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PRESS RELEASE PR. No 079/2020 CAL BANK LIMITED (CAL

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PRESS RELEASE PR. No 079/2020 CAL BANK LIMITED (CAL PRESS RELEASE PR. No 079/2020 CAL BANK LIMITED (CAL) - ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31 2019 CAL has released its Annual Report for the year ended December 31, 2019 as per the attached. Issued in Accra, this 28th day of February, 2020. - E N D – att’d. Distribution: 1. All LDMs 2. General Public 3. Company Secretary, CAL 4. CSD Registrars, (Registrars for CAL shares) 5. Custodians 6. Central Securities Depository 7. Securities and Exchange Commission 8. GSE Council Members 9. GSE Notice Board For enquiries, contact: Head Listing, GSE on 0302 669908, 669914, 669935 *GT CalBank VISION Our Vision The Bank’s vision is to be a leading financial services group creating sustainable value for our stakeholders Our Mission We aspire to be a financial services group of preference through delivery of quality service, using innovative technology and skilled personnel to achieve sustainable growth and enhanced stakeholder value. The CalBank Brand, with its tagline Forward Together, demonstrates the Bank’s progressive and dynamic intentions, whilst at the same time taking both its staff and customers with them – ‘we are together as one, for the future benefit of all’. Forward - represents both the future direction of the business and the progressive manner in which it will deliver its offering and proposition. Together - represents the whole and covers the customers, investors and staff, including the wider community to which the bank is responsible. • Values – Responsible, Effective, Decisive (RED) • • Personality – Smart, Friendly, Trusted & MISSION 2019 1 CalBank Content Page Notice of Annual General Meeting 3 Four-Year Group Consolidated Financial Summary 4 Corporate Information 5 Profile of Board of Directors 6 Chairman’s Report 10 Managing Director’s Report 14 Report of the Directors 18 Corporate Governance Statement 22 Sustainability Report 30 Independent Auditor’s Report 34 Statements of Comprehensive Income 39 Statements of Financial Position 40 Statements of Changes in Equity 41 Statements of Cash Flows 43 Notes to the Financial Statements 44 Resolutions to be Passed 121 Corporate Social Responsibilities 123 Proxy Form 129 2 2019 CalBank NOTICE OF ANNUAL GENERAL MEETING OF CALBANK LIMITED NOTICE IS HEREBY GIVEN that the Annual General Meeting of CalBank Limited will be held at 10 a.m. on Wednesday, 6 May, 2020 at the main auditorium of the Accra International Conference Center, Castle Road, Accra to transact the following business: AGENDA ORDINARY BUSINESS 1. To receive and consider the accounts of the Bank, and the reports of the directors and the external auditor thereon, for the year ended December 31, 2019 2. To re-elect to the Board of the Bank directors retiring by rotation a. Rosalind Kainyah b. Kofi Osafo-Maafo c. Nana Otuo Acheampong 3. To re-elect a director appointed to fill a casual vacancy on the Board • Mr. Kweku Baa Korsah 4. To declare a dividend. 5. To approve the remuneration of the directors 6. Authorise the directors to fix the fees of the external auditor SPECIAL RESOLUTIONS: 7. To approve the Purchase of Shares of the Bank Dated this 6th day of February 2020 BY ORDER OF THE BOARD VERITAS ADVISORS LIMITED COMPANY SECRETARY Note A member entitled to attend and vote at the Annual General Meeting may appoint a proxy to attend and vote on his/her behalf. Such a proxy need not be a member of the Company. The appointment of a proxy will not prevent a member from subsequently attending and voting at the Meeting in person. Where a member attends the Meeting in person, the proxy appointment shall be deemed to be revoked. A copy of the Form of Proxy may be deposited at the registered office of the Registrar of the Company, Central Securities Depository Ghana Limited, 4th floor, Cedi House, Accra or posted to the Registrar at PMB CT 465 Cantonments, Accra to arrive not later than 10a.m. on Monday, May 4, 2020. 2019 3 CalBank FOUR-YEAR GROUP CONSOLIDATED FINANCIAL SUMMARY 2019 2018 2017 2016 in thousands of Ghana Cedis Interest Income 912,409 773,270 668,128 557,631 Interest Expense (394,303) (351,641) (317,096) (306,317) Net Interest Income 518,106 421,629 351,032 251,314 Commissions and fees 46,597 69,543 68,063 67,133 Other Operating Income 31,689 28,085 43,137 48,730 Operating Income 596,392 519,257 462,232 367,177 Operating Expenses (267,386) (229,616) (188,422) (150,883) Net Impairment Loss on Financial Assets (86,066) (66,735) (54,947) (199,243) Profit Before Income Tax 242,940 222,906 218,863 17,051 Income Tax Expense (69,527) (69,690) (65,965) (6,843) Profit after Taxation 173,413 153,216 152,898 10,208 Total assets 7,048,498 5,419,299 4,223,138 3,618,858 