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WHY SILK? 111-007-455 2009 Inspiration for the Name Silkbank Comes from the Silk Route - a Trade Corridor Connecting Asia to Europe and the Rest of the World

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WHY SILK? 111-007-455 2009 Inspiration for the Name Silkbank Comes from the Silk Route - a Trade Corridor Connecting Asia to Europe and the Rest of the World Silkbank Building ANNUAL I.I. Chundrigar Road, Karachi REPORT www.silkbank.com.pk WHY SILK? 111-007-455 2009 Inspiration for the name Silkbank comes from the Silk Route - a trade corridor connecting Asia to Europe and the rest of the world. Silk, known for its distinctive properties and characteristics, symbolizes Silkbank’s brand beliefs. Premium & Upscale Silk is known for class and premium quality. Silkbank is positioned as an upscale bank providing its customers with premium banking experience. Talent & Innovation Silk embodies talent and timeless innovation. Silkbank promises its customers innovative products delivered through talented staff. Strong & Reliable Silk is amongst the strongest fibres known to mankind. Silkbank derives its strength from its strong international institutional sponsors giving it credibility and reliability. Dependable Silk through the times has held its value. Silkbank driven by a team of professionals provides an optimal experience that you can depend on. Contents Vision & Mission 02 Chairman's Message 03 Silkbank Products President & CEO's Message 05 Senior Management Committee 07 Assets Corporate Information 11 Directors’ Report 15 Statement of Compliance with the Code of Liabilities Corporate Governance 23 Statement of Internal Control 25 Notice of AGM 29 Review Report to the Members on Statement of Compliance with the Best Practices of Code of Corporate Governance 30 Independent Auditors’ Report 33 Balance Sheet 37 Profit and Loss Account 38 Statement of Comprehensive Income 39 Cash Flow Statement 40 Statement of Changes in Equity 41 Notes to the Financial Statements 42 Annexure I - Statement of Written - off Loans 92 Bancassurance Six Year's Key Financial Data 95 Combined Pattern of CDC & Physical Share Holdings 96 Milestones and Achievements 2009 101 Corporate Social Responsibility 102 Branch Network 103 Foreign Correspondents 105 Technology Proxy Form 106 Vision Benchmark of Excellence in premier banking Mission To be the leader in premier banking, trusted by customers for accessibility, service & innovation; be an employer of choice creating value for all stakeholders. Chairman's Message The franchise of the predecessor bank of Silkbank i.e. Saudi Pak Commercial Bank was acquired by the consortium of major investors in March 2008. Since then in a background of difficult economic and political environment, the management has been engaged in cleaning up and strengthening the balance sheet of the bank and making necessary investment in people, technology, service quality, brand equity and new products. I and my colleagues on the board, are confident that with improving macro economic conditions, a strong balance sheet and the successful results of investment, Silkbank will make rapid progress towards its goal of becoming a strong and well established brand and a financial institution that is not only profitable but also creates significant value for both its customers and other stakeholders, consistently building on its success and setting higher standards for itself all the time. Munnawar Hamid, OBE Chairman Annual Report 03 President & CEO's Message The year 2009 was a challenging year for all of us. It was the year when we changed our identity to Silkbank. The successful re-branding of the bank in June 2009 established Silkbank as an upscale bank with a promise to provide our customers an unmatched service experience. It is our endeavour to establish Silkbank as a reliable financial institution resourced by talented staff, who have the ability and empowerment to provide innovative solutions. We aim at always being accessible to our customers. Our values will ensure that we attain service leadership in the banking industry. Despite the challenges of 2009, we managed to attain an admirable revenue growth setting the pace for sustainable performance in the future years. We have strengthened our controls and restructured our balance sheet, aggressively providing for portfolio impairment. We invested heavily in our distribution and have expanded our network to 85 branches in 32 cities. We continued to upgrade the skill set of our people through training and development, enabled further by a world class technology infrastructure to meet the dynamic needs of our customers and making our service a truly differentiating factor. I would like to personally thank every member of the team for their commitment and enthusiasm, as well as all our sponsors, associates and customers for their continued support. Azmat Tarin President & CEO Annual Report 06 Senior Management Committee Syed Jawaid Akhter