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Guaranty Trust Bank (Ghana) Limited Annual Report and Financial Statements

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Guaranty Trust Bank (Ghana) Limited Annual Report and Financial Statements GUARANTY TRUST BANK (GHANA) LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 GUARANTY TRUST BANK (GHANA) LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS CONTENTS P a g e Corporate Information 1 Report of the Directors 2 - 5 Report of the Audit Committee 6 Corporate Governance 7 - 21 Independent Auditor’s Report 22 – 25 Financial Statements: Statement of Comprehensive Income 26 Statement of Financial Position 27 Statement of Changes in Equity 28 Statement of Cash Flows 29 Notes to the Financial Statements 30 - 117 Appendices 118 Guaranty Trust Bank (Ghana) Limited Annual Report and Financial Statements for the year ended 31 December 2020 . CORPORATE INFORMATION Board of Directors Kwasi M. Tagbor (Chairman) Olusegun Agbaje (Vice Chairman) Thomas Attah John (Managing Director) Mobolaji Jubril Lawal Rasheed Ibrahim Maidie Elizabeth Arkutu Irene Baaba Hagan Ademola Odeyemi (Resigned on 8th May 2020) Secretary Iris Richter-Addo 25A Castle Road, Ambassadorial Area, Ridge PMB CT 416, Cantonments Accra, Ghana Auditor KPMG Chartered Accountants 13 Yiyiwe Drive, Abelenkpe P. O. Box GP 242 Accra, Ghana Registered Office Guaranty Trust Bank (Ghana) Limited 25A Castle Road, Ambassadorial Area, Ridge PMB CT 416, Cantonments Accra, Ghana Correspondent banks CitiBank London CitiBank New York Ghana International Bank J.P. Morgan Chase Bank Guaranty Trust Bank London Bank of Beirut Standard Chartered Bank UK Guaranty Trust Bank Plc Solicitors Lithur Brew and Company No. 110B, 1st Kade Close, Kanda Estates P. O. Box CT 3865, Cantonments Accra, Ghana 1 Guaranty Trust Bank (Ghana) Limited Annual Report and Financial Statements for the year ended 31 December 2020 . REPORT OF THE DIRECTORS The Directors present their report together with the audited financial statements for the year ended 31 December 2020 in accordance with the Companies Act, 2019 (Act 992) and the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) which discloses the state of the affairs of the Bank. Directors’ responsibility statement The Directors are responsible for the preparation of financial statements for each financial year, which gives a true and fair view of the state of affairs of the Guaranty Trust Bank (Ghana) Limited, comprising the statements of financial position as at 31 December 2020 and the statements of comprehensive income, changes in equity and cash flows for the year then ended, and the notes to the financial statements which include a summary of significant accounting policies and other explanatory notes. In preparing these financial statements, the directors have selected suitable accounting policies and applied them consistently, made judgements and estimates that are reasonable and prudent and followed International Financial Reporting Standards as issued by the International Accounting Standards Board and adopted by the Institute of Chartered Accountants, Ghana as well as complied with the requirement of the Companies Act, 2019 (Act 992) and the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930). In addition, the Directors are responsible for the preparation of the report of the directors. The Directors are responsible for ensuring that the Bank keeps proper accounting records that disclose with reasonable accuracy at any time the financial position of the Bank. The directors are also responsible for safeguarding the assets of the Bank and taking reasonable steps for the prevention and detection of fraud and other irregularities. The Directors have made an assessment of the ability of the Bank to continue as a going concern having regard of the business impact of Covid-19 and have no reason to believe that business will not be a going concern over the next twelve (12) months. Directors have no plans or intentions, for example to dispose of the business or cease operations that may materially alter the carrying value or classification of assets and liabilities reflected in the financial statements. The auditor is responsible for reporting on whether the financial statements give a true and fair view in accordance with the applicable financial reporting framework. The Directors confirm that to the best of their knowledge, the financial statements prepared in accordance with applicable laws and the Bank’s financial reporting framework give a true and fair view of the Bank’s financial position, performance and cash flows, and the state of the Bank’s affairs is satisfactory. Objectives of the Bank and Nature of business The Bank is licensed by the Bank of Ghana under the Banks and Specialised Deposit Taking Institutions Act, 2016 (Act 930) to carry out universal banking business in Ghana and there was no change in the nature of the Bank’s business during the period. Holding company The Bank is a subsidiary of Guaranty Trust Bank Plc, a company incorporated in the Federal Republic of Nigeria and licensed to carry out universal banking business. 