KCB ANNUAL REPORT 2009.Pdf

KCB ANNUAL REPORT 2009 CONTENTS 01 INTRODUCTION 40 FINANCIAL STATEMENTS 02 Notice of the 39th Annual General Meeting 40 Consolidated Income Statement 03 Arifa ya Mkutano Mkuu wa 39 wa Mwaka 41 Consolidated Statement of Comprehensive Income 42 Consolidated Statement of Financial Position 04 HIGHLIGHTS 2009 43 Income Statement of the Bank 44 Statement of Comprehensive Income of the Bank 04 Five Year Performance Analysis 45 Statement of Financial Position of the Bank 05 Financial Highlights 46 Consolidated Statement of Changes in Equity 47 Statement of Changes in Equity of the Bank 48 Consolidated Statement of Cashflows 06 BUSINESS REVIEW 49 Statement of Cashflow of the Bank 50 - 99 Notes to the Financial Statements 06 - 09 Chairman’s Statement 10 - 14 Taarifa ya Mwenyekiti 15 - 17 Chief Executive’s Commentary 100 Group Information 18 - 21 Taarifa ya Mkurugenzi Mkuu 101 Proxy Form 22 GOVERNANCE 102 Fomu ya Uwakilishi 22 - 24 Board of Directors Your Notes 25 KCB Foundation Board 26 KCB Executive Committee 27 Savings and Loan Kenya Limited Directors 28 KCB Bank Uganda Limited Directors 29 KCB (Tanzania) Limited Directors 30 KCB Sudan Limited Directors 31 KCB Rwanda SA Directors 32 Report of the Directors 33 Statement of Directors’ Responsibilities 34 - 36 Corporate Governance Statement 37 - 38 Community Social Development 39 Report of the Independent Auditors KCB ANNUAL REPORT AND FINANCIAL STATEMENTS 2009 KCB ANNUAL REPORT 2009 NOTICE OF THE 39TH ANNUAL GENERAL MEETING Arifa YA Mkutano MKUU wa 39 wa Mwaka NOTICE IS HEREBY GIVEN that the 39th ANNUAL GENERAL MEETING 3. SPECIAL BUSINESS Arifa inatolewa kwamba mkutano mkuu wa kila mwaka wa KENYA 3. SHUGHULI MAALUM OF THE KENYA COMMERCIAL BANK LIMITED will be held at the Tsavo COMMERCIAL BANK LIMITED utafanyika katika ukumbi wa Tsavo, Ballroom, Kenyatta International Conference Centre, Nairobi, on Friday, a) Increase of Authorized Share Capital Kenyatta International Conference Centre, jijini Nairobi, Ijumaa tarehe 7 a) Kuongeza mtaji wa hisa ulioidhinishwa 7th May, 2010 at 11.00 a.m. when the following business will be trans- To consider and, if found fit, to pass the following resolution as mwezi Mei, 2010 saa tano asubuhi kujadili yafuatayo: Kujadili na inapoonelewa inafaa, kupitisha azimio lifuatalo kama acted, namely:- an ordinary resolution: azimio la kawaida: AJENDA AGENDA THAT the authorized share capital of the company be Kwamba mtaji wa hisa ulioidhinishwa na kampuni uongezwe increased from Kenya Shillings Two Billion Four Hundred 1. KUJUMUIKA kwa mkutano kutoka Shilingi bilioni mbili na milioni mia nne (Shilingi 1. CONSTITUTION OF THE MEETING Million (KShs.2,400,000,000) to Kenya Shillings Three Billion 2,400,000,000) hadi Shilingi bilioni tatu na milioni mia tano Five Hundred Million (KShs.3,500,000,000) by creation of One Kusomwa kwa arifa iliyoitisha mkutano na kubainisha iwapo kuna (Shilingi 3,500,000,000) kwa kubuni hisa mpya za kawaida za To read the notice convening the Meeting and determine if a Billion One Hundred Million new ordinary shares of Kenya idadi ya watu wa kutosha kuendeleza mkutano huo. Shilingi bilioni moja na milioni mia moja (Shillingi 1,100,000,000) quorum is present. Shillings one (KShs.1) each ranking pari passu in all respects za shilingi moja kila moja zitakazokuwa sawa kwa kila hali na with the existing ordinary shares in the capital of the company. 