FBC Holdings Limited Strength • Diversity • Service 2016 ANNUAL REPORT FBC Holdings Limited 1 Annual Report 2016
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FBC Holdings Limited strength • diversity • service 2016 ANNUAL REPORT FBC Holdings Limited 1 Annual Report 2016 Contents General Information 2 - 4 Group Structure 5 FBC Footprint 5 Our Pillars of Strength 6 Our Promise to Our Stakeholders 6 Financial Highlights 7 Group Chairman’s Statement 8 - 13 Group Chief Executive’s Report 14 - 19 Sustainability Report 20 - 28 Directors’ Report 29 - 32 Company Secretary’s Certification 33 Board of Directors 34 - 35 Corporate Governance 36 - 41 Index to the Financial Statements 42 Independent Auditor’s Report 43 - 48 Consolidated Statement of Financial Position 49 Consolidated Statement of Comprehensive Income 50 - 51 Consolidated Statement of Changes in Equity 52 Consolidated Statement of Cash Flows 53 Notes to the Consolidated Financial Statements 54 - 126 Index to the Company Financial Statements 127 Company Financial Statements 128 - 135 Shareholders’ Information 136 Notice of Annual General Meeting 137 Proxy Form 139 2 FBC Holdings Limited Annual Report 2016 General Information Registered Office FBC Bank Limited (Continued) 6th Floor FBC Centre 45 Nelson Mandela Avenue Bulawayo Avenue Branch P.O. Box 1227, Harare Asbestos House Zimbabwe Jason Moyo Avenue Telephone : 263-04-700312/797770 P.O. Box 2910, Bulawayo : 263-04-708071/2 Telephone : 263-09-76079 Telex : 24512 FIRSTB ZW : 263-09-76371 Swift : FBCPZWHA Fax : 263-09-67536 Fax : 263-04-700761 E-mail : [email protected] Masvingo Branch Website : http://www.fbc.co.zw FBC House 179 Robertson Street, Masvingo Transfer Secretaries Telephone : 263-039-264118-9 First Transfer Secretaries (Private) Limited : 263-039-264415-6 1 Armagh Avenue, Eastlea : 263-039-262671 P.O. Box 11 Harare Fax : 263-039-262912 Telephone : 263-04-782869 Mobile : 263 772146157/8 Gweru Branch 71 Sixth Street Independent Auditor P.O. Box 1833, Gweru Deloitte & Touche Telephone : 263-054-26491 West Block, Borrowdale Office Park : 263-054-26493 Borrowdale Road : 263-054-26497 Harare Fax : 263-054-26498 P.O. Box 267, Harare Telephone : 263-04-852120-22 FBC Centre Branch 263-04-852124-29 45 Nelson Mandela Avenue Fax : 263-04-852130 P.O. Box 1227, Harare Telephone : 263-04-700312 Attorneys : 263-04-797761-6 Dube Manikai & Hwacha Legal Practitioners Fax : 263-04-7008071/2 Eastgate Building 6th Floor, Goldbridge, Southwing Kwekwe Branch Corner Sam Nujoma Street and Robert Mugabe Road 44a/b Robert Mugabe Way P.O. Box CR 36, Cranborne, Harare P.O. Box 1963, Kwekwe Telephone : 263-04-780351/2 Telephone : 263-055-24116 : 263-055-24160 Costa & Madzonga Legal Practitioners Fax : 263-055-24208 10 York Avenue, Newlands P.O. Box CY1221, Causeway, Harare Mutare Branch Telephone : 263-08644133638/9 101 A Herbert Chitepo Avenue P.O. Box 2797, Mutare Telephone : 263-020-62586 FBC Bank Limited : 263-020-62114 Fax : 263-020-60543 Belgravia Private Banking Branch No. 2 Lanark Road, Belgravia Nelson Mandela Avenue Branch P.O. Box A852, Avondale, Harare Nelson Mandela Avenue Telephone : 263-04-251975 P.O. Box BE 818, Belvedere, Harare : 263-04-251976 Telephone : 263-04-750946 Fax : 263-04-253556 : 