Standard Chartered Bank Kenya Limited FY 2012 results

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Standard Chartered Bank Kenya Limited FY 2012 results

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Standard Chartered Bank Kenya Limited FY 2012 results

  1. 1. STANDARD CHARTERED BANK KENYA LIMITED CONSOLIDATED FULL YEAR FINANCIAL STATEMENTS AND DISCLOSURES I BALANCE SHEET 31.12.2011 31.12.2012 Shs. '000' Shs. '000' A. ASSETS Audited Audited 1. Cash (both local and foreign) 2,926,464 3,158,221 2. Balances due from Central Bank of Kenya 9,078,590 10,417,233 3. Kenya Government Securities 24,584,908 42,406,412 4. Foreign Currency Treasury bills and bonds - - 5. Deposits and balances due from local banking institutions 1,936,706 2,163,132 6. Deposits and balances due from banking institutions abroad 605,721 210,448 7. Kenya Government and other securities held for dealing purposes 468,735 3,473,823 8. Tax recoverable - - 9. Loans and advances to customers (net) 96,097,823 112,694,523 10. Investment Securities - 8,245 11. Balances due from group companies 16,678,067 10,158,076 12. Investments in associates - - 13. Investments in subsidiary companies - - 14. Investments in joint ventures - - 15. Investment properties - - 16. Property and equipment 4,113,491 4,034,210 17. Prepaid lease rentals 107,042 262,462 18. Intangible assets 4,373,307 3,999,563 19. Deferred tax asset 327,104 - 20. Retirement benefit asset - - 21. Other assets 2,748,666 2,366,408 22.TOTAL ASSETS 164,046,624 195,352,756 B. LIABILITIES 23. Balances due to Central Bank of Kenya - - 24. Customer deposits 122,323,049 140,524,846 25. Deposits and balances due to local banking institutions 4,983,727 1,147,931 26. Deposits and balances due to banking institutions abroad 2,755,260 2,366,313 27. Other money market deposits - - 28. Borrowed funds - - 29. Balances due to group companies 8,183,214 13,751,932 30. Tax payable 108,172 932,068 31. Dividends payable - - 32. Deferred tax liability - 337,865 33. Retirement benefit liability 49,000 25,000 34. Other liabilities 4,949,746 5,513,987 35. TOTAL LIABILITIES 143,352,168 164,599,942 C. SHAREHOLDERS' FUNDS 36. Paid up/Assigned Capital 1,715,386 1,825,798 37. Share premium/ (discount) 4,836,258 7,792,427 38. Revaluation reserves (1,764,804) 454,054 39. Retained earnings/ Accumulated losses 10,240,075 14,304,972 40. Statutory Reserve 452,010 454,017 41. Fair value reserve - - 42. Proposed dividends 3,325,848 4,032,494 43.Capital grants 1,889,683 1,889,052 44. TOTAL SHAREHOLDERS' EQUITY 20,694,456 30,752,814 45. TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 164,046,624 195,352,756
  2. 2. STANDARD CHARTERED BANK KENYA LIMITED CONSOLIDATED PROFIT AND LOSS STATEMENT FULL YEAR FINANCIAL STATEMENTS AND OTHER DISCLOSURES II PROFIT AND LOSS ACCOUNT 31.12.2011 31.12.2012 Shs. '000' Shs. '000' Audited Audited 1 INTEREST INCOME 1.1 Loans and advances 9,546,532 14,902,560 1.2 Government securities 2,240,570 4,372,271 1.3 Deposits and placements with banking institutions 263,286 253,140 1.4 Other interest income 72,329 170,350 1.5 Total interest income 12,122,717 19,698,321 2 INTEREST EXPENSES 2.1 Customer deposits 1,153,556 3,786,251 2.2 Deposits and placements from banking institutions 826,627 1,624,349 2.3 Other interest expenses 27,498 45,270 2.4 Total interest expenses 2,007,681 5,455,870 3 NET INTEREST INCOME/(LOSS) 10,115,036 14,242,451 4 NON-OPERATING INCOME 4.1 Fees and commissions on loans and advances 766,316 