information on borrowersr debt profiles and repayment history. Experience has ..... provisioning in a deteriorating cred
Eastern Africa Banking Sector Strong economies stimulate asset growth, Zmldgo]jafl]j]kljYl]kkim]]r]hjgÕlk A review of the 2013 calendar year
CONTENTS
FOREWORD
03
EXECUTIVE SUMMARY
04
SPECIAL TOPIC: CREDIT REFERENCE BUREAUS
13
The importance of credit in the economy
14
How CRB’s support Financial Sector growth
15
Findings from the survey
16
Conclusion
18
ECONOMIC REVIEW
19
Economic growth
20
Gross domestic product
21
AfÖYlagf
**
Foreign exchange rate (to the US$)
22
TANZANIA BANKING SECTOR OVERVIEW
23
Banking sector growth
24
HjgÕlYZadalq
*/
=^Õ[a]f[q
*0
Capital adequacy
32
KENYA BANKING SECTOR OVERVIEW
39
:Yfcaf_hjgÕlYZadalqj]eYafkkljgf_$Zggkl]\Zqkljgf_eYj_afkYf\af[j]Ykaf_[j]\al\]eYf\&
,(
HjgÕlYZadalq
,)
=^Õ[a]f[q
,+
Capital adequacy
46
UGANDA BANKING SECTOR OVERVIEW
51
HjgÕlYZadalq
-*
Capital adequacy
58
RWANDA BANKING SECTOR OVERVIEW
63
JoYf\YfZYfck]ph]ja]f[]ka_faÕ[YfleYj_afkim]]r]\m]lgdgo]jafl]j]kljYl]k&
.,
HjgÕlYZadalq
..
=^Õ[a]f[q
./
;YhalYdY\]imY[q
/(
KURT BANKING SECTOR ANALYSIS
75
Kljgf_][gfgea[_jgol`kmhhgjlkkljgf_Ykk]l_jgol`$Zml^Yddaf_afl]j]kljYl]kd]Yn]kalkeYjc& /. =^Õ[a]f[q
//
HjgÕlk_jgol`Yf\hjgÕlYZadalq
/0
>afYf[aYdkgmf\f]kk
/1
Concluding remarks
80
9hh]f\apA2JYlag[Yd[mdYlagfkYf\\]Õfalagfk
0-
Eastern Africa Banking Sector:Kljgf_][gfgea]kklaemdYl]Ykk]l_jgol`$Zmldgo]jafl]j]kljYl]kkim]]r]hjgÕlk
1
The Eastern Africa Banking Sector review 2013, covering Kenya, Uganda,Rwanda and Tanzania known as KURT, is l`]k][gf\YffmYd]\alagf&Gmjj]na]oYaeklg`a_`da_`l key performance metrics in the banking sector, providing perspectives that contribute to building the knowledge [gddYl]jYd^gjl`]klYc]`gd\]jkafngdn]\& Our region continues to attract growing interest from a jYf_]g^afn]klgjk$afdaf]oal`9^ja[YÌkkmklYaf]\_jgol`& Whilst a number of other emerging markets stalled in recent lae]k$9^ja[YÌk_jgol`j]eYafkgfljY[c&Mf\gmZl]\dq$l`] banking sector will play a fundamental role in driving the kmklYaf]\kljgf__jgol`l`Ylo]Yj]oalf]kkaf_& Our special topic this year focuses on the role of credit Zmj]YmkafZggklaf_j]khgfkaZd]Yf\hjgÕlYZd][j]\al extension, and how that in turn could help stimulate ][gfgea[_jgol`& Alakeqkaf[]j]`gh]l`YlqgmoaddÕf\l`akj]hgjlnYdmYZd]af Zmad\af_qgmjmf\]jklYf\af_g^l`]j]_agfÌkZYfcaf_k][lgj& Al`Yfc]n]jqgf]^gjeYcaf_l`]*(),j]hgjlYkm[[]kk& Joseph Sheffu Country Leader EY Tanzania
Eastern Africa Banking Sector:Kljgf_][gfgea]kklaemdYl]Ykk]l_jgol`$Zmldgo]jafl]j]kljYl]kkim]]r]hjgÕlk
3
EXECUTIVE SUMMARY
4
EY - All rights reserved 2014
Gmjc]qÕf\af_k^gj*()+ highlight the following points: • Total KURT banking assets rose by 15% to US$ 52bn in *()+$^jge,-&*Zfaf*()*& - :YfcYkk]lkY[jgkkCMJL[gdd][lan]dq_j]o*&.lae]k ^Ykl]jl`Yfj]_agfYd?Ak
323 301
,*.0-1
-(1)+*
-/((0(
..0/,-
Regional and Small
))1+0.
)0,(1-
*,+/).
