BBK annual report eng 21.5.5

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Auditors’ Report to the Shareholdersof Bank of Bahrain and Kuwait B.S.C.We have audited the accompanying consolidated balance sheet of Bank of Bahrain and Kuwait B.S.C. (the Bank) and its subsidiaries (the Group)as of 31 December 2004, and the related consolidated statements of income, cash flows and changes in equity for the year then ended. Theseconsolidated financial statements are the responsibility of the Bank's Board of Directors. Our responsibility is to express an opinion on theseconsolidated financial statements based on our audit.We conducted our audit in accordance with International Standards on Auditing. Those Standards require that we plan and perform the audit toobtain reasonable assurance about whether the consolidated financial statements are free of material misstatement. An audit includes examining,on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements. An audit also includes assessing theaccounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.We believe that our audit provides a reasonable basis for our opinion.In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Group as of 31 December2004, and of the results of its operations and its cash flows for the year then ended in accordance with International Financial Reporting Standards.We confirm that, in our opinion, proper accounting records have been kept by the Bank and the consolidated financial statements and the contentsof the Chairman’s statement relating to these consolidated financial statements, are in agreement therewith. We further <strong>report</strong>, to the best of ourknowledge and belief, that no violations of the Bahrain Commercial Companies Law, nor of the Bahrain Monetary Agency Law, nor of the memorandumand articles of association of the Bank, have occurred during the year ended 31 December 2004 that might have had a material adverse effect onthe business of the Bank or on its consolidated financial position, and that the Bank has complied with the terms of its banking licence. We obtainedall the information and explanations which we required for the purpose of our audit.6 February 2005Manama, Kingdom of Bahrain
Consolidated Financial Statements34 Consolidated Balance Sheet35 Consolidated Income Statement36 Consolidated Statement of Cash Flows37 Consolidated Statement of Changes in Shareholders’ Equity38 Notes to the Consolidated Financial StatementsAnnual Report 2004 32 | 33
Page 1 and 2: Annual Report2004
Page 3 and 4: Our VisionBank of Bahrain and Kuwai
Page 5 and 6: Financial Highlights2000 2001 2002
Page 7 and 8: Chairman’s StatementFinancial per
Page 9 and 10: AppreciationOn behalf of the Board
Page 11 and 12: Hamad Ahmad Al BusairiDirectorMoham
Page 13 and 14: 95%Bahrainisation levelBBK became t
Page 15 and 16: CustomersTo meet the challenges pos
Page 17 and 18: 34%Utilization in internet home ban
Page 19 and 20: Abdul Karim Ahmed BucheeryAmit Kuma
Page 21 and 22: Operating expensesTotal operating e
Page 23 and 24: Treasury bills and inter-bank depos
Page 25 and 26: Liquidity riskLiquidity risk is def
Page 27 and 28: Additional DisclosuresI. Corporate
Page 29 and 30: 9. DutiesThe Committee shall:9.1. D
Page 31 and 32: Board of DirectorsGeneral ManagerCh
Page 33: XII. Disclosure Standards Requireme
Page 37 and 38: Consolidated Income StatementYear e
Page 39 and 40: Consolidated Statement of Changes i
Page 41 and 42: 3 Significant accounting policies (
Page 43 and 44: 3 Significant accounting policies (
Page 45 and 46: 6 Loans and advances to customers20
Page 47 and 48: 7 Non-trading investment securities
Page 49 and 50: 16 Cumulative changes in fair value
Page 51 and 52: 22 Segmental information (continued
Page 53 and 54: 25 DerivativesIn the ordinary cours
Page 55 and 56: 26 Commitments and contingent liabi
Page 57 and 58: 30 Interest rate risk management (c
Page 59 and 60: 30 Interest rate risk management (c
Page 61 and 62: 33 Liquidity risk (continued)As of
Page 63: 39 Deposit protection schemeDeposit

BBK annual report eng 21.5.5

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