(Jamaica) Limited - FirstCaribbean International Bank

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notes to the Financial Statements Year Ended 31 October 2009 (Expressed in Jamaican dollars unless otherwise indicated) 19. Statutory Reserve Fund The Group The Bank 2009 2008 2009 2008 $’000 $’000 $’000 $’000 Balance at beginning of year 2,096,667 1,156,667 1,791,667 1,011,667 Transfer from retained earnings 50,000 940,000 – 780,000 Balance at end of the year 2,146,667 2,096,667 1,791,667 1,791,667 The fund is maintained in accordance with the Banking Act 1992, for the Bank and The Bank of Jamaica (Building Societies) Regulations 1995, for FirstCaribbean International Building Society. These require that minimum prescribed percentages of net income be transferred to the reserve fund until the amount in the fund is not less than paid up share capital. 20. Retained Earnings Reserve The Group The Bank 2009 2008 2009 2008 $’000 $’000 $’000 $’000 Balance at beginning of year 1,776,163 1,776,163 1,640,666 1,640,666 Transfer from retained earnings 840,000 – 840,000 – Balance at end of year 2,616,163 1,776,163 2,480,666 1,640,666 Sections 2 of the Banking Act 1992 and the Bank of Jamaica (Building Societies) Regulations 1995, permit the transfer of any portion of net profit to a retained earnings reserve. This reserve constitutes a part of the capital base for the purpose of determining the maximum level of deposit liabilities and lending to customers. Transfers to the retained earnings reserve are made at the discretion of the Board; such transfers must be notified to the Bank of Jamaica. 21. Loan Loss Reserve The Group The Bank 2009 2008 2009 2008 $’000 $’000 $’000 $’000 Balance at beginning of year 360,230 323,748 304,026 297,893 Transfer from retained earnings 242,659 36,482 180,234 6,133 Balance at end of the year 602,889 360,230 484,260 304,026 This is a non-distributable reserve representing the excess of the provision for loan losses determined using the Bank of Jamaica’s regulatory requirements over the amount determined under IFRS (Note 9). 58
notes to the Financial Statements Year Ended 31 October 2009 (Expressed in Jamaican dollars unless otherwise indicated) 22. Building Society Reserve The Group The Bank 2009 2008 2009 2008 $’000 $’000 $’000 $’000 Balance at beginning and end of the year 45,522 45,522 – – In accordance with the Income Tax Act, FirstCaribbean International Building Society may transfer amounts from retained earnings to a general reserve on a tax free basis until this reserve equals 5% of prescribed assets. 23. net Interest Income Interest and similar income: The Group The Bank 2009 2008 2009 2008 $’000 $’000 $’000 $’000 Cash and balances due from banks 664,732 747,074 996,991 1,135,859 Investment securities 299,344 166,541 299,344 166,541 Loans and advances 4,209,749 4,032,772 3,320,526 3,311,276 Repurchase agreements and other 46,224 35,362 7,332 9,873 5,220,049 4,981,749 4,624,193 4,623,549 Interest and similar expense: Customer deposits (1,816,258) (1,655,123) (1,465,142) (1,494,616) Debt securities in issue (103,618) (231,173) (103,618) (231,173) (1,919,876) (1,886,296) (1,568,760) (1,725,789) net interest income 3,300,173 3,095,453 3,055,433 2,897,760 24. Other Operating Income The Group The Bank 2009 2008 2009 2008 $’000 $’000 $’000 $’000 Net fees and commissions 603,008 498,771 596,263 498,125 Foreign exchange transactional net gains 213,169 277,029 206,125 278,800 Foreign exchange revaluation net gains (losses) 1,502 (8,617) (11,215) (12,201) Trading securities net gains (losses) 239,027 (186,101) 239,027 (186,101) Other operating income – 13,398 – – 1,056,706 594,480 1,030,200 578,623 Foreign exchange transactional net gains include gains and losses arising from foreign currency trading activities. 59
Page 2 and 3:
Corporate Profile .................
Page 4 and 5:
Financial Highlights 2009 Earnings
Page 6 and 7:
Managing Director Clovis Metcalfe M
Page 8 and 9:
6 Senior Management and Advisors
Page 10 and 11: Our Communities FirstCaribbean Inve
Page 12 and 13: Management’s Discussion and Analy
Page 14 and 15: Total Assets ($’B) Deposits (‘$
Page 16 and 17: 14 Management’s Discussion and An
Page 18 and 19: CharteredÊ Accountants 8 Oliver Ro
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
Page 96 and 97: 94 Ownership Structure
Page 98 and 99: Notice of Meeting nOTICE IS HEREBY
Page 100 and 101: 98 Notes
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(Jamaica) Limited - FirstCaribbean International Bank

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