I KENY! GUIDANCE NOTE ON IMPLEMENTATION OF INTERNATIONAL FINANCIAL REPORTING STANDARD (IFRS) 9 ON FINANCIAL INSTRUMENTS April 2018

Guidance Note On Implementation Of International Financial Reporting Standard (Ifrs) 9 On Financial Instruments

Part I Preliminary

1.1 Title 1.2 Authorization 1.3 Application PART II Statement of Policy 2.1 Purpose

Part Iii Implementation Of Ifrs 9

3.1 3.2 Brief on IFRS 9 Recognition and Disclosure Requirements 3.2.1 Recognition of additional provisions under Expected Credit Loss provisioning 3.2.2 Disclosure 3.2.3 Statutory Loan Loss Reserve s

Part Iv

4.0 Transition Period PART V Reporting

Annexes

i) Amended quarterly unaudited /audited annual Financial Statements and Other Disclosures template - indicate core and total capital ratios before and after the additional expected credit loss provisions have been added back.

ii) Amended monthly return on Capital Adequacy to take into account the Central Bank of Kenya (CBK) Guidance Note on the implementation of IFRS 9.

iii) A new monthly return - IFRS 9 Implementation Transition Return for tracking provisions over the next five-years relating to facilities/loans that were outstanding and performing as at December 31, 2017 and those issued in 2018 and performing.

^.

Part I Preliminary

1.1 Title - Guidance Note on the implementation of the International Financial Reporting Standard (IFRS) 9 on Financial Instruments.

1.2 Authorization - This Guidance Note is issued pursuant to Section 33(4) of the Banking Act, which grants CBK authority to issue guidance to institutions for maintenance of a stable and efficient banking and financial system. In addition, Section 48(2A) (b) of the Microfinance Act, 2006, mandates the Central Bank to issue guidelines to be adhered to by institutions in order to maintain a stable and efficient deposit taking microfinance system.

1.3 Application - This Guidance Note applies to all institutions licenced under the Banking Act (Cap. 488) and microfinance banks licensed under the Microfinance Act, 2006.

Part Ii Statement Of Policy 2.1 Purpose

The purpose of this Guidance Note is to guide institutions in the computation of the regulatory capital following the coming into effect of IFRS 9. Specifically, institutions have been granted a 5-year transition period to fully comply with IFRS 9 when computing regulatory capital. All provisions computed in line with IFRS 9 are to be charged to the income statement.

Part Iii Implementation Of Ifrs 9 3.1 Brief On Ifrs 9

International Financial Reporting Standard 9, on Financial Instruments is effective for periods beginning on or after January 1, 2018. IFRS 9 replaced International Accounting Standard (IAS) 39 with regard to the methodology used to compute impairment provisions on financial instruments.

IFRS 9 introduces the Expected Credit Loss (ECL) model that replaced the Incurred Credit Loss (ICL) model under IAS 39. As reporting entities, institutions will have to recognize not only incurred credit losses but also losses that are expected in future. IFRS 9 seeks to improve credit risk provisioning by reporting institutions to enhance their resilience and capacity to withstand losses occasioned by loan defaults.

3.2 Recognition And Disclosure Requirements

CBK is aware that there are diverse supervisory policies in respect of provisioning for impairments and capital in other jurisdictions, which makes it necessary for regulatory authorities to provide guidance. In this regard, CBK requires institutions to take into account the following while implementing IFRS 9: - 3.2.1 Recognition of additional provisions under ECL provisioning: All provisions under the ECL model should be charged to the income statement. However, the provisions relating to performing facilities/loans should be added back over a fiveyear period for purposes of computing core/total capital. The expected credit losses to be added back shall be those relating to facilities/loans existing and performing as at the end of 2017 and new facilities/loans booked in the year 2018 and performing. All provisions under the ECL model for facilities/loans issued after 2018 shall be provided in full in compliance with IFRS 9 for purposes of computing regulatory capital.

3.2.2 Disclosure: During the transition period, institutions should disclose, in their published results, their core and total capital ratios including adjusted ratios after the additional expected credit loss provisions have been added back. This is aimed at facilitating assessment of the impact of the additional ECL provisions on the institution's capital position.

