bank of africa ghana limited...the bank is a subsidiary of the boa group. its majority shareholder...

1
BANK OF AFRICA GHANA LIMITED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER, 2017 107,759,480 (34,996,566) 72,762,914 22,308,919 (3,142,965) 19,165,954 26,907,950 - 3,264,583 30,172,533 122,101,401 (8,658,470) (37,563,143) (5,781,591) (36,752,210) 33,345,987 (9,426,467) 23,919,520 328,605 24,248,125 22,361,260 1,558,260 23,919,520 22,668,458 1,579,667 24,248,125 0.240 134,719,885 (22,345,961) 112,373,924 22,443,084 (1,950,784) 20,492,300 21,219,706 (45,866,006) 4,145,795 (20,500,505) 112,365,719 (11,139,701) (36,805,037) (3,924,562) (35,381,118) 25,115,301 (948,058) 24,167,243 1,192,856 25,360,099 22,592,845 1,574,398 24,167,243 23,707,992 1,652,107 25,360,099 0.242 2016 GH¢ Interest income Interest expense Net interest income Fees and commission income Fees and commission expenses Net fee and commission income Net trading Income Net income from other financial instruments carried at fair value Other Operating Income Other Income Operating income Net impairment loss on financial asset Personnel expenses Depreciation and amortisation Other expenses Profit before income tax Income tax expense Profit for the year Other comprehensive income, net of income tax Items that will subsequently be reclassified to profit or loss in subsequent periods (net of tax): Net gain on available for sale investments (net of tax) Total comprehensive income for the year, net of tax Profit attributable to: Majority shareholders of Bank of Africa Minority shareholders of Bank of Africa Total Comprehensive Income attributable to: Majority shareholders of Bank of Africa Minority shareholders of Bank of Africa Earnings per share Basic and diluted earnings per share 2017 GH¢ STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER, 2017 33,345,987 5,781,591 11,552 150,429 (102,678) 39,186,701 (166,060,315) - (48,663,730) (2,990,863) - (37,264,696) 204,678,907 4,511,606 (6,602,210) (8,724,107) (15,326,317) (1,641,675,690) 1,703,368,834 (13,238,624) 168,647 (1,199,441) 47,423,726 - 32,097,409 360,011,980 2,229,700 394,339,089 25,115,301 3,924,562 11,552 (1,973,864) (780) 27,076,771 - 8,217,328 (59,592,633) (32,070,741) (21,129,834) (66,854,002) 54,388,132 9,137,065 (80,827,914) (7,864,625) (88,692,539) (1,242,981,831) 1,487,358,788 (41,058,836) 32,710 (1,016,265) 202,334,566 - 113,642,027 244,396,089 1,973,864 360,011,980 2016 GH¢ Cash flows from operating activities Profit before taxation Adjustments for: Depreciation and amortisation Operating lease prepaid Exchange gain Gain on disposal of property and equipment Profit before working capital changes Changes in Non-Pledged trading assets Change in derivative assets held for risk management Change in Loans and advances to customers Change in other assets Change in derivative liabilities held for risk management Changes in borrowings Change in deposits from customers Change in other liabilities and provisions Income tax paid Net cash used in operating activities Cash flows from investing activities Purchase of investment securities Proceeds from sale of investment securities Purchase of property and equipment Proceeds from the sale of property and equipment Purchase of intangible assets Net cash generated from investing activities Net cash from financing activities Net increase in cash and cash equivalents Cash and cash equivalents at 1 January Effect of exchange rate fluctuations on cash held Cash and cash equivalents at 31 December 2017 GH¢ STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2017 394,339,089 166,060,315 - - - 495,750,311 135,410,947 1,335,338 2,316,216 1,296,298 91,193,898 55,333,527 1,343,035,939 360,011,980 - - - - 447,086,581 196,665,949 2,500,900 1,962,548 934,054 88,203,036 47,116,819 1,144,481,867 2016 GH¢ Assets Cash and cash equivalents Non-Pledged trading assets Pledged trading assets Derivative assets held for risk management Investments (other than securities) Loans and advances to customers Investment securities Deferred tax assets Current income tax assets Intangible assets Other assets Property, plant and equipment Total assets 2017 GH¢ - - 215,107,939 884,659,078 - 55,080,006 1,154,847,023 100,960,828 (22,288,535) 1,597,688 46,981,943 60,936,992 188,188,916 1,343,035,939 - - 249,992,506 679,980,171 - 50,568,400 980,541,077 100,960,828 (28,924,879) 1,269,082 41,658,527 48,977,232 163,940,790 1,144,481,867 LLiabilities Trading liabilities Derivative liabilities held for risk management Borrowings