Annual Financial Statements 2020
48
ANNUAL FINANCIAL STATEMENTS NOTES TO THE ANNUAL FINANCIAL STATEMENTS CONTINUED
10.
Intangible assets
13.
Trading liabilities
STANDARD BANK NAMIBIA LIMITED
Annual financial statements 2020
2020
N$'000
2019
N$'000
Government, municipality and utility bonds
230
14 881
Total
230
14 881
14.
Deferred tax
79 795
14.1
Deferred tax analysis
Net book value 1 January 2019, as previously reported²
Restatement¹
Net book value 1 January 2019, restated
Movements
Additions
Amortisation
Net book value at the beginning of the year²
Cost
Accumulated amortisation
Movements
Additions
Disposals
Amortisation
Net book value 31 December 2020
Computer
software
Restated¹2
N$'000
298 960
73 098
372 058
109 065
(29 270)
451 853
543 322
(91 469)
(66)
37 203
(396)
(36 873)
451 787
2020
N$'000
Property, equipment and intangible assets
(185 847)
Assets on lease
(20 518)
Fair value adjustments of FVOCI financial investments
(2 746)
Impairment charges on loans and advances
63 313
2019
N$'000
(161 346)
(10 229)
(733)
56 327
Post-employment benefits
34 560
38 047
Provisions and other differences
108 550
112 214
Deferred tax closing balance
Deferred tax asset
Deferred tax liability
(2 688)
34 280
294 624
224 971
(297 312)
(190 691)
Cost
Accumulated amortisation
580 130
(128 343)
14.2
Deferred tax reconciliation
1 Computer software mainly comprises the company's core banking system, Finacle, with a carrying amount of N$245 million (2019: N$275 million)
and a remaining amortisation period of 10 years.
2 Refer to page 30 for information regarding the correction of the classification of property, equipment and right-of-use assets and intangible assets.
2020
N$'000
2019
N$'000
11.
Ordinary share capital
11.1
Authorised
Deferred tax opening balance 1 January 2019
Originating temporary differences for the year:
34 280
17 468
(36 968)
16 812
6 000 000 ordinary shares of N$1 each
2020
N$'000
2019
N$'000
6 000
6 000
Property, equipment and intangible assets
Assets on lease
(24 501)
3 104
(10 289)
(2 822)
Fair value adjustments of FVOCI financial investments
Impairment charges on loans and advances
(2013)
(1 382)
6 986
(4 201)
Post-employment benefits
(3.487)
2007
Provisions and other differences
(3 664)
19 102
11.2
Issued
2 000 000 ordinary shares of N$1 each
2 000
Number ordinary shares
2020
N$'000
N$'000
2 000
2019
Other movements
1 004
Deferred tax balance at the end of the year
(2688)
34 280
Temporary differences for the year comprise:
Recognised in profit or loss
(27 714)
18 195
Recognised in OCI (note 33.2)
(9 254)
(1 383)
Total
(36 968)
16 812
Reconciliation of shares issued
Shares in issue at 1 January 2019
Shares cancelled during the year
Shares in issue at 31 December 2019
Shares in issue at 31 December 2020
15.
2 000 250
(250)
Deposits and current accounts
2 000 000
2 000 000
2020
N$'000
2019
N$'000
12.
Ordinary share premium
2020
N$'000
Share premium on issue of shares
591 230
2019
N$'000
591 230
Deposits from banks
Deposits from customers
Current accounts
Card creditors
1 909 497
2 328 818
24 511 353
26 007 151
6 581 100
7 488 563
Cash management deposits
2 145 470
1 295 658
26 746
29 205
Call deposits
9 026 868
8 620 081
Savings accounts
674 335
603 995
Term deposits
2 051 344
2 311 997
Negotiable certificates of deposit
4 005 490
5 657 652
Total
26 420 850
28 335 969
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