Consolidated Financial Highlights Banco di Caribe by alicejenny


									                                                                                             Consolidated statement of financial
    2011 Consolidated                                                                        position
                                                                                             as at December 31, 2011 (in ‘000 Antillean Guilders)
                                                                                                                                                                           Explanatory notes to the consolidated
   Financial Highlights                                                                       Assets
                                                                                                                                                      2011        2010*
                                                                                                                                                                           financial highlights of Banco di Caribe N.V.
                                                                                              Cash and due from banks                           324,263         238,141

   Banco di Caribe N.V.
                                                                                              Financial instruments                             165,543         287,960
                                                                                              Investment property                               279,731          46,424    A. Accounting policies                        this subsidiary holds on behalf of its        until the investment is derecognized or      Net interest income
                                                                                              Loans and advances                                794,792         779,836                                                  customers. The Bank is the sole share-        impaired, whereupon the cumulative           Interest income and expense is recognized
                                                                                              Property and equipment                             63,479          63,287    1. General                                    holder of all of its subsidiaries. All sig-   gains or losses previously recognized in     as it accrues. Interest income arising from
                                                                                              Deferred tax assets                                 5,098           6,400    The principal accounting policies adop-       nificant intercompany assets, liabilities,    equity are recognized in the income          debt securities and deposits with other
Letter from the CEO                                                                           Other assets
                                                                                              Customers’ liability under acceptances
                                                                                                                                                                           ted in the preparation of the consolidated    revenues and expenses have been elimi-        statement.                                   banks is recognized as it accrues, taking
                                                                                                                                                                           financial    statements   of   Banco    di    nated in preparing the consolidated                                                        into effect the effective yield on the in-
On behalf of the Board of Managing            As in previous years, the Bank remained         Total assets                                    1,683,378       1,485,317
Directors, I am pleased to report that        committed to the communities in which                                                                                        Caribe N.V. are set out below. These          financial statements.                         Loans and advances to customers              vestment.
Banco di Caribe N.V.’s Net Profit for         it operates, by way of donations, volun-                                                                                     explanatory notes are an extract of the       The most significant accounting policies      Loans and advances are carried at amor-
2011 increased by 50% over the previous       teer work of its employees and support          Liabilities and Shareholders’ equity
                                                                                                                                                                           detailed notes included in the consoli-       are set out below.                            tized cost, less an allowance for possible   Investment income
year to ANG 28.8 million. As a result, the    to numerous organizations that are ac-
Bank’s equity increased to ANG 235 mil-       tive in the field of youth care, sports and     Liabilities                                                                  dated financial statements and are con-                                                     loan losses. Changes in the total allow-     Investment income includes realized
lion. Total assets of the Bank increased      socio-cultural events.                          Deposits from customers and banks               1,424,291       1,206,924    sistent in all material respects with         4. Comparative figures                        ance for possible loan losses are charged    and unrealized result from fair value
by ANG 198 million or 13% compared to
                                                                                              Deferred tax liabilities                            3,839           4,903    those from which they have been derived.      The Bank has decided for early adoption       to the income statement. Loans deemed        changes related to financial assets at fair
2010 to ANG 1.68 billion. All markets in      Our Bank’s strong financial performance
which the Bank operates made a posi-          in 2011, the introduction of innova-            Current tax liabilities                             1,806           2,608    Throughout this report, the word Bank         of the amended IAS 19 in 2011. The early      uncollectible are charged-off against the    value through profit or loss, realized re-
tive contribution to the Bank’s 2011 per-     tive products and our contribution to           Payables and other financial liabilities            7,101           5,664    refers to Banco di Caribe N.V. and its                                                                                                   sult on available-for-sale securities, in-
                                                                                                                                                                                                                         adoption has been accounted for retro-        allowance for possible loan losses.
formance.                                     our communities were made possible              Employee benefits                                   5,032           5,488
                                              through the combined commitment                                                                                              subsidiaries.                                 spectively. In this regard the compara-       Subsequent recoveries are credited in the    cluding impairment losses, gains and
These positive results are a direct reflec-   and support of the Bank’s key stakehold-        Acceptances outstanding                             6,304          26,437
                                                                                                                                                                                                                         tive figures for post retirement employee     income statement.                            losses arising from the sale, revaluation
tion of the Bank’s continued focus on         ers. The Board of Managing Directors of         Total liabilities                               1,448,373       1,252,024
                                                                                                                                                                           2. Basis of preparation                       benefits for the year 2010 have been                                                       of investment property and rental income
providing first class customer service,       the Bank is very grateful to the Bank’s
new leading-edge on-line products and         employees, customers, shareholder and           Shareholders’ equity                                                         The consolidated financial statements,        revised for comparison purposes.                                                           from investment property.
services, competitive lending rates and       especially the Supervisory Directors for        Share capital and share premium                   96,427         119,021     from which these Consolidated Finan-          Furthermore in order to be in confor-
compliance to sound risk management           their commitment and support to the
                                                                                              Treasury shares                                         -         (22,594)   cial Highlights have been derived, have       mity with the 2011 presentation certain
principles.                                   continued success of the Bank.
                                                                                              Retained earnings                                100,990           98,308    been prepared in accordance with Inter-       adjustments have also been made with            B. Specification of accounts
During 2011, the Bank further enhanced        Willemstad, Curaçao | April 25, 2012            Other reserves                                    37,588           38,558    national Financial Reporting Standards        regard to 2010 deferred tax liabilities.        (in ‘000 Antillean Guilders)
its e–banking services by introducing                                                         Total shareholders’ equity                       235,005         233,293
24/7 Smartphone banking, and offered          Ildefons Simon                                                                                                               (IFRS) issued by the International Accoun-
new customer-oriented products such as        CEO & General Managing Director                 Total liabilities and shareholders’ equity      1,683,378       1,485,317    ting Standards Board (IASB).                  Financial instruments                           I. Assets                                              2011               2010
the Multicard. We also inaugurated our
                                                                                                                                                                                                                         The Bank classifies its financial assets in
fully remodeled main branch in Curaçao.                                                        * Adjusted for comparison purposes
                                                                                                                                                                           The policies used have been consistently      the following categories: financial assets      Financial instruments
                                                                                                                                                                           applied by the Bank and are consistent,       at fair value through profit or loss;
Report of the independent auditor on the                                                     Consolidated income statement                                                 in all material respects, with those used     available-for-sale financial assets and
                                                                                                                                                                                                                                                                         Available-for-sale securities
                                                                                                                                                                                                                                                                         Fair value through profit or loss
consolidated financial highlights                                                            for the year ended December 31, 2011 (in ‘000 Antillean Guilders)             in previous years.                            loans and advances.
                                                                                                                                                      2011        2010*    The financial statements are prepared in
To the Board of Directors and Shareholders of Banco di Caribe N.V.                             Revenues                                                                    thousands of Antillean Guilders (ANG).        Fair value through profit or loss
                                                                                                                                                                                                                                                                         Total financial instruments                        165,543             287,960