622,115 4.2 Other fees and commissions 2,636,120 2,711,389 4.3 Foreign exchange trading income/ (loss) 2,586,397 2,570,732 4.4 Dividend income - - 4.5 Other income 110,398 867,271 4.6 Total Non-Interest Income 6,099,231 6,771,507 5 TOTAL OPERATING INCOME 16,214,267 21,013,958 6 OTHER OPERATING EXPENSES 6.1 Loan loss provision 561,217 881,763 6.2 Staff costs 3,621,200 4,533,907 6.3 Directors' emoluments 123,734 124,138 6.4 Rentals charges 329,089 409,501 6.5 Depreciation charge on property and equipment 341,857 493,354 6.6 Amortisation charges 369,282 405,218 6.7 Other operating expenses 2,612,753 2,609,886 6.8 Total Other Operating Expenses 7,959,132 9,457,767 7 Profit/ (loss) before tax and exceptional items 8,255,135 11,556,191 8 Exceptional items - - 9 Profit/ (loss) after exceptional items 8,255,135 11,556,191 10 Current tax 2,576,029 3,785,427 11 Deferred tax (157,715) (298,769) 12 Profit/ (loss) after tax and exceptional items 5,836,821 8,069,533
  3. 3. STANDARD CHARTERED BANK KENYA LIMITED COMPANY FULL YEAR FINANCIAL STATEMENTS AND DISCLOSURES I BALANCE SHEET 31.12.2011 31.12.2012 Shs. '000' Shs. '000' A. ASSETS Audited Audited 1. Cash (both local and foreign) 2,926,464 3,158,221 2. Balances due from Central Bank of Kenya 9,078,590 10,417,233 3. Kenya Government Securities 24,584,908 42,406,412 4. Foreign Currency Treasury bills and bonds - - 5. Deposits and balances due from local banking institutions 1,936,706 2,163,132 6. Deposits and balances due from banking institutions abroad 605,721 210,448 7. Kenya Government and other securities held for dealing purposes 468,735 3,473,823 8. Tax recoverable - - 9. Loans and advances to customers (net) 96,097,823 112,694,523 10. Investment Securities - 8,245 11. Balances due from group companies 16,678,067 10,158,076 12. Investments in associates - - 13. Investments in subsidiary companies 140,243 140,243 14. Investments in joint ventures - - 15. Investment properties - - 16. Property and equipment 4,113,491 4,034,210 17. Prepaid lease rentals 107,042 262,462 18. Intangible assets 4,373,307 3,999,563 19. Deferred tax asset 321,875 - 20. Retirement benefit asset - - 21. Other assets 2,748,666 2,366,408 22.TOTAL ASSETS 164,181,638 195,492,999 B. LIABILITIES 23. Balances due to Central Bank of Kenya - - 24. Customer deposits 122,323,049 140,524,846 25. Deposits and balances due to local banking institutions 4,983,727 1,147,931 26. Deposits and balances due to banking institutions abroad 2,755,260 2,366,313 27. Other money market deposits - - 28. Borrowed funds - - 29. Balances due to group companies 8,448,868 14,049,030 30. Tax payable 120,027 939,368 31. Dividends payable - - 32. Deferred tax liability - 341,592 33. Retirement benefit liability 49,000 25,000 34. Other liabilities 4,930,701 5,495,838 35. TOTAL LIABILITIES 143,610,632 164,889,918 C. SHAREHOLDERS' FUNDS 36. Paid up/Assigned Capital 1,715,386 1,825,798 37. Share premium/ (discount) 4,836,258 7,792,427 38. Revaluation reserves (1,764,804) 454,054 39. Retained earnings/ Accumulated losses 10,116,625 14,155,239 40. Statutory Reserve 452,010 454,017 41. Fair value reserve - - 42. Proposed dividends 3,325,848 4,032,494 43.Capital grants 1,889,683 1,889,052 44. TOTAL SHAREHOLDERS' EQUITY 20,571,006 30,603,081 45. TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 164,181,638 195,492,999
