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A comprehensive sustainability report has been provided as part of this annual report. Our Bank remains firm in its commitment to the CBN s sustainable banking principles. Maintaining good governance The Board believes that a business built on the principles of good governance is more likely to succeed over the long term. We responded constructively to various government and regulatory consultation exercises in Creating an environment conducive to good governance is critically important for our business.

As such, your Board employs a variety of platforms, including the annual Board strategy retreat to engage Executive Management to ensure strategy alignment. On remuneration, we ensure that the compensation structure of the Management Team is linked to the longer-term objectives of Sterling Bank and, in turn, the longer-term interests of shareholders.

Board changes A major part of the Board s responsibilities is providing adequately for succession. It would be a great honour to be considered suitable by you, our esteemed shareholders, as the Chairman of this great institution at the AGM. I humbly look forward to your endorsement of my colleagues and I who have been recommended for your consideration: Mr. Olaitan Kajero, Mrs. Tairat Tijani and Mrs. Yemi Odubiyi and Mr. Narasimhan as Executive Directors.

The new Board members appointments have been approved by the CBN. We understand the importance of diversity within our business, not the least because of the wide range of consumers we serve. This goes right through our organisation, starting with the Board. We are committed to gender diversity at Board level and are tracking the major efforts being made by the Bank s management to increase the number of women in the Bank s workforce.

It would be a distinct privilege and a rare honour for me to lead this versatile and hardworking Board in delivering excellent value to shareholders in the years to come and thereby move our bank effectively to higher levels. The composition of the Board, with seasoned professionals with their diverse and rich experiences in the private and public sectors, would further enhance the capacity of the Board to deliver on its corporate goals.

I have no doubt in my mind that this Board will serve you with the utmost sense of responsibility, commitment and excellence, steering this great institution to unprecedented heights in the years ahead. Business outlook for Globally, we expect continued accommodative monetary policies and flexible fiscal policies focused on growth.

On the other hand, we expect the central bank governors in the emerging economies to balance monetary policy measures which support growth against those needed to rein inflation and stabilise their domestic currencies and financial systems. For Nigeria, it will be a story of two halves. The first half of the year will be clouded by uncertainties surrounding the elections and a relatively low oil price; thus, economic fundamentals, especially the Naira and foreign reserves are expected to be weak in the first half of the year.

However, the second half of the year should offer some respite to the domestic economy as political uncertainties taper, the current multinational counter-insurgency push curbs the activities of insurgents in the north-eastern part of the country and international oil prices gradually inch upward on the back of expectations of output cuts by OPEC at its next meeting in June The corresponding responses by fiscal and monetary authorities to these developments would put further pressure on banks in the first half of the year, which should ease a bit in the second half of Nevertheless, the blurring business outlook presents an opportunity for us to navigate our growth by innovative means.

The Bank at its last Board strategy retreat unwaveringly committed to supporting Management in promoting innovation across the institution. This, coupled with a stronger capital position, will provide the fulcrum for the Bank to expand and deepen its foothold in its target business sectors and thus sustain superior returns to our esteemed shareholders. Dividend payment The Board has proposed a dividend of 6 kobo per share for the financial year ended subject to the approval of our shareholders at this AGM.

Appreciation On behalf of the Board of Directors, I would like to thank our customers, business partners and you, our most esteemed shareholders, for your continued support and well articulated participation in the affairs of our Bank. My special appreciation also goes to the Management and staff of our Bank for their continued dedication, commitment, professionalism and high performance in the discharge of their duties.

Our people will always remain our greatest asset. I would also like to express my warm and heartfelt appreciation to our regulators, the Central Bank of Nigeria, the Nigeria Deposit Insurance Corporation, the Nigerian Stock Exchange, Securities and Exchange Commission, Corporate Affairs Commission, Asset Management Corporation of Nigeria, the Federal Ministry of Finance, and to various government agencies and other regulatory bodies for their invaluable and ongoing support.

