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  • BR-1 BR-1 Regular Reporting — Annual Requirements

    • BR-1.1 BR-1.1 Bahraini Conventional Banks Licensees

      • BR-1.1.1

        [This paragraph was deleted in April 2016.]

        Deleted: April 2016
        October 07

      • Annual Audited Financial Statements

        • BR-1.1.2

          All Bahraini Conventional Banks Licensees are required to submit to the CBB their annual audited financial statements within 3 months from the financial year end.

          Amended: April 2019
          Amended: April 2016
          Amended October 2010
          Amended January 2009
          Amended April 2008
          October 07

        • BR-1.1.2A

          All Bahraini Conventional Banks Licensees are required to submit to the CBB their draft year-end financial statements and must attend a meeting at the CBB with their supervisory point of contact (SPOC) and their external auditor to discuss such statements. The bank must obtain their audit committee's prior approval of the draft financial statements before submitting these to the CBB. Subsequent to the meeting with the CBB, the financial statements (subject to any adjustments) must be submitted to the Board for its approval and to the shareholders at the annual general meeting for ratification.

          Amended: April 2019
          Added: April 2016

      • Supplementary Information

        • BR-1.1.3

          In addition to the statements required in Paragraph BR-1.1.2, banks are also required to submit to the CBB the following information within 3 months of their financial year end:

          (a) The external auditors' management letter;
          (b) The audited accounts for the bank's ultimate holding company;
          (c) Audited financial statements of all subsidiaries (whether or not consolidated) and all overseas branches (including their accounting policies where these policies differ from those of the parent bank), along with their management letters;
          (d) The bank's group structure and the Bahrain office's internal organisation chart;
          (e) [This sub-paragraph was deleted in April 2019];
          (f) A list of subsidiaries, associated companies and affiliates of the bank, together with details of their locations and the amount of participation by the bank in these entities;
          (g) A reconciliation statement between the audited financial statements and the relevant prudential returns and monthly statistical returns;
          (h) [This Subparagraph was deleted in April 2013 and replaced with Paragraph BR-1.1.3B];
          (i) Report on controllers as required under Paragraph GR-5.1.9;
          (j) Any supplementary information required by the CBB;
          (k) [This Subparagraph was deleted in July 2017 and replaced with Paragraph BR-1.1.3C];
          (l) The remuneration agreed upon procedures as required under Paragraph BR-4A.3.1.
          (m) Report on the number of hours completed during the previous year in Continuous Professional Development (CPD) via CPD Form in Appendix BR-22 by the approved persons specifically board of directors and management as required under Paragraph TC-1.2.1.
          (n) [This Sub-paragraph was deleted in January 2022].
          Amended: January 2022
          Amended: April 2019
          Amended: October 2018
          Amended: July 2017
          Amended: April 2017
          Amended: July 2016
          Amended: October 2014
          Amended: January 2014
          Amended: April 2013
          Amended: April 2012
          Amended: October 2011
          Amended: July 2011
          Amended: April 2011
          Amended: October 2010
          January 2009
          October 07

        • BR-1.1.3A

          In instances where a bank has non-operational subsidiaries, the bank should contact its supervisory point of contact at the CBB to establish whether the requirements of Subparagraph BR-1.1.3(c) are applicable.

          Added: July 2016

        • BR-1.1.3B

          [This Paragraph was deleted in April 2023].

          Deleted: April 2023
          Amended: January 2022
          Amended: July 2017
          Amended: July 2016

        • BR-1.1.3C

          Banks are required to submit to the CBB an agreed upon procedures report concerning the annual disclosures required by Module PD, Section PD-1.3 and Chapter PD-6 (see also AU-3.2.3) within 4 months of their financial year end.

