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Annual Report 2017 ANNUAL REPORT CORPORATE AND BUSINESS REVIEW CORPORATE TABLE OF CONTENTS AND GOVERNANCE CORPORATE RISK MANAGEMENT LIST OF ACRONYMS 4 FINANCIAL DEFINITIONS 5 CORPORATE AND BUSINESS REVIEW BANK CONTACT INFORMATION 6 ABOUT US 7 CHAIRMAN BOARD OF DIRECTORS’ STATEMENT 11 MANAGING DIRECTOR’S STATEMENT 15 CORPORATE GOVERNANCE AND RISK MANAGEMENT STATEMENT OF CORPORATE GOVERNANCE 22 RISK MANAGEMENT AND CONTROL 34 SUSTAINABILITY SUSTAINABILITY VALUE ADDED STATEMENT 40 CUSTOMER ENGAGEMENT 42 PRODUCTS AND SERVICES 43 EMPLOYEE EMPOWERMENT 48 CORPORATE SOCIAL RESPONSIBILITY 51 FINANCIAL REVIEW FINANCIAL HIGHLIGHTS 59 AUDITED FINANCIAL STATEMENTS 65 DIRECTORS’ REPORT 66 FINANCIAL REVIEW DIRECTORS’ RESPONSIBILITY FOR FINANCIAL REPORTING 68 REPORT OF INDEPENDENT AUDITORS 69 STATEMENT OF COMPREHENSIVE INCOME 72 STATEMENT OF FINANCIAL POSITION 73 STATEMENT OF CHANGES IN EQUITY 74 STATEMENT OF CASH FLOW 75 NOTES TO THE FINANCIAL STATEMENTS 76 OTHER INFORMATION BRANCH AND ATM NETWORK 129 OTHER INFORMATION CENTENARY BANK l Annual Report & Financial Statements 2017 3 CORPORATE AND BUSINESS REVIEW CORPORATE LIST OF ACRONYMS aBi Finance Agriculture Business Initiative Finance Limited ILO Intenational Labour Organisation aBi Trust Agriculture Business Initiative Trust KCCA Kampala Capital City Authority AC Audit Committee LPO Local Purchase Order ACF Agricultural Credit Facility MOGLSD Ministry of Gender, Labour and Social CORPORATE GOVERNANCE AND GOVERNANCE CORPORATE AGM Annual General Meeting Development RISK MANAGEMENT ALCO Asset and Liability Committee NIM Net Interest Margin ATM Automated Teller Machines N.S.S.F National Social Security Fund BCP Business Continuity Plan NPAT Net Profit After Tax BCM Business Continuity Management OAIP Onality Assurance and Improvement BCMT Business Continuity Management Team Program BOD Board of Directors ORC Operational Risk Committee BOU Bank of Uganda OSH Occupational Safety and Health BSC Balance Score Card P. A .Y.E Pay As You Earn CBS Core Banking System QMM Quarterly Management Meeting CJF Critical Job Function REPO Repurchase Agreement Loan COSO Committe of Sponsoring Organizations ROA Return on Assets SUSTAINABILITY CSI Corporate Social Investment ROE Return on Equity CSR Corporate Social Responsibility RMC Risk Management Committee EADB East African Development Bank RSA Rate Sensitive Assets EaR Earnings at Risk RSL Rate Sensitive Liabilities EIB EAC MF Loan European Investment Bank East African SIDI Solidarite’ Internationale pour le Community Microfinance Loan Development et l’ investissement EIB PEFF European Investment Bank Private Enterprise SOCI Statement of Comprehensive Income Finance Facility SOFP Statement of Financial Position EIR Effective Interest Rate TOT Trainer of Trainers FINANCIAL REVIEW ERM Enterprise Risk Management URBRA Uganda Retirement Benefits FAMOS Female and Male Operated Small enterprises Regulatory Authority HR Human Resource UECCC Uganda Energy Credit Capitalization Company HRD Human Resource Division UAT User Acceptance Test IAS International Accounting Standards w.e.f With effect from ICT Information and Communication Technology WENRECO West Nile Rural Electrification IFRS International Financial Reporting Standards Company OTHER INFORMATION 4 CENTENARY BANK l Annual Report & Financial Statements 2017 CORPORATE AND BUSINESS REVIEW CORPORATE FINANCIAL DEFINITIONS Core capital Permanent equity in the form of issued and fully paid-up shares plus all disclosed reserves less goodwill or any intangible assets Cost-to-income ratio (%) Total expenses as a percentage of total income Credit impairment charge (Shs) The amount by which the period profits are reduced to cater for the effect of AND GOVERNANCE CORPORATE non-performing loans for the period RISK MANAGEMENT Credit loss impairment [Statement of The amount by which gross loans in the SOFP are written down to cater for Financial Position (SOFP)] (Shs) non-performing loans Credit loss ratio (%) Provision for credit losses per the Statement of Comprehensive Income as a percentage of average net loans Dividend cover (times) Earnings Per Share divided by ordinary dividend per share Dividend per share ( Shs) Total ordinary dividends declared per share with respect to the year Earnings per share (cents) Earnings attributable to ordinary shareholders divided by the weighted average number of ordinary shares Effective tax rate (%) The income tax charge as a percentage of income before tax excluding income from associates SUSTAINABILITY Lending Ratio Net loans and advances divided by total deposits Net interest margin (%) Net interest income as a percentage of average earning assets Non-performing loans [NPL] (Shs) Loans whose servicing is due but the borrower has no money on the account from which to recover