The City Bank Limited Financial Statements for the year ended 31 December 2010

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1 PROPERTY AND ASSETS Consolidated Balance Sheet as at 31 December Cash 3 In hand 1,501,345,402 Balance with Bangladesh Bank and its agent bank (s) 4,689,637,981 6,190,983,383 Balance with other banks and financial institutions 4 In Bangladesh 2,400,939,650 Outside Bangladesh 221,689,766 2,622,629,416 Money at call and short notice 5 99,579,166 Investments 6 Government 8,976,868,762 Others 3,499,278,828 12,476,147,590 Loans and advances / Investments 7 Loans, cash credits, overdrafts, etc./ general investments 56,108,797,748 Bills purchased and discounted 8 4,434,652,174 60,543,449,922 Fixed assets including premises, furniture and fixtures 9 3,230,164,378 Other assets 10 5,522,173,815 Non banking assets Total assets 90,685,127,670 Liabilities Borrowings from other banks, financial institutions and agents 11 2,808,272,142 Deposits and other accounts 12 Current deposits and other accounts 14,815,556,745 Bills payable 656,360,770 Savings bank deposits 15,045,952,603 Fixed deposits 36,318,976,892 Bearer certificate of deposit 66,836,847,010 Other liabilities 13 9,500,034,931 Total liabilities 79,145,154,083 Capital / Shareholders' equity Paid up capital ,888,547,200 Statutory 15 1,977,234,036 Share Premium 16 1,924,634,700 Other 17 2,291,116,401 Surplus in profit and loss account / Retained earnings 18 1,458,379,151 Shareholders' equity of The City Bank Limited 11,539,911,488 Minority Interest 19 62,099 Total equity 11,539,973,587 Total liabilities and Shareholders' equity 90,685,127,670 OFF BALANCE SHEET ITEMS Contingent liabilities 20 Acceptances and endorsements 3,435,850,066 Letters of guarantee ,895,788,732 Irrevocable letters of credit ,756,176,227 Bills for collection ,685,511,334 Other contingent liabilities Total 19,773,326,358 Other commitments Documentary credits and short term trade related transactions Forward assets purchased and forward deposits placed ,815,680 Undrawn note issuance and revolving underwriting facilities Undrawn formal standby facilities, credit lines and other commitments Other commitments Total 613,815,680 Total OffBalance Sheet items including contingent liabilities 20,387,142,038 Auditors Report to the Shareholders of The City Bank We have audited the accompanying consolidated financial statements of The City Bank Limited (the Bank ) and its subsidiary City Brokerage Limited which comprise the balance sheets as at 31 December, and the profit and loss account, statement of changes in equity and cash flow statement for the year then ended, and a summary of significant accounting policies, other explanatory notes and annexure. Management s responsibility for the consolidated financial statements Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with Bangladesh Accounting Standards (BAS), Bangladesh Financial Reporting Standards (BFRS), the Bank Companies Act 1991, the rules and regulations issued by the Bangladesh Bank, the Companies Act 1994 and other applicable laws and regulations. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. Auditors responsibility Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with Bangladesh Standards on Auditing. Those standards require that we comply with relevant ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free of material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. An audit also includes evaluating the appropriateness of accounting principles used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Opinion In our opinion, the consolidated financial statements have been prepared in accordance with Bangladesh Accounting Standards (BAS) and Bangladesh Financial Reporting Standards (BFRS), give a true and fair view of the state of the Bank s affairs as at 31 December and of the results of its operations and its cash flows for the year then ended and comply with the applicable sections of the Bank Companies Act 1991, the rules and regulations issued by the Bangladesh Bank, the Companies Act 1994 and other applicable laws and regulations. We also report that: a) we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit and made due verification thereof; b) 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; c) the Bank s Balance Sheet and Profit and Loss Account together with the annexed notes 1 to 47 dealt with by the report are in agreement with the books of account and returns; d) the expenditure incurred was for the purpose of the Bank s operations; e) the financial position of the Bank as at 31 December and the profit for the year then ended have been properly reflected in the financial statements, the financial statements have been prepared in accordance with the generally accepted accounting principles; f ) the financial statements have been drawn up in conformity with the Bank Companies Act 1991 and in accordance with the accounting rules and regulations issued by the Bangladesh Bank; g) adequate provisions have been made for advances and other assets which are in our opinion, doubtful of recovery; h) the financial statements conform to the prescribed standards set in the accounting regulations issued by the Bangladesh Bank after consultation with the professional accounting bodies of Bangladesh; i) the records and statements submitted by the branches have been properly maintained and consolidated in the financial statements; j) the information and explanations required by us have been received and found satisfactory; k) 80% of the risk weighted assets have been reviewed by us spending 3,150 man hours., 30 March 2011 Consolidated Profit and Loss Account for the year ended 31 December Interest income / profit on investments 22 7,098,197,628 Interest / profit paid on deposits and borrowings, etc. 23 (3,516,494,763) Net interest / net profit on investments 3,581,702,865 Investment income 24 2,140,001,878 Commission, exchange and brokerage 25 1,191,558,033 Other operating income ,177,923 Total operating income (A) 7,361,440,699 Salaries and allowances 27 1,652,975,208 Rent, taxes, insurance, electricity, etc ,795,034 Legal expenses 29 13,369,518 Postage, stamp, telecommunication, etc ,689,907 Stationery, printing, advertisements, etc ,491,499 Chief Executive's salary and fees 32 13,320,400 s' fees ,000 Auditors' fees 931,500 Depreciation and repair of Bank's assets ,457,509 Other expenses ,959,448 Total operating expenses (B) 3,229,927,023 Profit / (loss) before provision (C=AB) 4,131,513,676 Provision for loans and advances / investments 36 (542,300,000) Provision for OffBalance Sheet exposures (100,000,000) Provision for gratuity (175,000,000) Provision for diminution in value of investments (41,600,000) Other provision 37 (242,100,000) Total provision (D) (1,101,000,000) Total profit / (loss) before taxes (CD) 3,030,513,676 Provision for Income Tax (1,160,287,169) Net profit after taxation 1,870,226,507 Transferred to Minority Interest (2,099) Net Retained Earnings 1,870,224,408 Appropriations Statutory 599,847,742 General 599,847,742 Retained surplus 1,270,376,666 Earnings per share (EPS) Hoda Vasi Chowdhury & Co Consolidated Cash Flow Statement for the year ended 31 December A) Cash flows from operating activities Interest receipts in cash 6,999,569,291 Interest payments (3,369,704,276) Dividend receipts 95,461,886 Fees and commission receipts in cash 898,594,322 Recoveries of loans previously written off 22,905,642 