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Annual Report 2020 NURTURING GROWTH Contents Annual Report 2020 NURTURING GROWTH Contents 02 31 37 Strategic Report Corporate Governance Financial Statements 02 Overview 31 Corporate Governance 37 Corporate Information 04 Financial Highlights 38 Independent Auditors’ Report to the 05 Key Indicators Shareholders 06 Financial Review 40 Consolidated Statement of Financial 10 Board of Directors Position 13 Shari’a Board 41 Consolidated Statement of Profit or 14 Chairman’s Statement Loss 18 Executive Management 42 Consolidated Statement of other 22 Group CEO’s Statement Comprehensive Income 26 Management Review 43 Consolidated Statement of Changes 30 Organization Chart in Equity 44 Consolidated Statement of Cash Flows 45 Notes to the Consolidated Financial Statements 91 Risk and Capital Management Disclosures Bahrain Development Bank B.S.C. (c) BDB Building, Diplomatic Area P.O. Box 20501, Manama, Kingdom of Bahrain T: (+973) 17 511111, F: (+973) 17 534005 E: [email protected] www.bdb-bh.com His Majesty His Royal Highness King Hamad bin Isa Prince Salman bin Hamad Al Khalifa Al Khalifa The King of the Kingdom of Crown Prince and Prime Minister Bahrain of the Kingdom of Bahrain Overview Bahrain Development Bank commenced its operations Bahrain Development Bank in 1992 as a specialist Bank. BDB’s activities are (BDB) provides a variety of focused on financing and developing small and medium enterprises in addition to encouraging and supporting financial services that are entrepreneurship activities in the Kingdom of Bahrain. Working in-line with Bahrain Economic Vision 2030, BDB tailored to meet the needs of stimulates entrepreneurial activities through adoption of effective & dynamic strategies for financing small & small and medium enterprises medium enterprises. in Bahrain. This strategy is in line with the Bank’s mission of being an active participant in national strategy by supporting this sector of the economy. BDB’s role in this context is especially significant given the growing size and contribution of this important segment to the domestic economic activity. BAHRAIN DEVELOPMENT BANK BSC 02 ANNUAL REPORT 2020 STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS BDB adopts a dynamic Vision and effective strategy for To support projects that yield substantial stimulating entrepreneurial economic, social and environmental benefits. activity. Mission To promote entrepreneurship and innovation in the Kingdom, by encouraging Bahraini professionals, enterprising women and ambitious youth, who demonstrate strong business acumen and leadership qualities in promoting the growth and prosperity of Small and Medium Enterprises (SMEs) through financial support and advisory services. BAHRAIN DEVELOPMENT BANK BSC ANNUAL REPORT 2020 03 Financial Highlights 2020 2019 2018 2017 2016 Income statement highlights (BD Thousands) Net islamic finance and interest income 7,323 6,646 6,398 6,701 7,996 Other income 1,370 1,969 3,788 3,115 2,201 Operating expenses 8,070 7,642 7,551 9,335 9,279 Expected credit losses / provision / impairment 112 (1) 4,074 8,152 1,971 Net profit (loss) 563 1,037 (1,326) (7,671) (1,053) Dividend (%) - - - - - Financial statement highlights (BD Thousands) Total assets 226,483 151,260 158,205 176,170 211,333 Islamic financing and loans to customers 146,630 76,731 85,866 114,535 139,221 Investments (securities, properties, associates) 67,809 53,296 43,403 27,595 26,903 Total deposits 118,030 34,918 35,001 46,440 69,216 Customers’ deposits 118,030 29,451 35,001 35,084 58,541 Total Equity 68,705 69,326 67,491 72,685 80,361 Profitability Return on average equity 0.82% 1.52% -1.89% -10.02% -1.30% Return on average assets 0.30% 0.67% -0.79% -3.96% -0.51% Earnings (Loss) per share (fils) 9 16 -20 -118 -16 Cost-to-income ratio 93% 89% 74% 95% 91% Capital Equity/total assets 30% 46% 43% 41% 38% Total deposits/equity (times) 1.72 0.50 0.52 0.64 0.86 Capital adequacy 63.84% 52.51% 46.56% 39.80% 38.61% Business indicators Islamic financing and loans to customers/total assets 65% 51% 54% 65% 66% Investments/total assets 30% 35% 27% 16% 13% Islamic financing and loans to customers/customer deposits 1.24 2.61 2.45 3.26 2.38 Number of employees 162 157 166 182 188 BAHRAIN DEVELOPMENT BANK BSC 04 ANNUAL REPORT 2020 STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS Key Indicators Net Islamic Financing and Total Assets Total Equity Interest Income (BD Thousands) (BD Thousands) (BD Thousands) 7,323 226,483 68,705 2020 7,323 2020 226,483 2020 68,705 2019 6,646 2019 151,260 2019 69,326 2018 6,398 2018 158,205 2018 67,491 2017 6,701 2017 176,170 2017 72,685 2016 7,996 2016 211,333 2016 80,361 Net Profit (loss) Net Islamic Financing Islamic Financing and (BD Thousands) and Interest Income Loans to Customers (BD Millions) (BD Thousands) Cost to