3.2.3 Statutory Loan Loss Reserve: Where the CBK provisions are higher than IFRS 9, the excess provisions shall be treated as an appropriation of retained earnings and not expenses in determining profit and loss. Therefore, such excess provisions shall be credited to the statutory loan loss reserve as provided in the Central Bank Prudential Guideline, CBK/PG/04 on Risk Classification of Assets and Provisioning.

Part Iv 4.0 Transition Period

Institutions will have a five-year transition period beginning January 2018, to fully comply with IFRS 9 in the computation of regulatory capital.

Part V Reporting Annexes

CBK has revised the monthly capital adequacy return, quarterly unaudited/audited financial statements and other disclosures templates and introduced a new monthly return to track losses to be added back for purposes of computing regulatory capital. These revised/new returns/templates are to guide institutions in reporting compliance with both IFRS 9 and CBK Guidance Note during the 5-year transition period.

Amended quarterly unaudited /audited annual Financial Statements and Other i) Disclosures template - Attached as Annex I (B) for banks and Annex I (MFB) for microfinance banks. Amended monthly return on Capital Adequacy to take into account the CBK ii) Guidance Note on the implementation of IFRS 9 - Attached as Annex II (B) for banks and Annex II (MFB) for microfinance banks.

iii) A new monthly return - IFRS 9 Implementation Transition Return for tracking provisions over the next five-years relating to facilities/loans that were outstanding and performing as at December 31, 2017 and those issued in 2018 - Attached as Annex III (B) for banks and Annex III (MFB) for microfinance banks.

In the event of any query or clarification, please contact: The Director Bank Supervision Department Central Bank of Kenya P. O. Box 60000 - 00200 NAIROBI Tel : 2860000 Email: fin@centralbank.go.ke

CBKBL/PR10BL001
Annex I (B)
QUARTERLY UN-AUDITED FINANCIAL STATEMENTS AND OTHER DISCLOSURES
Institution:	0000001
Financial Year:	2018
Start Date:	01-03-2018
End Date:	31-03-2018
BALANCE SHEET	Shs. '000'
ASSETS
A	l Cash ( both Local & Foreign)
2 Balances due from Central Bank of Kenya
3	Kenya Government and other securities held for dealing purposes
4 Financial Assets at fair value through profit and loss
5 Investment Securities:
a) Held to Maturity:
a. Kenya Government securities
b. Other securities
b) Available for sale:
a. Kenya Government securities
b. Other securities
6 Deposits and balances due from local banking institutions
7 Deposits and balances due from banking institutions abroad
8 Tax recoverable
9 Loans and advances to customers (net)
10 Balances due from banking institutions in the group
l 1 Investments in associates
12 Investments in subsidiary companies
13 Investments in joint ventures
14 Investment properties
15 Property and equipment
16 Prepaid lease rentals
17 Intangible assets
18 Deferred tax asset
19 Retirement benefit asset
20 Other assets
21 TOTAL ASSETS

QUARTERLY UN-AUDITED FINANCIAL STATEMENTS AND OTHER DISCLOSURES
Institution:	0000001
Financial Year:	2018 11:30
Start Date:	01-03-2018
End Date:	31-03-2018
LIABILITIES
B	22 Balances due to Central Bank of Kenya
23 Customer deposits
24 Deposits and balances due to local banking institutions
25 Deposits and balances due to foreign banking institutions
26 Other money market deposits
27 Borrowed funds
28 Balances due to banking institutions in the group
29 Tax payable
30 Dividends payable
31 Deferred tax liability
32 Retirement benefit liability
33 Other liabilities
34 TOTAL LIABILITIES
C	SHAREHOLDERS' FUNDS
35 Paid up /Assigned capital
36 Share premium/(discount)
37 Revaluation reserves
38 Retained carnings/Accumulated losses
39 Statutory loan loss reserves
40 Other Reserves
41 Proposed dividends
42 Capital grants
43 TOTAL SHAREHOLDERS' FUNDS
44 Minority Interest
45 TOTAL LIABILITIES AND SHAREHOLDERS' FUNDS

