Appendix I: Implementation Status of 2015 MFS Mission Recommendations
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14% 45Pps 104% 8Pps 467% 46Pps
Performance Outturn: Inflation adjusted financial highlights My commentary is based on inflation adjusted financial statements. The Group’s total income increased by 55% from ZW$524.7m in 2018 to ZW$814.9m in 2019. This was on the back of a significant rise in unrealized credits posted in the income statement. Fair value adjustments moved from a negative of ZW$89.8m in 2018 to a positive of ZW$230.2m in 2019 whilst other income, 14% 104% 467% largely constituted by the revaluation of the Group’s foreign denominated balances, increased by 314% from ZW$35.7m in 2018 to ZW$147.8m in 2019. Total assets Total capital and reserves Net profit/(loss) after taxation Net interest and related income reduced from ZW$199.1m in 2018 to close at ZW$146.6m in 2019, reflecting 2019 - ZW$3 532.5m 2019 - ZW$1 506.3m 2019 - ZW$433.6m the impact of a constrained growth in the underlying business and the application of sub-inflation earning 2018 - ZW$4 105.7m 2018 - ZW$739.1m 2018 - (ZW$118.2m) rates. Loan impairment charges to the income statement increased from ZW$34.6m in 2018 to ZW$75.6m in 2019 in line with the growth in assets exposed to credit risk. Overall credit quality however improved, with non- 45pps 8pps 46pps performing loans as a percentage of total loans reducing from 4.6% in 2018 to 2.2% in 2019. Liquidity ratio (Group) Cost to income ratio Net insurance related earnings increased by 7% from ZW$83.1m to ZW$89.2m. -
Commercial Banks
COMMERCIAL BANKS AGRIBANK MBCA BANK LTD P. O. Box 369 P. O. Box 3200 Harare Harare Tel: +263 4 774400-19; 773704 Tel: +263 4 701636-52; 799291; 732227 Fax: +263 4 777556 Fax: +263 4 708005; 739084 E-mail: [email protected] E-mail: [email protected] Website: www.agribank.co.zw Website: www.mbca.co.zw BANCABC NMB BANK LTD P. O. Box 2786 P. O. Box 2567 Harare Harare Tel: +263 4 369260-69; 369701-9 Tel: +263 4 759601-6; 759651-9 Fax: +263 4 369932 Fax: + 263 4 759648; 798850 E-mail: [email protected] E-mail: [email protected] Website: www.bancabc.co.zw Website: www.nmbz.co.zw BARCLAYS BANK OF ZIMBABWE LTD POSB P. O. Box 790 P. O. Box CY1628, Causeway Harare Harare Tel: +263 4 758314/9 Tel: +263 4 793831-9; 729701 Fax: +263 4 750972 Fax: +263 4 708537 E-mail: [email protected] E-mail: [email protected] Website: zw.barclays.com Website: www.posb.co.zw CABS STANBIC BANK ZIMBABWE LTD P. O. Box 2798 P. O. Box 300 Harare Harare Tel: +263 4 883823–59 Tel: +263 4 757627; 701287; 701270 Fax: +263 4 883804 E-mail: [email protected] E-mail: [email protected] Website: www.stanbicbank.co.zw Website: www.cabs.co.zw CBZ BANK STANDARD CHARTERED BANK P. O. Box 3313 ZIMBABWE LTD Harare P. O. Box 373 Tel: +263 4 748050-79; 795101-16 Harare Fax: +263 4 758077 Tel: +263 4 752852-8; 253801-8 E-mail: [email protected] Fax: +263 4 752609 Website: www.cbzbank.co.zw E-mail: [email protected] Website: www.sc.com/zw ECOBANK ZIMBABWE STEWARD BANK P. -
Annual Report 2017 Contents
Since 1951 ANNUAL REPORT 2017 CONTENTS 2 Corporate Information Financial Statements 2 Vision, Mission and Values 41 Six Year Financial Review 42 Financial Highlights To Shareholders 43 Report of the Directors 3 Notice to shareholders 46 Directors’ Statement of Responsibility 4 Shareholder Information 47 Extracts from the Report of the Independent Actuary Corporate Governance 49 Independent Auditor’s Report 6 Group Corporate Structure 57 Consolidated Statement of Financial Position 7 Company and Product Profile 58 Company Statement of Financial Position 11 Corporate Revolution Ladder 59 Statements of Profit or Loss and Other Comprehensive 13 Corporate Governance Report Income 19 Directorate 61 Consolidated Statement of Changes in Equity 21 Corporate Social Investment 2017 62 Company Statement of Changes in Equity 25 Acting Chairman’s Statement 63 Statements of Cash Flows 