Cash payments to employees (1,570,295,609) Cash payments to suppliers (74,962,181) Income taxes paid (626,123,745) Receipts from other operating activities 38 2,492,717,915 Payments for other operating activities 39 (1,262,424,428) Cash generated from operating activities before changes in operating assets and liabilities 3,605,738,817 Increase / (decrease) in operating assets and liabilities Statutory deposits Purchase of trading securities (Treasury bills) Loans and advances to other banks Loans and advances to customers (17,057,028,119) Other assets 40 (153,461,183) Deposits from other banks / borrowings 243,164,505 Deposits from customers 6,025,023,143 Other liabilities account of customers Trading liabilities Other liabilities 41 (583,847,243) (11,526,148,897) Net cash from operating activities (7,920,410,080) B) Cash flows from investing activities Debentures Proceeds from sale of securities Payments for purchases of securities (1,381,577,413) Purchase / sale of property, plant and equipment (668,343,315) Acquisition of Membership Payment against lease obligation Proceeds from sale of property, plant and equipment Net cash used in investing activities (2,049,920,728) C) Cash flows from financing activities Receipts from issue of ordinary shares 3,849,269,400 Dividend paid Net Cash from financing activities 3,849,269,400 D) Net increase / (decrease) in cash and cash equivalents (A+ B + C) (6,121,061,408) E) Effects of exchange rate changes on cash and cash equivalents 292,963,711 F) Cash and cash equivalents at beginning of the period 22,816,435,763 G) Cash and cash equivalents at end of the year (D+E+F) 16,988,338,066 Cash and cash equivalents at end of the year Cash in hand 1,501,345,402 Balance with Bangladesh Bank and its agent bank (s) 4,689,637,981 Balance with other banks and financial institutions 2,622,629,416 Money at call and short notice 99,579,166 Government securities 8,075,146,101 16,988,338,066 Consolidated Statement of Changes in Equity for the year ended 31 December Paidup capital Statutory Share Prmium Revaluation Other Revaluation gain/loss on investment Retained earnings Minority Interest Balance as at 1 January 1,571,130,000 1,377,386,294 1,383,603,111 11,394, ,539, ,180,687 5,864,234,278 Changes in accounting policy Restated balance 1,571,130,000 1,377,386,294 1,383,603,111 11,394, ,539, ,180,687 5,864,234,278 Surplus / deficit on account of revaluation of properties Surplus / deficit on account of revaluation of investments (43,816,597) (43,816,597) Adjustment of revaluation with retained earnings for charging depreciation of revalued carrying amount (5,604,299) 5,604,299 Currency translation differences Net gains and losses not recognized in the income statement Net profit for the period 1,870,224,408 1,870,224,408 Dividends (Bonus share) 392,782,500 (392,782,500) Issue of share capital 1,924,634, ,849,269,400 Minority Interest 62,099 62,099 Appropriation made during period 599,847,742 (599,847,742) Balance as at 31 December 3,888,547,200 1,977,234,036 1,924,634,700 1,377,998,812 11,394, ,722,661 1,458,379,151 62,099 11,539,973,587 Consolidated Liquidity Statement (Analysis of maturity of assets and liabilities) As at 31 December 13 months 312 months 15 years Above 5 years Total Assets: Cash in hand 6,190,983,383 6,190,983,383 Balance with other banks and financial institutions 1,053,509, ,012, ,566, ,540,811 2,622,629,416 Money at call and short notice 100, ,000 98,979,166 99,579,166 Investments 1,046,850,344 9,309, ,843,149 2,967,838,554 7,832,306,423 12,476,147,590 Loans and advances / investments 15,920,186,449 8,300,625,122 24,052,210,447 8,445,722,254 3,824,705,650 60,543,449,922 Fixed assets including premises, furniture and fixtures 108,663,059 3,121,501,319 3,230,164,378 Other assets 80,770, ,703, ,008,053 3,552,077,886 65,614,200 5,522,173,815 Non banking assets Total assets (A): 24,292,299,932 9,941,650,310 25,702,728,106 15,805,342,564 14,943,106,758 90,685,127,670 Borrowings from other banks, financial institutions and agents 1,557,483,400 1,250,788,742 2,808,272,142 Deposits 21,495,548,269 7,816,337,195 20,342,488,695 12,156,591,193 2,709,378,155 64,520,343,507 Other accounts 555,579,015 1,760,924,488 2,316,503,503 Provision and other liabilities 334,157,043 44,362,156 2,657,214,691 6,246,399, ,901,302 9,500,034,931 Total liabilities (B): 22,385,284,327 9,621,623,839 24,557,186,786 19,653,779,674 2,927,279,457 79,145,154,083 Net liquidity gap (A B): 1,907,015, ,026,471 1,145,541,320 (3,848,437,110) 12,015,827,301 11,539,973,587 Total Balance Sheet as at 31 December Notes PROPERTY AND ASSETS Cash 3.a In hand 1,468,826, ,634,507 Balance with Bangladesh Bank and its agent bank (s) 4,689,637,981 4,396,026,055 6,158,464,314 5,142,660,562 Balance with other banks and financial institutions 4 In Bangladesh 2,400,939,650 9,641,882,575 Outside Bangladesh 221,689, ,901,519 2,622,629,416 9,850,784,094 Money at call and short notice 5 99,579, ,779,167 Investments 6.a Government 8,976,868,762 8,468,751,198 Others 3,497,093,964 2,117,701,415 Loans and advances / Investments 7.a Loans, cash credits, overdrafts, etc./ general investments 55,891,892,910 41,945,250,529 Bills purchased and discounted 8 4,434,652,174 1,541,171,274 Fixed assets including premises, furniture and fixtures 9.a 3,206,205,668 2,788,065,869 Other assets 10.a 6,010,665,598 4,312,637,456 Non banking assets Total assets 90,898,051,972 76,466,801,564 Liabilities Borrowings from other banks, financial institutions and agents 11 Deposits and other accounts 12.a Current deposits and other accounts 15,398,511,465 7,810,690,728 Bills payable 656,360, ,878,540 Savings bank deposits 15,045,952,603 11,377,098,331 Fixed deposits 36,318,976,892 42,499,612,403 Bearer certificate of deposit Other liabilities 13.a 9,151,052,310 7,225,635,781 Total liabilities 79,379,126,182 70,602,567,286 Capital / Shareholders' equity Paid up capital ,888,547,200 1,571,130,000 Statutory 15 1,977,234,036 1,377,386,294 Share Premium 16 1,924,634,700 Other 17 2,291,116,401 2,340,537,297 Surplus in profit and loss account / Retained earnings 18.a 1,437,393, ,180,687 Total Shareholders' equity 11,518,925,790 5,864,234,278 Total liabilities and Shareholders' equity 90,898,051,972 76,466,801,564 OFF BALANCE SHEET ITEMS Contingent liabilities 20 Acceptances and endorsements 3,435,850,066 1,047,815,467 Letters of guarantee ,895,788,732 4,389,515,801 Irrevocable letters of credit ,756,176,227 2,981,336,047 Bills for collection ,685,511,334 2,027,888,899 Other contingent liabilities Total 19,773,326,358 10,446,556,214 Other commitments Documentary credits and short term trade related transactions Forward assets purchased and forward deposits placed ,815,680 Undrawn note issuance and revolving underwriting facilities Undrawn formal standby facilities, credit lines and other commitments Other commitments Total 613,815,680 Total OffBalance Sheet items including contingent liabilities 20,387,142,038 10,446,556,214 Profit and Loss Account for the year ended 31 December Notes Interest income / profit on investments 22.a 7,089,931,344 5,742,821,087 Interest / profit paid on deposits and borrowings, etc. 23 (3,516,494,763) (3,671,989,101) Net interest / net profit on investments 3,573,436,581 2,070,831,986 Investment income 24 2,140,001,878 1,325,037,780 Commission, exchange and brokerage 25.a 1,139,637, ,020,599 Other operating income 26.a 447,994, ,989,978 Total operating income (A) 7,301,070,396 