DOCSLIB.ORG

The Road to Inclusion 2015 FINCA ANNUAL REPORT the FINCA Journey: Founder’S Letter

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
The Road to Inclusion 2015 FINCA ANNUAL REPORT the FINCA Journey: Founder’S Letter The Road to Inclusion 2015 FINCA ANNUAL REPORT The FINCA Journey: Founder’s Letter From its birth, FINCA’s purpose has The very scope and rapidity of FINCA’s growth, and that been inclusion: to serve the world’s most of the global microfinance movement, is testimony to how large was the exclusion that existed around the disadvantaged citizens. world, particularly with regard to women’s access to credit. Today, millions of mothers and fathers in the When FINCA launched its first “Village Banks” in the developing world have not one but several microfinance 1980s, our purpose was to assist illiterate, unemployed, providers who will give a small loan of working capital— and poverty-stricken families—especially mothers— often accessed by cellphone within a matter of minutes. with $50 loans to create businesses capable of generating $2–$3 of extra income per day. This result, Inclusion of women, and rapid access to working we trusted, would be just enough to improve their capital (or savings), is just the start of another process children’s nutrition, keep them in school and still set of inclusion. A growing business enables a FINCA aside a few cents per day in savings. borrower to improve her family’s nutrition and health, to keep her children in school, to buy a solar-powered This was a revolutionary proposition at the time. lamp and to simply hope and plan for the future. A child Throughout the underdeveloped world, 80% of citizens, who stays in school long enough to become numerate women in particular, were excluded from access to and literate will be able to earn a wage five times greater credit from the commercial banking system. But our than his/her illiterate mother. These positive changes idea caught on. Beginning with a few other nonprofit are the products of inclusion. agencies, then dozens, and eventually hundreds of microfinance programs were operating worldwide by And such gains are measurable and even predictable. the end of the millennium. According to the United Nations, in the past 15 years great improvements have occurred in the global Today microfinance is a global movement that includes statistics of maternal and child health, education, an estimated 10,000 programs with a service outreach housing, clean water and income. The World Bank, the 2015 FINCA INTERNATIONAL ANNUAL REPORT exceeding 160 million families. For its part, FINCA now United Nations and many other development agencies serves nearly 2 million clients across five continents are predicting, and advocating for, the end of severe 1 The FINCA Journey: Founder’s Letter 14 Client-centric Services and is one of the 10 largest microfinance institutions poverty on the planet by the year 2030! We are proud on the planet. 2 Letter from the Chairman and the President 15 Our Microfinance Network to be part of the solution. 4 Mapping Out FINCA 16 “ Off the Grid” Products with a Purpose 6 Our Services 18 Key Indicators 7 Financial Inclusion 19 2015 Financial Summary 8 Creating Jobs and Fostering Markets 22 Leadership 10 Improving Living Standards 24 Partners and Supporters John K. Hatch 11 Bridging the Digital Divide 41 Ways to Support Founder 12 Empowering Women June 30, 2016 John K. Hatch, Founder Copyright 2016 FINCA International, Inc. Photos: Cover—Dawn Deeks; above—FINCA staff The Road to Inclusion 1 The many challenges of poverty are interconnected. The Way Forward: Letter from At FINCA, we have always known this and we also know the risks and social rewards of working in the the Chairman and the President world’s most challenging environments. In the year ahead, we’ll continue to support communities with financial services that help people achieve self-reliance. We are also launching a new effort to support promising Dear Supporters, social enterprises that broaden our effort to address non-financial needs, such as clean water, reliable energy Robert W. Hatch, Chairman and sanitation. FINCA’s journey began with a simple idea: if everyone could be included in the economy, with the opportunity to build a business, earn a living wage and have access to the resources needed We do this because we know that FINCA’s mission is as to be productive, lives would improve and communities would become more resilient. important today as it was the day we issued our first loan in Las Candelarias, El Salvador, in 1985. We have a team that is 12,000 strong: dedicated, local people who know what needs to be done. On behalf of them This premise has guided us for more than 30 years. In 2015 we also saw the continuing rise of FinTech— and our nearly 2 million clients, we thank you for FINCA clients once met in Village Bank groups under technology that opens up new channels for continuing on this journey. trees in Mexico. Further down the road, we offered delivering financial services, including consumer savings accounts in the mountains of Kyrgyzstan. finance. Emerging markets have been profoundly Rupert