | 25,654 | 6 | 32,835 |
Unsettled transactions | 7,659 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 11 | 3,200 | 10,870 |
Investment in debt securities | \u2013 | \u2013 | 121,720 | 28,179 | \u2013 | \u2013 | \u2013 | 44,477 | 51,652 | 246,028 |
Other assets | 1,846 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 1,562 | \u2013 | 3,408 |
Accrued income | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 927 | \u2013 | 927 |
Total on-balance sheet exposure | 172,152 | 3,011 | 218,561 | 38,337 | 6,752 | 3,327 | \u2013 | 714,063 | 88,255 | 1,244,458 |
Restated | Consolidated | |||||||||
2023 | ||||||||||
Exposures by region | Africa | China | Europe | Far East | Japan | Middle East | Other | UK | Americas | Total |
On-balance sheet exposure | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 |
Cash and balances at central banks\u00b9 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 529,835 | \u2013 | 529,835 |
Loans and advances on demand to banks | 15,647 | 1,489 | 22,759 | 3,414 | 15,758 | 872 | 1,580 | 23,490 | 50,194 | 135,203 |
Other loans and advances to banks\u00b9 | 52,021 | 8,079 | 10,486 | 15,492 | \u2013 | 33,424 | \u2013 | 13,821 | 2,835 | 136,158 |
Other loans and advances to non-banks | 5,544 | \u2013 | 352 | \u2013 | \u2013 | \u2013 | \u2013 | 2,816 | \u2013 | 8,712 |
Unsettled transactions | 5,286 | \u2013 | 1,419 | 656 | \u2013 | 413 | \u2013 | 644 | \u2013 | 8,417 |
Investment in debt securities | \u2013 | \u2013 | 194,872 | 65,036 | \u2013 | \u2013 | 29,923 | \u2013 | 63,211 | 353,042 |
Other assets | 7,533 | \u2013 | 41 | 8 | \u2013 | \u2013 | \u2013 | 3,675 | \u2013 | 11,257 |
Accrued income | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 1,218 | \u2013 | 1,218 |
Total on-balance sheet exposure | 86,031 | 9,568 | 229,929 | 84,606 | 15,758 | 34,709 | 31,503 | 575,499 | 116,240 | 1,183,842 |
2024 | Consolidated | |||||||||
Exposures by region | Africa | China | Europe | Far East | Japan | Middle East | Other | UK | Americas | Total |
Off-balance sheet exposure | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 |
Financial guarantees | 809 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 809 |
Acceptances | 1,698 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 1,698 |
Confirmations | 23,018 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 228 | 23,246 |
Working capital facilities | 14,555 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 14,555 |
Total off-balance sheet exposure | 40,080 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 228 | 40,308 |
2023 | Consolidated | |||||||||
Exposures by region | Africa | China | Europe | Far East | Japan | Middle East | Other | UK | Americas | Total |
Off-balance sheet exposure | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 |
Financial guarantees | 1,589 | \u2013 | \u2013 | \u2013 | \u2013 | 87 | 235 | 1,911 | ||
Acceptances | 2,746 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 1,482 | 4,228 |
Confirmations | 5,494 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 3,680 | 9,173 |
Working capital facilities | 544 | \u2013 | 1,875 | \u2013 | \u2013 | \u2013 | \u2013 | 12,465 | \u2013 | 14,884 |
Total off-balance sheet exposure | 10,373 | \u2013 | 1,875 | \u2013 | \u2013 | \u2013 | \u2013 | 12,552 | 5,397 | 30,196 |
Consolidated | |||||||
Restated | |||||||
2024 | 2023 | ||||||
Exposure by maturity | 3 months or less | More than 3 months | Total | 3 months or less | More than 3 months | Total | |
On-balance sheet exposure | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | |
Cash and balances at central banks\u00b9 | 584,679 | \u2013 | 584,679 | 529,835 | \u2013 | 529,835 | |
Loans and advances on demand to banks | 185,563 | \u2013 | 185,563 | 135,203 | \u2013 | 135,203 | |
Other loans and advances to banks\u00b9 | 89,443 | 90,705 | 180,148 | 136,158 | \u2013 | 136,158 | |
Other loans and advances to non- banks | 32,835 | \u2013 | 32,835 | 8,712 | \u2013 | 8,712 | |
Unsettled transactions | 10,870 | \u2013 | 10,870 | 8,417 | \u2013 | 8,417 | |
Investment in debt securities | 35,729 | 210,299 | 246,028 | 353,042 | \u2013 | 353,042 | |
Other assets | 2,896 | 512 | 3,408 | 11,257 | \u2013 | 11,257 | |
Accrued income | 927 | \u2013 | 927 | 1,218 | \u2013 | 1,218 | |
Total on-balance sheet exposure | 942,942 | 301,516 | 1,244,458 | 1,183,842 | \u2013 | 1,183,842 |
Consolidated | |||||||
2024 | 2023 | ||||||
Exposure by maturity | 3 months or less | More than 3 months | Total | 3 months or less | More than 3 months | Total | |
Off-balance sheet exposure | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | |
Financial guarantees | 250 | 559 | 809 | 1,911 | \u2013 | 1,911 | |
Acceptances | 1,430 | 268 | 1,698 | 4,228 | \u2013 | 4,228 | |
Confirmations | 22,555 | 691 | 23,246 | 9,173 | \u2013 | 9,173 | |
Working capital facilities | \u2013 | 14,555 | 14,555 | 14,884 | \u2013 | 14,884 | |
Total off-balance sheet exposure | 24,235 | 16,073 | 40,308 | 30,196 | \u2013 | 30,196 | |
Total exposure | 967,177 | 317,589 | 1,284,766 | 1,214,038 | \u2013 | 1,214,038 |
Consolidated | |||||||
Restated | |||||||
2024 | 2023 | ||||||
Gross carrying amount | Loss allowance | Total | Gross carrying amount | Loss allowance | Total | ||
On-balance sheet exposure | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | |
Cash and balances at central banks\u00b9 | 584,679 | \u2013 | 584,679 | 529,835 | \u2013 | 529,835 | |
Loans and advances on demand to banks | 185,563 | (4) | 185,559 | 135,203 | (25) | 135,178 | |
Other loans and advances to banks\u00b9 | 180,148 | (64) | 180,084 | 136,158 | (27) | 136,131 | |
Other loans and advances to non- banks | 32,835 | (239) | 32,596 | 8,712 | (496) | 8,216 | |
Unsettled transactions | 10,870 | (4) | 10,866 | 8,417 | \u2013 | 8,417 | |
Investment in debt securities | 246,028 | (7) | 246,021 | 353,042 | (14) | 353,028 | |
Other assets | 3,408 | (18) | 3,390 | 11,257 | (57) | 11,200 | |
Accrued income | 927 | (2) | 925 | 1,218 | (3) | 1,215 | |
Total on-balance sheet exposure | 1,244,458 | (338) | 1,244,120 | 1,183,842 | (621) | 1,183,220 |
Consolidated | |||||||
2024 | 2023 | ||||||
Gross carrying amount | Loss allowance | Total | Gross carrying amount | Loss allowance | Total | ||
Off-balance sheet exposure | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | |
Financial guarantees | 809 | (1) | 808 | 1,911 | (2) | 1,909 | |
Acceptances | 1,698 | \u2013 | 1,698 | 4,228 | (3) | 4,225 | |
Confirmations | 23,246 | (2) | 23,244 | 9,173 | (3) | 9,170 | |
Working capital facilities | 14,555 | (62) | 14,493 | 14,884 | (228) | 14,656 | |
Total off-balance sheet exposure | 40,308 | (65) | 40,243 | 30,196 | (236) | 29,960 | |
Total exposure | 1,284,766 | (403) | 1,284,363 | 1,214,038 | (857) | 1,213,180 |
2024 | 2023 | ||||||
Consolidated | \u00a3'000 | \u00a3'000 | |||||
ECL | Stage 1 | Stage 2 | Stage 3 | Stage 1 | Stage 2 | Stage 3 | |
Cash and balances at central banks | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | |
Investment grade | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | |
Sub-investment grade | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | |
Loans and advances on demand to banks | 3 | 1 | \u2013 | 25 | \u2013 | \u2013 | |
Investment grade | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | |
Sub-investment grade | 3 | 1 | \u2013 | 25 | \u2013 | \u2013 | |
Other loans and advances to banks | 29 | 3 | 32 | 27 | \u2013 | \u2013 | |
Investment grade | \u2013 | \u2013 | \u2013 | 1 | \u2013 | \u2013 | |
Sub-investment grade | 29 | 3 | 32 | 27 | \u2013 | \u2013 | |
Other loans and advances to non-banks | 3 | 175 | 61 | 14 | 450 | 32 | |
Investment grade | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | |
Sub-investment grade | 3 | 175 | 61 | 14 | 450 | 32 | |
Unsettled transactions | 3 | 1 | \u2013 | 13 | \u2013 | \u2013 | |
Investment grade | \u2013 | \u2013 | \u2013 | \u2013 | |||
Sub-investment grade | 3 | 1 | \u2013 | 13 | \u2013 | \u2013 | |
Investment in debt securities | 7 | \u2013 | \u2013 | 14 | \u2013 | \u2013 | |
Investment grade | 7 | \u2013 | \u2013 | 14 | \u2013 | \u2013 | |
Sub-investment grade | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | |
Other asset exposures | 18 | \u2013 | \u2013 | 27 | 1 | 16 | |
Investment grade | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | |
Sub-investment grade | 18 | \u2013 | \u2013 | 27 | 1 | 16 | |
Accrued income | 2 | \u2013 | \u2013 | 3 | \u2013 | \u2013 | |
Investment grade | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | |
Sub-investment grade | 2 | \u2013 | \u2013 | 3 | \u2013 | \u2013 | |
Total on-balance sheet ECL | 65 | 180 | 93 | 122 | 451 | 48 | |
Total on-balance sheet ECL | 338 | 621 |
Year | 2024 | 2023 | |||||
ECL | \u00a3'000 | \u00a3'000 | |||||
Off-balance sheet items | Stage 1 | Stage 2 | Stage 3 | Stage 1 | Stage 2 | Stage 3 | |
Financial guarantees | \u2013 | 1 | \u2013 | 2 | \u2013 | \u2013 | |
Investment grade | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | |
Sub-investment grade | \u2013 | 1 | \u2013 | 2 | \u2013 | \u2013 | |
Acceptances | \u2013 | \u2013 | \u2013 | 3 | \u2013 | \u2013 | |
Investment grade | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | |
Sub-investment grade | \u2013 | \u2013 | \u2013 | 3 | \u2013 | \u2013 | |
Confirmation | 2 | \u2013 | \u2013 | 3 | \u2013 | \u2013 | |
Investment grade | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | |
Sub-investment grade | 2 | \u2013 | \u2013 | 3 | \u2013 | \u2013 | |
Working capital facilities | \u2013 | 62 | \u2013 | 7 | 221 | \u2013 | |
Investment grade | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | |
Sub-investment grade | \u2013 | 62 | \u2013 | 7 | 221 | \u2013 | |
Total off-balance sheet ECL | 2 | 63 | \u2013 | 15 | 221 | \u2013 | |
Total off-balance sheet ECL | 65 | 236 | |||||
Total ECL per stage | 67 | 243 | 93 | 137 | 672 | 48 | |
Total ECL | 403 | 857 |
Restated | |||||||
2024 | 2023 | ||||||
Maximum exposure per staging | \u00a3'000 | \u00a3'000 | |||||
On-balance sheet items | Stage 1 | Stage 2 | Stage 3 | Stage 1 | Stage 2 | Stage 3 | |
Cash and balances at central banks\u00b9 | 584,679 | \u2013 | \u2013 | 529,835 | \u2013 | \u2013 | |
Loans and advances on demand to banks | 184,658 | 905 | \u2013 | 134,882 | 322 | \u2013 | |
Other loans and advances to banks\u00b9 | 171,020 | 9,128 | \u2013 | 136,158 | \u2013 | \u2013 | |
Other loans and advances to non-banks | 731 | 32,010 | 94 | 2,531 | 6,092 | \u2013 | |