QUARTERLY UN-AUDITED FINANCIAL STATEMENTS AND OTHER DISCLOSURES
Institution:	0000001
Financial Year:	2018
Start Date:	01-03-2018
End Date:	31-03-2018
II	PROFIT AND LOSS ACCOUNT
1.0 INTEREST INCOME
1.1 Loans and advances
1.2 Government securities
1.3	Deposits and placements with banking institutions
1.4 Other Interest Income
1.5 Total interest income
2.0 INTEREST EXPENSE
2.1 Customer deposits
2.2 Deposits and placement from banking institutions
2.3 Other interest expenses
2.4 Total interest expenses
3.0 NET INTEREST INCOME/(LOSS)
4.0 NON-INTEREST INCOME
4.1 Fees and commissions on loans and advances
4.2 Other fees and commissions
4.3 Foreign exchange trading income/(Loss)
4.4 Dividend Income
4.5 Other income
4.6 Total Non-interest income
5.0 TOTAL OPERATING INCOME
6.0 OTHER OPERATING EXPENSES
6.1 Loan loss provision
6.2 Staff costs
6.3 Directors' emoluments
6.4 Rental charges
6.5 Depreciation charge on property and equipment
6.6 Amortisation charges
6.7 Other operating expenses
.6.8 Total Other Operating Expenses
7.0 Profit/(loss) Before Tax and Exceptional Items
8.0 Exceptional Items
9.0 Profit/(Loss) After Exceptional Items
10.0 Current Tax
11.0 Deferred Tax
12.0 Profit/(Loss) After Tax and Exceptional Items
13.0 Minority Interest
14.0 Profit/(loss) after tax, exceptional items and Minority Interest
15.0 Other Comprehensive Income
Gains/(Losses) from translating the financial statements of foreign operations
15.1
15.2 Fair value changes in available for sale financial assets
15.3 Revaluation surplus on Property, plant and equipment
15.4 Share of other comprehensive income of associates
15.5 Income tax relating to components of other comprehensive income
16.0 Other Comprehensive Income for the year net of tax
17.0 Total comprehensive income for the year
18.0 EARNINGS PER SHARE- BASIC & DILUTED
19.0 DIVIDEND PER SHARE -DECLARED

QUARTERLY UN-AUDITED FINANCIAL STATEMENTS AND OTHER DISCLOSURES
Institution:	0000001
Financial Year:	2018
Start Date:	01-03-2018
End Date:	31-03-2018
III	OTHER DISCLOSURES
1.0 NON-PERFORMING LOANS AND ADVANCES
(a) Gross Non-performing loans and advances
(b) Less: Interest in Suspense
(c)Total Non-Performing Loans and Advances (a-b)
(d) Less: Loan Loss Provision
(e) Net Non-Performing Loans and Advances(c-d)
(f) Discounted Value of Securities
(g) Net NPLs Exposure (e-f)
2.0	INSIDER LOANS AND ADVANCES
(a) Directors, Shareholders and Associates
(b) Employees
(c)Total Insider Loans and Advances and other facilities
3.0 OFF-BALANCE SHEET ITEMS
(a)Letters of credit, guarantees, acceptances
(b) Forwards, swaps and options
(c)Other contingent liabilities
(d)Total Contingent Liabilities
4.0 CAPITAL STRENGTH
(a) Core capital
(b) Minimum Statutory Capital
(c) Excess/(Deficiency)(a-b)
(d) Supplementary Capital
(e) Total Capital (a+d)
(f)Total Risk Weighted Assets
(g) Core Capital/Total Deposit Liabilities
(h) Minimum statutory Ratio
(I) Excess/(Deficiency) (g-h)	0.0%
(j) Core Capital / Total Risk Weighted Assets	#DIV/0!
(k) Minimum Statutory Ratio	#DIV/0!
(I) Excess (Deficiency) (j-k)	#DIV/0!
(m) Total Capital/Total Risk Weighted Assets
(n) Minimum statutory Ratio
(o) Excess/(Deficiency) (m-n)	#DIV/0!
(p) Adjusted Core Capital/Total Deposit Liabilities*
(q) Adjusted Core Capital/Total Risk Weighted Assets*
(r) Adjusted Total Capital/Total Risk Weighted Assets*
14 LIQUIDITY
14.1	(a) Liquidity Ratio
14.2	(b) Minimum Statutory Ratio
14.3	(c) Excess (Deficiency) (a-b)
Notes

• The Adjusted Capital Ratios includes the expected credit loss provisions added back to Capital in line with the CB a | | | Guidance Note issued in April 2018 on implementation of IFRS 9. | | | We declare that this return, to the best of our knowledge and belief is correct. | | | Name of Compiling Officer: | | | Name of authorizing officer (1): | | | Name of authorizing officer (2): | |

