KENANGA ANNUAL REPORT 2020

241 ANNUAL REPORT 2020 // KENANGA INVESTMENT BANK BERHAD 40. TAXATION AND ZAKAT (CONT’D.) Group Bank 2020 RM’000 2019 RM’000 2020 RM’000 2019 RM’000 Deferred tax asset not recognised on unutilised business losses 577 525 - - Deferred tax asset not recognised on unabsorbed capital allowances 60 18 - - Over provision of deferred tax assets in prior years (1,972) 1,429 (21) 1,428 Under provision of income tax expense in prior years 714 343 927 326 Tax expense for the year 31,985 16,192 28,365 13,714 Zakat 445 373 430 357 Tax expense and zakat for the financial year 32,430 16,565 28,795 14,071 41. BASIC AND DILUTED EARNINGS PER SHARE Basic and diluted earnings per share amounts are calculated by dividing profit for the financial year attributable to equity holders of the Bank by the weighted average number of ordinary shares in issue during the financial year. Group 2020 2019 Profit for the financial year attributable to equity holders of the Bank (RM’000) 102,082 26,386 Weighted average number of ordinary shares in issue excluding treasury shares (‘000) 701,345 698,702 Effects of dilution (‘000) 18,342 - Adjusted weighted average number of ordinary shares in issue (‘000) 719,818 698,702 Earnings per share (sen) - basic 14.56 3.78 - fully diluted 14.18 3.78 Diluted earnings per share was the same as basic earnings per share as there were no dilutive potential ordinary shares during the financial year ended 31 December 2019.