Unsettled transactions | 9,404 | 1,466 | \u2013 | 7,365 | 1,035 | \u2013 | |
Investment in debt securities | 246,028 | \u2013 | \u2013 | 353,042 | \u2013 | \u2013 | |
Other asset exposures | 3,318 | 90 | \u2013 | 8,057 | 3,109 | 89 | |
Accrued income | 927 | \u2013 | \u2013 | 1,218 | \u2013 | \u2013 | |
Total on-balance sheet maximum exposure per stage | 1,200,765 | 43,599 | 94 | 1,173,089 | 10,558 | 89 | |
Total on-balance sheet maximum exposure | 1,244,458 | 1,183,736 | |||||
Off-balance sheet items | |||||||
Financial guarantees | 649 | 160 | \u2013 | 1,899 | 12 | \u2013 | |
Acceptances | 1,306 | 392 | \u2013 | 4,228 | \u2013 | \u2013 | |
Confirmation | 20,399 | 2,847 | \u2013 | 9,173 | \u2013 | \u2013 | |
Working capital facilities | \u2013 | 14,555 | \u2013 | 685 | 14,199 | \u2013 | |
Total off-balance sheet maximum exposure per stage | 22,354 | 17,954 | \u2013 | 15,985 | 14,211 | \u2013 | |
Total off-balance sheet maximum exposure | 40,308 | 30,196 | |||||
Total maximum exposure per stage | 1,223,119 | 61,553 | 94 | 1,189,074 | 24,769 | 89 | |
Total maximum exposure | 1,284,766 | 1,213,932 |
2024 | 2023 | ||||||
Coverage ratios | Gross carrying amount | ECL | Coverage | Gross carrying amount | ECL | Coverage | |
On-balance sheet | \u00a3\u2019000 | \u00a3\u2019000 | ratio % | \u00a3\u2019000 | \u00a3\u2019000 | ratio % | |
Stage 1 | 1,200,765 | 65 | 0.01% | 1,173,089 | 122 | \u2013% | |
Stage 2 | 43,599 | 180 | 0.41% | 10,558 | 451 | 4.3% | |
Stage 3 | 94 | 93 | 98.94% | 89 | 48 | 53.9% | |
Total on-balance sheet | 1,244,458 | 338 | 0.03% | 1,183,736 | 621 | 0.1% | |
Off\u2013balance sheet | |||||||
Stage 1 | 22,354 | 2 | 0.01% | 15,985 | 15 | 0.1% | |
Stage 2 | 17,954 | 63 | 0.35% | 14,211 | 221 | 1.6% | |
Stage 3 | \u2013 | \u2013 | \u2013% | \u2013 | \u2013 | \u2013% | |
Total off-balance sheet | 40,308 | 65 | 0.16% | 30,196 | 236 | 0.8% | |
Total | 1,284,766 | 403 | 0.03% | 1,213,932 | 857 | 0.1% |
2024 | 2023 | ||||||
\u00a3'000 | \u00a3'000 | ||||||
Consolidated | Stage 1 | Stage 2 | Stage 3 | Stage 1 | Stage 2 | Stage 3 | |
Loss allowance at beginning of period | 137 | 672 | 48 | 454 | 2 | \u2013 | |
Loans expired/closed from previous period | (130) | (671) | (16) | (448) | (2) | \u2013 | |
New loans issued | 60 | 242 | 61 | 843 | 8 | \u2013 | |
Expected credit loss before changes in loss allowance | 849 | 8 | \u2013 | ||||
Change in loss allowance | \u2013 | \u2013 | \u2013 | (712) | \u2013 | \u2013 | |
Transfer to Stage 1 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | |
Transfer to Stage 2 | \u2013 | \u2013 | \u2013 | (664) | \u2013 | \u2013 | |
Transfer to Stage 3 | \u2013 | \u2013 | \u2013 | (48) | \u2013 | \u2013 | |
Transfers in | \u2013 | \u2013 | \u2013 | \u2013 | 664 | 48 | |
Adjustments in expected credit loss | \u2013 | \u2013 | \u2013 | 92 | 8 | \u2013 | |
Loss allowance at end of period | 67 | 243 | 93 | 137 | 672 | 48 | |
Total loss allowance at end of period | 403 | 857 |
Instrument | Description | Note | ||
Cash and balances at central banks | These are balances with the Bank of England, which has AA-credit rating. Balances are available on demand and are located in the UK. | 10 | ||
Loans and advances on demand to banks | These are nostro bank accounts that the Group holds with other commercial banks in support of client payment flows. | 12 | ||
Other loans and advances to banks | Credit Support Annex (CSA) Loans represent collateral required from clients through a credit support annexe for initial and variation margin as part of derivative transactions. They are under a collateralised to market (CTM) regime. A CTM model requires the out of the money party to post collateral with an amount equal to the cumulative mark to market value, either with the counterparty or with an exchange. Both initial and variation margin are refundable upon settlement of the derivative and is therefore accounted for as collateral. Discounted Letters of Credit are advanced letter of credit payments that the Group pays to counterparties before the completion of the sales and shipping process. The amount that the Group pays out is discounted by a discounted fee (interest rate) and as such, is lower that the principal expected to be received. They are essentially factoring transactions. Trade Finance loans are short-term working capital loans to banks operating in trade finance markets. They assist buyers and sellers to finance their trade commitments on a transactional basis. The Group receives interest payments in return. | 12 | ||
Other loans and advances to non-banks | Working capital is a type of overdraft facility where the Group agrees to provide clients with a facility for a set period with specific terms as set out in the Working capital facilities agreement. The clients use the liquidity to undertake foreign exchange business with the Group. A flat facility fee is charged for the provision of the facility. The Group will lend money to clients solely for the purpose of assisting the client with its specific liquidity requirements that arise from settlement timelines in its standard payment flows. The rate charged for the amount lent is the greater of (i) a fixed rate (e.g. 9%) or (ii) US Federal rate plus a spread (e.g. US Federal rate plus 1%). | 12 | ||
Unsettled transactions | Unsettled transactions are unsettled balances resulting from foreign exchange transactions that are delayed due to time differences, public holidays in other countries (where the counterparties are located) or similar operational reasons. The balances are short-term (typically less than four days). | 17 | ||
Investment in Debt Securities | Fixed rate bonds (US Treasury bills) are US Treasury bills issued by the US Government which offer a fixed rate of interest for a set period of time. Fixed rate bonds (other) are other fixed rate bonds issued by companies or G20 governments which offer a fixed rate of interest for a set period of time. Floating rate notes are investment in debt securities that pay a coupon determined by a reference rate which resets periodically. As such, the interest received is not fixed. Certificates of deposit (CDs) are investments in debt securities that pay fixed interest for a fixed period of time. Unlike bonds, CDs are usually not tradable in a secondary market. | 14 |
Instrument | Description | Note | ||
Other assets | Balances with mobile network operators are the payments from mobile network operators (MNOs) that are due to the Group in respect of mobile money accounts. In certain African countries where mobile money accounts are widely used, this service allows users to deposit money into an account stored on their mobile phones and to then send balances using a PIN-secured SMS text message to other users. One of the services that the Group provides is the transfer of funds by clients to beneficiaries via a mobile phone. Typically, a client will deposit funds in the Group\u2019s controlled bank account. These funds are then transferred to an account held with an MNO. Clients then submit a request for a payment to be made on the Payment Gateway. On receipt of the request, funds are remitted from the account held with the MNOs to the beneficiary with the Group simultaneously deducting a fee. MNOs therefore provide the Group with the equivalent of a bank account. In relation to the Company \u2013 Other Asset exposures also include amounts due from Group companies. | 17 | ||
Accrued income | Accrued income is money owed to the Group for services rendered or provided that have not yet been invoiced. The balance arises from several components such as management fees, pension fee accruals, and other revenues. | 16 | ||
Off-balance sheet accounts | These include trade finance guarantees, letter of acceptances and confirmation that are contingent liabilities and so require documented levels of performance to be achieved for settlement. Typically, the Group\u2019s counterparty is another bank and ordinarily the contract has a maximum tenor of six months. They also include the undrawn portion of Working capital facilities. These Working capital facilities are repayable on demand as drawing to the agreed limit can be made at the counterparty\u2019s instruction then the undrawn portion does attract an ECL amount. | 25 |
Consolidated | ||
Restated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Cash and balances at central banks\u00b9 | 584,679 | 529,835 |
Loans and advances on demand to banks | 185,563 | 135,203 |
Other loans and advances to banks\u00b9 | 180,148 | 136,158 |
Other loans and advances to non-banks | 32,835 | 8,712 |
Unsettled transactions | 10,870 | 8,417 |
Investment in debt securities | 246,028 | 353,042 |
Other asset (measured at amortised cost) | 3,408 | 11,257 |
Accrued income | 927 | 1,218 |
Total on-balance sheet exposure | 1,244,458 | 1,183,842 |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Financial guarantee contracts | 809 | 1,911 |
Trade Finance \u2013 letter of credit confirmation / acceptance | 1,698 | 4,228 |
Confirmations | 23,246 | 9,173 |
Working capital facilities | 14,555 | 14,884 |
Total off-balance sheet exposure\u00b9 | 40,308 | 30,196 |
Rating Type | Rating | TTC PD Range |
Investment Grade | Rating 0 | 0%, 0.01% |
Rating 1 | 0.01%, 0.02% | |
Rating 2 | 0.03%, 0.05% | |
Rating 3 | 0.06%, 0.08% | |
Sub-Investment Grade | Rating 4 | 0.081%, 0.10% |
Rating 5 | 0.11%, 0.5% | |
Rating 6 | 0.51%, 1.5% | |
Rating 7 | 1.51%, 25% | |
Rating 8 (Default) | 100% |
2024 | 2023 | ||||||
Average | ECL | ECL sensitivity from base case | Average | ECL | ECL sensitivity from base case | ||
As at | 12m PD | \u00a3\u2019000 | \u00a3\u2019000 | 12m PD | \u00a3\u2019000 | \u00a3\u2019000 | |
Base | 0.13% | 400 | \u2013 | 0.20% | 814 | \u2014 | |
Upside | 0.12% | 393 | -7 | 0.20% | 713 | - 101 | |
Mild upside | 0.13% | 396 | -4 | 0.20% | 750 | - 64 | |
Stagnation | 0.13% | 406 | 6 | 0.20% | 889 | + 75 | |
Downside | 0.13% | 409 | 9 | 0.20% | 921 | + 107 | |
Severe | 0.13% | 415 | 15 | 0.30% | 1,004 | + 190 |
Economic Scenario | Probability Weighting |
1. Base | 30% |
2. Upside | 10% |
3. Mild upside | 15% |
4. Stagnation | 10% |
5. Downside | 20% |
6. Severe | 15% |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Impairment recognised in profit or loss: | ||
Increase in ECL provision for cash and balances at central banks | \u2013 | \u2013 |
(Decrease)/increase in ECL for loans and advances on demand to banks | (20) | 21 |
