BancABC Half Year Financial Results 2011 17 August 2011

BancABC Half Year Financial Results 2011

17 August 2011


AGENDA• Highlights• Economic overview• Financial review• Operational overview• Strategy and outlook


HIGHLIGHTSBeki Moyo

Financial Highlights

4 BancABC Half Year Financial Results 2011

Total income increased by 24 % to BWP311 million

Cost to income ratio down to 72% from 77% in prior year

Operating expenses up by 18%

Operating profit increased by 48% to

BWP67 million

Pre-tax profit up by 84% to BWP63

million

Attributable profit to shareholders

increased by 33% to BWP37 million

Basic earnings per share improved by 33% to 25.9 thebe from 19.5 thebe in

2010

Financial Highlights (cont’d)


Balance sheet grew by 23% from BWP6 billion in Dec

2010 to BWP7.4 billion (US$1.1

billion)

Loans and advances

increased by 31% from BWP3.1

billion in Dec 2010 to BWP4 billion

Customer deposits grew by 23% from BWP4.9 billion in

Dec 2010 to BWP6 billion

Net asset value per share up from

BWP2.87 to BWP3.09

Return on average equity was 17%

compared to 14% in 2010

Operational Highlights


Total retail branches

increased to 21 as of now

compared to 13 in June 2010

US $50 million line of credit approved by

Afrexim board

Draw-down of IFC convertible loan of US$13.5m on 13th May 2011

NPLs down from 9.4% in June 2010 to 5.5%


ECONOMIC OVERVIEWBeki Moyo


Economic Overview

Multi-speed global economic recovery continuing amid increasing risks

Increased Inflation

High oil & food prices

Rising demand

pressures


Economic Overview


Negative Surprises

Devastating earthquake &

Tsunami in JapanUnrest in the MENA region – war in Libya

Debt crisis in Eurozone &

US


Economic Overview


• Economic growth somewhat subdued

• Unemployment remains high• Worries over debt sustainability & contagion effect

In developed countries


Economic Overview


• Capital inflows have been strong

• Currencies have appreciated• Strong signs of overheating

In emerging markets


Economic Overview


• Economic growth has been strong

• High commodity prices a boon to regional countries

• Inflation pressures building

In sub-Saharan Africa (SSA)


Looming Financial Crisis due to Identical US - EU Debt Challenges

Economic Overview

US was downgraded by S&P from a top-notch AAA rating to AA+

Fears of Eurozone debt crisis Spreading to Italy & Spain – threat stability of €

Market jittery resulting in sell-off of risky assets

Investors have been seeking refuge in safe havens – Gold, Swiss Franc, etc..

Developments similar to the start of the 2008-2009 credit crisis


Economic OverviewGDP Growth by Region

3.4

1.10.4

3.9

8.4

4.8

-2

0

2

4

6

8

10

09 10 11 12 09 10 11 12 09 10 11 12 09 10 11 12 09 10 11 12 09 10 11 12

AdvancedEconomies

Euro Area

MENA

Developing Asia SSAGlobal

Economy

Economic growth uneven across regions


Platinum

Diamond Price

Nickel

Rice

Coal

Gold

Oil

Aluminum

Soyabeans

Copper

Coffee (arabica)

Cotton (A-Index)

Palladium

Maize

Wheat

0 20 40 60 80 100 120

13.9

14.0

15.6

16.8

21.5

24.0

27.7

32.5

37.1

39.5

44.0

65.2

66.2

103.4

107.0

%

Commodity Prices% Change Jun-10 to Jun-11

Firm commodity prices providing

impetus to growth in commodity-driven

Economies


Economic Growth (%) & Size (USD m)

Economic growth from crisis induced slowdown is underwayGrowth in most countries is fairly close to high levels of the mid-2000s

Botswana15,644

Tanzania23,739

Uganda16,386

Kenya35,787

Zambia18,298

Mozambique10,232

Zimbabwe8,998

Malawi5,637

Namibia13,471

2

4

6

8

10

4 5 6 7 8 9

GDP

Grow

th 2

011

(%)

GDP Growth 2010 (% )