4,367,880,343 Salaries and allowances 27.a 1,649,083,246 1,194,956,965 Rent, taxes, insurance, electricity, etc. 28.a 327,023, ,124,158 Legal expenses 29.a 12,945,518 10,244,829 Postage, stamp, telecommunication, etc. 30.a 42,222,376 20,587,524 Stationery, printing, advertisements, etc. 31.a 273,763, ,672,739 Chief Executive's salary and fees 32 13,320,400 11,304,000 s' fees , ,000.0 Auditors' fees 906, ,750 Depreciation and repair of Bank's assets 34.a 352,798, ,055,610 Other expenses 35.a 527,830, ,397,136 Total operating expenses (B) 3,200,831,687 2,112,244,711 Profit / (loss) before provision (C=AB) 4,100,238,709 2,255,635,632 Provision for loans and advances / investments 36 (542,300,000) (610,428,283) Provision for OffBalance Sheet exposures (100,000,000) Provision for gratuity (175,000,000) (202,151,208) Provision for diminution in value of investments (41,600,000) Other provision 37 (242,100,000) (55,000,000) Total provision (D) (1,101,000,000) (867,579,491) Total profit / (loss) before taxes (CD) 2,999,238,709 1,388,056,141 Provision for Income Tax 13.a.5 (1,150,000,000) (569,336,541) Net profit after taxation 1,849,238, ,719,600 Retained earnings brought forward from previous year 182,398,187 28,468,017 2,031,636, ,187,617 Appropriations Statutory 599,847, ,611,229 General 599,847, ,611,229 Retained surplus 1,431,789, ,576,388 Earnings per share (EPS) 42.a Cash Flow Statement for the year ended 31 December A) Cash flows from operating activities Notes Interest receipts in cash 6,991,303,007 5,761,654,757 Interest payments (3,369,704,276) (3,421,229,319) Dividend receipts 95,461, ,914,912 Fees and commission receipts in cash 846,673, ,447,420 Recoveries of loans previously written off 22,905,642 11,147,320 Cash payments to employees (1,566,403,647) (1,206,260,965) Cash payments to suppliers (74,962,181) (47,247,010) Income taxes paid (608,718,100) (575,645,186) Receipts from other operating activities 38.a 2,492,534,352 1,468,112,846 Payments for other operating activities 39.a (1,237,213,568) (720,183,186) Cash generated from operating activities before changes in operating assets and liabilities 3,591,876,981 1,885,711,589 Increase / (decrease) in operating assets and liabilities Statutory deposits Purchase of trading securities (Treasury bills) Loans and advances to other banks Loans and advances to customers (16,840,123,281) (9,065,476,823) Other assets 40.a (1,538,689,335) (575,995,727) Deposits from other banks / borrowings 243,164,505 (91,755,780) Deposits from customers 6,607,977,863 16,227,141,760 Other liabilities account of customers Trading liabilities Other liabilities 41.a (43,271,970) (117,491,357) (11,570,942,219) 6,376,422,073 Net cash from operating activities (7,979,065,237) 8,262,133,663 B) Cash flows from investing activities Debentures Proceeds from sale of securities Payments for purchases of securities (1,379,392,549) (651,612,362) Purchase / sale of property, plant and equipment (644,392,091) (138,553,550) Payment against lease obligation Proceeds from sale of property, plant and equipment Net cash used in investing activities (2,023,784,640) (790,165,912) C) Cash flows from financing activities Receipts from issue of ordinary shares 3,849,269,400 Dividend paid Net Cash from financing activities 3,849,269,400 D) Net increase / (decrease) in cash and cash equivalents (A+ B + C) (6,153,580,477) 7,198,285,850 E) Effects of exchange rate changes on cash and cash equivalents 292,963, ,573,179 F) Cash and cash equivalents at beginning of the period 22,816,435,763 15,404,576,734 G) Cash and cash equivalents at end of the year (D+E+F) 16,955,818,997 22,816,435,763 Cash and cash equivalents at end of the year Cash in hand 1,468,826, ,634,507 Balance with Bangladesh Bank and its agent bank (s) 4,689,637,981 4,396,026,055 Balance with other banks and financial institutions 2,622,629,416 9,850,784,094 Money at call and short notice 99,579, ,779,167 Government securities 8,075,146,101 7,523,211,940 16,955,818,997 22,816,435,763

2 Statement of Changes in Equity for the year ended 31 December Paidup capital Statutory Share Premium Revaluation Other Revaluation gain/loss on investment Retained earnings Total Balance as at 1 January 1,571,130,000 1,377,386,294 1,383,603,111 11,394, ,539, ,180,687 5,864,234,278 Changes in accounting policy Restated balance 1,571,130,000 1,377,386,294 1,383,603,111 11,394, ,539, ,180,687 5,864,234,278 Surplus / deficit on account of revaluation of properties Surplus / deficit on account of revaluation of investments (43,816,597) (43,816,597) Adjustment of revaluation with retained earnings for charging depreciation of revalued carrying amount (5,604,299) 5,604,299 Currency translation differences Net gains and losses not recognized in the income statement Net profit for the period 1,849,238,709 1,849,238,709 Dividends (Bonus share) 392,782,500 (392,782,500) Issue of share capital 1,924,634, ,849,269,400 Appropriation made during period 599,847,742 (599,847,742) Balance as at 31 December 3,888,547,200 1,977,234,036 1,924,634,700 1,377,998,812 11,394, ,722,661 1,437,393,453 11,518,925,790 Liquidity Statement (Analysis of maturity of assets and liabilities) As at 31 December 13 months 312 months 15 years Above 5 years Total Assets: Cash in hand 6,158,464,314 6,158,464,314 Balance with other banks and financial institutions 1,053,509, ,012, ,566, ,540,811 2,622,629,416 Money at call and short notice 100, ,000 98,979,166 99,579,166 Investments 1,046,850,344 9,309, ,658,285 2,967,838,554 7,832,306,423 12,473,962,726 Loans and advances / investments 15,920,186,449 8,083,720,284 24,052,210,447 8,445,722,255 3,824,705,649 60,326,545,084 Fixed assets including premises, furniture and fixtures 99,082,570 3,107,123,098 3,206,205,668 Other assets 154,053,013 1,053,841,376 1,136,283,944 3,600,933,065 65,554,200 6,010,665,598 Non banking assets Total assets (A): 24,333,063,630 9,846,883,418 25,944,819,133 15,844,617,255 14,928,668,536 90,898,051,972 Borrowings from other banks, financial institutions and agents 1,557,483,400 1,250,788,742 2,808,272,142 Deposits 21,495,548,269 7,816,337,195 20,342,488,695 12,156,591,193 3,292,332,875 65,103,298,227 Other accounts 555,579,015 1,760,924,488 2,316,503,503 Provision and other liabilities 334,157,043 44,362,156 2,650,027,378 5,904,604, ,901,304 9,151,052,310 Total liabilities (B): 22,385,284,327 9,621,623,839 24,549,999,473 19,311,984,364 3,510,234,179 79,379,126,182 Net liquidity gap (A B): 1,947,779, ,259,579 1,394,819,660 (3,467,367,109) 11,418,434,357 11,518,925,790 HIGH LIGHTS Figures in million unless specified Sl no. 1 Paidup capital 3, , Total capital 1, , Capital surplus / (deficit) 2, Total assets 90, , Total deposits 67, , Total loans and advances / investments 60, , Total contingent liabilities and commitments 20, , Credit deposit ratio 89.48% 69.71% 9 Percentage of classified loans / investments against total loans and advances / investments 4.42% 4.87% 10 Profit after tax and provision 1, Amount of classified loans / investments during current period 2, , Provisions kept against classified loans / investments Provision surplus/(deficit) against classified loans / investments Cost of fund 4.90% 6.08% 15 Interest earning assets 79, , Noninterest earning assets 11, , Return on investment (ROI) 18.56% 13.48% 18 Return on assets (ROA) 2.21% 1.23% 19 Income from investment 2, , Earnings per share () Net income per share () Price earning ratio (times) Net