27 Group Chief Executive’s Report 64 Notes to Consolidated and Separate Financial 30 Economic Overview Statements Additional Information 162 Group Footprint 171 Detachable - Form of Proxy 1 Corporate Information ZB FINANCIAL HOLDINGS LIMITED Auditors Registered Office Deloitte & Touche Zimbabwe 21 Natal Road West Block Avondale Borrowdale Office Park Harare Borrowdale Road Telephone: +263 (0) 867 700 2001 Borrowdale E-mail: [email protected] P O Box 267 Facsimile: +263 - 4 - 251029 Harare Web address: www.zb.co.zw Zimbabwe Tel: +263 (0) 867 700 0261 Company Registration Number Fax: +263 - 4 - 852130 1278/89 Web address: www.deloitte.com Date of Incorporation Board of Directors 29 May 1989 Prof C Manyeruke (Chairman) R Mutandagayi (Group Chief Executive) Group Company Secretary F Kapanje (Group Finance Director) H R Nharingo O Akerele T S Bvurere P Chiromo A Z Mangwiro J Mutevedzi P B Nyoni Vision, Mission and Values Our Vision To be a leading global financial services Group. -
Annual Report Table of Contents
2 FBC HOLDINGS LIMITED ANNUAL REPORT 2018 Annual Report Table of contents OVERVIEW Group Structure 4 Independent Auditor’s Report 60 FBC Footprint 5 Consolidated Statement of Financial Position 66 Our Pillars of Strength 6 Consolidated Statement of Profit or Loss Our Promise to Our Stakeholders 6 and Other Comprehensive Income 67 General Information 7 Consolidated Statement of Changes in Equity 69 Report Profile 10 Consolidated Statement of Cash Flows 70 Notes to the Consolidated Financial Statements 71 Financial Highlights 11 Company Statement of Financial Position 182 Group Chairman’s Statement 12 Company Statement of Comprehensive Income 183 Group Chief Executive’s Report 18 Company Statement of Changes in Equity 184 Sustainability Report 27 Company Statement of Cash Flows 185 Recognition and Awards 39 Notes to Company Financial Statements 186 Directors’ Report 40 Company Secretary’s Certification 47 Shareholders’ Information 190 Board of Directors 48 Notice of AGM 191 Corporate Governance 51 Proxy Form 193 FBC HOLDINGS LIMITED ANNUAL REPORT 2018 3 About This Report This integrated annual report was prepared for FBC Holdings and its subsidiaries. This annual report can be viewed at www.fbc.co.zw 4 FBC HOLDINGS LIMITED ANNUAL REPORT 2018 Group Structure FBC Holdings Limited strength • diversity • service Consumer and Investment Banking Services Insurance Services FBC Insurance Company Limited 100 100 100 100 100 95% C M M E S Term NL B F F Trading R I + + S + + + A P S L H M S D B RA I + + F L I S + C S FBC HOLDINGS LIMITED ANNUAL REPORT -
Table of Contents
TABLE OF CONTENTS GROUP OVERVIEW Group Salient features 2 How we create value 3 GROUP COMMUNICATION Statements Group Chairman’s Statement 12 Group Chief Executive Officer’s Report 16 CORPORATE PROFILE Business Overview 22 Group Structure 23 Our Success 24 Stakeholder Overview 26 SHAREHOLDER INFORMATION Analysis of Shareholders 30 Share Option Scheme 31 Shareholders’ calendar 32 SUBSIDIARIES COMMUNICATION STATEMENTS Managing Director’s Report - CBZ Bank Limited 34 Managing Director’s Report - CBZ Asset Management (Private) Limited (t/a Datvest) 37 Managing Director’s Report - CBZ Insurance Operations 40 CBZ Insurance (Private) Limited Actuary’s Report 44 CBZ Life (Private) Limited Actuary’s Report 45 CORPORATE SOCIAL RESPONSIBILITY Corporate Social Responsibility Report 48 Group Human Resources 55 Consumer Issues and Fair Operating Practices 56 CORPORATE GOVERNANCE Corporate Governance Framework 60 Report of the Directors 71 Our Directorate 74 FINANCIAL STATEMENTS Statement of Directors’ Responsibility 82 Independent Auditors Report 83 Consolidated Statement of Profit or Loss and Other Comprehensive Income 88 Consolidated Statement of Financial Position 89 Consolidated Statement of Changes In Equity 90 Consolidated Statement of Cash Flows 91 Group Accounting Policies 92 Notes to the Consolidated Financial Statements 110 Company Financial Statements 159 OTHER Notice of Annual General Meeting 172 Group Details 173 Form of Proxy 174 1 CBZ HOLDINGS LIMITED / INTEGRATED ANNUAL REPORT 2017 GROUP SALIENT FEATURES Financial Highlights Total Assets -
