GHANA FINANCIAL STATEMENTS 2017 - BANK OF AFRICA

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GHANAFINANCIAL STATEMENTS 2017

Table of contentsCorporate Information3-6Reports of the Directors7Report on the audit of the financial statements9Financial StatementsStatement of profit or loss and other comprehensive incomeStatement of financial position as at 31 December 2017Statement of changes in equity as at 31 December 2017Statement of cash flows as at 31 December 2017Notes to the Financial Statements141415161718-68

F I N A N C I A L S TAT E M E N T S 2 017Opening date: December 2011Created in 1999: AMALBANKIntegrated into BOA network in 2011Principal shareholders as at 31/12/20176.51 %Capital as at 31/12/2017Ghana Cedis (GHS) 100.96 billionBoard of Directorsas at 31/12/2017Stephan ATA, ChairmanAmine BOUABIDKobby ANDAHPatrick ATAAbdelkabir BENNANIVincent de BROUWERJohn KLINOGONana OWUSU-AFARIAuditorsERNST & YOUNGRegistered office1st Floor, Block A&B,The Octagon, Independence Avenue,P.O Box C1541, Cantonments, Accra,GhanaTél: (233) 302 249 690 / 302 249 679 Fax: (233) 302 249 6973enquiries@boaghana.comwww.boaghana.com93.49 %BOA WEST AFRICAOTHER SHAREHOLDERSFinancial analysisBANK OF AFRICA - GHANA (BOA-GHANA)recorded a net profit of GH 23.92 million in 2017.The Bank saw its Banking Net profit increasingby 9%, passing from GH 112 million in 2016to GH 122.1 million at the end of 2017. This figuresuits to the growth strategy of the productive assetwhich consists in increasing the number of loansgranted to the retail banking customers.In a less favorable economic environment, theproducts of commissions declined by 6.7%,passing to GH 19.2 million from GH 20.5 million in 2016.The efforts of optimization of operating expensesallowed to limit the increase to 5%, in a contextmarked by an average inflation of 12.4%. Thesethus passed from GH 76.1 million in 2016 to GH 80.1 million in 2017.

GHANAKey figures 2017ActivityDepositsLoansNumber of branchesStructureTotal assetsShareholders’ equityNumber of employeesIncomeNet operating incomeOperating expenses(includind depreciation and amortization)Gross operating profitCost of risk in value (*)Net IncomeOperating ratioCost of riskReturn on Assets (ROA)Return on Equity (ROE)Capital adequacy ratioTier 1Tier 2Risk Weighted Asset (RWA)Tier 1 Tier 2 / RWA201667944726201788449526Variation30.2 %10.7 %0.0 %(in GHS million) 17.4 %Total assets1,1441633981,34318835617.4 %15.3 %-10.6 %Deposits679 GHS million20161121229.0 %7636112467.7 %2.7 %2.1 %21.0 %804292465.6 %1.8 %1.9 %18.2 %5.4 %16.7 %-21.3 %-1 %12714971617.7 %87617.0 %884 GHS million2017Loans 10.7 %Net operating income 9.0 %(*) Including general provisionThe quality of the assets of the Bank improved withsubsidies in reserves on Non-Performing Loans (NPL)which decreased by 27.6%, passing to GH 8.7million in 2017.In spite of the economic difficulties met in 2017having pressed on the banking sector, theprofitability of stockholders' equity (ROE) becameestablished in 18.2% and that of assets (ROA) in 2%.Due to the 30% increase of the customer deposits, thetotal balance sheet of the Bank increased GH 200million, closing at GH 1,343.04 million in 2017.BOA-GHANA always shows a robust 16.9% debtratio, clearly upper to the statutory threshold of 10%.The outstanding discounted bill of the customerdeposits increased by a third between 2016 and atthe end of 2017, passing to GH 884.6 millionwith an improvement of the composition of thewallet (portfolio) of deposits by favoring the weaklypaid deposits.The bank net loans increased by 11% to reach GH 495.8 million, against GH 447.1 million in2016. Our Non-Performing Loans ratio (NPL)remained in 18.8%, with a cover rate in 57%.The digital strategy of the bank is led by the centralstructures of the Group through a project named "XBanking". This construction site has to allow the bankto digitize gradually its products and its services andto improve service delivery to the customer.BOA-GHANA also widened her clientele with anumber of accounts from 231,258 in 2016 to244,903 in 2017. This growth allowed to improvethe rate of mobilization of the deposits of thecustomers.4