Bubble Size= GDP Size in US$ m


Economic Overview - Inflation

-10

-5

0

5

10

15

20

J-09F-09M-09A-09M-09J-09J-09A-09S-09O-09N-09D-09J-10F-10M-10A-10M-10J-10J-10A-10S-10O-10N-10D-10J-11F-11M-11A-11M-11J-11

SA

International food prices have

doubledFuel prices have

surgedInflation pressures

are elevated


GDP, Deposits & Credit Per Capita

* As of Dec-10

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

Bots Moza Tanz Zamb ZimbGDP/ Capita 7,689 512 551 1,182 516Deposits/ Capita 3,515 161 150 274 179Credit/ Capita 1,868 128 99 131 129

US$

GDP/ Capita

Deposits/ Capita

Credit/ Capita

Deposits/ GDP % 43 37 28 21 35


Policy Interest Rates

Mon

etar

yPo

licy

Tigh

teni

ng

Monetary policies broadly accommodative except in Moz

15.515

11.5

10 10 9.5 9.5

14.514.5 13

11.5

14.515.5

16.5

5.8

11.2

5.66.1

2.9

5.24.3

14.1

15.915.6

8.3

6.6

8.3 7.8

0

5

10

15

Jun-08 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11


Exchange Rate Movement vs. USD

Ex Rate vs USD: Appreciation (-) & Depreciation (+)

Appreciationvs USD Depreciationvs USD

-16 -12 -8 -4 0 4 8 12 16

BWP

ZAR

MZN

TZS

ZMK

-7.5

-11.2

-16.9

14.7

-6.1

%

YoY: Jun-10 to Jun-11

On annual basis the following currencies appreciated vs USD:

•MZN: 16.9%•ZAR: 11.2%•BWP: 7.5%•ZMK: 6.1%

TZS depreciated vs USD by 14.7%

Continued weakening of TZS a

major cause of concern – imported

inflation


Exch. Rates Movement vs. Pula

Dep

reci

atio

nAp

prec

iati

on

Jun-10 to Jun-11

85

90

95

100

105

110

115

120

125

130

EX R

ate

Inde

x, J

un-10=

100

24

7.5

-10.

1

ZAR/ BWP

MZN Appreciated by 10% vs. BWP

TZS Depreciated by 24% vs. BWP


Banking Sector Status as of Apr-11

8,181

5,312

8,976

4,957

3,716

6,516

3,718

6,283

3,470

2,601

3,627

2,997

4,162

1,946

2,097

40

50

60

70

80

90

100

4 7 10 13 16 19 22 25 28 31 34 37 40

Loan

s/De

posi

t Rat

io, %

Number of Banks

Assets Deposits Loans

Tanzania

Zimbabwe

Zambia

Mozambique

Botswana

Bubble Size in US$ m


FINANCIAL REVIEWBeki Moyo

23


Income Statement

24

BWP’000s H1-2011 % ∆

H1-201

0 FY-2010Net interest income 191,354 30%

146,815 297,845

Impairment of loans & advances (25,821) -52% (16,996) (15,826)

Net interest income after impairments 165,533 28%

129,819 282,019

Non interest income 145,678 20% 121,622 264,288

Total income 311,211 24%251,44

1 546,307Operating

expenditure (244,025) -18%(205,96

7)(435,093

)Net income from

operations 67,186 48% 45,474 111,214Share of (loss)/profits of associates (4,547) 60% (11,479) (20,134)Profit before tax 62,639 84% 33,995 91,080Tax (23,529) -347% (5,269) (22,495)Profit for the year 39,110 36% 28,726 68,585Attributable to: - Ordinary

shareholders 37,242 33% 28,076 66,710 - Minorities 1,868 187% 650 1,875Basic EPS 25.9 33% 19.5 46.3Diluted EPS 24.6 26% 19.5 46.3

Performance primarily driven by growth in net

interest income and non-interest income

Impairments up due to loan growth and

downgrading of security in Tanzania

Opex increased in line with increased span of

activity

However, cost to income ratio down from

77% in 2010 to 72%


Income Statement (USD)