263-04-753608 Fax : 263-04-775395 Chinhoyi Branch Stand 5309 Magamba Way P.O. Box 1220, Chinhoyi Telephone : 263-067-24086 Fax : 263-067-26162 FBC Holdings Limited 3 Annual Report 2016 General Information (continued) FBC Bank Limited (Continued) FBC Bank Limited (Continued) Southerton Branch Graniteside and SME Branch 11 Highfield Junction Shop Number 1 Crawford Road P.O. Box St495, Southerton, Harare Graniteside, Harare Telephone : 263-04-759712 Telephone : 263-04-710326 : 263-04-759392 : 263-04-710327 Fax : 263-04-759567 : 263-04-710328 Zvishavane Branch Borrowdale Branch 98 Robert Mugabe Way Unit 122-125, Sam Levy’s Village P.O. Box 91, Zvishavane Borrowdale, Harare Telephone : 263-051-2176 Telephone : 263-04-850911 : 263-051-2177 : 263-04-850912 Fax : 263-051-3327 : 263-04-850913 Chitungwiza Branch No 197 Tilcor Township, Seke Chitungwiza FBC Reinsurance Limited Telephone : 263-270-30212 : 263-270-31016 Head Office 4th Floor, FBC Centre Samora Machel Avenue Branch 45 N Mandela Avenue Old Reserve Bank Building P.O. Box 4282, Harare 76 Samora Machel Avenue Telephone :263-04-772703/7 P.O. Box GD 450, Greendale, Harare Fax :263-04772701 Telephone : 263-04-700372 : 263-04-700044 Bulawayo Office Fax : 263-04-793799 1st Floor Asbestos House Jason Moyo Avenue Victoria Falls Branch P.O. Box 2199, Bulawayo Shop 4 Galleria De Falls Telephone :263-09-888344 P.O. Box 225, Victoria Falls Fax :263-09-888560 Telephone : 263-013-45995/6 Fax : 263-013-5995/6 Msasa Branch 104 Mutare Road Eagle Insurance Company Limited P.O. Box AY1 Amby, Msasa, Harare Telephone : 263-04-446806 Head Office Fax : 263-04-446815 Eagle House 105 Jason Moyo Avenue, Harare Beitbridge Branch Telephone :263-04-708212 1454 NSSA Complex Fax :263-04-797135 Telephone : 263 -286- 23196 : 263 -286- 23198 Mutare Branch Manica Chambers Bulawayo Private Branch 2nd Avenue Road, Mutare Asbestos Harare Telephone :263-020-65723 Jason Moyo Avenue Fax :263-020-63079/65722 P.O. Box 2910, Bulawayo Telephone : 263 -09-76079 Bulawayo Branch : 263 -09-76371 1st Floor, Asbestos House : 263 -09-67536 Corner 11th and Jason Moyo Street, Bulawayo Telephone :263-09-71791/4 Fax :263-09-76224 4 FBC Holdings Limited Annual Report 2016 General Information (continued) FBC Building Society Microplan Financial Services (Private) Limited Leopold Takawira Branch FBC House Mutare Branch 113 Leopold Takawira 101 A Herbert Chitepo Avenue P.O. Box 4041, Harare Mutare Telephone :263-04-756811-6 Telephone :263-20-65895 Fax :263-04-772747 :263-20-62949 Gweru Branch Mutoko Branch Impala Seeds Building Shop Number 1 Stand 46/47 BJ 69B 6th Street Mall Oliver Newton Road P.O. Box 1345, Gweru Chinzanga Township, Mutoko Telephone :263-054-226189 Mobile :263-2722859 :263-054-223586 Fax :263-054-226189 Masvingo Branch 1st Floor, FBC Centre Bulawayo Branch 179 Robertson Street, Masvingo FBC House Mobile :263-736462940 Corner R. Mugabe Way and 11th Avenue Telephone :263-039-262912 Bulawayo Telephone :263-09-79504/68679 Gwanda Branch :263-09-64547/69925/48 Stand 623 Nkala Complex Fax :263-09-74069 Soudan Street, Gwanda Telephone :263-284-24296 FBC Centre Branch 45 Nelson Mandela Avenue Gweru Branch P.O. Box 4041, Harare Impala Seeds House Telephone :263-04-707057 71 A Sixth Street, Gweru