I thank you all. A double whammy of macroeconomic shocks and tighter regulatory environment put significant pressure on the margins of banks. The overriding macroeconomic theme for the global economy in was the sudden dip in the international price of crude oil in the second half of the year. This was the case notwithstanding the currency and inflationary pressures faced by several emerging and frontier economies owing to portfolio reversals on account of the gradual, but eventual complete withdrawal of the US Fed s bond buying programme; the economic struggles of the Eurozone; and the ongoing tensions between Russia and Ukraine on one hand, and the former and the West on the other.

The domestic market was not spared these headwinds. Thus, monetary policy authorities were constrained, weighing in with policy measures that increased the burden on banks. These developments, in addition to further cost pressures in the operating environment on account of the nation s infrastructural deficit, made a truly challenging year for the banking industry. Profit before tax increased by As a result, the Bank grew key revenue and balance sheet lines, while taking significant strides to place the institution on a sustainable growth path.

I will shed more light on the foregoing in subsequent sections. Platform for sustained growth driven by innovation The Bank successfully completed the second phase of its capital raising programme despite macroeconomic uncertainties. This feat was made possible due to the increased confidence of the investing public in the Bank s ability to deliver on its promise.

During the year, we invested substantially in the upgrade of our technology infrastructure and the re-engineering, centralisation and automation of processes to improve customer experience. Our credit processing engine for the retail and SME space was re-engineered to streamline the process from origination to disbursement to enhance service delivery. Various projects are at varying stages of implementation. We recognise that human capital is a key enabler to our success. Consequently, we continue to invest substantially in training, talent retention and the creation of an environment that fosters continuous learning and development.

In FY , we leveraged our new corporate culture of adhocracy and market focus to further instil a new sense of pride and passion in our employees as we work towards reinforcing a high performance culture of meritocracy. We are steadily reinforcing our capacity to deliver innovative products to meet the evolving needs of customers across all segments of the market. The success of these initiatives is evident from the many awards received by the Bank during the year and is testimony to the Bank s focus on delivering innovative products and services through speed and convenience, leveraging its operational processes and technology.

Strategic report. Looking ahead Lower oil prices should provide a boost to the global economy, but this may be offset by downside risks in many advanced and emerging market economies. Specifically, the prospects for Russia, China, Japan and the Euro area as well as some major oil exporters, owing to a sharp drop in oil prices, are not very bullish.

The United States remains the only major economy with positive growth revisions. The domestic economy would be weighed down in the first nine months of the year by the impact of lower global oil prices and the distractions from intense politicking, but should witness a gradual uptick during the latter part of the year as crude oil prices inch upwards and some certainty returns on the political front. However, households and businesses may have to adjust to the rising cost of living and potential interest rate hikes from the tight regulatory environment.

Full adoption of Basel II requirements should drive capital build-up and slower loan growth in the banking industry. More efficient management of and slower growth in government revenue will see greater competition for private sector deposits leading to higher deposit rates. While the economic landscape may be challenging, I strongly believe that the Bank is on a sound financial footing, given its stronger capital position, asset quality and dedicated workforce to advance its growth plans.

I made reference in the earlier part of my report to the strides taken to put the Bank on a sustainable growth path. We have revamped our service architecture to enhance the service experience; established the office of the Chief Risk Officer CRO in line with the Basel II requirements, in addition to several other measures to strengthen our enterprise-wide risk management framework; continued engagements to bring in additional debt capital in line with our capital programme; and re-organised the management team to deliver our growth plans.

My appreciation goes to our esteemed shareholders, customers, our distinguished Board members, and partners for your understanding, co-operation and trust. Your encouragement, feedback and support are much appreciated. I must not fail to acknowledge the tireless contributions from the Bank s senior management team and the entire staff of the Bank. Their continued efforts, dedication and loyalty have been invaluable in taking the Bank to the heights reached so far.

Together we are a formidable team. Let s do it again! It serves a vibrant community of clients including individuals, businesses and government and non-profit organisations. Tailoring products and services to customer needs Sterling Bank is engaged in universal banking with an emphasis on consumer banking, trade services, commercial and corporate banking activities. Sterling provides a robust portfolio of products and services within each of its three main customer segments.