Increase/(decrease) in ECL for other loans and advances to banks | 3 | (62) |
(Decrease)/increase in ECL for other loans and advances to non-banks | (224) | 448 |
Increase in ECL unsettled transaction exposures | 5 | \u2013 |
(Decrease)/increase in ECL provision for investment in debt securities | (6) | 1 |
(Decrease)/increase in ECL for other assets | (37) | 42 |
(Decrease) in ECL for accrued income | (1) | (2) |
Total impairment (reversal)/loss recognised in profit or loss for financial assets | (280) | 448 |
Increase in ECL for guarantees | \u2013 | 1 |
(Decrease)/increase in ECL for acceptances | (3) | 3 |
(Decrease) in ECL for confirmations | (1) | (6) |
Decrease in ECL for Working capital facilities | (166) | (43) |
Total impairment (reversal)/loss recognised in profit or loss | (450) | 404 |
Consolidated | |||||||
2024 | 2023 | ||||||
Restated | |||||||
Exposure by grade | Investment grade | Sub-investment grade | Total | Investment grade | Sub-investment grade | Total | |
On-balance sheet exposure | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | |
Cash and balances at central banks\u00b9 | 584,679 | \u2013 | 584,679 | 529,835 | \u2013 | 529,835 | |
Loans and advances on demand to banks | 161,908 | 23,655 | 185,563 | 115,274 | 19,929 | 135,203 | |
Other loans and advances to banks\u00b9 | 666 | 179,482 | 180,148 | 76,814 | 59,344 | 136,158 | |
Other loans and advances to non- banks | \u2013 | 32,835 | 32,835 | \u2013 | 8,712 | 8,712 | |
Unsettled transactions | 3,212 | 7,658 | 10,870 | 1,608 | 6,809 | 8,417 | |
Investment in debt securities | 246,028 | \u2013 | 246,028 | 353,042 | \u2013 | 353,042 | |
Other assets | 12 | 3,396 | 3,408 | 2,493 | 8,764 | 11,257 | |
Accrued income | \u2013 | 927 | 927 | 391 | 827 | 1,218 | |
Total on-balance sheet exposure | 996,505 | 247,953 | 1,244,458 | 1,079,457 | 104,385 | 1,183,842 |
Consolidated | |||||||
2024 | 2023 | ||||||
Exposure by grade | Investment grade | Sub-investment grade | Total | Investment grade | Sub-investment grade | Total | |
Off-balance sheet exposure | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | |
Financial guarantees | \u2013 | 809 | 809 | \u2013 | 1,911 | 1,911 | |
Acceptances | \u2013 | 1,698 | 1,698 | 1,482 | 2,746 | 4,228 | |
Confirmations | 228 | 23,018 | 23,246 | 3,680 | 5,493 | 9,173 | |
Working capital facilities | \u2013 | 14,555 | 14,555 | \u2013 | 14,884 | 14,884 | |
Total off-balance sheet exposure | 228 | 40,080 | 40,308 | 5,162 | 25,034 | 30,196 | |
Total exposure | 996,733 | 288,033 | 1,284,766 | 1,084,619 | 129,419 | 1,214,038 |
2024 | Consolidated | |||||||||
Exposures by region | Africa | China | Europe | Far East | Japan | Middle East | Other | UK | Americas | Total |
On-balance sheet exposure | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 |
Cash and balances at central banks | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 584,679 | \u2013 | 584,679 |
Loans and advances on demand to banks | 21,874 | 3,011 | 96,841 | 867 | 6,752 | 2,529 | \u2013 | 30,267 | 23,422 | 185,563 |
Other loans and advances to banks | 134,396 | \u2013 | \u2013 | 9,291 | \u2013 | \u2013 | \u2013 | 26,486 | 9,975 | 180,148 |
Other loans and advances to non-banks | 6,377 | \u2013 | \u2013 | \u2013 | \u2013 | 798 | \u2013 | 25,654 | 6 | 32,835 |
Unsettled transactions | 7,659 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 11 | 3,200 | 10,870 |
Investment in debt securities | \u2013 | \u2013 | 121,720 | 28,179 | \u2013 | \u2013 | \u2013 | 44,477 | 51,652 | 246,028 |
Other assets | 1,846 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 1,562 | \u2013 | 3,408 |
Accrued income | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 927 | \u2013 | 927 |
Total on-balance sheet exposure | 172,152 | 3,011 | 218,561 | 38,337 | 6,752 | 3,327 | \u2013 | 714,063 | 88,255 | 1,244,458 |
Restated | Consolidated | |||||||||
2023 | ||||||||||
Exposures by region | Africa | China | Europe | Far East | Japan | Middle East | Other | UK | Americas | Total |
On-balance sheet exposure | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 |
Cash and balances at central banks\u00b9 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 529,835 | \u2013 | 529,835 |
Loans and advances on demand to banks | 15,647 | 1,489 | 22,759 | 3,414 | 15,758 | 872 | 1,580 | 23,490 | 50,194 | 135,203 |
Other loans and advances to banks\u00b9 | 52,021 | 8,079 | 10,486 | 15,492 | \u2013 | 33,424 | \u2013 | 13,821 | 2,835 | 136,158 |
Other loans and advances to non-banks | 5,544 | \u2013 | 352 | \u2013 | \u2013 | \u2013 | \u2013 | 2,816 | \u2013 | 8,712 |
Unsettled transactions | 5,286 | \u2013 | 1,419 | 656 | \u2013 | 413 | \u2013 | 644 | \u2013 | 8,417 |
Investment in debt securities | \u2013 | \u2013 | 194,872 | 65,036 | \u2013 | \u2013 | 29,923 | \u2013 | 63,211 | 353,042 |
Other assets | 7,533 | \u2013 | 41 | 8 | \u2013 | \u2013 | \u2013 | 3,675 | \u2013 | 11,257 |
Accrued income | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 1,218 | \u2013 | 1,218 |
Total on-balance sheet exposure | 86,031 | 9,568 | 229,929 | 84,606 | 15,758 | 34,709 | 31,503 | 575,499 | 116,240 | 1,183,842 |
2024 | Consolidated | |||||||||
Exposures by region | Africa | China | Europe | Far East | Japan | Middle East | Other | UK | Americas | Total |
Off-balance sheet exposure | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 |
Financial guarantees | 809 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 809 |
Acceptances | 1,698 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 1,698 |
Confirmations | 23,018 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 228 | 23,246 |
Working capital facilities | 14,555 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 14,555 |
Total off-balance sheet exposure | 40,080 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 228 | 40,308 |
2023 | Consolidated | |||||||||
Exposures by region | Africa | China | Europe | Far East | Japan | Middle East | Other | UK | Americas | Total |
Off-balance sheet exposure | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 |
Financial guarantees | 1,589 | \u2013 | \u2013 | \u2013 | \u2013 | 87 | 235 | 1,911 | ||
Acceptances | 2,746 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 1,482 | 4,228 |
Confirmations | 5,494 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 3,680 | 9,173 |
Working capital facilities | 544 | \u2013 | 1,875 | \u2013 | \u2013 | \u2013 | \u2013 | 12,465 | \u2013 | 14,884 |
Total off-balance sheet exposure | 10,373 | \u2013 | 1,875 | \u2013 | \u2013 | \u2013 | \u2013 | 12,552 | 5,397 | 30,196 |
Consolidated | |||||||
Restated | |||||||
2024 | 2023 | ||||||
Exposure by maturity | 3 months or less | More than 3 months | Total | 3 months or less | More than 3 months | Total | |
On-balance sheet exposure | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | |
Cash and balances at central banks\u00b9 | 584,679 | \u2013 | 584,679 | 529,835 | \u2013 | 529,835 | |
Loans and advances on demand to banks | 185,563 | \u2013 | 185,563 | 135,203 | \u2013 | 135,203 | |
Other loans and advances to banks\u00b9 | 89,443 | 90,705 | 180,148 | 136,158 | \u2013 | 136,158 | |
Other loans and advances to non- banks | 32,835 | \u2013 | 32,835 | 8,712 | \u2013 | 8,712 | |
Unsettled transactions | 10,870 | \u2013 | 10,870 | 8,417 | \u2013 | 8,417 | |
Investment in debt securities | 35,729 | 210,299 | 246,028 | 353,042 | \u2013 | 353,042 | |
Other assets | 2,896 | 512 | 3,408 | 11,257 | \u2013 | 11,257 | |
Accrued income | 927 | \u2013 | 927 | 1,218 | \u2013 | 1,218 | |
Total on-balance sheet exposure | 942,942 | 301,516 | 1,244,458 | 1,183,842 | \u2013 | 1,183,842 |
Consolidated | |||||||
2024 | 2023 | ||||||
Exposure by maturity | 3 months or less | More than 3 months | Total | 3 months or less | More than 3 months | Total | |
Off-balance sheet exposure | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | |
Financial guarantees | 250 | 559 | 809 | 1,911 | \u2013 | 1,911 | |
Acceptances | 1,430 | 268 | 1,698 | 4,228 | \u2013 | 4,228 | |
Confirmations | 22,555 | 691 | 23,246 | 9,173 | \u2013 | 9,173 | |
Working capital facilities | \u2013 | 14,555 | 14,555 | 14,884 | \u2013 | 14,884 | |
Total off-balance sheet exposure | 24,235 | 16,073 | 40,308 | 30,196 | \u2013 | 30,196 | |
Total exposure | 967,177 | 317,589 | 1,284,766 | 1,214,038 | \u2013 | 1,214,038 |
Consolidated | |||||||
Restated | |||||||
2024 | 2023 | ||||||
Gross carrying amount | Loss allowance | Total | Gross carrying amount | Loss allowance | Total | ||
On-balance sheet exposure | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | |
Cash and balances at central banks\u00b9 | 584,679 | \u2013 | 584,679 | 529,835 | \u2013 | 529,835 | |
Loans and advances on demand to banks | 185,563 | (4) | 185,559 | 135,203 | (25) | 135,178 | |
Other loans and advances to banks\u00b9 | 180,148 | (64) | 180,084 | 136,158 | (27) | 136,131 | |
Other loans and advances to non- banks | 32,835 | (239) | 32,596 | 8,712 | (496) | 8,216 | |
Unsettled transactions | 10,870 | (4) | 10,866 | 8,417 | \u2013 | 8,417 | |
Investment in debt securities | 246,028 | (7) | 246,021 | 353,042 | (14) | 353,028 | |
Other assets | 3,408 | (18) | 3,390 | 11,257 | (57) | 11,200 | |
Accrued income | 927 | (2) | 925 | 1,218 | (3) | 1,215 | |
Total on-balance sheet exposure | 1,244,458 | (338) | 1,244,120 | 1,183,842 | (621) | 1,183,220 |
Consolidated | |||||||
2024 | 2023 | ||||||
Gross carrying amount | Loss allowance | Total | Gross carrying amount | Loss allowance | Total | ||
Off-balance sheet exposure | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | |
Financial guarantees | 809 | (1) | 808 | 1,911 | (2) | 1,909 | |
Acceptances | 1,698 | \u2013 | 1,698 | 4,228 | (3) | 4,225 | |
Confirmations | 23,246 | (2) | 23,244 | 9,173 | (3) | 9,170 | |
Working capital facilities | 14,555 | (62) | 14,493 | 14,884 | (228) | 14,656 | |
Total off-balance sheet exposure | 40,308 | (65) | 40,243 | 30,196 | (236) | 29,960 | |
Total exposure | 1,284,766 | (403) | 1,284,363 | 1,214,038 | (857) | 1,213,180 |
2024 | 2023 | ||||||
Consolidated | \u00a3'000 | \u00a3'000 | |||||
ECL | Stage 1 | Stage 2 | Stage 3 | Stage 1 | Stage 2 | Stage 3 | |
Cash and balances at central banks | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | |
Investment grade | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | |
Sub-investment grade | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | |
Loans and advances on demand to banks | 3 | 1 | \u2013 | 25 | \u2013 | \u2013 | |