  4. 4. STANDARD CHARTERED BANK KENYA LIMITED COMPANY PROFIT AND LOSS STATEMENT FULL YEAR FINANCIAL STATEMENTS AND OTHER DISCLOSURES II PROFIT AND LOSS ACCOUNT 31.12.2011 31.12.2012 Shs. '000' Shs. '000' Audited Audited 1 INTEREST INCOME 1.1 Loans and advances 9,546,532 14,902,560 1.2 Government securities 2,240,570 4,372,271 1.3 Deposits and placements with banking institutions 263,286 253,140 1.4 Other interest income 72,329 170,350 1.5 Total interest income 12,122,717 19,698,321 2 INTEREST EXPENSES 2.1 Customer deposits 1,156,993 3,812,581 2.2 Deposits and placements from banking institutions 826,627 1,624,349 2.3 Other interest expenses 27,498 45,270 2.4 Total interest expenses 2,011,118 5,482,200 3 NET INTEREST INCOME/(LOSS) 10,111,599 14,216,121 4 NON-OPERATING INCOME 4.1 Fees and commissions on loans and advances 766,316 622,115 4.2 Other fees and commissions 2,621,495 2,687,412 4.3 Foreign exchange trading income/ (loss) 2,586,397 2,570,732 4.4 Dividend income - - 4.5 Other income 110,398 867,271 4.6 Total Non-Interest Income 6,084,606 6,747,530 5 TOTAL OPERATING INCOME 16,196,205 20,963,651 6 OTHER OPERATING EXPENSES 6.1 Loan loss provision 561,217 881,763 6.2 Staff costs 3,613,501 4,523,565 6.3 Directors' emoluments 123,734 124,138 6.4 Rentals charges 329,089 409,499 6.5 Depreciation charge on property and equipment 341,857 493,354 6.6 Amortisation charges 369,282 405,218 6.7 Other operating expenses 2,606,685 2,607,532 6.8 Total Other Operating Expenses 7,945,365 9,445,069 7 Profit/ (loss) before tax and exceptional items 8,250,840 11,518,582 8 Exceptional items - - 9 Profit/ (loss) after exceptional items 8,250,840 11,518,582 10 Current tax 2,574,428 3,775,602 11 Deferred tax (157,594) (300,270) 12 Profit/ (loss) after tax and exceptional items 5,834,006 8,043,250
  5. 5. STANDARD CHARTERED BANK KENYA LIMITED FULL YEAR FINANCIAL STATEMENTS AND OTHER DISCLOSURES III. OTHER DISCLOSURES 31.12.2011 31.12.2012 Shs. '000' Shs. '000' Audited Audited 1) NON-PERFORMING LOANS AND ADVANCES a) Gross non-performing loans and advances 1,030,827 2,180,974 Less b) Interest in suspense 354,081 488,781 c) Net Non-Performing Loans and Advances (a-b) 676,746 1,692,193 Less d) Loan loss Provisions 423,503 614,651 e) Net Non-Performing Loans (c-d) 253,243 1,077,542 f) Realizable Value of Securities 127,194 745,171 g) Net NPLs Exposure (e-f) 126,049 332,371 2) INSIDER LOANS AND ADVANCES a) Directors, shareholders and associates 65,570 52,748 b) Employees 2,699,329 3,204,531 c) Total Insider Loans, Advances and Other Facilities 2,764,899 3,257,279 3) OFF-BALANCE SHEET ITEMS a) Letters of credit,guarantees, acceptances 32,309,595 37,078,682 b) Other contingent items 54,725,047 56,806,088 c) Total Contingent Liabilities 87,034,642 93,884,770 4) CAPITAL STRENGTH a) Core Capital 14,122,455 21,623,209 b) Minimum Statutory Capital 700,000 1,000,000 c) Excess/ (Deficiency) 13,422,455 20,623,209 d) Supplementary Capital 2,291,330 2,305,500 e) Total capital (a+d) 16,413,785 23,928,709 f) Total risk weighted assets 114,759,981 132,651,732 g)Core capital/total deposit liabilities 12% 15% h) Minimum Statutory Ratio 8% 8% i) Excess/ (Defficiency) (g-h) 4% 7% j)Core capital/total risk weighted assets 12% 16% k) Minimum Statutory Ratio 8% 8% l) Excess/ (Defficiency) (j-k) 4% 8% m)Total capital/total risk weighted assets 14% 18% n) Minimum Statutory Ratio 12% 12% o) Excess/ (Defficiency) (m-n) 2% 6% 5) LIQUIDITY a) Liquidity Ratio 34% 39% b) Minimum Statutory Ratio 20% 20% c) Excess/ (Defficiency) (a-b) 14% 19%