311 561
454 886
9 817 271
12 364 757
14 281 738
16 644 786
18 935 453
Total Sector
Loans, advances and overdrafts make up the largest portion of total assets (54%) followed by afn]kle]flkaf_gn]jfe]fl\]Zlk][mjala]k )1!$;Yk`Yf\ZYdYf[]koal`:GL ),!$:YdYf[]k oal`gl`]jZYfck .!Yf\Gl`]jYkk]lk /!&
Eastern Africa Banking Sector:Kljgf_][gfgea]kklaemdYl]Ykk]l_jgol`$Zmldgo]jafl]j]kljYl]kkim]]r]hjgÕlk
33
Figure 6: Asset composition Other assets
8%
>a_mj]/2K][lgjËk^mf\af_[gehgkalagf Cash and Balances with BoT
Shareholders Funds
10%
14%
Balances w/other banks
Asset Composition
Customer Deposits
6%
76%
Other Liabilities
15%
4% Deposits from other bank
Funding Composition
11%
Investment in Government & Debt Securities
56%
Loans, Advances & Overdrafts (NET)
;mklge]j\]hgkalkaf[j]Yk]\lgLk`k),$,))Zaddagf^jgeLk`k)*$001Zaddagfaf*()*$Y)*af[j]Yk]&
Customer deposits remain the primary source of funding LglYd^mf\af_^gjl`]k][lgjklgg\YlLk`k)0$1+-Zaddagfaf*()* Lk`k).$.,,Zaddagfaf*()*!& L`]eYafkgmj[]g^^mf\af_j]eYafk[mklge]j\]hgkalk$Y[[gmflaf_^gj/.&) //&,af*()*! ^gddgo]\ZqK`Yj]`gd\]jk^mf\k)+&. )*&0af*()*!$\]hgkalk^jgegl`]jZYfck,&* -&)af *()*!$Yf\gl`]jdaYZadala]k,&. ,&/af*()*!&
>a_mj]02K`Yj]g^[mklge]j\]hgkalkh]jZYfclqh] The large banks dominate customer deposits. 73%
72%
23%
22%
3%
3%
2%
Large
2%
CRDB
29%
NMB
25%
NBC
13%
Stan Chart
9%
Exim
7%
Stanbic
7%
Citibank
6%
Barclays
4%
2013
2012
34
>a_mj]12K`Yj]g^[mklge]j\]hgkalkafdYj_]ZYfck Two banks dominate the deposit market, accounting for 38.8% of the total
Medium
NBFIs
Regional & Small
EY - All rights reserved 2014
>a_mj])(2K`Yj]g^[mklge]j\]hgkalkafe]\ameZYfck Figure 11: Share of customers deposits in small and j]_agfYdZYfck DTB Bank M
12% 11%
BOA
9%
CBA
8%
PBZ
7%
Azania
6%
I&M
6%
KCB
DCB
27.9%
%
Amana
22.5%
Mkombozi
16.5%
TWB
6.7%
Uchumi
4.5%
Covenant
3.7%
6%
EmÕf\a
3.2%
BancABC
5%
UBL
2.5%
Habib
4%
Mwanga
2.4%
NIC
4%
Kili Coop
2.1%
Access
4%
Efatha
2.1%
Ecobank
3%
Kagera
1.4%
BOB
3%
Njombe
1.1%
Equity
3%
Akiba
3%
Mbinga
1%
ICB
2%
Maendeleo
1%
UBA
2%
FNB BOI
Advans
0.9%
1%
Meru
0.4%
1%
TCB
0.2%
This leaves very little for the remaining banks – of which the medium sized banks share 23.2% of available deposits >a_mj])*2K`Yj]g^[mklge]j\]hgkalkYegf_F:>Ak Share of customer deposits among NBFIs is provided in the chart below. TIB
48%
TPB
39%
Twiga
13%
Eastern Africa Banking Sector:Kljgf_][gfgea]kklaemdYl]Ykk]l_jgol`$Zmldgo]jafl]j]kljYl]kkim]]r]hjgÕlk
35
>afYf[aYdkgmf\f]kk2k`Yj]`gd\]j^mf\ko]j]mhYkgda\*(&- in 2013 During 2013, aggregate capital (Total Shareholders’ Funds) increased by 21%, after rising 23% in *()*&
LYZd])+29__j]_Yl][YhalYd Tshs millions
2012
2013
Paid up share capital
/1)/1-
1,*.(,
**&1
)1&(
Retained Earnings
010+(+
11+/+-
)+&1
)(&.
HjgÕlYf\Dgkk9[[gmfl
*)1,))
*,1*/,
*-&0
)+&.
Others
**//-)
+1((01
/,&)
/)&+
2 137 260
2 575 702
22.9
20.5
Total Shareholders’ Funds
Change in %
Figure 13: Change in capital structure 74%
71%
Core capital to RWAs remained at
17% Total capital to RWAs in 2013 remained at
26%
23%
19% 14%
14%
11%
2012 HYa\mhk`Yj][YhalYd
2013 J]lYaf]\=Yjfaf_k
HjgÕlDgkk9[[gmfl
Others
18%
Figure 14: Total capital to RWAs The ratios are well above the statutory minimum j]imaj]e]flg^
10% 12%
44% 40% 34% 31%
and
16%
17%
17%
11%
respectively.
2012 Large
36
2013 Medium
NBFIs
Regional & Small
EY - All rights reserved 2014
Financial soundness can also be measured using total capital to total deposits. The sector’s average ratio remained at 16% and is well above the BOT’s statutory eafaemej]imaj]e]flg^0&
Bank liquidity was slightly lower in 2013 >a_mj])-2Daima\Ykk]lklglglYdYkk]lkZqZYfclqh] DYj_]ZYfckYj]l`]egkldaima\ 44%
43% 40
38%
37%
35%
Gn]jYdddaima\lglglYd assets stood at
40%
23%
22%
Daima\Ykk]lklg deposits stood at
2012 Large
2013 Medium
NBFIs
Regional & Small
48%
Eastern Africa Banking Sector:Kljgf_][gfgea]kklaemdYl]Ykk]l_jgol`$Zmldgo]jafl]j]kljYl]kkim]]r]hjgÕlk
37
;GF;DMgj]pYehd]$ in the deposits space, two banks account for 40% of lglYdZYfc\]hgkalk& Similarly, there are major differences between banks, depending on their core focus, even for banks [dYkkaÕ]\oal`afl`]kYe]ZYf\&>gj]pYehd]$;alaÌk gh]jYlagfYd]^Õ[a]f[qeYj_afakkmZklYflaYddq`a_`]j than any of its peers, and Citi is exclusively focused on l`][gjhgjYl]eYjc]l& 38
EY - All rights reserved 2014
KENYA BANKING SECTOR OVERVIEW In 2013 there were 42 banks operating in C]fqY&L`]ZYfckYj]eY\]mhg^2
6
Large banks
15 Medium banks
21 Small banks
Eastern Africa Banking Sector:Kljgf_][gfgea]kklaemdYl]Ykk]l_jgol`$Zmldgo]jafl]j]kljYl]kkim]]r]hjgÕlk
39
:Yfcaf_hjgÕlYZadalqj]eYafkkljgf_$Zggkl]\Zqkljgf_ eYj_afkYf\af[j]Ykaf_[j]\al\]eYf\& Sector assets grew 16%. This is in line with 2012 growth, and indicates that bank assets are growing 3 times faster than GDP. This in turn supported strong hjgÕlk_jgol`$o`a[`oYkmh
17% :qYkk]l[dYkk$l`]eYbgjYkk]l_jgol`[Ye]^jge2 Balances with other banks
Loans and advance
Investments in Government and debt securities
+37% +18% +12% Stable but low interest rates supported stronger loans and advances growth in Kenya than its f]a_`Zgmjk&a_mj]*+2K][lgjËk>mf\af_;gehgkalagf
>a_mj]*,2K`Yj]g^[mklge]j\]hgkalkZqZYfclqh] Large banks account for half of all customers deposits
4%
52%
50%
Others
9%
Retained Earnings
3%
7%
Other liabilities
5%
Deposits from other banks
40%
38%
Paid up share capital
72%
Banks source of Funding
Customer deposits
10%
10%
2012
2013 Large
Medium
Regional & Small
Financial soundness Af*()+$Y__j]_Yl][YhalYd LglYdK`Yj]`gd\]jkÌ>mf\k!klgg\YlYCk`k,+)Zaddagf mh)1^jge Ck`k+.*Zaddagfaf*()*!&HYa\mh[YhalYdoYk*($J]lYaf]\]Yjfaf_koYk-,Yf\
LYZd]*)29__j]_Yl][YhalYd*()+& Amount in (Kshs ‘000)
2012
2013
Change in %
/10*-)/(
0/+01/)1
20
Retained Earnings
)0(,,(/1+
*+*,01)/+
54
Others
)()1).,*0
)))+(+/..
