kingdom annual audited results dec 2009

7/28/2019 Kingdom Annual Audited Results Dec 2009

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CHAIRMAN'S STATEMENT

It is my pleasure to present Kingdom Financial Holdings Limited's (Group) abridged audited Financial Statements for the twelve months

ended 31 December 2009.

After a decade long decline, the Zimbabwe economy has been and continues to be on the mend following the implementation of themulticurrency system in February 2009. In addition to putting an end to rapid money supply growth and curtailing speculative activities, themulticurrency system directly contributed to the immediate containment of inflation by arresting rapid price movements. Inflation that rose tomore than 231 million percent in July 2008 declined to a deflationary level of 7.7% in 2009. Such efforts towards economic stability are anecessary condition for the creation of a conducive business environment. As a result, the economy is estimated to have grown by 4.7% in2009 up from a decline of 10% in 2008.

The money market remained subdued during the period under review with little or no interbank trading as liquidity remained tight with thedeposits flowing into banks being extremely transactional, thereby curtailing core banking activity that is. credit creation.

Economic performance for 2010 will be affected by the following key challenges:

Slower global growth implies continued slow capital flows to the developing economies like Zimbabwes; Poor 2009/10 rainfall season, which should negatively affect the agricultural and the manufacturing sectors. Agriculture sector output

accounts for 63% of manufacturing inputs whilst manufacturing output accounts for 40% of agriculture inputs; Reduced scope for consumption led growth due to Government's cash squeeze. Under a dollarised environment, fiscal policy is

supposed to be the driver of the economy; Increased reliance on imports as local producers are still experiencing low capacity utilization due to credit constraints. This does not

help to conserve domestic liquidity for industrial use through bank credit.; Domestic bank liquidity crunch will continue to negatively affect industry resulting in low capacity utilization. Furthermore, the

resultant high cost of borrowing crowds private, productive investment; Infrastructural bottlenecks (power, water, transport) foreign exchange, savings and skills. These should continue to impair industrial

production;

Political uncertainty emanating from problems with the implementation of the Global Political Agreement. The resultant high countryrisk also explains high interest rates in the economy.

Looking ahead, economic recovery and restoration of business confidence, especially in the banking sector, is premised on successful liquiditycreation and stability of the political environment. .

The financial statements in this commentary are denominated in United States Dollars.

OPERATING ENVIRONMENT

Outlook

REVIEW OF FULL YEAR RESULTS

Financial Highlights for the twelve months ended 31 December 2009

Operating loss after tax US$ 1 106 896 1 645 246 480,414 100 810Net interest margin (%) 88 85 100 100Non Interest Income to Total income % 60 65 51 1Cost to Income ratio % 121 117 365 140Total Balance sheet size US$ 105,691,479 88,848,043 3,277,728 8,872,255

KFHL KBL KAM DCZ

The Group embaked on a staff rationalisation exercise, which saw the Group paying US$2,950,731 in packages. Excluding the retrenchmentcosts, the Group made a profit after tax of US$1,419,047.

However, after taking into account rationalisation costs, the Group posted a loss after tax of US$1,106,896 for the twelve months ended 31December 2009 against a background of efforts to stabilise the political and hence economic environment. However, liquidity continued to beconstricted and hence constraining capacity to create credit assets. The performance of the Group continued as in the first half of the year to beunderpinned by contribution of the Group's associate company in Malawi. Further, the Group accessed some off shore lines of credit whichhelped in underwriting business.

The Group recorded a positive net interest margin of 88%. This was made possible by the ability of the Group to raise a mixture of wholesale,highly transactional and expensive money, and retail relatively cheap money which contributed in the Group having a relatively low weightedaverage cost of funds.

At US$3,6 million dealing income contributed 22% of total income. Dealing profits were mainly driven by foreign currency trading on theforex market.

Fees and commission income contributed 34% of the Group's total income. Transactions through the commercial bank increased both in valueand volume for the period under review. The commercial bank's market share remained below 5%.

The Group's Financial Position closed the year at US$106 million compared to US$77 million and US$62 million at half year and beginning ofthe year respectively.

Following a successful court case involving NSSA with regards to Econet shares, the board resolved that in line with the merger agreement, the850,000 Econet shares involved and valued at US$4.3 million were to be distributed to the registered KFHL shareholders before the merger. Asa result, these shares are treated as an off balance sheet transaction (see note 26 to the financial statements).

Significant growth in the financial position was noted, however, as earlier mentioned the Group embarked on an employee rationalisationprogramme. This exercise affected Kingdom Bank Limited by US$1,6 million. Kingdom Bank Limited closed the year with an asset base ofUS$88 million.

As reported in the Group's half year results publication, the Discount Company had struggled to sustain operations due to limited activity on themoney market. The Group is going ahead with surrendering the Discount Company of Zimbabwe's licence and merging Discount Company ofZimbabwe with MicroKing Credit and Savings Company (Private) Limited.

The asset management company continued to struggle to get meaningful inflows due to low disposable incomes in the economy formeaningful savings to spur business growth. As a result the company did not participate meaningfully on the stock market. This was a mirrorreflection of the state of the economic environment where inflows were very low and business growth constrained.

Other Group companies contributed US$1.6 million to the Group's profit after tax. The major driver being associate share of income. KingdomStockbrockers (Private) Limited briefly benefited from strong recovery of the stock market especially towards the end of the year. MicroKingCredit and Savings Company (Private) Limited continues to struggle for funding to enable it to underwrite more business.

The demerger process is still on-going with separate listing expected to occur in the second quarter of 2010. The Demerger process will see adividend in specie in KFHL shares being issued to all MAL shareholders to mirror the MAL share register.

The condition precedent to the demerger is an agreement on a plan to find replacement capital for the Meikles Africa Limited capital injection.Meikles Africa Limited injected capital of US$22,5 million via Reserve Bank of Zimbabwe into Kingdom Financial Holdings Limited for the

purpose of capitalising its subsidiaries. (see note 27)

The Group's banking subsidiary Kingdom Bank Limited, Kingdom Asset Management, and Discount Company of Zimbabwe are incompliance with minimum capital requirements of the Central Bank.

In the opinion of the Directors, the accompanying financial statements are consistent with International Financial Reporting Standards (IFRs)as modified by the guidance jointly issued by the Public Accountants and Auditors Board, Zimbabwe Accounting Practices Board, ZimbabweStock Exchange in respect to the change in functional currency and the reporting requirements of the Banking Act, Chapter 24:20 andguidelines prescribed by the regulator, the Reserve Bank of Zimbabwe.

During the year, Messrs O Makamba (former Group Chief Executive Officer), W Mutizwa (former Group Finance Director) and F Mafunga(former Group Company Secretary) resigned from their executive positions. I would like to take this opportunity to thank all three members for

Net Interest Income:

Dealing Profits

Fees and Commission Income

Statement of Financial Position

Kingdom Bank Limited (KBL)

Discount Company of Zimbabwe (DCZ)

Kingdom Asset Management (Private) Limited (KAM)

Other Group Companies

Demerger of Kingdom Financial Holdings Limited from Kingdom Meikles Limited

Capitalisation

Compliance with Legal and Regulatory Requirements

Developments within the Group

their service, valuable contributions and wise counsel. I also take the opportunity to welcome L Mukonoweshuro, E Chimbera and D Makonowere appointed as Group Chief Executive Officer, Group Finance Director and Group Company Secretary respectively with effect from 1Februrary 2010.

Names of Directors KFHL % KBL % KAM % DCZ %

S. P Bango 89 75

S J Chihambakwe 100 100

C T Kuwaza 89 75

O Makamba* 56 50 60

F Kufa 67 75 80

C Jokonya 89 100

Z M T Wazara 11 0

N M K Chanakira 78 100 100 100

M Rukuni 67

C L Wawn 22 100

C M Ruzengwe 67 20 80

M Sibanda 78 50

R Mazula 75

P Mukunga 100

W Mavingire 100

I Munyeza*

W Mutizwa* 78 100

M L Wood* 75

R I Costa 75

I T Gangaidzo 60

W V Katsande 100

P Kadzere 100

G Mushavatu* 75

T Moyo 75M Oakley 100

A R Rowland 60

COMMITTEES

S P Bango 83

S J Chihambakwe 100

R I Costa 67

F Kufa 67

N M K Chanakira 67

O Makamba* 50

C M Ruzengwe 83

T Moyo 50

M Sibanda 83

C T Kuwaza 83

R S Mapani* 50

S P Bango 75

C B Thorn* 0C L Wawn 100

F Kufa 75

N M K Chanakira 100

O Makamba* 50

S J Chihambakwe 75

C B Thorn* 25

O Makamba* 50

N M K Chanakira 50

A R Rowland ** 25

* Resigned during the year

** Appointed during the year

REMUNERATION COMMITTEE % ATTENDANCE

AUDIT AND FINANCE COMMITTEE % ATTENDANCE

RISK COMMITTEE % ATTENDANCE

CREDIT REVIEW COMMITTEE % ATTENDANCE

KINGDOM FINANCIAL HOLDINGS LIMITED

and subsidiaries

For the year ended 31 December 2009

Note

Interest income 7,297,641Interest expense (854,114)

6,443,527

Dealing income 8.1 3,604,672Net fee and commission income 8.2 6,726,503Other income 8.3 (625,873)

16,148,829

Operating expenses 9 (18,516,907)Impairment loss on loans and advances 10 (1,071,487)

(3,439,565)Share of profit of associates 1,907,881

(1,531,684)Income tax expense 11 424,788

(1,106,896)

Loss attributable to:Owners of the parent (1,109,639)Non controlling interests 2,743

(1,106,896)

CONSOLIDATED INCOME STATEMENT

Net interest income

Total income

Operating loss

Loss before tax

Loss for the year

31-December 2009

US$

Board Attendance

Social Responsibility

Acknowledgment and Appreciation

The Group takes cognisance of the fact that for its survival it depends on the support of the society in which it operates. Corporate socialresponsibility initiatives continue to be part and parcel of strategic business consideration. The Group is still cognizant of the vulnerability ofthe less privileged in society and will endeavour to assist, especially in areas affecting children, women and developmental projects.