asset value per share () Notes to the Financial Statements For the year ended December 31, 1.1 of the Bank The City Bank Limited ("the Bank") was incorporated as a public limited company in Bangladesh under the Companies Act, It commenced its banking business from March 14, 1983 under the license issued by Bangladesh Bank. Presently the Bank has 88 branches and 11 SME centers all over Bangladesh. The Bank had no overseas branches as at 31 December. Out of the above 88 branches, 01 (one) branch is designated as Islamic Banking Branch complying with the rules of Islamic Shariah, the modus operandi of which is substantially different from other branches run on conventional basis. The Bank is listed with Stock Exchange Limited and Chittagong Stock Exchange Limited as a publicly traded company for its general class of shares. With 72 ATMs and 11 SME centers in, Chittagong and Sylhet, The City Bank Limited offers financial services including current and saving accounts, personal loans, period deposit. The registered office of the Bank is located at 136, Bir Uttam Mir Shawkat Sarak (Gulshan Avenue), Gulshan2, Principal activities The principal activities of the Bank are to provide all kinds of commercial banking, consumer banking, trade services, SME, Retail, custody and clearing services to its customers through its branches and SME Service Centering Bangladesh. There have been no significant changes in the nature of the principal activities of the Bank during the financial year under review Islamic Banking Branch activities Through the Islamic Banking Branch the Bank extends all types of Islamic Shariah Compliant finance like lease, hire purchase shirkatul melk (HPSM), bai muazzal, household scheme etc. and different types of deposit like mudaraba savings deposits, mudaraba term deposits, alwadeeah current deposits, monthly /quarterly profit paying scheme etc Offshore Banking Unit The Bank obtained the Offshore Banking Unit permission vide letter no.brpd(p3)744(101)/4129 dated 10 November The Offshore Banking Unit operates its activities as per terms and conditions imposed by Bangladesh Bank vide their said letter. Separate Financial Statements of Offshore Banking Unit are shown in Annexure G and G(I). 1.2 Significant accounting policies and basis of preparation of financial statements Basis of preparation The financial statements of the Bank are made for the year 1 January to 31 December and are prepared under the historical cost convention and in accordance with the "First Schedule (Sec38) of the Bank Companies Act, 1991, BRPD Circular # 14 dated 25 June 2003, other Bangladesh Bank Circulars, International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) adopted by the Institute of of Bangladesh, Companies Act, 1994, the Securities and Exchange Rules 1987, & Chittagong Stock Exchanges' listing regulations and other laws and rules applicable in Bangladesh. In addition to foregoing directives and standards, the operation of Islamic Banking Branch is accounted for in accordance with Financial Accounting Standards issued by the Accounting and Auditing Organization for Islamic Financial Institutions, Bahrain and accordingly a separate set of books and records are being maintained. A separate balance sheet, income statement and a statement of profit paid on deposits are shown in AnnexureF and F(I) and the figures appearing in the annexure have been incorporated in the related heads of these financial statements as recommended by the Central Shariah Board for Islamic Banks in Bangladesh Basis of consolidation The Consolidated Financial Statements include the Financial Statements of The City Bank Limited and its Subsidiary, City Brokerage Limited made up to end of the reporting year. The consolidated financial Statements have been prepared in accordance with Bangladesh Accounting Standard 27: Consolidated Financial Statements and Accounting for Investment in Subsidiaries. The Consolidated Financial Statements are prepared to a common reporting year ending 31 December Subsidiary The Bank has power to govern the financial and operating policies generally accompanying a shareholding 99.99% of the voting rights. A parent of Subsidiary should present consolidated Financial Statements according to Bangladesh Accounting Standard 27: Consolidated Financial Statements and Accounting for investment in Subsidiaries. The Financial Statements of subsidiary are included in the consolidated Financial Statements from the date that control effectively commence until the date that the control effective ceases. Inter Company transaction and balances are eliminated. The Bank launched its brokerage business on August 4, 2009 through its Brokerage Division and this division was subsequently separated from The City Bank Limited through incorporating a private limited company named City Brokerage Limited with Registrar of Joint Stock Company and getting consent from Stock Exchange Ltd. and Chittagong Stock Exchange Ltd for operating as a separate company. The City Brokerage Limited was incorporated in Bangladesh as a Private Limited Company on March 31, vide registration no. C83616/10 under The Companies Act, The City Brokerage Limited separated from The City Bank Limited as on 15 November and made its operation separately Going Concern The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business Use of estimates and judgments The preparation of financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. The most significant areas where estimates and judgments have been made are on provision for loans and advances. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the year in which the estimate is revised and in any future years affected Materiality of financial statements Each material item as considered by management significant have been presented separately in the financial statements wherever applicable Foreign currencies translation The Financial Statements of Banks are presented in Bangladesh (BDT) which is the Banks functional and presentation currency. According to BAS21 "The Effects of Changes in Foreign Exchange s" transactions in foreign currencies recorded in the functional currencies at the rate of exchange prevailing on the date of transaction. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the rate of exchange prevailing at the end of the month. Any resulting exchange difference are included in the profit and loss account Cash Flow Statement Cash flow statement is prepared in accordance with BAS7 titled "Cash Flow Statements". Cash flows form operating activities have been presented at "Direct Method' as recommended in the BRPD Circular No.14, dated June 25, Government Investment was revalued as per DOS circular letter no. 05 dated May 26, 2008 and the revalued amount is reflected in the Balance Sheet while the corresponding cost amount is reflected in the Cash Flow Statement. The difference amount is not been reflected in the Cash Flow Statement since the same remained unrealized on the Balance Sheet date as a non cash item Statement of Changes in Equity Statement of Changes in Equity is prepared principally in accordance with BAS1 "Presentation of Financial Statements" and under the guidelines of Bangladesh Bank's BRPD Circular No.14 dated June 25, Liquidity statements The liquidity statement of assets and liabilities as on the reporting date has been prepared on the following basis: a) balance with other banks and financial institutions, money at call and short notice, etc. are on the basis of their maturity term. b) investments are on the basis of their respective maturity. c) loans and advances are on the basis of their repayment maturity. d) fixed assets are on the basis of their useful lives. e) other assets are on the basis of their realization/amortization f ) borrowing from other banks, financial institutions and agents, etc. are as per their maturity/repayments. g) deposits and other accounts are on the basis of their maturity term. i) provision and other liability on the basis of their repayment/adjustments schedule. 