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Annual Report and Financial Statements for the Year Ended 31 December 2016

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Annual Report and Financial Statements for the Year Ended 31 December 2016 Mkombozi Commercial Bank PLC ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016 1 Annual Report and Financial Statements for the Year Ended 31 December 2016 FINANCIAL HIGHLIGHTS Mkombozi Commercial Bank PLC FINANCIAL HIGHLIGHTS 2009 2010 2011 2012 2013 2014 2015 2016 (“000”) (“000”) (“000”) (“000”) (“000”) (“000”) (“000”) (“000”) 2009-2016 Omitted Omitted Omitted Omitted Omitted Omitted Omitted Omitted Number of Employees 28 37 38 81 86 87 128 136 Revenue (Interest margin) 193,442 950,352 1,998,296 2,931,229 5,171,622 9,403,861 11,557,851 12,774,940 Operating income before expenses 202,498 1,287,834 2,570,459 3,522,378 6,021,892 10,951,557 13,023,450 14,463,157 Operating income after expenses -644,024 -635,097 163,210 -632,361 772,524 3,615,163 4,398,749 3,108,865 Profit/(loss) after tax for the year -470,018 -467,503 37,405 -716,709 119,019 1,650,203 953,465 1,046,222 Earning per share -6.98 -5.74 3.68 -65.07 10.81 80.05 46.25 50.75 Dividend Lending 378,815 6,623,055 11,555,634 16,694,000 28,889,679 40,614,811 63,745,352 73,807,067 Total Investment 6,355,999 11,279,500 14,658,283 12,870,297 21,259,127 38,214,651 31,235,390 33,185,804 Depreciation and amortization 17,644 197,157 210,668 417,993 555,106 573,680 553,217 945,273 Cash and balance with BOT 563,360 2,950,878 4,384,435 5,506,854 8,974,998 11,652,381 13,411,053 14,870,936 Equity 6,734,148 8,142,966 10,161,953 11,013,784 11,013,784 20,615,272 20,615,272 20,615,272 Customer Deposits 2,195,416 16,420,402 21,923,374 28,300,036 49,780,083 72,081,276 85,733,148 102,556,404 Other Liabilities 240,394 1,537,900 2,459,514 2,458,526 2,934,037 2,999,826 4,149,466 Balance Sheet Total 8,699,940 25,163,727 33,644,727 40,155,521 64,023,179 96,625,771 111,141,359 128,166,200 Memo Items Avarage Exchange Rate TZS/USD 1,313 1,452 1,567 1,572 1,574 1,725 2,008.16 2,185 Yearly Comparative 2 Mkombozi Commercial Bank PLC Mkombozi Commercial Bank PLC TABLE OF CONTENTS CONTENTS PAGE NUMBER The Board Chairman’s Statement 6 Managing Director’s Statement 8 Report of the Directors 12-23 Statement of Directors’ responsibilities 24 Declaration of the Head of Finance 25 Report of the independent auditor 27 - 34 Financial statements: Statement of profit or loss and other comprehensive income 37 Statement of financial position 39 Statement of changes in equity 40 Statement of cash flows 41 Notes 45 - 91 3 Annual Report and Financial Statements for the Year Ended 31 December 2016 Mkombozi Commercial Bank PLC ARE YOU AND YOUR FAMILY FULLY COVERED? Get yourself covered at the best rates! through Mkombozi Commercial Bank Insurance Agency • Health Insurance • Life Insurance • • Domestic Cover Insurance • 4 www.mkombozibank.co.tz Mkombozi Commercial Bank PLC Mkombozi Commercial Bank PLC DIRECTORS’ REPORT FOR THE YEAR ENDED 31ST DECEMBER, 2016 5 Annual Report and Financial Statements for the Year Ended 31 December 2016 Mkombozi Commercial Bank PLC THE BOARD CHAIRMAN’S STATEMENT Introduction mining and trade. Headline inflation Distinguished Shareholders, Ladies was reported at 5% at the year end, and Gentlemen. which was consistent with country’s long term monetary policy targets. On behalf of the Board of Directors, However, tight liquidity and inter- I take this opportunity to present est rates volatility dominated the our Eighth Annual report and finan- financial markets following the Gov- cial statements for the year ended ernment decision to transfer its de- 31st December, 2016. posits from commercial banks to the During the year 2016 the bank cel- Bank of Tanzania. Interest rates for ebrated significant achievements in overnight dealings spiked to 16 per- its continued efforts to expand its cent in the third and fourth quarters customer outreach and increasing of the year compared to 10 percent the quality and variety of its service in January 2016. Furthermore, there offerings. These efforts resulted in was a decline in lending to both the increases in customer deposits, rev- public and private sectors of the enues, lending and the bank’s asset economy due to pervasive deterio- base. Mkombozi Commercial Bank ration of the quality of loans across continued to live up to and operate the banking industry. On the foreign by its brand of providing banking exchange perspective, the Tanzania services ‘’with integrity’’, and we are Shilling weakened against the USD proud of the contribution the bank from 2,160 