We have audited the consolidated financial    ments from which these consolidated              Interest and similar income                          74,193      78,219                                                   Financial assets at fair value through
statements of Banco di Caribe N.V. and        financial highlights were derived.               Interest expense and similar charges                 32,953      33,776                                                                                                   Loans and advances to customers
                                                                                                                                                                           3. Basis of consolidation                     profit or loss are initially recognized at
its subsidiaries (the “Bank”) for the year    In our opinion, the accompanying consol-
                                                                                               Net interest income                                  41,240      44,443     Subsidiaries are those enterprises con-       fair value, with subsequent fair value          Retail customers                                   441,325            396,736
ended December 31, 2011, from which           idated financial highlights as of Decem-
these consolidated financial highlights       ber 31, 2011 are consistent, in all material                                                                                 trolled by the Bank. Control exists when      changes recognized immediately in               Corporate customers                                391,058            412,727
consisting of the consolidated balance        respects, with the consolidated financial
                                                                                               Net fees and commission income                       10,973       9,954
                                                                                               Investment income                                    33,075      12,877     the Bank has the power, directly or           profit or loss. The Bank designates fi-         Total loans and advances                           832,383             809,463
sheet, consolidated income statement,         statements from which they have been
and explanatory notes to the consolidat-      derived.                                         Foreign exchange fees and results                     3,481       2,359     indirectly, to govern the financial and       nancial assets at fair value through            Less: Allowance for doubtful accounts               (37,591)           (29,627)
ed financial highlights were derived, in                                                       Other operating income                                     -        141     operating policies of the enterprise so       profit or loss if the assets are managed,
accordance with International Standards       For a better understanding of the Bank’s
on Auditing.                                  financial position and the results of its        Total non-interest income                            47,529      25,331     as to obtain benefits from its activities.    evaluated and reported internally on a          Net loans and advances                             794,792             779,836
                                              operations for the period and of the scope                                                                                   The financial statements of subsidiaries      fair value basis or if designation as such
Management is responsible for the prepa-      of our audit, the consolidated financial         Total income                                         88,769      69,774
                                                                                                                                                                           are included in the consolidated finan-       eliminates an accounting mismatch               II Liabilities
ration of the consolidated financial high-    highlights should be read in conjunction
lights in accordance with the Provisions      with the consolidated financial state-           Expenses                                                                    cial statements from the date that            which would otherwise arise.
for Disclosure of Consolidated Financial      ments from which they have been derived                                                                                      control commences until the date that
                                                                                               Personnel expenses                               28,630          28,896                                                                                                   Customers’ deposits
Highlights of Domestic Banking Institu-       and our auditor’s report thereon.
tions published by the Centrale Bank van                                                       Operating expenses                               25,450          22,540     control ceases.                               Available-for-sale
                                                                                                                                                                                                                                                                         Retail customers                                   488,507             427,742
Curaçao en Sint Maarten.                      Curaçao | April 25, 2012                         Total administrative expenses                    54,080          51,436                                                   Available-for-sale investments are non-
                                                                                                                                                                                                                                                                         Corporate customers                                827,145            733,507
                                                                                                                                                                           The consolidated financial statements in-     derivative investments that are inten-
In our auditor’s report dated April 25,       KPMG Accountants B.V.                            Addition to allowance for doubtful accounts           4,202        1,783                                                                                                  Deposits from other banks                              7,835            18,394
2012, we expressed an unqualified opin-       M.L.M. Kesselaer RA                                                                                                          corporate the assets, liabilities, revenues   ded to be held for an indefinite period
ion on those consolidated financial state-                                                                                                                                                                                                                               Other deposits                                     100,804              27,281
                                                                                              Total expenses                                    58,282          53,219     and expenses of Banco di Caribe N.V. and      of time. Available-for-sale investments
                                                                                                                                                                           its subsidiaries, except for the assets and   are initially recognized at fair value
                                                                                              Profit before tax                                 30,487          16,555                                                                                                   Total customers’ deposits                        1,424,291           1,206,924
                                                                                                                                                                           liabilities of N.V. Trustmaatschappij van     plus transaction cost, with fair value
                                                                                              Profit tax                                         1,654           (2,681)
                                                                                                                                                                           Banco di Caribe relating to the securities    changes recognized directly in equity,
                                                                                              Net profit for the year                           28,833          19,236

                                                                                               * Adjusted for comparison purposes


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