BBK Annual Report 2011

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BBK Annual Report 201138
Independent Auditors’ reportto the shareholders of BBK B.S.C.Report on the financial statementsWe have audited the accompanying consolidated financial statements of BBK B.S.C. (“the Bank”) and its subsidiaries (together “the Group”) whichcomprise the consolidated statement of financial position as at 31 December 2011 and the consolidated statements of income, comprehensive income,changes in equity and cash flows for the year then ended, and a summary of significant accounting policies and other explanatory information.Board of Directors’ responsibility for the financial statementsThe Board of Directors is responsible for the preparation and fair presentation of these financial statements in accordance with International FinancialReporting Standards, and for such internal control as the Board of Directors determines is necessary to enable the preparation of the financial statementsthat are free from material misstatement, whether due to fraud or error.Auditors’ responsibilityOur responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordancewith International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the consolidated financial statements are free from material misstatement.An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. Theprocedures selected depend on the auditors’ judgement, including the assessment of the risks of material misstatement of the consolidated financialstatements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparationand fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but notfor the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of accounting estimates made by the Board of Directors, as well as evaluating the overall presentationof the consolidated financial statements.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinionOpinionIn our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Group as at 31 December 2011, itsfinancial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards.Report on other regulatory requirementsAs required by the Bahrain Commercial Companies Law and the Central Bank of Bahrain (CBB) Rule Book (Volume 1), we report that:a) the Bank has maintained proper accounting records and the consolidated financial statements are in agreement therewith; andb) the financial information contained in the Report of the Board of Directors is consistent with the consolidated financial statements.We are not aware of any violations of the Bahrain Commercial Companies Law, the Central Bank of Bahrain and Financial Institutions Law, the CBBRule Book (Volume 1 and applicable provisions of Volume 6) and CBB directives, regulations and associated resolutions, rules and procedures of theBahrain Bourse or the terms of the Bank’s memorandum and articles of association during the year ended 31 December 2011 that might have had amaterial adverse effect on the business of the Bank or on its financial position. Satisfactory explanations and information have been provided to us bymanagement in response to all our requests.29 January 2012Manama, Kingdom of BahrainBBK Annual Report 201139
Page 1 and 2: Annual Report 2011peopleheritagecom
Page 3 and 4: June 1999Inauguration ofBBK Pedestr
Page 5 and 6: Contents03 04 06 10 11 14 22 32 37
Page 7 and 8: Our visionBBK will be the premier r
Page 9 and 10: 2007 2008 2009 2010 2011Income stat
Page 11: Message from the ChairmanI am pleas
Page 14 and 15: Board of Directors(left to right)Mu
Page 16 and 17: Board of Directors' report continue
Page 18 and 19: Corporate Governance reportCorporat
Page 20 and 21: Corporate Governance report continu
Page 26 and 27: BBK’s respectablefinancial perfor
Page 28 and 29: Management Review continuedMuch of
Page 30 and 31: Management Review continuedCredit M
Page 32 and 33: Executive ManagementAbdulkarim Ahme
Page 34 and 35: Organisation informationBOARD OF DI
Page 36 and 37: Financial ReviewThis review incorpo
Page 38 and 39: Financial Review continuedConsolida
Page 40 and 41: BBK Annual Report 201136
Page 44 and 45: Consolidated statement of financial
Page 46 and 47: Consolidated statement of comprehen
Page 48 and 49: Consolidated statement of cash flow
Page 50 and 51: 31 December 2011Notes to the consol
Page 72 and 73: For the year ended 31 December 2011
Page 74 and 75: Basel II Pillar III disclosures con

BBK Annual Report 2011

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