Annual Report - Ahli United Bank

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Annual Report - Ahli United Bank

22 CORPORATE TAXATION2009 2008US$’000US$’000Consolidated balance sheet (note 14):– Current tax asset 5,810 9,315– Deferred tax (liability) asset (1,205) 1084,605 9,423Consolidated statement of income– Current tax expense (credit) on foreign operations 3,002 (4,618)– Deferred tax expense on foreign operations 1,312 1,3314,314 (3,287)There is no corporate taxation in the Kingdom of Bahrain. In view of the operations of the Group being subject to various taxjurisdictions and regulations, it is not practical to provide a reconciliation between the accounting and taxable profits together withthe details of effective tax rates. Substantially all of the tax expense relates to AUBUK and CBIQ.23 EARNINGS PER SHAREBasic earnings per share is calculated by dividing the net profit for the year attributable to the Bank’s ordinary equity shareholders lessClass B preference share dividends, by the weighted average number of ordinary shares outstanding during the period.Diluted earnings per share amounts are calculated by dividing the net profit attributable to the Bank’s ordinary equity shareholders bythe weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary sharesthat would be issued on the conversion of Class B preference shares into ordinary shares.The convertible subordinated debt issued (note 19(a)) is anti-dilutive for 2009 and 2008 and therefore ignored in calculating dilutedearnings per share. The number of ordinary shares potentially issuable upon conversion of this debt amounts to 161.3 million sharesas at 31 December 2009 (31 December 2008: 161.3 million).AUB Annual Report 200979

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