Annual Financial Statements 2020
99
66
ANNUAL FINANCIAL STATEMENTS NOTES TO THE ANNUAL FINANCIAL STATEMENTS CONTINUED
33.
33.1
Taxation
Indirect taxation
Value added tax
Duties and other
Total
33.2 Direct taxation
Normal taxation
Deferred taxation
Total
Income tax recognised in OCI
The table below sets out the amount of income tax relating to each component within OCI:
2020
N$'000
20 604
9 695
N$'000
23 111
8 159
34.
Statement of cash flows notes
STANDARD BANK NAMIBIA LIMITED
Annual financial statements 2020
34.1
Non-cash items and other adjustments included in the income statement¹
2019
2020
N$'000
2019
N$'000
Depreciation of property, equipment and right-of-use assets (note 9)
Amortisation of intangible assets (note 10)
140 305
109 665
67
40
30 299
31 270
2020
N$'000
2019
N$'000
125 984
27 714
244 920
(18 195)
153 698
226 725
34.2
ECL raised and released (note 31)
Interest income (note 24)
Interest expense (note 25)
Equity-linked transactions
Fair value adjustments
Indirect taxation (note 33.1)
Loss on disposal of property and equipment (note 34.5)
Dividend income (note 29)
Total
36 873
285 069
29 270
276 077
(2 228 705)
(2 876 281)
1 020 045
(5 201)
(30 299)
759
(1940)
1 509 644
40 604
(65 879)
(31 270)
591
(3 804)
(783 094) (1 011 383)
1 In the current year, the company aligned the presentation of the statements of cash flows with that of SBG. The company also corrected ce
Details of the effect of the restatements are presented on page 30.
Decrease/(increase) in income-earning assets¹
Before tax
N$'000
Tax charge
(no credits)
N$'000
After tax
N$'000
2020
Change in fair value of post-employment benefit obligations
Change in fair value of FVOCI debt financial assets - IFRS 9
22 627
6 668
(7 241)
(2013)
15 386
4 655
29 295
(9 254)
20 041
2019
Change in fair value of FVOCI debt financial assets - IFRS 9
Total
5 027
(1 383)
3 644
5 027
(1 383)
3 644
Namibian tax rate reconciliation
2020
%
2019
%
The total tax charge for the year as a percentage of net income before indirect tax
Indirect taxation
33.6
31.6
(5.3)
(3.8)
Direct taxation charge for the year as a percentage of profit before indirect taxation
The charge for the year has been reduced as a consequence of:
28.3
27.8
Dividends received
3.7
2.5
Other non-taxable income
Other non-deductible expenses
Other permanent differences
Prior year over-provision reversal
Standard rate of Namibian tax
0.2
(0.4)
(0.3)
1.1
1.2
(0.7)
0.6
32.0
32.0
Financial investments
Pledged assets
Trading assets
Loans and advances
Derivative assets
Other assets
2020
N$'000
(245 284)
59 142
(96 113)
1 042 329
(222 378)
906 069
2019
N$'000
395 980
(580 098)
(109 622)
(2 561 362)
(116 673)
(519 312)
Total
1 443 765
(3 491 087)
1 In the current year, the company aligned the presentation of the statements of cash flows with that of SBG. The company also corrected ce
Details of the effect of the restatements are presented on page 30.
34.3 (Decrease)/increase in deposits and other liabilities¹
Deposit and current accounts
Trading liabilities
Derivative liabilities
Other liabilities
Total
2020
N$'000
(1 840 246)
(14 651)
219 612
2019
N$'000
2 664 222
13 901
116 797
65 164
(719 085)
(2 354 370)
2 860 084
The company also corrected
cer
1 In the current year, the company aligned the presentation of the statements of cash flows with that of SBG.
Details of the effect of the restatements are presented on page 30.View entire presentation