2011 Annual Report - Khaleeji Commercial Bank BSC

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KHALEEJI COMMERCIAL BANK BSC NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the year ended 31 December 2011 BD 000’s 29 CONCENTRATION OF ASSETS, LIABILITIES, EQUITY OF INVESTMENT ACCOUNT HOLDERS AND RESTRICTED INVESTMENT ACCOUNTS (continued) (b) Geographic sector (continued) 31 December 2010 GCC Europe USA Asia Australia Africa Total countries Assets Cash and bank balances 10,630 1,642 - - 18 - 12,290 Placements with financial institutions 64,026 7,540 - - - 3,393 74,959 Financing assets 188,202 11,194 651 3,163 - - 203,210 Investment securities 64,656 2,927 - 26,333 4,685 1,678 100,279 Assets acquired for leasing (including lease rentals receivable) 7,980 - - - - - 7,980 Investment in associates 4,113 - - - - - 4,113 Investment property 3,943 - - - - - 3,943 Other assets 2,341 - - 135 - - 2,476 Property and equipment 9,966 - - - - - 9,966 Total assets 355,857 23,303 651 29,631 4,703 5,071 419,216 Liabilities Placements from financial institutions 65,917 - - - - - 65,917 Placements from non-financial institutions and individuals 19,018 - - - - - 19,018 Customers’ current accounts 9,848 463 - 617 - - 10,928 Other liabilities 6,975 - - - - - 6,975 Total liabilities 101,758 463 - 617 - - 102,838 Equity of investment account holders 182,508 321 - 15,391 - - 198,220 Restricted investment accounts 32,723 8,600 - - 1,292 - 42,615 Commitments 15,588 2 - - - - 15,590 66 Annual Report 2011
KHALEEJI COMMERCIAL BANK BSC NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the year ended 31 December 2011 BD 000’s 30. FAIR VALUE a) Fair value of financial instruments Fair value is an amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm’s length transaction. The fair values of quoted Sukuk carried at amortised cost of BD 8,209 thousand (2010: BD 10,240 thousand) amounts to BD 7,899 thousand as at 31 December 2011 (2010: BD 9,076 thousand). Other than equity investments carried at cost of BD 72,741 thousand (2010: BD 69,648 thousand), the estimated fair values of the Bank’s other financial instruments are not significantly different from their carrying values. b) Fair value hierarchy The table below analyses the financial instruments carried at fair value, by valuation method. The different levels have been defined as follows: • Level 1: quoted prices (unadjusted) in active markets for identical assets and liabilities. • Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). • Level 3 : inputs for the asset or liability that are not based on observable market data (unobservable inputs). 31 December 2011 level 1 Level 2 Level 3 Total Investment securities Equity type instruments carried at fair value through income statement - - 17,452 17,452 Equity type instruments carried at fair value through equity 211 - - 211 211 - 17,452 17,663 31 December 2010 Level 1 Level 2 Level 3 Total Investment securities Equity type instruments carried at fair value through income statement - - 12,796 12,796 Equity type instruments carried at fair value through equity 274 - - 274 274 - 12,796 13,070 The table below shows the reconciliation of movements in value of investments measured using Level 3 inputs: 2011 2010 At 1 January 12,796 - Total gains or losses: - In profit or loss 4,656 - Purchases - 12,796 At 31 December 17,452 12,796 Consolidated Financial Statements 67
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MOVING FORWARD Annual Report 2011
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2011 Annual Report - Khaleeji Commercial Bank BSC

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