26
Total Shareholders’ Funds
+.*)0*+1)
431 182 658
100
Paid up share capital
Core capital to RWAs stood at
Total capital to RWAs was
16% 18% (22% in 2012)
48
(25% in 2012)
EY - All rights reserved 2014
Figure 25: Total capital to RWAs Financial soundness is also 25%
25%
24%
measured by total capital 23%
lglglYd\]hgkalk& The average ratio was
18%
17%
)1&- )1af*()*!& Three Banks with the lowest ratios were: • ;gfkgda\Yl]\ 0&*
2012
• =imYlgjaYd
1&0
• = [gZYfc
)(&*
2013 Medium
Large
Regional & Small
Liquidity analysis Afl]jekg^daima\alq$l`]ZYfcaf_k][lgjj]eYafk`a_`dqdaima\&L`]k][lgjj][gj\]\Yfgn]jYdd jYlagg^daima\lglglYdYkk]lkg^+. +/af*()*!Yf\daima\Ykk]lklg\]hgkalkoYk,, ,.af*()*!&
>a_mj]*.2Daima\Ykk]lklglglYdYkk]lk 40%
41% 38%
35%
39%
34%
2012
2013 Large
Medium
Regional & Small
Eastern Africa Banking Sector:Kljgf_][gfgea]kklaemdYl]Ykk]l_jgol`$Zmldgo]jafl]j]kljYl]kkim]]r]hjgÕlk
49
;GF;DM]]kYf\[geeakkagfk$mh,&L`][geZaf]\]^^][lg^l`]k]o]Yc]jj]n]fm]klj]YekoYk a considerable decrease in net income, of 22%
Eastern Africa Banking Sector:Kljgf_][gfgea]kklaemdYl]Ykk]l_jgol`$Zmldgo]jafl]j]kljYl]kkim]]r]hjgÕlk
53
HjgÕlYZadalq\][daf]\af*()+$\jan]fZqk`Yjhdqjakaf_]ph]fk]k LYZd]*,2HjgÔlYZadalqYf\]Yjfaf_kjYlagk Uganda banking sector (total) 2012
2013
Loans and Advances to Total Assets
,1&.
,.&)
Fgf%Afl]j]kl=ph]fk]lgAfl]j]klAf[ge]
-*&.
.+&1
ROAA
+&1
*&.
ROAE
*+&+
)-&+
Interest Margin to Average Earning Assets
)+&+
)(&/
Non-Interest Expense to Gross Income
40.9
47.8
Gross Loans to Deposits
72.6
69.9
Interest Income to Total Income
77.6
74.7
Interest Margin
70.4
71.0
Earning Assets to Total Assets
76.6
77.6
Net Interest Margin
21.7
17.3
Total Expenses to Interest Income
82.2
93.0
=Yjfaf_kYf\hjgÕlYZadalqjYlagk
Nearly
30%
of Ugandan banks recorded losses in 2013
54
Loans and advances account for just under half of total assets
Of the 25 registered banks in Uganda )0j]hgjl]\hjgÕlk in 2013, while 7 banks reported losses, namely; BOA, Ecobank, Fina, GTB, Imperial, Orient, and UBA.
Earning assets to total assets stood at
46.1% 77.6% a slight increase from 2012.
EY - All rights reserved 2014
>a_mj]*/2JG99ZqZYfclqh] Large banks feel the least pressure from the lower interest rates 5% 4%
Banks reporting the highest ROAA’s:
2%
• ;]fl]fYjq 1%
-3%% 2012
,&-
• KlYf\Yj\;`Yjl]j]\,&*
-2%
• ;alaZYfc
2013
,&)&
The sector achieved an overall JG9=g^)-&+&Gf[]Y_Yaf$ and for the same reasons cited above, large banks reported considerably higher
Large
ROAE’s than what medium
Small
Medium
Yf\keYddZYfck\a\&
>a_mj]*02JG9=ZqZYfclqh] 30%
22%
13%
3% -13%
-10%
2012
2013
Large
Medium
Small
LYZd]*-2=^Ô[a]f[qjYlagk Uganda banking sector (total) 2012
2013
)1&(
)0&)
.-)+*-1
///,,1*
Staff Income to Portfolio
))&*
/&)
Portfolio Yield
*+&*
)1&-
Gross Yield on Earning Assets
)0&0
)-&)
Deposit rates
5.2
4.5
Hgjl^gdagQa]d\lgGh]jYlaf_=^Õ[a]f[q
4.1
1.4
Yield to Rate on Funds
18.0
15.0
Govt Securities as % Earning Assets
26.1
26.8
=^Õ[a]f[qjYlagk Gh]jYlaf_=^Õ[a]f[q Loan Portfolio (UGshs Million)
Eastern Africa Banking Sector:Kljgf_][gfgea]kklaemdYl]Ykk]l_jgol`$Zmldgo]jafl]j]kljYl]kkim]]r]hjgÕlk
55