F I N A N C I A L S TAT E M E N T S 2 017DirectorsBoard committeesBoard of Directors (Directors)Stephan AtaNana Owusu-AfariDr. Patrick AtaJohn KlinogoKobby AndahAmine BouabidVincent De BrouwerAbdelkabir berMemberMemberRisk and Compliance committeeDr. Patrick AtaAbdelkabir BennaniVincent De BrouwerJohn KlinogoKobby AndahFestus Awuah it committeeJohn KlinogoVincent De BrouwerNana Owusu-AfariAbdelkabir BennaniArnold DabiRecoveries committeeDr. Patrick AtaStephan AtaNana Owusu-AfariAbdelkabir BennaniKobby AndahHR & Remuneration committeeJohn KlinogoDr Patrick AtaAbdelkabir BennaniKobby AndahAbubakar EssumanCompany secretaryGodwyll AnsahP. O. Box C 1541Cantonments - ecretaryRemark

GHANARegistered officeAuditorsBankersThe OctagonFirst Floor ; Block A & BIndependence AvenueP.O. Box C 1541Cantonments – AccraErnst & YoungChartered AccountantsG15, White AvenueAirport Residential AreaP. O. Box KA 16009Airport, AccraBank of Ghana, GhanaGhana International Bank, LondonDZ Bank, GermanyStandard Chartered Bank, New YorkGhana Commercial Bank Limited, GhanaCommerz Bank, GermanyEcobank NigeriaDeutsche Bank, New YorkStandard Chartered Bank Ghana LimitedAccess Bank, London, UKBMCE Bank International, SpanBOA-BENINBOA-CÔTE TANZANIABOA-UGANDABOA-SENEGALBOA-BURKINA FASO6

F I N A N C I A L S TAT E M E N T S 2 017Reports of the DirectorsThe Directors have the pleasure in presenting their report and the audited financial statements for the yearended 31 December 2017.Statement of directors’ responsibilitiesThe Bank’s Directors are responsible under the Companies Act, 1963 (Act 179) and the Banks andSpecialised Deposit-Taking Institutions Act, 2016 (Act 930) for the preparation of the financial statements foreach financial year, which give a true and fair view of the state of affairs of the company and of the profitand loss and cash flows for that year. In preparing these financial statements, the Directors have selectedsuitable accounting policies and applied them consistently, made judgments and estimates that are reasonableand prudent; stated whether applicable accounting standards have been followed, disclosed and explainedin the financial statements; prepared the financial statements on a going concern basis unless it isinappropriate to presume that the company will continue in business and that the financial statements areprepared in accordance with International Financial Reporting Standards.The Directors are responsible for ensuring that the company keeps proper accounting records that disclosewith reasonable accuracy at any time the financial position of the Company. The Directors are also responsiblefor safeguarding the assets of the Company and taking reasonable steps for the prevention and detection offraud and other irregularities.Principal activitiesThe principal activities carried out by the Bank during the year under review are within the limits permittedby its regulations, which continued to be banking and finance. These represent no change from the activitiescarried out in the previous year.Operational resultsThe results of operations for the year ended 31 December 2017 are set out in the statement of profit or lossand other comprehensive income, statement of financial position, statement of changes in equity and statementof cash flows together with notes to the financial statements.ActivitiesOPERATIONAL RESULTS2017 (IN GH )2016 (IN GH )CHANGEINCOME TAX EXPENSE(6,703,140)(6,008,081)12%DEFERRED TAX(1,056,028)6,315,787(117)%1,192,856(72)%PROFIT BEFORE TAXATIONNATIONAL FISCAL STABILIZATION LEVYPROFIT AFTER TAX FOR THE YEAROTHER COMPREHENSIVE (LOSS)/INCOMETOTAL COMPREHENSIVE 3%(1)%(4)

GHANAThe Bank made a profit after tax of GH 23,919,520 relative to a profit position of GH 24,167,243 in2016. The total assets of the bank increased from GH 1,144,481,867 in 2016 to GH 1,343,035,939in 2017, an increase of about 14.78% as at 31 December 2017.DividendThe directors do not recommend the payment of dividends.DirectorsThe present list of members of the board is shown on page 1.Signed on behalf of the board by:Stephan AtaDirectorKobby AndahDirectorAccra – Ghana, 16th March, 20188