Fax :263-04-783440 Telephone :263-54-226808 :263-54-224524 Mutare Branch FBC House Bindura Branch 101 A Herbert Chitepo Avenue 846 Chenjerai Hunzvi Street, Bindura P.O. Box 1224, Mutare Telephone :263-0271-6581 Telephone :263-020-65894 :263-020-65897/8 Chinhoyi Office Fax :263-020-66723 5309 Magamba Way Chinhoyi | Zimbabwe Phone: +263 067 26113 | 28079 | Masvingo Branch Cell: +263 73 177 2730 FBC House 179 Robertson Street, Masvingo Lupane Office Telephone :263-039-62671/821/912 Stand Number 12 Fax :263-039-65876 Lupane Cell: +263 731 772 731 Chipinge Office 294A Ferreira Street Chipinge FBC Securities (Private) Limited Cell: 0731 772 732 2nd Floor, Old Reserve Bank Building Kadoma Office 76 Samora Machel Avenue, Harare Office No 5, Mtetwa Family Trust Complex Telephone :263-04-797761-6 / 700373 6/7 Cilling Street Kadoma Rusape Office Stand 9 Robert Mugabe Avenue Microplan Financial Services (Private) Limited Rusape Telephone : +263 731 772 734 Head Office Mt Darwin Office 4th Floor, FBC House Stand 206, Mount Darwin Township, 113 Leopold Takawira, Harare Mt Darwin Telephone :263-04-772745/772729 Telephone : +263 731 772 733 Fax :N/A +263 773 396 657 Bulawayo Branch Hauna Office 1st Floor, Asbestos House Stand 107, Hauna Growth Point Corner 11th and Jason Moyo Street, Bulawayo Mutasa Telephone :263-09-61650 Telephone : +263 731 772 735 Chiredzi Branch Guruve Office 324 Baobab Road Stand 1409, Guruve Business Centre Chiredzi Guruve Telephone :263-31-2752 Telephone : +263 731 772 736 :263-31-2820 FBC Holdings Limited 5 Annual Report 2016 Group Structure FBC Holdings Limited strength • diversity • service Consumer and Investment Banking Services Insurance Services 100% 100% 100% 100% 100% 95.4% Commercial Mortgage Micro Equities Short Term Non-Life Banking Finance Finance Trading Reinsurance Insurance + + Services + + + Advisory Property Sponsoring Life & Health Medical Services Development Broker Re-Assurance Insurance + Factoring Services + Custodial Services The FBC Footprint Mt Darwin Guruve Bindura Mutoko Chinhoyi Harare Chitungwiza Victoria Falls Kadoma Rusape Hauna Kwekwe Mutare Gweru Lupane Masvingo Bulawayo Zvishavane Chiredzi Gwanda Beitbridge 6 FBC Holdings Limited Annual Report 2016 Our Pillars of Strength Core Values Governance Our Team Social Impact & Financial Inclusion Integrity 7 Boards of Directors 550 Permanent +500 Construction Jobs in the Group Employees Teamwork Independent +80% Aged <45 years +400 Agencies Chairpersons Commitment 24 Non-Executive 43% Female Employees 9 Rural of 17 Microfinance Directors Branches Communication 20 Executive 190 on Attachement 500 000 clients Group wide Directors & Internship HCP Subcribers +100 000 Life-Long Learning 270 974 Mobile Banking Subscribers Our Promise to Our Stakeholders Strong Clear To be Trendsetters in Financial & Risk Management Earnings Purpose Capacity Strategic New Business Risk Management e-Commerce & Stable & Priorities Development & Compliance Operational Efficiences Sustainable ROE Strong Adequate Appropriate Robust IT Consistent Foundation Capital Skills Mix Systems Dividend Pay-out Consistent Responsible Environmental Social Impact Strong Sustainability & Corporate Citizen Management Management Governance Growth Strategy FBC