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Auditor's Report to the Shareholders of the Date

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Auditor's Report to the Shareholders of the Date Auditor’s Report TO THE SHAREHOLDERS OF NCC BANK LIMITED Report on the Financial Statements We have audited the accompanying consolidated financial statements of NCC Bank Limited and its subsidiaries (the “Group") as well as the separate financial statements of NCC Bank Limited (the “Bank”), which comprise the consolidated and separate balance sheets as at 31 December 2015, and the consolidated and separate profit and loss accounts, consolidated and separate statements of changes in equity and consolidated and separate cash flow statements for the year then ended including a summary of significant accounting policies and other explanatory information. Management’s Responsibility for the Financial Statements and Internal Controls Management is responsible for the preparation of consolidated financial statements of the Group and also separate financial statements of the Bank that give a true and fair view in accordance with Bangladesh Financial Reporting Standards as explained in note# 2.1 and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements of the Group and also separate financial statements of the Bank that are free from material misstatement, whether due to fraud or error. The Bank Company Act, 1991 and the Bangladesh Bank Regulations require the Management to ensure effective internal audit, internal control and risk management functions of the Bank. The Management is also required to make a self-assessment on the effectiveness of anti-fraud internal controls and report to Bangladesh Bank on instances of fraud and forgeries. Auditor's Responsibility Our responsibility is to express an opinion on these consolidated financial statements of the Group and the separate financial statements of the Bank based on our audit. We conducted our audit in accordance with Bangladesh Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements of the Group and separate financial statements of the Bank are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements of the Group and separate financial statements of the Bank. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the consolidated financial statements of the Group and separate financial statements of the Bank, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of consolidated financial statements of the Group and separate financial statements of the Bank that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements of the Group and also separate financial statements of the Bank. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the consolidated financial statements of the Group and also separate financial statements of the Bank give a true and fair view of the consolidated financial position of the Group and the separate financial position of the Bank as at 31 December 2015, and of its consolidated and separate financial performance and its consolidated and separate cash flows for the year then ended in accordance with Bangladesh Financial Reporting Standards as explained in note# 2.1. Report on Other Legal and Regulatory Requirements In accordance with the Companies Act 1994, Securities and Exchange Rules 1987, the Bank Company Act, 1991 and the rules and regulations issued by Bangladesh Bank, we also report the following: (a) we have obtained all the information and explanation which to the best of our knowledge and belief were necessary for the purpose of our audit and made due verification thereof; (b) to the extent noted during the course of our audit work performed on the basis stated under the Auditor’s Responsibility section in forming the above opinion on the consolidated financial statements of the Group and the separate financial statements of the Bank and considering the reports of the Management to Bangladesh Bank on anti-fraud internal controls and instances of fraud and forgeries as stated under the Management’s Responsibility for the Financial Statements and Internal Controls: i) internal audit, internal control and risk management arrangements of the Group and the Bank, as disclosed in note# 2.20 of the financial statements, appeared to be materially adequate; ii) nothing has come to our attention regarding material instances of forgery or irregularity or administrative error and exception or anything detrimental committed by employees