25

USD’000s H1-2011 % ∆

H1-201

0 FY-2010Net interest income 29,172 37% 21,241 43,873Impairment of loans

& advances (3,936) -60% (2,459) (2,331)Net interest income after impairments 25,236 34% 18,782 41,542Non interest income 22,208 26% 17,597 38,930Total income 47,444 30% 36,379 80,472Operating

expenditure (37,201) -25% (29,800) (64,089)Net income from

operations 10,243 56% 6,579 16,383Share of (loss)/profits of associates (693) 58% (1,661) (2,966)Profit before tax 9,550 945 4,918 13,417Tax (3,587) -371% (762) (3,314)Profit for the year 5,963 43% 4,156 10,103Attributable to: - Ordinary

shareholders 5,678 40% 4,062 9,827 - Minorities 285 203% 94 276Basic EPS 3.9 39% 2.8 6.8Diluted EPS 3.7 32% 2.8 6.8

Performance primarily driven by growth in net interest income and non-interest incomeImpairments up due to loan growth and continued impairment of security for NPLs in Tanzania

Opex increased in line with increased span of activity

However, cost to income ratio down from 77% in 2010 to 72%


Attributable Profit Trends

26

Improvement in sustainable earnings

(NII, fees and commissions)

Current period profitability driven by:• Higher net interest income

from better margins and higher asset base

• Higher transactional and bond trading income

Profitability was negated by:• Lower trading income in

Zambia and Mozambique• Higher effective tax rate

compared to prior year


Income Statement – Segmental Analysis

27

Attributable Profit

BWP 000’s 2011 % Cont 2010 % Cont

% chang

e

BancABC Botswana 10,883 15% 11,147 25% -2%BancABC

Mozambique 7,823 11% 13,350 29% -41%

BancABC Tanzania 9,941 14% 5,893 13% 69%

BancABC Zambia 6,200 8% 7,547 17% -18%

BancABC Zimbabwe 38,422 52% 7,374 16% 421%Banking

operations 73,269 100% 45,311 100% 62%

Head Office(36,027

) (17,235) -109%

TOTAL 37,242 28,076 33%


Income Statement – Segmental Analysis (USD)

28

Attributable Profit

USD 000’s 2011 % Cont 2010 % Cont

% chang

e

BancABC Botswana 1,659 15% 1,613 25% 3%BancABC

Mozambique 1,193 11% 1,932 29% -38%

BancABC Tanzania 1,515 14% 853 13% 78%

BancABC Zambia 946 8% 1,091 17% -13%

BancABC Zimbabwe 5,857 52% 1,067 16% 449%Banking

operations 11,170 100% 6,556 100% 70%Head office (5,492) (2,494) -120%TOTAL 5,678 4,062 40%



29

Total Income (BWP’000)

Jun-2011 Jun-2010%

change Dec-2010

BancABC Botswana 48,460 38,296 27% 84,964BancABC

Mozambique 43,171 48,797 -12% 83,967

BancABC Tanzania 45,376 31,351 45% 67,855BancABC Zambia 45,248 40,634 11% 91,564

BancABC Zimbabwe 112,478 59,484 89% 140,449Banking

operations 294,733 218,562 35% 468,799Head office entities 16,478 32,879 -50% 77,508TOTAL 311,211 251,441 24% 546,307

Strong growth in income other than for Mozambique and head office entities



30

Total Income (BWP’000)

Wholesale RetailJun-2011 Jun-2010 Jun-2011 Jun-2010

BancABC Botswana 46,003 38,296 2,457 -BancABC Mozambique 39,843 48,163 3,328 634BancABC Tanzania 43,860 31,351 1,516 -BancABC Zambia 41,578 40,634 3,670 -BancABC Zimbabwe 88,029 53,868 24,449 5,616Banking operations 259,313 212,312 35,420 6,250Head office entities 16,478 32,879 - -TOTAL 275,791 245,191 35,420 6,250

Income growth from both the retail and wholesale lines of business


Income Statement – Net Interest Income

31

Positive trend in net interest income driven by better liquidity and increased balance sheet size

Slight reduction in net interest margins although

still high at 6.5%

Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 -

50,000

100,000

150,000

200,000

250,000

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

Net interest margin

Net int BWP'000 NIM before impairments NIM after impairments

BWP

'000


Net interest margins by entity

32

Net Interest Margin Before Impairments

Net Interest Margin After Impairments



33

Net Interest Income (BWP’000)

