Eastern Africa Banking Sector - EY

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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

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>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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EY - All rights reserved 2014

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