Investment grade | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | |
Sub-investment grade | 3 | 1 | \u2013 | 25 | \u2013 | \u2013 | |
Other loans and advances to banks | 29 | 3 | 32 | 27 | \u2013 | \u2013 | |
Investment grade | \u2013 | \u2013 | \u2013 | 1 | \u2013 | \u2013 | |
Sub-investment grade | 29 | 3 | 32 | 27 | \u2013 | \u2013 | |
Other loans and advances to non-banks | 3 | 175 | 61 | 14 | 450 | 32 | |
Investment grade | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | |
Sub-investment grade | 3 | 175 | 61 | 14 | 450 | 32 | |
Unsettled transactions | 3 | 1 | \u2013 | 13 | \u2013 | \u2013 | |
Investment grade | \u2013 | \u2013 | \u2013 | \u2013 | |||
Sub-investment grade | 3 | 1 | \u2013 | 13 | \u2013 | \u2013 | |
Investment in debt securities | 7 | \u2013 | \u2013 | 14 | \u2013 | \u2013 | |
Investment grade | 7 | \u2013 | \u2013 | 14 | \u2013 | \u2013 | |
Sub-investment grade | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | |
Other asset exposures | 18 | \u2013 | \u2013 | 27 | 1 | 16 | |
Investment grade | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | |
Sub-investment grade | 18 | \u2013 | \u2013 | 27 | 1 | 16 | |
Accrued income | 2 | \u2013 | \u2013 | 3 | \u2013 | \u2013 | |
Investment grade | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | |
Sub-investment grade | 2 | \u2013 | \u2013 | 3 | \u2013 | \u2013 | |
Total on-balance sheet ECL | 65 | 180 | 93 | 122 | 451 | 48 | |
Total on-balance sheet ECL | 338 | 621 |
Year | 2024 | 2023 | |||||
ECL | \u00a3'000 | \u00a3'000 | |||||
Off-balance sheet items | Stage 1 | Stage 2 | Stage 3 | Stage 1 | Stage 2 | Stage 3 | |
Financial guarantees | \u2013 | 1 | \u2013 | 2 | \u2013 | \u2013 | |
Investment grade | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | |
Sub-investment grade | \u2013 | 1 | \u2013 | 2 | \u2013 | \u2013 | |
Acceptances | \u2013 | \u2013 | \u2013 | 3 | \u2013 | \u2013 | |
Investment grade | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | |
Sub-investment grade | \u2013 | \u2013 | \u2013 | 3 | \u2013 | \u2013 | |
Confirmation | 2 | \u2013 | \u2013 | 3 | \u2013 | \u2013 | |
Investment grade | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | |
Sub-investment grade | 2 | \u2013 | \u2013 | 3 | \u2013 | \u2013 | |
Working capital facilities | \u2013 | 62 | \u2013 | 7 | 221 | \u2013 | |
Investment grade | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | |
Sub-investment grade | \u2013 | 62 | \u2013 | 7 | 221 | \u2013 | |
Total off-balance sheet ECL | 2 | 63 | \u2013 | 15 | 221 | \u2013 | |
Total off-balance sheet ECL | 65 | 236 | |||||
Total ECL per stage | 67 | 243 | 93 | 137 | 672 | 48 | |
Total ECL | 403 | 857 |
Restated | |||||||
2024 | 2023 | ||||||
Maximum exposure per staging | \u00a3'000 | \u00a3'000 | |||||
On-balance sheet items | Stage 1 | Stage 2 | Stage 3 | Stage 1 | Stage 2 | Stage 3 | |
Cash and balances at central banks\u00b9 | 584,679 | \u2013 | \u2013 | 529,835 | \u2013 | \u2013 | |
Loans and advances on demand to banks | 184,658 | 905 | \u2013 | 134,882 | 322 | \u2013 | |
Other loans and advances to banks\u00b9 | 171,020 | 9,128 | \u2013 | 136,158 | \u2013 | \u2013 | |
Other loans and advances to non-banks | 731 | 32,010 | 94 | 2,531 | 6,092 | \u2013 | |
Unsettled transactions | 9,404 | 1,466 | \u2013 | 7,365 | 1,035 | \u2013 | |
Investment in debt securities | 246,028 | \u2013 | \u2013 | 353,042 | \u2013 | \u2013 | |
Other asset exposures | 3,318 | 90 | \u2013 | 8,057 | 3,109 | 89 | |
Accrued income | 927 | \u2013 | \u2013 | 1,218 | \u2013 | \u2013 | |
Total on-balance sheet maximum exposure per stage | 1,200,765 | 43,599 | 94 | 1,173,089 | 10,558 | 89 | |
Total on-balance sheet maximum exposure | 1,244,458 | 1,183,736 | |||||
Off-balance sheet items | |||||||
Financial guarantees | 649 | 160 | \u2013 | 1,899 | 12 | \u2013 | |
Acceptances | 1,306 | 392 | \u2013 | 4,228 | \u2013 | \u2013 | |
Confirmation | 20,399 | 2,847 | \u2013 | 9,173 | \u2013 | \u2013 | |
Working capital facilities | \u2013 | 14,555 | \u2013 | 685 | 14,199 | \u2013 | |
Total off-balance sheet maximum exposure per stage | 22,354 | 17,954 | \u2013 | 15,985 | 14,211 | \u2013 | |
Total off-balance sheet maximum exposure | 40,308 | 30,196 | |||||
Total maximum exposure per stage | 1,223,119 | 61,553 | 94 | 1,189,074 | 24,769 | 89 | |
Total maximum exposure | 1,284,766 | 1,213,932 |
2024 | 2023 | ||||||
Coverage ratios | Gross carrying amount | ECL | Coverage | Gross carrying amount | ECL | Coverage | |
On-balance sheet | \u00a3\u2019000 | \u00a3\u2019000 | ratio % | \u00a3\u2019000 | \u00a3\u2019000 | ratio % | |
Stage 1 | 1,200,765 | 65 | 0.01% | 1,173,089 | 122 | \u2013% | |
Stage 2 | 43,599 | 180 | 0.41% | 10,558 | 451 | 4.3% | |
Stage 3 | 94 | 93 | 98.94% | 89 | 48 | 53.9% | |
Total on-balance sheet | 1,244,458 | 338 | 0.03% | 1,183,736 | 621 | 0.1% | |
Off\u2013balance sheet | |||||||
Stage 1 | 22,354 | 2 | 0.01% | 15,985 | 15 | 0.1% | |
Stage 2 | 17,954 | 63 | 0.35% | 14,211 | 221 | 1.6% | |
Stage 3 | \u2013 | \u2013 | \u2013% | \u2013 | \u2013 | \u2013% | |
Total off-balance sheet | 40,308 | 65 | 0.16% | 30,196 | 236 | 0.8% | |
Total | 1,284,766 | 403 | 0.03% | 1,213,932 | 857 | 0.1% |
2024 | 2023 | ||||||
\u00a3'000 | \u00a3'000 | ||||||
Consolidated | Stage 1 | Stage 2 | Stage 3 | Stage 1 | Stage 2 | Stage 3 | |
Loss allowance at beginning of period | 137 | 672 | 48 | 454 | 2 | \u2013 | |
Loans expired/closed from previous period | (130) | (671) | (16) | (448) | (2) | \u2013 | |
New loans issued | 60 | 242 | 61 | 843 | 8 | \u2013 | |
Expected credit loss before changes in loss allowance | 849 | 8 | \u2013 | ||||
Change in loss allowance | \u2013 | \u2013 | \u2013 | (712) | \u2013 | \u2013 | |
Transfer to Stage 1 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | |
Transfer to Stage 2 | \u2013 | \u2013 | \u2013 | (664) | \u2013 | \u2013 | |
Transfer to Stage 3 | \u2013 | \u2013 | \u2013 | (48) | \u2013 | \u2013 | |
Transfers in | \u2013 | \u2013 | \u2013 | \u2013 | 664 | 48 | |
Adjustments in expected credit loss | \u2013 | \u2013 | \u2013 | 92 | 8 | \u2013 | |
Loss allowance at end of period | 67 | 243 | 93 | 137 | 672 | 48 | |
Total loss allowance at end of period | 403 | 857 |
Consolidated | |||||||
Less than 1 month | 1 month | 3 months | 1 year | 2 years | More than | ||
or on demand | \u2013 3 months | \u2013 1 year | \u2013 2 years | \u2013 5 years | 5 years | Total | |
Assets 2024 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 |
Cash and balances at central banks | 583,619 | 1,061 | \u2013 | \u2013 | \u2013 | \u2013 | 584,680 |
Money market funds | 488,197 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 488,197 |
Loans and advances on demand to banks | 185,563 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 185,563 |
Other loans and advances to banks | 32,166 | 50,902 | 99,839 | \u2013 | \u2013 | \u2013 | 182,907 |
Other loans and advances to non- banks | 32,835 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 32,835 |
Derivative financial assets | 4,863 | \u2013 | 21 | \u2013 | \u2013 | \u2013 | 4,884 |
Unsettled transactions | 10,870 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 10,870 |
Investment in debt securities | 12,870 | 26,366 | 80,268 | 81,872 | 53,708 | \u2013 | 255,084 |
Investment in equity securities | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 553 | 553 |
Other assets | 3,408 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 3,408 |
Accrued income (others) | 927 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 927 |
Total | 1,355,318 | 78,329 | 180,128 | 81,872 | 53,708 | 553 | 1,749,908 |
Consolidated | |||||||
Less than 1 month | 1 month | 3 months | 1 year | 2 years | More than | ||
or on demand | \u2013 3 months | \u2013 1 year | \u2013 2 years | \u2013 5 years | 5 years | Total | |
Liabilities 2024 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 |
Non-derivative liabilities | |||||||
Customer accounts | 1,426,593 | 96,435 | 64,138 | \u2013 | \u2013 | \u2013 | 1,587,166 |
Unsettled transactions | 35,115 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 35,115 |
Other liabilities | 3,299 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 3,299 |
Accruals | 10,380 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 10,380 |
Lease liabilities | 19 | 89 | 289 | 3,464 | 9,911 | 11,656 | 25,428 |
Total | 1,475,406 | 96,524 | 64,427 | 3,464 | 9,911 | 11,656 | 1,661,388 |
Derivative liabilities | |||||||
Derivative financial instruments | 539 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 539 |
Consolidated | |||||||
Less than 1 month | 1 month | 3 months | 1 year | 2 years | More than | ||
or on demand | \u2013 3 months | \u2013 1 year | \u2013 2 years | \u2013 5 years | 5 years | Total | |
Assets 2023 (restated) | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 |
Cash and balances at central banks | 528,397 | 1,438 | \u2013 | \u2013 | \u2013 | \u2013 | 529,835 |
Money market funds | 518,764 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 518,764 |
Loans and advances on demand to banks | 135,239 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 135,239 |
Other loans and advances to banks\u00b9 | 38,274 | 35,142 | 65,011 | \u2013 | \u2013 | \u2013 | 138,427 |
Other loans and advances to non- banks | 8,216 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 8,216 |
Derivative financial assets | 3,795 | \u2013 | 34 | \u2013 | \u2013 | \u2013 | 3,829 |
Unsettled transactions | 8,417 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 8,417 |
Investment in debt securities | 36,905 | 68,629 | 169,033 | 70,263 | 20,713 | \u2013 | 365,543 |
Investment in equity securities | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 495 | 495 |
Other assets | 5,721 | \u2013 | \u2013 | \u2013 | \u2013 | 5,721 | |
Accrued income (others) | 1,215 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 1,215 |
Total | 1,284,943 | 105,209 | 234,078 | 70,263 | 20,713 | 495 | 1,715,700 |
Consolidated | |||||||
Less than 1 month | 1 month | 3 months | 1 year | 2 years | More than | ||
or on demand | \u2013 3 months | \u2013 1 year | \u2013 2 years | \u2013 5 years | 5 years | Total | |
Liabilities (2023) | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 |
Non-derivative liabilities | |||||||
Customer accounts | 1,358,315 | 98,939 | 83,136 | 6,051 | \u2013 | \u2013 | 1,546,441 |
Unsettled transactions | 20,081 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 20,081 |
