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Driving Investment, Trade and the Creation of Wealth in Kenya Standard Chartered Bank Kenya Limited Annual Report 2013 Annual Report Stock Code: 02888

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Driving Investment, Trade and the Creation of Wealth in Kenya Standard Chartered Bank Kenya Limited Annual Report 2013 Annual Report Stock Code: 02888 Standard Chartered Bank Kenya Limited Annual Report 2013 Driving investment, trade and the creation of wealth in Kenya Standard Chartered Bank Kenya Limited Kenya Bank Chartered Standard Annual Report Annual 2013 Stock code: 02888 code: Stock SCB 2013 Covers and Spine.indd 2-4 4/11/14 2:49 PM N J00693 SCB KE Annual Report Ads_A4.indd 1 4/16/14 4:24 PM Standard Chartered Bank Kenya Limited Annual Report 2013 1 Contents Business Review Performance Highlights 3 Five Year Summary 4 Chair to the Board's Statement 5 Chief Executive Officer’s Statement 11 Sustainability Review 19 Corporate Governance Board of Directors 34 Management Committee 36 The Board and Statutory Information 38 Report of the Directors 39 Statement on Corporate Governance 40 Statement of Directors’ Responsibilities 46 Financial Statements and Notes Report of the Independent Auditors 47 Consolidated Statement of Comprehensive Income 48 Consolidated Statement of Financial Position 49 Company Statement of Financial Position 50 Consolidated Statement of Changes in Equity 51 Company Statement of Changes in Equity 53 Consolidated Statement of Cash flows 55 Notes to the Consolidated Financial Statements 56 Other Notice of the Annual General Meeting 114 Form of Proxy 115 2 Standard Chartered Bank Kenya Limited Annual Report 2013 sc.com/ke Standard Chartered Bank Kenya Limited Annual Report 2013 3 Performance Highlights Strong foundations, consistent growth Business Review Business Financial Highlights Operating income Consumer Banking Wholesale Banking Return on equity KShs m Operating income Operating income % KShs m KShs m +13% +12% +14% 23,417 10,582 12,835 20,671 11,211 33 9,460 8,157 30 15,914 29 7,757 11 12 13 11 12 13 11 12 13 11 12 13 Profit before taxation Consumer Banking profit Wholesale Banking profit Earnings KShs m before taxation before taxation per share KShs m KShs m KShs +16% +18% +11% 13,355 +10% 8,815 29.42 4,540 7,443 26.60 11,556 4,113 3,326 8,255 4,929 19.28 11 12 13 11 12 13 11 12 13 11 12 13 Total assets Consumer Banking Wholesale Banking Dividend per share KShs m total assets total assets KShs m KShs m KShs m +13% +25% +11% +16% 220,391 53,939 146,320 14.50 132,240 112,972 12.50 195,353 43,206 11.00 164,047 32,155 11 12 13 11 12 13 11 12 13 11 12 13 Non-financial Highlights Employees Branches ATMs 1,850 37 98 2012: 1,903 2011: 1,743 2012: 34 2011: 32 2012: 97 2011: 90 4 Standard Chartered Bank Kenya Limited Annual Report 2013 Five Year Summary Restated 2013 2012 2011 2010 2009 Statement of Comprehensive Income KShs ‘000 KShs ‘000 KShs ‘000 KShs ‘000 KShs ‘000 Operating income 23,417,444 20,671,436 15,913,511 13,902,729 12,246,432 Impairment losses on loans and advances (783,050) (716,650) (412,739) (332,321) (474,936) Operating expenses (9,279,429) (8,398,595) (7,245,637) (5,888,524) (5,043,049) Profit before taxation 13,354,965 11,556,191 8,255,135 7,681,884 6,728,447 Taxation (4,092,044) (3,486,658) (2,418,314) (2,305,693) (1,995,693) Profit after taxation 9,262,921 8,069,533 5,836,821 5,376,191 4,732,754 Information per ordinary share Basic earnings per share (EPS) (2011 Restated) 29.42 26.60 19.28 18.58 16.45 Dividend per share on each ordinary share (DPS) 14.50 12.50 11.00 13.50 12.00 Statement of Financial Position Loans and advances to customers (gross) 131,965,961 114,534,987 97,417,343 61,599,405 58,016,010 Impairment losses on loans and advances (2,293,957) (1,840,464) (1,319,520) (1,262,576) (1,321,134) Government securities 55,642,528 45,320,968 24,584,908 54,540,817 43,357,357 Other assets 35,076,648 37,337,265 43,363,893 27,868,603 23,726,739 Total assets 220,391,180 195,352,756 164,046,624 142,746,249 123,778,972 Deposits from customers 154,720,011 140,524,846 122,323,049 100,504,065 86,773,652 Other liabilities 29,464,768 24,075,096 21,029,119 21,911,062 23,013,165 Total liabilities 184,184,779 164,599,942 143,352,168 122,415,127 109,786,817 Net assets 36,206,401 30,752,814 20,694,456 20,331,122 13,992,155 Shareholders’ funds 36,206,401 30,752,814 20,694,456 20,331,122 13,992,155 Ratios Cost:income ratio 40% 41% 46% 42% 41% Return on capital employed 29% 30% 33% 30% 39% Gross non performing loans and advances/total gross loans and advances 3% 2% 1% 2% 3% Impairment charge/gross loans and advances 1% 1% 1% 1% 1% Gross loans and advances to deposits ratio 85% 82% 80% 61% 67% Core capital/total deposit liabilities 17% 15% 12% 11% 