W. Scofield, President As new technology arrived, we developed agent affected by the massive increase in the use of mobile banking in the Democratic Republic of the Congo, phones by people earning just a few dollars a day. expanded mobile banking in Tanzania and offered This technology is making finance more accessible, remittances across Armenia. More recently, with the quicker and more scalable. At FINCA, we moved help of our generous supporters, we are addressing swiftly during the year to use new technology Robert W. Hatch Rupert W. Scofield health and energy needs in Uganda, through FINCA+. to reach more people with essential, responsible Chairman President financial services at a lower cost, while ensuring In 2015, demand for FINCA’s services remained privacy and protecting families. We are energized June 30, 2016 strong. Microfinance is still needed by nearly 2 billion and excited about the possibilities. people who struggle to fully participate in their economies. They cannot start or grow a business FINCA is wholeheartedly embracing change and without affordable capital. People also need access to innovation. At the same time, FINCA’s microfinance reliable goods and services, such as energy-efficient network has been deeply affected by a combination cookstoves and solar lighting. These products can of external factors, principally the economic crisis save people time and money, and reduce health risks, in Eurasia following massive currency devaluations if they are available, trusted and made affordable and a dramatic fall in the price of oil. In Africa, a through financing. steep decline in commodity prices caused similar devaluations of those currencies, adversely affecting our clients’ businesses and their ability 2015 at a Glance Today, more than ever, new to repay loans. This impacted our financial technologies and social performance and prevented us from reaching as many people as we had planned. It’s in these enterprises are offering the tough times that we count on supporters like poor fresh opportunities to you, more than ever, so that we may continue to 1,837,391 $168.3 million $1.3 billion build a better tomorrow for as many families and TOTAL CLIENTS TOTAL SAVINGS DEPOSITED TOTAL LOANS DISBURSED improve their lives. communities as possible. 2 2015 FINCA INTERNATIONAL ANNUAL REPORT (As of December 31, 2015) The Road to Inclusion 3 Mapping Out FINCA In 2015, FINCA... Certified our responsible services: FINCA Azerbaijan received Smart Embraced the UN Sustainable Certification, which is the industry Development Goals: FINCA standard for responsible services. committed to support the UN Sustainable Development Goals, particularly on poverty, clean energy and water, work Supported agricultural growth: and economic growth and In our Eurasian subsidiaries, rural gender inequality. and agricultural lending accounted for over 40% of borrowers. Committed to clean energy: In October, FINCA joined the White House Forum for Off-Grid Offered safe and secure savings Clean Energy Markets and committed accounts: FINCA Pakistan had the to offering affordable solar energy largest savings portfolio in the network products to 300,000 households in 2015—almost $58 million and by 2019. more than 380,000 savers. Supported a greener planet: Increased our services as FINCA Nicaragua began licensed banks: FINCA Malawi offering “green loans” to help and Kyrgyzstan received bank clients acquire solar panels for licenses to accept deposits, light and power. giving clients access to savings accounts and other Lowered the barriers to needed services. moving money: FINCA Haiti launched money transfer services across all eight branches. Had a 1st birthday: Our newest Expanded our reach through agents: Reached people through mobile: Brightened lives: FINCA’s young social enterprise subsidiary in Nigeria celebrated Our agent network in the Democratic FINCA Tanzania continued to expand in Uganda, BrightLife, made solar lanterns available its one-year anniversary. In 2015, Republic of the Congo allows clients to mobile banking, which accounted and affordable to more than 7,000 families. we reached 13,000 clients in bank with local FINCA Xpress merchants, for 24% of transactions in 2015. Africa’s most populous country. making it more convenient to transact. FINCA is dedicated to expanding financial inclusion, strengthening local communities and creating FINCA in Latin America and Caribbean FINCA in Africa FINCA in Middle East FINCA in Eurasia opportunities for the women, men and families who remain excluded from the benefits of global Ecuador Honduras Democratic Republic and South Asia Armenia of the Congo economic growth. In 2015, we served directly nearly 2 million people in 23 countries. El Salvador Mexico Afghanistan Azerbaijan Guatemala Nicaragua Malawi Jordan Georgia Haiti Nigeria Pakistan Kosovo Tanzania Kyrgyzstan Uganda Russia Zambia Tajikistan 4 2015 FINCA INTERNATIONAL ANNUAL REPORT The Road to Inclusion 5 Driving Toward Inclusion: Access to Financial Services Nearly 2 billion people In many countries, micro- and small businesses lack credit to grow income and worldwide need access generate jobs.