Other liabilities\u00b2 | 6,223 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 6,223 |
Accruals | 18,367 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 18,367 |
Lease liabilities | 83 | 51 | 238 | 181 | 331 | \u2013 | 884 |
Total | 1,403,069 | 98,990 | 83,374 | 6,232 | 331 | \u2013 | 1,591,996 |
Derivative liabilities | |||||||
Derivative financial instruments | 9,645 | \u2013 | 34 | \u2013 | \u2013 | \u2013 | 9,679 |
Company | ||||||
Less than 1 month | 1 month | 3 months | 1 year | 2 years | ||
or on demand | \u2013 3 months | \u2013 1 year | \u2013 2 years | \u2013 5 years | Total | |
Assets (2024) | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 |
Loans and advances to banks | 108 | \u2013 | \u2013 | \u2013 | \u2013 | 108 |
Intercompany receivables | 273 | \u2013 | \u2013 | \u2013 | \u2013 | 273 |
Other assets | 500 | \u2013 | \u2013 | \u2013 | \u2013 | 500 |
Total | 881 | \u2013 | \u2013 | \u2013 | \u2013 | 881 |
Company | ||||||
Less than 1 month | 1 month | 3 months | 1 year | 2 years | ||
or on demand | \u2013 3 months | \u2013 1 year | \u2013 2 years | \u2013 5 years | Total | |
Liabilities (2024) | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 |
Intercompany payables | 18,262 | \u2013 | \u2013 | \u2013 | \u2013 | 18,262 |
Accruals | 736 | \u2013 | \u2013 | \u2013 | \u2013 | 736 |
Other liabilities | 65 | \u2013 | \u2013 | \u2013 | \u2013 | 65 |
Total | 19,063 | \u2013 | \u2013 | \u2013 | \u2013 | 19,063 |
Company | ||||||
Less than 1 month | 1 month | 3 months | 1 year | 2 years | ||
or on demand | \u2013 3 months | \u2013 1 year | \u2013 2 years | \u2013 5 years | Total | |
Assets (2023) | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 |
Loans and advances to banks | 658 | \u2013 | \u2013 | \u2013 | \u2013 | 658 |
Intercompany receivables | 4,239 | \u2013 | \u2013 | \u2013 | \u2013 | 4,239 |
Other assets | 188 | \u2013 | \u2013 | \u2013 | \u2013 | 188 |
Total | 5,085 | \u2013 | \u2013 | \u2013 | \u2013 | 5,085 |
Company | ||||||
Less than 1 month | 1 month | 3 months | 1 year | 2 years | ||
or on demand | \u2013 3 months | \u2013 1 year | \u2013 2 years | \u2013 5 years | Total | |
Liabilities (2023) | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 |
Intercompany payables | 19,406 | \u2013 | \u2013 | \u2013 | \u2013 | 19,406 |
Accruals | 1,022 | \u2013 | \u2013 | \u2013 | \u2013 | 1,022 |
Other liabilities | 422 | \u2013 | \u2013 | \u2013 | \u2013 | 422 |
Total | 20,850 | \u2013 | \u2013 | \u2013 | \u2013 | 20,850 |
Consolidated \u2013 Net foreign currency monetary (liabilities) / assets in \u00a3\u2019000 | ||||||
2024 Currency | US Dollar | Euro | KES | UGX | Other | Total |
(Liabilities)/assets | (406,715) | (91,378) | 778 | 112 | (10,067) | (507,270) |
Net forward purchases/(sales) | 408,714 | 92,328 | (199) | (79) | 12,874 | 513,638 |
1,999 | 950 | 579 | 33 | 2,807 | 6,368 | |
Change in assets/(liabilities) due to a change in currency value by | ||||||
+ 100 basis points | 20 | 10 | 6 | \u2013 | 28 | 64 |
- 100 basis points | (20) | (10) | (6) | \u2013 | (28) | (64) |
Consolidated \u2013 Net foreign currency monetary (liabilities) / assets in \u00a3\u2019000 | ||||||
2023 Currency | US Dollar | Euro | KES | UGX | Other | Total |
(Liabilities)/assets | (281,532) | (97,714) | 410 | (153) | 12,822 | (366,167) |
Net forward purchases/(sales) | 282,402 | 97,077 | (309) | \u2013 | (10,177) | 368,993 |
870 | (637) | 101 | (153) | 2,645 | 2,826 | |
Change in assets/(liabilities) due to a change in currency value by | ||||||
+ 100 basis points | 9 | (6) | 1 | (2) | 26 | 28 |
- 100 basis points | (9) | 6 | (1) | 2 | (26) | (28) |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Assets | ||
Denominated in other currencies | 1,001,913 | 1,040,623 |
Liabilities and equity | ||
Denominated in other currencies | 1,509,183 | 1,406,167 |
Consolidated | ||||||
Interest rate repricing | Not more than three months | More than three months but not more than six months | More than six months but not more than one year | More than one year but not more than five years | Non-interest bearing | Total |
Assets (2024) | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 |
Cash and balances at central banks | 583,619 | \u2013 | \u2013 | \u2013 | \u2013 | 583,619 |
Money market funds | 488,197 | \u2013 | \u2013 | \u2013 | \u2013 | 488,197 |
Loans and advances on demand to banks | 185,563 | \u2013 | \u2013 | \u2013 | \u2013 | 185,563 |
Other loans and advances to banks | 81,204 | 87,437 | 9,501 | \u2013 | \u2013 | 178,142 |
Loans and advances to non-banks | 32,835 | \u2013 | \u2013 | \u2013 | \u2013 | 32,835 |
Derivative financial assets | 4,863 | 21 | \u2013 | \u2013 | \u2013 | 4,884 |
Unsettled transactions | \u2013 | \u2013 | \u2013 | \u2013 | 10,870 | 10,870 |
Investment in debt securities | 80,218 | 34,529 | 42,981 | 89,733 | \u2013 | 247,461 |
Investments in equity securities | \u2013 | \u2013 | \u2013 | \u2013 | 553 | 553 |
Other assets\u00b9 | \u2013 | \u2013 | \u2013 | \u2013 | 3,408 | 3,408 |
Accrued income | \u2013 | \u2013 | \u2013 | \u2013 | 927 | 927 |
Total assets | 1,456,499 | 121,987 | 52,482 | 89,733 | 15,758 | 1,736,459 |
Consolidated | ||||||
Interest rate repricing | Not more than three months | More than three months but not more than six months | More than six months but not more than one year | More than one year but not more than five years | Non-interest bearing | Total |
Liabilities (2024) | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 |
Customer accounts | 1,520,797 | 44,052 | 17,838 | \u2013 | \u2013 | 1,582,687 |
Derivative financial liabilities | 539 | \u2013 | \u2013 | \u2013 | \u2013 | 539 |
Unsettled transactions | \u2013 | \u2013 | \u2013 | \u2013 | 35,115 | 35,115 |
Other liabilities\u00b9 | \u2013 | \u2013 | \u2013 | \u2013 | 28,727 | 28,727 |
Accruals | \u2013 | \u2013 | \u2013 | \u2013 | 10,380 | 10,380 |
Shareholders\u2019 funds | \u2013 | \u2013 | \u2013 | \u2013 | 146,551 | 146,551 |
Total liabilities | 1,521,336 | 44,052 | 17,838 | \u2013 | 220,773 | 1,803,999 |
Interest rate sensitivity gap | (64,837) | 77,935 | 34,644 | 89,733 | (205,015) | (67,540) |
Cumulative gap | (64,837) | 13,098 | 47,742 | 137,475 | (67,540) |
Interest rate repricing | Consolidated | |||||
Not more than three months | More than three months but not more than six months | More than six months but not more than one year | More than one year but not more than five years | Non-interest bearing | Total | |
2023 Assets (restated) | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 |
Cash and balances at central banks | 528,396 | \u2013 | \u2013 | \u2013 | \u2013 | 528,396 |
Money market funds | 518,764 | \u2013 | \u2013 | \u2013 | \u2013 | 518,764 |
Loans and advances on demand to banks | 135,178 | \u2013 | \u2013 | \u2013 | \u2013 | 135,178 |
Other loans and advances to banks\u00b9 | 72,731 | 50,701 | 12,503 | \u2013 | \u2013 | 135,935 |
Loans and advances to non-banks | 8,216 | \u2013 | \u2013 | \u2013 | \u2013 | 8,216 |
Derivative financial assets | 3,795 | 15 | 19 | \u2013 | \u2013 | 3,829 |
Unsettled transactions | \u2013 | \u2013 | \u2013 | \u2013 | 8,417 | 8,417 |
Investment in debt securities | 104,424 | 56,322 | 110,547 | 89,336 | \u2013 | 360,629 |
Investments in equity securities | \u2013 | \u2013 | \u2013 | \u2013 | 495 | 495 |
Other assets | 330 | \u2013 | \u2013 | \u2013 | 5,391 | 5,721 |
Accrued income | \u2013 | \u2013 | \u2013 | \u2013 | 1,215 | 1,215 |
Total assets | 1,371,834 | 107,038 | 123,069 | 89,336 | 15,518 | 1,706,795 |
Interest rate repricing | Consolidated | |||||
Not more than three months | More than three months but not more than six months | More than six months but not more than one year | More than one year but not more than five years | Non-interest bearing | Total | |
2023 Liabilities | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 |
Customer accounts | 1,456,217 | 37,686 | 43,334 | 5,652 | \u2013 | 1,542,889 |
Derivative financial liabilities | 9,645 | 15 | 19 | \u2013 | \u2013 | 9,679 |
Unsettled transactions | \u2013 | \u2013 | \u2013 | \u2013 | 20,081 | 20,081 |
Other liabilities\u00b9 | \u2013 | \u2013 | \u2013 | \u2013 | 7,107 | 7,107 |
Accruals | \u2013 | \u2013 | \u2013 | \u2013 | 18,367 | 18,367 |
Shareholders\u2019 funds | \u2013 | \u2013 | \u2013 | \u2013 | 131,530 | 131,530 |
Total liabilities | 1,465,862 | 37,701 | 43,353 | 5,652 | 177,085 | 1,729,653 |
Interest rate sensitivity gap | (94,028) | 69,337 | 79,716 | 83,684 | (161,567) | (22,858) |
Cumulative gap | (92,393) | (23,056) | 56,660 | 140,344 | (21,223) |
2024 | 2023 | |
Parallel Shift (consolidated) | \u00a3\u2019000 | \u00a3\u2019000 |
+ 200bp | (155) | 157 |
\u2013 200bp | 142 | (181) |
Consolidated | |||||||
Less than 1 month | 1 month | 3 months | 1 year | 2 years | More than | ||
or on demand | \u2013 3 months | \u2013 1 year | \u2013 2 years | \u2013 5 years | 5 years | Total | |
Assets 2024 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 |
Cash and balances at central banks | 583,619 | 1,061 | \u2013 | \u2013 | \u2013 | \u2013 | 584,680 |
Money market funds | 488,197 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 488,197 |
Loans and advances on demand to banks | 185,563 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 185,563 |
Other loans and advances to banks | 32,166 | 50,902 | 99,839 | \u2013 | \u2013 | \u2013 | 182,907 |
Other loans and advances to non- banks | 32,835 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 32,835 |
Derivative financial assets | 4,863 | \u2013 | 21 | \u2013 | \u2013 | \u2013 | 4,884 |
Unsettled transactions | 10,870 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 10,870 |
Investment in debt securities | 12,870 | 26,366 | 80,268 | 81,872 | 53,708 | \u2013 | 255,084 |
Investment in equity securities | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 553 | 553 |
Other assets | 3,408 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 3,408 |
Accrued income (others) | 927 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 927 |
Total | 1,355,318 | 78,329 | 180,128 | 81,872 | 53,708 | 553 | 1,749,908 |
Consolidated | |||||||
Less than 1 month | 1 month | 3 months | 1 year | 2 years | More than | ||
or on demand | \u2013 3 months | \u2013 1 year | \u2013 2 years | \u2013 5 years | 5 years | Total | |
Liabilities 2024 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 |
Non-derivative liabilities | |||||||
Customer accounts | 1,426,593 | 96,435 | 64,138 | \u2013 | \u2013 | \u2013 | 1,587,166 |