Income Ratio 1,037 563 146,630 9 100% 150.00 139,221 8 7.3 8.00 6.7 6.6 7 6.4 114,535 50% 6 100.00 85,866 5 76,731 0% 2016 2017 2018 2019 2020 4 3 50.00 -50% 2 91% 95% 74% 89% 93% 1 (1,053) -100% 0 - (7,671) (1,326) 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 BAHRAIN DEVELOPMENT BANK BSC ANNUAL REPORT 2020 05 Financial Review The Bank continued the trend Overview of profits established in the Despite a very challenging operating environment previous year, and reported a on account of COVID-19 and substantial concessions allowed to its customers, the Bank Net Profit of BD 0.563 million, continued the trend of profits established in Previous Year BD 1.04 million. the previous year, and reported a Net Profit of BD 0.563 million (2019: BD 1.04 million). This was possible through an increase in disbursements, adopting new strategies to tackle the challenges faced, further enhancements in the standards for monitoring the asset portfolio, focusing on deriving value from the impaired portfolio, control over costs and also prudent deployment of available surpluses. Balance Sheet size as at the end of 2020 BD 226.48 million was higher by 49.73% (2019: BD 151.26 million) mainly because of higher disbursements. BAHRAIN DEVELOPMENT BANK BSC 06 ANNUAL REPORT 2020 STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS 1. 2. 3. Net Islamic Finance and Other Income Operating Expenses Interest Income Total other income generated Operating expenses BD 8.07 million Net Islamic finance and interest during the year BD 1.37 million was was higher by 5.63% compared to the income BD 7.32 million was higher lower (2019: 1.97 million) mainly on previous FY (2019: 7.64 million). The by 10.08% (2019: BD 6.65 million) on account of lower rental income in the increase was in staff costs due to new account of increase in Islamic finance subsidiaries due to waivers allowed to recruitments, mainly to fill vacancies and interest income as well as lower tenants as a concessionary measure in Senior Management positions and interest expenses. to tide over the difficulties faced on promotions/increments. account of the COVID-19 Pandemic. 4. 5. 6. Expected Credit Losses / Equity Capital Adequacy Ratio Impairment The equity attributable to the Bank’s As against the minimum capital As a prudent measure to safeguard shareholders, at BD 68.72 million, adequacy ratio (CAR) of 12.5% against the probable aftermath was lower than that of the previous prescribed by the Central Bank of of the COVID-19 Pandemic in the year (Dec. 2019: BD 69.33 million) Bahrain (CBB), the Bank’s ratio at future, the bank has taken higher on account of recognition of the the end of year 2020 was 63.84% provisions for expected credit losses modification loss for deferrals (2019: 52.51%). The ratio, based on and impairment of BD 112 thousand. of instalments (allowed as a guidelines issued by CBB, which are (2019: Reversal of BD 1 thousand). concessionary measure, to eligible compatible with those of the Basel clients to tide over the hardships of Committee on Banking Supervision, the Pandemic), net of concessions measures total qualifying capital held received from the Government in by an institution in relation to its risk equity as directed by the Central weighted assets. The improvement in Bank of Bahrain (CBB), which was CAR was due to the change in the partially set off by the profits earned. Risk Profile of the Assets Portfolio. BAHRAIN DEVELOPMENT BANK BSC ANNUAL REPORT 2020 07 NURTURING GROWTH THROUGH SYNERGY As a team, we continue to build on the foundation that will deliver better, stronger and more efficient performance over time. Our ongoing operational, hierarchical and digital transformation has made us more capable of sustainable growth. BAHRAIN DEVELOPMENT BANK BSC 08 ANNUAL REPORT 2020 STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS SYNERGY Growing Talent Strong Corporate our People Acquisition Governance in line with our strategic plan towards to maintain a strong momentum with that guide all employees and directors digital transformation. growth, transformation and innovation. through best practices. BAHRAIN DEVELOPMENT BANK BSC ANNUAL REPORT 2020 09 Board of Directors Khalid Al Rumaihi Sabah Khalil Al Moayyed Chairman Member Tariq Jaleel Al Saffar Marwan Khalid Tabbara Member Member Tala Abdulrahman Fakhro Ghassan Ghaleb Abdulaal Member Member Maryam Adnan Al Ansari Marwa Khaled Al Saad Member Member BAHRAIN DEVELOPMENT BANK BSC 10 ANNUAL REPORT 2020 STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS Khalid Al Rumaihi Tariq Jaleel Al Saffar Ghassan Ghaleb Abdulaal Chairman Board Member Board Member Joined BDB Board: March 2016 Joined BDB Board: March 2016 Joined BDB Board: March 2016 Experience Experience Experience Khalid Al Rumaihi was appointed as the Chief Mr.
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