2015 - Belize Bank

Transcription

2015 - Belize Bank
Moore Stephens Magaña LLP
New Horizon Building
3½ Phillip S. W. Goldson Highway
Belize City, Belize
T
F
E
+501 223 2144
+501 223 2143
[email protected]
www.moorestephens.bz
INDEPENDENT AUDITOR’S REPORT
To the Board of Directors of The Belize Bank Limited
Report on the financial statements
We have audited the accompanying financial statements of The Belize Bank Limited, which
comprise the statement of financial position as at 31 March 2015, and the statement of
comprehensive income, statement of changes in equity and statement of cash flows for the year
then ended, and a summary of significant accounting policies and other explanatory information.
Management’s responsibility for the financial statements
Management is responsible for the preparation and fair presentation of these financial
statements in accordance with International Financial Reporting Standards (IFRS) and the
financial reporting provisions of the Central Bank of Belize and the Domestic Banks and
Financial Institutions Act as amended (DBFIA), and for such internal control as management
determines 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 that we comply with ethical requirements and plan and perform the audit to obtain
reasonable assurance about 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
judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or 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 effectiveness of the entity’s internal control. An
audit also includes evaluating the appropriateness of accounting policies used and the
reasonableness of accounting estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our qualified audit opinions.
Basis for Qualified Opinion on International Financial Reporting Standards
The financial statements are prepared by the Belize Bank Limited on the basis of the financial
reporting provisions of the Central Bank of Belize and the DBFIA Practice Directions. The
requirements of the financial reporting provisions of the DBFIA Practice Directions represent a
departure from International Financial Reporting Standards. We are unable to determine the
effects on the financial statements, of the variances between the financial reporting provisions of
the Central Bank of Belize and the DBFIA practice directions and International Financial
Reporting Standards.
Qualified Opinion on International Financial Reporting Standards
In our opinion, except for the possible effects of the matters described in the Basis for Qualified
Opinion paragraph on International Financial Reporting Standards, the financial statements
present fairly, in all material respects, the financial position of the Belize Bank Limited as at 31
March 2015, and its financial performance and its cash flows for the year then ended in
accordance with International Financial Reporting Standards.
Opinion on Regulatory Basis of Accounting
In our opinion, the financial statements referred to above present fairly, in all material respects,
the financial position of the Belize Bank Limited as at 31 March 2015, and its financial
performance and its cash flows for the year then ended in accordance with the financial reporting
provisions of the Central Bank of Belize and the DBFIA.
28 July 2015
Chartered Accountants
AUDITED FINANCIAL STATEMENTS
OF THE BELIZE BANK LIMITED PUBLISHED IN ACCORDANCE WITH
SECTION 74(1) OF THE DOMESTIC BANKS AND FINANCIAL INSTITUTIONS ACT, 2012
The Belize Bank Limited
Statement of financial position
As at 31 March 2015
In BZ Dollars
2015
2014
Assets
Cash and due from banks
Balances with the Central Bank of Belize
Government of Belize securities
Interest bearing deposits
Loans to customers (net of allowances)
Securities
Other assets and receivables
Due from Government of Belize (net of reserve)
Investment in subsidiary
Property, plant, and equipment
86,920,086
230,748,853
24,919,513
515,496,786
42,941,841
9,821,007
35,973,628
24,000,000
29,008,947
113,234,244
102,224,706
39,907,292
22,475,002
533,496,172
34,617,743
10,447,510
49,240,599
20,000,000
30,455,711
Total assets
999,830,661
956,098,979
Liabilities
Customer accounts
Other liabilities and payables
901,296,758
15,691,703
854,254,163
18,247,675
Total liabilities
916,988,461
872,501,838
Equity
Share capital
Statutory reserve
General loan loss reserve
Other reserves
Retained earnings
14,000,000
5,359,477
4,570,756
770,487
58,141,480
10,000,000
5,359,477
4,522,538
159,586
63,555,540
Total shareholders' equity
82,842,200
83,597,141
999,830,661
956,098,979
Total liabilities and shareholders' equity
Approved on behalf of the Board of Directors on 27 July 2015.
Lyndon Guiseppi
Director
Filippo Alario
Director
The Belize Bank Limited
Statement of comprehensive income
For the year ended 31 March 2015
In BZ Dollars
2015
2014
73,126,109
(17,012,337)
73,121,227
(20,742,261)
56,113,772
52,378,966
(24,248,420)
(23,672,087)
Net interest after allowance for impairment on
loans to customers
31,865,352
28,706,879
Non-interest income
40,430,988
17,846,469
(17,185,068)
(7,014,903)
(34,823,578)
(16,143,993)
(6,340,788)
(11,239,488)
(59,023,549)
(33,724,269)
13,272,791
12,829,079
(18,638,633)
(8,591,173)
(5,365,842)
4,237,906
Interest income
Interest expense
Net interest income
Charge of allowance for impairment of loans to
customers
Salaries and benefits
Premises and equipment
Other non-interest expense
Total non-interest expense
Profit before tax
Taxation
Profit after tax and before other comprehensive
income
Other comprehensive income
Profit from revaluation of securities available for sale
Total comprehensive income for the year
610,901
(4,754,941)
150,039
4,387,945