.

e

as C T
A N EX II (B) - CBKS7/PR357002: CAPITAL TO RISK WEIGHTED ASSETS
Institution:
Financial Year:	Version 3.0.5
Start Date:
End Date:	Adjusted where
	spplicable in line with
CBK's Guidance on
I. CAPITAL COMPONENTS	Compliant with CBK/PG/03	IFRS 9ª
	AMOUNT (KHS' 0:0)	AMOUNT (KHS" (00)
I.I CORE CAPITAL (Tier I)
I.I.I. Prid-up ordinary share capital/Assigned Capital
1.1.2. Non-repoyable share premium
I.I.3 Retained earnings/Accumulated losses
1.1.4 Net After tax profits, current year to-date (50% only)
1.1.5 Non-cumulative irredeemable preference shares
I. L.G Other reserves
1.1.7 Sub-Total (I.I.I to 1.1.6)	.
Less Deductions
LLS Investments in shores of unconsolidated subsidiary institutions and equity instruments of other
	.
	.
	ADIV/0!	BDIVA
l 4 Tetal shareholder's funds (Per CBK BSM)
L.5 Deffence (L.4 Less L.)"	.
* > A reconciliation for the difference to be attached on a separate sloces.

.5

2. On - Balance Sheet Assets	Amount (Ks), '000')	Risk Weight	Risk Adjasted Asset
hand a	Value (Ksh. '000')
2. I Cash (including foreign notes and coins)	0
2.2 Balances with Central Bank of Kenya	o
2.3 Kenya GeAcrament Treasury Bills	0
	0	.
2.4 Konya Government Treasury Bords	0
2.5 Lending firlly secured by cash
2 6 Leans guaramood by the Government of Kenya and OECD Central Governmants	o
	0,2
2.7 Loans guaranteed by the Governments of ether EAC Member States
2.8 Deposits and balances due from stiseppy in	0,2
	0,2
2.9 Depesits and balances due from forcign institutions	0.2
2. IO Forciga Tressury Bills and bonds
2.11 Chims guaranted by Multi-Lateral Development Banks	0.2
2. 12 Mortge Lours secured by sesident property	0.5
2.13 Other Loans and and and and and and 1 raditiv 11.2
2.14 Other investments	F
2.15 Fixed Assets(net of Depreciation)	=
2. 16 Arsounts due from group companies
2. 17 Other assets
2.18 TOTAL (2.1 to 2.17)
2, 19 Tetal assets (per CBK BSM)
2.20 Difference [2,19 Less 2,18]4
* - A reconcilistion for the difference to be attached on a separate short.
Risk Weighted Assets Surimary
3. Tetal Risk Adjusted edi-balance sheet Assess (From Form B)
4. Adjusted Crodit Risk Weighted Assess (from 2.18 above)
4.1 Total Risk Weighted Assets for on and off halance sheet items (3 + 4)
4.2 Macker Risk qualifying Assess included in 4,1 absoluted (2,1+2,1+2,14+2,14)
4.3 Adjusted Credit Risk Weighted Assets (4.1 less 4.2)
5. Total Market Risk Weighted Assets Equivalent( From Form C)
6. Operational Risk Equivalent Assets (From Form D)
7. Capital Ratio Computations	Adjusted where
	applicable in line with
	CBK's Guidance on
care	Compliant with CBK/PG/03	IFRS 9	:
	l
		.
7.1 Core Capital as per L. L. IS shore
2.3 Tosal Capital as per 1.3 shore
7.3 Administer Creat Rink Weighted Assets as per 4.3 above
7.4 Tom Market Risk Weighted Assocs Equi	.	:
	. I	con
7.5 Total Risk Weighted assess Equivalent for Operations Risk as per 6 above	.
	ADIVOL	ADIVAL	10 91%
	. 10 60%
	ADIWOI
	ADIVA
	IDIVO!	10 5%	10 5%
	ADIV:01
	aDIV:01
ADIV:01	ADIVE
	14,509	14 20%
8.6 Excess(Deficiency) (8.4 less 8.5)	ADIVOL	ADIVO
*The Adjusted column Likes into acceent the es poctod crodit loss provisions raded to Capital in line with CBS. Gridance Note issued in April 2018 on implexentsions of (IPS

AUTHORIZATION: We declare that this intern, to the bast of our knowledge and belial is correct.

we occare interesting Officer. Name of Cremiling Officer. Name of asthorizing officer (1): ... Name of asthorizing officer (1): ... ... ..

