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