Gh]jYlaf_]^Õ[a]f[q2dYj_]ZYfckZ]f]Õl^jgekljgf_]j economies of scale Gh]jYlaf_]^Õ[a]f[qaddmkljYl]k]ph]fk]kYkYh]j[]flY_]g^dgYfkYf\Y\nYf[]k&Gn]jYdd$k][lgj gh]jYlaf_]^Õ[a]f[qYn]jY_]\)0&)&L`akoYkdgo]jl`Yf*()*d]n]dk$af\a[Ylaf_aehjgn]\ gh]jYlaf_]^Õ[a]f[q& 9kk`gofafl`]lYZd]Z]dgo$dYj_]ZYfckYj]l`]egkl]^Õ[a]fl^gddgo]\Zqe]\ameZYfck$oal` keYddZYfckZ]af_l`]d]Ykl]^Õ[a]fl&L`akakafdaf]oal`ZYfckY[jgkkl`]CMJLj]_agf$o`]j]l`] dYj_]ZYfckYdde]Ykmj]kljgf_]jaf]^Õ[a]f[ql]jek&
>a_mj]*12=^Ô[a]f[qZqZYfclqh] 29%
21% 18%
19%
18%
L`]egkl]^Õ[a]flZYfckaf 2013 were:
18%
• FA;
)(
• BOI
11%
• Citibank and DTB
12%
L`]d]Ykl]^Õ[a]flZYfcko]j]2
2012
• GTB
46%
• FTB
38%
2013 Large
Portfolio yields shrunk for both large and small banks during 2013
Small
Medium
>a_mj]+(2Hgjl^gdagqa]d\ZqZYfclqh]
25%
21% 19%
20% 18%
9fgl`]je]Ykmj]g^]^Õ[a]f[qakl`]hgjl^gdag qa]d\jYlag&L`]jYlagaf\a[Yl]kl`]Yn]jY_] interest income (%) loans and advances portfolios ]Yjf]\&L`]Yn]jY_]hgjl^gdagqa]d\^gj*()+ oYk)1&-&L`akoYkkge]o`Yldgo]jl`Yf*()* levels, driven by the above cited declining interest rates which took effect in the latter half of 2012, Yf\o`a[`j]eYaf]\Yldgod]n]dkl`jgm_`*()+&
16%
2012
2013 Large
Medium
Small
Banks with the highest portfolio yield were: • ; ]fl]fYjq
*1&1
• > L:
*.&1
• ? L:
*-&0
56
EY - All rights reserved 2014
Hgjl^gdagqa]d\lggh]jYlaf_]^Õ[a]f[q^]ddk`Yjhdqaf*()+ Hgjl^gdagQa]d\lggh]jYlaf_]^Õ[a]f[q[gehYj]kl`]qa]d\lgl`][gklg^_]f]jYlaf_l`Ylqa]d\& A\]Yddq$l`]qa]d\k`gmd\Z]`a_`]jl`Yfl`]gh]jYlaf_]^Õ[a]f[qjYlag&L`]Yn]jY_]qa]d\lg gh]jYlaf_]^Õ[a]f[qjYlag^gj*()+oYk)&,$\gof[gfka\]jYZdq^jge*()+Ìk,&)&
>a_mj]+)2Hgjl^gdagqa]d\klggh]jYlaf_]^Ô[a]f[q 7%
3% The banks with the highest
-1%
1%
-8%
ratios were:
-6%
• ;alaZYfc
0&.
• ;jYf]
/&,
• < >;M
,&-
In terms of bank [dYkkaÕ[Ylagfk$gfdql`]dYj_] banks reported a strong hgkalan]jYlag&E]\ameZYfck
2012
2013 Large
Medium
Small
reported a marginally positive ratio and small banks a kljgf_dqf]_Ylan]jYlag&
Deposit rates: there is a considerable gap between the highest and least cost deposits afYf[aYdkgmf\f]kkjYlagk Uganda banking sector (total) Financial soundness ratios %
2012
2013
(&)
)&*
Total Capital to RWAs
*0&(
*1&*
Core Capital to RWAs
**&1
*-&.
Interest Margin to Gross Income
-,&/
-+&(
Liquid Assets to Total Assets
,)&/
,-&(
Daima\9kk]lklgmf\af_kljm[lmj] Balance sheet Ush millions Customer deposits Deposits from other banks Other liabilities Paid up share capital Retained Earnings HjgÕlYf\Dgkk9[[gmfl Others Total liabilities and Shareholders’ Funds
2012
2013
)(,.0(11
))+/-//0
,.1,-.
650 612
).11./.
2 362 004
10*-.1
)*+-/(0
)*101)0
)+)/-0-
)-1).0!
)*,1,,!
568 064
,+1+1-
)-+*/.),
)/*-.)+1
Total funding stood at Ush 17,256 billion in 2013, a increase of
12%
Customer deposits accounted for the bulk of funds
66%
Eastern Africa Banking Sector:Kljgf_][gfgea]kklaemdYl]Ykk]l_jgol`$Zmldgo]jafl]j]kljYl]kkim]]r]hjgÕlk
59
>a_mj]+,2K`Yj]g^[mklge]j\]hgkalkZqZYfclqh] Large banks attract in excess of 70% of total deposits 76%
73%
19%
18%
8%
6% 2013
2012 Large
Medium
Small
>afYf[aYdkgmf\f]kk2kdgo]jhjgÕlk_jgol`aehY[lk shareholder fund growth LYZd]*02K][lgjËkY__j]_Yl][YhalYd^gj*()+ Balance sheet Ush millions
2012
2013
Paid up share capital
10*-.1
)*+-/(0
Retained Earnings
)*101)0
)+)/-0-
)-1).0!
)*,1,,!