F I N A N C I A L S TAT E M E N T S 2 017Report on the audit of the financial statementsOpinionWe have audited the financial statements of Bank of Africa Ghana Limited (the Bank) set out on pages 10to 81, which comprise the statement of financial position as at 31 December 2017, the statement of profit orloss and other comprehensive income, the statement of changes in equity and the statement of cash flows forthe year then ended, and notes to the financial statements, including a summary of significant accountingpolicies.In our opinion, the financial statements present fairly, in all material respects, the financial position of theBank as at 31 December 2017, and its financial performance and cash flows for the year then ended inaccordance with International Financial Reporting Standards and in the manner required by the CompaniesAct, 1963 (Act 179) and the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).Basis for OpinionWe conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilitiesunder those standards are further described in the Auditor’s Responsibilities for the Audit of the financialstatements section of our report. We are independent of the Bank in accordance with the International EthicsStandards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code) and otherindependence requirements applicable to performing audits of BANK OF AFRICA - GHANA Limited. Wehave fulfilled our other ethical responsibilities in accordance with the IESBA Code, and in accordance withother ethical requirements applicable to performing the audit of BANK OF AFRICA - GHANA Limited. Webelieve that the audit evidence we have obtained is sufficient and appropriate to provide a basis for ouropinion.Key Audit MattersKey audit matters are those matters that, in our professional judgement, were of most significance in our auditof the financial statements of the current period. These matters were addressed in the context of our audit ofthe financial statements as a whole, and in forming our opinion thereon, and we do not provide a separateopinion on these matters. For each matter below, our description of how our audit addressed the matter isprovided in that context.We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the financialstatements section of our report, including in relation to these matters. Accordingly, our audit included theperformance of procedures designed to respond to our assessment of the risks of material misstatement ofthe financial statements. The results of our audit procedures, including the procedures performed to addressthe matters below, provide the basis for our audit opinion on the accompanying financial statements.9

GHANAKey Audit MatterImpairment of loans and advancesBecause loans and advances form major portion ofthe Bank’s assets and due to the significance ofjudgment used in estimating both the specific andcollective provisions for loans and advances, thisaudit area is considered a key audit risk.The Bank exercises significant judgment usingsubjective assumptions. The determination of therecoverable amount are inherently uncertainprocesses involving various assumptions and factorsincluding the financial condition of thecounterparty, expected future cash flows, estimatedtime to realisation of collaterals and expected netselling prices.As at 31 December 2017, the gross loans andadvances amounted to GH 502,215,755 andrelated impairment provision amounted to GH 8,658,470 thousand. The basis of the impairmentprovision policy is presented in the accountingpolicies note 3.13 and further analysed in Note 22to the financial statements.How the matter was addressed in theauditWe performed tests of controls over the monitoringprocess of loans and advances to confirm theoperating effectiveness of the key controls in placewhich identify the impaired loans and advancesagainst which provisions are required.Where impairment was individually calculated, wetested a sample of loans and advances to assesswhether an event of impairment has been identifiedtimely through performing substantive auditprocedures in connection with impairment provisionsrecognized. We also tested the assumptions andunderlining data used by management in estimatingthe required provisions.For the collective impairment provision, we obtainedan understanding of the methodology used by theBank to determine the collective provisions, assessedthe reasonableness of underlying assumptions andsufficiency of the data used by management.We also assessed whether the financial statementdisclosures appropriately reflect the requirements ofIFRS. Refer to the critical accounting estimates andjudgements, disclosures of loans and advances andcredit risk management on notes 3.1, 22 and 6respectively to the financial statements.Adequacy of regulatory credit riskprovisioningBank of Ghana has specific rules governingregulatory provisions aside application of IFRSimpairment rules. Unlike IFRS impairment rules,regulatory provision rules are more deterministicand triggered mainly by the number of days afacility has been in default.We assessed the systems and related controlsinstituted by management to ensure the accuratedetermination of these provisions.We reviewed the process for aging and categorisingthe loans into the various loan buckets and theapplication of related regulatory provision rates.The excess of regulatory provision over IFRSprovision is recognised directly in equity as CreditRisk Reserves. Regulatory credit risk provisionsrepresent a key risk area for the bank asmisstatements in the carrying amount of this balancecould have significant impact on the bank’s financialstatements including the accuracy of its capitaladequacy computations and other key industryperformance indicators.10