2. SHUGHULI ZA kawaida hisa za kawaida zilizoko katika mtaji wa kampuni. 2. ORDINARY BUSINESS b) Rights Issue a) Ripoti ya wakaguzi wa hesabu b) Toleo la hisa a) Report of the Auditors To consider, and if found fit, to pass the following resolution as Kusomwa kwa ripoti ya wakaguzi na taarifa ya jumla ya hesabu Kujadili na inapoonelewa inafaa, kupitisha azimio lifuatalo kama To read the Auditors’ Report and the Consolidated Financial an ordinary resolution: ya pesa kwa mwaka uliomalizika tarehe 31 Desemba mwaka azimio la kawaida: Statements for the year ended 31st December, 2009. wa 2009. THAT subject to the passing of resolution 3(a) above, the Kwamba kwa kupitishwa kwa kwa azimio 3(a) hapo juu, b) Report and Financial Statements for the Year ended 31st Directors be and are hereby authorized and directed that up b) Ripoti na taarifa ya kifedha kwa mwaka uliomalizika tarehe Wakurugenzi wameidhinishwa na kuagizwa kwamba hisa December, 2009 to one billion one hundred million ordinary shares of Kenya 31 Desemba mwaka wa 2009. bilioni moja na millioni mia moja za kawaida za Shilingi moja kila To receive and consider the Report of the Directors and Shillings one (KShs.1) each in the capital of the Company in- Kupokea na kujadili ripoti ya Wakurugenzi na taarifa za jumla za moja kwenye mtaji wa Kampuni kuongezwa kufungamana na Consolidated Financial Statements for the year ended 31st creased pursuant to the Resolution numbered 3(a) above, be fedha kwa mwaka uliomalizika tarehe 31 Desemba mwaka wa azimio 3(a) huko juu, kutolewa kutegemea na ruhsa au idhini, December, 2009 together with the auditors’ report thereon. offered subject to any required consent or authorization, in- 2009, pamoja na ripoti ya wakaguzi wa hesabu. ikiwa ni pamoja na idhini ya Mamlaka ya Masoko ya Hisa, kwa cluding but not limited to the approval of the Capital Markets kiwango kitakachoamuliwa na Wakurugenzi, na miongoni mwa c) Dividend Authority, at a premium to be determined by the Directors, to c) Mgao wa faida wenye hisa za kawaida za Shilingi moja kwa hisa ya kawaida To declare a dividend and approve the closure of the Register and among the holders of the issued ordinary shares in Ke- Kutangazwa kwa mgao wa faida na kuidhinisha kufungwa kwa katika tarehe itakayoamuliwa na Wakurugenzi, na kuwasilishwa of Members on 11th May, 2010. nya Shillings one (KShs.1) each in the capital of the Company sajili ya wanachama tarehe 11, Mei 2010. kwa wanachama kupitia vyombo vya habari kulingana na idadi registered at the close of business on such a date as shall ya hisa zao katika mtaji wa Kampuni, kuambatana na kanuni za d) Election of Directors be determined by the Directors, and notified to the members d) Uchaguzi wa Wakurugenzi Kampuni, kutegemea masharti ambayo yataamuliwa na Waku- In accordance with the Article 94 of the Company’s Articles through the press, in proportion to their respective holdings Kwa mujibu wa kifungu nambari 94 cha kanuni za kampuni, Bw. rugenzi, na kwamba wakurugenzi wameidhinishwa kutekeleza of Association, Mr. Peter