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2016 Bank Bic Namibia Annual Management Report

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2016 Bank Bic Namibia Annual Management Report 2016 MANAGEMENT REPORT An Overview of Annual Performance Dr. Agostinho Neto Road, Unit 6 (+264) 83 330 9000 [email protected] P.O. Box 5001 - Auspannplatz Windhoek, Namibia www.bankbic.na 0 INTRODUCTION After obtaining the final approval and the respective license from the Central Bank of Namibia in May 2016, Bank BIC Namibia commenced operations in June 2016. 1 CONTENTS I. FINANCIAL HIGHLIGHTS ................................................................................................................................... 3 II. MESSAGE FROM THE CHAIRMAN .................................................................................................................. 4 III. DIRECTORS RESPONSIBILITY FOR THE FINANCIAL REPORTING ...................................................... 6 IV. AUDITORS’ REPORT .................................................................................... Error! Bookmark not defined. V. DIRECTORS’ REPORT....................................................................................................................................... 10 VI. HISTORY .............................................................................................................................................................. 13 VII. ORGANIZATIONAL STRUCTURE .................................................................................................................. 15 VIII. HUMAN RESOURCES ....................................................................................................................................... 16 Staff Complement ......................................................................................................................................... 17 Training ............................................................................................................................................................. 18 Vacancies ......................................................................................................................................................... 19 Benefits ............................................................................................................................................................ 19 Events and Activities ................................................................................................................................... 20 IX. MACROECONOMIC FRAMEWORK ................................................................................................................ 21 World Economy ............................................................................................................................................... 21 Angolan Economy.......................................................................................................................................... 30 Namibian Economy ....................................................................................................................................... 32 X. RISK & COMPLIANCE ....................................................................................................................................... 35 XI. CREDIT RISK ....................................................................................................................................................... 37 XII. PERSONAL AND CORPORATE BANKING .................................................................................................. 40 XIII. INTERNATIONAL AND FINANCIAL AREA ................................................................................................. 43 XIV. FINANCIAL STATEMENTS .............................................................................................................................. 45 Notes to the Financial Statements ........................................................................................................ 50 2 FINANCIAL HIGHLIGHTS 2016 2015 Total Assets, net 297.798.327 17.151.474 Business Turnover 23.495.723 - Loans and advances to clients 9.613.053 - Deposits from clients 13.785.547 - Shareholders’ Equity 266.774.801 831.153 Profitability Net Interest Income 11.918.517 8.605 Net Operating Income 10.525.615 (595.408) Net Operating Income / Net Assets 4 % (4) % Net Operating Income per Employee 424.909 (45.800) Net Income/ (Loss) (27.206.352) (6.018.847) Efficiency Ratios General operating expenses / Net Operating Income 355% N/A Staff Costs / Net Operating Income 104% N/A Distribution Network 1 - Number of Employees 25 13 3 MESSAGE FROM THE CHAIRMAN Bank BIC Namibia commenced operation in June 2016 and thus we are completing our first semester of activity. We are a Namibian bank, focused on serving the Namibian market and aiming to cooperate in the strengthening of the economic and financial relations between Namibia and Angola. Under the internationalization strategy of the BIC Universe, we want to become the banking business partner for all Namibian and Angolan entities, either corporate or individuals, doing businesses in both countries. To cope with this strategy and objectives, we count with the support of Banco BIC (Angola), one of the major players in the Angolan financial market. Also, due to the international presence of the BIC Universe in Europe through Portugal, we are in a very good position to support all trade and investment flows between Namibia and Europe. In the first months of activity, the effort of the Bank was directed to achieve the necessary conditions to operate in the market, assuring the development of the commercial area in a sustained way, focused on the client and in the quality of the service provided, with an adequate control of the risks inherent to the banking activity. During this period, we faced several constraints related to changes that are currently take place in the industry, such as the payment and settlement system. We are also aware of other operational issues that took longer than expected to enter into production. All those are being continuously monitored to ensure that we can exceed our client expectations. We started with a commercial branch in Windhoek and we expect to open three or four additional branches in 2017, being those part of our commercial and expansion plan of having between 18 and 20 branches in Namibia in five years from inception. 4 In Namibia we also want to follow our DNA of being a strong and competitive commercial bank, dedicated either to corporates or individuals, with a strong focus on the international trade and foreign currency transactions. To achieve this purpose, Bank BIC Namibia count with a strong and solid shareholder structure, as well as highly qualified and motivated employees. We surely hope to deserve the confidence of our clients. I would like to finish with a special word of appreciation to the Bank of Namibia, for its cooperation and support since the entering of the BIC brand in Namibia. In Namibia, like in all countries of the BIC Universe, we embrace our logo of “Growing Together”. Fernando Mendes Teles Chairman of the Board of Directors 5 DIRECTORS RESPONSIBILITY FOR THE FINANCIAL REPORTING The Directors are responsible for the preparation and fair presentation of the financial statements of the Bank, comprising the balance sheet as at 31 December 2016, the statement of profit and loss and other comprehensive income, the statement of changes in equity, the statement of 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 accordance with International Financial Reporting Standards (“IFRS”) and in a manner required by the Companies Act of Namibia. The Directors are required by the Companies Act of Namibia to maintain adequate accounting records and are responsible for the content and integrity of and related financial information included in this report. It is their responsibility to ensure that the financial statements fairly present the state of affairs of the Bank as at the end of the financial period and the results of its operations and cash flows for the year then ended, in conformity with IFRS. The Bank’s independent external auditors have audited the financial statements and their report is presented in this report. The Directors' responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of these financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. The financial statements are prepared in accordance with IFRS and are based upon appropriate accounting policies consistently applied and supported by reasonable and prudent judgments and estimates. The Directors' responsibility also includes maintaining adequate accounting records and an effective system of risk management as well as the preparation of the supplementary schedules included in these financial statements. The Directors acknowledge that they are ultimately responsible for the system of internal financial control established by the Bank and place considerable importance on maintaining a strong control environment. To enable the Directors to meet these responsibilities, the Board sets standards for internal control aimed at reducing the risk of error or loss in a cost-effective manner. The standards include the proper delegation of responsibilities within a clearly defined framework,
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