1.3 Assets and basis of their valuation Cash and cash equivalents Cash and cash equivalents include notes and coins on hand, unrestricted balances held with Bangladesh Bank and highly liquid financial assets which are insignificant risk of changes in their fair value and are used by the Bank management for its shortterm commitments Loans and advances / investments a) Loans and advances of conventional Banking or investments of Islamic Banking branches are stated in the balance sheet on gross basis. b) Interest/profit is calculated on a daily product basis but charged and accounted for on accrual basis. Interest/profit on classified loans and advances/investments is kept in suspense account as per Bangladesh Bank instructions and such interest/profit is not accounted for as income until realized from borrowers[(note7.a.10(x)]. Interest/profit is not charged on bad and loss loans/ investments as per guidelines of Bangladesh. Records of such interest amounts are kept in separate memorandum accounts. c) Provision for loans and advances or investments is made on the basis of quarterend review by the management following instructions contained in Bangladesh Bank BCD Circular no. 34 dated 16 November 1989, BCD Circular no. 20 dated 27 December 1994, BCD Circular no. 12 dated 4 September 1995, BRPD Circular no. 16 dated 6 December 1998, BRPD Circular no. 9 dated 14 May 2001, BRPD Circular no.02 of February 2005, BRPD Circular no. 09 of August 2005 and BRPD Circular no. 17 dated 06 December 2005, BRPD Circular no.5 Dated 19 of April 2008.BRPD Circular no.5 (5 June 2006) also provides scope for further provisioning based on qualitative judgment. The classification rates are given below: General provision on loans and advances: On unclassified loans and advances / investments 1% On unclassified small & medium enterprise financing 1% On unclassified loans / investments for housing finance and on loans for professionals 2% On unclassified consumer financing other than housing finance and loans for professionals 5% On special mention account 5% Specific provision on loans and advances: On substandard loans and advances / investments 20% On doubtful loans and advances / investments 50% On bad / loss loans and advances / investments 100% d) Loans and advances / investments are written off to the extent that (i) there is no realistic prospect of recovery, and (ii) against which legal cases are pending for more than five years as per guidelines of Bangladesh Bank. These write off however will not undermine / affect the claim amount against the borrower. Detailed memorandum records for all such write off accounts are meticulously maintained and followed up Investments All investment securities are initially recognized at cost, being fair value of the consideration given, including acquisition charges associated with the investment. Premiums are amortized and discounts accredited, using the effective yield method and are taken to discount income. The valuation method of investments used are: Held to maturity Investments which have 'fixed or determinable payments', and are intended to be 'held to maturity', other than those that meet the definition of 'held at amortized costothers' are classified as held to maturity. These investments are subsequently measured at present value as per Bangladesh Bank Guideline. Investments in securities have been revalued as mark to market as at December 31, and the gain of revaluation from held to maturity securities has been shown in the statement in changes in equity for December 31,. Held for trading Investments classified in this category are acquired principally for the purpose of selling or repurchasing in shorttrading or if designated as such by the management. After initial recognition, investments are measured at fair value and any change in the fair value is recognized in the statement of income for the year in which it arises. These investments are subsequently measured at present value as per Bangladesh Bank's Guideline. Value of investments has been enumerated as follows : Items Applicable accounting value Government treasury bills Present value (as per DOS Circular no. 5 dated 26 May 2008) T & T bonds and Bangladesh treasury bonds Present value (as per DOS Circular no. 5 dated 26 May 2008) Prize bond At cost BHBFCdebenture At redeemable value ICBDebenture At redeemable value Investment in listed securities These securities are bought and held primarily for the purpose of selling them in future or held for dividend income. These are reported at cost. Provision for investment is provided in the financial statements as at December 31 as per BAS25. Investment in unlisted securities Investment in unlisted securities is reported at cost under cost method. Adjustment is given for any shortage is given for any shortage of book value over cost for determining the carrying amount of investment in unlisted securities Fixed assets and depreciation a) All fixed assets are stated at cost less accumulated depreciation as per BAS16 " Property, Plant and Equipment". The cost of acquisition of an asset comprise its purchase price and any directly attributable cost of bringing the assets to its working condition for its intended use inclusive inward freight, duties and nonrefundable taxes. b) The bank recognizes in the carrying amount of an item of property, plant and equipment, the cost of replacing part of such an item when that cost is incurred if it is probable that the future economic benefits embodied with the item will flow to the bank and the cost of the items can be measured reliably. Expenditure incurred after the assets have been put into operation, such as repairs and maintenance is normally charged off as revenue expenditure in the year in which it is incurred. c) Depreciation is charged for the year at the following rates on straight line method on all fixed assets and no depreciation on land is charged: Category of fixed assets Land Nil Building 2.50% Furniture and fixtures 10% Office equipment 20% Software 5% Vehicles 20% d) Depreciation for assets addition during the year is charged from the month of addition. Whole month depreciation is charged for the month of addition. e) On the month of disposal of fixed assets, no depreciation is charged. The cost and accumulated depreciation of disposed assets are eliminated from the fixed assets schedule and gain or loss on such disposal is reflected in the income statement. f ) Land, building and building under construction were revalued in the year Detail information regarding revaluation has been shown in the notes to the accounts Other assets Other assets include all balance sheet accounts not covered specifically in other areas of the supervisory activity and such accounts may be quite insignificant in the overall financial condition of the Bank Intangible assets and its amortization Intangible