of the Bank and its related entities other than matters disclosed in note # 2.31 of these financial statements; (c) financial statements of subsidiary, NCCB Securities and Financial Services Limited, of the Bank have been audited by Shafiq Mizan Rahman and Augustine, Chartered Accountants, financial statements of subsidiary, NCCB Capital Limited (NCCBCL), of the Bank have been audited by Hoda Vasi Chowdhury & Co., Chartered Accountants, and the financial statements of another subsidiary, NCCB Exchange (UK) Limited, of the Bank 2 have been certified by Shahidullah & Co. Certified Chartered Accountants and have been properly reflected in the consolidated financial statements; (d) in our opinion, proper books of account as required by law have been kept by the Group and the Bank so far as it appeared from our examination of those books; (e) the consolidated balance sheet and consolidated profit and loss account of the Group and the separate balance sheet and separate profit and loss account of the Bank dealt with by the report are in agreement with the books of account; (f) the expenditure incurred was for the purposes of the Bank’s business; (g) the consolidated financial statements of the Group and the separate financial statements of the Bank have been drawn up in conformity with prevailing rules, regulations and accounting standards as well as with related guidance issued by Bangladesh Bank; (h) adequate provisions have been made for advances which are, in our opinion, doubtful of recovery; (i) the records and statements submitted by the branches have been properly maintained and consolidated in the financial statements; (j) the information and explanation required by us have been received and found satisfactory; and (k) we have reviewed over 80% of the risk weighted assets of the Bank and we have spent around 4080 person hours for the audit of the books and accounts of the Bank. Sd/- ACNABIN Dhaka Chartered Accountants 30 March 2016 3 National Credit and Commerce Bank Limited and its Subsidiaries Consolidated Balance Sheet As at 31 December 2015 Particulars Notes 31.12.2015 31.12.2014 01.01.2014 PROPERTY AND ASSETS Taka Taka Taka Cash 5(a) 9,276,639,728 8,612,161,539 7,875,262,639 In hand (including foreign currencies) 1,191,641,434 1,173,484,713 1,256,477,870 Balance with Bangladesh Bank and its agent bank (s) 8,084,998,294 7,438,676,826 6,618,784,769 (including foreign currencies) Balance with other banks and financial institutions 6(a) 4,266,890,889 2,414,393,658 670,604,823 In Bangladesh 3,996,625,740 471,533,599 341,687,470 Outside Bangladesh 270,265,149 1,942,860,059 328,917,353 Money at call and short notice 7 - - - Investments 8 (a) 21,525,654,873 26,597,505,060 19,933,799,397 Government 20,035,094,753 25,241,572,158 18,352,194,148 Others 1,490,560,120 1,355,932,902 1,581,605,249 Loans and advances 9(a) 107,971,500,888 93,766,512,875 90,790,437,249 Loans, cash credits, overdrafts, etc. 104,891,779,279 91,585,216,994 88,986,893,032 Bills purchased & discounted 3,079,721,609 2,181,295,881 1,803,544,217 Fixed assets including premises, furnitures and fixtures 10(a) 2,641,964,604 2,591,715,651 1,759,065,816 Other assets 11(a) 1,928,152,272 2,014,263,699 3,597,079,822 Non-banking assets - - - TOTAL ASSETS 147,610,803,254 135,996,552,482 124,626,249,746 LIABILITIES AND CAPITAL Liabilities Borrowings from other banks, financial institutions and agents 12 (a) 5,565,807,122 5,025,525,649 2,763,533,530 Deposits and other accounts 13 (a) 112,486,283,039 105,458,206,463 97,986,947,700 Current deposits and other accounts 10,882,801,448 9,303,413,794 7,844,244,383 Bills payable 1,882,364,468 2,038,624,517 1,319,767,208 Savings bank deposits 15,519,149,153 12,989,595,636 11,167,226,439 Fixed deposits 45,151,188,780 45,696,085,137 47,844,992,750 Term deposits 39,050,779,190 35,430,487,379 29,810,716,920 Other liabilities 14(a) 13,875,091,028 11,256,482,519 10,645,994,290 TOTAL LIABILITIES 131,927,181,189 121,740,214,631 111,396,475,520 Shareholders' equity Paid up capital 15.2 8,832,180,030 8,029,254,580 7,646,909,130 Statutory reserve 16 5,224,066,591 4,783,513,367 4,283,417,675 General reserve 17 10,162,348 10,162,348 10,162,348 Non-controlling (Minority) interest 15.8 205 215 215 Other reserve-assets revaluation reserve 18 414,653,607 384,317,349 398,621,790 Foreign currency translation gain/(Loss) 19.3 7,639,571 2,395,709 910,171 Surplus in profit and loss account
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