Jun-2011 Jun-2010%

change Dec-2010

BancABC Botswana 29,870 23,076 29% 51,452BancABC

Mozambique 20,467 15,575 31% 29,057

BancABC Tanzania 24,577 22,416 10% 48,038BancABC Zambia 38,064 32,512 17% 67,331

BancABC Zimbabwe 65,350 18,015 263% 57,443Banking

operations 178,328 111,594 60% 253,321Head office entities 13,026 35,221 -63% 44,524TOTAL 191,354 146,815 30% 297,845

Strong growth in NII other than from head office entities


Income Statement – Impairments & NPLs

34

Impairment and credit loss ratios declined

due to improved credit risk management

processes

Tanzania net NPLs down to 1.3% from

5.3% in prior year due to increase in

provisions

Zimbabwe impairments increased

from an increased book

Net NPLs now 1.9% from 2.9% in prior

year


Income Statement – Non-Interest Income

35

Substantial growth in fees and commissions as customer transactions increasedBond trading income also increased, but trading income down in Mozambique and ZambiaZimbabwe and Tanzania were main contributors to growth in non-interest income


Income Statement – Cost to Income Ratio

36

Costs increased 18% YoY due to Retail banking expansionHowever, growth in revenues more than increase in costs. Cost to income ratio is now trending downwardsStaff cost were BWP125 million (H1 10: BWP113 million)


Income Statement – Opex by entity

37



38

Operating expenses (BWP’000)


BancABC Botswana 26,388 21,536 10,425 3,429BancABC Mozambique 21,266 21,901 11,678 7,375BancABC Tanzania 25,157 18,770 5,055 3,613BancABC Zambia 36,158 31,388 2,889 1,699BancABC Zimbabwe 44,520 43,950 17,293 5,369Banking operations 153,489 137,545 47,340 21,485Head office entities 39,402 41,638 3,794 5,299TOTAL 192,891 179,183 51,134 26,784

Growth in costs mostly driven by expansion into the retail and SME market segment


Balance Sheet

39

BWP '000s Jun 2011 Jun 2010%

change Dec 2010Cash and short term funds 1,356,617 717,669 89% 999,338Financial assets held for trading 1,030,839 1,423,014 -28% 1,117,827Financial assets designated at fair value 84,135 4,133 >100% 79,139Loans and advances 4,018,987 2,341,744 72% 3,078,110Property and equipment 392,799 302,612 30% 330,218Other assets 481,861 332,351 45% 406,809

TOTAL ASSETS 7,365,238 5,121,523 44%6,011,44

1

Deposits 6,004,301 4,132,382 45% 4,907,045Borrowed funds 682,839 471,634 45% 579,420Other liabilities 208,610 81,101 157% 87,116

Total liabilities 6,895,750 4,685,117 47%5,573,58

1Equity attributable to ordinary shareholders 453,116 420,189 8% 422,337Minority interest 16,372 16,217 1% 15,523Total equity 469,488 436,406 8% 437,860

TOTAL EQUITY AND LIABILITIES 7,365,238 5,121,523 44%6,011,44

1


Balance Sheet (USD)

40

USD '000s Jun 2011 Jun 2010%

changeDec

2010Cash and short term funds 207,562 101,514 104% 154,997Financial assets held for trading 157,707 201,285 -22% 173,375Financial assets designated at fair value 12,884 585 >100% 12,274Loans and advances 614,905 331,240 86% 477,415Property and equipment 60,098 42,805 40% 51,217Other assets 73,725 47,012 57% 63,097TOTAL ASSETS 1,126,881 724,441 56% 932,375

Deposits 918,658 584,525 57% 761,083Borrowed funds 104,474 66,713 57% 89,868Other liabilities 31,917 11,473 178% 13,512Total liabilities 1,055,049 662,711 59% 864,463

Equity attributable to ordinary shareholders 69,327 59,436 17% 65,504Minority interest 2,505 2,294 9% 2,408Total equity 71,832 61,730 16% 67,912TOTAL EQUITY AND LIABILITIES 1,126,881 724,441 56% 932,375


Balance Sheet – Overview

41

23% growth in balance sheet during the last six months

from BWP6bn to BWP7.4bn

Deposits up 23% during the last six months• Growth across all the

markets• Significant growth from

BancABC Zimbabwe

Loans and advances up 31% during the period• Significant growth in

Zimbabwe• Quality of the book has

improved - NPL ratio declined


Balance Sheet – Loans and Advances

42

BancABC Zimbabwe is largest contributor to Group’s loan book

Growth experienced in all markets other than Tanzania


Balance Sheet – Segmental Analysis

43

Loans and advances (BWP’000)