Participant List
Participant List 10/20/2019 8:45:44 AM Category First Name Last Name Position Organization Nationality CSO Jillian Abballe UN Advocacy Officer and Anglican Communion United States Head of Office Ramil Abbasov Chariman of the Managing Spektr Socio-Economic Azerbaijan Board Researches and Development Public Union Babak Abbaszadeh President and Chief Toronto Centre for Global Canada Executive Officer Leadership in Financial Supervision Amr Abdallah Director, Gulf Programs Educaiton for Employment - United States EFE HAGAR ABDELRAHM African affairs & SDGs Unit Maat for Peace, Development Egypt AN Manager and Human Rights Abukar Abdi CEO Juba Foundation Kenya Nabil Abdo MENA Senior Policy Oxfam International Lebanon Advisor Mala Abdulaziz Executive director Swift Relief Foundation Nigeria Maryati Abdullah Director/National Publish What You Pay Indonesia Coordinator Indonesia Yussuf Abdullahi Regional Team Lead Pact Kenya Abdulahi Abdulraheem Executive Director Initiative for Sound Education Nigeria Relationship & Health Muttaqa Abdulra'uf Research Fellow International Trade Union Nigeria Confederation (ITUC) Kehinde Abdulsalam Interfaith Minister Strength in Diversity Nigeria Development Centre, Nigeria Kassim Abdulsalam Zonal Coordinator/Field Strength in Diversity Nigeria Executive Development Centre, Nigeria and Farmers Advocacy and Support Initiative in Nig Shahlo Abdunabizoda Director Jahon Tajikistan Shontaye Abegaz Executive Director International Insitute for Human United States Security Subhashini Abeysinghe Research Director Verite -
Annual Report Table of Contents
2 FBC HOLDINGS LIMITED ANNUAL REPORT 2018 Annual Report Table of contents OVERVIEW Group Structure 4 Independent Auditor’s Report 60 FBC Footprint 5 Consolidated Statement of Financial Position 66 Our Pillars of Strength 6 Consolidated Statement of Profit or Loss Our Promise to Our Stakeholders 6 and Other Comprehensive Income 67 General Information 7 Consolidated Statement of Changes in Equity 69 Report Profile 10 Consolidated Statement of Cash Flows 70 Notes to the Consolidated Financial Statements 71 Financial Highlights 11 Company Statement of Financial Position 182 Group Chairman’s Statement 12 Company Statement of Comprehensive Income 183 Group Chief Executive’s Report 18 Company Statement of Changes in Equity 184 Sustainability Report 27 Company Statement of Cash Flows 185 Recognition and Awards 39 Notes to Company Financial Statements 186 Directors’ Report 40 Company Secretary’s Certification 47 Shareholders’ Information 190 Board of Directors 48 Notice of AGM 191 Corporate Governance 51 Proxy Form 193 FBC HOLDINGS LIMITED ANNUAL REPORT 2018 3 About This Report This integrated annual report was prepared for FBC Holdings and its subsidiaries. This annual report can be viewed at www.fbc.co.zw 4 FBC HOLDINGS LIMITED ANNUAL REPORT 2018 Group Structure FBC Holdings Limited strength • diversity • service Consumer and Investment Banking Services Insurance Services FBC Insurance Company Limited 100 100 100 100 100 95% C M M E S Term NL B F F Trading R I + + S + + + A P S L H M S D B RA I + + F L I S + C S FBC HOLDINGS LIMITED ANNUAL REPORT -
ZBFH 2017 Annual Report Final