I take this opportunity to record my sincere appreciation to our clients, shareholders, fellow board members, management and staff and allother stakeholders for their support, guidance and loyalty. May I also acknowledge the regulatory authorities for their continued guidance and

advice.

S BangoChairman


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KINGDOM FINANCIAL HOLDINGS LIMITEDand subsidiaries

As at 31 December 2009

Note

(1,106,896)

Loss on property revaluation (1,641,125)Exchange differences on translation of foreign operations (34,395)

(1,675,520)(2,782,416)

Total comprehensive loss attributable to:Owners of the parent (2,785,159)Non controlling interests 2,743

(2,782,416)

OTHER COMPREHENSIVE INCOME

Loss for the periodOther comprehensive income, after tax

Other comprehensive loss for the year, net of taxTOTAL COMPREHENSIVE LOSS FOR THE YEAR

31 December 2009US$

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

EQUITY AND LIABILITIESEquity attributable to owners of the parent

Total equity

Liabilities

Total liabilities

TOTAL EQUITY AND LIABILITIES

ASSETS

TOTAL ASSETS


Note

Share capital and Share premium 12 -Capital reserves 13 35,477,322Retained loss (1,109,639)

34,367,683Non controlling interests 14 15,313

34,382,996

Deferred taxation 948,124Financial liabilities at fair value through profit or loss 12,316,819Customer deposits 15 35,481,899Other liabilities 16 22,561,641

71,308,483

105,691,479

Balances with banks and cash 17 46,231,957Financial assets at fair value through profit or loss 18 4,113,495Available for sale securities 249,086Advances and other accounts 19 43,225,714Investment property 186,900Property and equipment 9,185,672Investments in associates 20 2,498,655

105,691,479

31 December 2009US$

CONSOLIDATED STATEMENT OF CASHFLOWS

NET CASH FLOWS FROM OPERATING ACTIVITIES

Non cash items

Operating cashflows before changes in operating assets and liabilities

Changes in net operating assets and liabilities

Net cash flow generated from/(utilised in) operating activities

Taxation

Net cashflow from operating activities

CASHFLOW FROM INVESTING ACTIVITIES

Net cash outflow from investing activities


Loss before tax and associated company profits (3,439,565)

Depreciation 469,404Unrealised gains on equities (449,317)Loss on disposal of equipment 645,674Fair value adjustment of investment property 99,600

(2,674,204)

Financial liabilities at fair value through profit or loss 12,316,819Customer Deposits 18,590,029Increase in financial assets available for sale (249,086)Financial asset at fair value through profit or loss (3,332,296)Other liabilities 22,065,565Advances and other accounts (37,230,107)

9,486,720

Corporate tax paid (123,949)

9,362,771

Purchase of investment property (29,085)Acquisition of additional interest in associate (571,933)Proceeds on disposal of equipment 265,126Proceeds on disposal of investments 950,000Dividends from associates 454,767Purchase of equipment (2,237,547)

(1,168,672)

31 December 2009US$

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Balance at

1 January 2009

Balance at31 December 2009


- - 37,152,842 37,152,842 12,570 37,165,412Total comprehensiveincome/ (loss) for the year (1,109,639) (1,675,520) (2,785,159) 2,743 (2,782,416)

- (1,109,639) 35,477,322 34,367,683 15,313 34,382,996

capitaland share earnings reserve Total interests Equitypremium

US$ US$ US$ US$ US$ US$

ShareRetained Capital controlling Total

Non-

Net increase/decrease in cash and cash equivalentsCash and cash equivalents at begining of the yearCash and cash equivalents at end of year

8,194,09938,037,85846,231,957

SIGNIFICANT ACCOUNTING POLICIES

1. COMPANY AND GROUP PROFILE AND PRINCIPAL ACTIVITIES

2. SIGNIFICANT ACCOUNTING POLICIES

2.1 Statement of compliance

2.2 Reporting currency and translations

Adoption of new functional and reporting currency

Determination of opening balances

2.3 Non-compliance with international accounting standards 1, 21 and 29

3. BASIS OF CONSOLIDATION

i ) Gro up a cc ount s

ii) Subsidiaries

iii) Associates

4. FINANCIAL ASSETS AND LIABILITIES - RECOGNITION AND MEASUREMENT

(i) Recognition

(ii) Measurement

(iii) Fair value measurement principals

(iv) Gains and losses on subsequent measurement

5. FINANCIAL ASSETS OR LIABILITIES


The principal activities of Kingdom Financial Holdings Limited (Group) are those of investing in and holding of shares in subsidiariesand associate companies, the provision of management services to subsidiaries and associate companies, and other investing activities.The principal activities of the companies within the Group consist of dealing in the money, capital, equity and foreign exchange markets,stockbroking, retail, corporate and international banking, corporate finance, micro-financing, asset and portfolio management,economic and company research and advisory services. No significant or material changes occurred to alter the nature of these activitiesduring the financial period ended 31 December 2009.

The abridged results for the year ended 31 December 2009 have been prepared using accounting policies in accordance withInternational Financial Reporting Standards(IFRS), as modified by the guidance jointly issued by the Public Accountants and AuditorsBoard, Zimbabwe Accounting Practices Board, Zimbabwe Stock Exchange in respect to the change in functional currency, and theCompanies Act (Chapter 24:03). All the accounting policies and methods of computation used are consistent with those applied in thepreparation of the annual financial statements for the year ended 31 December 2008 except where the group adopted new or revisedaccounting standards and interpretations of those standards. The adopted new standards did not have a material impact on the reportedresults.

The Group changed its functional and presentation currency from Zimbabwe Dollars to United States Dollars with effect from 1 January2009 in line with Ministry of Finance and Reserve Bank of Zimbabwe's approval of the use of multi-currency transactions in theeconomy.

A valuation was carried out in United States Dollars in order to determine the values of the opening statement of financial position as at 1January 2009. The opening balances have been constructed on the basis of the guidance on change in functional currency issued by thePublic Accountants and Auditors Board.

Owner occupied properties Fair values determined by independent external valuersMotor vehicles, office equipment and furniture and fittings Carrying amounts determined by a directors valuationAdvances and other accounts Recoverable amount in United States dollars (US$) or other

foreign currencies converted at cross ratesBalances with banks and cash Actual United States dollars or other foreign currencies

converted at cross rates held by the group on nostro accountsor as cash

Other liabilities Settlement amounts to suppliers / creditorsCustomer deposits Deposits held in United States dollars or other currencies

converted at cross ratesShare capital and premium Prescribed minimum equity capital held at RBZ in a special

foreign currency depositNon distributable reserves Difference between total assets and total liabilities

International Accounting Standard 1 (Presentation of financial statements) requires an entity to disclose comparative information inrespect of the previous period. Comparative figures have not been provided as the prior year figures could not be objectively ascertaineddue to the existence of various exchange rates, inability to determine fair exchange rate and unavailability of inflation indices whichcould have been used in the restatement of opening balances from Zimbabwe Dollars to United States Dollars. In addition, InternationalStandard 21 (Effects in changes in foreign exchange rates) requires that an entity restates its comparatives upon change in functionalcurrency by using the closing exchange rate as at end of the previous year. As at 31 December 2008, multiple exchange rates prevailedand therefore an appropriate exchange rate could not be determined for use in the restatement of opening balances. InternationalStandard 29 (Financial Reporting in hyperinflationary economies) states that when an entity ceases to be hyperinflationary, themeasuring unit current at the end of the previous reporting period has to be used as the basis for the carrying amounts in its subsequentfinancial statements. Due to lack of inflation indices, we have not disclosed comparatives.

The consolidated financial statements comprise the financial statements of the company, subsidiaries and associate companies.Accounting policies are applied uniformly across the Group. All companies within the Group have a 31 December year-end. Inter-Group transactions such as interest income, interest expense and balances are eliminated on consolidation.

Subsidiaries are those enterprises controlled by the Group. Control exists when the company has the power, directly or indirectly, togovern the financial and operating policies of an enterprise so as to obtain benefits from its activities. The financial statements ofsubsidiaries are included in the consolidated financial statements from the date that control effectively commences until the date thatcontrol effectively ceases. In assessing control, potential voting rights that presently are exercisable are taken into account. Subsidiariesare excluded from consolidation when control is intended to be temporary due to the subsidiary being acquired and held exclusively witha view to its subsequent disposal within twelve months.

Associates are those enterprises in which the Group has a significant influence, but not control, over the financial and operating policies.The consolidated financial statements include the Group's share of the total recognised gains and losses of associates on an equityaccounted basis from the date that significant influence effectively commences until the date significant influence ceases. When theGroup's share of losses exceed its interest in associate, the Group's carrying amount is reduced to nil and recognition of further losses isdiscontinued. Where an associate is held with a view of disposing of it within twelve months from the reporting date, it is accounted foras a non-current asset held for sale. The carrying amounts of these investments are reviewed annually and written down for impairmentwhere considered necessary.

