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Annual Report and Financial Statements for the Year Ended 31 December 2015

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Annual Report and Financial Statements for the Year Ended 31 December 2015 ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2015 Annual Report and Financial Statements for the Year Ended 31 December 2015 1 FINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTS 2009 2010 2011 2012 2013 2014 2015 2009-2015 (“000”) Omitted (“000”) Omitted (“000”) Omitted (“000”) Omitted (“000”) Omitted (“000”) Omitted (“000”) Omitted Number of Employees 28 37 38 81 86 87 128 Revenue (interest margin) 193,442 950,352 1,998,296 2,931,229 5,171,622 9,403,861 11,557,851 Operating income before expenses 202,498 1,287,834 2,570,459 3,522,378 6,021,892 10,951,557 13,023,720 Operating income after expenses (644,024) (635,097) 163,210 (632,361) 772,524 3,615,163 4,398,749 Profit/(loss) after tax for the year (470,018) (467,503) 37,405 (716,709) 119,019 1,650,203 953,465 Earning per share (6.98) (5.74) 3.68 (65.07) 80.05 10.81 46.25 Dividend - - - - - - - Lending 378,815 6,623,055 11,555,634 16,694,000 28,889,679 40,614,811 63,308,414 Total Investments 6,355,999 11,279,500 14,658,283 12,870,297 21,259,127 38,214,651 30,043,924 Depreciation and amortization 17,664 197,157 210,668 417,993 555,106 573,680 643,503 Cash and balance with BOT 563,360 2,950,878 4,384,435 5,506,854 8,974,998 11,652,381 13,411,053 Equity 6,734,148 8,142,966 10,161,953 11,013,784 11,013,784 20,615,272 20,615,272 Customer Deposits 2,195,416 16,420,402 21,923,374 28,300,036 49,780,083 72,081,276 83,733,148 Other Liabilities 240,394 1,537,900 2,459,514 2,458,526 2,934,037 2,999,826 3,861,120 Balance Sheet Total 8,699,940 25,163,747 33,644,727 40,155,521 64,023,179 96,625,771 111,315,402 Memo Items Average Exchange Rate TZS/USD 1,313 1,452 1,567 1,572 1,574 1,725 2,008.16 Year Comperative 80,0000 70,000 60,0000 50,0000 40,0000 30,0000 20,0000 10,0000 2009 2010 2011 2012 2013 2014 2015 Deposits Lending Capital 2 Mkombozi Commercial Bank PLC WE ARE NOW IN MOROGORO It’s high time now to free yourself from stress banking Mkombozi Commercial Bank’s wide range of services makes banking easier and more convenient than ever for all our customers. Surely, we are a smart choice for assisting in meeting your financial goals. www.mkombozibank.com Annual Report and Financial Statements for the Year Ended 31 December 2015 3 JUMUIYA ThisACCOUNT is an innovative savings account that targets Small Christian Community (JNNK), Choir and Vocational associations under Parish jurisdiction. The operations of this account create transparency to members of the community. No transfer fee when transfer transactions are effected to the accounts that belong to dioceses, parishes and vocational associations. Benefits; • Minimum opening amount is TZS 50, 000/= • Attractive interest rate for an amount exceeding TZS 100,000/= • No withdrawal fee. • No monthly service charge. • Easy to deposit and withdraw. • Free quarterly bank statement. Another good reason to join ... MKOMBOZI COMMERCIAL BANK PLC 4 Mkombozi Commercial Bank PLC TABLE OF CONTENTS Report of the Directors Page 8 - 12 Statement of Directors’ responsibilities Page 29 Report of the independent auditor Page 30-31 Financial statements: Statement of profit or loss and other comprehensive income Page 35 Statement of financial position Page 36 Statement of change in equity Page 37 Statement of cash flows Page 39 Notes Page 43-97 Annual Report and Financial Statements for the Year Ended 31 December 2015 5 COMMUNITY CURRENT ACCOUNT THE BEST CHOICE FOR COMMUNITY GROUPS WITH VISION This is a current account designed for non profit organisations like NGOs, VICOBA, SACCOS, hospitals, social clubs, civil socities, schools, colleges, universities and religious institutions. Most of these groups do not generate profit from their operations that’s why we have created a special account for them with almost no charges at all; free cheque book, free transactions, monthly statements and ledger fee. Available on both local and foreign currencies, giving you freedom to choose a currency that best suits your financial needs. MORE INFO All solutions packed in one! www.mkombozibank.com 6 Mkombozi Commercial Bank PLC DIRECTORS’ REPORT FOR THE YEAR ENDED 31ST DECEMBER, 2015 Annual Report and Financial Statements for the Year Ended 31 December 2015 7 THE BOARD CHAIRMAN’S STATEMENT MR. METHOD A. KASHONDA Board Chairman Introduction I feel priviledged to present to you this Annual Report and the Financial Statements of Mkombozi Commercial Bank PLC for the year ended 31st December 2015. Annual Plan for the Year 2015 In the year 2015, the bank among other things planned to open two more branches one in Moshi and another one in Bukoba. I am pleased to inform you that this plan was successfully done. We managed to open Moshi Branch on 24th August, 2015 and Bukoba branch was opened on 15th December, 2015. All the two branches are performing very well. 8 Mkombozi Commercial Bank PLC Major Events for the year 2015 I would like