Since 1951 ANNUAL REPORT 2017 CONTENTS 2 Corporate Information Financial Statements 2 Vision, Mission and Values 41 Six Year Financial Review 42 Financial Highlights To Shareholders 43 Report of the Directors 3 Notice to shareholders 46 Directors’ Statement of Responsibility 4 Shareholder Information 47 Extracts from the Report of the Independent Actuary Corporate Governance 49 Independent Auditor’s Report 6 Group Corporate Structure 57 Consolidated Statement of Financial Position 7 Company and Product Profile 58 Company Statement of Financial Position 11 Corporate Revolution Ladder 59 Statements of Profit or Loss and Other Comprehensive 13 Corporate Governance Report Income 19 Directorate 61 Consolidated Statement of Changes in Equity 21 Corporate Social Investment 2017 62 Company Statement of Changes in Equity 25 Acting Chairman’s Statement 63 Statements of Cash Flows 27 Group Chief Executive’s Report 64 Notes to Consolidated and Separate Financial 30 Economic Overview Statements Additional Information 162 Group Footprint 171 Detachable - Form of Proxy 1 Corporate Information ZB FINANCIAL HOLDINGS LIMITED Auditors Registered Office Deloitte & Touche Zimbabwe 21 Natal Road West Block Avondale Borrowdale Office Park Harare Borrowdale Road Telephone: +263 (0) 867 700 2001 Borrowdale E-mail: [email protected] P O Box 267 Facsimile: +263 - 4 - 251029 Harare Web address: www.zb.co.zw Zimbabwe Tel: +263 (0) 867 700 0261 Company Registration Number Fax: +263 - 4 - 852130 1278/89 Web address: www.deloitte.com Date of Incorporation Board of Directors 29 May 1989 Prof C Manyeruke (Chairman) R Mutandagayi (Group Chief Executive) Group Company Secretary F Kapanje (Group Finance Director) H R Nharingo O Akerele T S Bvurere P Chiromo A Z Mangwiro J Mutevedzi P B Nyoni Vision, Mission and Values Our Vision To be a leading global financial services Group. -
Final Annual Report 28
Annual Report TABLE OF CONTENTS 1. GROUP SALIENT FEATURES 2 2. GROUP STRUCTURE 3 3. CHAIRMAN’S STATEMENT 4 4. GROUP CHIEF EXECUTIVE OFFICER’S REPORT 7 5. MANAGING DIRECTOR’S REPORT – CBZ BANK LIMITED 9 6. MANAGING DIRECTOR’S REPORT – CBZ BUILDING SOCIETY 11 7. MANAGING DIRECTOR’S REPORT – CBZ ASSET MANAGEMENT (PVT) LTD 13 8.MANAGING DIRECTOR’S REPORT – OPTIMAL INSURANCE COMPANY (PVT) LTD 15 9. ANALYSIS OF SHAREHOLDERS 17 10. CORPORATE GOVERNANCE STATEMENT 18 11. STATEMENT OF DIRECTORS’ RESPONSIBILITY 21 12. REPORT OF THE DIRECTORS 24 26 13. REPORT OF THE INDEPENDENT AUDITORS 14. FINANCIAL STATEMENTS: CONSOLIDATED INCOME STATEMENT 28 CONSOLIDATED BALANCE SHEET 29 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 30 CONSOLIDATED CASH FLOW STATEMENT 31 15. GROUP ACCOUNTING POLICIES 32 16. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 44 17. RISK MANAGEMENT REPORT 61 18. COMPANY BALANCE SHEET 67 19. NOTICE TO MEMBERS 68 20. SHAREHOLDERS’ CALENDAR 69 21. COMPANY DETAILS 70 CBZ Holdings 2008 1 Annual Report GROUP SALIENT FEATURES Historical Cost 2008 2007 2006 $ ‘Quint $ ‘Quint $ ‘Quint Total assets 5 467 558 - - Total net advances 431 124 - - Impairment losses on advances 9 803 - - Gross advances 443 198 - - Total deposits 1 390 280 - - profit after taxation 975 081 - - Capital adequacy (%) – CBZ Bank 22.20 18.60 32.80 Capital adequacy (%) – CBZ Building Society 65.00 51.00 61.00 Headline earnings per share ($’ trillion) 1 426 - - Dividends per share (cents) - - - Dividend cover (times) - - - Return on average assets excluding acceptances (%) 35.67 -
WT/TPR/S/398/Rev.1 30 November 2020 (20-8614) Page
WT/TPR/S/398/Rev.1 30 November 2020 (20-8614) Page: 1/119 Trade Policy Review Body TRADE POLICY REVIEW REPORT BY THE SECRETARIAT ZIMBABWE Revision This report, prepared for the third Trade Policy Review of Zimbabwe, has been drawn up by the WTO Secretariat on its own responsibility. The Secretariat has, as required by the Agreement establishing the Trade Policy Review Mechanism (Annex 3 of the Marrakesh Agreement Establishing the World Trade Organization), sought clarification from Zimbabwe on its trade policies and practices. Any technical questions arising from this report may be addressed to: Mr. Jacques Degbelo (tel.: 022 739 5583), Mr. Thomas Friedheim (tel.: 022 739 5083), and Ms. Catherine Hennis-Pierre (tel.: 022 739 5640). Document WT/TPR/G/398 contains the policy statement submitted by Zimbabwe. Note: This report was drafted in English. WT/TPR/S/398/Rev.1 • Zimbabwe - 2 - CONTENTS SUMMARY ........................................................................................................................ 