Customer segments Retail Commercial Corporate Key activities Enhance technology Train staff Develop products Safe, flexible and convenient Relationship characteristics Advisory and solutions provider Openness and transparency Strategic report Customer-centric focus We enrich our customers lives by providing timely and convenient financial solutions. Key resources Utilising resources and relationships for maximum value Capital Positive attitudes Alternative channels Specialised products Enhanced brand As the original licensed merchant bank in Nigeria, Sterling Bank has well-established resources and relationships that it draws on to deliver its best-in-class banking services.

Amidst other policy measures was the reduction in the net open position NOP for foreign exchange trading to 0. These measures resulted in a high interest rate environment putting downward pressure on earnings, while cost pressures persisted. Funding costs declined by 80 basis points to 5. Although commission on turnover COT was reduced by N1. Other operating expenses were largely statutory fees of which AMCON sinking fund contribution representing 0.

During the year, the Bank opened new branches, remodelled some of the existing ones and commenced the process of changing its core banking application to effectively serve its growing customer base. We expect the returns to kick in in coming periods. Earnings per share declined by 10 kobo to 42 kobo adjusted for the additional shares issued in December for the purpose of the Private Placement.

Pre-tax return on average equity, adjusted for the Private Placement proceeds of N The Bank has paid dividend consistently since and, for , the Board of Directors has proposed a dividend of 6 kobo per share predicated on the need to conserve capital. Assets were well diversified to achieve an optimal balance sheet and navigate the challenging operating environment.

Despite the ensuing liquidity challenges in the banking system, Sterling Bank remained a net placer of funds in the money market. Pledged assets mainly treasury bills and bonds pledged for clearing activities, letters of credit and as collateral for long-term loans was relatively stable at N Finance and insurance, government and power recorded the highest growth given opportunities within the sectors.

Non-performing loans as a proportion of gross loans increased by basis points to 3. Asue Ighodalo Chairman Mr. Yinka Adeola Director Mr. Rasheed Kolarinwa Director Ms. Olufunmilola Osunsade Director Dr. Omolara Akanji Director Ms. Raghavan Karthikeyan Indian Director Mr. Olaitan Kajero Director Mrs. Tairat Tijani Director Mrs. Egbichi Akinsanya Director Mr.

Lanre Adesanya Executive Director Mr. Kayode Lawal Executive Director Mr. Abubakar Suleiman Executive Director Mr. Asue Ighodalo Chairman 2. Yinka Adeola Non-Executive Director 3. Rasheed Kolarinwa Independent Director 4. Olufunmilola Osunsade Non-Executive Director 5. Omolara Akanji Independent Director 6.

Raghavan Karthikeyan Non-Executive Director 8. Olaitan Kajero Non-Executive Director 9. Tairat Tijani Non-Executive Director Egbichi Akinsanya Non-Executive Director Lanre Adesanya Executive Director Kayode Lawal Executive Director Abubakar Suleiman Executive Director Grama Narasimhan Executive Director Yemi Odubiyi Executive Director. A member of several professional associations, Asue sits on the board of several public and private companies.

He started his finance career as a senior supervisor at the Central Bank of Nigeria in , after which he joined Pacific Merchant Bank in , where he specialised in corporate finance and later became the Managing Director in , a position he held until He went on to serve as Managing Director of Trust Bank of Africa Limited, a position he held from until He holds a BSc in Economics from the University of Ibadan and an MSc in Economics from the University of Jos, both in Nigeria. Rasheed Kolarinwa Independent Director Mr.

His banking career started in with International Merchant Bank Nigeria Ltd, after which he moved to Chartered Bank Plc in He assumed various senior management roles and thereafter moved into executive positions between and as an Executive Director. She has garnered over 25 years of experience in senior capacities in various industries including manufacturing, marketing, sales, finance and banking.