  6. 6. STANDARD CHARTERED BANK KENYA LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2012 KShs '000 2012: Share Share Revaluation Fair value Retained Proposed capital premium reserve reserve earnings dividends Total At 1 January 2012 1,715,386 4,836,258 1,889,683 551,300 (2,316,104) 452,010 10,240,075 3,325,848 20,694,456 Net profit for the year - - - - - - 8,069,533 - 8,069,533 Other comprehensive income Change in fair value of available-for-sale investments - - - - 3,212,461 - - - 3,212,461 Deferred tax on change in fair value of available-for-sale investments - - - - (963,738) - - - (963,738) Realised revaluation reserves on sale of property - - - (33,470) - - 33,470 - - Deferred tax on realised revaluation reserves on sale of property - - - 10,041 - - (10,041) - - Excess depreciation transfer - - - (9,194) - - 9,194 - - Deferred tax on excess depreciation transfer - - - 2,758 - - (2,758) - - Transfer to statutory credit risk reserve - - - - - 2,007 (2,007) - - Total other comprehensive income - - - (29,865) 2,248,723 2,007 27,858 - 2,248,723 Total comprehensive income for the year - - - (29,865) 2,248,723 2,007 8,097,391 - 10,318,256 Transactions with owners, recorded directly in equity Shares issued, net of issue costs 110,412 2,956,169 3,066,581 Share based payments: - 2011 paid - - (66,010) - - - - - (66,010) - 2012 accrual - - 65,379 - - - - - 65,379 Dividends paid: - Final 2011 - - - - - - - (3,325,848) (3,325,848) Proposed final dividends: - Ordinary shares - - - - - - (3,864,494) 3,864,494 - - Preference shares - - - - - - (168,000) 168,000 - Total contributions by and distributions to owners 110,412 2,956,169 (631) - - - (4,032,494) 706,646 (259,898) At 31 December 2012 1,825,798 7,792,427 1,889,052 521,435 (67,381) 454,017 14,304,972 4,032,494 30,752,814 Statutory credit risk reserve Capital contribution reserve
  7. 7. STANDARD CHARTERED BANK KENYA LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2012 KShs '000 2011: Share Share Revaluation Fair value Retained Proposed capital premium reserve reserve earnings dividends Total At 1 January 2011 1,715,386 4,836,258 1,891,127 304,363 927,891 259,155 7,872,096 2,524,846 20,331,122 Net profit for the year - - - - - - 5,836,821 - 5,836,821 Other comprehensive income Change in fair value of available-for-sale investments - - - - (4,616,524) - - - (4,616,524) Deferred tax on change in fair value of available-for-sale investments - - - - 1,372,529 - - - 1,372,529 Realised revaluation reserves on sale of property - - - (55,958) - - 55,958 - - Deferred tax on realised revaluation reserves on sale of property - - - 16,788 - - (16,788) - - Revaluation surplus - - - 401,412 - - - - 401,412 Deferred tax on revaluation surplus - - - (104,614) - - - - (104,614) Excess depreciation transfer - - - (15,273) - - 15,273 - - Deferred tax on excess depreciation transfer - - - 4,582 - - (4,582) - - Transfer to statutory credit risk reserve - - - - - 192,855 (192,855) - Total other comprehensive income - - - 246,937 (3,243,995) 192,855 (142,994) - (2,947,197) Total comprehensive income for the year - - - 246,937 (3,243,995) 192,855 5,693,827 - 2,889,624 Transactions with owners, recorded directly in equity Share based payments: - 2010 paid - - (67,454) - - - - - (67,454) - 2011 accrual - - 66,010 - - - - - 66,010 Dividends paid: - Final 2010 - - - - - - - (2,524,846) (2,524,846) Proposed final dividends: - Ordinary shares - - - - - - (3,157,848) 3,157,848 - - Preference shares - - - - - - (168,000) 168,000 - Total contributions by and distributions to owners - - (1,444) - - - (3,325,848) 801,002 (2,526,290) At 31 December 2011 1,715,386 4,836,258 1,889,683 551,300 (2,316,104) 452,010 10,240,075 3,325,848 20,694,456 Capital contribution reserve Statutory credit risk reserve