The Group classifies its financial assets and liabilities in the following categories, at fair value through profit or loss, held to maturity,loans and receivables and available-for-sale. The classification depends on the purpose for which the financial assets were acquired.Management determines the classification of its financial assets at initial recognition and re-evaluates this designation at every reportingdate.

The Group initially recognises loans and advances, deposits, debt securities issued and subordinated liabilities on the date that they areoriginated. All other financial assets and liabilities (including assets and liabilities designated at fair value through profit or loss) areinitially recognised on the trade date at which the Group becomes a party to the contractual provisions of the instrument.

Financial assets and liabilities are set off and the net amount presented in the balance sheet when, and only when, the Group has a legalright to set off the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. Incomeand expenses are presented on a net basis only when permitted by the accounting standards, or for gains and losses arising from a Groupof similar transactions such as in the Group's trading activity.

The determination of fair values of financial assets and financial liabilities is based on quoted market prices or dealer price quotations forfinancial instruments traded in active markets. For all other financial instruments, fair value is determined by using valuationtechniques. Valuation techniques include net present value techniques, the discounted cash flow method, and comparison to similarinstruments for which market observable prices exist.

Gains and losses arising from a change in the fair value of available-for-sale assets are recognised directly in equity. When the financialassets are sold, collected or otherwise disposed of, the cumulative gain or loss in equity is transferred to the income statement.Gains and losses arising from a change in the fair value of trading instruments are recognised in the income statement.

Financial assets or liabilities are initially measured at fair value plus financial assets or liabilities not at fair value through profit or loss,incremental direct transaction costs, and subsequently accounted for depending on their classification as either held to maturity, fairvalue through statement of comprehensive income or available for sale.

Held to Matur ity.Held to maturity investments are non derivative assets with fixed or determinable payments and fixed maturity that the group has apositive intent and ability to hold to maturity, and which are not designated as at fair value through statement of comprehensiveincome or as available for sale.Held to maturity investments are carried at amortised cost using the effective interest method.

Fair value through statement of comprehensive income.The group designates some investment securities at fair value through profile or loss.

Available for sale securities are non derivative investments that are designated as available for sale or are not classified as anothercategory of financial assets. Unquoted equity securities whose fair value cannot be reliably measured are carried at cost. All otheravailable for sale securities are carried at fair value. Interest income is recognised in the statement of comprehensive income usingthe effective interest method. Dividend income is recognised in the statement of comprehensive income when the group is entitledto a dividend.

Item of statement of financial position Criteria used to determine opening balance


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KINGDOM FINANCIAL HOLDINGS LIMITEDand subsidiaries


Unrealised gains on equities 449,317Switches income 2,689,466Unrealised exchange gains in foreign currencies 430,237Other 35,652

3,604,672

Retail banking customer fees 5,521,677Corporate banking and credit related fees 610,915Brokerage commission 533,350Asset management fees 119,605

6,785,547

Brokerage fees paid (59,044)Net fee and commission income 6,726,503

Loss on disposal of fixed assets (645,674)Fair value adjustment on properties (99,600)Sundry income 119,401

(625,873)

Administrative expenses 7,436,361Depreciation 469,404Auditor's remuneration 371,158Director's remuneration 50,396Staff costs 10,189,588

18,516,907

Impairment loss for the yearCharge for the year 1,071,487Advances written off (82,776)Advances recoveries 77,641Balance as at 31 December 1,066,352

Deferred taxation (887 473)Financial institutions levy (124,030)

(1,011,503)

Income taxation 586,715(424,788)

12.1 Authorised share capitalOrdinary shares -

Balance in issue as at 1 January and 31 December -

On 28 August 2008, the Group received capital amounting to US$22, 5 million from Meikles Africa Limited (MAL) and is includedunder Non distributable reserves (note 13). This was achieved through a transfer of cash balances from MAL funds that were sittingwith the Reserve Bank of Zimbabwe (RBZ) to a special foreign currency accounts maintained at RBZ.

Foreign currency translation (34,395)Non distributable reserve 35,511,717

35,477,322

Balance as at 1 January 2009 12,570Share of profit for the period 2,743Balance as at 31 December 2009 15,313

Current and savings accounts 35,481,899

NOTES TO THE ABRIDGED FINANCIAL STATEMENTS

8. NON INTEREST INCOME

8.1 Gains less loss arising from:

8.2 Net fee and commission incomeFee and commission income

Fee and commission expense

8.3 Other operating income

9. OPERATING EXPENDITURE

OPERATING EXPENDITURE

10. IMPAIRMENT LOSSES ON LOANS AND ADVANCES 31

11. TAXATIONCharge based on loss for the year

ASSOCIATE COMPANIES TAXForeign taxation

TOTAL TAX CHARGE

12. ORDINARY SHARE CAPITAL

12.2 Issued and fully paid upOrdinary share capital

13. CAPITAL RESERVES

14. NON CONTROLLING INTERESTS

15. CUSTOMER DEPOSITS

16. OTHER LIABILITIES

17. CASH AND CASH EQUIVALENTS

18. FINANCIAL ASSETS AT FAIR VALUETHROUGH PROFIT OR LOSS

19. ADVANCES AND OTHER ACCOUNTS

20. INVESTMENTS IN ASSOCIATES

Trade creditors 284,298Sundry creditors 18,151,347

Accrued interest payable 294,659Withholding tax 14,766Other accounts 3,816,571

22,561,641

Balances with the Reserve bank: 30,451,416Statutory deposits 3,706,234Current account balances 2,581,874RBZ special deposit 24,163,308Nostro accounts 5,397,367Notes and coins 2,423,755Other bank and cash balances 7,959,419

46,231,957

Included under cash and cash equivalents is a special foreign currency deposit with the Reserve Bank of Zimbabwe. Theinvestment arose as a result of a cash investment for MAL with the central bank, that was transferred to special foreign currencyaccounts for Kingdom Bank Limited, The Discount Company of Zimbabwe Limited and Kingdom Asset Management (Private)Limited.

Fixed placements with foreign banks 2,687,013Other investment and trading securities 141,744

Bankers acceptances 12Quoted securities at market value 1,284,726

4,113,495

Customer loans and overdrafts 40,235,802Impairment loss on loans and overdrafts (note 10) (1,066,352)

39,169,450Other accounts 4,056,264Accrued interest receivable 391,325Trade receivables 422,320Other receivables 3,242,619

43,225,714

Balance as at 1 January 2009 1,025,929Share of current period earnings 1,907,881Taxation on profits for the period (586,715)Dividend received (454,768)Right issue exercised 571,933Share of translation reserve 34,395Balance as at 31 December 2009 2,498,655

Other fair value changes are recognised directly in equity until the investment is sold or impaired where upon the cumulative gainsand losses previously recognised in equity are recognised in the statement of comprehensive income.

Derivative financial instruments (derivatives) are contracts whose value is derived from one or more underlying financial instruments orindices. They include swaps, forward rate agreements, futures, options and combinations of these. The use of derivatives and their sale tocustomers as risk management products is part of the Group's trading activities. Derivatives are also used to manage the Group's ownexposure to fluctuations in exchange and interest rates as part of its asset and liability management activities.

Open trading portfolios are marked-to-market and the resultant profits and losses are included in income. Hedging portfolios areaccounted for on the same basis as the hedged items.

Derivative transactions generate income for the Group from buy-sell spreads and from trading positions. Income from these transactionsis taken to dealing profits.

An operating segment is a component of the Group: That engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to

transactions with other components of the entity); Whose operating results are reviewed regularly by the entity's chief operating decision maker to make decisions about resources to

be allocated to the segment and assess its performance; and For which discrete financial information is available.

The Group's operating segments have been aggregated based on the nature of the products and services on offer and the nature of theregulatory environment.

The principal activities of this segment consist of dealing in the money and foreign exchange markets, retail, corporate and internationalbanking, corporate finance, company research and micro-financing.

The principal activities of this segment consist of dealing in the equity market and offering advisory services.

The principal activities of this segment consist of dealing in the capital, property and money markets, asset and portfolio management andadvisory services.

All other operating segments which do not meet the above criteria and whose contribution to Group profit (or loss) is less than 10% havebeen aggregated into 'All other'.

6. DERIVATIVE FINANCIAL INSTRUMENTS

7. OPERATING SEGMENTS

7.1 Commercial banking

7.2 Stock broking

7.3 Asset management

7.4 All other

21. RISK MANAGEMENT

Risk management policies

Risk categories

Market risks

21.1 Liquidity risk management

Management of liquidity risk

Exposure to liquidity risk

The Group Risk Management department serves all the subsidiaries of the KFHL group. The department's mandate is to develop a

culture of appreciation and transparency in risk assessment and management. It works within the frameworks of the Reserve Bankof Zimbabwe (RBZ) guidelines and the Bank for International Settlements (BIS) as published in guidelines or compendiums. It isthe Group's policy that all securities are traded after all the risks involved have been fully understood and quantified.

The Group endeavours to keep abreast of best practice in the measurement of both market and credit risk by utilizing the latestmethodologies. Statistical models such as Value at Risk (VaR) and sensitivity measures such as durations are widely used andportfolios regularly stress tested. The department back-tests the accuracy of models as recommended by the Basel Committee.Credit risk is handled in the same rigorous manner.