Total Deposits 3,858,984 3,150,053 2,497,623 2,375,194 Loans and Advances 2,920,026 2,422,952 1,853,674 1,966,394 Total Shareholders’ Equity 974,787 779,445 672,070 519,503 Earnings per share (Ghana Cedis per share) 0.2772 0.2449 0.2793 0.0187 Dividends per share (Ghana Cedis per share) 0.0480 0.0000 0.0000 0.0000 Number of Shares (‘000) 626,585 626,585 548,262 548,262 Return on Assets 2.5% 2.8% 3.6% 0.3% Return on Equity 17.8% 19.7% 22.8% 2.0% Capital Adequacy Ratio 22.7% 16.7% 21.9% 19.3% Cost-to-Income Ratio 44.8% 44.2% 40.8% 41.1% 4 2019 CalBank CORPORATE INFORMATION BOARD OF DIRECTORS Paarock Asuman VanPercy (Chairman) Philip Owiredu (Managing Director) (appointed 1/1/2020) Helen Nankani Nana Otuo Acheampong Rosalind Nana Emela Kainyah Kofi Osafo-Maafo Kweku Baa Korsah (appointed 8/5/2019) Joe Rexford Mensah (appointed 1/1/2020) Ben Gustave Barth (appointed 1/1/2020) Solomon Asamoah (appointed 1/1/2020) Richard Arkutu (appointed 1/1/2020) Frank B. Adu Jnr. (Retired 31/12/2019) Malcolmn Dermott Pryor (Retired 31/12/2019) Dr. Kobina Quansah (Retired 31/12/2019) SECRETARY Veritas Advisors Limited Acquah Place 68 Mahogany Crescent Akufo-Addo Residential Area P.O. Box CT 9376, Cantonments. Accra Ghana SOLICITOR Reindorf Chambers 61 Jones Nelson Road Adabraka P. O. Box 821 Accra Ghana AUDITOR KPMG Marlin House 13 Yiyiwa Drive Abelenkpe P.O. Box GP 242 Accra - Ghana REGISTRAR Central Securities Depository (GH) Limited 4th Floor Cedi House Liberia Road PMB CT 465, Cantonments Accra Ghana REGISTERED OFFICE 23 Independence Avenue P. O. Box 14596 Accra Ghana 2019 5 CalBank BOARD OF DIRECTORS Mr. Paarock VanPercy Mr. Philip Owiredu Mrs. Helen Nankani Nana Otuo Acheampong (Chairman) (Managing Director) (Non-Executive Director) (Non-Executive Director) age 59 age 53 age 73 age 70 Mr. VanPercy, is an Investment Banker. He was appointed to CalBank Board on 9th December 1999. He is a Chartered Accountant by training and is a Fellow of the Institute of Chartered Accountants, England & Wales. He is the Chairman of CalAsset Management Company Limited and holds directorships on the Boards of the Liberia Bank for Development and Investment, Sierra Leone Investments Limited, Afri-Invest Management Company Limited, and Afri Holdings Limited. He is also the Principal Consultant of Afri Telecommunications & Media (ATM). Mr. Owiredu, is the Managing Director of CAL Bank, a position he assumed from 1st January 2020. He has worked with the Bank for fifteen years holding various positions including Financial Controller and General Manager of the Bank. Prior to assuming his current role, he was the Chief Financial Officer/Executive Director of the Bank for nine years. During his tenure at the Bank he has been responsible for various aspects of the Bank’s business, including having oversight responsibilities for all financial and management accounting support and compliance with legal and regulatory requirements amongst others. Mr. Owiredu joined the Bank in December 2004 from KPMG where he left as a Senior Manager after eight years. He had responsibility for managing various audit assignments. He is a fellow of the Association of Chartered Certified Accountants (UK). Mrs. Nankani, is a retired Senior Economist who worked with the World Bank for 22 years. She was one of the pioneers of the World Bank’s work on Privatization of Public Enterprises, and Private Sector Development. She managed projects aimed at determining the economic and financial feasibility of private participation in the water sector principally in South Asia, the Caribbean and Brazil, where she lived for 4 years. Prior to joining the World Bank, she worked as a consultant with Arthur D. Little Inc., Cambridge, Massachusetts, and The United Nations, New York, N.Y. She was also a partner at Financial Development Services, a consulting firm in Arlington, Virginia. She studied at the University of Ghana, Legon, and at Harvard University, Cambridge, Massachusetts. Nana Otuo Acheampong, is currently a Banking Consultant and a former Executive Head of the Osei Tutu II Centre for Executive Education & Research in Ghana. He was a Senior Lecturer in Finance at the University of Portsmouth in the UK for over a decade and half before returning to Ghana in 2004. He headed the Faculty of Financial Reporting & Investment Banking at the National Banking College. He now leads the First Module of the Bank of Ghana’s Corporate Governance Certification programme for the Boards of Directors for Banks, Savings and Loans Companies, Finance Houses and Financial Holding Companies under the auspices of the National Banking College . He was the Chairman of the Award Planning Board of the Ghana Banking Awards until 2016. He has extensive theoretical and practical knowledge and experience in banking, finance and management.
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