Load more

Recommended publications
  • Finca Bank Georgia Joint Stock Company
    FINCA BANK GEORGIA JOINT STOCK COMPANY Financial Statements and Management Report Independent Auditor’s Report For the Year Ended December 31, 2019 FINCA Bank Georgia Joint Stock Company Table of Contents Page STATEMENT OF MANAGEMENT’S RESPONSIBILITIES FOR THE PREPARATION AND APPROVAL OF THE FINANCIAL STATEMENTS AND MANAGEMENT REPORT FOR THE YEAR ENDED DECEMBER 31, 2019 ............................... 1 MANAGEMENT REPORT FOR THE YEAR ENDED DECEMBER 31, 2019: FINCA Bank Nature of the Business and Mission .................................................................................................. 2 Vision for the Bank .......................................................................................................................................... 2 Value proposition and long-term place in the market ............................................................................................ 3 Strategic Priorities and Goals ............................................................................................................................ 3 FINCA Bank Core operating segments ................................................................................................................ 3 Results of Operation for 2019 ............................................................................................................................ 4 Corporate Governance...................................................................................................................................... 4 General Meeting of Shareholders
    [Show full text]
  • A Changing Landscape
    A Changing Landscape: What the 2017 Findex Tells Us About Mobile Money, Women’s Financial Inclusion and Savings in Vulnerable Households Authored by Scott Graham Scott Graham is the Director of Customer Research and Field Data Services at FINCA International. About FINCA International FINCA International was founded in 1984 on a radical notion: giving small loans to the poor has the power to transform entire communities in a sustainable way. After impacting tens of millions of lives with responsible financial services, we are widening our focus to catalyze further economic growth and alleviate poverty in underserved markets around the world. We remain boldly committed to market-based solutions, and are supporting the rise of social enterprises delivering basic service and financial innovation to help low-income families and communities achieve a better standard of living. For more information, visit www.FINCA.org or follow on Twitter @FINCA. About FINCA Impact Finance Many figures in this paper cite “FINCA Countries” or “FINCA Regions.” These refer to the operations of FINCA Impact Finance, a global network of 20 microfinance institutions and banks that provides socially responsible financial services to low-income individuals. FINCA International is the founder and majority shareholder of FINCA Impact Finance. For more information, visit www.FINCAImpact.com. About the Global Findex Database 2017 All the figures in this paper rely on the Global Findex, the world’s most comprehensive dataset on how adults save, borrow, make payments and manage risk. Overseen by the World Bank and launched with funding from the Bill & Melinda Gates Foundation, the Global Findex has been published every three years since 2011.
