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Achieving Growth in a Challenging Environment

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Achieving Growth in a Challenging Environment Achieving growth in a challenging environment ANNUAL REPORT 2016 Profile Established in 1957 as Bahrain’s first locally owned Bank, NBB has grown steadily to become the country’s leading provider of retail and commercial banking services. With a major share of the total domestic commercial banking market and the largest network of 25 branches and 61 ATMs, the Bank plays a key role in the local economy. At the same time, the Bank continues to diversify and develop capabilities to capture business opportunities in the Gulf region and international markets. Our branches in Abu Dhabi and Riyadh lead the way in this initiative. Publicly listed on the Bahrain Bourse, the Bank is owned 44.94% by private and institutional shareholders, mainly Bahrainis, 44.18% by Bahrain Mumtalakat Holding Company, which is 100% owned by the Government of the Kingdom of Bahrain and 10.88% by Social Insurance organisation. Market driven and customer led, the Bank harnesses the latest technology to people skills, enabling its 585 employees to deliver highly professional services for retail and corporate customers. His Royal Highness His Royal Majesty His Royal Highness Prince Khalifa bin Salman King Hamad bin Isa Prince Salman bin Hamad Al Khalifa Al Khalifa Al Khalifa Prime Minister King of The Kingdom of Bahrain Crown Prince, Deputy Supreme Commander and First Deputy Prime Minister Contents Financial Summary 04 Board of Directors 08 Board of Directors’ Report 10 Statement of the Chief Executive Officer 12 Corporate Governance 14 Executive Management 24 Review of Operations 28 Financial Review 40 Risk Management 44 Remuneration Report 52 Financial Statements Independent Auditors’ Report to the Shareholders 59 Statement of Financial Position 64 Statement of Profit or Loss 65 Statement of Comprehensive Income 66 Statement of Changes in Equity 67 Statement of Cash Flows 68 Notes to Financial Statements 69 Risk and Capital Management Disclosures 107 Composition of Capital Disclosure 121 Contact Directory 127 04 I NBB ANNUAL REPORT 2016 Financial Summary Financial Summary 2016 2015 2014 2013 2012 Earnings (BD millions) Net interest income 65.99 59.52 59.58 59.82 61.92 Other income 30.88 34.88 29.63 24.83 24.69 Operating expenses 34.09 30.10 29.19 27.45 27.34 Profit for the year 58.24 55.26 53.44 51.36 47.50 Cash Dividend 28.99 26.35 23.52 32.93 21.38 Financial Positions (BD millions) Total assets 2,977.10 2,999.71 2,738.46 2,749.23 2,654.56 Loans and advances 1,031.93 1,051.72 780.97 859.39 888.25 Investment securities 1,092.92 1,094.04 999.49 997.72 757.83 Earning Assets 2,822.98 2,837.94 2,580.92 2,596.84 2,515.83 Total deposits 2,526.44 2,588.16 2,321.34 2,366.25 2,321.85 Customers’ deposits 2,088.35 2,247.02 2,154.85 2,083.54 2,077.90 Shareholders’ equity 414.70 364.76 378.02 363.14 318.94 Ratios Earnings Return on average equity 14.94% 14.88% 14.42% 15.06% 16.00% Return on average assets 1.95% 1.93% 1.95% 1.90% 1.88% Earnings per share (fils) 51 49 47 45 41 Cost-to-income ratio 35.19% 31.89% 32.72% 32.43% 31.57% Earnings per employee (BD 000’s) 100 96 96 92 85 Capital Shareholders’ equity as per cent of total assets 13.93% 12.16% 13.80% 13.21% 12.01% Total liabilities to shareholders’ equity (times) 6.18 7.22 6.24 6.57 7.32 Average total liabilities to average equity (times) 6.67 6.73 6.40 6.92 6.99 Capital adequacy 2015, 2016: Basel 3 (2012-2014: Basel 2) 35.39% 29.99% 34.29% 31.22% 27.86% Financial Summary NBB ANNUAL REPORT 2016 I 05 PROFIT FOR THE YEAR EARNINGS PER SHARE BD millions Bahraini fils 2016 58.24 2016 51 2015 55.26 2015 49 2014 53.44 2014 47 2013 51.36 2013 45 2012 47.50 2012 41 30 35 40 45 50 55 60 25 30 35 40 45 50 55 CAPITAL ADEQUacY EQUITY Per cent BD millions 2016 35.39 2016 414.70 2015 29.99 2015 364.76 2014 34.29 2014 378.02 2013 31.22 2013 363.14 2012 27.86 2012 318.94 0 5 10 15 20 25 30 35 40 100 150 200 250 300 350 400 450 Capital adequacy 2015, 2016: Basel 3 (2012-2014: Basel 2) EARNINGS ASSETS CUSTOMERS’ DEPOSITS BD millions BD millions 2016 2,822.98 2016 2,088.35 2015 2,837.94 2015 2,247.02 2014 2,580.92 2014 2,154.85 2013 2,596.84 2013 2,083.54 2012 2,515.83 2012 2,077.90 1500 1750 2000 2250 2500 2750 3000 500 1000 1500 2000 2500 RATINGS Bank Deposits- Bank Deposits- Baseline Credit Moody’s Long Term Short Term Assessment Foreign Currency Ba3 NP Ba2 Domestic Currency Ba2 NP Long Term Short Term Viability Support Fitch IDR IDR Rating BB+ B BB+ 3 FCY-Long Term FCY- Short Term Financial Strength Support Capital Intelligence BB+ B BBB+ 2 06 I NBB ANNUAL REPORT 2016 Applying our strategic vision to ensure growth in a challenging environment NBB ANNUAL REPORT 2016 I 07 