Legal Practitioners and Consultants. She was called to the Nigerian Bar in He joined SBI in and has worked in various capacities across several aspects of banking before assuming his current role. He holds a Bachelor of Arts from St. Tijani has garnered significant experience as an operator in the capital market, participating in several landmark transactions which have contributed immensely towards the development of the Nigerian Capital Market.

He is a John F. Kennedy Scholar. Kayode Lawal started his career with NBM Bank where he worked from until During this period, he excelled in various marketing roles and was subsequently appointed as the bank s Treasurer. Following the consolidation exercise and the emergence of Sterling Bank in , he was again assigned to marketing, to head various regions in Lagos, a testament to the confidence placed in his abilities on the field.

Abubakar Suleiman started his banking career as a Management Associate in MBC International Bank now part of First Bank Plc in In , he moved to Citibank Nigeria where he worked in roles covering asset and liability management and market risk management. Between and , he served as Treasurer in Trust Bank of Africa and subsequently Sterling Bank before being appointed integration Director to deliver the seamless merger with the former Equitorial Trust Bank.

Upon successful completion of this assignment, he was appointed Chief Financial Officer of the Bank, responsible for finance and performance management, strategy and communications and human resource management. Abubakar has also been instrumental in laying a solid foundation for the Retail and Non-Interest Banking businesses.

Grama Narasimhan Executive Director Mr. He is a certified associate of the prestigious India Institute of Bankers. Yemi Odubiyi studied at the University of Lagos and holds a first degree in Estate Management as well as a Master in International Law degree from the same institution. He started his banking career in Citigroup s Nigeria unit in as an Operations and Technology Generalist serving stints across all its operations and technology functions. He left Citi to join the turnaround team of the then Trust Bank of Africa in as head of operations and technology.

It also provides wholesale banking services including the granting of loans and advances, letter of credit transactions, equipment leasing, money market operations, electronic banking products and other banking activities. NAL Bank Plc as the surviving bank adopted a new name for the enlarged entity,. The enlarged bank commenced post-merger business operations on 3 January and the Bank s shares are currently quoted on the Nigerian Stock Exchange NSE.

In October , the Bank had a business combination with Equitorial Trust Bank Limited to re-position itself to better compete in the market space. The enlarged entity as at integration had an expanded branch network of branches. A Kings Limited Alh. Mike Adenuga Mr. Rasheed Kolarinwa Independent Director Ms. A Kings Limited Mrs. For this reason, these financial statements are prepared on a going concern basis. Asue Ighodalo 69,, Mr. Yinka Adeola 17,, 1,,, 17,, ,, Mr.

Rasheed Kolarinwa Ms. Olufunmilola Osunsade 1,,, 1,,, Dr. Omolara Akanji Ms. Raghavan Karthikeyan 2,,, 2,,, Mr. Olaitan Kajero 1,,, Mrs. Tairat Tijani 1,,, Mr. Yemi Adeola 25,, 25,, Mr. Lanre Adesanya 5,, 5,, Mr. Kayode Lawal 3,, Mr.

Abubakar Suleiman 16,, Director s interests in contracts For the purpose of section of the Company and Allied Matters Act, CAP C20 Laws of the Federal Republic of Nigeria , none of the current Directors had direct or indirect interest in contracts or proposed contracts with the Bank during the year.

Beneficial ownership The Bank is owned by Nigerian citizens, corporate bodies and foreign investors. No donation was made to any political organisation. Property, plant and equipment Information relating to changes in property, plant and equipment is given in note 22 to the financial statements.

Employment and employees Employment of disabled persons The Bank has a non-discriminatory policy on recruitment. Applications would always be welcomed from suitably qualified disabled persons and are reviewed strictly on qualification. The Bank s policy is that the highest qualified and most experienced persons are recruited for appropriate job levels irrespective of an applicant s state of origin, ethnicity, religion or physical condition.

Health, safety and welfare of employees Health and safety regulations are in force within the Bank s premises and employees are aware of existing regulations. The Bank provides subsidies to all levels of employees for medical expenses, transportation, housing, lunch, etc. Employee training and development The Bank is committed to keeping employees fully informed as much as possible regarding the Bank s performance and progress and seeking their opinion where practicable on matters which particularly affect them as employees.

