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SCB Nepal Annual Reports 2007

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SCB Nepal Annual Reports 2007 Annual Report and Accounts 2007-2008 Annual Report and Accounts 2007-2008 Leading the way in Asia, Africa and Leading the way the Middle East in Asia, Africa and the Middle East Leading the way Standard Chartered Bank Nepal Limited has been in operation in Nepal since 1987. The Bank is an integral part of Standard Chartered Group having an ownership of 75% and the balance owned by the Nepalese public. The Bank is the largest international bank currently operating in Nepal. Standard Chartered has a history of over 150 years in banking and operates in many of the world’s fastest-growing markets in over 70 countries. Standard Chartered employs almost 75,000 people, representing over 115 nationalities, worldwide. This diversity lies at the heart of the Bank’s values and supports the Bank’s growth as the world increasingly becomes one market. With 16 points of representation, 17 ATMs and more than 350 local staff, Standard Chartered Bank Nepal Ltd. is in a position to serve its customers through an extensive domestic network. In addition, the global network of Standard Chartered Group gives the Bank a unique opportunity to provide truly international banking services in Nepal. Standard Chartered Bank Nepal Limited offers a full range of banking products and services in Wholesale and Consumer banking. The Bank has been the pioneer in introducing ‘customer focused’ products and services and aspires to continue to be a leader in introducing new products in delivering superior services. Corporate Social Responsibility is an integral part of Standard Chartered’s ambition to become the world’s best international bank and is the mainstay of the Bank’s values. Disclaimer What we stand for Standard Chartered Bank Nepal Strategic Intent Limited entities are Equal Employment Opportunity/ Affi rmative Action To be the world’s best international bank employers. Standard Chartered Bank Leading the way in Asia, Africa and the Middle East Nepal Limited is committed to providing equal employment opportunities to Brand Promise every employee and every applicant for Leading by Example to be The Right Partner employment, regard-less of, but not limited to, such factors as race, color, Values religion, sex, age, familial or marital status, ancestry, sexual orientation, Trustworthy Responsive Creative International Courageous veteran status or being a qualifi ed individual with a disability; and within the Approach legal framework of the country. Participation Competitive Positioning Management Discipline Focusing on attractive, growing Combining global capability, Continuously improving the way we work, Standard Chartered Bank Nepal Limited markets where we can leverage our deep local knowledge and creativity balancing the pursuit of growth with firm undertakes no obligation to update any relationships and expertise to outperform our competitors control of costs and risk statement in this Annual Report 2007- 2008 to refl ect events or circumstances Commitment to Stakeholders after the date on which such statement is made. Information in this Summary Customers Our People Communities Investors Regulators Passionate about our Helping our people to Trusted and caring, A distinctive investment Exemplary governance Annual Report is as of July 15, 2008. customers’ success, grow, enabling individuals dedicated to making delivering outstanding and ethics wherever delighting them with the to make a difference and a difference performance and we are quality of our service teams to win superior returns Designed & Processed by: PowerComm, 5552987 Printed in Nepal Contents Business Review 2 Chairman’s Statement 8 Directors Report 12 Our Approach to Corporate Responsibility 18 We believe in and are committed to-our people 22 Our Approach to Corporate Governance 28 Additional Information 32 Board of Directors 33 Management Team 36 Branches Financial Statements and Notes to Accounts 37 Auditor’s Report 38 Balance Sheet 39 Profi t & Loss Account 40 Profi t & Loss Appropriation Account 41 Cash Flow Statement 42 Statement of Changes in Equity 43 Schedules 68 Signifi cant Accounting Policies 70 Notes to Accounts 74 Disclosure as per Bank’s disclosure policy under the Basel –II Capital Accord of Nepal Rastra Bank 77 Nepal Rastra Bank’s Approval and Directions 78 Five Years Financial Summary Get more on Line Please visit us on line at www.standardchartered.com/np for more information on the Bank and its full range of banking services. Chairman’s Statement Building the strong foundations for growth I am delighted to report that Standard Chartered Bank Nepal Limited has delivered another year of record income and profi ts in FYE 2007/08. The Bank has been demonstrating consistent performance and achieving strong fi nancial results over the last few years. This clearly evidences that our