08 I NBB ANNUAL REPORT 2016 Board of Directors Board of Directors 1. FAROUK YOUSUF KHALIL ALMOAYYED 7. KHALID YOUSIF ABDUL RAHMAN 6 7 8 9 10 Chairman Director 5 11 2. Dr. ESSAM ABDULLA FAKHRO 8. ABDUL RAZAK ABDULLA 4 3 1 2 Deputy Chairman HASSAN AL QASSIM Director 3. ABDULLA YOUSIF AKBAR ALIREZA Deputy Chairman 9. FAWZI AHMED KANOO Director 4. ALI HUSSAIN YaTEEM Director 10. Mir ZULFEKAR ALI Director 5. HUSSAIN SULTAN AL GHANEM Director 11. khaLID OMAR AL ROMAIHI Director 6. SH. RASHID BIN SALMAN MOHAMED AL KHALIFA Director Board of Directors NBB ANNUAL REPORT 2016 I 09 FAROUK YOUSUF KHALIL ALMOAYYED Chairman Non-executive Appointed to the Board in 1997 Chairman : Nomination & Remuneration Committee Chairman: Y. K. Al Moayyed & Sons; Al Moayyed International Group; Ashrafs; Bahrain Duty Free; Bahrain Hotels Company; Ahlia University; National Finance House; Bahrain Insurance Holding Company. Director: Investcorp Bank B.S.C. DR. ESSAM ABDULLA FAKHRO KHALID YOUSIF ABDUL RAHMAN faWZI AHMED KANOO Deputy Chairman Director Director Non-executive Independent Independent Appointed to the Board in 2008 Appointed to the Board in 2001 Appointed to the Board in 2010 Deputy Chairman: Audit Committee Chairman: Executive Committee Member: Executive Committee Member: Nomination & Remuneration Chairman: The Food Supply Company Limited Committee (Fosco) Chairman: Abdulrahman Jassim Kanoo Co WLL. Deputy Chairman: Awal Dairy Company. Deputy Chairman: Yusuf Bin Ahmed Kanoo Chairman: Bahrain Cinema Company, Abdulla Director and Member of the Executive Group, Bahrain. Yousif Fakhro & Sons Group and Bahrain Committee: Bahrain Ship Repair and Executive Director: Bahrain Ship Repairing & Islamic Bank. Engineering Company. Engineering Co BSC. Director: Bahrain Saudi Transport Company. Director: Bahrain Hotels Company. ABDULLA YOUSIF AKBAR ALIREZA HUSSAIN SULTAN AL GHANEM Deputy Chairman KHALID OMAR AL ROMAIHI Director Director Independent Non-executive Non-executive Appointed to the Board in 1984 Appointed to the Board in 2004 Chairman: Audit Committee Member: Audit Committee Appointed to the Board in 2014 Member: Nomination & Remuneration Undersecretary, Human Resources; Prime Director and CEO: Economic Development Committee Minister’s Court Board (EDB). Chairman: Yousuf Akbar Alireza and Sons. Director: Bahrain Ship Repair and Engineering. ABDUL RAZAK ABDULLA HASSAN AL QASSIM MIR ZULFEKAR ALI Company Co BSC. Director Director Non-Executive Non-executive Appointed to the Board in 2009 Appointed to the Board in 2014 ALI HUSSAIN YaTEEM Member: Executive Committee Member: Executive Committee Director Independent Deputy Chairman, Chairman of Executive Chief Investment Officer, Bahrain Mumtalakat Committee and Member of Nomination & Appointed to the Board in 1985 Holding Company BSC (c). Remuneration Committee: Bahrain Deputy Chairman: Executive Committee Director: GEMS MENASA Holding Ltd, Asturiana Telecommunication Company (Batelco) Member: Nomination & Remuneration De Aleaciones S. A. Company, Cranemere LLC. Committee Deputy Chairman: Umniah Mobile Company (Jordan); Qualitynet (Kuwait); Sure Guernsey Chairman: Ali & Mohamed Yateem Group of Limited; Sure Jersey Limited; Sure Isle of Man Companies W.L.L. Limited. SH. RASHID BIN SALMAN MOHAMED AL KHALifa Holder of Master’s Degree in Management Sciences and a Sloan Fellowship from Director Massachusettes Institute of Technology (MIT), Non-executive Boston, U.S.A. Appointed to the Board in 2014 Member: Executive Committee Retired Banker and Independent Consultant for Investment and Banking Services. 10 I NBB ANNUAL REPORT 2016 Board of Directors’ Report Board of Directors’ Report BOARD OF DIRECTORS’ REPORT The Board of Directors of National Bank of Bahrain takes pleasure in presenting the 60th Annual Report of the Bank together with the financial statements for the year ended 31 December 2016. GeneraL OperaTING ENVIRONMENT Global economy slowed down further during 2016 reflecting a more subdued performance for advanced economies following weaker than expected growth in United States and uncertainties surrounding Brexit. These developments have put further downward pressure on interest rates during most part of 2016, although there are now expectations of a faster pace of interest rate increase and inflation fears under the new administration in the United States. Market sentiment towards emerging market economies has improved somewhat with reduced concern about China’s near-term prospects. GCC growth rate is expected to slow down sharply to 1.7 per cent in 2016 compared to 3.4 per cent achieved in 2015. Lower oil prices leading to substantial public spending cuts, tighter liquidity FAROUK YOUSUF KHALIL ALMOAYYED conditions and widespread investor uncertainty have contributed to this slowdown.
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