Training is carried out at various levels through both in-house and external courses. Incentive schemes designed to encourage the involvement of employees in the Bank s performance are implemented whenever appropriate. Events after the reporting date There were no events after the reporting date which could have had a material effect on the state of affairs of the Bank as at 31 December or the profit for the year ended on that date which have not been adequately provided for or disclosed.

Auditors Messrs. Attendance at Board meetings for the year ended 31 December are as follows: Director Attendance No. Yinka Adeola Mr. Olufunmilola Osunsade Dr. Yemi Adeola Mr. Lanre Adesanya Mr. The members and respective attendance at Committee meetings are as follows: Attendance No. Omolara Akanji Chairman Mr. Yinka Adeola Member Mr. Rasheed Kolarinwa Member Mr.

Olaitan Kajero Member Mr. Yemi Adeola Member Mr. Lanre Adesanya Member Mr. Kayode Lawal Member 3 3. Olufunmilola Osunsade Chairman Mr. Yinka Adeola Member Ms. Tamarakare Yekwe Member Mr. Tamarakare Yekwe Chairman Mr. Rasheed Kolarinwa Member Ms. Olufunmilola Osunsade Member Dr. Omolara Akanji Member Mr. Olaitan Kajero Chairman Mr. Rasheed Kolarinwa Chairman Mr. Yinka Adeola Member Dr. Omolara Akanji Member Ms. Report and actions of the Committee are presented to the shareholders at the Annual General Meeting.

Idongesit Udoh Chairman Alh. Mustapha Jinadu Member Ms. Christie Vincent Member Mr. Olaitan Kajero Member 2 2 Management Committees 1. It deliberates and takes decisions on the effective and efficient management of the Bank. It also reviews the economic outlook and its impact on the Bank s strategies. It approves exposures up to its maximum limit and the risk asset acceptance criteria.

It also assesses the efficiency of resource deployment in the Bank and re-appraises cost management initiatives. It reviews the non-performing loans and recovery strategies for bad loans. Computer Steering Committee CSC The Committee establishes the overall technology priorities by identifying projects that support the Bank s business plan.

It provides guidance in effectively utilising technology resources to meet business and operational needs of the Bank. It includes setting the Bank s risk philosophy, risk appetite, risk limits and risk policies. In line with this policy, a unit was set up in the Human Resource Management Group to implement, amongst others, a succession plan for the Bank. Successors are nominated based on experience, skills and competencies through an automated process by current role holders in conjunction with the Human Resource Management Group.

Development initiatives have also been put in place to accelerate successors readiness. Code of Ethics Sterling Bank has a Code of Ethics that specifies acceptable behaviour of its staff, in the staff handbook. It is a requirement that all staff should sign a confirmation that they have read and understood the document upon employment. Whistle blowing process The Bank is committed to the highest standards of openness, probity and accountability hence the need for an effective and efficient whistle blowing process as a key element of good corporate governance and risk management.

Whistle blowing process is a mechanism by which suspected breaches of the Bank s internal policies, processes, procedures and unethical activities by any stakeholder staff, customers, suppliers and applicants are reported for necessary actions. It ensures a sound, clean and high degree of integrity and transparency in order to achieve efficiency and effectiveness in our operations.

The reputation of the Bank is of utmost importance and every staff of the Bank has a responsibility to protect the Bank from any persons or act that might jeopardise its reputation. Members of staff are encouraged to speak up when faced with information that would help protect the Bank s reputation. An essential attribute of the process is the guarantee of confidentiality and protection of the whistle blower s identity and rights.

It should be noted that the ultimate aim of this policy is to ensure efficient service to the customer, good corporate image and business continuity in an atmosphere compliant with best industry practice. The Bank has a whistle blowing channel via the Bank s website, dedicated telephone hotlines and address in compliance with the guidelines for whistle blowing for banks and other financial institutions issued by the Central Bank of Nigeria CBN.

