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ANNUAL REPORT Where Members Matter Bankvic

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ANNUAL REPORT Where Members Matter Bankvic PETER BankVic member for 29 years 2017 ANNUAL REPORT Where members matter BankVic CONTENTS Board of Directors and Management .....................................................................................................................................................3 Chairman’s report ......................................................................................................................................................................................4 Chief Executive Officer’s report ...............................................................................................................................................................5 2016 - 2017 Results Highlights .................................................................................................................................................................6 Corporate Governance Statement .........................................................................................................................................................7 Directors’ Report .......................................................................................................................................................................................10 Lead Auditor’s Independence Declaration ............................................................................................................................................14 Statement of Comprehensive Income ....................................................................................................................................................15 Balance Sheet ............................................................................................................................................................................................16 Statement of Changes in Equity ..............................................................................................................................................................17 Statement of Cash Flows..........................................................................................................................................................................18 Notes to the Financial Statements 1. Reporting Entity ....................................................................................................................................................................................19 2. Basis of Preparation ..............................................................................................................................................................................19 3. Significant Accounting Policies ...........................................................................................................................................................19 4. Profit .......................................................................................................................................................................................................26 5. Income Tax .............................................................................................................................................................................................28 6. Cash and Cash Equivalents ..................................................................................................................................................................29 7. Receivables due from other Financial Institutions .............................................................................................................................29 8. Accrued Receivables and Other Assets .............................................................................................................................................29 9. Loans and Advances .............................................................................................................................................................................29 10. Investments ..........................................................................................................................................................................................31 11. Property, Plant and Equipment .........................................................................................................................................................32 12. Intangible Assets - Software ..............................................................................................................................................................33 13. Deposits ...............................................................................................................................................................................................33 14. Payables ...............................................................................................................................................................................................34 15. Borrowings ...........................................................................................................................................................................................34 16. Provisions .............................................................................................................................................................................................34 17. Statement of Cash Flows ...................................................................................................................................................................35 18. Contingent Liabilities and Credit Commitments ............................................................................................................................36 19. Auditors’ Remuneration .....................................................................................................................................................................36 20. Key Management Personnel Disclosures .........................................................................................................................................36 21. Prudential Remuneration Disclosures ...............................................................................................................................................38 22. Financial Instruments ..........................................................................................................................................................................40 23. Financial Risk Management ...............................................................................................................................................................42 24. Regulatory Capital Reconciliation .....................................................................................................................................................46 25. Events Subsequent to Balance Date ................................................................................................................................................46 Directors’ Declaration ...............................................................................................................................................................................47 Independent Auditor’s Report .................................................................................................................................................................48 2 BankVic BOARD OF DIRECTORS AND MANAGEMENT Chairman Wayne G. Taylor MEd, MBA, GradDipPubAdmin, DipTrain, DipCompanyDirectorship, DipSocialMedia & ORM, FAICD, FIML Deputy Chairman Adrian J. White DipTrain, DipCompanyDirectorship, GradCertAppliedManagement, GAICD, FIML Directors David R. Boell BBus, AAICD John W. Capewell GradDipAppFin, DipCompanyDirectorship, GradCertCommercialLaw, GAICD, A Fin until 25 July 2017 Steven J. Coulson BCom, GradDipFraudInvestigation, DipCompanyDirectorship, FCPA, CFE, GAICD, FIML Marianne Luttick DipCompanyDirectorship, GAICD, FIML Lucinda J. Nolan M.A., BA (Hons), Grad Dip PSM, MAICD from 24 November 2016 Company Secretary Fiona ZafirakosMBA(Law Specialisation), GradDipACG, GradCertCommsLaw, CertGovPrac, FGIA, ICSA, MAICO until 12 May 2017 Anthony De Fazio BCom, CPA from 13 May 2017 Chief Executive Officer Stephen Capello BCom, MBA (Distinction), FCPA Chief Financial Officer Anthony De Fazio BCom, CPA from 11 January 2017 Chief Risk Officer Karen Mathers BCom, GradDipInsolvency, ACA until 8 July 2016 Michael McLennan B.Bus FCPA from 24 October 2016 Chief Technology Officer Graham Miller CertBus(Acc), GradDip(A.I.S.), MACS PCP, MISACA Chief People and Culture Officer Mari Ruiz BArts (Sociology) Chief Product and Marketing Officer Melanie Dilges BAppSc, MBA, MMktg until 8 August 2016 Heather McGovern BA, Marketing from 24 October 2016 Chief Sales Officer Rosemary Boissezon GradDipBank&Fin, Dip Mort Lend, FSIA (Snr Associate) Chief Digital and Data Officer Scott Wall B.Sc, MBA from 8 September 2016 Auditors KPMG Tower Two, 727 Collins Street, Melbourne, 3008 Solicitors Wisewould Mahony 413 Collins Street, Melbourne 3000 Banker Westpac Banking Corporation Affiliations Indue Ltd 3 BankVic TO THE MEMBERS OF BANKVIC CHAIRMAN’S REPORT It has been a privilege serving the BankVic community in my first tenure as BankVic Chairman. A year that delivered a strong result with continued solid growth, strengthening our bank well for the future ahead. As a member owned bank we’re different from the major banks. We set ourselves
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