Communication and timely delivery of risk information is critical to any efficient risk management process. To this end, thedepartment has service level agreements with all subsidiaries or units to deliver accurate risk management information timeously.Risk management issues daily, weekly, monthly, quarterly and annual reports to units' management and the various riskmanagement bodies. Furthermore, the department regulates the trading of operating units by setting, implementing and revising riskand trading limits on a consistent basis through the Asset and Liabilities Committee (ALCO).

The risk management framework is built in a hierarchical manner, which begins with line management, goes through committeessuch as ALCO, Loans and Investment Committee ("LIC"), Board Subcommittees and ultimately ends with the Kingdom FinancialHoldings Limited Board. There is segregation of duties between front, middle and back office functions as part of the Group's riskmanagement policy.

The main categories of risk inherent in the business of the Group are:

Market related risks- Price risk- Interest rate Risk- Foreign exchange Risk

Liquidi ty r isk

C red it ri sk Operational risk Reputation risk Strategic r isk

These risks emanate from changes in market variables such as interest rates, foreign exchange rates, equity and commodity pricesand cause uncertainties in a security's price. This in turn causes variations in the economic value of the Group's portfolios and canhave serious negative implications if not properly managed.

Group Risk, independent of trading operations and accountable to ALCO, monitors all market risk exposures and alertsmanagement and ALCO of any evolving situations on time.

Liquidity risk arises from a mismatch of asset and liability cash flows and/or different maturity profiles. Liquidity obligations arisefrom requirements to repay depositors, advance committed funds, and make interest and other expense payments. Sound liquiditymanagement is critical in protecting the Group's depositor base, maintaining market confidence and ensuring future growth.

Several elements regarded as fundamental in the management of liquidity are employed by the Group to ensure effective liquiditymanagement. These include but are not limited to: Maintenance of a portfolio of liquid and marketable assets over and above prudential guidelines; Maintenance of a structurally sound balance sheet with limited mismatches between anticipated inflows and outflows within

different time buckets and Diversification of funding sources.

Liquidity risk is managed with the help of ALCO which reviews the Group's liquidity profile by monitoring the differences inmaturities between assets and liabilities, and analyzing future level of funds required based on various assumptions, including;ability to liquidate investments, participate in money markets and accommodation by the Reserve Bank. The Group also managesthis risk by diversifying its depositor base, looking for stable deposits and keeping short terms assets. Diversification is maintainedacross counterparties, types of instruments and maturity ladder.

The key measure used by the Group for managing liquidity risk is the ratio of net liquid assets to deposits from customers. For thispurpose net liquid assets are considered as including cash and cash equivalents and financial assets at fair value through profit andloss. A similar but not identical calculation is used to measure the Group's compliance with the liquidity limit established by theGroup's lead regulator, the Reserve Bank of Zimbabwe.


4/11


5/11

An internal assessment of the risks faced by the Group is presented below

Type of Risk Level of Inherent Adequacy of Risk Overall Direction of Risk Management Composite Risk Overall

Systems Composite Risk Credit Low Acceptable Low StableLiquidity Moderate Acceptable Moderate IncreasingInterest Rate High Acceptable High IncreasingForeign Exchange Low Acceptable Low StableStrategic Risk Low Acceptable Low StableOperational risk High Acceptable High IncreasingLegal & compliance High Weak High IncreasingReputation Low Acceptable Low StableOverall Moderate Acceptable Moderate Increasing

SUMMARY RISK MATRIX FORMAT

Low - reflects a lower than average probability of an adverse impact on a Group's capital and earnings. Losses in a functional areawith low inherent risk would have little negative impact on the Group's overall financial condition.Moderate - could reasonably be expected to result in loss which could be absorbed by the Group in the normal course of businessHigh - reflects a higher than average probability of potential loss. High inherent risk could reasonably be expected to result in asignificant and harmful loss to the Group.

Weak - Risk management systems are inadequate or inappropriate given the size, complexity and risk profile of the Group'sinstitution. Institution's risk management systems are lacking in important ways and therefore a cause of more than normalsupervisory attention.The internal control systems will be lacking in important aspects particularly as indicated by continued control exceptions or by thefailure to adhere to written policies and procedures.Acceptable - management of risk is largely effective but lacking to some modest degree. While the institution might be having someminor risk management weaknesses, these have been recognized and are being addressed. Management information systems aregenerally adequate.Strong - management effectively identifies and controls all types of risk posed by the relevant functional areas or per inherent risk.The board and senior management are active participants in managing risk and ensure appropriate policies and limits are put inplace.The policies comprehensively define the bank's risk tolerance, responsibilities and accountabilities are effectively communicated.

Low Risk- would be assigned to low inherent risk areas. Moderate risk areas may be assigned a low composite risk where internalcontrols and risk management systems are strong and effectively mitigate much of the risk.Moderate Risk- risk management systems appropriately mitigates inherent risk. For a given low risk area, significant weaknessesin the risk management systems may result in a moderate composite risk assessment. On the other hand, a strong risk managementsystem may reduce the risk so that any potential financial loss from the activity would have only a moderate negative impact on theGroup's overall condition.

High Risk- risk management systems do not significantly mitigate the high inherent risk. Thus the activity could potentially resultin a financial loss that would have a significant impact on the Group's overall condition, even in some cases where the systems areconsidered strong.

Increasing-based on the current information, risk is expected to increase in the next 12 months.Decreasing-based on the current information, risk is expected to decrease in the next 12 months.Stable -based on the current information, risk is expected to be stable in the next 12 months.

KEYLevel of Inherent Risk

Adequacy of Risk Management Systems

Overall Composite Risk

Direction of Overall Composite risk

23. REPORTABLE SEGMENT PROFIT OR LOSS, ASSETS AND LIABILITIES

Reportable segment profit

Reportable segment assets

Reportable segment liabilities

31-Dec-2009

Interest income from external customers 3,533,032 124,238 (438) - 3,656,832Intersegment interest income 35,574 559 537 36,670

Total income from external customers 15,138,428 579,393 422,907 8,101 16,148,829Intersegment total income 146,564 559 537 147,660

(2,854,101) (393,398) (200,167) 8,101 (3,439,565)

100,283,837 4,572,041 803,924 31,677 103,581,054

68,866,063 34,167 297,402 426 69,198,058

Banking Asset Management Stockbroking All Other TotalsUS$ US$ US$ US$ US$

23.1 Operating segments reconciliation

31 December 2009Interest income US$

Group interest income

Group total income

Group total income

Group assets

Group total assets

Group liabilities

Group total liabilities

Total interest income for reportable segments 3,693,502Elimination of intersegment interest income (36,670)

3,656,832

16,296,489Elimination of intersegment total income (147,660)

16,148,829

Total assets for reportable segments 103,581,054Unallocated assets from holding company 2,848,358Elimination of intersegment receivables (737,933)

105,691,479

Total liabilities for reportable segments 69,198,058Unallocated liabilities from holding company 2,848,358Elimination of intersegment payables (737,933)

71,308,483

Kingdom Stockbrokers (Private) Limited vs. Zimbabwe Revenue Authority (ZIMRA)

Kingdom Bank Limited vs. Saturn Trading Investments Limited

MD Enterprises vs Kingdom Bank Limited

FW Woolworth & Co Pvt Ltd Vs Kingdom Bank Ltd

25. COMPLIANCE

26. OFF BALANCE SHEET - 850 000 ECONET SHARES

27. De-merger of Kingdom Financial Holdings Limited (KFHL) from Meikles Africa Limited (MAL)

Implementation of de-merger resolutions

COMPANY INFORMATION

The Zimbabwe Revenue Authority (ZIMRA) has made a claim for ZW $ - * ( nil due to debasing effects) against KingdomStockbrokers (Private) Limited for Value Added Tax (VAT) on brokerage commissions backdated to 1 January 2005. KingdomStockbrokers (Private) Limited has appealed against the claim made by ZIMRA, and the matter is currently before the Fiscal Appeals

Court. The directors are confident that the appeal will succeed.

Kingdom Bank Limited has instituted proceedings against Saturn Trading Investments (Private) Limited for the recovery of US$900000 owed to Kingdom Bank Limited through various loan structures denominated in the currency of the United States of America. Theparties are waiting for a set down date at the Harare High Court. The directors are confident that, on the facts, the claim will succeed

Proceedings have been instituted against Kingdom Bank Limited by MD Enterprises in respect of a transaction worth US$200 000 inwhich Kingdom Bank Limited was supposed to pay a foreign based company for goods sourced by MD Enterprises on behalf of alocally based third party. The transaction did not materialise after the third party withdrew from the transaction. The matter has beendefended and the directors have confidence that the defence will succeed. A hearing date is awaited. The directors believe that the casewill not have a significant impact on the financial position of Kingdom Bank Limited and the group.

This is a claim for arrear rentals by FW Woolworth & Co Pvt Ltd amounting to $104,000.00. The Bank is disputing the quantum ofrental reviews that were done. The matter is awaiting a set down date at the High Court. The directors believe that there are goodprospects of successfully defending the matter.

The Group and its subsidiaries have complied with all issues as required by the Banking Act and Banking Regulations.

On 5 April 2007, the group set aside 850 000 Econet Wireless Holdings Limited shares being a hedge fund for a case that was before theHigh court - Kingdom Financial Holdings Limited (KFHL) vs National Social Security Authority (NSSA). The original cost was

written off against the Group's profits but with an undertaking to redistribute the proceeds to the KFHL shareholders at the time in theevent the case is won. In a ruling dated 23 July 2009, the Supreme court ruled in favour of KFHL and resultantly 850 000 shares with amarket value of $4 275 515 being held off balance sheet will be redistributed in due course.