F I N A N C I A L S TAT E M E N T S 2 017Fair valuation of held for trading andavailable for sale financial assetsAs at 31 December 2017, financial assets held fortrading (as disclosed in note 21) and available forsale financial assets (as disclosed in note 23)represented 22% of the Bank’s total assets. The fairvalue of financial instruments is determined throughthe application of valuation techniques. Due to thesignificance of financial instruments and the relatedvaluation risks, this is considered a key audit focusarea. These financial instruments include those heldfor trading and available for sale financialinstruments.The financial instruments that are carried at fairvalue in the Banks’s statement of financial positionas at 31 December 2017 are classified as level 2financial instruments. These instruments were valuedusing prices that were observable in the market.We tested a sample of these provisions based onour overall risk assessment of this account.Our audit procedures to assess the fair valuation ofthe financial assets include the following: We assessed the controls over the identificationand measurement of valuation risk. These controlsinclude independent price verification andmanagement reporting of valuation risk. For the financial instruments held for trading andavailable for sale, we checked that the pricinginputs used were externally sourced and accuratelyused in determining the fair values. Thus we criticallyassessed that the market prices used are genuinelyobservable. We assessed whether the disclosures in thefinancial statements appropriately reflected theBanks’s exposure to financial instrument valuationrisk with reference to the requirements of theprevailing accounting standards.Other InformationThe directors are responsible for the other information. The other information comprises corporate information(Directors, Officials and Registered Office), report of the Directors and statement of directors’ responsibilities.Other information does not include the financial statements and our auditor’s report thereon. Our opinion onthe financial statements does not cover the other information and we do not express an audit opinion or anyform of assurance conclusion thereon.In connection with our audit of the financial statements, our responsibility is to read the other information and,in doing so, consider whether the other information is materially inconsistent with the financial statements orour knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the workwe have performed on the other information obtained prior to the date of this auditor’s report, we concludethat there is a material misstatement of this other information, we are required to report that fact. We havenothing to report in this regard.Responsibilities of the Directors for the financial statementsThe directors are responsible for the preparation and fair presentation of the financial statements inaccordance with International Financial Reporting Standards and the requirements of the Companies Act,1963 (Act 179) and the and the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), andfor such internal control as the directors determine is necessary to enable the preparation of financialstatements that are free from material misstatement, whether due to fraud or error.In preparing the financial statements, the directors are responsible for assessing the Bank’s ability to continueas a going concern, disclosing, as applicable, matters related to going concern and using the going concernbasis of accounting unless the directors either intend to liquidate the Bank or to cease operations, or have norealistic alternative but to do so.Those charged with governance are responsible for overseeing the Bank’s financial reporting processes.11

GHANAAuditor’s responsibilities for the audit of the financial statementsOur objectives are to obtain reasonable assurance about whether the financial statements as a whole arefree from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includesour opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conductedin accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arisefrom fraud or error and are considered material if, individually or in the aggregate, they could reasonablybe expected to influence the economic decisions of users taken on the basis of these financial statements.As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professionalscepticism throughout the audit. We also:Identify and assess the risks of material misstatement of the financial statements, whether due to fraud orerror, design and perform audit procedures responsive to those risks, and obtain audit evidence that issufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,intentional omissions, misrepresentations, or the override of internal control.Obtain an understanding of internal controls relevant to the audit in order to design audit procedures thatare appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectivenessof the Bank’s internal control.Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimatesand related disclosures made by the directors.Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and basedon the audit evidence obtained, whether a material uncertainty exists related to events or conditions that maycast significant doubt on the Bank’s ability to continue as a going concern. If we conclude that a materialuncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in thefinancial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are basedon the audit evidence obtained up to the date of our auditor’s report. However, future events or conditionsmay cause the Bank to cease to continue as a going concern.Evaluate the overall presentation, structure and content of the financial statements, including the disclosures,and whether the financial statements represent the underlying transactions and events in a manner thatachieves fair presentation.Obtain sufficient appropriate audit evidence regarding the financial information of the entities or businessactivities within the bank to express an opinion on the financial statements. We are responsible for the direction,supervision and performance of the Bank’s audit. We remain solely responsible for our audit opinion.We communicate with the directors regarding, among other matters, the planned scope and timing of theaudit and significant audit findings, including any significant deficiencies in internal controls that we identifyduring our audit.We also provide the directors with a statement that we have complied with relevant ethical requirementsregarding independence, and to communicate with them all relationships and other matters that mayreasonably be thought to bear on our independence, and where applicable, related safeguards.From the matters communicated with the directors, we determine those matters that were of most significancein the audit of the financial statements of the current period and are therefore the key audit matters. Wedescribe these matters in our auditor’s report unless law or regulation precludes public disclosure about thematter or when, in extremely rare circumstances, we determine that a matter should not be communicated inour report because the adverse consequences of doing so would reasonably be expected to outweigh thepublic interest benefits of such communication.12