    [Show full text]
  • THE OPPORTUNITY the Middle East and South Asia
    Pairing access to finance with access to energy and helping the bottom of the pyramid no longer be counted among the unbanked. BEGINNING IN 1984, FINCA International founded what would become a global microfinance network across 20 countries in Africa, Latin America, Eurasia, THE OPPORTUNITY the Middle East and South Asia. This network, known as FINCA Impact Finance, serves over 2 million low- BrightLife leverages the finance expertise and distribution capacity of FINCA to collaborate with best-in-class original income clients annually, many living in rural areas. equipment manufacturers (OEMs) and drive uptake of clean energy and productive use appliances for the BOP market. Organizational Context Recognizing meaningful access to basic services requires 1) Through its PAYGo energy product, BrightLife is developing access to finance, FINCA International has an important role to customer segmentation and credit profiles for a previously play in accelerating solutions. Today, we are developing new unbanked population—particularly those living rurally—and financial products, particularly in energy, as pay-as-you-go unlocking financial inclusion for an entirely new segment of (PAYGo) financing is a powerful pathway for bringing financial the population. inclusion to the unbanked and under-banked. The extensive on-the-ground banking infrastructure and local trust networks 2) Working directly with manufacturers, BrightLife is able of FINCA Impact Finance can uniquely reach and engage poor to bring innovative products into the market at the lowest and rural families. To catalyze solutions, FINCA International’s possible cost to consumers. work has expanded into financing and last-mile distribution of clean energy and productive use appliances through 3) BrightLife uses its product portfolio and a direct partnership BrightLife, a social enterprise currently operating in Uganda.
    [Show full text]
  • Prospectus, Especially the Risk Factors Given at Para 4.11 of This Prospectus Before Making Any Investment Decision
    ADVICE FOR INVESTORS INVESTORS ARE STRONGLY ADVISED IN THEIR OWN INTEREST TO CAREFULLY READ THE CONTENTS OF THIS PROSPECTUS, ESPECIALLY THE RISK FACTORS GIVEN AT PARA 4.11 OF THIS PROSPECTUS BEFORE MAKING ANY INVESTMENT DECISION. SUBMISSION OF FALSE AND FICTITIOUS APPLICATIONS ARE PROHIBITED AND SUCH APPLICATIONS’ MONEY MAY BE FORFEITED UNDER SECTION 87(8) OF THE SECURITIES ACT, 2015. SONERI BANK LIMITED PROSPECTUS THE ISSUE SIZE OF FULLY PAID UP, RATED, LISTED, PERPETUAL, UNSECURED, SUBORDINATED, NON-CUMULATIVE AND CONTINGENT CONVERTIBLE DEBT INSTRUMENTS IN THE NATURE OF TERM FINANCE CERTIFICATES (“TFCS”) IS PKR 4,000 MILLION, OUT OF WHICH TFCS OF PKR 3,600 MILLION (90% OF ISSUE SIZE) ARE ISSUED TO THE PRE-IPO INVESTORS AND PKR 400 MILLION (10% OF ISSUE SIZE) ARE BEING OFFERED TO THE GENERAL PUBLIC BY WAY OF INITIAL PUBLIC OFFER THROUGH THIS PROSPECTUS RATE OF RETURN: PERPETUAL INSTRUMENT @ 6 MONTH KIBOR* (ASK SIDE) PLUS 2.00% P.A INSTRUMENT RATING: A (SINGLE A) BY THE PAKISTAN CREDIT RATING COMPANY LIMITED LONG TERM ENTITY RATING: “AA-” (DOUBLE A MINUS) SHORT TERM ENTITY RATING: “A1+” (A ONE PLUS) BY THE PAKISTAN CREDIT RATING AGENCY LIMITED AS PER PSX’S LISTING OF COMPANIES AND SECURITIES REGULATIONS, THE DRAFT PROSPECTUS WAS PLACED ON PSX’S WEBSITE, FOR SEEKING PUBLIC COMMENTS, FOR SEVEN (7) WORKING DAYS STARTING FROM OCTOBER 18, 2018 TO OCTOBER 26, 2018. NO COMMENTS HAVE BEEN RECEIVED ON THE DRAFT PROSPECTUS. DATE OF PUBLIC SUBSCRIPTION: FROM DECEMBER 5, 2018 TO DECEMBER 6, 2018 (FROM: 9:00 AM TO 5:00 PM) (BOTH DAYS INCLUSIVE) CONSULTANT TO THE ISSUE BANKERS TO THE ISSUE (RETAIL PORTION) Allied Bank Limited Askari Bank Limited Bank Alfalah Limited** Bank Al Habib Limited Faysal Bank Limited Habib Metropolitan Bank Limited JS Bank Limited MCB Bank Limited Silk Bank Limited Soneri Bank Limited United Bank Limited** **In order to facilitate investors, United Bank Limited (“UBL”) and Bank Alfalah Limited (“BAFL”) are providing the facility of electronic submission of application (e‐IPO) to their account holders.
