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Financial Statements ANNUAL REPORT 2017 FINANCIAL STATEMENTS - Independent Auditors’ Report to the Shareholder - Consolidated Balance Sheet - Consolidated Profit and Loss Account - Consolidated Cash Flow Statement - Consolidated Statement of Changes in Equity - Balance Sheet of Prime Bank Limited - Profit and Loss Account of Prime Bank Limited - Cash Flow Statement of Prime Bank Limited - Statement of Changes in Equity of Prime Bank Limited - Notes to the Financial Statements - Financial Statements of Islamic Banking Branches - Financial Statements of Offshore Banking Units PRIME BANK 267 ANNUAL REPORT 2017 INDEPENDENT AUDITORS’ REPORT To The Shareholders of Prime Bank Limited We have audited the accompanying consolidated financial statements of Prime Bank Limited and its subsidiaries (together referred to as the “Group”) as well as the separate financial statements of Prime Bank Limited (the “Bank”) which comprise the consolidated and separate Balance Sheets as at 31 December 2017, consolidated and separate Profit and Loss Accounts, consolidated and separate 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 (BFRSs) 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 Banking Companies Act, 1991 and the 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. Auditors’ 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 (BSAs). 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 2017, 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 Banking Companies Act, 1991 and the rules and regulations issued by Bangladesh Bank, we also report that: (i) 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; (ii) to the extent noted during the course of our audit work performed on the basis stated under the Auditors’ Responsibility section in forming the above opinion on the consolidated financial statements of the Group and the 268 PRIME BANK ANNUAL REPORT 2017 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: (a) internal audit, internal control and risk management arrangements of the Bank as disclosed in note 2.12 & 2.20 of the financial statements appeared to be materially adequate; (b) 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; (iii) financial statements of the subsidiaries of the Bank have been audited by other auditors and have been properly reflected in the consolidated financial statements; (iv) in our opinion, proper books of account as required by law have been kept by 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; (v) the balance sheet and 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; (vi) the expenditures incurred was for the purpose of the Bank’s business; (vii) the 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; (viii) adequate provisions have been made for investments and other assets of the Bank which are in our opinion, doubtful of recovery; (ix) the records and statements submitted by the branches have been properly maintained and consolidated in the financial statements of the Bank; (x) the information and explanations required by us have been received and found satisfactory; (xi) we have reviewed over 80% of the risk weighted assets of the Bank and spending over 7,860 person hours; and (xii) Capital Adequacy Ratio (CAR) as required by the Bangladesh Bank has been maintained by the Bank. Aziz Halim Khair Choudhury Hoda Vasi Chowdhury & Co. Chartered Accountants Chartered Accountants Dhaka, Dated, April 10, 2018 PRIME BANK 269 ANNUAL REPORT 2017 CONSOLIDATED BALANCE SHEET as at 31 December 2017 Amount in Taka Particulars Notes 2017 2016 PROPERTY AND ASSETS Cash 3 In hand (including foreign currencies) 3,140,588,297 2,772,028,445 Balance with Bangladesh Bank and its agent bank (s) (including foreign currencies) 14,973,037,651 15,013,759,704 18,113,625,948 17,785,788,149 Balance with other banks and financial institutions 4 In Bangladesh 7,471,466,377 4,156,407,180 Outside Bangladesh 2,773,249,334 2,872,544,857 10,244,715,711 7,028,952,037 Money at call and short notice 5 1,500,000,000 540,000,000 Investments 6 Government 23,657,686,975 47,653,799,061 Others 2,222,449,188 2,618,012,934 25,880,136,163 50,271,811,995 Loans, advances and lease /investments Loans, cash credits, overdrafts etc./ investments 7 184,066,239,687 158,022,379,691 Bills purchased and discounted 8 16,552,939,609 14,467,473,496 200,619,179,296 172,489,853,187 Fixed assets including premises, furniture and fixtures 9 6,487,041,211 6,610,488,699 Other assets 10 19,329,742,018 18,230,570,859 Non - banking assets 11 220,500,640 220,500,640 Total assets 282,394,940,987 273,177,965,566 LIABILITIES AND CAPITAL Liabilities Borrowings from other banks, financial institutions and agents 12 22,137,997,510 16,596,719,762 Deposits and other accounts 13 Current / Al-wadeeah current deposits 33,182,700,323 31,868,669,008 Bills payable 4,212,571,458 5,168,363,915 Savings bank / Mudaraba savings deposits 38,397,699,341 35,628,622,433 Term deposits / Mudaraba term deposits 123,207,326,048 125,169,606,738 Bearer certificate of deposit - - Other deposits - - 199,000,297,169 197,835,262,094 Other liabilities 14 36,443,698,543 33,452,593,365 Total liabilities 257,581,993,222 247,884,575,221 Capital / Shareholders' equity Paid-up capital 15.2 10,293,486,160 10,293,486,160 Share premium 15.8 2,241,230,396 2,241,230,396 Minority Interest 15.9 61 60 Statutory reserve 16 9,565,853,177 9,204,058,242 Revaluation gain / loss on investments 17 55,285,288 53,313,727 Revaluation reserve 18 1,496,759,104 1,506,285,073 Foreign currency translation gain 19 15,334,146 5,907,315 General reserve 28,002,888 28,002,888 Surplus in profit and loss account / Retained earnings 20 1,116,996,544 1,961,106,485
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