Unsettled transactions | 35,115 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 35,115 |
Other liabilities | 3,299 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 3,299 |
Accruals | 10,380 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 10,380 |
Lease liabilities | 19 | 89 | 289 | 3,464 | 9,911 | 11,656 | 25,428 |
Total | 1,475,406 | 96,524 | 64,427 | 3,464 | 9,911 | 11,656 | 1,661,388 |
Derivative liabilities | |||||||
Derivative financial instruments | 539 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 539 |
Consolidated | |||||||
Less than 1 month | 1 month | 3 months | 1 year | 2 years | More than | ||
or on demand | \u2013 3 months | \u2013 1 year | \u2013 2 years | \u2013 5 years | 5 years | Total | |
Assets 2023 (restated) | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 |
Cash and balances at central banks | 528,397 | 1,438 | \u2013 | \u2013 | \u2013 | \u2013 | 529,835 |
Money market funds | 518,764 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 518,764 |
Loans and advances on demand to banks | 135,239 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 135,239 |
Other loans and advances to banks\u00b9 | 38,274 | 35,142 | 65,011 | \u2013 | \u2013 | \u2013 | 138,427 |
Other loans and advances to non- banks | 8,216 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 8,216 |
Derivative financial assets | 3,795 | \u2013 | 34 | \u2013 | \u2013 | \u2013 | 3,829 |
Unsettled transactions | 8,417 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 8,417 |
Investment in debt securities | 36,905 | 68,629 | 169,033 | 70,263 | 20,713 | \u2013 | 365,543 |
Investment in equity securities | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 495 | 495 |
Other assets | 5,721 | \u2013 | \u2013 | \u2013 | \u2013 | 5,721 | |
Accrued income (others) | 1,215 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 1,215 |
Total | 1,284,943 | 105,209 | 234,078 | 70,263 | 20,713 | 495 | 1,715,700 |
Consolidated | |||||||
Less than 1 month | 1 month | 3 months | 1 year | 2 years | More than | ||
or on demand | \u2013 3 months | \u2013 1 year | \u2013 2 years | \u2013 5 years | 5 years | Total | |
Liabilities (2023) | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 |
Non-derivative liabilities | |||||||
Customer accounts | 1,358,315 | 98,939 | 83,136 | 6,051 | \u2013 | \u2013 | 1,546,441 |
Unsettled transactions | 20,081 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 20,081 |
Other liabilities\u00b2 | 6,223 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 6,223 |
Accruals | 18,367 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 18,367 |
Lease liabilities | 83 | 51 | 238 | 181 | 331 | \u2013 | 884 |
Total | 1,403,069 | 98,990 | 83,374 | 6,232 | 331 | \u2013 | 1,591,996 |
Derivative liabilities | |||||||
Derivative financial instruments | 9,645 | \u2013 | 34 | \u2013 | \u2013 | \u2013 | 9,679 |
Company | ||||||
Less than 1 month | 1 month | 3 months | 1 year | 2 years | ||
or on demand | \u2013 3 months | \u2013 1 year | \u2013 2 years | \u2013 5 years | Total | |
Assets (2024) | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 |
Loans and advances to banks | 108 | \u2013 | \u2013 | \u2013 | \u2013 | 108 |
Intercompany receivables | 273 | \u2013 | \u2013 | \u2013 | \u2013 | 273 |
Other assets | 500 | \u2013 | \u2013 | \u2013 | \u2013 | 500 |
Total | 881 | \u2013 | \u2013 | \u2013 | \u2013 | 881 |
Company | ||||||
Less than 1 month | 1 month | 3 months | 1 year | 2 years | ||
or on demand | \u2013 3 months | \u2013 1 year | \u2013 2 years | \u2013 5 years | Total | |
Liabilities (2024) | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 |
Intercompany payables | 18,262 | \u2013 | \u2013 | \u2013 | \u2013 | 18,262 |
Accruals | 736 | \u2013 | \u2013 | \u2013 | \u2013 | 736 |
Other liabilities | 65 | \u2013 | \u2013 | \u2013 | \u2013 | 65 |
Total | 19,063 | \u2013 | \u2013 | \u2013 | \u2013 | 19,063 |
Company | ||||||
Less than 1 month | 1 month | 3 months | 1 year | 2 years | ||
or on demand | \u2013 3 months | \u2013 1 year | \u2013 2 years | \u2013 5 years | Total | |
Assets (2023) | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 |
Loans and advances to banks | 658 | \u2013 | \u2013 | \u2013 | \u2013 | 658 |
Intercompany receivables | 4,239 | \u2013 | \u2013 | \u2013 | \u2013 | 4,239 |
Other assets | 188 | \u2013 | \u2013 | \u2013 | \u2013 | 188 |
Total | 5,085 | \u2013 | \u2013 | \u2013 | \u2013 | 5,085 |
Company | ||||||
Less than 1 month | 1 month | 3 months | 1 year | 2 years | ||
or on demand | \u2013 3 months | \u2013 1 year | \u2013 2 years | \u2013 5 years | Total | |
Liabilities (2023) | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 |
Intercompany payables | 19,406 | \u2013 | \u2013 | \u2013 | \u2013 | 19,406 |
Accruals | 1,022 | \u2013 | \u2013 | \u2013 | \u2013 | 1,022 |
Other liabilities | 422 | \u2013 | \u2013 | \u2013 | \u2013 | 422 |
Total | 20,850 | \u2013 | \u2013 | \u2013 | \u2013 | 20,850 |
Consolidated \u2013 Net foreign currency monetary (liabilities) / assets in \u00a3\u2019000 | ||||||
2024 Currency | US Dollar | Euro | KES | UGX | Other | Total |
(Liabilities)/assets | (406,715) | (91,378) | 778 | 112 | (10,067) | (507,270) |
Net forward purchases/(sales) | 408,714 | 92,328 | (199) | (79) | 12,874 | 513,638 |
1,999 | 950 | 579 | 33 | 2,807 | 6,368 | |
Change in assets/(liabilities) due to a change in currency value by | ||||||
+ 100 basis points | 20 | 10 | 6 | \u2013 | 28 | 64 |
- 100 basis points | (20) | (10) | (6) | \u2013 | (28) | (64) |
Consolidated \u2013 Net foreign currency monetary (liabilities) / assets in \u00a3\u2019000 | ||||||
2023 Currency | US Dollar | Euro | KES | UGX | Other | Total |
(Liabilities)/assets | (281,532) | (97,714) | 410 | (153) | 12,822 | (366,167) |
Net forward purchases/(sales) | 282,402 | 97,077 | (309) | \u2013 | (10,177) | 368,993 |
870 | (637) | 101 | (153) | 2,645 | 2,826 | |
Change in assets/(liabilities) due to a change in currency value by | ||||||
+ 100 basis points | 9 | (6) | 1 | (2) | 26 | 28 |
- 100 basis points | (9) | 6 | (1) | 2 | (26) | (28) |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Assets | ||
Denominated in other currencies | 1,001,913 | 1,040,623 |
Liabilities and equity | ||
Denominated in other currencies | 1,509,183 | 1,406,167 |
Consolidated | ||||||
Interest rate repricing | Not more than three months | More than three months but not more than six months | More than six months but not more than one year | More than one year but not more than five years | Non-interest bearing | Total |
Assets (2024) | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 |
Cash and balances at central banks | 583,619 | \u2013 | \u2013 | \u2013 | \u2013 | 583,619 |
Money market funds | 488,197 | \u2013 | \u2013 | \u2013 | \u2013 | 488,197 |
Loans and advances on demand to banks | 185,563 | \u2013 | \u2013 | \u2013 | \u2013 | 185,563 |
Other loans and advances to banks | 81,204 | 87,437 | 9,501 | \u2013 | \u2013 | 178,142 |
Loans and advances to non-banks | 32,835 | \u2013 | \u2013 | \u2013 | \u2013 | 32,835 |
Derivative financial assets | 4,863 | 21 | \u2013 | \u2013 | \u2013 | 4,884 |
Unsettled transactions | \u2013 | \u2013 | \u2013 | \u2013 | 10,870 | 10,870 |
Investment in debt securities | 80,218 | 34,529 | 42,981 | 89,733 | \u2013 | 247,461 |
Investments in equity securities | \u2013 | \u2013 | \u2013 | \u2013 | 553 | 553 |
Other assets\u00b9 | \u2013 | \u2013 | \u2013 | \u2013 | 3,408 | 3,408 |
Accrued income | \u2013 | \u2013 | \u2013 | \u2013 | 927 | 927 |
Total assets | 1,456,499 | 121,987 | 52,482 | 89,733 | 15,758 | 1,736,459 |
Consolidated | ||||||
Interest rate repricing | Not more than three months | More than three months but not more than six months | More than six months but not more than one year | More than one year but not more than five years | Non-interest bearing | Total |
Liabilities (2024) | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 |
Customer accounts | 1,520,797 | 44,052 | 17,838 | \u2013 | \u2013 | 1,582,687 |
Derivative financial liabilities | 539 | \u2013 | \u2013 | \u2013 | \u2013 | 539 |
Unsettled transactions | \u2013 | \u2013 | \u2013 | \u2013 | 35,115 | 35,115 |
Other liabilities\u00b9 | \u2013 | \u2013 | \u2013 | \u2013 | 28,727 | 28,727 |
Accruals | \u2013 | \u2013 | \u2013 | \u2013 | 10,380 | 10,380 |
Shareholders\u2019 funds | \u2013 | \u2013 | \u2013 | \u2013 | 146,551 | 146,551 |
Total liabilities | 1,521,336 | 44,052 | 17,838 | \u2013 | 220,773 | 1,803,999 |
Interest rate sensitivity gap | (64,837) | 77,935 | 34,644 | 89,733 | (205,015) | (67,540) |
Cumulative gap | (64,837) | 13,098 | 47,742 | 137,475 | (67,540) |
Interest rate repricing | Consolidated | |||||
Not more than three months | More than three months but not more than six months | More than six months but not more than one year | More than one year but not more than five years | Non-interest bearing | Total | |
2023 Assets (restated) | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 |
Cash and balances at central banks | 528,396 | \u2013 | \u2013 | \u2013 | \u2013 | 528,396 |
Money market funds | 518,764 | \u2013 | \u2013 | \u2013 | \u2013 | 518,764 |
Loans and advances on demand to banks | 135,178 | \u2013 | \u2013 | \u2013 | \u2013 | 135,178 |
Other loans and advances to banks\u00b9 | 72,731 | 50,701 | 12,503 | \u2013 | \u2013 | 135,935 |
Loans and advances to non-banks | 8,216 | \u2013 | \u2013 | \u2013 | \u2013 | 8,216 |
Derivative financial assets | 3,795 | 15 | 19 | \u2013 | \u2013 | 3,829 |
Unsettled transactions | \u2013 | \u2013 | \u2013 | \u2013 | 8,417 | 8,417 |
Investment in debt securities | 104,424 | 56,322 | 110,547 | 89,336 | \u2013 | 360,629 |
Investments in equity securities | \u2013 | \u2013 | \u2013 | \u2013 | 495 | 495 |
Other assets | 330 | \u2013 | \u2013 | \u2013 | 5,391 | 5,721 |
Accrued income | \u2013 | \u2013 | \u2013 | \u2013 | 1,215 | 1,215 |
Total assets | 1,371,834 | 107,038 | 123,069 | 89,336 | 15,518 | 1,706,795 |
Interest rate repricing | Consolidated | |||||
Not more than three months | More than three months but not more than six months | More than six months but not more than one year | More than one year but not more than five years | Non-interest bearing | Total | |
2023 Liabilities | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 | \u00a3'000 |
Customer accounts | 1,456,217 | 37,686 | 43,334 | 5,652 | \u2013 | 1,542,889 |
Derivative financial liabilities | 9,645 | 15 | 19 | \u2013 | \u2013 | 9,679 |