Customer deposits Deferred tax liabilities Other liabilities Total liabilities Capital resources Stated capital Retained earnings Available for sale reserve Regulatory Credit risk reserve Statutory reserve Shareholders' funds Total liabilities and shareholders’ funds The financial statements were approved by the board of directors on 16th March, 2018 and were signed on its behalf by: Kobby Andah ……………………….. Managing Director Stephan Ata ……………………….. Chairman REPORT OF THE DIRECTORS TO THE MEMBERS OF BANK OF AFRICA GHANA LIMITED The Directors have the pleasure in presenting their report and the audited financial statements for the year ended 31 December 2017. STATEMENT OF DIRECTORS’ RESPONSIBILITIES The Bank’s Directors are responsible under the Companies Act, 1963 (Act 179) and Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) for the preparation of the financial statements for each financial year, which give a true and fair view of the state of affairs of the company and of the profit and loss and cash flows for that year. In preparing these financial statements, the Directors have selected suitable accounting policies and applied them consistently, made judgments and estimates that are reasonable and prudent; stated whether applicable accounting standards have been followed, disclosed and explained in the financial statements; prepared the financial statements on a going concern basis unless it is inappropriate to presume that the company will continue in business and that the financial statement is prepared in accordance with International Financial Reporting Standards. The Directors are responsible for ensuring that the company keeps proper accounting records that disclose with reasonable accuracy at any time the financial position of the Company. The Directors are also responsible for safeguarding the assets of the Company and taking reasonable steps for the prevention and detection of fraud and other irregularities. PRINCIPAL ACTIVITIES The principal activities carried out by the Bank during the year under review are within the limits permitted by its regulations which continued to be banking and finance. These represent no change from the activities carried out in the previous year. Signed on behalf of the board by: Kobby Andah Stephan Ata Managing Director Chairman NOTES TO THE SUMMARY FINANCIAL STATEMENTS 1.0 Reporting entity Bank of Africa (BOA) Ghana Limited is a financial institution incorporated in Ghana. The registered office of the Bank is at The Octagon, First Floor; Block A & B, Independence Avenue. The Bank operates under the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930). The Bank is a subsidiary of the BOA Group. Its majority shareholder is BOA West Africa SA, a holding company incorporated in Cote D’Ivoire. It’s ultimate parent is Banque Moroccaine du Commerce Exterieur (BMCE), a company based in Morocco with operating offices in Senegal, Mali and Benin. 2.0 BASIS OF PREPARATION 2.1 Summary of Significant Accounting Policies The principal accounting policies applied in the preparation of these financial statements are set out in the bank’s detailed annual report. These policies have been consistently applied to all years presented unless otherwise specifically disclosed. 2.2 Statement of Compliance The bank’s financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board [IASB]. 2.3 Basis of Measurement The financial statements have been prepared in Ghana Cedi (GHC) and under the historical cost conven- tion except for available for sale investments, investment properties, derivative financial assets/liabilities held for trading which have been measured at fair value. 2.4 Use of Estimates and Judgements The preparation of the Bank’s financial statements requires management to make judgements, estimates and assumptions that affect the reported amount of revenues, expenses, assets and liabilities, and the accompanying disclosures, as well as the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. The Bank based its assumptions and estimates on parameters available when the financial statements were prepared. Existing circumstances and assump- tions about future developments, however, may change due to market changes or circumstances beyond the control of the Bank. Such changes are reflected in the assumptions when they occur. 