The Bank s Chief Compliance Officer is responsible for monitoring and reporting on whistle blowing. Further disclosures are stated in note 41 of the financial statements. During the year under review, the Directors and other key personnel of the Bank complied with the terms of the Policy and the provisions of Section 14 of the Amendment to the Listing Rules of The Nigerian Stock Exchange.

The responsibilities include ensuring that: a appropriate internal controls are established both to safeguard the assets of the Bank and to prevent and detect fraud and other irregularities; b the Bank keeps accounting records which disclose with reasonable accuracy the financial position and performance of the Bank and which ensure that the financial statements comply with the requirements of the Companies and Allied Matters Act, CAP C20 Laws of the Federation of Nigeria , the Banks and Other Financial Institutions Act, CAP B3 Laws of the Federation of Nigeria , Revised Prudential Guidelines, have been prepared and presented in accordance with International Financial Reporting Standards, Financial Reporting Council Act No.

The Directors are of the opinion that the financial statements present fairly, in all material respects, the financial position and the financial performance of the Bank as of and for the year ended 31 December The Directors further accept responsibility for the maintenance of accounting records that may be relied upon in the preparation of the financial statements, as well as adequate systems of financial control.

Nothing has come to the attention of the Directors to indicate that the Bank will not remain as a going concern for at least twelve months from the date of this statement. We believe that the scope and planning of both the external and internal audits for the year ended 31 December were satisfactory and reinforce the Bank s internal control systems. We have deliberated with the external auditors, who have confirmed that necessary co-operation was received from management in the course of their audit and we are satisfied with the management s response to the external auditors recommendations on accounting and internal control matters.

The internal control and internal audit functions were operating effectively. We have exercised our statutory functions under section 6 of the Companies and Allied Matters Act, CAP C20 Laws of the Federation of Nigeria , and acknowledge the co-operation of management and staff in the conduct of these responsibilities.

We reviewed insider-related credits of the Bank and found them to be as analysed in the financial statements. The status of performance of these facilities is disclosed in note 32 to the financial statements. Idongesit Udoh Chairman 2. Mustapha Jinadu Member 3. Christie Vincent Member 4. Yinka Adeola Member 5. We have reviewed transactions and applications introduced by. We conducted an audit based on randomly selected activities in different branches of the Bank.

These have allowed us to form an opinion as to whether. In our opinion: The contracts, transactions and dealings entered into by Sterling Bank NIB Window during the year ended December 31, , which we reviewed, are in compliance. We believe that the window has made commendable start and look forward to its improvement in the implementation of non-interest banking principles in the building of a successful business. AbdulKader Thomas Chairman Sh.

Imam Abdul Raheem Sayi Sh. Abubakar Mohamad Musa. Governance Auditors responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control.

An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by directors, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Report on Other Legal and Regulatory Requirements In accordance with the requirement of Schedule 6 of the Companies and Allied Matters Act, CAP C20 Laws of the Federation of Nigeria , we confirm that: i we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit; ii in our opinion, proper books of account have been kept by the Bank, so far as it appears from our examination of those books; and iii the Bank s statement of financial position and statement of profit or loss and other comprehensive income are in agreement with the books of account.

As of As of 31 December 31 December N N Prudential impairment provision 18,, 13,, Total prudential impairment provision 18,, 13,, IFRS impairment provision Individual impairment for loans and advances 6,, 4,, Collective impairment for loans and advances 3,, 2,, Allowances for impairment for other assets 4,, 4,, Allowances for impairment for investment securities , , Other impairment provision , 1,, 14,, 12,, Difference in the impairment provision balances 3,, , Movement in the regulatory risk reserve Balance at the beginning of the year , 58, Transfer to regulatory risk reserve 2,, , Balance at end of the year 3,, , Financial statements.

The Bank s shares are listed and traded on the floor of the Nigerian Stock Exchange. The Bank is engaged in investment, corporate, commercial, retail banking and non-interest banking activities. The financial statements of for the year ended 31 December were authorised for issue in accordance with a resolution of the Board of Directors on 3 March Significant accounting policies 2.