    [Show full text]
  • BRINGING FINTECH Sgbs and Mfis TOGETHER THROUGH FINCA FORWARD
    PARTNERING TO ACCELERATE ENTREPRENEURSHIP FINCA INTERNATIONAL: BRINGING FINTECH SGBs AND MFIs TOGETHER THROUGH FINCA FORWARD USAID PARTNER TIMEFRAME EXPECTED TO BE GEOGRAPHY LEVERAGED IN PRIVATE CAPITAL $610,000 $1.8 M 2 Years (2018-2020) $160,000 Central and East Africa Entrepreneurs play a critical role in driving economic growth, creating jobs, and innovating to improve people’s lives ​ through market-based solutions. Through the ​Partnering to Accelerate Entrepreneurship (PACE) Initiative​, USAID catalyzes market-based private sector investment into early-stage enterprises by identifying and testing innovative models or approaches that help entrepreneurs bridge the pioneer gap and scale. THE CHALLENGE The rise of emerging and mobile technologies has been a game changers for developing countries, offering life-changing innovations to connect people to financial markets who never had access before. According to the World Bank’s 2017 Global Findex report, market vendors in Kenya -- primarily women -- who were provided savings accounts, saved at a higher rate and invested 60 percent more compared to other businesses. Farmers in Malawi, who had their earnings deposited into savings accounts spent 13 percent more on farming equipment and increased their crop values by 15 percent. Moreover, in Latin America, over 40 percent of small- and growing- businesses (SGBs) served segments of the population previously neglected by the financial system, making SGBs a key pillar in expanding financial inclusion. Yet, the rapidly growing financial technology (fintech) market is still quite young in emerging economies, and SGBs often lack the expertise and relationships necessary to scale. Fintech SGBs can benefit from greater access to customers, growth capital, testing of their products and services via proof-of-concept partnerships, and relevant business and legal technical assistance.
    [Show full text]
  • Sr. # E Form No Name of Bank Branch Date of Credit 1 Abl-0069822 Allied Bank
    SBP BSC (BANK ) LAHORE SR. DATE OF E FORM NO NAME OF BANK BRANCH # CREDIT 1 ABL-0069822 ALLIED BANK LTD - LAHORE GULBERG BR. 20 FEB 2015 2 AHB-0568705 BANK AL HABIB LIMITED - LAHORE MAIN BR. 20 FEB 2015 3 AHB-0568631 BANK AL HABIB LIMITED - LAHORE MAIN BR. 20 FEB 2015 4 AHB-0568649 BANK AL HABIB LIMITED - LAHORE MAIN BR. 20 FEB 2015 5 AHB-0526748 BANK AL HABIB LIMITED - LAHORE MAIN BR. 20 FEB 2015 6 AHB-0526749 BANK AL HABIB LIMITED - LAHORE MAIN BR. 20 FEB 2015 7 AHB-0526747 BANK AL HABIB LIMITED - LAHORE MAIN BR. 20 FEB 2015 8 AHB-0526753 BANK AL HABIB LIMITED - LAHORE MAIN BR. 20 FEB 2015 9 AHB-0526742 BANK AL HABIB LIMITED - LAHORE MAIN BR. 20 FEB 2015 10 AHB-0568545 BANK AL HABIB LIMITED - LAHORE MAIN BR. 20 FEB 2015 11 AHB-0568673 BANK AL HABIB LIMITED - LAHORE MAIN BR. 20 FEB 2015 12 AHB-0526754 BANK AL HABIB LIMITED - LAHORE MAIN BR. 20 FEB 2015 13 AHB-0526758 BANK AL HABIB LIMITED - LAHORE MAIN BR. 20 FEB 2015 14 AHB-0568533 BANK AL HABIB LIMITED - LAHORE MAIN BR. 20 FEB 2015 15 AHB-0570419 BANK AL HABIB LIMITED - LAHORE MAIN BR. 20 FEB 2015 16 AHB-0543020 BANK AL HABIB LIMITED - LAHORE MAIN BR. 20 FEB 2015 17 AHB-0568548 BANK AL HABIB LIMITED - LAHORE MAIN BR. 20 FEB 2015 18 AHB-0526751 BANK AL HABIB LIMITED - LAHORE MAIN BR. 20 FEB 2015 19 AHB-0526756 BANK AL HABIB LIMITED - LAHORE MAIN BR. 20 FEB 2015 20 AHB-0568670 BANK AL HABIB LIMITED - LAHORE MAIN BR.
    [Show full text]
  • Jafri, Juvaria.Pdf