568 064
,+1+1-
*.1(+0+
*0.//,,
HjgÕlYf\Dgkk9[[gmfl Other Total Shareholders’ Funds
During 2013, aggregate capital (Total Shareholders’ Funds) increased by
7% 60
In relation to Risk Weighted Assets (RWAs), the sector average for core capital to RWAs was
26%
EY - All rights reserved 2014
>a_mj]+-2LglYd[YhalYdlgJO9kZqZYfclqh] Small banks hold proportionally greater capital levels 44%
44%
30%
28%
21%
21%
2013
2012 Large
Medium
Small
>afYf[aYdkgmf\f]kk[YfYdkgZ]e]Ykmj]\ZqlglYd[YhalYdlglglYd\]hgkalk&L`]Yn]jY_]jYlag oYk*+&.af*()+$\gof^jge*,&,af*()*$Yk\]hgkalk_j]o^Ykl]jl`YflglYdk`Yj]`gd\]j [YhalYd\mjaf_l`]q]Yj&
Liquidity analysis: small banks are more liquid than their larger peers L`]k][lgjj][gj\]\Yfgn]jYddjYlagg^daima\lglglYdYkk]lkg^,-&KeYddZYfckj][gj\]\l`] dYj_]klaf[j]Yk]afl`akjYlag&DYj_]ZYfckYdkgaf[j]Ykaf_daima\alqd]n]dk$ZmlYlYkdgo]jjYl]&
>a_mj]+.2Daima\Ykk]lklglglYdYkk]lkZqZYfclqh] 50 47% 44% 40% 36%
34%
L`]daima\Ykk]lklg deposits ratio stood at
2013
2012 Large
Medium
64%
Small
Eastern Africa Banking Sector:Kljgf_][gfgea]kklaemdYl]Ykk]l_jgol`$Zmldgo]jafl]j]kljYl]kkim]]r]hjgÕlk
61
;GF;DMa_mj]+12=^Ô[a]f[qZqZYfclqh] 54%
L`]egkl]^Õ[a]flZYfckaf the sector were:
36%
• : GC
+
• R a_YeYYf\:Ja_mj],(2Hgjl^gdagqa]d\ZqZYfclqh]
50%
9fgl`]je]Ykmj]g^]^Õ[a]f[qakl`]hgjl^gdag qa]d\jYlag&L`]jYlagaddmkljYl]ko`Ylafl]j]kl af[ge]ZYfckdgYfkYf\Y\nYf[]k]Yjf&L`] Yn]jY_]hgjl^gdagqa]d\^gj*()+oYk)(&0 \gof k`Yjhdq^jge).&1af*()*! Small banks have the highest portfolio yield ^gddgo]\Zqe]\ameZYfck&
22% 19% 15%
14% 7%
Banks with the highest portfolio yield: • ? L:
)/&1
• ; g_]ZYfim]
)/&0
• A Yf\E
).&)
68
2012
2013 Large
Medium
Small
EY - All rights reserved 2014
Hgjl^gdagqa]d\lggh]jYlaf_]^Õ[a]f[q Hgjl^gdagQa]d\lgGh]jYlaf_=^Õ[a]f[q[gehYj]kl`]qa]d\lgl`][gklg^_]f]jYlaf_l`Ylqa]d\& A\]Yddq$l`]qa]d\k`gmd\Z]`a_`]jl`Yfl`]gh]jYlaf_]^Õ[a]f[q&L`]k][lgjÌkYn]jY_]qa]d\lg gh]jYlaf_]^Õ[a]f[qjYlag^gj*()+oYk%)&( %*&*af*()*!&
>a_mj],)2Hgjl^gdagqa]d\klggh]jYlaf_]^Ô[a]f[q
-1%
-2%
0%
-14%
-2%
-4%
The banks with the highest ratios: • Ra_YeY
*&0
• :JafYf[aYdkgmf\f]kkJYlagk Tanzania banking sector (total) Financial soundness ratios %
2012
2013
Total Capital to RWAs
*)&/
*-&(
Core Capital to RWAs
)1&-
*)&1
Interest Margin to Gross Income
-(&(
,-&,
Liquid Assets to Total Assets
*.&+
+-&0
Liquid Assets to Deposits
+-&+
,0&*
Total Capital to Deposits
*)&0
**&.
Capital Adequacy
).&+
).&/
Asset structure: loans as a portion of total assets rose sharply during the year LYZd]+,29kk]lkljm[lmj] Balances sheet structure %
2012
2013
10
10
Balances w/other banks
1
15
Investment in Government and Debt Securities
8
11
DgYfk$9\nYf[]kYf\Gn]j\jY^lk F=L!
46
56
Other assets
*/
8
Total Assets
100
100
Cash and Balances with central bank
DYj_]ZYfck`gd\l`]Za__]klk`Yj]g^Ykk]lk$[gfljgddaf_-1&*g^l`]eYjc]l$oal`e]\ameZYfck Y[[gmflaf_bmklmf\]jYl`aj\ +/&*!&@go]n]j$l`]dYj_]ZYfckÌk`Yj]g^l`]eYjc]lakkdahhaf_$ oal`e]\ameZYfcklYcaf_Y,&,Y\\alagfYdk`Yj]g^lglYdYkk]lk&
LYZd]+-2K`Yj]g^LglYdYkk]lkZqZYfclqh] Total Assets %
2012
2013
Large
.+&/
-1&*
Medium
+*&0
+/&*
+&,
+&/
100
100
Small Total Sector
70
EY - All rights reserved 2014
Figure 42: Asset composition Cash and Balances with BoT
Other assets
8%
10%
15%
Asset Composition
Balances w/other banks
11%
Investment in Government & Debt Securities
56%
Loans, Advances & Overdrafts (NET)
Funding (liabilities) structure: customer deposits form the bulk of deposits LYZd]+.2>mf\af_kljm[lmj] Balance Sheet Rwf millions
2012
2013
%
/0.///
0..*1-
..&,
*/*-.
13 116
)&(
).)+/(
*(/,0.
)-&1
0)10/
0.(1*
.&.
+1).
21 848
)&/
HjgÕlYf\Dgkk9[[gmfl
)./,*
158
(&(
Others
86 625
))(+1-
0&-
)).,./*
)+(-+1(
)((&(
Customer deposits Deposits from other banks Other liabilities Paid up share capital Retained Earnings
Total Shareholders’ Funds
Total funding remains strongly reliant on customer deposits, in line with other KURT countries, making up
66%
of total funds (slightly down from
67%
Eastern Africa Banking Sector:Kljgf_][gfgea]kklaemdYl]Ykk]l_jgol`$Zmldgo]jafl]j]kljYl]kkim]]r]hjgÕlk
in 2012)
71
Figure 43: Funding composition Retained Earnings
2%
Others
8%
7%
Paid up share capital
Customer deposits
66%
Funding Composition
16%
Other Liabilities
1%
Retained Earnings
>a_mj],,2K`Yj]g^[mklge]ja_mj],.2Daima\Ykk]lk to total assets
39%
31% 28%
27%
26% 22%
By bank type, there was a noticeable difference between the bank types in 2013, with large banks being the most liquid, and l`]keYddZYfck`Ynaf_[gfka\]jYZdqdgo]jjYlagk&
2012
2013 Large
Medium
Eastern Africa Banking Sector:Kljgf_][gfgea]kklaemdYl]Ykk]l_jgol`$Zmldgo]jafl]j]kljYl]kkim]]r]hjgÕlk
Small
73
;GF;DMa_mj],02DgYfkYf\Y\nYf[]klglglYdYkk]lk
Kenya
57%
Rwanda
56%
Tanzania
54%
Uganda
46%
=^Õ[a]f[q C]fqYËkYf\M_Yf\YËkZYfckd]Y\Zqqa]d\jYlagk$JoYf\YfZYfckaf]^Ô[a]f[q
LYZd]+02=^Ô[a]f[qjYlagkaf KURT Banking Sector Kenya
Uganda
Rwanda
Tanzania
Average
Gh]jYlaf_=^Õ[a]f[q
)*&0
)0&)
))&1
),&-
),&+
Portfolio Yield
).&(
)1&-
)(&0
),&1
)-&+
Gross Yield on Earning Assets
)*&.