At an EGM held on 22 June 2009, Meikles Africa Limited (MAL) (the parent company of KFHL) shareholders received, consideredand passed the following resolutions:

i) AS AN ORDNIARY RESOLUTION THE DISPOSAL OF 234 046 621 KFHL SHARES ISSUED TO KFHL FORCANCELLATION.THAT the Directors of the MAL be and hereby authorized to transfer to KFHL at nominal value for cancellation 234 046 621 KingdomFinancial Holding Limited Ordinary shares

ii) AS AN ORDINARY RESOLUTION-DISTRIBUTION OF KFHL SHARESTHAT, simultaneously with the proposed listing of KFHL the directors of the company be and hereby authorized to distribute by wayof a dividend in specie to all Kingdom Meikles Africa Limited shareholders all the 245 374 791 issued shares of Kingdom FinancialHoldings Limited remaining after the proposed transfer of 234 046 621 KFHL shares to KFHL for cancellation, using a distributionratio of 1 Kingdom Financial Holdings Limited shares for every Kingdom Meikles Africa Limited share held

iii) AS AN ORDINARY RESOLUTION-LISTING OF KINGDOM ON ZSETHAT simultaneously with the distribution of the proposed dividend in specie, the Directors of the company be and are herebyauthorized to list all the issued shares of Kingdom Financial Holdings Limited on the ZSE by way of an introduction. The results ofthe Extra General Meeting (EGM) are tabulated below:

Proposed resolution 1- As an ordinary resolution : Disposalof 234 046 621 KFHL issued shares to KFHL for cancellation 98% 2% Passed

Proposed resolution 2 -As an ordinary resolution: Distribution ofKFHL shares 98% 2% Passed

Proposed resolution 3 - As an ordinary resolution -Listingof KFHL on Zimbabwe Stock Exchange 98% 2% Passed

As at reporting date, 31 March 2010, the conditions precedent to implementing the de-merger resolutions had not yet been completed.the condition precedent to the demerger is an agreement on a plan to find replacement capital for the Meikles Africa Limited capitalinjection. Meikles Africa Limited injected capital of US$22,5 million via Reserve Bank of Zimbabwe into Kingdom FinancialHoldings Limited for the purpose of capitalising its subsidiaries. Accordingly, KML was still the parent company and KFHL was still awholly owned subsidiary.

Directors: S.P. Bango (Chairman) Ms, Messrs N.M.K. Chanakira, S.J. Chihambakwe, C.M. Jokonya, F. Kufa, C T Kuwaza,L. Mukonoweshuro*, R. S. Mapani, E. Chimbera*, Prof M Rukuni, C M Ruzengwe, C.B. Thorn, C Wawn, Z.M.T. Wazara,*Executive Directors

Registered Address: 3rd floor, Karigamombe Centre, 53 Samora Machel Avenue, Harare, Zimbabwe

Auditors: KPMG Chartered Accountants (Zimbabwe), Mutual Gardens, 100 the Chase (West) Emerald Hill, Harare, Zimbabwe.

Commercial Bankers: Kingdom Bank Limited, 6th floor Karigamombe Centre, 53 Samora Machel Avenue, Harare.

Legal Advisor: Costa and Madzonga Legal Practitioners 10th floor, Club Chambers, 76 Samora Machel Avenue, Harare.

Voted for Voted against Resolution

SUMMARY ONSITE RATING: RFI - (C) D FORMAT

ONSITE RATING: RFI - (C) D LATEST

RATINGS

Risk Management 3Financial condition 2Impact 2Composite 2Depository 2Overall 2

24. LITIGATION AND CLAIMS

Kingdom Securities Limited vs. G. Muwidzi

Kingdom Stockbrokers (Private Limited), Kingdom Nominees vs. National Social Security Authority (NSSA)

Optmack Investments (Private) Limited is a property investment company. The company purchased a piece of property in a low densityarea and then decided to sell the property. The company entered into an agreement of sale with a party with the strict requirement thatpayment for the purchase of the property was to be done within a specific timeframe, failing which the agreement between the partieswould be treated as null and void. The purchaser of the property failed to make payment on time as per the agreement of sale resultingin the offer to sell the property being made to some other party. The other party accepted the offer and is claiming rights of ownership.The first purchaser claims that the offer had not lapsed at the time they eventually made payment, and is suing Optmack investments forspecific performance. The matter was heard in November 2008 and judgement is awaited.

In a ruling dated 23 July 2009, the Supreme Court ruled in favour of Kingdom Financial Holdings Limited. See note 26 for implicationof this ruling.


6/11

The directors of Kingdom Bank Limited (a wholly owned subsidiary of Kingdom Financial Holdings Limited) are pleased to present theabridged audited results for the year ended 31 December 2009.

KINGDOM BANK LIMITED

For the year ended 31 December 2009Note

Interest and similar income 5 745 667Interest expense (857 403)

Net interest income 4 888 264

Dealing income 2.1 3 111 832Net fee and commission income 2.2 6 137 927Other income 2.3 (254 769)

Operating income 13 883 254

Operating expenditure 3 (15 288 415)Provision for impairment on loans and advances 10.5 (912 074)

Loss before taxation (2 317 235)

Taxation 4 671 989

Loss for the year (1 645 246)

INCOME STATEMENT

31- December 2009US$

STATEMENT OF CASH FLOWS

CASH FLOW FROM OPERATING ACTIVITIES

Changes in operating assets and liabilities

Net cash generated from operating activities

Taxation

CASH FLOW FROM INVESTING ACTIVITIES

Net cash outflow from investing activities

Net increase in cash and cash equivalents

Cash and cash equivalents at beginning of year

Cash and cash equivalents at end of year


Operating loss before taxation (2 317 235)Non cash itemsDepreciation on property and equipment 362 695Loss on disposal of equipment 332 332Operating cash flow before changes in operatingassets and liabilities (1 622 208)

Increase in financial liabilities at fair value through profit or loss 11 120 396Increase in customer deposits 18 590 029Increase in financial assets at fair value through profit or loss (2 687 013)Increase in other liabilities 21 945 472Increase in financial assets available for saleIncrease in advances and other accounts (249 086)

(37 556 263)

9 541 327

Tax paid (123 079)Net cash inflow from operating activities 9 418 248

Proceeds on disposal of equipment 209 436Proceeds on disposal of investment property 950 000

Purchase of equipment (2 115 162)

(955 726)

8 462 522

27 299 479

35 762 001

31 December 2009US$

STATEMENT OF CHANGES IN EQUITY

Balance at 1 January

Balance at 31 December


- 21 481 701 - 21 481 702To ta l c omp re he ns iv e l os s f or t he y ea r - ( 1, 07 4, 50 5) ( 1 6 45 2 46 ) ( 2 7 19 7 51 )

- 20 407 197 (1 645 246) 18 761 951

Share

capital Capital Revenueand reserves reserves Totalpremium

US$ US $ US$ US$

STATEMENT OF OTHER COMPREHENSIVE INCOME

Loss for the year

Other comprehensive loss for the period, net of tax

Total comprehensive loss for the period


(1 645 246)

Other comprehensive income/(loss):Loss on property revaluation (1 555 000)Tax relating to components of other comprehensive income 480 495

(1 074 505)

(2 719 751)

31- December 2009US$

STATEMENT OF FINANCIAL POSITION

EQUITY AND LIABILTIES

EQUITY

LIABILITIES

TOTAL EQUITY AND LIABILITIESASSETS

TOTAL ASSETS


Note

Share capital and premium 5 -Capital reserves 6 20 407 197Retained loss (1 645 246)Total equity 18 761 951

Financial liabilities at fair value through profit or loss 11 120 396Customer deposits 7 35 619 832Other liabilities 8 22 390 372Deferred taxation 955 492

Total liabilities 70 086 092

88 848 043

Balances with banks and cash 9 35 762 001Financial assets at fair value through profit or loss 2 687 013Financial assets available for sale 249 086Advances and other accounts 10.2 42 533 089Taxation 123 079Property and equipment 7 493 775

88 848 043

31 December 2009US$


1. INCORPORATION AND ACTIVITIES

2. OPERATING INCOME

2.1 DEALING INCOME

2.2 NET FEE AND COMMISSION INCOME

2.3 OTHER OPERATING INCOME

3. OPERATING EXPENDITURE

4. TAXATION

5. SHARE CAPITAL

5.1 Authorised share capital

5.1.1 Issued and fully paid

6. CAPITAL RESERVES

7. CUSTOMER DEPOSITS

8. OTHER LIABILITIES

9. BALANCES WITH BANKS AND CASH

10. ADVANCES AND OTHER ACCOUNTS

10.1 Advances

10.2 Other accounts


Kingdom Bank Limited is a wholly owned subsidiary of Kingdom Financial Holdings Limited (KFHL), a company registered inZimbabwe. The company, a registered commercial bank, was incorporated in Zimbabwe on 1 April 1997. It has an associatecompany, Kingdom Bank Africa Limited that is registered in Botswana.

KFHL is a wholly owned subsidiary of Meikles Africa Limited (MAL)

Gains less losses arising from:-dealing in foreign currencies 3 111 832

Retail banking customer fees 4 869 737International banking fees 627 755Corporate finance fees 640 435

6 137 927

Loss on disposal of equipment (332 332)Rental income 15 570Sundry income 61 993

(254 769)

Administrative expenses 8 318 380Depreciation 362 695Staff costs 6 607 340

15 288 415

Charge based on loss for the periodDeferred tax (556 127)Financial institutions levy (115 862)

Total taxation charge (671 989)

The authorised share capital of the bank ismade up of 1 050 000 000 ordinary shares. -

Share capital and premium -

The issued share capital of the bank ismade up of 1 043 167 064 ordinary shares.