The non-interest banking activities of the Bank are guided by regulations issued by the Central Bank of Nigeria and the accounting framework is in line with the accounting and sharia standards issued by the Accounting and Auditing Organization for Islamic Financial Institutions AAOIFI. The financial statements have been prepared on a historical cost basis, except for available for sale investments and other financial assets and liabilities held for trading, all of which have been measured at fair value.

The financial statements are presented in Nigerian Naira and all values are rounded to the nearest thousand N except when otherwise indicated. An analysis regarding recovery or settlement within twelve months after the reporting date current and more than twelve months after the reporting date non-current is presented in note 36 to the financial statements. The amendment to IAS 1 requires that items presented within other comprehensive income be grouped separately into those items that will be recycled into profit or loss at a future point in time, and those items that will never be recycled.

Financial assets and financial liabilities are offset and the net amount reported in the statement of financial position only when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise the assets and settle the liability simultaneously. Income and expenses are not offset in the profit or loss unless required or permitted by any accounting standard or interpretation, and as specifically disclosed in the accounting policies of the Bank.

The effective interest rate is the rate that exactly discounts the estimated future cash payments and receipts through the expected life of the financial asset or liability or, where appropriate, a shorter period to the carrying amount of the financial asset or liability. When calculating the effective interest rate, the Bank estimates future cash flows considering all contractual terms of the financial instruments but not future credit losses. The calculation of the effective interest rate takes into account contractual terms which includes prepayment options, claw-back, contractual fees and points paid or received, transaction costs, and discounts or premiums that are an integral part of the effective interest rate.

Transaction costs include incremental costs that are directly attributable to the acquisition, issue or disposal of a financial asset or liability. Interest income and expense on all trading assets and liabilities are considered to be incidental to the Bank s trading operations and are presented together with all other changes in the fair value of trading assets and liabilities in net trading income Fees and commission Fees and commission income and expense that are integral to the effective interest rate on a financial asset or liability are included in the measurement of the effective interest rate.

Other fees and commission income, including account servicing fees, investment management and other fiduciary activity fees, sales commission, placement fees and syndication fees, are recognised as the related services are performed. When a loan commitment is not expected to result in the draw-down of a loan, loan commitment fees are recognised on a straight- line basis over the commitment period. Other fees and commission expense relates mainly to transaction and service fees, which are expensed as the services are received Net trading income Net trading income comprises gains less losses related to trading assets and liabilities, and includes all realised and unrealised fair value changes, dividends and foreign exchange differences.

Profit sharing income from mudharabah is recognised in the period when the rights arise in accordance with agreed sharing ratio, and the recognition based on projection of income is not allowed Dividend Income Dividend income is recognised when the right to receive income is established.

Usually this is the ex-dividend date for equity securities. Dividends on trading equities are reflected as a component of net trading income. Dividend income on available for sale securities are recognised as a component of other operating income Lease payments Payments made under operating leases are recognised in profit or loss on a straight-line basis over the term of the lease.

Lease incentives received are recognised as an integral part of the total lease expense, over the term of the lease. Financial statements Minimum lease payments made under finance leases are apportioned between the finance expense and the reduction of the outstanding liability. The finance expense is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Contingent lease payments are accounted for by revising the minimum lease payments over the remaining term of the lease when the lease adjustment is confirmed Taxes Tax expense comprises current and deferred tax. Current tax and deferred tax are recognised in profit or loss except to the extent that it relates to items recognised directly in equity or in other comprehensive income.

Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities against current tax assets, and they relate to taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously.

A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised.

Additional income taxes that arise from the distribution of dividends are recognised at the same time as the liability to pay the related dividend is recognised. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period when the asset is realised or the liability is settled, based on tax rates and tax laws that have been enacted or substantively enacted at the reporting date.

