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Board of Directors' Report 2020

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Board of Directors' Report 2020 Board of Directors’ Report 2020 Introduction Ladies and Gentlemen: Shareholders of Banque Saudi Fransi Greetings, Banque Saudi Fransi (BSF) Board members are pleased to present their annual board report for the fiscal year 2020. Banque Saudi Fransi is a Saudi Joint Stock Company established by Royal Decree No. M/23 dated Jumada Al Thani 17, 1397H (corresponding to June 4, 1977), after taking over the operations of the Banque de l’Indochine et de Suez in the Kingdom of Saudi Arabia. The Bank formally commenced its activities on Muharram 1, 1398H (corresponding to December 11, 1977). It operates under Commercial Registration Number. 1010073368 dated Safar 4, 1410H (corresponding to September 5, 1989), through its 87 branches in the Kingdom of Saudi Arabia, with 2,881 employees. The objective of the Bank is to provide a full range of banking services, including Islamic products and services, which are approved and supervised by an independent Shariah Board. The Bank’s Head Office is located at King Saud Road (AlMa’ather previously), AlMuraba’ District, P.O. Box 56006, Riyadh 11554, Kingdom of Saudi Arabia. Net income after Zakat and income tax for the 2020 financial year amounted to SAR 1,546 million compared to SAR 3,115 million in 2019. Net income decreased by 50.4% mainly due to higher impairment for financial assets (SAR 1,704m) and higher expenses (SAR 77m). Total operating income increased by 2.5% driven by net special commission income, exchange income, trading income and other operating income that was partially offset by a reduction in fee and commission income, gain on non-trading investments, and dividend income. Meanwhile, total operating expenses increased by 3.4%. This increase was primarily due to increase in Staff related expenses, which was offset by reduction in, rent & premises related expenses, depreciation & amortization and other operating & general & administrative expenses. There was a reversal of staff related accruals which reduced the staff cost in 2019. Net special commission income increased slightly to SAR 5,240 million, an increase of 0.7% (SAR 35million) compared to SR 5,206 million in previous year. Total assets amounted to SAR 194,074 million at the end of 2020, an increase of 8.9% compared to SAR 178,149 million in 2019. The investment portfolio grew by 19.8% to SAR 37,679 million at the end of December 2020 compared to SR 31,454 million at the end of previous year. Net loans and advances also increased by 3.8% to SAR 130,565 million at the end of 2020 compared to SAR 125,725 million for the previous year. Customer deposits decreased by 4.3% to SAR 127,112 million at the end of December 2020 compared to SAR 132,838 million for the previous year. Banque Saudi Fransi will continue to achieve its strategic objectives to enhance its position in the banking sector, improve its profitability and deliver a seamless customer and employee experience. In this report, information is given on the bank’s activities, major indicators during 2020 and details on the governance framework of the Board of Directors, its committees and internal controls. Board of Directors’ Report 2020 Banque Saudi Fransi Saudi Banque 1 (1) Bank’s strategy and future plans: Fransi Saudi Banque A. Future Plans: Banque Saudi Fransi is currently embarking on its ambitious five-year strategic roadmap titled ‘Leap’, which commenced in 2018 to be delivered by 2023. Despite the wide-ranging effects of the COVID-19 crisis the Bank has remained committed to progressing on delivering the strategy on time and mitigating any potential risks posed by the COVID-19 crisis. The key elements of the strategy revolve around solidifying BSF’s leading position in corporate banking, scaling up retail banking, optimizing our leading position in private banking, and reinforcing our strength in global markets. Board of Directors’ Report 2020 Achieving ‘Leap’ is underpinned by focusing on enhancing customer experience and delivering best-in-class customer journeys. In addition, during 2020, the Bank has developed a Digital Strategy to encompass all digital initiatives across support functions and business lines. This ensures a unified approach to digital projects and leverages synergies between the various ongoing initiatives. B. Strategy: The ‘Leap’ program defines the Banque Saudi Fransi’s ambition as: 1) To achieve and sustain an overall 10% market share in the Kingdom across total assets and liabilities; 2) To become the #1 bank in the Kingdom in terms of Net Promoter Score (NPS). To achieve the market share ambition, the Bank will aim to protect its leadership position in corporate banking by leveraging our established relationships and expand into new relationships as well. In