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Standard Chartered Ghana FY 2012 results
 

Standard Chartered Ghana FY 2012 results

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Standard Chartered Ghana FY 2012 results

Standard Chartered Ghana FY 2012 results

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Standard Chartered Ghana FY 2012 results Standard Chartered Ghana FY 2012 results Document Transcript

  • 2012 Financial Statements REPORT OF THE DIRECTORS TO THE MEMBERS OF STANDARD CHARTERED BANK GHANA LIMITED The Directors in submitting to the shareholders their report and financial statements of the Bank for the year ended 31 December 2012 report as follows: Directors’ Responsibility For the Financial Statement The Bank’s Directors are responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards, and in the manner required by the Companies Code, 1963 (Act 179), and the Banking Act, 2004 (Act 673), as amended by the Banking (Amendment) Act, 2007 (Act 738); and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. The Directors have made an assessment of the Bank’s ability to continue as a going concern and have no reason to believe that the business will not be a going concern in the year ahead. In accordance with Section 29(c) of the Banking Act, 2004 (Act 673), as amended by the Banking (Amendment) Act, 2007 (Act 738), a cumulative amount of GH¢123.2 million has been set aside in a Statutory Reserve Fund from the Retained Earnings (Income Surplus Account). The cumulative balance includes an amount set aside from retained earnings during the year. INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF STANDARD CHARTERED BANK GHANA LIMITED Report on the Financial Statements We have audited the financial statements of Standard Chartered Bank Ghana Limited which comprise the statement of financial position at 31 December 2012, the statements of comprehensive income, changes in equity, and cash flows for the year then ended, and notes to the financial statements, which include a summary of significant accounting policies and other explanatory notes as set out in the full financial statement. Directors’ Responsibility for the Financial Statements The Bank’s Directors are responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards, and in the manner required by the Companies Code, 1963 (Act 179), and the Banking Act, 2004 (Act 673), as amended by the Banking (Amendment) Act, 2007 (Act 738); and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require Nature Of Business that we comply with ethical requirements and plan and perform the audit to obtain reasonable The Bank is licensed to carry out Universal Banking business in Ghana. There was no change in the nature of the Bank’s business during the year. assurance whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the Holding Company assessment of the risks of material misstatement of the financial statements, whether due to fraud or The Bank is a subsidiary of Standard Chartered Holdings (Africa) B.V., a company incorporated in The Netherlands. error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the Subsidiary effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of The Bank liquidated one of its subsidiaries Standard Chartered Financial Services Limited during the year. No gains or loss was realized on the liquidation. The remaining subsidiary, Standard Chartered Ghana Nominees Limited did not carry out operational activities during the year. The subsidiary’s financial statements have not been consolidated. The ultimate parent produces a consolidated financial statement which is available for public use that complies with International Financial Reporting Standards. well as evaluating the overall presentation of the financial statements. accounting policies used and the reasonableness of accounting estimates made by management, as We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements give a true and fair view of the financial position of Standard Approval Of The Financial Statements Chartered Bank Ghana Limited at 31 December 2012, and its financial performance and cash flows for The financial statements of the Bank, as indicated above, were approved by the Board of Directors on 14 February, 2013 and were signed on their behalf by: required by the Companies Code, 1963 (Act 179), and the Banking Act, 2004 (Act 673), as amended Signed KWEKU BEDU-ADDO Director Signed SANJAY RUGHANI Director the year then ended in accordance with International Financial Reporting Standards and in the manner by the Banking (Amendment) Act, 2007 (Act 738). Report on Other Legal and Regulatory Requirements Compliance with the requirements of Section 133 of the Companies Code, 1963 (Act 179), and Section 78 of the Banking Act, 2004, (Act 673), as amended by the Banking (Amendment) Act, 2007 (Act 738) The financial statement presented in this publication is an extract from the annual financial statement for the year ended 31 December 2012. This information has been extracted directly from the annual financial statements which are available for inspection at the Bank’s Head Office at John Evans Atta Mills High Street, Accra. The Auditor’s report was signed on 26th February, 2013 and has been extracted from the annual financial statement of the Bank. We have obtained all the information and explanations which, to the best of our knowledge and belief, were necessary for the purpose of our audit. In our opinion, proper books of account have been kept, and the statements of financial position and comprehensive income are in agreement with the books of account. The Bank’s transactions were within its powers, and the Bank generally complied with the relevant provisions of the Banking Act, 2004 (Act 673), as amended by the Banking (Amendment) Act, 2007 (Act 738). Signed Felix Nana Sackey (ICAGP1131) Deloitte & Touche (ICAGF026) Chartered Accountants 4 Liberation Road Accra 26 February, 2013