    City Research Online City, University of London Institutional Repository Citation: Jafri, J. (2019). Bifurcated banking: the political economy of inclusive finance in Pakistan. (Unpublished Doctoral thesis, City, University of London) This is the accepted version of the paper. This version of the publication may differ from the final published version. Permanent repository link: https://openaccess.city.ac.uk/id/eprint/23914/ Link to published version: Copyright: City Research Online aims to make research outputs of City, University of London available to a wider audience. Copyright and Moral Rights remain with the author(s) and/or copyright holders. URLs from City Research Online may be freely distributed and linked to. Reuse: Copies of full items can be used for personal research or study, educational, or not-for-profit purposes without prior permission or charge. Provided that the authors, title and full bibliographic details are credited, a hyperlink and/or URL is given for the original metadata page and the content is not changed in any way. City Research Online: http://openaccess.city.ac.uk/ [email protected] BIFURCATED BANKING: THE POLITICAL ECONOMY OF INCLUSIVE FINANCE IN PAKISTAN JUVARIA JAFRI A thesis submitted to City, University of London for the degree of DOCTOR OF PHILOSOPHY Department of International Politics, School of Arts and Social Sciences, City, University of London June 2019 0 1 TABLE OF CONTENTS TABLE OF CONTENTS ........................................................................................................................................
    [Show full text]
  • Celebrating One Year of FINCA in Nigeria
    Celebrating one year of FINCA in Nigeria Owerri, December 4th,2015: FINCA, a global microfinance network with operations in 23 countries on five continents, today officially celebrated one year of operations in Nigeria as FINCA Microfinance Bank Ltd. FINCA commenced its operations, in Owerri – Imo State, Nigeria on the 4th of December 2014; following approval and licencing from the by Central Bank of Nigeria on 30th October 2014. The Chief Executive Officer of FINCA Microfinance bank, Mr Philip Takyi, speaking at the event said, ”FINCA is a global leader in microfinance serving over 1.8million clients worldwide. Founded 30 years ago, FINCA is a pioneer of the modern microfinance industry and has been recognized throughout its history for innovation, efficiency, ethical practices, and an uncompromising focus on social performance. In Africa, FINCA is the leading Pan African Microfinance network serving low income savers and borrower, with presence in Uganda since 1992, Malawi (1994), Tanzania (1998), Zambia (2001) and Democratic Republic of Congo (2003), and Nigeria (2014). FINCA’s mission is to alleviate poverty through lasting solutions that help people build assets, create jobs and raise their standard of living. FINCA’s vision is to build a global network of sustainable and scalable social enterprises that improve lives worldwide. In Nigeria, FINCA started operations with simple but innovative financial solutions - savings, term deposits, microinsurance, funds transfer and loan products - to help our clients effectively manage their money, save for the future or grow their micro-businesses. The Chief Executive Officer further highlighted that “FINCA services are accessed through an efficient branch and non-branch network, starting in Owerri- Imo State, with an expansion plan to other states in the near future”.
