BankVic Annual Report 2019

Notes To and Forming Part of
the Financial Statements (continued)
Note 17: Statement of Cash Flows
Reconciliation of profit after income tax to net cash flow from operating activities
i. Reconciliation of Cash and Cash Equivalents
2019
$’000
2018
$’000
Cash on hand 678 817
Deposits at call 52,779 46,458
ii. Reconciliation of operating profit after income tax to net cash provided by operating activities:
53,457 47,275
Profit after income tax 11,270 12,637
Adjustments for:
(Profit)/Loss on sale of non-current assets (12) (25)
Bad debts written off 117 63
Amounts set aside to provide for impairment (315) 136
Depreciation and Amortisation 459 459
Net cash provided by operating activities before changes in working capital and provision 11,519 13,270
Decrease/(Increase) in deferred tax assets 244 304
(Increase)/Decrease in interest receivable 218 (9)
(Increase)/Decrease in other assets (161) (640)
Increase in interest payable 1,069 608
Increase in creditors and accrued expenses 94 55
(Decrease)/Increase in provision for employee entitlements 250 (41)
(Decrease)/Increase in taxes payable 277 (512)
Net (Decrease) in directors severance benefits (204) (26)
Net (Increase) in loans and advances (226,010) (136,895)
Net increase in deposits 254,512 180,662
(Increase) in receivables due from other financial institutions and investments (4,045) (39,856)
Net Increase/(Decrease) in settlement accounts 3,663 3,229
Net Increase/(Decrease) in short term borrowings (35,174) 845
Net cash flows from operating activities 6,252 20,994
48 | BANKVIC // ANNUAL REPORT 2019