the installment(s) Percentage change in credit loss ratio (%) Ratio of change in the rate of credit loss impairment between time periods Percentage change in the impairment Ratio of change in the rate of impairment charge between time periods charge (%) Profit for the year (Shs) Annual profit attributable to ordinary shareholders and preference shareholders Return on Assets (%) Earnings as a percentage of average total assets FINANCIAL REVIEW Return on Equity (%) Earnings as a percentage of average equity SOFP credit impairment as a % Ratio of SOFP credit impairment to gross loans and advances of gross loans and advances (%) Supplementary capital General provisions which are held against future and current unidentified losses that are freely available to meet losses which subsequently materialize, and re- valuation reserves on banking premises, and any other form of capital as may be determined from time to time. Total capital The sum of core capital and supplementary capital Total capital adequacy Total capital divided by the sum of total risk weighted assets and total risk OTHER INFORMATION weighted contingent claims CENTENARY BANK l Annual Report & Financial Statements 2017 5 BANK CONTACT INFORMATION 1. Principal place of business and registered office Mapeera House Plot 44-46, Kampala Road & Plot 2 Burton Street P. O. Box 1892, Kampala. Toll-free line: 0800 200 555 E-mail: [email protected] Website: http://www.centenarybank.co.ug 2. Company Secretary Peninnah Tibagwa Kasule Mapeera House Plot 44-46, Kampala Road P. O. Box 1892, Kampala. 3. Correspondent Banks • Citibank NA New York - US • Bank of China - South Africa • Ivory Bank - South Sudan • Sparkase Aachen Bank - Germany 4. Auditors PricewaterhouseCoopers Certified Public Accountants Communication House Plot 1, Colville Street P. O. Box 882 Kampala, Uganda . 6 CENTENARY BANK l Annual Report & Financial Statements 2017 About Us Today, we are a leading commercial microfinance bank in Uganda, serving a third of the banking population in the country and reaching out to more through several channels. CENTENARY BANK l Annual Report & Financial Statements 2017 7 ShareholdersWho We Are Centenary Bank started in 1983 as a credit trust, which was an initiative of the Uganda National Lay Apostolate. The Catholic church officially joined in 1985 to establish a formal financial institution, and in 1993, Our Bank was regis tered as a fully-fledged commercial bank. It grew from one branch on Nkrumah road to the current 69 branches country wide. Today, we are a leading commercial microfinance bank in Uganda, serving a third of the banking population in the country and reaching out to more through several channels. ShareholdersOur Vision “To be the best provider of Financial Services, especially Microfinance.” ShareholdersOur Mission Statement “To provide appropriate financial services especially microfinance to all people, particularly in rural areas, in a sustainable manner and in accordance with the law.” INTEGRITY TEAMWORK SUPERIOR CUSTOMER EXCELLENCE SERVICE Our Values LEADERSHIP PROFESSIONALISM COMPETENCE 8 CENTENARY BANK l Annual Report & Financial Statements 2017 Shareholders Shareholders • The Catholic Dioceses, which are all independent legal personalities incorporated as Registered Trusteeships, are: Arua, Fort Portal, Gulu, Hoima, Jinja, Kabale, Kasana-Luwero, Lugazi, Kampala, Kasese, Kotido, Lira, Masaka, Mbarara, Mityana, Moroto, Nebbi, Soroti, and Tororo. • Registered Trustees of the Uganda Episcopal Conference. • SIDI - Solidarite’ Internationale pour le Development et l’Investissement (International Solidarity for Development and Investment) based in France, invests in developing countries through institutions to foster financial inclusion, social and economic development. • STICHTING HIVOS-TRIODOS FONDS. An investment fund, specializing in investing in microfinance and trade finance, managed by Triodos Investment Management in the Netherlands. • Individual shareholders (4 individuals). Ownership The Registered Trustees of Various Catholic Dioceses in Uganda 38.5% The Registered Trustees of the Uganda Episcopal Conference 31.3% Solidarité Internationale pour le Développement et l’Investissement (International Solidarity for Development SIDI and Investment) 11.6% Stichting Hivos-Triodos Fonds 18.3% Individuals 0.3% To tal 100% CENTENARY BANK l Annual Report & Financial Statements 2017 9 CORPORATE AND BUSINESS REVIEW CORPORATE CORPORATE GOVERNANCE AND GOVERNANCE CORPORATE Throughout the RISK MANAGEMENT year, we maintained our promise of sustainable banking. This was through a prudent approach to managing risk, growing our balance sheet, innovation and responsiveness to stakeholders. SUSTAINABILITY Professor John Ddumba-Ssentamu Chairman Board of Directors FINANCIAL
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