12% Core capital/total risk weighted assets 17% 16% 12% 14% 14% Total capital/total risk weighted assets 21% 18% 14% 14% 14% Standard Chartered Bank Kenya Limited Annual Report 2013 5 Chair to the Board Statement Business Review Business It is with a sense of great pride that I announce another impressive year of record income and profits for the Bank. Despite a difficult year that was characterised by macroeconomic volatility and some economic uncertainty, Standard Chartered Bank has been able to surmount these challenges successfully to deliver yet another strong financial performance demonstrated through the business growth and the addition to shareholder value. Operating Environment In 2013, Kenya’s macroeconomic conditions continued to improve, as the country’s economy entered the third year of relative stability, with single-digit inflation and a stabilised exchange rate. GDP growth was lower than projected. However, despite the peaceful presidential election and smooth transfer of power in March 2013, the growth momentum generated in the last quarter of 2012 was lost in the second and third quarters of 2013, held down by lack of government spending and inadequate transmission of the monetary policy stance to the real economy. The World Bank estimates that the economy grew by 5.0 per cent in 2013, up from 4.6 per cent in 2012—the highest level since 2010, when the economy grew by 5.8 per cent. This performance, although weak for East Africa, is commendable given Kenya’s history of low growth during election years. Growth was driven mainly by consumption and to some extent investment. There was little volatility in international oil prices, and rainfall was adequate, which helped stabilise both food and energy prices. Year-on-year inflation was 7.4 per cent in November 2013, and average inflation was 5.6 per cent, down Corporate Governance from 9.6 per cent in 2012. Abundant rain increased crop production and hydropower “High standards of corporate governance generation, which improved performance in both agriculture are a key contributor to the long term and industry. Low interest rates, low inflation, and a stable shilling created a better macroeconomic environment for success of a company, creating trust and industry and businesses in 2013. Growth in the economy was engagement between the company and largely attributed to strong performances in the agriculture, its stakeholders. Striving to deliver manufacturing, construction, mining and electricity and water supply sectors. Subdued growth was experienced in services exemplary governance is core to the sectors like tourism, transport and communication, wholesale Board of the Bank. Effective governance and retail trade. in Standard Chartered is achieved The banking sector registered improved growth in assets driven through a combination of strong policies mainly by growth in deposits, injection of capital and retention of and processes, underpinned by the right profits. The growth in loans and advances can also be attributed values and culture. The Bank’s culture to increased lending to households, trade, manufacturing and and values are deeply embedded within real estate sectors. Growth in deposits was largely supported by aggressive mobilisation by banks, remittances and receipts the organisation, and are regularly from exports. The banking sector registered improved reinforced.” performance in earnings and capital and the level of non-performing loans reduced compared to 2012. 6 Standard Chartered Bank Kenya Limited Annual Report 2013 Chair to the Board Statement (Continued) In 2013, as part of its reform agenda, the banking sector • Loans and advances increased by 15 per cent to delivered on its final deliverable of the Cheque Truncation KShs 129.7 billion (2012: KShs 112.7 billion) while project by reducing the clearing period to one clearing day. This customer deposits increased by 10 per cent to has shortened the time it takes for banks to process cheques KShs 154.7 billion (2012: KShs 140.5 billion); thus enabling customers to access their funds at a much • Our investment in government securities increased from shorter time to conduct their economic activities. The Cheque KShs 45.3 billion to KShs 55.6 billion on the back of strong Truncation Project which seeks to reduce cheque handling growth in customer deposits; and costs also provides superior customer service levels, improves • Earnings per share increased by 11 per cent to KShs 29.42. risk management, reduces liquidity risk and improves efficiency of our national payment systems by streamlining the Dividend processing of cheques. The Board is recommending the payment of a final dividend for the year of KShs 14.50 for every ordinary share of KShs 5.00.
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