Wanyaga Muthoka, Prof. Peter Kiko in the issued share capital of the Company, subject to the Peter Wanyaga Muthoga, Prof. Peter Kiko Kimuyu na Bi. Susan azimio hilo kuambatana na kanuni za Kampuni. Kimuyu and Mrs. Susan Nkirote Omanga retire by rotation Articles of Association of the Company, upon such terms as Nkirote Omanga wanastaafu kwa zamu kama wakurugenzi wa from office as Directors of the Company and, being eligible, the Directors shall think fit, and that the Directors be, and Kampuni hii na kwa vile wanahitimu wanajitolea kuchaguliwa 4. SHUGHULI NYINGINE YEYOTE offer themselves for re-election respectively. are hereby authorized generally to do and effect all acts and tena. things required to give effect to the Resolution, and to deal Kutekeleza shughuli yoyote nyingine ambayo inaweza kutekelezwa e) Remuneration of Directors with fractions in such manner as they think fit subject to the e) Malipo ya Wakurugenzi wakati wa mkutano mkuu wa mwaka. To authorize the Board to fix the Remuneration of the Directors. Articles of Association of the Company. Kuidhinisha Halmashauri kuweka viwango vya malipo ya wakurugenzi. Tarehe 24, Februari 2010, Nairobi f) Appointment of Auditors 4. ANY OTHER BUSINESS Kwa Amri ya Wakurugenzi To re-appoint Messrs Ernst & Young, Certified Public f) Uteuzi wa wakaguzi wa hesabu Accountants, as the Auditors of the Company until conclusion To transact any other business which may be properly transacted at Kuteua tena kampuni ya Ernst & Young, wakaguzi wa hesabu of the next Annual General Meeting. an Annual General Meeting walioidhinishwa, kama wakaguzi wa Kampuni hadi kumalizika kwa mkutano mkuu wa mwaka ujao. g) Remuneration of the Auditors Dated at Nairobi this 24th Day of February, 2010 K.D. Malakwen, Katibu To authorize Directors to fix the remuneration of the Auditors. By Order of the Board g) Malipo ya wakaguzi wa hesabu Kuidhinisha Wakurugenzi kuweka viwango vya malipo kwa wakaguzi wa hesabu. K.D. Malakwen, Secretary 2 KCB ANNUAL REPORT AND FINANCIAL STATEMENTS 2009 3 191 FIVE YEAR PERFORMANCE ANALYSIS FINANCIAL HIGHLIGHTS 195 163 BALANCE SHEET 127 120 PERFORMANCE & STATUTORY RATIOS 2005 2006 2007 2008 2009 Net Loan Income 120 94 94 Cost to income ratio 67% 64% 63% 62% 69% 93 78 Return on equity 13% 21% 23% 20% 18% 77 64 64 Core capital to deposit 16% 13% 12% 12% 13% 45 Total capital to total weighted assets 18% 16% 14% 16% 15% 36 Liquidity ratio 44% 42% 33% 32% 28% Net impaired advances to net advances 11% 9% 3% 3% 5% Net impaired advances to gross impaired advances 29% 33% 22% 26% 44% 2005 2006 2007 2008 2009 INCOME GROWTH 14.5 ASSETS other assets 11% 11.8 Other income 8.5 cash & short term funds 15% 6.3 5.7 5.7 5.1 4.5 4.4 3.8 3.4 3.4 2.1 1.9 1.8 investment in government securities 12% loans & advances 62% 2005 2006 2007 2008 2009 KEY PERFORMANCE INDICATORS EXPENSES • Profit Before Tax up by 5% to KShs. 6.3 billion (2008 KShs. 6.0 billion) • Balances due from oher banks down by 7% • Net Loans and Advances up by 29% to KShs. 120.5 billion (2008 KShs. 93.5 billion) • Balances due to other banks down by 83% Other operating expenses • Customer Deposits up by 28% to KShs.162.5 billion (2008 KShs.

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