BancABC Botswana 825,315 663,344 14,490 -BancABC Mozambique 500,338 356,580 40,478 3,621BancABC Tanzania 418,976 475,622 22,277 899BancABC Zambia 223,709 252,215 62,285 -BancABC Zimbabwe 1,354,846 325,234 145,817 21,773Banking operations 3,323,184 2,072,995 285,347 26,293Head office entities 410,456 242,456 - -TOTAL 3,733,640 2,315,451 285,347 26,293

Retail contribution has significantly grown in the last 12 months


Balance Sheet – Deposits

44

Growth in deposits experienced across the footprintFunds raised predominantly used to fund loans & advances and short-term placementsBotswana still largest contributor to Group deposits

Zimbabwe has second largest contribution


Balance Sheet – Segmental Analysis

45

Deposits (BWP’000)


BancABC Botswana 1,929,167 1,769,212 55,079 -BancABC Mozambique 822,667 738,195 159,648 15,258BancABC Tanzania 972,753 761,395 14,796 3,375BancABC Zambia 375,629 253,980 18,229 -BancABC Zimbabwe 990,578 561,748 665,755 27,419Banking operations 5,090,794 4,084,530 913,507 46,052Head office entities - 1,800 - -TOTAL 5,090,794 4,086,330 913,507 46,052

Retail now contributing 15% of total deposits (June 2010: 1%)


Balance Sheet – Capital Adequacy

46

Total Equity (BWP m)

Capital Adequacy Ratio

Subsidiary 2011 2010 Min 2011 2010BancABC Botswana 173 166 15% 20% 22%BancABC Mozambique 177 135 8% 22% 18%BancABC Tanzania 132 133 12% 15% 14%BancABC Zambia 89 83 10% 21% 30%BancABC Zimbabwe 216 113 10% 15% 14%All entities are adequately

capitalised


OPERATIONAL OVERVIEWFrancis Dzanya

47


Operations Summary› 21 Retail branches as of now

› Staff compliment now

Botswana Mozambique

Tanzania Zambia Zimbabwe

SquareFairgroundsFrancistown

MaputoBeira

MatolaTete

Chimoio

UpangaKariakoSinza

(agency)

Pyramid Plaza

LumumbaKitweNdola

Mount PleasantHeritageAbercornMutareChiredziKwekweABCH Group

736 Employees

Botswana

BancABC Botswana

118 Employees

Mozambique

BancABC Mozambique103 Employees

Tanzania

BancABC Tanzania

92 Employees

Zambia

BancABC Zambia

152 Employees

Zimbabwe

BancABC Zimbabwe

219 Employees

South Africa

100% 100% 94% 100% 100%

BancABC South Africa52 Employees

100%


Operations Summary

Retail rollout continuing with a target of at least 30 branches by year-end for the Group• Technology has been a challenge

slowing down implementation• Issues being addressed and rollout

of key functionality to continue

In-roads made into the wholesale market in all

markets and microfinance in Zambia

Significant reduction in Microfin rates following

introduction of 48 months loans


Operations Overview – Head Count

50

Total head count in 2011 of 736 vs 612 in June 2010Growth in staff numbers in last 12 months due to retail expansion

Botswana Highlights

51 BancABC Full Year Financial Results 2010

• Revenue increased significantly by 27%:• Net interest income up 29% -

stable margins and increased interest earning assets

• Non-interest income up 18% - higher transaction and trading income

• Opex up 47% from increased activity around retail expansion

• Tax optimisation measures reduced overall tax bill shielding impact of higher costs on profitability

PAT flat at BWP11 million

• Customer deposits increased 1% since Dec 2010 to BWP2 billion;

• loans and advances increased 6% since Dec 2010 to BWP0.8 billion

Balance sheet increased 9%


Mozambique Highlights

52

• Total income down 12%:• Net interest income up

31% - improved margins and increased interest earning assets

• However, non-interest income down 27% - lower foreign exchange trading income due to lower margins and volumes