3.0 Risk Management Disclosures Taking risk is core in the business of Banking. In the performing of its statutory duties, the Bank analyses, evaluates and assumes positions of taking calculated risks. The Bank's aim is therefore to achieve an appropriate balance between risk and return and minimize potential adverse effects on its financial performance. The most significant risks faced by the Bank include but not limited: Credit Risk Liquidity Risk Market Risk (Risks related to currency trading, interest rate etc.) Operational Risk Compliance Risk 3.1 Risk Management Framework The Board of Directors has overall responsibility for the establishment and oversight of the Bank's risk management framework. The Board has established a Risk and Compliance Committee for the manage- ment of risk in the Bank. The arm of the committee within management is the Risk Management Depart- ment which assists it in the discharge of this responsibility. The Bank's risk management policies are established to identify and analyse the risks faced by the Bank, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions, products and services offered. Through the compliance department, the Bank ensures it complies with all prudential and regulatory guidelines in the pursuit of profitable Banking opportunities while avoiding excessive, unnecessary and uncontrollable risk exposures. Being an inherent feature in the business of the Bank, various mitigating measures are put in place to better manage risk. All risk management policies are formulated at the board level through the Board Committee Risk and Compliance. The Bank, through its training and management standards and procedures, aims to develop a disciplined and constructive control environment, in which all employees understand their roles and obligations. The Risk and Compliance Committee is responsible among other things for authorising the scope of the risk management function and renewing and assessing the integrity of the risk control systems, ensuring that the risk policies and strategies are effectively managed. 3.2 Quantitative and Qualitative Disclosures REPORT OF THE INDEPENDENT AUDITOR ON THE SUMMARY FINANACIAL STATEMENTS TO THE SHAREHOLDERS OF BANK OF AFRICA GHANA LIMITED Opinion The summary financial statements, which comprise statement of financial position as at 31 December 2017, statement of comprehensive income, cash flow statements for the year then ended, and related notes, are derived from the audited financial statements of Bank of Africa Ghana Limited for the year ended 31 December 2017. In our opinion, the accompanying summary financial statements are consistent, in all material respects, with the audited financial statements, in accordance with the Bank of Ghana Guide for financial publica- tion for banks & Bank of Ghana (BOG) licensed financial Institutions. Summary Financial Statements The summary financial statements do not contain all the disclosures required by International Financial Reporting Standards, the Companies Act, 1963 (Act 179) and Banks and Deposit-Taking Institutions Act, 2016 (Act 930). Reading the summary financial statements and the auditor’s report thereon, therefore is not a substitute for reading the audited financial statements and the auditor’s report thereon. The summa- ry financial statements and the audited financial statements do not reflect the effects of events that occurred subsequent to the date of our report on the audited financial statements. The Audited Financial Statements and our Report Thereon We expressed an unmodified audit opinion on the audited financial statements in our report dated 16 March 2018. That report also includes the communication of other key matters. Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the current period. Management’s Responsibility for the Summary Financial Statements Management is responsible for the preparation of the summary financial statements in accordance with the Bank of Ghana Guide for financial publication for banks & Bank of Ghana (BOG) licensed financial Institutions. Auditor’s Responsibility Our responsibility is to express an opinion on whether the summary financial statements are consistent, in all material respects, with the audited financial statements based on our procedures, which were conduct- ed in accordance with International Standards on Auditing (ISA) 810(Revised), Engagement to Report on Summary Financial Statements. Pamela Des Bordes (ICAG/P/1329) For and on behalf of Ernst & Young (ICAG/F/2018/126) Chartered Accountants Accra, Ghana 2017 16.89% 18.80% Nil 0 Capital Adequacy Ratio Non-Performing Loan Ratio Statutory Default (number) Statutory Default Sanction (GHS’000) 2016 17.67% 17.18% Nil 0

