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NOTESTOTHEFINANCIALSTATEMENTS
31 DECEMBER 2013
32. TAXATION (CONT’D)
Income tax is calculated at the Malaysian statutory tax rate of 25% (2012: 25%) of the estimated assessable profit for the
year. Effective year of assessment 2016, the income tax rate will be reduced to 24%.
A reconciliation of the taxation applicable to profit before taxation and zakat at the statutory tax rate to taxation at the
effective tax rate of the Group and the Bank is as follows:
Group
Bank
2013
2012
2013
2012
RM’000
RM’000
RM’000
RM’000
Profit before taxation
190,253
169,737
190,255
169,740
Income tax using Malaysian statutory
tax rate of 25% (2012: 25%)
47,563
42,434
47,564
42,435
Non-deductible expenses
1,347
1,733
1,344
1,733
Recognition of previously unrecognised
deferred tax assets
–
1,385
–
1,383
48,910
45,552
48,908
45,551
Overprovision in prior years
(12,481)
(10)
(12,481)
(10)
Underprovision of deferred tax
asset in prior years
8,412
–
8,412
–
44,841
45,542
44,839
45,541
33. EARNINGS PER SHARE
Group
Bank
2013
2012
2013
2012
RM’000
RM’000
RM’000
RM’000
Issued ordinary shares as at
31 December (‘000)
2,708,665
2,708,665
2,708,665
2,708,665
Profit after taxation (RM’000)
144,717
123,766
144,721
123,770
Basic earnings per share (sen)
5.34
4.57
5.34
4.57
The basic earnings per ordinary share has been calculated based on the profit after taxation and the weighted average
number of ordinary shares during the year.
34. DIVIDENDS
Since the end of the previous financial year, the Bank paid a final ordinary dividend of 0.69 sen per ordinary share less tax
at 25% totalling RM13,924,310 (0.51 sen net per ordinary shares) in respect of the year ended 31 December 2012 on 30
May 2013.
At the forthcoming Annual General Meeting, a final dividend in respect of the financial year ended 31 December 2013, of 0.80
sen per ordinary share amounting to RM21,708,113 will be proposed for shareholder’s approval. The financial statements
for the current financial year do not reflect this proposed dividend. Such dividend, if approved by the shareholders, will be
accounted for in equity as an appropriation of retained profits in the financial year ending 31 December 2014.
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EXIM Bank Annual Report 2013