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Cfc Stanbic Holdings Limited Annual report 2014 CfC Stanbic Holdings Limited 1 Contents About CfC Stanbic 01 About this report Transparency and Holdings 40 accountability 02 Integrated thinking 41 Corporate information East Africa is our home, 42 Board of Directors and we are focused on Our business 46 Corporate governance report driving her growth. 03 04 Corporate profile 48 Report of the Board Audit With a heritage of over 05 Our vision and values Committee 100 years, we are a leading integrated financial services 06 How we create value 49 Report of Directors group in the East Africa region. 08 Our group strategic construct 50 Statement of Directors’ We have an on-the-ground 10 Our operating context responsibilities presence in 5 countries in East Africa and a member of 12 Realising the East Africa 51 Report of independent Standard Bank Group, opportunity auditor fit-for-purpose representation 14 Measuring our strategic outside Africa and a strategic progress partnership with ICBC. This 52 Annual financial statements unique footprint supports our 54 Consolidated and company strategy to connect African Our performance statement of profit or loss markets to each other and to 16 18 Chairman’s statement pools of capital globally. 55 Consolidated and company 20 Economic review statement of comprehensive 21 Business unit reviews income • PBB case study 56 Consolidated and company • CIB case study statement of financial 22 Financial review position 26 Five year review 57 Consolidated statement of changes in equity 58 Company statement of Ensuring our sustainability 28 changes in equity 30 Sustainability report 59 Consolidated and company 32 Risk management report statement of cash flows 60 Notes to the financial statements 140 Shareholder information 143 Group shareholding 144 Notice of Annual General Meeting 145 Proxy form About this report Materiality determination Our annual report aims to present a balanced and succinct analysis of As a financial services group focused on our strategy, performance, governance and prospects. East Africa, we play a fundamental In determining the content to be included in this report, we consider the pertinent developments and initiatives, and the related role in the socioeconomic performance indicators and future expectations that relate to our development of the region we serve. material issues. We consider an issue to be material if it is likely to The success of our customers and impact our ability to achieve our strategy, and to remain commercially sustainable and socially relevant. In particular, material issues are clients, and the trust and support those that have a strong bearing on our stakeholders’ assessments of of all our stakeholders, underpin the extent to which we fulfil their needs over the long term. We also our commercial sustainability. take into account the factors that affect the economic growth and social stability of the regions in which we do business. The specific short- to medium-term matters that relate to how we deliver on our strategy and manage each of these sustainability issues, are discussed with leadership every year in producing the This interdependence requires that we conduct our business annual report. This year, we broadened this process with the aim of ethically and responsibly to create value in the long-term interest connecting risk disclosure more specifically to the strategic narrative. of society. Although our annual report is aimed principally at providers of capital, it is also considered to be of interest to a diverse range of Based on our leadership engagement, governance processes and our other stakeholders. formal and informal stakeholder engagement initiatives, particularly with investors, we are confident that all material matters have been Scope and boundary identified and disclosed in this report. The group audit committee The 2014 annual report covers the period 1 January 2014 recommends the annual report for approval to the board. The board to 31 December 2014. All material matters up to group board of and various subcommittees review the report to ensure all material directors (board) approval on 25 February 2015 are included. The matters have been disclosed and appropriately discussed. annual report discusses our operations in East Africa. Unless indicated otherwise, all data pertains to the group, which includes our banking operations and subsidiaries. Any restatements of comparable information are noted as such. While group financial information is prepared according to IFRS, non-financial information deemed material is also included. 1 Our business Integrated thinking Our commercial sustainability depends on our effectiveness in and thriving East African economies and societies. assisting East Africa’s people, businesses and institutions to fulfil their economic potential by facilitating payments, managing risk We believe that a community-minded worldview is and creating and preserving wealth. We intermediate between integral to our legitimacy and represents a consistent providers of capital and employers of capital, providing the and considered level of integrated thinking, which we former with competitive returns on their investments, and the continue to deepen within our organisation through our latter with access to the liquidity and capital they need to realise group strategic construct set out on page 8. In effect their objectives. it corresponds to the capitals model of value creation, adopted by the International Integrated Reporting Council These functions of our core business can in no way be separated (IIRC) in the International <IR> Framework. While we have from our developing social and environmental context – whether not formally adopted the six capitals categorisation, based at local, national, regional or global level. Strong institutions are on our understanding of the IIRC’s guidance, our report essential to ensure market outcomes that are socially beneficial explains our dependence and impact on the forms of capital in both the short and long term. These institutions include both that are fundamental to our ability to create value over formal regulatory institutions and informal social institutions the long term. We have not structured this report using such as civil society structures. Well functioning businesses the capitals but have embedded them within each section and markets require appropriate regulation to continue as to enable us to plot the interrelationships and trade-offs constructive organs of society, to restore trust and to between them in relation to our group and business unit participate in the shared interest of maintaining stable strategies. The capitals are introduced below is the money we obtain from providers refers to our people and how we select, Financial of capital that we use to support our Human manage and develop them. This enables capital business activities and invest in our capital them to utilise their skills, capabilities, strategy. Financial capital, which includes knowledge and experience to improve reserves generated through share capital, and develop products and services that other equity-related funding and retained meet the needs of our customers and profits generated from our operations, is clients across the diverse regions in used to fund our business activities. which we operate. relates to the natural resources on which is the cooperative relationships with Social and Natural we depend to create value and returns for our customers, clients, capital providers, relationship capital our stakeholders. As a financial services regulators and other stakeholders that group we must deploy our financial capital capital we create, develop and maintain to in such a way that promotes the remain socially relevant and operate preservation or at least minimises the as a responsible corporate citizen. destruction of natural capital. is our tangible and intangible which includes the knowledge of our Manufactured infrastructure that we use to conduct Intellectual people and our intellectual property, capital our business activities, including our capital brand and reputation, is closely related to IT assets. financial, human and manufactured capital given the nature of our business. CfC Stanbic Holdings Limited 2 Annual report 2014 Our business 04 Corporate profile 05 Our vision and values 06 How we create value 08 Our group strategic construct 10 Our operating context 12 Realising the East Africa opportunity 14 Measuring our strategic progress 3 Our business Corporate profile CfC Stanbic Holdings Limited (the Group) is a subsidiary of Stanbic Africa Holdings Limited (SAHL), which is in turn owned by Standard Bank Group Limited (SBG), Africa’s leading banking and financial services group. CfC Stanbic Holdings Limited owns 100% of CfC Stanbic Bank Limited and 100% of SBG Securities Limited. CfC Stanbic Bank Limited owns 100% of CfC Stanbic Nominees Limited. SBG Securities Limited owns 100% of CfC Financial Services Nominees Limited. CfC Stanbic Bank is regulated by the Central Bank of Kenya (CBK). SBG Securities Limited is regulated by the Capital Markets Authority (CMA). Our business structure CfC Stanbic Holdings Limited Corporate & Investment Banking (CIB) Personal & Business Banking (PBB) CIB offers services to larger corporates, government, financial PBB offers banking and other financial services to individuals and institutions and international counterparties in Kenya and East Africa small to medium size enterprises Gross revenue Gross revenue Kshs.11,175m Kshs. 5,695m Down 7% from 2013 Up 37% from 2013
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