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Page 1: BANK OF AFRICA GHANA LIMITED...The Bank is a subsidiary of the BOA Group. Its majority shareholder is BOA West Africa SA, a holding company incorporated in Cote D’Ivoire. It’s

BANK OF AFRICA GHANA LIMITED

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVEINCOME FOR THE YEAR ENDED 31 DECEMBER, 2017

107,759,480(34,996,566)72,762,914

22,308,919(3,142,965)19,165,954

26,907,950

-3,264,583

30,172,533

122,101,401

(8,658,470)(37,563,143)(5,781,591)

(36,752,210)

33,345,987(9,426,467)

23,919,520

328,60524,248,125

22,361,2601,558,260

23,919,520

22,668,4581,579,667

24,248,125

0.240

134,719,885(22,345,961)

112,373,924

22,443,084(1,950,784)20,492,300

21,219,706

(45,866,006) 4,145,795

(20,500,505)

112,365,719

(11,139,701)(36,805,037)(3,924,562)

(35,381,118)

25,115,301(948,058)

24,167,243

1,192,85625,360,099

22,592,845 1,574,398

24,167,243

23,707,992 1,652,107

25,360,099

0.242

2016GH¢

Interest income Interest expense Net interest income

Fees and commission incomeFees and commission expensesNet fee and commission income Net trading Income Net income from other financial instruments carried at fair valueOther Operating Income Other Income

Operating income

Net impairment loss on financial assetPersonnel expensesDepreciation and amortisationOther expenses

Profit before income taxIncome tax expense

Profit for the year

Other comprehensive income, net of income tax

Items that will subsequently be reclassified to profit or loss in subsequent periods (net of tax):

Net gain on available for sale investments (net of tax)Total comprehensive income for the year, net of tax

Profit attributable to:Majority shareholders of Bank of AfricaMinority shareholders of Bank of Africa

Total Comprehensive Income attributable to:Majority shareholders of Bank of AfricaMinority shareholders of Bank of Africa

Earnings per shareBasic and diluted earnings per share

2017GH¢

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER, 2017

33,345,987

5,781,59111,552

150,429 (102,678)39,186,701

(166,060,315)-

(48,663,730)(2,990,863)

-(37,264,696)204,678,907 4,511,606(6,602,210)(8,724,107)

(15,326,317)

(1,641,675,690)1,703,368,834

(13,238,624)168,647

(1,199,441)

47,423,726

-

32,097,409360,011,980

2,229,700394,339,089

25,115,301

3,924,562

11,552(1,973,864) (780)27,076,771

-

8,217,328 (59,592,633)(32,070,741)(21,129,834)(66,854,002)54,388,1329,137,065

(80,827,914)(7,864,625)

(88,692,539)

(1,242,981,831)1,487,358,788

(41,058,836)32,710

(1,016,265)

202,334,566

-

113,642,027244,396,089

1,973,864360,011,980

2016 GH¢

Cash flows from operating activitiesProfit before taxationAdjustments for:Depreciation and amortisationOperating lease prepaidExchange gainGain on disposal of property and equipmentProfit before working capital changes Changes in Non-Pledged trading assetsChange in derivative assets held for risk management

Change in Loans and advances to customersChange in other assetsChange in derivative liabilities held for risk managementChanges in borrowingsChange in deposits from customersChange in other liabilities and provisions Income tax paid

Net cash used in operating activities Cash flows from investing activitiesPurchase of investment securitiesProceeds from sale of investment securitiesPurchase of property and equipmentProceeds from the sale of property and equipmentPurchase of intangible assets

Net cash generated from investing activities

Net cash from financing activities

Net increase in cash and cash equivalentsCash and cash equivalents at 1 JanuaryEffect of exchange rate fluctuations on cash heldCash and cash equivalents at 31 December

2017 GH¢

STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2017

394,339,089166,060,315

---

495,750,311135,410,947

1,335,3382,316,2161,296,298

91,193,89855,333,527

1,343,035,939

360,011,980----

447,086,581196,665,949

2,500,9001,962,548

934,05488,203,036

47,116,819

1,144,481,867

2016GH¢

AssetsCash and cash equivalentsNon-Pledged trading assetsPledged trading assetsDerivative assets held for risk managementInvestments (other than securities)Loans and advances to customers Investment securitiesDeferred tax assetsCurrent income tax assetsIntangible assetsOther assetsProperty, plant and equipment

