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Audited Financial Statements 2016 ANNUAL INTEGRATED REPORT 2016 Independent Auditor’s Report to the Shareholders of Bank Asia Limited We have audited the accompanying consolidated financial statements of Bank Asia Limited and its subsidiaries (together referred to as the “Group”) as well as the separate financial statements of Bank Asia Limited (the “Bank”) which comprise the consolidated and separate balance sheets as at 31 December 2016, consolidated and separate profit and loss accounts, statements of changes in equity and cash flow statements for the year then ended, and a summary of significant accounting policies and other explanatory information. MANAGEMENT’S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS Management is responsible for the preparation and fair presentation of these 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 (BFRS) as explained in Note 2 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 local central bank (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 (BSA). 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 the 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 our judgment, including the assessment of the risks of material misstatement of the consolidated financial statements of the Group and the separate financial statements of the Bank, whether due to fraud or error. In making those risk assessments, we consider 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 the 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 2016, and of its consolidated and separate financial performance and cash flows for the year then ended in accordance with Bangladesh Financial Reporting Standards (BFRS) as explained in Note 2. 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 that: we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit and made due verification thereof; 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 Control: 254 www.bankasia-bd.com internal audit, internal control and risk management arrangements of the Group and the Bank as disclosed in Note 2 to the financial statements appeared to be materially adequate; 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; financial statements of one of the subsidiaries of the Bank have been audited by us and and other two overseas subsidiries have been audited by other auditors and have been properly reflected in the consolidated financial statements; 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 and proper returns adequate for the purpose of our audit have been received from branches not visited by us; 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 together with the annexed notes dealt with by the report are in agreement with the books of account and returns; the expenditure incurred was for the purpose of the Bank’s business; 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 related guidance issued by Bangladesh Bank; minimum required provision as specified by Bangladesh Bank at 31 December 2016 has been made for advances which are in our opinion, doubtful of recovery; the records and statements submitted by the branches have been properly maintained and consolidated in the financial statements; the information and explanations required by us have been received and found satisfactory; we have reviewed over 80% of the risk weighted assets of the Bank and we have spent around 3,750 person hours during the audit; and Capital to Risk Weighted Asset Ratio (CRAR) as required by the Bangladesh Bank has been maintained adequately during the year. Hoda Vasi Chowdhury & Co Chartered Accountants BTMC Bhaban (7th Level) 7-9 Karwan Bazar, Dhaka-1215 Dhaka, 16 April 2017 www.bankasia-bd.com 255 ANNUAL INTEGRATED REPORT 2016 Bank Asia Limited and its subsidiaries Consolidated Balance Sheet as at 31 December 2016 Amount in Taka Notes 31 Dec 2016 31 Dec 2015 PROPERTY AND ASSETS Cash 4(a) 15,983,718,054 12,470,996,852 In hand (including foreign currencies) 4.1(a) 2,079,897,416 1,691,680,962 Balance with Bangladesh Bank and its agent bank (including foreign currencies) 4.2(a) 13,903,820,638 10,779,315,890 Balance with other banks and financial institutions 5(a) 13,615,107,372 8,779,031,163 In Bangladesh 10,983,805,427 8,000,106,067 Outside Bangladesh 2,631,301,945 778,925,096 Money at call and on short notice 6(a) 4,870,000,000 3,230,000,000 Investments 7(a) 39,711,806,539 47,162,324,547 Government 36,112,473,144 43,717,224,029 Others 3,599,333,395 3,445,100,518 Loans and advances/investments 8(a) 166,539,916,390 139,004,595,335 Loans, cash credits, overdrafts, etc/investments 157,946,507,822 129,595,040,389 Bills purchased and discounted 8,593,408,568 9,409,554,946 Fixed assets including premises, furniture and fixtures 9(a) 5,263,148,467 5,092,815,069 Other assets 10(a) 8,882,423,376 9,925,844,072 Non - banking assets - - Total assets 254,866,120,198 225,665,607,038 LIABILITIES AND CAPITAL Liabilities Borrowings from other banks, financial institutions and agents 11(a) 18,978,976,940 12,335,454,278 Subordinated non-convertible bonds 11(aa) 3,197,214,016 3,315,440,646 Deposits and other accounts 12(a) 191,573,043,588 170,145,826,321 Current/Al-wadeeah current accounts and other accounts 34,554,219,481 29,928,959,572 Bills payable 4,902,979,613 3,936,675,238 Savings bank/Mudaraba savings bank deposits 27,793,803,978 21,174,184,061 Fixed deposits/Mudaraba fixed deposits 124,322,040,516 115,106,007,450 Bearer certificates of deposit - - Other deposits - - Other liabilities 13(a) 22,253,446,818 21,172,640,859 Total liabilities 236,002,681,362 206,969,362,104 Capital/shareholders' equity Total shareholders' equity 18,863,438,836 18,696,244,934 Paid-up capital 14.2 8,812,599,100 8,392,951,530 Statutory reserve 15 6,533,632,030 5,876,250,921 Revaluation reserve 16(a) 2,239,612,377 2,549,629,842 General reserve 8,166,144 8,166,144 Retained earnings 17(a) 1,267,955,303 1,867,693,933 Foreign currency translation reserve 1,462,526 1,541,779 Non-controlling (minority) interest 17(b) 11,355 10,785 Total liabilities and shareholders' equity 254,866,120,198 225,665,607,038 256 www.bankasia-bd.com Consolidated Balance Sheet Amount in Taka Notes 31 Dec 2016 31 Dec 2015 OFF-BALANCE SHEET ITEMS Contingent liabilities 18 110,762,047,002 94,579,682,894
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