On 28 August 2008, the company through its shareholder, Kingdom Financial Holdings Limited (KFHL), received capitalamounting to US$12.5 million and is included under non distributable reserve (note 6). This was achieved through a transfer of cashbalances from Meikles Africa Limited (shareholder of KFHL) funds that were sitting with the Reserve Bank of Zimbabwe (RBZ) toa special foreign currency account created for the company. The capital received has been invested in the company in compliancewith Reserve Bank of Zimbabwe's prescribed minimum capital requirements.

Non-distributable reserves at 31 December 2009 20 338 097Revaluation surplus 69 100

20 407 197

Subject to approval at the Annual General meeting, US$20 338 097 is earmarked to be capitalised from non-distributablereserves to share capital and share premium.

Current accounts 10 987 070Saving accounts 20 093 476Foreign currency deposits 4 539 286

35 619 832

Accruals and other accounts 1 271 968Interest payable 294 451Withholding tax 14 766Other provisions 20 809 187

22 390 372

Balances with central bank 19 715 212RBZ current account 2 581 875RBZ special foreign currency deposit 13 427 103RBZ statutory account 3 706 234Current, nostro accounts and cash 16 046 789

35 762 001

Advances 21 105 176Customer overdrafts 21 357 695

Impairment of loans (note 10.5) 42 462 871

(912 074)

Net loans and advances 41 550 797

Outward clearance accounts and other accounts 717 899Accrued interest receivable 264 393

982 292Total advances and other accounts 42 533 089

31 December2009US$


7/11

10. ADVANCES AND OTHER ACCOUNTS (contid)

10.3 Composition of sectoral analysis

10.4 Sectoral analysis of utilisations

10.5 Impairment loss on loans and advances

Advances 42 462 871

US$ %Agriculture 10 903 203 25.7Banking and Finance 2 569 893 6.1Consumer 1 124 916 2.6Manufacturing and Distribution 21 385 899 50.4Mining 3 272 497 7.7Tourism 706 540 1.7Transport and telecommunications 2 499 923 5.9

42 462 871 100

Impairment loss on loans and advances 912 074All provisions were adjusted through the statement of comprehensive income.

31 December 2009US$

12. CAPITAL MANAGEMENT

CAPITAL ADEQUACY

Tier 1 Capital

Ordinary share capital and premium -Capital reserves 20 407 197Retained loss (1 645 246)Advances to insiders (5 094 405)

13 667 546Tier 2 CapitalSubordinated debt -Portfolio provisions 503 864Revaluation of property 69 100

572 964Tier 3 capitalMarket risk 97 240Operational risk 1 909 488

2 006 728

Total Tier 1 and 2 capital base 14 240 511Tier 3 2 006 729Total capital base 16 247 240Risk weighted assets 50 535 430Operational risk equivalent assets 23 868 606Market risk equivalent assets 1 154 565

Total risk weighted assets(RWA's) 75 558 601Tier 1 capital ratio 15%Tier 1 and 2 capital ratio 19%Tier 1 and 2 capital ratio after deducting Tier 3 Capital 19%Capital adequacy ratio excluding market and operational risk 23%Capital adequacy ratio 17%Statutory adequate ratio 10%

31 December 2009US$

13 RISK MANAGEMENT

13.1 RISK AND CREDIT RATINGS

The Central Bank conducts examinations of banks and financial institutions it regulates.

The last onsite examination of the bank was as at 31 December 2006 and it was assessed that the overall conditions of the bank weresatisfactory. This is a score of '2' on the CAMELS rating scale. The CAMELS rating evaluates Capital Adequacy, Asset quality,Management, Earnings, Liquidity and Sensitivity to market risk. CAMELS rating system uses a rating scale of 1-5 where;

1= strong2= satisfactory3= fair4= weak5= critical

The CAMELS and Risk Assessment System (RAS) ratings are summarised in the following tables.

CAMELS COMPONENT LATEST RISK BASED SYSTEMS (RBS)RATINGS

31 December 2006Capital Adequacy 1Asset quality 1Management 3Earnings 1Liquidity 3Sensitivity to Market Risk 3

Composite Rating 2

RAS COMPONENT LATEST RISK ASSESMENTS SYSTEMS (RAS***)RATINGS

Overall Inherent Risk ModerateOverall Risk Management Systems AcceptableOverall Composite Risk ModerateDirection of Overall Composite Risk Increasing

CAMELS* RATING FORMAT

SUMMARY RAS RATING FORMAT

13.1 RISK MANAGEMENT (contd)

SUMMARY RISK MATRIX FORMAT DONE BY THE RBZ IN 2006

INTERPRETATION OF RISK MATRIX

Level of Inherent Risk

Adequacy of Risk Management Systems



EXTERNAL CREDIT RATINGS

14. FOREIGN CURRENCY TRANSACTIONS

1 5. COMP LI ANCE

16. ASSOCIATE COMPANY

COMPANY INFORMATION

Credit Low Acceptable Low StableLiquidity Moderate Acceptable Moderate IncreasingInterest Rate High Acceptable High IncreasingForeign Exchange Low Acceptable Low StableStrategic Risk Low Acceptable Low StableOperational risk High Acceptable High IncreasingLegal & compliance Moderate Weak Moderate IncreasingReputation Low Strong Low StableOverall Moderate Acceptable Moderate Increasing

Low - reflects a lower than average probability of an adverse impact on a banking institution's capital and earnings. Losses in afunctional area with low inherent risk would have little negative impact on the banking institution's overall financial condition.Moderate - could reasonably be expected to result in losses which could be absorbed by the banking institution in the normal course ofbusinessHigh - reflects a higher than average probability of potential loss. High inherent risk could reasonably be expected to result in asignificant and harmful loss to the banking institution.

Weak - Risk management systems are inadequate or inappropriate given the size, complexity and risk profile of the banking

institution. Institution's risk management systems are lacking in important ways and therefore are a cause of more than normalsupervisory attention. The internal control systems will be lacking in important aspects particularly as indicated by continued controlexceptions or by the failure to adhere to written policies and procedures.Acceptable - management of risk is largely effective but lacking to some modest degree. While the institution may be having someminor risk management weaknesses, these have been recognized and are being addressed. Management information systems aregenerally adequate.Strong - management effectively identifies and controls all types of risk posed by the relevant functional areas or per inherent risk. Theboard and senior management are active participants in managing risk and ensure appropriate policies and limits are put in place. Thepolicies comprehensively define the bank's risk tolerance, responsibilities and accountabilities are effectively communicated.

Low - would be assigned to low inherent risk areas. Moderate risk areas may be assigned a low composite risk where internal controlsand risk management systems are strong and effectively mitigate much of the risk.Moderate - risk management systems appropriately mitigates inherent risk. For a given low risk area, significant weaknesses in therisk management systems may result in a moderate composite risk assessment. On the other hand, a strong risk management systemmay reduce the risk so that any potential financial loss from the activity would have only a moderate negative impact on the bank'soverall condition.

Increasing-based on the current information, risk is expected to increase in the next 12 monthsDecreasing-based on the current information, risk is expected to decrease in the next 12 monthsStable -based on the current information, risk is expected to be stable in the next 12 months

External credit ratings are done by the Global Credit Rating on an annual basis. The 2009 credit ratings are set out below.

Rating agent Latest credit Previous credit Previous credit Previous creditratings 2009 ratings 2008 ratings 2007 ratings-2006

Global Credit Rating Company BBB+ A- A- BBB+

Reserve Bank requirement for Information Technology system review by external auditors

A systems review was done on the banking system by the external auditors in terms of the RBZ requirement. No material deficiencieswere noted during the review.

Transactions in foreign currencies are translated to United States Dollars at the international cross rates ruling at the date of thetransaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated to United StatesDollars at the international cross rates ruling at that date. Foreign exchange differences arising on translation are recognised in theincome statement. Non-monetary assets and liabilities denominated in foreign currencies, which are stated at historical cost, aretranslated into United States Dollars at the foreign exchange rate ruling at the date of the transaction.

The Bank continued to comply with the central bank minimum capital and capital adequacy requirements. In addition, prudentiallending practices were adhered to throughout the year. The laws which protect various rights of stakeholders, including employees,customers and shareholders continued to be observed.

The results of Kingdom Bank Africa Limited (KBAL) were not equity accounted. The Bank's share of losses in KBAL has exceeded itsinvestment value hence the decision to discontinue recognition of its share of further losses. This is in line with the provisions of

International Accounting Standards 28 (investments in associates).

Directors: C. Wawn (Chairman) S. P. Bango, N.M.K Chanakira, F Kufa, C T Kuwaza,, R Mazula, T. Moyo, M. Oakley, M. Sibanda,Z.M.T. Wazara, L. Mukonoweshuro*, S.Dendere*, F. Molife* (Managing Director), E.Chimbera**Executive Directors.

Registered Address: 6th Floor, Karigamombe Centre, 53 Samora Machel Avenue, Harare, Zimbabwe.Tel 263 04 749405/6, Fax 263 04 755201 e-mail: [email protected] Website: www.kingdom.co.zw

Auditors:KPMG Chartered Accountants (Zimbabwe), Mutual Gardens, 100 The Chase (West), Emerald Hill, Harare, Zimbabwe.