Total assets

2017GH¢

--

215,107,939884,659,078

-55,080,006

1,154,847,023

100,960,828(22,288,535)

1,597,68846,981,943

60,936,992

188,188,916

1,343,035,939

--

249,992,506679,980,171

-50,568,400

980,541,077

100,960,828(28,924,879)

1,269,08241,658,527

48,977,232

163,940,790

1,144,481,867

LLiabilities Trading liabilitiesDerivative liabilities held for risk managementBorrowingsCustomer deposits Deferred tax liabilitiesOther liabilities

Total liabilities Capital resources Stated capitalRetained earnings Available for sale reserveRegulatory Credit risk reserveStatutory reserve

Shareholders' funds

Total liabilities and shareholders’ funds

The financial statements were approved by the board of directors on 16th March, 2018and were signed on its behalf by:

Kobby Andah………………………..Managing Director

Stephan Ata………………………..

Chairman

REPORT OF THE DIRECTORS TO THE MEMBERS OF BANK OF AFRICA GHANA LIMITEDThe Directors have the pleasure in presenting their report and the audited financial statements for the year ended 31 December 2017.

STATEMENT OF DIRECTORS’ RESPONSIBILITIES

The Bank’s Directors are responsible under the Companies Act, 1963 (Act 179) and Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) for the preparation of the financial statements for each financial year, which give a true and fair view of the state of affairs of the company and of the profit and loss and cash flows for that year. In preparing these financial statements, the Directors have selected suitable accounting policies and applied them consistently, made judgments and estimates that are reasonable and prudent; stated whether applicable accounting standards have been followed, disclosed and explained in the financial statements; prepared the financial statements on a going concern basis unless it is inappropriate to presume that the company will continue in business and that the financial statement is prepared in accordance with International Financial Reporting Standards.

The Directors are responsible for ensuring that the company keeps proper accounting records that disclose with reasonable accuracy at any time the financial position of the Company. The Directors are also responsible for safeguarding the assets of the Company and taking reasonable steps for the prevention and detection of fraud and other irregularities.

PRINCIPAL ACTIVITIES

The principal activities carried out by the Bank during the year under review are within the limits permitted by its regulations which continued to be banking and finance. These represent no change from the activities carried out in the previous year.

Signed on behalf of the board by:

Kobby Andah Stephan AtaManaging Director Chairman

NOTES TO THE SUMMARY FINANCIAL STATEMENTS

1.0 Reporting entityBank of Africa (BOA) Ghana Limited is a financial institution incorporated in Ghana. The registered office of the Bank is at The Octagon, First Floor; Block A & B, Independence Avenue. The Bank operates under the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).

The Bank is a subsidiary of the BOA Group. Its majority shareholder is BOA West Africa SA, a holding company incorporated in Cote D’Ivoire. It’s ultimate parent is Banque Moroccaine du Commerce Exterieur (BMCE), a company based in Morocco with operating offices in Senegal, Mali and Benin.

2.0 BASIS OF PREPARATION

2.1 Summary of Significant Accounting PoliciesThe principal accounting policies applied in the preparation of these financial statements are set out in the bank’s detailed annual report. These policies have been consistently applied to all years presented unless otherwise specifically disclosed.

2.2 Statement of ComplianceThe bank’s financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board [IASB].

2.3 Basis of MeasurementThe financial statements have been prepared in Ghana Cedi (GHC) and under the historical cost conven-tion except for available for sale investments, investment properties, derivative financial assets/liabilities held for trading which have been measured at fair value.

2.4 Use of Estimates and JudgementsThe preparation of the Bank’s financial statements requires management to make judgements, estimates and assumptions that affect the reported amount of revenues, expenses, assets and liabilities, and the accompanying disclosures, as well as the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. The Bank based its assumptions and estimates on parameters available when the financial statements were prepared. Existing circumstances and assump-tions about future developments, however, may change due to market changes or circumstances beyond the control of the Bank. Such changes are reflected in the assumptions when they occur.