)-&)
))&)
)*&)
)*&/
+&*
)&,
%)&(
(&,
)&(
)*&*
)-&(
/&(
)*&(
))&-
=^Õ[a]f[qJYlagk
Hgjl^gdagQa]d\lgGh]jYlaf_=^Õ[a]f[q Yield to deposit rate
• E]Ykmj]\Zqgh]jYlaf_]^Õ[a]f[qJoYf\Yfd]Y\l`]ajj]_agfYdh]]jk$^gddgo]\ZqC]fqYf:Yfck& • M _Yf\YfZYfck]fbgql`]`a_`]klhgjl^gdagqa]d\ • Uganda’s banks also feature the highest Gross yield on earning assets • Tanzanian banks pay the lowest deposit rates
Eastern Africa Banking Sector:Kljgf_][gfgea]kklaemdYl]Ykk]l_jgol`$Zmldgo]jafl]j]kljYl]kkim]]r]hjgÕlk
77
HjgÕlk_jgol`Yf\hjgÕlYZadalq HjgÔlko]j]hj]kkmj]\ZqdgoYf\\][dafaf_afl]j]kljYl]kafl`j]]CMJL[gmflja]k& C]fqYakl`]egklhjgÕlYZd]ZYfcaf_eYjc]laf]Ykl9^ja[Y$ZqZgl`JG99Yf\JG9=e]Ykmj]k& Kenya’s banks are able to deploy a greater proportion of their assets to lending, as a result of which, l`]aj]ph]fk]lgafl]j]klaf[ge]jYlagakl`]dgo]klafl`]j]_agf& Fg\gmZl$l`]gn]jYddkar]g^l`]C]fqYfZYfcaf_k][lgj$j]dYlan]lgalkf]a_`Zgmjk$hjgna\]kaloal` YfY\nYflY_]af][gfgea]kg^k[Yd]Z]f]Õlk&Dac]kge]g^alkj]_agfYdh]]jk$C]fqYfZYfck`Y\lg contend with low and declining interest rates, but were able to absorb the impact of lower interest jYl]kegj]]Ykadql`Yfo`Yl]al`]jJoYf\YÌkgjM_Yf\YÌkZYfcko]j]YZd]lg&
HjgÕlaf[j]Yk]k afdg[Yd[mjj]f[q! LYZd]+12K]d][l]\hjgÔlYZadalqjYlagk KURT Banking Sector =Yjfaf_kYf\HjgÕlYZadalqJYlagk !
Kenya
Uganda
Rwanda
Tanzania
Average
Loans and Advances to Total Assets
-.&.
,.&)
--&1
-+&1
-+&)
Fgf%Afl]j]kl=ph]fk]lgAfl]j]kl Income
-)&(
.+&1
/*&+
/*&-
.,&1
ROAA
+&-
*&.
)&*
)&.
*&*
ROAE
**&*
)-&+
/&+
)*&-
),&+
0&/
)(&/
.&1
0&1
0&0
Fgf%Afl]j]kl=ph]fk]lg?jgkk Income
+0&0
,/&0
-*&,
-+&+
,0&)
Gross Loans to Deposits
0(&.
.1&1
0,&*
/*&.
/.&0
Interest Income to Total Income
/.&*
/,&/
/*&-
/+&-
/,&*
Interest Margin
.1&,
/)&(
.*&/
/*&1
.1&(
Earning Assets to Total Assets
0/&/
//&.
0*&)
0(&.
0*&(
F]lAfl]j]klEYj_af
)+&-
)/&+
1&1
)+&+
)+&-
Total Expenses to Interest Income
0)&.
1+&(
)(1&.
11&.
1.&(
Interest Margin to Average Earning Assets
78
EY - All rights reserved 2014
Figure 49: ROAA Kenya’s banks earned the highest returns in the region
Kenya
3.5
Uganda
2.6
Tanzania
1.6
Rwanda
1.2
Financial soundness KURT Banking Sector Financial soundness ratios %
Kenya
Uganda
Rwanda
Tanzania
Average
Total Capital to RWAs
)0&*
*1&*
*-&(
)0&)
**&.
Core Capital to RWAs
).&,
*-&.
*)&1
).&.
*(&*
Gross Interest Margin
-*&1
-+&(
,-&,
-+&.
-)&*
Liquid Assets to Total Assets
+-&1
,-&(
+-&0
,(&*
+1&*
Liquid Assets to Deposits
,+&1
.+&0
,0&*
,0&+
-)&)
Total Capital to Deposits
)1&-
*+&.
**&.
).&+
*(&-
Capital Adequacy
).&(
).&.
).&/
)+&.