in January to 2,185 in has made to the development of December 2016. Tanzania and the lives of the Tanza- Achievements nian people we were able to touch Despite the above set of market cir- during the year. cumstances Mkombozi Commercial Market Conditions 2016 Bank recorded a profit after tax of The country experienced a slow- TZS 1.05 billion, TZS 93 million more down in economic growth in the than the previous year’s earnings. year 2016. GDP growth declined to The Bank managed to widen its 6.8 percent compared to 7 percent outreach by opening two Financial MR. METHOD A. KASHONDA Service Centres, one at Tegeta in Board Chairman in 2015. The sectors which made major contributions to the growth Dar es Salaam and another one in of the economy were transport and Morogoro. MKCB is now proud of storage, construction, information its presence in five regions and of- and communication, quarrying and fering eight service outlets in Main- 6 Mkombozi Commercial Bank PLC Mkombozi Commercial Bank PLC land Tanzania, that is Dar es Salaam (3 branches Director Emmanuel Johannes, who was elected at & 1 financial services centre), Mwanza (1 branch), the Bank’s 7th AGM on –May 2015 and his appoint- Moshi (1 branch), Kagera (1 branch), and Morogoro ment confirmed by the Bank of Tanzania on October (1 financial services centre). The Bank realized com- 26, 2015 resigned from the Board on March 7, 2017 mendable increases in its customer and asset bases, due to commitment constraints. His position has not with growth in deposits by 20%, loans by 17% and been filled. total assets by 15%. The Bank’s industrial relations Outlook for 2017 remained excellent, enjoying a labour turnover of The economy is expected to grow at 7.1% in 2017, less than one percent. riding on the bank of huge investments in infrastruc- Declaration of dividend ture projects (2016: 6.8%); inflation is projected to The Directors recommended distribution of stock be contained at single digit levels averaging 5% by dividends for the year 2016 totalling TZS 412,305,440 the end of the year. Additionally, the Bank of Tanza- against 20,615,272 fully paid ordinary shares, that is nia recently slashed the statutory reserve ratio form TZS 20.00 per share. A proposed shareholders res- 10% to 8% aimed at providing a monetary stimulus olution to that effect has been circulated for adop- for improved liquidity in the economy. This is ex- tion. The distribution of dividend has been approved pected to ease the tight credit conditions caused by, by the Bank of Tanzania and will be issued after de- among other things, spiralling nonperforming loans. duction of taxes payable. Shareholders are encour- The Bank will position itself appropriately in order aged to reinvest their dividends by increasing their to benefit from these positive trends as it continues shareholding in Mkombozi Commercial Bank. to implement strategies to reach out to more of the unbanked majority in our economy. Changes in the Board of Directors In the last three months the Board has been en- Thank you. gaged in the recruitment of a successor to the pres- ent Managing Director of the Bank, Mrs Edwina Lu- pembe whose contract of employment will end on July 31, 2017 and she has opted not to renew it. Mrs Lupembe will be remembered for being part of the Method A. Kashonda pioneer team of the Mkombozi Commercial Bank BOARD CHAIRMAN idea and its implementation; and the first MD whose 8 years stint at the Bank was continually rewarded 27TH MAY, 2017 with growth of its capital base and profitability. 7 Annual Report and Financial Statements for the Year Ended 31 December 2016 Mkombozi Commercial Bank PLC MANAGING DIRECTOR’S STATEMENT 1. Introduction Shareholders; Board of Directors; Ladies and Gentlemen On behalf of the Board of Directors, I take this opportunity to highlight the bank’s performance for the year ended in 31st December, 2016. Objectives of the Bank Key objectives of the bank for the year 2016 were; (i) To open ten financial services centres; (ii) To increase mobilization of deposits to reach TZS 137.90 billion; (iii) To issue loans and advances to reach TZS 111.48; (iv) To achieve loan repayment rate of not less than 97% at all times; and (v) To record a profit of TZS 2.18 billion before tax These objectives were later reviewed due to the following reasons; (i) High interest rates in the banking market due to shortage of deposits caused by Government’s decision to demand all Government deposits from commercial banks to BoT. (ii) Government’s decision to introduce VAT on bank charges and commissions effective from July 2016.
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