    [Show full text]
  • Building Inclusive Financial Sectors for Development: Widening Access, Enhancing Growth, Alleviating Poverty
    SUMMARY REPORT E­CONFERENCE ON: Building Inclusive Financial Sectors for Development: Widening Access, Enhancing Growth, Alleviating Poverty March 28 th – April 13 th , 2005 Edited by Kathryn Imboden UN Capital Development Fund Barry Herman UN Department of Economic and Social Affairs Djordjija Petkoski World Bank Institute Jointly sponsored by UNCDF, the Financing for Development Office of UN DESA and the World Bank Institute TABLE OF CONTENTS BACKGROUND INFORMATION ON BLUE BOOK PROJECT 2 EXECUTIVE SUMMARY 3 BREAKDOWN OF E­CONFERENCE PARTICIPATION 10 E­CONFERENCE PROCEEDINGS PER WEEK 11 BIOGRAPHIES OF MODERATORS 15 BACKGROUND READINGS 17 RELATED LINKS AND WEBSITES 19 E­CONFERENCE TEAM 20 1 BACKGROUND INFORMATION ON THE BLUEBOOK PROJECT The vast majority of “bankable” people in the world do not yet have access to financial services. In many countries, the financial sector reaches only a small fraction of the population, as various constraints hamper or block the inclusion of different population groups needing access to financial services, notably women. Access to well functioning and efficient financial services can empower individuals economically and socially, allowing them to better integrate into the country’s economic activity and actively contribute to economic growth. The “Blue Book on Building Inclusive Financial Sectors for Development” is based on the commitment of Secretary General Kofi Annan to the goal of "addressing the constraints that exclude people from full participation in the financial sector", under the UN International Year of Microcredit 2005 in order to "build inclusive financial sectors that help people improve their lives," and the global commitment to collective action following the 2002 International Conference on Financing for Development in Monterrey.
    [Show full text]
  • FINCA International, Inc
    FINCA International, Inc. Consolidated Financial Statements and Independent Auditors’ Report Year Ended December 31, 2010 The report accompanying these financial statements was issued by BDO USA, LLP, a Delaware limited liability partnership and the U.S. member of BDO International Limited, a UK company limited by guarantee. FINCA International, Inc. Consolidated Financial Statements and Independent Auditors’ Report Year Ended December 31, 2010 FINCA International, Inc. Contents Independent Auditors’ Report 3 Consolidated Financial Statements Consolidated Statements of Income 4 Consolidated Balance Sheets 5 Consolidated Statements of Comprehensive Income 6 Consolidated Statements of Changes in Equity 7 Consolidated Statements of Cash Flows 8 Notes to Consolidated Financial Statements 9 – 58 2 Consolidated Financial Statements FINCA International, Inc. Consolidated Statement of Income Years ended December 31, Notes 2010 2009 Interest income 7$ 163,277,485 $ 154,151,468 Interest expense 7 (27,207,911) (26,999,183) Net interest income before provision for impairment losses 136,069,574 127,152,285 Impairment losses on loans 15 (5,724,041) (8,148,132) Net interest income 130,345,533 119,004,153 Other operating income 6,185,318 4,640,852 Personnel expenses 8 (81,459,720) (75,863,354) Other operating expenses 9 (55,764,085) (55,830,974) Depreciation and amortization - (5,808,080) (7,189,898) (143,031,885) (138,884,226) Loss before other income (expenses) and income tax (6,501,034) (15,239,221) Other income (expenses): Grants 11 7,434,765 5,451,733 Donations 11 13,893,771 15,909,226 Foreign exchange loss - (2,487,872) (2,934,400) Non-operating income - 2,354,929 625,391 Income tax expense 10 (4,667,192) (3,070,377) Profit for the year$ 10,027,367 $ 742,352 The notes form an integral part of these consolidated financial statements.