)-&/
• J oYf\YfZYfckYj]l`]Z]kl[YhalYdak]\afl`]j]_agf • M _Yf\Y`Ykl`]`a_`]kldaima\Ykk]lkafl`]j]_agf • L `]_jgkkafl]j]kleYj_afnYja]kZ]lo]]f,-&,lg-+&. • ; YhalYdY\]imY[qjYlagkYj]`a_`Y[jgkkl`]j]_agf$oal`JoYf\Yd]Y\af_ZqY[gfka\]jYZd]_Yhlg l`]gl`]jl`j]]eYjc]lk&
Eastern Africa Banking Sector:Kljgf_][gfgea]kklaemdYl]Ykk]l_jgol`$Zmldgo]jafl]j]kljYl]kkim]]r]hjgÕlk
79
;GF;DMafYf[aYdAfklalmlagfk
F:J
FYlagfYd:Yfcg^JoYf\Y
FHDk
FgfH]j^gjeaf_DgYfk
PandL
HjgÕlYf\Dgkk
ROAA
Return on Average Assets
ROAE
Return on Average Earnings
RWA
Risk Weighted Assets
Rwf
Rwandese Franc
Tshs
Tanzanian Shillings
Ushs
Ugandan Shillings
L`]j]hgjlaf[dm\]kYfYdqkakg^YlglYdg^)*.afklalmlagfk[gn]jaf_^gmj[gmflja]ka&]&C]fqY$M_Yf\Y$JoYf\YYf\LYfrYfaY&L`] following is the full list with their abbreviations used:
Tanzania 1
Access
Access Bank (T) Limited
2
Advans
Advans Bank (T) Limited
3
Akiba
Akiba Commercial Bank Limited
4
Amana
Amana Bank Ltd
5
Azania
Azania Bank Ltd
6
BancABC
African Banking Corporation (T) Ltd
/
Bank M
Bank M (T) Limited
8
Barclays
Barclays Bank (T) Limited
1
BOA
BOA Bank (T) Limited
10
BOB
Bank of Baroda (T) Limited
11
BOI
Bank of India (T) Limited
12
CBA
Commercial Bank of Africa td
13
Citibank
Citibank (T) Limited
14
Covenant
Covenant Bank for Women (T) Ltd
15
CRDB
CRDB Bank PLC
16
DCB
Dar es Salaam Community Bank
)/
DTB
Diamond Trust Bank (T) Limited
18
Ecobank
Ecobank (T) Limited
)1
Efatha
Efatha Bank
Eastern Africa Banking Sector:Kljgf_][gfgea]kklaemdYl]Ykk]l_jgol`$Zmldgo]jafl]j]kljYl]kkim]]r]hjgÕlk
81
20
Equity
Equity Bank Tanzania Ltimited
21
Exim
Exim Bank (T) Limited
22
>F:
>ajklFYlagfYd:Yfc L!Daeal]\
23
Habib
Habib African Bank Limited
24
IandM
IandM Bank (T) Limited
25
ICB
International Commercial Bank (T) Limited
26
Kagera
Kagera Farmers Co-operative Bank Ltd
*/
KCB
Kenya Commercial Bank (T) Limited
28
Kili Coop
Kilimanjaro Co-operative Bank
*1
Maendeleo
Maendeleo Bank PLC
30
Mbinga
Mbinga Community Bank Ltd
31
Meru
Meru Community Bank
32
Mkombozi
Mkombozi Commercial Bank PLC
33
EmÕf\a
EmÕf\a;geemfalq:YfcDl\
34
Mwanga
Mwanga Rural Community Bank Ltd
35
F:;
FYlagfYd:Yfcg^;gee]j[]Daeal]\
36
FA;
FA;:Yfc L!Daeal]\
+/
FbgeZ]
FbgeZ];geemfalq:YfcDl\
38
FE:
FYlagfYdEa[jgÕfYf[]:Yfc L!HD;
+1
H:R
L`]H]ghd]Ìk:Yfcg^RYfraZYjDaeal]\
40
Stan Chart
Standard Chartered Bank (T) Limited
41
Stanbic
Stanbic Bank (T) Limited
42
TCB
Tandahimba Community Bank
43
TIB
Tanzania Investment Bank Ltd
44
TPB
Tanzania Postal Bank Ltd
45
TWB
Tanzania Women’s Bank Plc
46
Twiga
Twiga Bancorp Limited
,/
UBA
United Bank for Africa (T) Limited
48
UBL
United Bank Limited (T) Limited
,1
Uchumi
Uchumi Commercial Bank Ltd
1
ABC
African Banking Corporation Limited
2
Barclays
Barclays Bank of Kenya
3
BOA
Bank of Africa Kenya Limited
4
BOB
Bank of Baroda (K) Limited
5
BOI
Bank of India
6
CBA
Commercial Bank of Africa
/
CfC
CfC Stanbic Bank Limited
8
Chase
Chase Bank (K) limited
1
Citibank
;alaZYfcF&9
Kenya
82
EY - All rights reserved 2014
10
Co - op
Co-operative Bank of Kenya Limited
11
Consolidated
Consolidated Bank of Kenya Limited
12
Credit
Credit Bank Limited
13
DBK
Development Bank of Kenya Limited
14
DTB
Diamond Trust Bank (K) Limited
15
Ecobank
Ecobank Kenya Limited
16
Equatorial
Equatorial Commercial Bank Limited
)/
Equity
Equity Bank Limited
18
Family
Family Bank
)1
Fidelity
Fidelity Commercial Bank Limited
20
Fina
Fina Bank Limited
21
First
First Community Bank Limited
22
Giro
Giro Commercial Bank Limited
23
Guardian
Guardian Bank Limited
24
Gulf
Gulf African Bank Limited
25
Habib
Habib Bank Limited
26
Habib AG
@YZaZ:Yfc9&?Rmja[`
*/
Housing
Housing Finance Company Limited
28
IandM
IandM Bank Limited
*1
Imperial
Imperial Bank Limited
30
Jamii
Jamii Bora Bank Limited
31
KCB
Kenya Commercial Bank
32
K-Rep
K-Rep Bank Limited
33
Middle
Middle East Bank Limited
34
F:C
FYlagfYd:Yfcg^C]fqYDaeal]\
35
FA;
FA;:YfcDaeal]\
36
Oriental
Oriental Commercial Bank Limited
+/
Paramount
Paramount Universal Bank Limited
38
Prime
Prime Bank Limited
+1
STD
Standard Chartered Bank (K) Limited
40
Trans
LjYfk%FYlagfYd:YfcDaeal]\
41
UBA
UBA Kenya Bank Limited
42
Victoria
Victoria Commercial Bank Limited
Uganda 1
ABC
ABC Capital Bank Limited
2
Barclays
Barclays Bank Uganda Limited
3
BOA
Bank of Africa - Uganda Limited
4
BOB
Bank of Baroda
5
BOI
Bank of India (Uganda)
Eastern Africa Banking Sector:Kljgf_][gfgea]kklaemdYl]Ykk]l_jgol`$Zmldgo]jafl]j]kljYl]kkim]]r]hjgÕlk
83
6
Cantenary
Centenary Rural Development Bank Limited
/
CBA
Commercial Bank of Africa (U) Limited
8
CIB
Cairo International Bank Limited
1
Citibank
Citibank Uganda Limited
10
Crane
Crane Bank Limited
11
DFCU
DFCU Bank Limited
12
Diamond
Diamond Trust Bank Uganda Limited
