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Eurasian Bank JSC Unconsolidated Financial Statements for the Year

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Eurasian Bank JSC Unconsolidated Financial Statements for the Year Eurasian Bank JSC Unconsolidated Financial Statements for the year ended 31 December 2017 Eurasian Bank JSC Contents Independent Auditors’ Report Unconsolidated Statement of Profit or Loss and Other Comprehensive Income ............................................................................................................ 7 Unconsolidated Statement of Financial Position ............................................ 8 Unconsolidated Statement of Cash Flows ................................................ 9 -10 Unconsolidated Statement of Changes in Equity ................................... 11 -12 Notes to the Unconsolidated Financial Statements ……………………13-101 «КПМГ Аудит» жауапкершілігі KPMG Audit LLC шектеулі серіктестік 050051 Almaty, 180 Dostyk Avenue, 050051 Алматы, Достық д-лы 180, E-mail: [email protected] Тел./факс 8 (727) 298-08-98, 298-07-08 Independent Auditors’ Report To the Board of Directors of Eurasian Bank Joint Stock Company Opinion We have audited the separate financial statements of Eurasian Bank Joint Stock Company (the “Bank”), which comprise the unconsolidated statement of financial position as at 31 December 2017, the unconsolidated statements of profit or loss and other comprehensive income, changes in equity and cash flows for the year then ended, and notes, comprising significant accounting policies and other explanatory information. In our opinion, the accompanying separate financial statements present fairly, in all material respects, the unconsolidated financial position of the Bank as at 31 December 2017, and its unconsolidated financial performance and its unconsolidated cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRS). Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Separate Financial Statements section of our report. We are independent of the Bank in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) together with the ethical requirements that are relevant to our audit of the separate financial statements in the Republic of Kazakhstan, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Key Audit Matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the separate financial statements of the current period. These matters were addressed in the context of our audit of the separate financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. «КПМГ Аудит» ЖШС, Қазақстанда тіркелген жауапкершілігі шектеулі серіктестік, Швейцария заңнамасы бойынша тіркелген KPMG International Cooperative (“KPMG International”) қауымдастығына кіретін KPMG тəуелсіз фирмалар желісінің мүшесі. KPMG Audit LLC, a company incorporated under the Laws of the Republic of Kazakhstan, a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. Eurasian Bank Joint Stock Company Independent Auditors’ Report Page 2 Impairment of loans to customers Please refer to the Notes 3(g)(i) and 16 in the separate financial statements. The key audit matter How the matter was addressed in our audit The impairment of loans to Our audit procedures included evaluating and testing customers is estimated by the Bank’s key controls over the assessment of loan management through the impairment, including controls over the approval, application of judgement and recording and monitoring of loans to customers, and use of highly subjective evaluating the methodologies, inputs and assumptions assumptions. used by the Bank in calculating collectively assessed impairments and determining the adequacy of Due to the significance of loans impairment allowances for individually assessed loans to customers (representing 63% to customers through forecast recoverable cash flows, of total assets) and the related including the realisation of collateral. estimation uncertainty, this is considered a key audit matter. We analysed the Bank’s key inputs and assumptions for both collective and individual impairment We paid particular attention to allowances for corporate loans. As part of this, we the assumptions and critically assessed the Bank’s revisions to estimates methodology used for the and assumptions in respect of historical loss rates, calculation of the impairment collateral valuation, discount rates and current allowance for loans to economic factors and considered the sensitivity of customers with individual signs these inputs on the assessment of impairment. of impairment. For the retail loans portfolio we challenged the A part of the loans to corporate appropriateness of the key assumptions used for customers was issued to related collective impairment against our understanding of the parties as described in Note 36, Bank. This involved recalculation of provisioning rates and the Bank’s shareholders based on the Bank’s actual historic experience. have assumed certain obligations to repay these loans. For a sample of exposures that were subject to an individual impairment assessment, and focusing on We also focused on the those with the most significant potential impact on the methodology used to calculate separate financial statements, we specifically the impairment allowance on challenged the Bank’s assumptions on the expected collective basis for loans to future cash flows, including the value of realisable customers without individual collateral based on our own understanding and signs of impairment. available market information. The impairment on all loans to Our testing of loans to individuals assessed collectively individuals is collectively included re-performance of the model calculations and assessed, with the key validation of the data inputs in the model in order to assumptions being the assess the accuracy of calculation of the impairment probability of an account falling allowance. The assumptions inherent in the model into arrears and subsequently were critically assessed against our understanding of defaulting, the market value of the Bank, its recent performance and industry any collateral provided and the developments. These actual rates were compared to estimated time and cost to sell those assumed by the Bank to assess the any collateral repossessed by reasonableness of the rates used in the collective the Bank. impairment assessment. The assumptions for valuation and expected costs to sell collateral, were also assessed by comparing them to recent actual results and other market data. Eurasian Bank Joint Stock Company Independent Auditors’ Report Page 3 Impairment of loans to customers, continued Please refer to the Notes 3(g)(i) and 16 in the separate financial statements. The key audit matter How the matter was addressed in our audit We also assessed whether the separate financial statement disclosures appropriately reflect the Bank’s exposure to: credit risk, credit quality of loan portfolio and sensitivity of impairment allowance to changes in key assumptions. Responsibilities of Management and Those Charged with Governance for the Separate Financial Statements Management is responsible for the preparation and fair presentation of the separate financial statements in accordance with IFRS, and for such internal control as management determines is necessary to enable the preparation of separate financial statements that are free from material misstatement, whether due to fraud or error. In preparing the separate financial statements, management is responsible for assessing the Bank’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Bank or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Bank’s financial reporting process. Auditors’ Responsibilities for the Audit of the Separate Financial Statements Our objectives are to obtain reasonable assurance about whether the separate financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these separate financial statements. As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also: — Identify and assess the risks of material misstatement of the separate financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting
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