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Visionary Banking Cargills Bank Limited Annual Report 2016

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Visionary Banking Cargills Bank Limited Annual Report 2016 Visionary Banking Cargills Bank Limited Annual Report 2016 Visionary Banking We have a vision for banking in Sri Lanka. Where banks are places for families and individuals who believe in true convenience. Where making your financial dreams come true doesn’t involve spending long hours and where all your requirements are as accessible as the items in your grocery list. Banking that merges the convenience of a supermarket with the service of professionals, with the backing of promoters that had more than a 150 years of experience. We call that visionary. Cargills Bank Limited Annual Report 2016 001 Contents Our Vision & Our Mission 003 Our Numbers at a Glance 006 Chairman’s Review 010 CEO’s Review 014 Board of Directors 019 Management Discussion and Analysis 024 Corporate Governance 036 Risk Management 060 Board Integrated Risk Management Committee Report 068 Board Nomination Committee Report 069 Board Human Resources & Remuneration Committee Report 070 Financial Reports Audit Committee Report 072 Annual Report of the Board of Directors’ on the Affairs of the Bank 074 Directors Interest 078 Directors’ Responsibility for Financial Reporting 079 Directors’ Statement on Internal Controls Over Financial Reporting 080 Independent Assurance Report 083 CEO’s and CFO’s Responsibility for Financial Reporting 084 Independent Auditors’ Report 085 Income Statement 086 Statement of Profit or Loss and Other Comprehensive Income 087 Statement of Financial Position 088 Statement of Changes in Equity 090 Statement of Cash Flows 092 Notes to the Financial Statements 093 Investor Relations 162 Notice of Annual General Meeting 164 Form of Proxy 165 Corporate Information Inner Back Cover Cargills Bank Limited 002 Annual Report 2016 Our Vision To be the most inclusive bank harnessing the spirit of progress in every Sri Lankan. Our Mission We aim to directly engage every customer at their convenience by a unique and far reaching network, through efficient and innovative technology. To facilitate and empower small and medium entrepreneurs, enhance industry standards through a highly motivated team of innovative bankers. Cargills Bank Limited Annual Report 2016 003 Banking should be as easy as ticking off your grocery list. Cargills Bank Limited 004 Annual Report 2016 Cargills Bank Limited Annual Report 2016 005 Our Numbers at a Glance Financial Highlight Bank Group 2016 2015 Change 2016 2015 Change Rs. ‘000 Rs. ‘000 % Rs. ‘000 Rs. ‘000 % Operating Results Gross income 1,701,713 604,478 182 1,853,272 770,443 141 Total operating income 1,090,755 386,748 182 1,194,681 489,945 144 Loss before tax (56,270) (316,208) 82 (43,014) (323,781) 87 Taxation (68,337) - (100) (70,483) (8,074) (773) Profit / (loss) after tax 12,067 (316,208) 104 27,469 (315,707) 109 Assets and liabilities Customer deposits 9,435,089 3,870,200 144 9,729,111 4,587,188 112 Loans and receivables to other customers 13,424,038 6,537,966 105 14,313,169 7,385,995 94 Total assets 20,989,298 13,448,391 56 21,416,906 14,253,284 50 Total liabilities 10,336,119 8,605,146 20 10,674,122 9,336,033 14 Shareholders’ funds 10,653,179 4,843,245 120 10,653,479 4,839,516 120 Key Indicators Earnings / (loss) per share 0.02 (0.72) 102 0.04 (0.72) 105 Net assets value per share 12.06 10.03 20 12.06 10.02 20 Interest margin % 6.47 3.22 101 6.75 3.86 76 Return on assets (before tax) % (0.34) (3.13) (7) (0.25) (2.98) 92 NPL ratio % 0.94 1.31 (28) 1.50 2.40 (38) Return on equity % 0.15 (5.01) 103 0.34 (6.67) 105 Liquid assets ratio % 55.98 93.27 (40) 52.50 80.61 (35) Capital adequacy Tier 1 % 51.93 47.74 9 51.80 41.52 19 Tier 1 & 2 % 50.81 45.32 12 52.19 41.86 19 Total Deposits Loans & Receivables Total Assets Gross Income Shareholder’s Funds to Other Customers 11,394 Mn 13,424 Mn 20,989 Mn 1,702 Mn 9,435 Mn 13,448 Mn 5,592 Mn 6,538 Mn 4,969 Mn 604 Mn 3,870 Mn 6,751 Mn 363 Mn 2,230 Mn 1,266 Mn 14 15 16 14 15 16 14 15 16 14 15 16 14 15 16 Cargills Bank Limited 006 Annual Report 2016 Total Deposits Total Advances in Rs. Mn in Rs. Mn 9,435 13,424 Gross Income Total Assets Growth in Rs. Mn 182% 20,989 Capital Liquid Adequacy Ratio Asset Ratio ATMs 51% 56% 16 Total No of Access Employees No of Branches Points 430 15 310 Cargills Bank Limited Annual Report 2016 007 Cargills Bank Limited 008 Annual Report 2016 No matter where you are, or what you do, we’re bringing financial independence that is as mobile as you are. Cargills Bank Limited Annual Report 2016 009 Chairman’s Review Dear Stakeholder, It has been a landmark year with notable achievements across many aspects of the Bank’s core business segments. Having previously laid the foundation for growth, the year in review Having previously witnessed Cargills Bank extending its reach to touch the lives of