  • 2012 Financial Statements STANDARD CHARTERED BANK GHANA LIMITED INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2012 STANDARD CHARTERED BANK GHANA LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2012 2012 GH¢’000 Interest Income 222,725 195,775 Interest Expense (52,982) (45,372) 2012 2011 GH¢’000 ---------169,743 ---------150,403 Fees and commission income 74,075 32,103 Other Operating Income 38,452 34,833 Net Interest Income ---------- ---------- Non-interest income 112,527 66,936 Operating Income 282,270 217,339 (105,059) (93,454) 177,211 123,885 Operating Expenses --------- Operating profit before impairment --------- (6,720) Impairment Loss (9,847) GH¢’000 Profit before tax 170,491 114,038 Adjustments for: Depreciation 4,125 2,845 Cash flows from operating activities Impairment on financial assets Write-offs n I vestment other than those held for the purpose of trading n I vestments held for trading Loans and advances Other assets Customer Deposits Amounts due to other banks ---------- Profit before Taxation 170,491 114,038 Interest payable, other liabilities Provisions Corporate Tax (34,203) (30,660) Borrowings -------- (5,702) -------- Cash generated from operating activities ---------- -------- GH¢1.16 GH¢3.97 ====== ====== ======= ======= _ Profit for the year 136,288 Basic earnings per share (Ghana Cedi per share) GH¢1.16 Rebasing EPS (new shares) 77,676 GH¢0.66 2012 GH¢’000 2011 GH¢’000 515,468 177,098 155,473 959,597 127,615 425,148 1 23,315 6,969 _ ------------ 159,872 170,104 479,245 596,724 68,848 469,322 100 18,291 8,146 410 ----------1,971,062 ======= 1,704,198 4,741 50,160 193,166 119,718 1,889 5,463 -----------2,079,335 ------------ 1,479,687 10,261 40,828 90,976 110,068 6,666 _ 61,631 62,481 123,175 50,908 13,154 ---------- Liabilities Customer Deposits Due to other Banks and Financial Institutions Provisions Borrowings Interest Payable and other Liabilities Taxation Deferred Taxation Total Liabilities 61,131 66,560 56,139 36,898 11,848 ---------- -----------1,738,486 ------------ Shareholders’ Funds Share Capital Retained Earnings Statutory Reserve Fund Credit Risk Reserve Other Reserves 311,349 ---------- 232,576 ---------- 2,390,684 ========= 2.7 === 1,971,062 ======= 12.1 === 2.7 === 2.0 === Total Shareholders’ Funds Total Liabilities and Shareholders’ Funds Net Assets Value per Share (Ghana Cedi per share) Rebasing with (new shares) Ghana Cedi per share These financial statements were approved by the Board of Directors on 14 February, 2013 and signed on its behalf by: Signed Kweku Bedu-Addo Director Signed Sanjay Rughani Director 48,890 (6,994) (92,407) 2,361 (369,593) (139,419) (58,767) 224,511 20,812 387,245 (5,520) 10,065 9,650 9,332 40,324 (7,275) 102,190 ---------- (161,887) --------- 135,035 186,583 (28,674) Tax adjustments (6,666) ---------- (33,984) Net cash from operating activities 99,695 --------- 152,599 --------- Income tax paid Cash flows from investing activities Equity Investments liquidated _ --------- _ 99 (7,972) (1,756) Net cash used in investing activities 2,390,684 ======= Total Assets 34 --------126,764 9,847 Purchase of property and equipment STANDARD CHARTERED BANK GHANA LIMITED STATEMENT OF FINANCIAL POSITION AT 31 DECEMBER 2012 Assets Cash and Balances with Bank of Ghana Short–Term Government Securities Due from other Banks and Financial Institutions Loans and Advances Other Assets Medium Term Investments in other securities Equity Investment Property and Equipment Intangible Assets Deferred Taxation 6,720 _ ---------181,336 Change in: --------- National Fiscal Stabilisation Levy 2011 GH¢’000 --------(7,873) -------- --------(1,756) -------- (59,998) --------(59,998) --------- (25,877) -------(25,877) ---------- 31,824 124,966 639,117 ---------- 514,151 ---------- 670,941 ======= 639,117 ======= Cash flows from financing activities Dividend paid Net cash used in financing activities Net increase in cash and cash equivalents Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December STANDARD CHARTERED BANK GHANA LIMITED NOTES TO THE AUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2012 Significant Accounting Policies The detailed accounting policies which formed part of the annual report and have been consistently applied can be found in the annual financial statements which are available for inspection at the Bank’s Head Office at John Atta Mills High Street Quantitative Disclosures i. Capital Adequacy Ratio (%) ii. Non-Performing Loan (NPL) Ratio (%) 2012 17.49 10.0 2011 16.68 10.0 Qualitative Disclosures i. The Bank's dominat risk are: credit risk, liquidity risk, market risk, and operational risk. ii.The Bank’s Risk Management Framework, defines the approach to risk management and the framework within which risks are managed and risk-return tradeoffs made. The risk management framework establishes common principles & standards for the management and control of all risks, provides a shared framework and language to improve awareness of risk management processes and provides clear accountability and responsibility for risk management. The core components of the risk management framework include our risk classifications, risk principles and standards, definitions of roles and responsibilities and governance structure. The processes followed in risk measurement and their management for the period ended 31st December 2012 are consistent with those followed for the year ended 31st December 2011. 2012 2011 iii. Statutory Default (number) 2 1 iv. Statutory Default Sanction - GH¢ '000 24.0 7.86 "The financial statements do not contain untrue statements, misleading facts or omit material facts to the best of our knowledge" The financial statements were approved by the Board of Directors on 14 February 2013 and signed on its behalf by: Signed Signed Kweku Bedu-Addo Sanjay Rughani Director Director