  8. 8. STANDARD CHARTERED BANK KENYA LIMITED COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2012 KShs '000 2012: Share Share Revaluation Fair value Retained Proposed capital premium reserve reserve earnings dividends Total At 1 January 2012 1,715,386 4,836,258 1,889,683 551,300 (2,316,104) 452,010 10,116,625 3,325,848 20,571,006 Net profit for the year - - - - - - 8,043,250 - 8,043,250 Other comprehensive income Change in fair value of available-for-sale investments - - - - 3,212,461 - - - 3,212,461 Deferred tax on change in fair value of available-for-sale investments - - - - (963,738) - - - (963,738) Realised revaluation reserves on sale of property - - - (33,470) - - 33,470 - - Deferred tax on realised revaluation reserves on sale of property - - - 10,041 - - (10,041) - - Excess depreciation transfer - - - (9,194) - - 9,194 - - Deferred tax on excess depreciation transfer - - - 2,758 - - (2,758) - - Transfer to statutory credit risk reserve - - - - - 2,007 (2,007) - - Total other comprehensive income - - - (29,865) 2,248,723 2,007 27,858 - 2,248,723 Total comprehensive income for the year - - - (29,865) 2,248,723 2,007 8,071,108 - 10,291,973 Transactions with owners, recorded directly in equity Shares issued, net of issue costs 110,412 2,956,169 - - - - - 3,066,581 Share based payments: - 2011 paid - - (66,010) - - - - - (66,010) - 2012 accrual - - 65,379 - - - - - 65,379 Dividends paid: - Final 2011 - - - - - - - (3,325,848) (3,325,848) Proposed final dividends: - Ordinary shares - - - - - - (3,864,494) 3,864,494 - - Preference shares - - - - - - (168,000) 168,000 - Total contributions by and distributions to owners 110,412 2,956,169 (631) - - - (4,032,494) 706,646 (259,898) At 31 December 2012 1,825,798 7,792,427 1,889,052 521,435 (67,381) 454,017 14,155,239 4,032,494 30,603,081 Capital contribution reserve Statutory credit risk reserve
  9. 9. STANDARD CHARTERED BANK KENYA LIMITED COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2012 KShs '000 2011: Share Share Revaluation Fair value Retained Proposed capital premium reserve reserve earnings dividends Total At 1 January 2011 1,715,386 4,836,258 1,891,127 304,363 927,891 259,155 7,751,461 2,524,846 20,210,487 Net profit for the year - - - - - - 5,834,006 - 5,834,006 Other comprehensive income Change in fair value of available-for-sale investments - - - - (4,616,524) - - - (4,616,524) Deferred tax on change in fair value of available-for-sale investments - - - - 1,372,529 - - - 1,372,529 Realised revaluation reserves on sale of property - - - (55,958) - - 55,958 - - Deferred tax on realised revaluation reserves on sale of property - - - 16,788 - - (16,788) - - Revaluation surplus - - - 401,412 - - - - 401,412 Deferred tax on revaluation surplus - - - (104,614) - - - - (104,614) Excess depreciation transfer - - - (15,273) - - 15,273 - - Deferred tax on excess depreciation transfer - - - 4,582 - - (4,582) - - Transfer to statutory credit risk reserve - - - - - 192,855 (192,855) - Total other comprehensive income - - - 246,937 (3,243,995) 192,855 (142,994) - (2,947,197) Total comprehensive income for the year - - - 246,937 (3,243,995) 192,855 5,691,012 - 2,886,809 Transactions with owners, recorded directly in equity Share based payments: - 2010 paid - - (67,454) - - - - - (67,454) - 2011 accrual - - 66,010 - - - - - 66,010 Dividends paid: - Final 2010 - - - - - - - (2,524,846) (2,524,846) Proposed final dividends: - Ordinary shares - - - - - - (3,157,848) 3,157,848 - - Preference shares - - - - - - (168,000) 168,000 - Total contributions by and distributions to owners - - (1,444) - - - (3,325,848) 801,002 (2,526,290) At 31 December 2011 1,715,386 4,836,258 1,889,683 551,300 (2,316,104) 452,010 10,116,625 3,325,848 20,571,006 Capital contribution reserve Statutory credit risk reserve
  10. 10. STANDARD CHARTERED BANK KENYA LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2012 2011 2012 KShs ‘000 KShs ‘000 Reconciliation of profit before taxation to net cash (used in)/from operating activities Profit before taxation 8,255,135 11,556,191 Depreciation 341,857 493,354 Amortisation of intangible assets 366,374 403,169 Profit on sale of non-current asset held for sale (356,427) (94,843) Profit on sale of property and equipment (51) (1,919) Amortisation of prepaid operating lease rentals 2,908 2,049 Retirement benefit obligations (63,176) 32,500 (Increase)/decrease in operating assets Balances with Central Bank of Kenya – Cash Reserve Ratio (2,041,045) 19,579 Government and other securities held for trading 610,190 (2,873,334) Derivative financial instruments (101,773) 28,221 Loans and advances to banks 200,000 225,000 Loans and advances to customers (35,760,994) (16,596,700) Investment securities 20,048,014 (17,152,430) Amounts due from group companies (2,585,559) 841,585 Other assets (860,252) 354,037 Increase/(decrease) in operating liabilities Deposits from banks 320,666 1,745,400 Deposits from customers 21,818,984 18,201,797 Derivative financial instruments 537,315 (215,581) Amounts due to group companies (1,206,153) 2,114,978 Defined benefit obligations (52,900) (56,500) Other liabilities (1,588,145) 779,822 Cash (used in)/from operating activities 7,884,968 (193,625) Income taxes paid (2,504,104) (2,961,531) Net cash (used in)/from operating activities 5,380,864 (3,155,156) Cash flows from investing activities Purchase of property and equipment (719,272) (471,797) Proceeds from sale of non-current asset held for sale 697,032 152,567 Proceeds from sale of property and equipment 1,452 1,919 Purchase of intangible assets - (29,425) Purchase of prepaid operating lease rentals - (157,469) Net cash used in investing activities (20,788) (504,205) Cash flows from financing activities Ordinary shares issued, net of issue costs - 3,066,581 Share based payments: – 2011/2010 settled (67,454) (66,010) – 2012/2011 allocated during the year 66,010 65,379 Dividends paid on ordinary shares: – Final 2011/2010 (2,440,156) (3,157,848) Dividends paid on preference shares: – Final 2011/2010 (84,690) (168,000) Net cash used in financing activities (2,526,290) (259,898) (Decrease)/increase in cash and cash equivalents 2,833,786 (3,919,259) Cash and cash equivalents at 1 January 4,095,636 6,929,422 Cash and cash equivalents at 31 December 6,929,422 3,010,163 Analysis of the balance of cash and cash equivalents Cash on hand 2,926,464 3,158,221 Unrestricted cash balances with Central Bank of Kenya 1,948,832 3,307,054 Treasury bills 2,403,388 - Loans and advances to banks 992,427 1,048,580 Deposits from banks (7,265,385) (1,295,242) Amounts due from group companies 9,339,721 3,661,315 Amounts due to group companies (3,416,025) (6,869,765) 6,929,422 3,010,163

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