Unsettled transactions | \u2013 | \u2013 | \u2013 | \u2013 | 20,081 | 20,081 |
Other liabilities\u00b9 | \u2013 | \u2013 | \u2013 | \u2013 | 7,107 | 7,107 |
Accruals | \u2013 | \u2013 | \u2013 | \u2013 | 18,367 | 18,367 |
Shareholders\u2019 funds | \u2013 | \u2013 | \u2013 | \u2013 | 131,530 | 131,530 |
Total liabilities | 1,465,862 | 37,701 | 43,353 | 5,652 | 177,085 | 1,729,653 |
Interest rate sensitivity gap | (94,028) | 69,337 | 79,716 | 83,684 | (161,567) | (22,858) |
Cumulative gap | (92,393) | (23,056) | 56,660 | 140,344 | (21,223) |
2024 | 2023 | |
Parallel Shift (consolidated) | \u00a3\u2019000 | \u00a3\u2019000 |
+ 200bp | (155) | 157 |
\u2013 200bp | 142 | (181) |
Consolidated | ||
Restated | ||
2024 | 2023 | |
Financial assets | \u00a3\u2019000 | \u00a3\u2019000 |
Mandatorily measured at fair value through profit or loss | ||
Money market funds | 488,197 | 518,764 |
Derivative financial instruments \u2013 foreign exchange related contracts | 4,884 | 3,829 |
493,081 | 522,593 | |
Measured at amortised cost | ||
Cash and balances at central banks\u00b9 | 584,679 | 529,835 |
Loans and advances on demand to banks | 185,559 | 135,178 |
Other loans and advances to banks\u00b9 | 180,084 | 136,131 |
Other loans and advances to non-banks | 32,596 | 8,216 |
Investment in debt securities | 246,021 | 353,028 |
Unsettled transactions | 10,866 | 8,417 |
Other assets (excluding non-financial assets) | 3,390 | 5,721 |
Accrued income | 925 | 544 |
1,244,120 | 1,177,070 | |
Measured at fair value through other comprehensive income | ||
Investment in equity securities | 553 | 495 |
Consolidated | ||
As at 31 December 2024 | As at 31 December 2023 | |
Financial liabilities | \u00a3'000 | \u00a3'000 |
Mandatorily measured at fair value through profit or loss | ||
Derivative financial instruments \u2013 FX related contracts | 539 | 9,679 |
539 | 9,679 | |
Measured at amortised cost | ||
Client accounts | 1,585,000 | 1,542,889 |
Unsettled transactions | 35,173 | 20,081 |
Other liabilities (excluding non-financial liabilities) | 3,299 | 6,223 |
Lease liabilities | 18,069 | 884 |
Accruals | 10,380 | 18,367 |
1,651,922 | 1,588,444 |
Company financial instruments | ||
Company | ||
2024 | 2023 | |
Financial assets measured at amortised cost | \u00a3\u2019000 | \u00a3\u2019000 |
Other assets | 500 | 773 |
Intercompany receivables | 273 | 4,239 |
773 | 5,012 |
Company | ||
2024 | 2023 | |
Financial liabilities measured at amortised cost | \u00a3\u2019000 | \u00a3\u2019000 |
Intercompany payables\u00b9 | 18,262 | 19,406 |
Other liabilities | 65 | 422 |
18,327 | 19,828 |
Financial assets and financial liabilities at fair value through profit or loss | Valuation techniques | Inputs | ||
Derivative financial assets | The Mark-to-Market (MTM) calculation for foreign currency forwards is performed within Core Banking System (CBS) based on market inputs pulled from Reuters at the end of each trading day. CBS applies a straight-line interpolation calculation to derive the requisite forward points for each currency based on the maturity date of the transaction \u2013 these points are added to the spot rate to derive a revaluation rate. | Reuters quoted spot rates and forward points. | ||
Money market funds | Net asset value based on the valuation of the underlying Level 1 investments. | Quoted market prices but not for identical assets. | ||
Investment in equity securities | In order to undertake its business, the Group utilises the SWIFT payment system, the conditions of which oblige participants to invest in the shares of SWIFT, in proportion to participants\u2019 financial contributions to SWIFT. | The fair value is calculated annually based on the share price received from SWIFT and is approved annually. | ||
Derivative financial liabilities | The MTM calculation for FX forwards is performed within CBS based on market inputs pulled from Reuters at the end of each trading day. CBS applies a straight-line interpolation calculation to derive the requisite forward points for each currency based on the maturity date of the transaction \u2013 these points are added to the spot rate to derive a revaluation rate. | Reuters quoted spot rates and forward points. |
Consolidated | ||
2024 | 2023 | |
\u00a3\u2019000 | \u00a3\u2019000 | |
Gain on money market funds | 16,070 | 11,036 |
Net (loss)/gain on financial assets and financial liabilities mandatorily held at fair value through profit or loss | (247) | 1,232 |
Fair value (losses)/gains on derivatives (Note 6) | 10,205 | (7,884) |
26,028 | 4,384 |
Consolidated | |||
Level 2 | Sensitivity | ||
Asset/(liability) type \u2013 2024 | \u00a3'000 | Stress | \u00a3'000 |
Financial assets at fair value | |||
\u2013 Money market funds | 488,197 | 1% increase in interest rates | (4,625) |
\u2013 Derivative financial assets | 4,884 | \u00a3 exchange-rate rise of 1% | (4,184) |
\u2013 Investment in equity securities | 553 | Equity price +5% | 28 |
Financial liabilities at fair value | |||
\u2013 Derivative financial liabilities | (539) | \u00a3 exchange-rate rise of 1% | (901) |
493,095 | (9,682) |
Consolidated | |||
Level 2 | Sensitivity | ||
Asset/(liability) type \u2013 2023 | \u00a3'000 | Stress | \u00a3'000 |
Financial assets at fair value | |||
\u2013 Money market funds | 518,764 | 1% increase in interest rates | (895) |
\u2013 Derivative financial assets | 3,829 | \u00a3 exchange-rate rise of 1% | (299) |
\u2013 Investment in equity securities | 495 | Equity price +5% | 24 |
Financial liabilities at fair value | |||
\u2013 Derivative financial liabilities | (9,679) | \u00a3 exchange-rate rise of 1% | (3,390) |
513,409 | (4,560) |
Consolidated | |||||
2024 | 2023 | ||||
\u00a3'000 | \u00a3'000 | ||||
Carrying value | Fair value | Carrying value | Fair value | ||
Fixed rate bonds | |||||
\u2013 US Treasury Bills (excluding accrued interest) | \u2013 | \u2013 | 7,845 | 7,775 | |
\u2013 Other fixed rate bonds (excluding accrued interest) | 243,847 | 243,796 | 343,070 | 342,907 | |
Accrued interest | 2,079 | 2,079 | 2,113 | 2,113 | |
245,926 | 245,875 | 353,028 | 352,795 |
Consolidated | ||
Restated | ||
2024 | 2023 | |
Financial assets | \u00a3\u2019000 | \u00a3\u2019000 |
Mandatorily measured at fair value through profit or loss | ||
Money market funds | 488,197 | 518,764 |
Derivative financial instruments \u2013 foreign exchange related contracts | 4,884 | 3,829 |
493,081 | 522,593 | |
Measured at amortised cost | ||
Cash and balances at central banks\u00b9 | 584,679 | 529,835 |
Loans and advances on demand to banks | 185,559 | 135,178 |
Other loans and advances to banks\u00b9 | 180,084 | 136,131 |
Other loans and advances to non-banks | 32,596 | 8,216 |
Investment in debt securities | 246,021 | 353,028 |
Unsettled transactions | 10,866 | 8,417 |
Other assets (excluding non-financial assets) | 3,390 | 5,721 |
Accrued income | 925 | 544 |
1,244,120 | 1,177,070 | |
Measured at fair value through other comprehensive income | ||
Investment in equity securities | 553 | 495 |
Consolidated | ||
As at 31 December 2024 | As at 31 December 2023 | |
Financial liabilities | \u00a3'000 | \u00a3'000 |
Mandatorily measured at fair value through profit or loss | ||
Derivative financial instruments \u2013 FX related contracts | 539 | 9,679 |
539 | 9,679 | |
Measured at amortised cost | ||
Client accounts | 1,585,000 | 1,542,889 |
Unsettled transactions | 35,173 | 20,081 |
Other liabilities (excluding non-financial liabilities) | 3,299 | 6,223 |
Lease liabilities | 18,069 | 884 |
Accruals | 10,380 | 18,367 |
1,651,922 | 1,588,444 |
Company financial instruments | ||
Company | ||
2024 | 2023 | |
Financial assets measured at amortised cost | \u00a3\u2019000 | \u00a3\u2019000 |
Other assets | 500 | 773 |
Intercompany receivables | 273 | 4,239 |
773 | 5,012 |
Company | ||
2024 | 2023 | |
Financial liabilities measured at amortised cost | \u00a3\u2019000 | \u00a3\u2019000 |
Intercompany payables\u00b9 | 18,262 | 19,406 |
Other liabilities | 65 | 422 |
18,327 | 19,828 |
Financial assets and financial liabilities at fair value through profit or loss | Valuation techniques | Inputs | ||
Derivative financial assets | The Mark-to-Market (MTM) calculation for foreign currency forwards is performed within Core Banking System (CBS) based on market inputs pulled from Reuters at the end of each trading day. CBS applies a straight-line interpolation calculation to derive the requisite forward points for each currency based on the maturity date of the transaction \u2013 these points are added to the spot rate to derive a revaluation rate. | Reuters quoted spot rates and forward points. | ||
Money market funds | Net asset value based on the valuation of the underlying Level 1 investments. | Quoted market prices but not for identical assets. | ||
Investment in equity securities | In order to undertake its business, the Group utilises the SWIFT payment system, the conditions of which oblige participants to invest in the shares of SWIFT, in proportion to participants\u2019 financial contributions to SWIFT. | The fair value is calculated annually based on the share price received from SWIFT and is approved annually. | ||
Derivative financial liabilities | The MTM calculation for FX forwards is performed within CBS based on market inputs pulled from Reuters at the end of each trading day. CBS applies a straight-line interpolation calculation to derive the requisite forward points for each currency based on the maturity date of the transaction \u2013 these points are added to the spot rate to derive a revaluation rate. | Reuters quoted spot rates and forward points. |
Consolidated | ||
2024 | 2023 | |
\u00a3\u2019000 | \u00a3\u2019000 | |
Gain on money market funds | 16,070 | 11,036 |
Net (loss)/gain on financial assets and financial liabilities mandatorily held at fair value through profit or loss | (247) | 1,232 |
Fair value (losses)/gains on derivatives (Note 6) | 10,205 | (7,884) |
26,028 | 4,384 |
Consolidated | |||
Level 2 | Sensitivity | ||
Asset/(liability) type \u2013 2024 | \u00a3'000 | Stress | \u00a3'000 |
Financial assets at fair value | |||
\u2013 Money market funds | 488,197 | 1% increase in interest rates | (4,625) |
\u2013 Derivative financial assets | 4,884 | \u00a3 exchange-rate rise of 1% | (4,184) |
\u2013 Investment in equity securities | 553 | Equity price +5% | 28 |
Financial liabilities at fair value | |||
\u2013 Derivative financial liabilities | (539) | \u00a3 exchange-rate rise of 1% | (901) |