Legal Advisors: Costa and Madzonga Legal Practitioners, 4th Floor, Three Anchor House, 54 Jason Moyo, Harare.

Type of Risk Level of Inherent Adequacy of Risk Overall Direction of Risk Management Composite Risk Overall

Systems Composite Risk

11. INTEREST RATE REPRICING AND GAP ANALYSIS

Total position at 31 December 2009 for the bank

Historical cost

Liabilities and shareholders' funds

Assets

Bank and cash balances 18 824 470 - - 16 937 531 35 762 001

Financial assets at fair valuethrough profit and loss 1 003 581 1 683 432 - - 2 687 013Advances and otheraccounts 41 387 362 163 436 - 982 291 42 533 089Taxation - - 123 079 123 079Financial asset available for sale - - - 249 086 249 086Property and equipment - - - 7 493 775 7 493 775

61 215 413 1 846 868 - 25 785 762 88 848 043

Shareholders funds - - - 18 761 951 18 761 951Financial liabilities at fair valuethrough profit and loss 9 419 667 1 700 729 - - 11 120 396Customer deposits 35 619 832 - - - 35 619 832Deferred taxation - - - 955 492 955 492Provision for taxation - - - - -Other liabilities - - - 22 390 372 22 390 372

45 039 499 1 700 729 - 42 107 815 88 848 043Interest rate repricing Gap 16 175 914 146 139 - (16 322 053) -Cumulative gap 16 175 914 16 322 053 16 322 053 - -

1 month to3 months 1 year 5 years bearing

US$ US$ US$ US$ US$

3 months to 1 year to Non-interest Total


8/11

The directors of The Discount Company of Zimbabwe Limited (a wholly owned subsidiary of Kingdom Financial Holdings Limited) arepleased to present the abridged audited results for the year ended 31 December 2009.

THE DISCOUNT COMPANY OF ZIMBABWE LIMITED

for the year ended 31 December 2009

31 December 2009Note US$

Interest and similar income 2 374 484

Interest expenses and similar charges (65)

Net interest income 374 419

Dealing income 3 576

Other income 4 5 584

Total income 380 579

Operating expenditure 5 (534 177)

Loss before taxation (153 598)

Taxation 6 52 788

Loss for the year (100 810)


Other comprehensive income/(loss): (100 810)Losses on property revaluation net of taxOther comprehensive income for the year net of tax (497 520)

(497 520)

Total comprehensive loss for the year (598 330)

INCOME STATEMENT

STATEMENT OF OTHER COMPREHENSIVE INCOME

Loss for the year

STATEMENT OF CASH FLOWS

NET CASHFLOW FROM OPERATING ACTIVITIES


Investing activities

Financing activities

Net increase in cash and cash equivalentsCash and cash equivalents at beginning of yearCash and cash equivalents at end of year

for the half year ended 31 December 2009

31 December 2009US$

Loss before tax (153 598)

Non cash items

Depreciation 33 016Loss on fixed assets disposal 20 237Operating cash flow before changes in operating assets and liabilities (100 345)

Financial assets at fair value through profit or loss (12)Advances and other accounts (746)Other liabilities 4 390

Net cash utilised in from operating activities (96 713)

Proceeds from disposal of fixed assets 22 149Net cash flow before financing activities (74 564)

Shareholders' loan 449 115374 551

7 678 7678 053 318


Balance at 1 January 2009

Balance at 31 December 2009


Share Capital and Revenue Capital TotalPremium reserves Reserves

US$ US$ US$ US$

- - 8 772 783 8 772 783Total comprehensive loss for the year - (100 810) (497 520) (598 330)

- (100 810) 8 275 263 8 174 453

NOTES TO THE F INANCIAL STATEMENTS


2. INTEREST AND SIMILAR INCOME US$

3. DEALING INCOME

4. OTHER INCOME

5 . OP ERATI NG EXP ENDI TURE

6. TAXATIONCharge based on results for the year

7. SHARE CAPITAL

7.1 Authorised share capital

7 .2 I ss ue d a nd f ul ly pai d

8. CAPITAL RESERVE

9. BALANCES WITH BANK AND CASH

10. FINANCIAL ASSETS AT FAIR VALUE THROUGHPROFIT OR LOSS

10.1 Category analysis

10.2 Maturity analysis

11. PROPERTY, PLANT AND EQUIPMENT

Cost

Accumulated Depreciation

Net Book Value

12. CAPITAL ADEQUACY

13. RISK MANAGEMENT

13.1 RISK AND CREDIT RATINGS

31 December 2009

The company, a registered discount house, is incorporated in Zimbabwe and carries out the activities of a discount house.

BAs discount income 1 100Interest on RBZ special deposit 373 384

374 484

Commission income 86BAs trading income 490

576

Rental income 25 821Loss on fixed assets disposal (20 237)

5 584

Administrative expenses 206 067Staff costs 295 094Depreciation 33 016

534 177

Deferred taxation 52 788

The authorised share capital of the company

is made up of 500 000 000 ordinary shares

Share capital and share premium -

Non-distributable reserve 8 275 263

Balances with the Reserve Bank of Zimbabwe 8 052 151Current accounts and cash 1 167

8 053 318

Bankers' acceptances 12

Over 1 month but less than 3 months 12

31 December 2009US$

ASSETS Land and Motor Furniture Electronic TotalBuildings vehicles and fittings equipment

US$ US$ US$ US$ US$

At 1 January 2009 1 320 000 195 323 58 375 39 882 1 613 580Additions - - - - -Disposals - (36 802) - (7 200) (44 002)Revaluations (720 000) - - - (720 000)At 31 December 2009 600 000 158 521 58 375 32 682 849 578

At 1 January 2009 - - - - -Charge for the period - - 28 207 4 809 33 016Disposals - - - (1 617) (1 617)

- - 28 207 3 192 31 399

At 31 December 2009 600 000 158 521 30 168 29 490 818 179

31 December 2009US$

Ordinary paid up share capital -Capital Reserves 7 500 000Revenue reserve (100 810)Tier 1 capital 7 399 190Other components of equity:Tier 2 capital 775 263

Market risk 1Operational risk 22 503Tier 3 capital 22 504

Net Capital base 8 151 949

Total Tier 1 and 2 capital base 8 174 453Tier 3 22 504Total Capital base 8 196 957

Risk weighted assets 819 161Operational risk equivalent assets 281 295Market risk equivalent assets 1Total risk weighted assets 1 100 457

Tier 1 capital ratio 625%Tier 1 and 2 capital ratio 743%Tier 1 and 2 capital ratio after deducting Tier 3 capital 741%Capital adequacy ratio excluding market and operational risks 743%Capital adequacy ratio including market and operational risks 741%

Statutory capital adequacy ratio 10%

On the last on site examination of the company, which was as at 31 December 2006, the Central Bank assessed the overallcondition of the company to be satisfactory. This is a score of '2' on the CAMELS rating scale. The CAMELS rating evaluatesfinancial institutions on capital adequacy, asset quality, management and corporate governance, liquidity and sensitivity to marketrisks on a scale of 1-5 where:

1= strong2= satisfactory3= fair4= weak5= critical


EQUITY

LIABILITIES

ASSETS

as at 31 December 2009

31 December 2009Note US$

Share capital and premium 7.2 -Retained loss (100 810)Capital reserves 8 8 275 263

Total equity 8 174 453

Shareholders' loan 449 115Deferred taxation 223 329Other liabilities 25 358

Total equity and liabilities 8 872 255

Balances with Bank and cash 9 8 053 318Financial assets at fair value through profit or loss 10 12Advances and other accounts 746Property and equipment 11 818 179

Total assets 8 872 255


9/11

CAMELS* RATING FORMAT

SUMMARY RAS RATING FORMAT

SUMMARY RISK MATRIX FORMAT DONE BY THE RBZ IN 20 06

Interpretation of risk matrix

Level of Inherent Risk

Adequacy of risk management systems



14. INTEREST RATE REPRICING AND GAP ANALYSIS

1 5. COMP LI ANCE

16. GOING CONCERN

CAMELS Latest RBS*** ratingsComponent December 2006Capital Adequacy 1Asset Quality 1

Management 3Earnings 2Liquidity 3Sensitivity to market risk 3Composite rating 2

RAS COMPONENT LATEST RAS**RATINGS - 2006Overall inherent Risk ModerateOverall Risk Management AcceptableOverall Composite Risk ModerateDirection of Overall Composite Risk Stable

KEY:

RBS*** Risk Based System

RAS** Risk Assessment System

Type of Risk Level of Adequacy of Risk Overall Composite Direction of OverallInherent Risk Management Systems Risk Composite Risk

Credit Moderate Acceptable Moderate IncreasingLiquidity Moderate Acceptable Moderate StableInterest Rate Moderate Weak High StableStrategic Risk High Acceptable Moderate StableOperational Risk High Acceptable High IncreasingLegal and Compliance Low Acceptable Low StableReputation Moderate Acceptable Moderate IncreasingOverall Moderate Acceptable Moderate Stable

Low - reflects a lower than average probability of an adverse impact on a Discount House's capital and earnings. Losses in a functionalarea with a low inherent risk would have little negative impact on the Discount House's overall financial condition.Moderate - could reasonably be expected to result in a loss which could be absorbed by a Discount House's in the normal course ofbusiness.High - reflects a higher than average probability of potential loss. High inherent risk could reasonably be expected to result in asignificant and harmful loss to the Discount House.

