Bahamas - FirstCaribbean International Bank

More documents

Recommendations

Info

Independent Auditors’ Report To the Shareholders of FirstCaribbean International Bank (Bahamas) Limited We have audited the accompanying financial statements of FirstCaribbean International Bank (Bahamas) Limited (“the Bank”) which comprise the consolidated balance sheet as of October 31, 2007 and the consolidated statements of income, changes in equity and cash flow statement for the year then ended and a summary of significant accounting policies and other explanatory notes. The consolidated financial statements of the Bank as at October 31, 2006 were audited by other auditors whose report dated December 15, 2006 expressed an unqualified opinion. We also audited the adjustments described in Note 29 that were applied to restate the 2006 consolidated financial statements. In our opinion, such adjustments are appropriate and have been properly applied. Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards. 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. obtain reasonable assurance whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors’ judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers 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 policies 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 audit opinion. Opinion In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Bank as of October 31, 2007, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards. 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 International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to April 14, 2008 56
Consolidated Balance Sheet As of October 31, 2007 (expressed in thousands of Bahamian dollars) Notes 2007 2006 $ $ (Restated) ASSETS Cash and balances with central bank 3 116,808 69,143 Due from banks 4 152,626 297,817 Derivative financial instruments 5 36,713 1,983 Financial assets at fair value through profit or loss 6 792,307 652,281 Other assets 7 32,662 39,611 Investment securities 8 893,161 706,565 Loans and advances to customers 9 2,415,975 2,425,951 Property and equipment 10 26,954 29,209 Retirement benefit assets 11 13,502 13,654 Goodwill 12 187,747 187,747 Total assets 4,668,455 4,423,961 LIABILITIES Customer deposits 13 3,661,406 3,503,903 Derivative financial instruments 5 30,974 12,424 Debt securities in issue 14 20,620 — Other borrowed funds 15 278,171 281,344 Other liabilities 16 30,138 17,944 Retirement benefit obligations 11 3,814 11,608 Total liabilities 4,025,123 3,827,223 EQUITY Share capital and reserves 18 436,297 436,030 Retained earnings 207,035 160,708 Total equity 643,332 596,738 Total liabilities and equity 4,668,455 4,423,961 Approved by the Board of Directors on April 14, 2008 and signed on its behalf by: Michael Mansoor Chairman Sharon Brown Managing Director See accompanying notes. See Auditors’ Report Page 56. 57
Page 1:
FIVE YEARS SERVING THE CARIBBEAN
Page 4 and 5:
Contents Notice of Meeting 3 Sectio
Page 6:
Five Years of Being First Left to r
Page 9 and 10: Ownership Structure FirstCaribbean
Page 11 and 12: Main Branches and Centres ABACO ISL
Page 13 and 14: Willie Moss Attorney-at-Law Joseph
Page 15 and 16: Directors, Senior Management and Ad
Page 18 and 19: Chairman’s Report continued The a
Page 20 and 21: 18 Group Chief Executive Officer’
Page 22 and 23: Chief Executive Officer’s Report
Page 24: Bahamas Managing Director’s Repor
Page 28 and 29: 26 Strategic Business Units
Page 30 and 31: Retail Banking Commentary on overal
Page 32 and 33: Capital Markets Commentary on overa
Page 34 and 35: Corporate Banking Commentary on ove
Page 36 and 37: Wealth Management Commentary on ove
Page 38 and 39: Treasury, Sales & Trading Commentar
Page 40 and 41: Pradip Chhadva Managing Director Tr
Page 42 and 43: Human Resources/Marketing Commentar
Page 44 and 45: Juan M. Corral Managing Director Op
Page 46 and 47: Martin Griffiths Chief Risk Officer
Page 48 and 49: Management’s Discussion and Analy
Page 57: Financial Statements 2007 55
Page 61 and 62: Consolidated Statement of Changes i
Page 63 and 64: Notes to the Consolidated Financial
Page 93 and 94: FirstCaribbean International Bank (
Page 95: FirstCaribbean International Bank (
show all

Bahamas - FirstCaribbean International Bank

Create successful ePaper yourself

Delete template?

Save as template?