13
Ecobank
Ecobank Uganda Limited
14
Equity
Equity Bank Uganda Limited
15
Fina
Fina Bank Uganda Limited
16
FTB
Finance Trust Bank Limited
)/
GTB
Global Trust Bank Limited
18
HFB
Housing Finance Bank
)1
IBU
Imperial Bank Uganda Limited
20
KCB
KCB Bank Uganda Limited
21
F;
F;:YfcM_Yf\YDaeal]\
22
Orient
Orient Bank Limited
23
Stan Chart
Standard Chartered Bank Uganda Limited
24
Stanbic
Stanbic Bank Uganda Limited
25
Tropical
Tropical Bank Limited
26
UBA
United Bank for Africa (Uganda) Limited
Rwanda 1
Access
Access Bank Rwanda Ltd
2
BOK
Bank of Kigali Ltd
3
BPR
Banque Populaire du Rwanda
4
BRD
Banque Rwandaise de developpement
5
Cogebanque
Cogebanque Ltd
6
Ecobank
Ecobank Rwanda Ltd
/
Equity
Equity Bank Rwanda
8
GTB
Guaranty Trust Bank Rwanda Ltd
1
IandM
IandM Bank Ltd
10
KCBR
Kenya Commercial Bank Rwanda
11
Ra_YeY
Ra_YeY;KK
84
EY - All rights reserved 2014
9hh]f\apA2JYlag[Yd[mdYlagfkYf\\]Õfalagfk The following ratios were used in the supplement:
=^Õ[a]f[qjYlagk
HjgÕlYZadalqYf\]Yjfaf_kjYlagk
• G h]jYlagfYd=^Õ[a]f[q !2FgfAfl]j]kl=ph]fk]#Afl]j]kl
• J ]lmjfgfLglYd9kk]lk !2Mkaf_hjgÕlY^l]jlYp$lgk`go
=ph]fk]'DgYfkYf\9\nYf[]k af[dm\af_afl]j%ZYfc!# HjgZYZd]Dgkk]k&Lg\]l]jeaf]`go]^Õ[a]fll`]ZYfc`Yk Z]]fafeYcaf_alkdgYfka&]&c]]haf_alk[gklk\gof&L`] dgo]jl`]l`]egj]]^Õ[a]fll`]ZYfc& • 9 n]jY_]DgYfHgjl^gdag2L`]dgYfkYf\Y\nYf[]k^gjl`] [mjj]flYf\hj][]\af_h]jag\\ana\]\Zq*&Lgk`gol`] increase/decrease in loan portfolio over the period under j]na]o& • D gYfHgjl^gdagh]j]ehdgq]]2DgYfkYf\9\nYf[]k# HjgZYZd]Dgkk]k'ZqfmeZ]jg^klY^^&Lgk`gol`]gj]la[Yd klY^^hjg\m[lanalqafl]jekg^Yegmflg^dgYfkh]j]ehdgq]]& • A f[ge]lgKlY^^2HjgÕlZ]^gj]lYp'fmeZ]jg^klY^^&Lgk`go$ again theoretically, how much each staff has contributed to the bank’s earnings • H gjl^gdagAf[ge]h]j]ehdgq]] !2L`]j]kmdlg^]Yjfaf_k lgklY^^ ,$YZgn]!YkYg^j]kmdlg^hgjl^gdaglgklY^^ +!&Lg show how much each staff has contributed on average to the
the returns generated by the bank’s assets • J ]lmjfgfLglYd=imalq !2Mkaf_K`Yj]`gd\]jkÌ^mf\k$lg show the return to Shareholders from the bank’s operations • A fl]j]klEYj_aflg=Yjfaf_9kk]lk !2K`gokl`]f]lafl]j]kl af[ge]]Yjf]\gfl`]ZYfcÌk]Yjfaf_Ykk]lk& • F gf%Afl]j]kl=ph]fk]lgAfl]j]klAf[ge] !2Lgk`go`go much non-interest expense would ‘eat’ into interest income especially if interest income was the bank’s only income kgmj[]&Afgl`]jogj\k$akl`]ZYfc]Yjfaf_]fgm_`^jgealk main source of income to cover other major (non-interest) expenses • F gf%Afl]j]kl=ph]fk]lgLglYdaf[ge] !2Lgk`gol`]]pl]fl to which non-interest expense would ‘eat’ into total income • ? jgkkDgYfklgJA;9:MKAF=KK;=FL=J¢
EY STRATEGIC GROWTH FORUM™
Today, we are able to navigate through the complexity that our [da]flkYj]]ph]ja]f[af_Y[jgkkl`]_]g_jYh`a]k&O]\gl`ak l`jgm_`gmj9^ja[Y:mkaf]kk;]fl]j¢&
Africa 2014: realizing the possibilities
0Ç1G[lgZ]j*(),$KYf\lgf;gfn]flagf;]flj]$Bg`Yff]kZmj_$ Its sole purpose is to help clients make their investment and South Africa ]phYfkagf\][akagfkaf9^ja[Y&Gmj9^ja[Yafl]_jYlagfZ]f]Õlkgmj This will be the third Strategic Growth Forum (SGF) hosted on clients through: 9^ja[Yfkgad&L`]^g[mkg^gmj]n]flak]p[dmkan]dqgf9^ja[Y2 on the strategic growth opportunities that the continent • 9f]logjcg^h]ghd]across Africa and the rest of the world, enabling us to coordinate our resources to provide clients with offers and the challenges that need to be addressed to j]Ydar]l`]k]ghhgjlmfala]k&L`jgm_`l`]km[[]kkg^l`]log a single point of contact previous editions, SGF Africa has established a reputation as an unparalleled opportunity to network, share ideas and • Pre-eminent thought leadership and events such as the challenges, and learn from those who are doing business and Africa attractiveness survey, the Strategic Growth Forum aehd]e]flaf__gn]jfe]flhgda[a]kY[jgkk9^ja[Y& Africa and the Africa Tax Conference • L`]mfaim]?jgoaf_:]qgf\:gj\]jk¡kg^loYj] — an interactive map-based tool that visually maps data through the lens of the continent’s geography • A proven methodology for supporting the development of growth strategies for Africa ooo&]q&[ge >gddgomkgfLoall]j28=QW9^ja[Y
Among the key topics that will be explored this year: • Africa 2030 • Building capabilities for growth in Africa • Realizing Africa’s human potential • The future of infrastructure in Africa • Innovation • Financing Africa’s growth and development • African success stories 9_]f\YYf\dg_akla[koaddZ]Yffgmf[]\kggf&L`akoaddaf[dm\] more information on the venue, accommodation, registration ^]]kYf\ljYn]daf^gjeYlagf& >gjegj]af^gjeYlagf$hd]Yk]]eYad2]qk_^&9^ja[Y8rY&]q&[ge gj[gflY[lKYjY`;mkl]jk2kYjY`&[mkl]jk8rY&]q&[ge&
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