2 Guaranty Trust Bank (Ghana) Limited Annual Report and Financial Statements for the year ended 31 December 2020 . REPORT OF THE DIRECTORS (CONTINUED) Financial results GHS Profit for the year ended 31 December 2020 before tax is 384,987,104 from which is deducted income tax expense and national fiscal stabilisation levy of (115,656,298) giving a profit for the year after tax of 269,330,806 less transfer to statutory reserve and other reserves of (70,057,104) less payment of prior year dividends declared (50,183,029) leaving a balance of 149,090,673 when added to the balance brought forward on income surplus of 112,189,680 leaving a balance of 261,280,353 At the next shareholders meeting on the financial performance for the year ended 31 December 2020, a dividend per share of GHS0.0092 amounting to GHS130,620,156 (2019: GHS50,183,029) will be tabled for approval subject to the prior approval of Bank of Ghana. The amount recommended for shareholders’ approval represents 50% of total distributable profit. Business review The state of affairs of the Bank is as follows: GHS Profit before tax 384,987,104 Profit after tax 269,330,806 Total Assets 4,081,089,298 Total Liabilities 3,073,669,055 Total Equity 1,007,420,243 The Directors consider the state of the company’s affairs to be satisfactory. Particulars of entries in the Interests Register during the financial year The entity maintains an Interests Register. There was however no director interest in any contract within the year under review. No entry was therefore made in the Register. Related party transactions No director has any other interest in any shares or loan stock of the Company. Related party transactions and balances are also disclosed in note 32 to the financial statements. Corporate social responsibility and code of ethics A total of GHS 683,481 (2019: GHS146,008) was spent under the Company’s social responsibility programme with key focus on education, health and others. This is disclosed in note 13.1. An extract of the Company’s code of ethics can be found in the appendice. 3 Guaranty Trust Bank (Ghana) Limited Annual Report and Financial Statements for the year ended 31 December 2020 . REPORT OF THE DIRECTORS (CONTINUED) Board of Directors Profile Executive Qualification Outside Board and management position Thomas Attah John Chartered Banker MBA, Certificate in N/A Management Performance Measurement, Masters in Business Administration, Bsc Pure Applied Chemistry Non-executive Kwasi M. Tagbor B,Sc. Electrical Engineering, Post N/A Graduate Diploma in Computer Science Olusegun Agbaje B.Sc. Business Administration, Masters Managing Director, Guaranty in Business Administration Trust Bank Plc; Non- executive Director, GTBank Gambia and GTBank UK; Mastercard Advisory Board Mobolaji Jubril Lawal Bachelor of Laws degree, Professional Executive Director, Guaranty Certification of B.L, Masters of Business Trust Bank Plc Administration Rasheed Ibrahim B.Sc. Business Administration Executive positions in Dara Salam Group of Companies, Chrome Energy Resources Limited, Dara Salam Estate Limited and Osagyefo Leadership International School. Maidie Elizabeth Arkutu Post-Graduate Diploma in Marketing, N/A MBA, Bachelor of Arts (BA) degree in Business Economics with a minor in French Irene Baaba Hagan Fellow Chartered Accountant, Certified Contact member and Information Systems Auditor, MBA, Ambassador of the Institute of B.Sc. (Hons.) in Accounting & Finance Chartered Accountants in England and Wales (ICAEW), founder of IHagan Consult Biographical information of directors Age category Number of directors 41 – 45 years 3 46 – 60 years 3 Above 60 years 1 4 Guaranty Trust Bank (Ghana) Limited Annual Report and Financial Statements for the year ended 31 December 2020 . REPORT OF THE DIRECTORS (CONTINUED) Capacity building of directors to discharge their duties On appointment to the Board, Directors are provided with full, formal and tailored programmes to enable them gain in-depth knowledge about the Company’s business, the risks and challenges faced, the economic knowledge and the legal and regulatory environment in which the Company operates. Programmes of strategic importance provided during the year ensure Directors continually update their skills, knowledge and familiarity with the Company’s businesses. This further provides insights about the industry and other developments to enable them effectively fulfil their role on the Board and other Committees. Auditor The Board Audit Committee has responsibility delegated from the Board of Directors for making recommendations on the appointment, reappointment,
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