F I N A N C I A L S TAT E M E N T S 2 017Report on other legal requirementsThe Companies Act, 1963 (Act 179) requires that in carrying out our audit we consider and report on thefollowing matters. We confirm that: We have obtained all the information and explanations which to the best of our knowledge and beliefwere necessary for the purposes of our audit; In our opinion proper books of account have been kept by the Bank, so far as appears from ourexamination of those books; Proper returns adequate for the purpose of our audit have been received from branches not visited byus; and The balance sheet (statement of financial position) and the profit or loss account (profit or loss sectionof the statement of profit or loss and other comprehensive income) are in agreement with the books ofaccount.The Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) under section 85(2) requires thatwe report on certain matters. Accordingly, we state that: The accounts give a true and fair view of the statement of affairs of the bank and the results ofoperations for the year under review; We were able to obtain all the information and explanation required for the efficient performance ofour duties; The transactions of the bank are generally within the powers of the bank; The bank has generally complied with the provisions of the Anti-Money Laundering Act, 2008 (Act749), the Anti-Terrorism Act, 2008 (Act 762) and regulations made under these enactments; The bank has generally complied with the provisions of the Banks and Specialised Deposit-TakingInstitutions Act, 2016 (Act 930).Pamela Des Bordes (ICAG/P/1329)For and on behalf of Ernst & Young (ICAG/F/2018/126)Chartered AccountantsAccra – GhanaAccra – Ghana, 16th March, 201813

GHANAFinancial StatementsStatement of profit or loss and other comprehensive incomeINTEREST INCOMEINTEREST EXPENSESNET INTEREST INCOMEFEES AND COMMISSION INCOMEFEES AND COMMISSION EXPENSESNET FEE AND COMMISSION INCOMENET TRADING INCOMENET INCOME FROM OTHER FINANCIAL INSTRUMENTS CARRIED AT FAIR VALUEOTHER OPERATING INCOMEOPERATING INCOMENET IMPAIRMENT LOSS ON FINANCIAL ASSETPERSONNEL EXPENSESDEPRECIATION AND AMORTISATIONOTHER EXPENSESPROFIT BEFORE INCOME TAXINCOME TAX EXPENSEPROFIT FOR THE YEARNOTE82017GH ITY SHAREHOLDERS OF BANK OF AFRICAMINORITY SHAREHOLDERS OF BANK OF TY SHAREHOLDERS OF BANK OF AFRICAMINORITY SHAREHOLDERS OF BANK OF 6719(3,924,562)24,248,1251,558,260TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO:BASIC AND DILUTED EARNINGS PER SHARE4,145,79514PROFIT ATTRIBUTABLE TO:EARNINGS PER SHARE20,492,300-ITEMS THAT WILL SUBSEQUENTLY BE RECLASSIFIED TO PROFIT OR LOSS IN SUBSEQUENT PERIODS (NET OF TAX):TOTAL COMPREHENSIVE INCOME FOR THE YEAR, NET OF TAX112,373,92410BOTHER COMPREHENSIVE INCOME, NET OF INCOME TAXNET GAIN ON AVAILABLE FOR SALE INVESTMENTS (NET OF TAX)2016GH 134,719,8851,652,10714