• Opex up 13% from increased activity around retail expansion

PAT of BWP8m, 41% lower than prior year

• Deposits up 17% since Dec 2010 to BWP1 billion

• Loans and advances increased by 27% since Dec 2010 to BWP0.5 billion

Total Balance Sheet up 24%


Tanzania Highlights

53

• Net interest income up 10% owing to higher balance sheet

• Non-interest income increased by 72% - bond trading income major driver of growth

• However, impairments up 17% to BWP11.5 million

• Total income therefore only 45% ahead of prior year

• Opex increased by 35% - expansion into Retail and SME segmentAttributable profit

of BWP10 million, 69% ahead of prior year

• Deposits up 24% since Dec 2010 to BWP1 billion

• Loan book declined 1% since Dec 2010 to BWP0.4 billion – efforts focused more into stabilisation of book to control NPLs

• Funds raised mostly invested in money market investmentsBalance sheet

remained highly liquid and grew by

19% since Dec 2010


Zambia Highlights

54

• Total income up 11% driven primarily by growth in the microfinance net interest income

• NII increased by 17% - growth driven by introduction of new microfinance products and restructuring of the existing ones

• Wholesale banking division business growth subdued

• Opex increased 18% from retail footprint expansion

PAT of BWP6 million down 18% from prior year

• Deposits increased 56% since Dec 2010 to BWP0.4 billion on back of improved market confidence in the bank

• Loan book grew in the microfinance division but was down on wholesale – overall growth 23% since Dec 2010 to BWP0.3 billion

Balance sheet now more liquid


Zimbabwe Highlights

55

• Net interest income grew 3.5 times on back of similar growth in loans and advances

• Non-interest income up 29% from increased transactions

• Portfolio impairments up from BWP1 million to BWP8 million in the current period – loan book growth

• Opex increased 25% due to continued expansion into the retail space

• Deposits increased 57% since Dec 2010 to BWP1.7 billion

• Loans and advances increased 68% since Dec 2010 to BWP1.5 billion

PAT up 5 fold to BWP38 millionBalance sheet continues growing significantly


Zimbabwe: Share of Loans by Banking Institution

22-Smaller Banks 49%

CBZ 26%

SCB 8%Stanbic

8% BBZ 2%ABC 7%

5-Largest Banks 51%

Share of Loans as of Jun-10

22-Smaller Banks52%

CBZ 25%

SCB 6%Stanbic

5% BBZ 2%ABC 10%

5-Largest Banks47%

Share of Loans as of Jun-11


Zimbabwe: Share of Deposit as of Jun-10

22- Smaller Banks44%

CBZ21%

SCB10%

Stanbic12%

BBZ7%ABC

6%

5-Largest Banks56%


Zimbabwe: Share of Deposit as of Jun-11

22- Smaller Banks40%

CBZ 22%

SCB 8%

Stanbic 11%

BBZ 6%

ABC 11%

5-Largest Banks59%


Zimbabwe: Banks’ Capitalization Status as of 30 June 2011

1.0 2.8 13

.4

13.6

13.7

16.6

18.2

18.3

18.5

18.5

21.8 30

.1

31.0

32.0 44

.3 51.6

CBZStanchartBarclays

StanbicBancABC

ZBFBCNMBInterfin

Metbank

AgribankMBCA

Trust

Kingdom

TN

Royal


STRATEGY AND OUTLOOKFrancis Dzanya


Short to medium term objectives

61

Grow the microfinance book in

Zambia

Open additional branches across the

footprint

Additional capital required in all

subsidiaries, but BancABC Zimbabwe

and BancABC Tanzania are priority

Private placement route to raise

additional tier I capital being

explored


Dividend declaration

62

As per Group dividend policy, an interim gross dividend of 6.8 thebe per share to be paid out on 16th September 2011 to shareholders on register on 2nd September 2011

Outlook

63 BancABC Full Year Financial Results 2010

Short-term prognosis points to a tough banking environment• Sovereign debt problems in

EU and US• Increasing competition

However, countries we operate in relatively stable politically and

economically

These markets are growing and new

opportunities existMedium term outlook

positive for Group


THANK YOU

BancABC Half Year Financial Results 2011 17 August 2011

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Transcript of BancABC Half Year Financial Results 2011 17 August 2011