    [Show full text]
  • WHY SILK? 111-007-455 2009 Inspiration for the Name Silkbank Comes from the Silk Route - a Trade Corridor Connecting Asia to Europe and the Rest of the World
    Silkbank Building ANNUAL I.I. Chundrigar Road, Karachi REPORT www.silkbank.com.pk WHY SILK? 111-007-455 2009 Inspiration for the name Silkbank comes from the Silk Route - a trade corridor connecting Asia to Europe and the rest of the world. Silk, known for its distinctive properties and characteristics, symbolizes Silkbank’s brand beliefs. Premium & Upscale Silk is known for class and premium quality. Silkbank is positioned as an upscale bank providing its customers with premium banking experience. Talent & Innovation Silk embodies talent and timeless innovation. Silkbank promises its customers innovative products delivered through talented staff. Strong & Reliable Silk is amongst the strongest fibres known to mankind. Silkbank derives its strength from its strong international institutional sponsors giving it credibility and reliability. Dependable Silk through the times has held its value. Silkbank driven by a team of professionals provides an optimal experience that you can depend on. Contents Vision & Mission 02 Chairman's Message 03 Silkbank Products President & CEO's Message 05 Senior Management Committee 07 Assets Corporate Information 11 Directors’ Report 15 Statement of Compliance with the Code of Liabilities Corporate Governance 23 Statement of Internal Control 25 Notice of AGM 29 Review Report to the Members on Statement of Compliance with the Best Practices of Code of Corporate Governance 30 Independent Auditors’ Report 33 Balance Sheet 37 Profit and Loss Account 38 Statement of Comprehensive Income 39 Cash Flow Statement
    [Show full text]
  • 08022601 Pro Bono Brochurer14.Qxp:Layout 1 4/14/08 5:20 PM Page D2
    08022601_Pro Bono BrochureR14.qxp:Layout 1 4/14/08 5:20 PM Page D2 Pro Bono Practice Annual Report 2007 08022601_Pro Bono BrochureR14.qxp:Layout 1 4/14/08 5:20 PM Page 1 Contents 2 Introduction 4 Courtroom Advocates Project and Sanctuary for Families 6 ACCIÓN NY 7 Human Rights and Immigration 9 Externships in Public Interest Law 10 Not-For-Profit Clients 14 New Projects 18 Pro Bono in Washington, D.C. 21 Pro Bono in London 23 Washington Irving High School Partnership 25 Cleary Gottlieb Success Stories 36 Awards 38 Partners and Associates on the Community Legal Assistance Committee (CLAC) In 2007, Cleary Gottlieb ranked #7 on The American Lawyer’s A-List—a weighted ranking of the 200 highest-grossing U.S. firms based on revenue per lawyer, pro bono performance, treatment and development of young lawyers and workplace diversity. Cleary Gottlieb is one of only eight firms to have made this top-20 list in all five years that the magazine conducted the ranking. www.clearygottlieb.com 1 08022601_Pro Bono BrochureR14.qxp:Layout 1 4/14/08 5:20 PM Page 2 Introduction In 2007, approximately two-thirds of all In 2007, Cleary Gottlieb lawyers continued to dedicate a significant amount of time Cleary Gottlieb lawyers worldwide were and energy to the firm’s pro bono practice. As a result, the firm once again surpassed active in pro bono and public service its pledge of devoting at least 3 percent of all billable hours to pro bono clients. This programs, with 86 partners, 25 counsel/ steadfast effort reflects the firm’s longstanding philosophy on pro bono work—that it senior attorneys, 491 associates and 93 summer associates taking part in various is a privilege to practice law and a duty to give back to the community.
    [Show full text]