to inform you that two directors namely Masha John Mshomba and Dr. Eve Hawa Sinare officially retired from the bank’s directorship on 26th October, 2015 after the new directors whom shareholders elected in the last meeting were positively vetted by the Bank of Tanzania. The names of the new directors are Ayoub Mtafya and Emmanuel Johannes. Ayoub Mtafya sits in the Board in its Credit Committee and Emmanuel Johannes in the Audit Committee. Annual Plan for the Year 2015 The bank has planned to open financial service centres across the country. Permission to open these centres has already been obtained from the Bank of Tanzania. The bank is planning to use the services of the financial service centres to provide banking services to the poor in upcountry areas. It is our hope that these centers will attract more deposits to the bank. These financial centres in the near future depending on their performance will be upgraded to become full branches. It is our hope that the Bank of Tanzania will allow us to do so on case to case basis. The bank’s performance for the year 2015 Despite opening of two branches for the year 2015, the bank recorded a profit before tax of TZS 1.28 billion and the profit after tax was TZS 953 million as compared with a profit after tax of TZS 1.65 billion recorded in the year 2014. This is a big achievement. The shareholders This Report incorporates financial statements for the year ended 31st December, 2015. The auditors have presented the financial position of the bank. As a family, made up of shareholders, customers and staff that worked together to build up this valued financial institution which is looking forward to even better performance in the coming years, I would like to take this opportunity on behalf of the Board therefore to applaud shareholders continued support over the years. I would also like to congratulate my collegues on the Board, the Management and Staff of MKCB for their hard work and commitment to duty and pray for successful year 2016. Thank you. Method A. Kashonda - Chairman 28th June, 2016. Annual Report and Financial Statements for the Year Ended 31 December 2015 9 MANAGING DIRECTOR’S STATEMENT MRS. EDWINA A. LUPEMBE Managing Director Introduction On behalf of the Board of Directors, I am delighted to present to you this report on the activities of the bank for the year ended 31st December, 2015. Objectives of the bank (i) to open two new branches in Moshi and Bukoba in the year 2015; (ii) to intensify micro lending activities to reach TZS 4.43 billion; (iii) to intensify corporate lending activities to reach TZS 53.27 billion; (iv) to continue advancing salaried loans to reach TZS 11.54 billion; (v) to increase mobilization of deposits to reach TZS 100.49 billion; 10 Mkombozi Commercial Bank PLC (vi) to achieve a loan repayment rate of not less 97% at all times; and (vii) to record a profit of TZS 1.90 billion before tax These objectives were later reviewed due to the following reasons: (i) The increase in USD exchange rate against Tanzania shilling from the budgeted rate of 1 USD to TZS 1,750, to the present rate of 1 USD to TZS 2,185. (ii) The old plan provided that Moshi branch was scheduled to be opened in March 2015, and Bukoba branch was scheduled to be opened in June 2015. These two new branches are now scheduled to open in August 2015 and December, 2015 respectively. (iii) It was planned to start financial service centres in March 2015. Financial service centres (FSC) are now scheduled to start in year 2016. (iv) Changes made by BoT regarding the SMR from 8% to 10% of total banks customer’s deposits. (v) Changes made by BoT on the Net Open Position ratio from 7.5% to 5.5% of banks core capital. (vi) Change in BoT regulations regarding loans loss provision, charging 1% provision on all current loans and charging 20% on sub-standard loans instead of 10%. The reviewed objectives were as follows (i) to open two new branches in Moshi and Bukoba in August and December 2015 respectively; (ii) to intensify micro lending activities to reach TZS 4.16 billion; (iii) to intensify corporate lending activities to reach TZS 46.40 billion; (iv) to continue advancing salaried loans to reach TZS 9.61 billion; (v) to increase mobilization of deposits to reach TZS 83.27 billion; (vi) to achieve a loan repayment rate of not less than 96% at all times; and (vii) to record a profit before tax of TZS 520.34 million To realize these objectives, the bank for the year 2015 performed the following activities (i) Engaged in preparations for opening of the two branches one in Moshi and another one in Bukoba; (ii) Mobilization of deposits from individuals, private institutions and church institutions; (iii) Visiting various individuals, institutions and parishes to solicit and encourage them to subscribe for shares of the bank and provide financial education; (iv) Establishment of various centers for micro lending and lend to groups ranging from three to five people under the product called solidarity Group lending (SGL); (v) Provision of commercial and salaried loans.
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