assets comprise separately identifiable intangible items arising from use of franchise of AMEX and the use finacle from Infosys. Intangible assets were recognized at cost. Intangible assets with a definite useful life are amortized using the straight line method over their estimated useful economic life Leasing Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee as per BAS17 Leases. All other leases are classified as operating leases as per BAS17 Leases. The Bank as lessor Amount due from lessees under finance leases are recorded as receivables at the amount of the Bank's net investment in the leases (note7.a.3). Finance lease income is allocated to accounting years so as to reflect a constant yearic rate of return on the bank's net investment outstanding in respect of the leases. The Bank as lessee Assets held under finance leases are recognized as assets of the Bank at their fair value at the date of acquisition or if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation (note13.a.7). Lease payments are apportioned between finance charges and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are charged directly against income. Assets held under finance leases are depreciated over their expected useful lives on the same basis as owned assets Reconciliation of interbank and interbranch account Account with regard to interbank (in Bangladesh and outside Bangladesh) are reconciled regularly and there are no material differences which may affect the financial statements significantly. Unreconciled entries/balances in the case of interbranch transactions as on the reporting date are not material Off balance sheet exposures Under general banking transactions, liabilities against acceptance and endorsements, Letters of guarantee, Irrevocable letters of credit, Bills for collection and other obligations have been given and claims exist there against, have been shown as off balance sheet items. 1.4 Share capital Authorized Share capital Authorized Capital is the maximum amount of Share Capital that the Bank is authorized by its Memorandum and Article of Association to issue to shareholders Paid up Capital Paid up capital represents total amount of shareholders' capital that has been paid in fully by the ordinary shareholders. Holders of Ordinary shares are entitled to receive dividends as declared from time to time and are entitled to vote at shareholders meeting Share Premium Share premium is the capital that the Bank raises upon issuing shares that is the excess of the nominal value of shares. The Share premium shall be utilized in accordance with provision of section 57 of the companies Act 1994 and as directed by Securities and Exchange Commission in this respect. 1.5 Capital management The Bank has a capital management process in place to measure, deploy and monitor its available capital and assess its adequacy. This capital management process aims to achieve the following objectives: To comply with the capital requirements set by the regulators; To safeguard the bank's ability to continue as going concern so that it can continue to provide returns for shareholders and benefits for other stakeholders; To maintain a strong capital base to support the development of its business. Capital is managed in accordance with the Boardapproved Capital Management Planning. Senior management develops the capital strategy and oversee the capital management planning of the bank. The Bank's Finance, Treasury and Risk Management departments are key participators in implementing the Bank's capital strategy and managing capital. Capital is managed using both regulatory capital measures and internal matrix. 1.6 Statutory Bank Companies Act, 1991 requires the Bank to transfer 20% of its current year's profit before tax and declaration of dividend to until such equals to its paid up capital. 1.7 Revaluation Revaluation arises from the revaluation of treasury bills and bonds in accordance with the Bangladesh Bank's Guideline and the revaluation of property, plant and equipment, when the market price of property, plant and equipment increased significantly from the carrying value. When an asset's carrying amount is increased as a result of revaluation, the increase amount should be credited directly to equity under the heading of revaluation surplus/ as per BAS16 "Property, Plant and Equipment". The Bank lastly revalued the assets of land and building during the year 2008 which is absolutely owned by the Bank and the increase amount transferred to revaluation. The tax effects on revaluation gain are measured and recognized in the financial statements as per BAS12 "Income Taxes". 1.8 Liabilities and provisions and basis of their valuation Borrowings from other banks, financial institutions and agents Inter bank and financial institution borrowings include interest bearing borrowings, which are brought to account at gross value of the outstanding as on March 31, (note11) Deposits and other accounts Deposits by customers and banks are recognized when the bank enters into contractual provisions of the arrangements with the counter parties, which is generally on trade date and initially measured at the consideration received Provision for taxation Provision for current income tax has been 42.50% as prescribed in the Finance Act, of the accounting profit made by the Bank after considering some of the add backs to income and disallowances of expenditure as per income tax laws in compliance with BAS12 " Income Taxes" Deferred taxation Deferred tax is recognized on temporary (taxable and deductible) differences between the carrying amount of assets and liabilities in the balance sheet and the amount attributed to such assets and liabilities for tax purposes. Deferred tax assets and liabilities are measured using tax rates and tax laws that have been enacted or substantially enacted at the balance sheet date. The impact on the account of changes in the deferred tax assets and liabilities has also been recognized in the profit and loss account as per BAS12 "Income Taxes". Deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the assets can be utilized Employee benefits Provident fund Provident fund benefits are given to the permanent staffs of the Bank in accordance with the locally registered Provident Fund Rules. The Commissioner of Income Tax, Taxes Zone 4, has approved the Provident Fund as a recognized provident fund within the meaning of section 2(52) read with the provisions of part B of the First Schedule of Income Tax Ordinance The reorganization took effect from 31 October The Fund is operated by a Board of Trustees consisting five members (all members from management of the Bank). All confirmed employees of the Bank are contributing 10% of their basic salary as subscription to the Fund. The Bank also contributes equal amount of the employees' contribution. Interest earned from the investments is credited to the members' account on yearly basis Gratuity fund The Bank operates a gratuity scheme, provision in respect of which is made annually covering all its permanent eligible employees. A valuation of gratuity scheme had been made by a professional Actuarial & Pension Consultants, Z. Halim & Associates to assess the adequacy of the liabilities provided for the scheme as per BAS19 " Employee Benefits". On continuing fund basis valuation, the Bank has been maintaining adequate provision against gratuity scheme Other employee benefits Hospitalization insurance