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Consolidated statement of cash flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities      
Profit for the year $ 166,158 $ 92,040 $ 62,697
Adjustments to reconcile profit for the year to net cash provided by (used in) operating activities:      
Depreciation of equipment, improvements to leased property and investment property 2,280 2,154 2,749
Amortization of intangible assets 814 561 742
Gain on investment property - Right-of-use 0 0 (742)
Gain on remeasurement - Lease liability (36) 0 0
Provision for credit losses 27,463 19,521 2,328
Unrealized gain on financial instruments at FVTPL 0 0 (227)
Realized gain on financial instruments at FVTPL 0 (510) 0
Net gain on financial instruments at FVOCI 0 0 (14)
Loss (gain) on sale of financial instruments at amortized cost 3,858 0 (333)
Compensation cost - share-based payment 5,471 2,157 1,908
Net changes in hedging position and foreign currency 37,894 719 (428)
Disposal of equipment and leasehold improvements 3 6 255
Derecognition of intangible assets 20 0 0
Interest income (679,260) (332,621) (140,883)
Interest expense 446,077 184,610 54,101
Changes in operating assets and liabilities:      
Pledged deposits (9,734) (8,599) (24,248)
Loans (406,064) (1,053,888) (821,531)
Other assets (7,376) 1,709 (1,705)
Due to depositors 1,217,433 154,488 (102,672)
Other liabilities 26,691 12,284 (4,677)
Cash flows provided by (used in) operating activities 831,692 (925,369) (972,680)
Interest received 642,862 296,131 154,293
Interest paid (412,440) (140,415) (53,327)
Net cash provided by (used in) operating activities 1,062,114 (769,653) (871,714)
Cash flows from investing activities:      
Acquisition of equipment and leasehold improvements (761) (1,651) (453)
Acquisition of intangible assets (1,335) (1,070) (353)
Proceeds from the sale of securities at amortized cost 59,432 0 16,369
Proceeds from the sale of securities at FVOCI 0 0 33,492
Proceeds from the sale of loans to FVTPL 0 49,681 0
Proceeds from the redemption of securities at amortized cost 298,429 132,524 123,302
Proceeds from the redemption of securities at FVOCI 78,600 112,840 10,000
Purchase of securities at amortized cost (435,321) (458,983) (618,440)
Purchase of securities at FVOCI (11,811) 0 (9,999)
Net cash used in investing activities (12,767) (166,659) (446,082)
Cash flows from financing activities:      
Increase (decrease) in securities sold under repurchase agreements 9,699 (127,000) 416,835
Net (decrease) increase in short-term borrowings and debt (500,650) 579,065 1,196,710
Proceeds from long-term borrowings and debt 496,342 1,038,110 266,640
Payments of long-term borrowings and debt (221,306) (536,792) (97,520)
Payments of lease liabilities (1,032) (995) (1,227)
Dividends paid (36,268) (36,141) (38,570)
Repurchase of common stock 0 0 (60,079)
Net cash (used in) provided by financing activities (253,215) 916,247 1,682,789
Increase (decrease) net in cash and cash equivalents 796,132 (20,065) 364,993
Cash and cash equivalents at beginning of the year 1,190,936 1,211,001 846,008
Cash and cash equivalents at end of the year $ 1,987,068 $ 1,190,936 $ 1,211,001