corporate banking, the Bank will enhance its value proposition and solidify its standing as a partner for its clients by enhancing its credit lending process, introducing an advanced digital offering, integrating its platform, and continue to institutionalize cross-sell activities. On the retail front, the Bank will focus on its areas of strength in the affluent market segment in addition to enhancing its standing in the mass market segment by providing updated digital channels and engaging with current clients to increase their activities and overall assets. These initiatives will be enabled and aligned with the growth opportunities and emerging trends planned as part of KSA’s Vision 2030, an enhanced internal cross-selling framework, and reimagined digital propositions. Three key programmes will support the delivery of the 2023 plan. First, the continued focus on cross selling by leveraging BSF’s product and service proposition across all of our businesses. Second, the Bank has set an ambitious goal to be best-in-class in terms of customer experience. Following the development of the NPS baseline in 2018, BSF focused in 2020 to ensure that it achieves its mission to be “The most modern, innovative and experienced focused bank” and ensuring that it can be a valuable partner for its clients during a challenging year. This has been reflected in the continued improvement in NPS results, which the Bank considers to be a driver for success. The Bank’s growth outlook to 2023 is also underpinned by a strong capital base and sufficient liquidity well above the minimum regulatory thresholds. Finally, in 2020, the Bank developed its overarching Digital Strategy to support the achievement of the five-year roadmap and ensure a coordinated approach to its digital transformation. In light of the COVID-19 crisis, the Bank has also increased emphasis on the importance of Digital operations and offerings. This led to the development of the overarching Digital Strategy that covers both support functions and business lines. The Digital Strategy will aim to position BSF as “The go-to Bank for Digital” and develop the bank across several pillars including Enhancing Our Value Proposition, Developing an Agile Digital Capability, and Leveraging Data and Analytics to tailor and optimize services and operations. These will be enabled by a Digital Technology Stack, Digital Talent & Capabilities, and Smart Ways of Working. During 2020, the bank has already begun to implement the first phase of the Digital Strategy, with initiatives planned up to the final year of the 5-year strategy in 2023. The outcomes of this strategy will lead the Bank to become more resilient in the face of future challenges and cement its ambition of becoming the most modern, innovative and experience-focused bank in the region. The Bank has defined its strategic drivers around consistently delivering shareholder value, resilience in earnings and dividends, efficiency in operation, outstanding customer experience, and ensuring the bank remains a great place to work. The success of this strategy will be championed by exceptional leaders across every business unit and department, enabled by our talented people, and supported by a strong and committed Board of Directors. (2) A description of the main scope of business of the Bank and its affiliates and a statement showing each activity and how it affects the Bank businesses and results: The main activities of the Bank are as follows: a. Retail Banking –Retail Banking offers individual customers through physical channels and digital platforms with their daily banking needs such as fund transfers, cash withdrawals, deposits and bill payments as well as products like demand deposit account, savings account, fixed deposit, personal finance, mortgage, debit & credit card and car lease. b. Corporate Banking – includes on-demand accounts for customers of companies and medium enterprises, deposits, overdrafts, loans and other credit facilities and financial derivatives. c. Treasury –Includes treasury services, trading activities, investment securities, capital markets, bank financing operations, balance sheet management and financial derivatives products. d. Brokerage and Investment Banking – Includes investment management services related to dealing, managing, arranging, advising and custody of securities, which covers local and international brokerage services in addition to funds and portfolio management. 2 (2) A description of the main scope of business of the Bank and its affiliates and a statement showing each activity and how it affects the Bank businesses and results: continued The impact of these major activities on the Bank’s size and contribution to the results is as follows: NET INCOME BEFORE ZAKAT AND INCOME TAX ACTIVITY TYPE (IN THOUSANDS OF SAUDI RIYALS) PERCENTAGE Retail
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