7 1 ECONOMIC ENVIRONMENT ........................................................................................ 10 1.1 Main Features of the Economy .....................................................................................10 1.2 Recent Economic Developments ...................................................................................10 1.2.1 Monetary and exchange rate policies ..........................................................................14 1.2.2 Fiscal policy ............................................................................................................17 -
Banks and Other Financial Institutions Central Bank Reserve Bank of Zimbabwe 80 Samora Machel Avenue P. O. Box 1283 Harare Tel
Banks and Other Financial Institutions Central Bank Reserve Bank of Zimbabwe 80 Samora Machel Avenue P. O. Box 1283 Harare Tel: +263 4 703000; +263 867 700 0477 Fax: +263 4 707800; 706 450 Email: [email protected] Website: www.rbz.co.zw Commercial Banks Agribank P.O. Box 369 Harare Tel: +263 4 774400-19; 774429 Fax: +263 4 777556 E-mail: [email protected] Website: www.agribank.co.zw BancABC P.O. Box 2786 Harare Tel: +263 4 369260-69; 369701-9 Fax: +263 4 369932 E-mail: [email protected] Website: www.bancabc.co.zw Barclays Bank of Zimbabwe Ltd P.O. Box 790 Harare Tel: +263 4 758314/9 Fax: +263 4 750972 E-mail: [email protected] Website: zw.barclays.com CABS P.O. Box 2798 Harare Tel: +263 4 883823–59 Fax: +263 4 883804 E-mail: [email protected] Website: www.cabs.co.zw CBZ Bank P.O. Box 3313 Harare Tel: +263 4 748050-79; 795101-16 Fax: +263 4 758077 E-mail: [email protected] Website: www.cbzbank.co.zw EcoBank Zimbabwe P.O. Box BW1464 Harare Tel: +263 4 851642/9; 852252/69 Fax: +263 4 851630/9 E-mail: [email protected] Website: www.ecobank.com FBC Bank P.O. Box 1227 Harare Tel: +263 4 783203-8; 783211; 761193 Fax: +263 4 701693 E-mail: [email protected] Website: www.fbc.co.zw MBCA Bank Ltd P. O. Box 3200 Harare Tel: +263 4 701636-52; 799291; 732227 Fax: +263 4 708005; 739084 E-mail: [email protected] Website: www.mbca.co.zw NMB Bank Ltd P.O. -
ZBFH Half Year Results 2020
The analysis that follows is based on the inflation adjusted financial statements which are the Group’s primary Inflation adjusted financial highlights financial statements prepared in terms of IAS29: Financial Reporting in Hyperinflationary Economies. Historical cost based financial statements are presented for information purposes only. Performance outturn: 7% 34% 375% The Group posted a real total income growth of 138% from ZW$838.2m, for the six months to 30 June 2019, Total assets Total capital and reserves Net profit/(loss) after taxation to ZW$1 998.0m for the six months to 30 June 2020. This was on the back of gratuitous fair value credits and 30 June 2020 - ZW$9 879.8m 30 June 2020 - ZW$5 293.3m 30 June 2020 - ZW$1 130.1m foreign exchange gains which, combined, contributed 79% of the total income, having increased by 574% from 31 December 2019 - ZW$9 254.6m 31 December 2019 - ZW$3 946.4m 30 June 2019 - ZW$237.8m ZW$232.9m for the six months to June 2019 to ZW$1 570.2m for the six months to June 2020. Core business income generally lagged inflation. 26pps 29pps 43pps Gross interest income retreated in real terms by 21% from ZW$255.2m for the half year ended 20 June 2019 to ZWS202.7m for the same period in 2020. This followed a 16% reduction in the real value of interest earning Return to equity Liquidity ratio (Group) Cost to income ratio assets, and only moderate interest rate re-pricing on the portfolio with rates achieved reflecting the combined 30 June 2020 - 49% 30 June 2020 - 100.23% 30 June 2020 - 28% impact of low cost absorption capacity amongst obligors with reduced production and access to markets, and 31 December 2019 - 29% 31 December 2019 - 88% 31 December 2019 - 62% excess liquidity conditions on the market.