many more Sri Lankans from all walks of life. In this regard, I am sure that our shareholders will be pleased to learn laid the foundation that Cargills Bank has already begun to build and consolidate upon its unique position in the Sri Lankan banking industry. From the farms and fields of rural Sri Lanka to vibrant for growth, the new startups and SMEs in urban centers across the island to the boardrooms of some of year in review the country’s most prominent corporations, we are confident Cargills Bank is gradually blossoming into an important institution within the Sri Lankan economy. witnessed Cargills The macro environment Bank extending its As was seen across the Asian region, the Sri Lankan economy grew at a slightly slower pace reach to touch the during the year with inflation recording marginal fluctuations before stabilizing towards the end of the year. Monetary conditions were held tight during the year, while exchange lives of many more rates across the board moved largely in favour of a strengthening Dollar, contributing to an Sri Lankans from all increase in the prices of imports. walks of life. In this Adverse weather conditions prevalent during the year also significantly impacted communities around the island with floods in the second quarter of the year in particular regard, I am sure that creating serious hardships for Sri Lankans in urban and rural areas alike. The negative our shareholders impacts of these adverse weather conditions were also felt strongly in the agriculture sector and even more so in the country’s plantations sector. Lower yields caused by these will be pleased to conditions acted as another significant constraint on GDP growth during the year. learn that Cargills Despite this, the period in review also bore witness to several encouraging developments Bank has already with regard to key regulatory reforms aimed at supporting a wider program of fiscal discipline, and similar reforms aimed at the streamlining of taxation policy with a view to begun to build and boosting overall tax collection and Government revenue, in addition to the liberalization of consolidate upon its trade policy. unique position in the Notable headway was also made towards the establishment of large scale infrastructure development projects while substantial partnerships for further Foreign Direct Investment Sri Lankan banking were also secured during the year. Similarly, the Government was also able to secure lines industry. of credit at concessionary rates from the International Monetary Fund (IMF) through its continuing efforts to impose fiscal and monetary discipline. Such efforts are beginning to yield positive results, particularly in terms of supporting overall macroeconomic stability and promoting more inclusive growth over the medium to long term. Important advances were also made across key sectors of the Sri Lankan economy during the year in review, particularly in relation to the services sector with financial services, insurance, telecommunications, education and wholesale and retail trade accounting for the majority of growth. A further notable development during 2016 was a sharp resurgence in expatriate worker remittances into the island. During the year, remittances reached some of its highest levels in recent years, rapidly surpassing its performance in the previous year. In this regard, inward worker remittances continues to play a vital role in fueling the Sri Lankan economy. The Bank continues to view this as an opportunity, to utilize such funds to promote the Cargills Bank Limited 010 Annual Report 2016 development of small and medium enterprises (SMEs), particularly in the rural economy, thereby ensuring that when these migrant workers do return home, they will return to an environment that will empower them, their families and their communities to develop and Cargills Bank maintain their livelihoods and become economically independent and prosperous. was able to Meanwhile, the Tourism sector continued to record positive results during the year in review, generating substantial turnover and serving as a vital source of foreign currency deliver improved into the Sri Lankan economy. The impact of tourism on the Sri Lankan economy is another convenience for important aspect to consider, given the significant indirect benefits that it has on small businesses. its clients through Similarly, the country’s Information Technology (IT), Business Process Outsourcing (BPO) and a continuous Knowledge Process Outsourcing (KPO) industries show tremendous potential for growth refinement of its over the medium-long term and while this industry’s current contribution remains at lower levels to the country’s traditional contributors to GDP, the year in review nevertheless internet and mobile witnessed several Sri Lankan IT firms making notable advances in international markets through the development of niche products.
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