3.0 Risk Management DisclosuresTaking risk is core in the business of Banking. In the performing of its statutory duties, the Bank analyses, evaluates and assumes positions of taking calculated risks. The Bank's aim is therefore to achieve an appropriate balance between risk and return and minimize potential adverse effects on its financial performance. The most significant risks faced by the Bank include but not limited:

Credit Risk Liquidity Risk Market Risk (Risks related to currency trading, interest rate etc.) Operational Risk Compliance Risk

3.1 Risk Management FrameworkThe Board of Directors has overall responsibility for the establishment and oversight of the Bank's risk management framework. The Board has established a Risk and Compliance Committee for the manage-ment of risk in the Bank. The arm of the committee within management is the Risk Management Depart-ment which assists it in the discharge of this responsibility. The Bank's risk management policies are established to identify and analyse the risks faced by the Bank, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions, products and services offered.

Through the compliance department, the Bank ensures it complies with all prudential and regulatory guidelines in the pursuit of profitable Banking opportunities while avoiding excessive, unnecessary and uncontrollable risk exposures. Being an inherent feature in the business of the Bank, various mitigating measures are put in place to better manage risk.

All risk management policies are formulated at the board level through the Board Committee Risk and Compliance. The Bank, through its training and management standards and procedures, aims to develop a disciplined and constructive control environment, in which all employees understand their roles and obligations. The Risk and Compliance Committee is responsible among other things for authorising the scope of the risk management function and renewing and assessing the integrity of the risk control systems, ensuring that the risk policies and strategies are effectively managed.

3.2 Quantitative and Qualitative Disclosures

REPORT OF THE INDEPENDENT AUDITOR ON THE SUMMARY FINANACIAL STATEMENTS TO THE SHAREHOLDERS OF BANK OF AFRICA GHANA LIMITED

OpinionThe summary financial statements, which comprise statement of financial position as at 31 December 2017, statement of comprehensive income, cash flow statements for the year then ended, and related notes, are derived from the audited financial statements of Bank of Africa Ghana Limited for the year ended 31 December 2017.

In our opinion, the accompanying summary financial statements are consistent, in all material respects, with the audited financial statements, in accordance with the Bank of Ghana Guide for financial publica-tion for banks & Bank of Ghana (BOG) licensed financial Institutions.

Summary Financial StatementsThe summary financial statements do not contain all the disclosures required by International Financial Reporting Standards, the Companies Act, 1963 (Act 179) and Banks and Deposit-Taking Institutions Act, 2016 (Act 930). Reading the summary financial statements and the auditor’s report thereon, therefore is not a substitute for reading the audited financial statements and the auditor’s report thereon. The summa-ry financial statements and the audited financial statements do not reflect the effects of events that occurred subsequent to the date of our report on the audited financial statements.

The Audited Financial Statements and our Report ThereonWe expressed an unmodified audit opinion on the audited financial statements in our report dated 16 March 2018. That report also includes the communication of other key matters. Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the current period.

Management’s Responsibility for the Summary Financial Statements Management is responsible for the preparation of the summary financial statements in accordance with the Bank of Ghana Guide for financial publication for banks & Bank of Ghana (BOG) licensed financial Institutions.

Auditor’s ResponsibilityOur responsibility is to express an opinion on whether the summary financial statements are consistent, in all material respects, with the audited financial statements based on our procedures, which were conduct-ed in accordance with International Standards on Auditing (ISA) 810(Revised), Engagement to Report on Summary Financial Statements.

Pamela Des Bordes (ICAG/P/1329)For and on behalf of Ernst & Young (ICAG/F/2018/126)Chartered AccountantsAccra, Ghana

2017

16.89%18.80%

Nil0

Capital Adequacy RatioNon-Performing Loan RatioStatutory Default (number)Statutory Default Sanction (GHS’000)

2016

17.67%17.18%

Nil0