The Bank has a health insurance scheme to its confirmed employees and their respective dependants at rates provided in health insurance coverage policy. Life insurance The Bank has a group life insurance scheme to its confirmed employees and the benefit of the scheme is available to the family of the employee on the occurrence of natural death of the employee during the tenure of his/her service. Passage for travel According to Bangladesh Bank policy all permanent employees have to avail 15 (fifteen) days of mandatory leave and leave fare assistance is given for this leave year. Subsidised schemestaff loan House building and car loan are provided to the permanent staff at a subsidised rate. Criteria and detail of type wise staff loan are given below: House building loan: A permanent staff completing 5 years of service can avail house building loan taking approval from Managing and CEO and recommended by the concerned divisional head. Car loan: All permanent staff from AVP can avail staff car loan taking approval from Managing and CEO and recommended by the concerned divisional head Provision for liabilities A provision is recognized in the balance sheet when the Bank has a legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefit will be required to settle the obligations in accordance with the BAS 37 "Provisions, Contingent Liabilities and Contingent Assets" Provision for Offbalance sheet exposure Offbalance sheet items have been disclosed under contingent liabilities and other commitments as per Bangladesh Bank guidelines. As per BRPD Circular # 10, dated September 18, 2007, Banks are advised to maintain against offbalance sheet exposures Provision for nostro accounts As per instructions contained in the circular letter no. FEPD (FEMO)/01/ , dated September 13, 2005 issued by Foreign Exchange Policy Department of Bangladesh Bank, bank is required to make provision regarding unreconciled debit balance of nostro account as on the reporting date in these financial. 1.9 Revenue recognition Interest income In terms of the provisions of the BAS18 "Revenue", the interest income is recognized on accrual basis. Interest on loans and advances ceases to be taken into income when such advances are classified. It is then kept in interest suspense in a memorandum account. Interest on classified advances is accounted for on a cash receipt basis Profit on investment (Islamic Banking Branch) Markup on investment is taken into income account proportionately from profit receivable account. Overdue charge / compensation on classified investments are transferred to profit suspense account instead of income account Investment income Income on investments is recognized on accrual basis. Capital gain on investments in shares is also included in investment income. Capital gain is recognized when it is realized Fees and commission income Fees and commission income arises on services provided by the Bank are recognized on a cash receipt basis. Commission charged to customers on letters of credit and letters of guarantee are credited to income at the time of effecting the transactions Dividend income from shares Dividend income from shares is recognized during the year in which they are declared and ascertained Interest paid and other expenses (Conventional Banking Branches) In terms of the provisions of the BAS 1 "Presentation of Financial Statements" interest and other expenses are recognized on accrual basis Profit paid on deposits (Islamic Banking Branch) Profit paid to mudaraba deposits are recognized on accrual basis Risk management Risk is defined as the possibility of losses, financial or otherwise. Risk management of the Bank covers core risk areas of banking viz credit risk, liquidity risk, market risk that includes foreign exchange risk, interest rate risk and equity risk, operational risk and reputation risk arising from money laundering incidences and operational inefficiencies. The prime objective of the risk management is that the Bank evaluates and takes well calculative business risks and thereby safeguarding the Bank s capital, its financial resources and profitability from various business risks through its own measures and through implementing Bangladesh Bank's guidelines and following some of the best practices as under: Credit risk It arises mainly from lending, trade finance, leasing and treasury businesses. This can be described as potential loss arising from the failure of a counter party to perform as per contractual agreement with the Bank. The failure may result from unwillingness of the counter party or decline in his / her financial condition. Therefore, the Bank s credit risk management activities have been designed to address all these issues. The Bank has segregated duties of the officers / executives involved in credit related activities. Separate Corporate / SME / Retail divisions have been formed at Head Office which are entrusted with the duties of maintaining effective relationship with customers, marketing of credit products, exploring new business opportunities etc. Moreover, credit approval, administration, monitoring and recovery functions have been segregated. For this purpose, three separate units have been formed within the Credit Risk Management (CRM) Division. These are (a) Credit Risk Management Unit (b) Credit Administration Unit and (c) Credit Monitoring and Recovery Unit. Credit Risk Management Unit is entrusted with the duties of maintaining asset quality, assessing risk in lending, sanctioning credit, formulating policy / strategy for lending operation, etc. For retail lending, a separate Retail Finance Center (RFC) has been formed to assess risk, approve and monitor retail loans. A thorough risk assessment is done before sanction of any credit facility at risk management units. The risk assessment includes borrower risk analysis, financial analysis, industry analysis, historical performance of the customer, security of the credit facility etc. The assessment process starts at the relationship level and ends at Credit Risk Management Unit when it is approved / declined by the competent authority. Credit approval authority has been delegated to the individual executives. Proposal beyond their delegation are approved / declined by the Executive Committee and / or the Board of s of the Bank. In determining Single borrower / Large loan limit, the instructions of Bangladesh Bank are strictly followed. Internal audit is conducted at yearical intervals to ensure compliance of Bank s and Regulatory polices. Loans are classified as per Bangladesh Bank s guidelines. Concentration of single borrower / large loan limit is shown in note7.a Liquidity risk The object of liquidity risk management is to ensure that all foreseeable funding commitments and deposit withdrawals can be met when due. To this end, the Bank is maintaining a diversified and stable funding base comprising of core retail and corporate deposits and institutional balance (note 12). Management of liquidity and funding is carried out by Treasury Department under an approved policy guidelines. Treasury front office is supported by a very structured back office. The Liquidity management is monitored by Asset Liability Committee (ALCO) on a regular basis. A written contingency plan is in place to manage extreme situation Market risk The exposure of market risk of the Bank is restricted to foreign exchange risk, interest rate risk and equity risk. Foreign exchange