Cash flows from operating activities

Profit before taxation

96,015

93,969

Adjustments for:

- Depreciation and amortisation

11(b)

21,806

15,091

- Expected credit losses

8

88,722

69,059

- Impairment losses

9

7,024

6,511

- Net valuation loss/(gain) on investment properties

31

756

(954)

- Net valuation (gain)/loss on investments

(831)

7,301

- Share of profits of associates and joint ventures, net of tax

(13,557)

(10,700)

- Interest expenses on debts instruments issued

5(a)

24,574

26,667

- Finance income

10

(2,264)

(2,729)

- Finance costs

10

12,703

12,294

- Net gain on investments in financial assets

(10,475)

(12,729)

- Net gain on disposal of subsidiaries, associates and joint ventures

(3,751)

(3,212)

220,722

200,568

Changes in working capital

(Increase)/decrease in deposits with central banks banks and non-bank financial institutions

(32,147)

82,995

(Increase)/decrease in placements with banks and non-bank financial institutions

(20,380)

50,873

Increase in trade and other receivables

(56,899)

(8,477)

Increase in contract assets

(436)

(7,542)

Decrease/(increase) in inventories

7,333

(2,398)

Decrease in financial assets held under resale agreements

1,523

51,232

Increase in loans and advances to customers and other parties

(510,536)

(535,417)

Decrease in investments in financial assets  held for trading purposes

24,368

14,854

(Increase)/decrease in other assets

(27,372)

19,073

Increase/(decrease) in deposits from banks and non-bank financial institutions

198,096

(23,664)

(Decrease)/increase in placements from banks and non-bank financial institutions

(19,791)

39,950

(Decrease)/increase in financial liabilities at fair value through profit or loss

(276)

1,134

(Decrease)/increase in trade and other payables

(18,933)

7,220

Increase in contract liabilities

2,959

4,470

Decrease in financial assets sold under repurchase agreements

(7,928)

(15,523)

Increase in deposits from customers

471,209

246,834

(Decrease)/increase in borrowing from central banks

(51,726)

52,248

Increase/(decrease) in other liabilities

1,047

(8,996)

Increase in employee benefits payables

1,419

2,276

Increase/(decrease) in provisions

1,442

(732)

Cash generated from operating activities

183,694

170,978

Income tax paid

(23,612)

(19,079)

Net cash generated from operating activities

160,082

151,899

Cash flows from investing activities

Proceeds from disposal and redemption of financial investments

2,239,189

1,691,875

Proceeds from disposal of fixed assets, intangible assets and other assets

1,689

2,901

Proceeds from disposal of associates and joint ventures

1,348

3,679

Net cash received from disposal of subsidiaries

51(b)

1,082

2,734

Dividends received from equity investments, associates and joint ventures

6,613

4,989

Payments for purchase of financial investments

(2,519,759)

(1,845,989)

Payments for additions of fixed assets, intangible assets and other assets

(19,626)

(16,421)

Net cash payment for acquisition of subsidiaries

(981)

(7,266)

Net cash payment for acquisition of associates and joint ventures

(6,066)

(14,193)

Net cash used in investing activities

(296,511)

(177,691)

Cash flows from financing activities

Capital injection received from non-controlling interests

679

606

Transaction with non-controlling interests

52

494

2,977

Proceeds from new bank and other loans

51(c)

127,134

121,703

Repayment of bank and other loans and debt instruments issued

51(c)

(685,251)

(1,088,334)

Proceeds from new debt instruments issued

51(c)

661,283

1,108,072

Issue of other equity instruments by subsidiaries

51(d)

46,701

3,957

Principal and interest elements of lease payment

51(c)

(6,673)

N/A

Interest paid on bank and other loans and debt instruments issued

51(c)

(37,043)

(38,103)

Dividends paid to non-controlling interests

(8,369)

(9,065)

Dividends paid to ordinary shareholders of the Company

15

(12,799)

(11,637)

Redemption of other equity instruments by subsidiaries

51(d)

(2,076)

(2,689)

Redemption of perpetual capital securities

-

(7,800)

Distribution paid to holders of perpetual capital securities

-

(673)

Net cash generated from financing activities

84,080

79,014

Net (decrease)/increase in cash and cash equivalents

(52,349)

53,222

Cash and cash equivalents at 1 January

522,808

491,363

Effect of exchange changes

(7,421)

(21,777)

Cash and cash equivalents at 31 December

51(a)

463,038

522,808