          Added: July 2017

      • Compliance

        • BR-1.1.4

          In addition to the provisions of Section AU-3.7, the audited financial statements or the annual report of these banks should be in full compliance with:

          (a) The International Financial Reporting Standards (IFRS); and
          (b) The disclosure requirements set out under Sections PD-1.2 and PD-1.3.
          Amended October 2010
          April 2008
          October 2007

      • Annual Report

        • BR-1.1.5

          Banks are reminded that they must submit a soft copy (electronic) of their full annual report to the CBB within 4 months of the end of their financial year (See PD-1.2.6).

          Amended: July 2016
          Amended: April 2012
          Amended: October 2010
          October 2009
          Added: January 2009

    • BR-1.2 BR-1.2 Branches of Foreign Banks

      • BR-1.2.1

        The content of this Section is applicable to branches (licensed by the CBB) of foreign banks.

        Amended: October 2010
        October 2007

      • Annual Audited Financial Statements

        • BR-1.2.2

          All branches, referred to under Paragraph BR-1.2.1, are required to submit to the CBB their annual audited financial statements of their Bahrain operations within 3 months from the financial year end. Such accounts must be prepared in a format agreed between the branch and its external auditor.

          Amended: April 2016
          Amended October 2010
          October 2007

      • Supplementary Information

        • BR-1.2.3

          In addition to the statements required in Paragraph BR-1.2.2, branches are also required to submit to the CBB within 3 months from their financial year end the following information:

          (a) The external auditor's management letter;
          (b) [This sub-paragraph was deleted in April 2019];
          (c) A reconciliation statement between the audited financial statements and the relevant prudential returns and monthly statistical returns;
          (d) [This Subparagraph was replaced by Paragraph BR-1.2.3A in April 2012];
          (e) A statement of provisions as set out in Paragraph BR-1.2.4, below; and
          (f) The remuneration agreed upon procedures as required under Paragraph BR-4A.3.1.
          (g) Report on the number of hours completed during the previous year in Continuous Professional Development (CPD) via CPD Form in Appendix BR-22 by the approved persons as required under Paragraph TC-1.2.1.
          (h) [This Sub-paragraph was deleted in January 2022].
          Amended: January 2022
          Amended: April 2019
          Amended: October 2018
          Amended: July 2018
          Amended: April 2017
          Amended: October 2014
          Amended: January 2014
          Amended: April 2012
          Amended: April 2011
          Amended October 2010
          October 2007

        • BR-1.2.3A

          Branches of foreign banks are also required to submit to the CBB the head office's Annual Report within 1 month of the date of publication and distribution by the head office.

          Added: April 2012

      • Provisions against Branch Assets in Head Office Books

        • BR-1.2.4

          If specific provisions against the assets of a branch are maintained in the books of its head office, the CBB should be advised on an annual basis and in writing (along with the information listed under Paragraph BR-1.2.3) of the amount of provisions set aside for the Bahrain branch's bad debts (and any other non-performing assets). For detailed guidance related to this subject, see Section CM-4.3.

          Amended October 2010
          October 2007

      • Compliance

        • BR-1.2.5

          The audited financial statements must be in full compliance with the International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS).

          Amended October 2016
          Amended October 2010
          October 2007

    • BR-1.3 BR-1.3 All Banks

      • BR-1.3.1

        Banks must provide to the CBB details of total remuneration including the mix of fixed and variable remuneration as per Appendix BR-14. The report must be submitted annually and must be provided within 3 months of the financial year end.

        Amended: July 2014
        Added: January 2014

    • BR-1.4 BR-1.4 All Retail Banks

      • BR-1.4.1

        All conventional retail banks must submit to the CBB within two months of the financial year end, the eligible accounts report for the deposits protection scheme (Appendix BR-16) in accordance with the requirements of Paragraph CP-2.3.4B. Instructions for the completion of the report are included under Appendix BR-17.

        Added: April 2014

      • BR-1.4.2

        The report referred to under Paragraph BR-1.4.1 must be reviewed by the conventional retail bank's external auditor to confirm the accuracy of the data prior to its submission to the CBB (see Section AU-3.7).

        Added: April 2014