Tax assessments are recognised when assessed and agreed to by the Bank with the tax authorities, or when appealed, upon receipt of the results of the appeal Financial assets and liabilities Below are classes of items in the statement of financial position that are categorised under financial assets and liabilities. All financial assets and liabilities are initially recognised on the trade date, i.

This includes regular way trades: purchases or sales of financial assets that require delivery of assets within the timeframe generally established by regulation or convention in the marketplace. The classification of financial instruments at initial recognition depends on their purpose and characteristics and the management s intention in acquiring them.

All financial instruments are measured initially at their fair value net of transaction costs, except in the case of financial assets and financial liabilities recorded at fair value through profit or loss. Financial assets held at fair value through profit and loss This category has two sub-categories: financial assets held for trading, and those designated at fair value through profit or loss at inception.

A financial asset is classified as trading if acquired principally for the purpose of selling in the short term. Derivatives are also categorised as trading unless they are designated as hedges. Financial assets may be designated at fair value through profit or loss when: the designation eliminates or significantly reduces measurement or recognition inconsistency that would otherwise arise from measuring assets or liabilities on different basis; or group of financial assets is managed and its performance evaluated on a fair value basis.

Financial assets held at fair value through profit and loss continued Subsequent to initial recognition, the fair values are re-measured at each reporting date. All gains and losses arising from changes therein are recognised in the profit or loss in net trading income for trading assets, and for financial assets designated at fair value through profit or loss at inception. Interest earned and dividends received while holding trading assets at fair value through profit or loss are included in net trading income.

Trading assets are not reclassified subsequent to their initial recognition. Available for sale Available for sale investments are non-derivative investments that were designated by the Bank as available for sale or are not classified as another category of financial assets, or strategic capital investments held for an indefinite period of time, which may be sold in response to needs for liquidity or changes in interest rates, exchange rates or equity prices.

Unquoted equity securities whose fair value cannot reliably be measured were carried at cost. All other available for sale investments were carried at fair value. Interest income on available for sale debt instrument is recognised in profit or loss using the effective interest method. Dividend income is recognised in the profit or loss when the Bank becomes entitled to the dividend.

Foreign exchange gains or losses on available for sale debt security investments are recognised in profit or loss. Other fair value changes are recognised in other comprehensive income until the investment is sold or impaired, whereupon the cumulative gains and losses previously recognised in other comprehensive income are reclassified to profit or loss as a reclassification adjustment.

A non-derivative financial asset may be reclassified from the available for sale category to the loans and receivables category if it otherwise would have met the definition of loans and receivables and if the Bank has the intention and ability to hold that financial asset for the foreseeable future or until maturity.

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This usually happens after a trade is executed and it becomes. Welles Wilder is a popular and versatile trading indicator. You can vary your retracement period, combine it. For years this quick-fingered daily trading crowd relied. What is Forexvisit. We focus on forex trading, commodities, indices, and cryptocurrencies. We also provide real-time Trading Signals on instruments in these asset classes.

Besides our excellent trading signals, we have an extensive knowledge base for traders which includes the best forex trading course, an extensive forex trading strategy category, and our Learn Center. Open a trading account with one of our recommended brokers and start trading by following our forex signals and trade strategies!

Forex Visit is an information station for forex, commodities, indices and cryptocurrency traders. Providing you with the best strategies and trading opportunities whilst equipping you with the tools you need to be successful. Get Forex Pure Price Action Signals , daily market insights, tips, the best educational resources, social trading and much more….

Risk Warning: Trading forex, cryptocurrencies, indices, and commodities are potentially high risk and may not be suitable for all investors. The high level of leverage can work both for and against traders. Before any investment in forex, cryptocurrencies, indices, and commodities you need to carefully consider your targets, previous experience, and risk level.

Trading may result in the loss of your money, therefore, you should not invest capital that you cannot afford to lose. Remember Me. Create a new account. Login Menu. Facebook Twitter Linkedin Youtube. Join with US. Invalid transaction. Decline, exceeds withdrawal amount limit Exceeds amount limit Exceeds withdrawal limit Withdrawal limit would be exceeded Withdrawal limit already reached.

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