Shafaq Rahid Goharulayn Afzal Talha Saeed Aneeq Khawar Head of Internal Audit Head of Customer Group Head Marketing & Group Head Chief Operating Officer Satisfaction & Quality Strategic Planning Retail Banking Azmat Tarin Syed Liaquat Ali Jamil A. Khan Kasim Feroze Khan Sumbul Munir President & CEO CFO & Company Secretary Group Head Group Head Head of Corporate & Compliance, Legal & ICD Special Assets Management Investment Banking Annual Report 08 Corporate Information For the year ended December 31, 2009 Silkbank Limited Silkbank Limited (Formerly Saudi Pak Commercial Bank Ltd.) Corporate Information Board of Directors Munnawar Hamid, OBE Chairman Ahmed Bin Mohamed Bin Abdullah Al-Abri Director Humayun Bashir Director Javed Hamid Director Sadeq Sayeed Director Arif Mahmood Ali Director Arshad Ghaffur Director Azmat Shahzad Ahmed Tarin President & CEO Company Secretary Syed Liaquat Ali, FCA Audit Committee Humayun Bashir Chairman Sadeq Sayeed Member Arif Mahmood Ali Member Arshad Ghaffur Member Risk Committee Ahmed Al-Abri Chairman Humayun Bashir Member Javed Hamid Member Arshad Ghafur Member Human Resources Committee Munnawar Hamid, OBE Chairman Azmat Shahzad Ahmed Tarin Member Javed Hamid Member Auditors Anjum Asim Shahid Rahman Chartered Accountants Legal Advisor Cornelius, Lane & Mufti Annual Report 11 Corporate Information Registered Office Silkbank Limited Silkbank Building, I.I. Chundrigar Road, Karachi. Telephone No: +92 21 111 007 455 Ext. 414 & +92 21 32460025 Fax No: +92 21 32460464 Website: www.silkbank.com.pk Share Registrar Noble Computer Services (Pvt.) Limited Mezzanine Floor, House of Habib Building (Siddiqsons Tower) 3-Jinnah Cooperative Housing Society, Main Shahrah-e-Faisal Karachi – 75350 Phone: + 92 21 34325482-87 Fax: + 92 21 34325442 E-mail: [email protected] Website: www.noble-computers.com Senior Management Committee (SMC) Azmat Tarin President & CEO Aneeq Khawar Chief Operating Officer Jamil A. Khan Group Head Compliance, Legal & ICD Kasim Feroze Khan Group Head Special Assets Management Goharulayn Afzal Group Head Marketing & Strategic Planning Talha Saeed Group Head Retail Banking Syed Liaquat Ali CFO & Company Secretary Syed Jawaid Akhtar Head of Internal Audit Sumbul Munir Head of Corporate & Investment Banking Shafaq Rahid Head of Customer Satisfaction & Quality Annual Report 12 100,000 Directors’ Report For the year ended December 31, 2009 Silkbank Limited Silkbank Limited (Formerly Saudi Pak Commercial Bank Ltd.) Directors’ Report The Board of Directors is pleased to present the 16th Annual Report and the audited financial statements for the year ended December 31, 2009. 2009 Review 2009 has been a very challenging year for the Bank. The country suffered from the fall out of the global recession and not only faced, as a consequence, a slowdown of the economy and deteriorating foreign exchange reserves, but also serious security threats, an energy crisis and rising inflation. As a result GDP growth rate declined to just 2.5% and the Government had to curtail its development expenditures to meet contingencies as well as contain inflation. However, a tight monetary policy adopted by the State Bank, a timely inflow of funds from the IMF, and generally improved financial discipline contained inflation to some extent and relieved pressure on liquidity in the financial markets. This produced an improvement in the macroeconomic indicators and consequently in the overall stability of the economy. In this challenging environment, which adversely affected margins and asset quality, the bank increased its investment portfolio and deposits by 68% and 21% respectively as compared with the position in 2008 and liquidity was managed effectively despite the delay in the recapitalization of the Bank. Similarly gross mark up income as well as non fund based revenue recorded a growth of 29% and 72% respectively, but the net interest income suffered due to high market rates on funds mobilized. A cleanup of the balance sheet continued and additional NPL provisions of Rs 2.171 billion had to be created. Much needed investment in new hiring, branch network expansion and new technology particularly in IT resulted in an increase of 37% in the total cost base of the Bank for the year. As a result the Bank, despite a recovery of non-performing loans of over a billion rupees, continued to incur a loss after tax of Rs. 2.9 billion for the year. Financial Results 2009 2009 Rs. in million Operating Loss before provisions and interest suspence (1,723) Interest on non-performing loans taken to suspense account (220) (1,943) Provision against non-performing loans/direct write offs (3,273) Impairment of AFS securities, Diminution in value of investments (144) Recoveries of non-performing loans 1,108 Provision against non-performing advances/impairments (2,309) Loss before tax (4,252) Tax 1,349 Loss after tax (2,903) Minimum Capital Requirement (MCR) To meet the MCR of the State Bank of Pakistan
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