493,095 | (9,682) |
Consolidated | |||
Level 2 | Sensitivity | ||
Asset/(liability) type \u2013 2023 | \u00a3'000 | Stress | \u00a3'000 |
Financial assets at fair value | |||
\u2013 Money market funds | 518,764 | 1% increase in interest rates | (895) |
\u2013 Derivative financial assets | 3,829 | \u00a3 exchange-rate rise of 1% | (299) |
\u2013 Investment in equity securities | 495 | Equity price +5% | 24 |
Financial liabilities at fair value | |||
\u2013 Derivative financial liabilities | (9,679) | \u00a3 exchange-rate rise of 1% | (3,390) |
513,409 | (4,560) |
Consolidated | |||||
2024 | 2023 | ||||
\u00a3'000 | \u00a3'000 | ||||
Carrying value | Fair value | Carrying value | Fair value | ||
Fixed rate bonds | |||||
\u2013 US Treasury Bills (excluding accrued interest) | \u2013 | \u2013 | 7,845 | 7,775 | |
\u2013 Other fixed rate bonds (excluding accrued interest) | 243,847 | 243,796 | 343,070 | 342,907 | |
Accrued interest | 2,079 | 2,079 | 2,113 | 2,113 | |
245,926 | 245,875 | 353,028 | 352,795 |
Consolidated | ||
Restated | ||
2024 | 2023 | |
Financial assets | \u00a3\u2019000 | \u00a3\u2019000 |
Mandatorily measured at fair value through profit or loss | ||
Money market funds | 488,197 | 518,764 |
Derivative financial instruments \u2013 foreign exchange related contracts | 4,884 | 3,829 |
493,081 | 522,593 | |
Measured at amortised cost | ||
Cash and balances at central banks\u00b9 | 584,679 | 529,835 |
Loans and advances on demand to banks | 185,559 | 135,178 |
Other loans and advances to banks\u00b9 | 180,084 | 136,131 |
Other loans and advances to non-banks | 32,596 | 8,216 |
Investment in debt securities | 246,021 | 353,028 |
Unsettled transactions | 10,866 | 8,417 |
Other assets (excluding non-financial assets) | 3,390 | 5,721 |
Accrued income | 925 | 544 |
1,244,120 | 1,177,070 | |
Measured at fair value through other comprehensive income | ||
Investment in equity securities | 553 | 495 |
Consolidated | ||
As at 31 December 2024 | As at 31 December 2023 | |
Financial liabilities | \u00a3'000 | \u00a3'000 |
Mandatorily measured at fair value through profit or loss | ||
Derivative financial instruments \u2013 FX related contracts | 539 | 9,679 |
539 | 9,679 | |
Measured at amortised cost | ||
Client accounts | 1,585,000 | 1,542,889 |
Unsettled transactions | 35,173 | 20,081 |
Other liabilities (excluding non-financial liabilities) | 3,299 | 6,223 |
Lease liabilities | 18,069 | 884 |
Accruals | 10,380 | 18,367 |
1,651,922 | 1,588,444 |
Company financial instruments | ||
Company | ||
2024 | 2023 | |
Financial assets measured at amortised cost | \u00a3\u2019000 | \u00a3\u2019000 |
Other assets | 500 | 773 |
Intercompany receivables | 273 | 4,239 |
773 | 5,012 |
Company | ||
2024 | 2023 | |
Financial liabilities measured at amortised cost | \u00a3\u2019000 | \u00a3\u2019000 |
Intercompany payables\u00b9 | 18,262 | 19,406 |
Other liabilities | 65 | 422 |
18,327 | 19,828 |
Financial assets and financial liabilities at fair value through profit or loss | Valuation techniques | Inputs | ||
Derivative financial assets | The Mark-to-Market (MTM) calculation for foreign currency forwards is performed within Core Banking System (CBS) based on market inputs pulled from Reuters at the end of each trading day. CBS applies a straight-line interpolation calculation to derive the requisite forward points for each currency based on the maturity date of the transaction \u2013 these points are added to the spot rate to derive a revaluation rate. | Reuters quoted spot rates and forward points. | ||
Money market funds | Net asset value based on the valuation of the underlying Level 1 investments. | Quoted market prices but not for identical assets. | ||
Investment in equity securities | In order to undertake its business, the Group utilises the SWIFT payment system, the conditions of which oblige participants to invest in the shares of SWIFT, in proportion to participants\u2019 financial contributions to SWIFT. | The fair value is calculated annually based on the share price received from SWIFT and is approved annually. | ||
Derivative financial liabilities | The MTM calculation for FX forwards is performed within CBS based on market inputs pulled from Reuters at the end of each trading day. CBS applies a straight-line interpolation calculation to derive the requisite forward points for each currency based on the maturity date of the transaction \u2013 these points are added to the spot rate to derive a revaluation rate. | Reuters quoted spot rates and forward points. |
Consolidated | ||
2024 | 2023 | |
\u00a3\u2019000 | \u00a3\u2019000 | |
Gain on money market funds | 16,070 | 11,036 |
Net (loss)/gain on financial assets and financial liabilities mandatorily held at fair value through profit or loss | (247) | 1,232 |
Fair value (losses)/gains on derivatives (Note 6) | 10,205 | (7,884) |
26,028 | 4,384 |
Consolidated | |||
Level 2 | Sensitivity | ||
Asset/(liability) type \u2013 2024 | \u00a3'000 | Stress | \u00a3'000 |
Financial assets at fair value | |||
\u2013 Money market funds | 488,197 | 1% increase in interest rates | (4,625) |
\u2013 Derivative financial assets | 4,884 | \u00a3 exchange-rate rise of 1% | (4,184) |
\u2013 Investment in equity securities | 553 | Equity price +5% | 28 |
Financial liabilities at fair value | |||
\u2013 Derivative financial liabilities | (539) | \u00a3 exchange-rate rise of 1% | (901) |
493,095 | (9,682) |
Consolidated | |||
Level 2 | Sensitivity | ||
Asset/(liability) type \u2013 2023 | \u00a3'000 | Stress | \u00a3'000 |
Financial assets at fair value | |||
\u2013 Money market funds | 518,764 | 1% increase in interest rates | (895) |
\u2013 Derivative financial assets | 3,829 | \u00a3 exchange-rate rise of 1% | (299) |
\u2013 Investment in equity securities | 495 | Equity price +5% | 24 |
Financial liabilities at fair value | |||
\u2013 Derivative financial liabilities | (9,679) | \u00a3 exchange-rate rise of 1% | (3,390) |
513,409 | (4,560) |
Consolidated | |||||
2024 | 2023 | ||||
\u00a3'000 | \u00a3'000 | ||||
Carrying value | Fair value | Carrying value | Fair value | ||
Fixed rate bonds | |||||
\u2013 US Treasury Bills (excluding accrued interest) | \u2013 | \u2013 | 7,845 | 7,775 | |
\u2013 Other fixed rate bonds (excluding accrued interest) | 243,847 | 243,796 | 343,070 | 342,907 | |
Accrued interest | 2,079 | 2,079 | 2,113 | 2,113 | |
245,926 | 245,875 | 353,028 | 352,795 |
Consolidated | ||
2024 | 2023 | |
Earnings/(losses) attributable to owners of the Group: | \u00a3'000 | \u00a3'000 |
Continuing operations | 14,212 | 22,866 |
Discontinued operations | \u2013 | (153) |
14,212 | 22,713 |
Year ended 31 December | ||
2024 | 2023 | |
Weighted average number of ordinary shares | \u00a3'000 | \u00a3'000 |
Class A ordinary shares | \u2013 | 68,000 |
Class B ordinary shares | \u2013 | 5,913 |
\u2013 Class B ordinary shares at beginning of reporting date | \u2013 | 10 |
\u2013 Class B share split\u00b9 (Note 26) | \u2013 | 5,903 |
Weighted average number of Class A and Class B ordinary shares | \u2013 | 73,913 |
Add effect of redesignation of shares, share split and issuance of shares during the period | ||
Redesignation of Class A and Class B ordinary shares during the period | \u2013 | (73,913) |
New class of ordinary shares issued during the period | \u2013 | 237,186 |
Redesignation of Class A and Class B shares into new class of shares | \u2013 | 73,913 |
New ordinary shares from share split | \u2013 | 147,826 |
Issuance of additional new ordinary shares to former shareholders of CTH | \u2013 | 15,447 |
Weighted average number of ordinary shares for basic earnings per share\u00b9 | 253,863 | 237,186 |
Potential dilutive shares from the 2024 Free share scheme1 | 280 | \u2013 |
Potential dilutive ordinary shares from the 2023 LTIP Scheme\u00b2 | \u2013 | \u2013 |
Potential dilutive ordinary shares from the 2024 LTIP Scheme\u00b2 | \u2013 | \u2013 |
Weighted average number of ordinary shares for diluted earnings per share\u00b3 | 254,143 | 237,186 |
31 December | ||
2024 | 2023 | |
pence | pence | |
Basic and diluted earnings per share | ||
Continuing operations | 6 | 10 |
Discontinued operations | \u2013 | \u2013 |
Total basic and diluted earnings per share attributable to owners of the Company | 6 | 10 |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Interest income | \u2013 | 25 |
Fees and commission income | \u2013 | 830 |
Net foreign exchange gain | \u2013 | 4 |
Total income, net of interest expense | \u2013 | 859 |
Operating expenses | \u2013 | (1,146) |
Loss before tax | \u2013 | (287) |
Tax on loss | \u2013 | 66 |
Loss for the financial year | \u2013 | (221) |
Profit on sale of discontinued operation | \u2013 | 68 |
Other comprehensive income | \u2013 | \u2013 |
Total comprehensive income | \u2013 | (153) |
Consolidated | ||
2024 | 2023\u00b9 | |
\u00a3'000 | \u00a3'000 | |
Cash flow from operating activities | \u2013 | (536) |
Cash and cash equivalents at the end of the year | \u2013 | \u2013 |
Company | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Assets classified as held for sale at the beginning of the year | \u2013 | 2,181 |
Investment in CAIM prior to classification as held for sale | \u2013 | \u2013 |
Impairment loss recognised | \u2013 | \u2013 |
Disposal | \u2013 | (2,181) |
Assets classified as held for sale at end of year | \u2013 | \u2013 |
Consolidated | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Interest income | \u2013 | 25 |
Fees and commission income | \u2013 | 830 |
Net foreign exchange gain | \u2013 | 4 |
Total income, net of interest expense | \u2013 | 859 |
Operating expenses | \u2013 | (1,146) |
Loss before tax | \u2013 | (287) |
Tax on loss | \u2013 | 66 |
Loss for the financial year | \u2013 | (221) |
Profit on sale of discontinued operation | \u2013 | 68 |
Other comprehensive income | \u2013 | \u2013 |
Total comprehensive income | \u2013 | (153) |
Consolidated | ||
2024 | 2023\u00b9 | |
\u00a3'000 | \u00a3'000 | |
Cash flow from operating activities | \u2013 | (536) |
Cash and cash equivalents at the end of the year | \u2013 | \u2013 |
Company | ||
2024 | 2023 | |
\u00a3'000 | \u00a3'000 | |
Assets classified as held for sale at the beginning of the year | \u2013 | 2,181 |
Investment in CAIM prior to classification as held for sale | \u2013 | \u2013 |
Impairment loss recognised | \u2013 | \u2013 |
Disposal | \u2013 | (2,181) |
Assets classified as held for sale at end of year | \u2013 | \u2013 |