Weak- risk management systems are inadequate or inappropriate given the size, complexity and risk profile of the Discount House.Institutions' risk management systems are lacking in important ways and therefore a cause of more than normal supervisory attention.The internal control systems will be lacking in important aspects particularly as indicated by continued control exceptions or by thefailure to adhere to written policies and procedures.Acceptable - management of risk is largely effective but lacking to some degree. While the institution might be having some minor riskmanagement weaknesses, these have been recognised and are being addressed. Management information systems are generallyadequate.Strong - management effectively identifies and controls all types of risk posed by the relevant functional areas or per inherent risk. Theboard and senior management are active participants in managing risk and ensure appropriate policies and limits are put in place. Thepolicies comprehensively define the Discount House's risk tolerance, responsibilities and accountabilities are effectivelycommunicated

Low - would be assigned to low inherent risk areas. Moderate risk areas may be assigned a low composite risk where internal controlsand risk management systems are strong and effectively mitigate much of the risk.Moderate - risk management systems appropriately mitigate inherent risk. For a given low risk area, significant weaknesses in the riskmanagement systems may result in a moderate composite risk assessment. On the other hand, a strong risk management system mayreduce the risk so that any potential financial loss from the activity would have only a moderate impact on the financial condition of theorganisation.High - risk management systems do not significantly mitigate the high inherent risk. Thus, the activity could potentially result in afinancial loss that would have a significant impact on the Discount House's overall condition.

Increasing- based on the current information, risk is expected to increase in the next 12 months.Decreasing- based on current information, risk is expected to decrease in the next 12 months.Stable - based on the current information, risk is expected to be stable in the next 12 months

31 December 2009ASSETS US$

Up to 1 month to Non-interest Total1 month 3 months bearing

US$ US$ US$ US$Balances with Discount Housesand cash 8 053 318 - - 8 053 318Financial assets at fair valuethrough profit or loss - 12 - 12Advances and other accounts 746 746Property and equipment - - 818 179 818 179

8 053 318 12 818 925 8 872 255

LIABILITIES AND EQUITY

Equity - - 8 174 453 8 174 453Long term loan 449 115 449 115Deferred taxation 223 329 223 329Other liabilities - - 25 358 25 358

- - 8 872 255 8 872 255Interest rate repricing gap 8 053 318 12 (8 053 330) -Cumulative gap 8 053 318 8 053 330 -

The company has complied with all issues as required by the Banking Act and Banking regulations.

The financial statements have not been prepared on a going concern basis because management intends to cease trading. The entity'smoney market business started to go down mid last year on the background of liquidity constraints in the economy. The shareholdersmade a resolution to wind up the operations of the entity, and merge it with Microking Finance, another subsidiary of KingdomFinancial Holdings Limited. The process of merging the two entities is now at an advanced stage and is expected to be completed by endof March 2010.

17. COMPANY INFORMATION

Directors: S.J. Chihambakwe (Chairman), J Chigaazira (Deputy Managing Director)*, A.R. Rowland, C.M. Ruzengwe,P.S. Mukunga (Managing Director)*[*Executive Director]

Registered Address: 70 Park Lane, Harare, Zimbabwe. Telephone: + 263-4-705414 E-mail: [email protected]: www.kingdom.co.zw

Auditors:KPMG Chartered Accountants (Zimbabwe), Mutual Gardens, 100 The Chase (West), Emerald Hill, Harare, Zimbabwe.

Commercial Bankers: Kingdom Bank Limited, 6th Floor Karigamombe Centre, 53 Samora Machel Avenue, Harare, Zimbabwe.

Legal Advisors: Costa and Madzonga Legal Practitioners, 4th Floor, Three Anchor House, 54 Jason Moyo Avenue, Harare.


10/11

The directors of Kingdom Asset Management (Private) Limited (a wholly owned subsidiary of Kingdom Financial Holdings Limited) arepleased to present the abridged audited results for the year ended 31 December 2009.

KINGDOM ASSET MANAGEMENT (PRIVATE) LIMITED


Note

Interest and similar income 124 696

Fee and commission income 127 336

Dealing income 50 229

Other operating income 2 (49 613)

252 648

Operating expenditure 3 (924 406)

(671 758)Income tax 4 191 344

(480 414)

(480 414)

STATEMENT OF COMPREHENSIVE INCOME

Total income

Operating loss before tax

Loss for the year

TOTAL COMPREHENSIVE LOSS FOR THE YEAR

31 December 2009US$


EQUITY

Total equity

LIABILITIES

Total liabilities

Total equity and liabilities

ASSETS

Total assets


Note

Ordinary share capital and share premium 5 -Retained loss (480 414)Capital reserve 2 904 295

2 423 881

Shareholder's loan 815 842Other liabilities 36 695Intercompany 1 310

853 847

3 277 728

Balances with banks and cash 2 695 571Financial assets at fair value through profit or loss 6 162 701Advances and other accounts 7 43 681Taxation 1 663Deferred tax 66 946Property and equipment 9 270 266Investment properties 36 900

3 277 728

31 December 2009US$

STATEMENT OF CASHFLOWS

NET CASHFLOWS FROM OPERATING ACTIVITIES


Taxation

CASH FLOW FROM INVESTING ACTIVITIES

CASH FLOW FROM FINANCING ACTIVITIES

Increase in cash and cash equivalentsCash and cash equivalents at beginning of the yearCash and cash equivalents at end of the year


Operating loss before income tax (671 758)Adjustments for non-cash itemsDepreciation of property and equipment 15 618Loss on revaluation of investment properties 9 600Loss on disposal of property and equipment 40 906Net cash flow before reinvestment in working capital (605 634)

Increase in financial assets at fair value through profit or loss (59 316)Increase in advances and other accounts (43 680)Increase in accounts payable (169)Increase in intercompany balances 1 309Net cash utilized in operations (707 490)

Corporate tax paid (1 663)

Net cash flow from operating activities (709 153)

Proceeds from sale of property and equipment 31 589

Purchase of property and equipment (2 300)

Net cash flow from investing activities 29 289

Net cashflow before financing (679 864)

Shareholder's loan 815 842

Net cash flow from financing activities 815 842

135 9782 559 5932 695 571

31 December 2009US$


Year ended 31 December 2009

Balance at 31 December 2009


Balance at 1 January 2009 - 2 904 295 - 2 904 295Total comprehensive loss for the year - - (480 414) (480 414)

- 2 904 295 (480 414) 2 423 881

Ordinary share Capital Revenue Total& share premium reserves reserves equity

US$ US$ US$ US$

capital




The company is incorporated in Zimbabwe and is an asset management company whose main business is the management of clientfunds on their behalf. The company also acts as the management company for four unit trust funds, and was initially registered in thiscapacity in 1998 under the Collective Investment Schemes (Internal Schemes) Regulations, issued under statutory instrument 172 of1998. It was re-registered in this capacity by the Reserve Bank of Zimbabwe on 9 November 2005. The company provides services toindividuals, partnerships, companies and pension and provident funds and deals with unit trusts on behalf of individual investors.

The company is a wholly owned subsidiary of Kingdom Financial Holdings Limited, which in turn is a wholly owned subsidiaryof Meikles Africa Limited.

Fair value adjustment on investment property (9 600)

Loss on disposal of assets (40 906)Rental income 2 250Valuation costs (1 357)

(49 613)

Administration expenses 270,767Depreciation of equipment 15 618Directors' remuneration 7 059Staff costs 616 214Auditors' remuneration 14 748

(924 406)

Charge based on loss for the yearDeferred taxation 191 344

The author ised share capital of the bank i s made up of 5 000 000 000 ordinary shares. -

Share capital and premium -

The issued share capital of the bank is made up of 150 625 000 ordinary shares.

On 28 August 2008, the company through its shareholder, Kingdom Financial Holdings Limited (KFHL), received capital amountingto US$2.5 million and is included under non distributable reserves. This was achieved through a transfer of cash balances fromMeikles Africa Limited (shareholder of KFHL) funds that were sitting with the Reserve Bank of Zimbabwe (RBZ) to a special foreigncurrency account created for the company. The capital received has been invested in the company in compliance with Reserve Bankof Zimbabwe's prescribed minimum capital requirements

Quoted securities 162 701162 701

Maturity analysisNon specific periods 162 701

Accounts receivable 43 681

Investments in equities 10 524 731

Balance as at 1 January 2009 262 881 65 018 28 179 356 078Additions - 2 300 - 2 300Disposals (61 661) (13 000) (74 661)Balance as at 31 December 2009 201 220 54 318 28 179 283 717

Balance as at 1 January 2009 - - - -Charge for the period - 12 800 2 818 15 618Disposals - (2 167) - (2 167)Balance as at 31 December 2009 - 10 633 2 818 13 451

Net book amount as at 31 December 2009 201 220 43 685 25 361 270 266

The Reserve Bank of Zimbabwe conducts regular examinations of banks and financial institutions it regulates. The last on-siteexamination of the company was, as at 30 June 2006 and it assessed the overall condition of the company to be satisfactory. This is ascore of "2" on the CAMELS rating scale. The CAMELS rating evaluates the company's on capital adequacy, management andcorporate governance, earnings and funds management.

CAMELS* ratings

The central bank gave the company the following ratings after onsite examinations:

CAMELS COMPONENT LATEST RBS **

RATINGSCapital Adequacy 1Management 3Earnings 2Funds under management 2Composite rating 2

*CAMELS is an acronym for Capital Adequacy, Asset quality, Management, Earnings, Liquidity and Sensitivity to Market Risk.

kingdom annual audited results dec 2009

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