risk Foreign exchange risk is defined as the potential change in earnings due to change in market prices. The foreign exchange risk of the Bank is minimal as all the transactions are carried out on behalf of the customers against underlying L/C commitments and other remittance requirements. Treasury Department independently conducts the transactions and the back office of treasury is responsible for verification of the deals and passing of their entries in the books of account. All foreign exchange transactions are revalued at MarktoMarket rate as determined by Bangladesh Bank at the monthend. All Nostro accounts are reconciled on a monthly basis and outstanding entry beyond 30 days is reviewed by the management for its. Interest rate risk Interest rate risk may arise either from trading portfolio and nontrading portfolio. The trading portfolio of the Bank consists of Government treasury bills and bonds of different maturities. Interest rate risk arises from mismatches between the future yield of an asset and their funding cost. Asset Liability Committee (ALCO) monitors the interest rate movement on a regular basis and Treasury Division actively manages the Balance Sheet gap profitably on a regular basis. Portfolio risk Portfolio risk arises from movement in market value of equities held. The risks are monitored by Special Banking Wing under a well designed policy framework. The market value of equities held was however higher than the cost price at the balance sheet date. (AnnexureB) Reputation risk arising from money laundering incidences Money laundering risk is defined as the loss of reputation and expenses incurred as penalty for being negligent in prevention of money laundering. For mitigating the risks, the Bank has a designated Chief Compliance Officer at Head Office and Compliance Officers at branches, who independently review the transactions of the accounts to verify suspicious transactions. Manuals for prevention of money laundering have been established and Transaction profile has been introduced. Training are continuously given to all the category of Officers and Executives for developing awareness and skill for identifying suspicious activities / transactions Operational risk Operational risk may arise from error and fraud due to lack of internal control and compliance. Management through Internal Control and Compliance Division controls operational procedure of the Bank. Internal Control and Compliance Division undertakes yearical and special audit of the branches and departments at the Head Office for review of the operation and compliance of statutory requirements. The Audit Committee of the Board subsequently reviews the reports of the Internal Control and Compliance Division Implementation of BASEL II To comply with International Best Practice and to make the Bank's Capital more risksensitive as well as to build the Banking Industry more shock absorbent and stable, Bangladesh Bank provide revised regulatory capital framework " Risk Based Capital Adequacy for Banks' which is effected from January According to the BRPD circular no. 09 dated December 31,2008 following specific approaches are suggested for implementing BASEL II : a. Standardized Approach for calculating Risk weighted Assets (RWA) against Credit Risk ; b. Standardized (Rule Based ) Approach for calculating Risk weighted Assets (RWA) against ; c. Basic Indicator Approach for calculating Risk weighted Assets (RWA) against Operational Risk ; Under the Standard Approach of the Risk Based Capital Adequacy Framework (BASELII) credit rating is to be determined on the basis of risk profile assessed by the Credit Risk Assessment Bangladesh (CRAB) duly recognized by BB. Internal Capital Adequacy Assessment Process (ICAAP) Internal Capital Adequacy Assessment Process (ICAAP) represents the Bank's own assessment of its internal capital requirements. The Banks approach to calculating its own internal capital requirement has been to take the minimum capital required for credit risk, market risk and operational risk under PillarI as the starting point, assess whether this is sufficient to cover those risks and then identify other risks (PillarII) and assess prudent level of capital to meet them. The assessment is undertaken using time series of data and Bangladesh Bank's guidelines on Riske Based Capital Adequacy for Bank to assess the likelihood of occurrence and potential impact. Purposes of Internal Capital Adequacy Assessment Process are to: i) inform the Board of s about assessing risks initiatives to mitigate identified risks capital requirement to support the operations in light of identified risks. ii) comply with Bangladesh Bank's requirement Earnings per share Basic earnings per share Basic earnings per share has been calculated in accordance with BAS 33 "Earnings per Share" which has been shown on the face of the profit and loss account. This has been calculated by dividing the basic earnings by the weighted average number of ordinary shares outstanding during the year. In computing the basic earnings per share during the year January 1, to December 31,, the total number of shares including the said bonus shares has been considered as the weighted average no. of shares outstanding during the year January 1, to December 31, as per BAS 33 "Earnings per Share". In contrast other shares were issued against consideration in cash or in kind, and accordingly there is an increase in recourses generating new earnings. Therefore, the total number of shares issued in has been multiplied by a time weighting factor which is the number of days the specific shares were outstanding as portion of total number of days in the year. Diluted earnings per share No diluted earnings per share is required to be calculated for the year Segment report by nature of business The Bank reports its operations under the following business segments: a) Commercial banking comprising the retail, SME, corporate banking and treasury operations of the Bank. b) Intersegment transactions are generally based on interbranch fund transfer measures as determined by the management. Income, expenses, assets and liabilities are specifically identified with individual segments. Based on such allocation, segmental balance sheet as on 31 December and segmental profit and loss account for the year ended 31 December have been prepared. c) Segmental report by nature of business Consumer and Commercial Banking Total Conventional Islamic Offshore Total Operating Profit (Profit before unallocated expenses and tax) 7,201,340,634 31,675,267 68,054,495 7,301,070,396 Allocated expenses (3,180,631,592) (20,200,095) (3,200,831,687) Provision against loans and advances (542,300,000) Provision against OffBalance Sheet exposures (100,000,000) Provision for gratuity (175,000,000) Other provision (283,700,000) Profit before tax 2,999,238,709 Income tax expenses including deferred tax (1,150,000,000) Net profit 1,849,238,709 Segment assets 86,291,015, ,503,402 3,721,532,645 90,898,051,972 Segment liabilities 86,291,015, ,503,402 3,721,532,645 90,898,051, Events after the balance sheet date Events after the balance sheet date that provide additional information about the Bank's position at the balance sheet date are reflected in the financial statements. Events after the balance sheet date that are not adjusting event are disclosed in the notes when material. The City Bank Limited

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