investment program and strategies adopted for this market have been working successfully in accomplishing the desired results. We have yet again delivered on our promises to all our stakeholders. Nepal Team has done an excellent job in delivering these numbers against the backdrop of political and economic uncertainties prevailing in the country. As a result of some improvement in the encompassing security and other conditions, it was possible for the Bank to invest in the expansion of its footprints and in launching of new and innovative products. These have had a positive impact in the Bank’s performance as refl ected in our FYE 2007/08 results and made it possible for the Bank to reward our loyal and supportive shareholders with high returns. Our deep understanding of the local market and relationships supported by management depth to execute our strategy are driving our ambition to achieve impressive growth on an ongoing basis. We are now ideally poised to seize growing opportunities emerging from the national and international arena. We are also in a position to grow our geographical reach and to exploit our capabilities developed over the past few years. Standard Chartered continues to remain a strong brand in this market and We are now ideally poised to seize growing opportunities we want to live our brand promise to be The “ Right Partner-Leading by Example in a more emerging from the national and international arena. We are prominent manner in future. also in a position to grow our geographical reach and to exploit our capabilities developed over the past few years. ” Neeraj Swaroop, Chairman 2 Annual Report and Accounts 2007-2008 Results – A Synopsis are taking a toll in most of the emerging and developing economies. Against this backdrop, Financial Highlights Global growth is expected to decelerate in the second half of 2008, before possibly z Net Profi t after tax rose by 18.40% to recovering gradually in 2009. Rs. 818.92 million compared to Rs. 691.67 million in the previous year With declaration of Nepal as a Republic z Earnings per share is lower by Rs. 35.45 and successful completion of Constituent due to increase in the number of shares Assembly Election, FY 2007/08 has been last year a historical year for the country in terms of z Risk Assets increased by 29.41% to political developments. This has created Rs.13.96 billion positive business sentiment, which, along with z Deposits increased by 20.68% to better monsoon, has contributed to superior Rs. 29.74 billion economic growth of the country. A Consistent Performance Nepal posted a GDP growth of 5.6 percent The Bank has been continuously delivering -- highest in seven years – during the FYE on its promises year on year. As a result of 2007/08. During the year, agriculture grew by another exceptional year, the Bank continues 5.7 percent and non-agriculture sector also to be one of the highest contributors to the expanded by 5.6 percent. This has raised per Government Exchequer by contributing capita income (GDP) to US$ 470. Rs. 381 million as compared to Rs. 324 million last year on account of Corporate tax. Increase in purchasing power due to double digit growth in remittances contributed to In accordance with the statutory requirements, the growth of Wholesale and Retail sectors the Board recommends a transfer of by 6.43 percent. Growth was witnessed in Rs.22,554,206 to Exchange Fluctuation Reserve from current year’s profi ts and the statutory transfer of Rs. 163,784,202 into General Reserve Fund. In congruence with 6,830 the revised capital requirements as stipulated by the Central Bank, the Board has proposed 5,900 to increase the capital by issuing 50% Bonus shares for which Rs.310,392,000 has been allocated from current year profi t. 3,775 2,345 Our Tier 1 and Tier 2 Capital Adequacy Ratios 1,745 were 12.15% and 1.85% respectively with an overall ratio of 14.00%. Our capital position 2003/04 04/05 05/06 06/07 07/08 is more than adequate and exceeds the current Nepal Rastra Bank’s capital adequacy Market Value Per Share requirement of 11.00% and also exceeds the international norms. 2.56 A Challenging Environment The slowdown in global economy, which started in later part of 2007, is expected to 2.46 2.46 continue through the second half of 2008. 2.42 The global economy seems to be in a tough spot having been caught between declining demand in many advanced economies 2.27 and rising infl ation. Whilst fi nancial market 2003/04 04/05 05/06 06/07 07/08 turbulence and the remains of sub-prime are worsening, the investor sentiment in advanced Return on Total Assets economies, rising energy & commodity prices www.standardchartered.com/np 3 Chairman’s Statement continued We are committed to ensuring the integrity of governance. In“ addition to the established committees, we have committees on Diversity & Inclusion, Health & Safety, the Environment, Outserve Plus and Community Partnership.
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