Date: ........

Date: .........

Date: .........

o S 56 Sur 24 Tr o model by me . 2 22 - . . . . . . . .

Annex III (B)
CBK/IFRS9/01: MOVEMENT IN PERFORMING LOANS AND PROVISIONS ADDED BACK
Institution:
Financial Year:
Start Date:
End Date:	Kshs.'000
a) Movement in Performing Loans
*Opening balance of performing loans as at the beginning of the month
*Add loans issued in the current month
Less performing loans that migrated to Non-Performing loans in the current month
Less repayment of performing loans in the current month	0
Closing balance of performing loans as at the end of the month
b) Movement in Provisions Added Back
Opening balance of provisions on performing loans added back at the beginning of
the month
Additional provisions added back on new performing loans issued in the current
month
Less Provisions added back on performing loans that migrated to Non-Performing
loans in the current month
Less Provisions added back on performing loans repaid in the current month
Closing balance of provisions added back on performing loans at the end of the
month
*Performing loans relate to those outstanding as at Dec 31, 2017 and
those issued in 2018 and Performing
AUTHORIZATION:
We declare that this return, to the best of our knowledge and belief is correct.
Name of Compiling Officer:
Name of authorizing officer (I):
Name of authorizing officer (2):

CBK/MFR13-3 ANNEX I (MFB) UNAUDITED QUARTERLY DISCLOSURES

Institution:	0000001
Financial Year:	2018
Start Date:	01-03-2018
End Date:	31-03-2018
OTHER
DISCLOSURES	Prior Year	31st Dec	lst Quarter
	Same Quarter	Prior Year	Current Year
	KSh. '000 (Un-audited)	KSh. '000 (Audited)	KSh. '000 (Un-audited)
Ref. No.
I	NON-PERFORMING
LOANS AND
ADVANCES
l(a)	Gross Non-Performing
Loans and Advances
Less:
(b)	Interest in Suspense
(c)	Total Non-Performing
Loans and Advances (a-
b)
Less:
(d)	Impairment Loss
Allowance
(c)	Net Non-Performing
Loans (c-d)
2	INSIDER LOANS
AND ADVANCES
(a)	Directors, Shareholders
and Associates
(b)	Employees
(c)	Total Insider Loans,
Advances and Other
Facilities
3	OFF-BALANCE
SHEET ITEMS
(a)	Guarantees and
Commitments
(b)	Other Contingent
Liabilities
(c)	Total Contingent
Liabilities
CAPITAL
4	STRENGTH
(a)	Core Capital
(b)	Minimum Statutory
Capital
Excess/(Deficiency) (a-
(c)	b)
(d)	Supplementary Capital
(c)	Total Capital (a+d)
(f)	Total Risk Weighted
Assets
Core Capital/ Total
(g)	Deposit Liabilities
(b)	Minimum Statutory
Ratio
(i)	Excess/(Deficiency) (g-
h)
(i)	Core Capital/ Total
Risk Weighted Assets
(k)	Minimum Statutory
Ratio
(1)	Excess/(Deficiency) (j-
k)
OTHER
DISCLOSURES	Prior Year	31st Dec	Ist Quarter
	Same Quarter	Prior Year	Current Year
	KSh. '000 (Un-audited)	KSh. '000 (Audited)	KSh. '000 (Un-audited)
Ref. No.
(m)	Total Capital/ Total
Risk Weighted Assets
(n)	Minimum Statutory
Ratio
(O)	Excess/(Deficiency) (m-
la)
(p)	Adjusted Core
Capital/Total Deposit
Liabilities*
(q)	Adjusted Core
Capital/Total Risk
Weighted Assets*

(r)	Adjusted Total
	Capital/Total Risk
	Weighted Assets*
5	LIQUIDITY
(a)	Liquidity Ratio
0	Minimum Statutory
	Ratio
(c)	Excess/(Deficiency) (a-
	b)

Notes: This return should be compiled on a quarterly basis, to be received on or before the twentieth day after the end of quarter.