F I N A N C I A L S TAT E M E N T S 2 017Statement of financial position as at 31 December 2017ASSETSCASH AND CASH EQUIVALENTSNON-PLEDGED TRADING ASSETSPLEDGED TRADING ASSETSDERIVATIVE ASSETS HELD FOR RISK MANAGEMENTINVESTMENTS (OTHER THAN SECURITIES)LOANS AND ADVANCES TO CUSTOMERSINVESTMENT SECURITIESDEFERRED TAX ASSETSCURRENT INCOME TAX ASSETSINTANGIBLE ASSETSOTHER ASSETSPROPERTY, PLANT AND EQUIPMENTTOTAL ASSETSLIABILITIESTRADING LIABILITIESDERIVATIVE LIABILITIES HELD FOR RISK MANAGEMENTBORROWINGSCUSTOMER DEPOSITSDEFERRED TAX LIABILITIESOTHER LIABILITIESTOTAL LIABILITIESCAPITAL RESOURCESSTATED CAPITALRETAINED EARNINGSAVAILABLE FOR SALE RESERVEREGULATORY CREDIT RISK RESERVESTATUTORY RESERVESHAREHOLDERS' FUNDSTOTAL LIABILITIES AND SHAREHOLDERS’ FUNDS2017GH 2016GH 748,977,232163,940,7901,144,481,867NOTE2021222317 (C)17 (D)242526272817(C)29303132TOTAL ATTRIBUTABLE TO:MAJORITY SHAREHOLDERS OF BANK OF AFRICA175,936,704153,268,245MINORITY SHAREHOLDERS OF BANK OF 790The financial statements on pages 14 to 68 were approved by the board of directors on 16th March, 2018and were signed on its behalf by:Stephan AtaDirectorAccra – Ghana, 16th March 2018The notes on pages 14 to 68 are an integral part of these financial statements15Kobby AndahDirector

ETAINEDEARNINGSGH The notes on pages 18 to 68 are an integral part of these financial statementsAT 31 DECEMBER 2016TRANSFER TO STATUTORY RESERVE---TRANSFER FROM CREDIT RESERVETOTAL COMPREHENSIVE INCOME-100,960,828100,960,828-OTHER COMPREHENSIVE INCOMEPROFIT FOR THE YEARAT 1 JANUARY 20162016AT 31 DECEMBER 2017TRANSFER TO STATUTORY RESERVE-TRANSFER FROM CREDIT RESERVETOTAL COMPREHENSIVE INCOME--100,960,828OTHER COMPREHENSIVE INCOMEPROFIT FOR THE YEARAT 1 JANUARY 2017STATED CAPITALGH Statement of changes in equity as at 31 December -5,323,416---41,658,527CREDITRISK RESERVEGH ,760----48,977,232STATUTORYRESERVEGH ,605328,605-1,269,083AVAILABLESALE RESERVEGH 579,667--10,672,545MINORITYSHAREHOLDERS OFTOTALBANK OF AFRICAGH GH

F I N A N C I A L S TAT E M E N T S 2 017Statement of cash flows as at 31 December 2017CASH FLOWS FROM OPERATING ACTIVITIESPROFIT BEFORE TAXATIONADJUSTMENTS FOR:DEPRECIATION AND AMORTISATIONOPERATING LEASE PREPAIDEXCHANGE GAINGAIN ON DISPOSAL OF PROPERTY AND EQUIPMENTPROFIT BEFORE WORKING CAPITAL CHANGESCHANGES IN NON-PLEDGED TRADING ASSETSCHANGE IN DERIVATIVE ASSETS HELD FOR RISK MANAGEMENT2017GH 2016GH 552(102,678)(166,060,315)11,552(780)-CHANGE IN LOANS AND ADVANCES TO CUSTOMERS22(48,663,730)(59,592,633)CHANGE IN DERIVATIVE LIABILITIES HELD FOR RISK MANAGEMENT21-(21,129,834)CHANGE IN OTHER ASSETSCHANGES IN BORROWINGSCHANGE IN DEPOSITS FROM CUSTOMERSCHANGE IN OTHER LIABILITIES AND 37,06528CASH FLOWS FROM INVESTING ACTIVITIESPURCHASE OF INVESTMENT SECURITIESPROCEEDS FROM THE SALE OF PROPERTY AND EQUIPMENTPURCHASE OF INTANGIBLE ASSETSNET CASH GENERATED FROM INVESTING ACTIVITIESNET CASH FROM FINANCING ACTIVITIESNET INCREASE IN CASH AND CASH EQUIVALENTSCASH AND CASH EQUIVALENTS AT 1 JANUARYEFFECT OF EXCHANGE RATE FLUCTUATIONS ON CASH HELDCASH AND CASH EQUIVALENTS AT 31 DECEMBEROPERATIONAL CASH

Standard Chartered Bank, New York Ghana Commercial Bank Limited, Ghana Commerz Bank, Germany Ecobank Nigeria Deutsche Bank, New York Standard Chartered Bank Ghana Limited Access Bank, London, UK BMCE Bank International, Span BOA-BENIN BOA-CÔTE D’IVOIRE BOA-FRANCE BOA-KENYA BOA

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