(Jamaica) Limited - FirstCaribbean International Bank

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CharteredÊ Accountants 8 Oliver Road, Kingston 8 Jamaica Tel: (876) 925-2501 Fax: (876) 755-0413 www.ey.com InDEPEnDEnT AUDITORS’ REPORT To the Shareholders of FirstCaribbean International Bank (Jamaica) Limited We have audited the accompanying financial statements of FirstCaribbean International Bank (Jamaica) Limited and its subsidiary (the “Group”) and FirstCaribbean International Bank (Jamaica) Limited (the “Bank”) which comprise the consolidated and bank balance sheets as at 31 October 2009 and the consolidated and bank statements of income, changes in stockholders’ equity and cash flows for the year then ended, and a summary of significant accounting policies and other explanatory notes. 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 and with the requirements of the Jamaican Companies Act. 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 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 obtain reasonable assurance whether the financial statements are free from 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 the auditor’s 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 financial statements give a true and fair view of the financial positions of the Group and the Bank as at 31 October 2009, and of the Group’s and the Bank’s financial performance, changes in stockholders’ equity and cash flows for the year then ended in accordance with International Financial Reporting Standards and with the requirements of the Jamaican Companies Act. Report on Additional Requirements of the Jamaican Companies Act 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. In our opinion, proper accounting records have been maintained and the financial statements are in agreement with the accounting records, and give the information required by the Jamaican Companies Act in the manner so required. Chartered Accountants Kingston, Jamaica 17 December 2009 16
Consolidated Balance Sheet As at 31 October 2009 (Expressed in Jamaican dollars unless otherwise indicated) ASSETS notes 2009 2008 $’000 $’000 Cash and balances with Central Bank 3 7,814,217 8,283,849 Due from other banks 4 5,172,697 1,976,639 Derivative financial instruments 5 14,521 – Other assets 6 1,187,465 1,681,097 Investment securities 7 2,294,308 1,101,528 Government securities under reverse repurchase agreements 8 252,024 262,066 Loans and advances to customers 9 34,385,404 34,936,630 Property and equipment 10 654,000 549,935 Deferred tax assets 11 7,090 9,644 Retirement benefit asset 12 874,124 824,680 TOTAL ASSETS 52,655,850 49,626,068 The accompanying notes form an integral part of these financial statements. 17
Page 2 and 3: Corporate Profile .................
Page 4 and 5: Financial Highlights 2009 Earnings
Page 6 and 7: Managing Director Clovis Metcalfe M
Page 8 and 9: 6 Senior Management and Advisors
Page 10 and 11: Our Communities FirstCaribbean Inve
Page 12 and 13: Management’s Discussion and Analy
Page 14 and 15: Total Assets ($’B) Deposits (‘$
Page 16 and 17: 14 Management’s Discussion and An
Page 20 and 21: Consolidated Balance Sheet As at 31
Page 22 and 23: Consolidated Statement of Income Ye
Page 24 and 25: Balance Sheet As at 31 October 2009
Page 26 and 27: Statement of Changes in Equity Year
Page 28 and 29: Statement of Cash Flow Year Ended 3
Page 30 and 31: notes to the Financial Statements Y
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notes to the Financial Statements Y
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94 Ownership Structure
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Notice of Meeting nOTICE IS HEREBY
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98 Notes
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(Jamaica) Limited - FirstCaribbean International Bank

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