• The Adjusted Capital Ratios includes the expected credit loss provisions added back to Capital in line with the CBK Guidance Note issued in

We declare that this return, to the best of our knowledge and belief is correct.
Name of Compiling Officer:	Date: .....................
Name of authorizing officer (1):	Date: ...................
Name of authorizing officer (2):

April 2018 on implementation of IFRS 9.

are Special Case . . . . . . . .

SUSTINGSSORI

Annex Ii (Mfb) Capital To Risk Weighted Assets Return

	F
Expire	Westion 3.0.6
Eastitutioni
Financial Yea
Start Dato:
End Date:	11
	ant with SEFII Regulation
	AMOUNT OCH CON
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LI CORE CARTE OLDER
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LE Coped Com
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LES MICH WANS
11 Stationimate in schoology in scharing soll egity inquirem in other institution
11.00 Good of
11 11 Intensional
1 LLC Total Dobations (1 1 5 to B LED)
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L. 5 Limited Adde Padomic Represence show
LLA Terract Manad-AM
LL ? Stopping Love Researc
L2 & Total Simply montary Candrel (0.2.1 to 12.9)
12.9 Supplicantery Copital Corr Copital (5)	10%
LA TOTAL CATTAL CALL .
LA Tool Andrial Article Line La Locks Marks British British Hi
LS Reloced Alma Br
IL ON . BALASCE SHOCK ASSESS	uccasional
	WEKH
	ANART
COLOR THE	NOIT
VALUE
21 Cathin Industry
2 1 Balasses with Central Back of Keys
21 Kentinovat Image Inte
Lt Kenn firested from or Book	e
3 % Lending Tully snoundly woh
15 Adversion possibility the Universities of Enga and CECD Central Governments	e
17 Cel in intensional
I. Deposite and belation for fore liest least institutions	er
In Departis and Industry doe love linnige intitistions	et
! Id Keriga Trevery Bills and londs	es
2 H Claim porcent of by Multil and Development links	a 2
212 Liver and showner usual residential remate	er
211 Other Lease and Advances (not of provinces)	10
2 12 City Incolnients	10
	10
2 15 First Assess (Sir of Jersey seast)
2 15 Amount Andress or sumpolor	lle
2 17 (10 yr intelle	16
D.IKTHEAL (ST M LET)
P. P. Total Aware (For I'm. Andred Viewship Balance Show (HERE-EA
1.50 Isibereas
I. IIFF. BALANTE MICHT ASSETS	HERT VALLES
Country arbit Severally	DOSTITION MICH LIGHT	VISEIN
. I Toronton world by sink	��
1 2 Henrymovi of Cangu and COCTI Central Groupsmonts	2
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4 CAPTAL RATIO CALCULATIONS	aptical in Rive
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42. Bond Connisons (1) Acce
41 Trial Rick Weighted Nests will of of enchalissis show in per 2 16 show
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Wir designed that this seture, as the box of our lowning with helied in comes.
Kans of Cenpiling Office	inkana	Daley conwes
Name of authorizing officer (II)	Specificants
Specificants
Specificants

ALLESS DESE

Annex III (MFB)
CBK/IFRS9/01: MOVEMENT IN PERFORMING LOANS AND PROVISIONS ADDED BACK
Institution:
Financial Year:
Start Date:
End Date:
a) Movement in Performing Loans	Kshs.'000
*Opening balance of performing loans as at the beginning of the month
*Add loans issued in the current month
Less performing loans that migrated to Non-Performing loans in the current month
Less repayment of performing loans in the current month	0
Closing balance of performing loans as at the end of the month
b) Movement in Provisions Added Back
Opening balance of provisions on performing loans added back at the beginning of
the month
Additional provisions added back on new performing loans issued in the current
month
Less Provisions added back on performing loans that migrated to Non-Performing
loans in the current month
Less Provisions added back on performing loans repaid in the current month
Closing balance of provisions added back on performing loans at the end of the
month
* Performing loans relate to those outstanding as at Dec 31, 2017 and
those issued in 2018 and Performing
AUTHORIZATION:
We declare that this return, to the best of our knowledge and belief is correct.
Name of Compiling Officer:
Name of authorizing officer (1):
Name of authorizing officer (2):