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Driving Investment, Trade and the Creation of Wealth in Kenya

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Driving Investment, Trade and the Creation of Wealth in Kenya SCB Cover 2014 Final_Layout 1 4/29/15 6:27 PM Page 1 Standard Chartered Bank Kenya Limited Annual Report 2014 Driving investment, trade and the creation of wealth in Kenya Standard Chartered Bank Kenya Limited Chartered Standard Annual Report 2014 SCB Cover 2014 Final Inside Cover_Layout 1 4/27/15 11:00 AM Page 1 Contents Review Business 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 Executive 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 Independent Auditors' Report 47 Consolidated Income Statement 48 Consolidated Statement of Other Comprehensive Income 49 Consolidated Statement of Financial Position 50 Company Statement of Financial Position 51 Consolidated Statement of Changes in Equity 52 Company Statement of Changes in Equity 54 Consolidated Statement of Cash Flows 56 Notes to the Consolidated Financial Statements 57 Other Notice of the Annual General Meeting 114 Form of Proxy 115 1 Contents 2 Standard Chartered Bank Kenya Limited Annual Report 2014 Performance Highlights Review Business Strong foundations, consistent growth Financial Highlights Operating income OperatingOperating Income income by by client client segment segment Return on equity KShs m KShsKShs m m % +9% 25,587 Retail Clients 23,417 10,014 39% Corporate & 30 29 53% Institutional Clients 28 20,671 25,587 13,619 8% Commercial Clients 1,954 12 13 14 12 13 14 Profit before taxation ProfitProfit beforebefore taxation taxation by by client client segment segment Earnings KShs m KShs mm per share Retail Clients KShs +7% 3,786 +13% 14,346 26% 33.21 13,355 Commercial Clients 29.42 669 5% Corporate & 69% Institutional Clients 11,556 14,346 9,891 26.60 12 13 14 12 13 14 Total assets TotalTotal assets assets by by client client segment segment (excluding (excluding unallocated unallocated assets) asset Dividend per share KShs m KShsKShs mm KShs +1% Retail Clients +17% 222,496 55,151 17.00 220,391 27% 14.50 Corporate & 12.50 Commercial Clients 6% 67% Institutional Clients 195,353 11,498 200,591 133,942 12 13 14 12 13 14 Non-financial Highlights Employees Branches ATMs 2,048 37 95 2013: 1,850 2012: 1,903 2013: 37 2012: 34 2013: 98 2012: 97 3 Five Year Summary 2014 2013 2012 2011 2010 Income Statement KShs ‘000 KShs ‘000 KShs ‘000 KShs ‘000 KShs ‘000 Operating income 25,587,016 23,417,444 20,671,436 15,913,511 13,902,729 Impairment losses on loans and advances (1,047,430) (783,050) (716,650) (412,739) (332,321) Operating expenses (10,193,605) (9,279,429) (8,398,595) (7,245,637) (5,888,524) Profit before taxation 14,345,981 13,354,965 11,556,191 8,255,135 7,681,884 Taxation (3,909,801) (4,092,044) (3,486,658) (2,418,314) (2,305,693) Profit after taxation 10,436,180 9,262,921 8,069,533 5,836,821 5,376,191 Information per ordinary share Basic earnings per share (EPS) (2011 Restated) 33.21 29.42 26.60 19.28 18.58 Dividend per share on each ordinary share (DPS) 17.00 14.50 12.50 11.00 13.50 Statement of Financial Position Loans and advances to customers (gross) 126,275,274 131,965,961 114,534,987 97,417,343 61,599,405 Impairment losses on loans and advances (3,526,041) (2,293,957) (1,840,464) (1,319,520) (1,262,576) Government securities 58,215,860 55,642,528 45,320,968 24,584,908 54,540,817 Other assets 41,530,731 35,076,648 37,337,265 43,363,893 27,868,603 Total assets 222,495,824 220,391,180 195,352,756 164,046,624 142,746,249 Deposits from customers 154,066,931 154,720,011 140,524,846 122,323,049 100,504,065 Other liabilities 27,770,719 29,464,768 24,075,096 21,029,119 21,911,062 Total liabilities 181,837,650 184,184,779 164,599,942 143,352,168 122,415,127 Net assets 40,658,174 36,206,401 30,752,814 20,694,456 20,331,122 Shareholders’ funds 40,658,174 36,206,401 30,752,814 20,694,456 20,331,122 Ratios Cost income ratio 40% 40% 41% 46% 42% Return on capital employed 28% 29% 30% 33% 30% Impairment charge/gross loans and advances 1% 1% 1% 1% 2% Gross loans and advances to deposits ratio 82% 85% 82% 80% 61% Gross non performing loans and advances/total gross loans and advances 9% 3% 2% 1% 2% Core capital/total deposit liabilities 19% 17% 15% 12% 11% Core capital/total risk weighted assets 16% 17% 16% 12% 14% Total capital/total risk weighted assets 20% 21% 18% 14% 14% 4 Standard Chartered Bank Kenya Limited Annual Report 2014 Chair to the Board's Statement Review Business 2014 saw a challenging operating environment and a year we took action to refocus our business to respond to the changing landscape. In spite of this we delivered a good set of results confirming we have the right leadership and supportive teams in place to continue to deliver value for our stakeholders. Our overall performance was driven by prudent cost management, effective risk management, the strength of our personnel and our continued unwavering determination to live up to our brand promise of being 'Here for good' to all our stakeholders. Operating Environment With the rebasing of its GDP, Kenya is now classified as a lower-middle-income country, placing it as the ninth largest economy in Africa and the fifth largest in Sub-Saharan Africa (after Nigeria, South Africa, Angola and Sudan). According to the World Bank’s Kenya Economic Update (December 2014), the rebasing revealed that Kenya’s economy is larger and growing faster than was previously estimated. The economy is estimated to have grown 5.4 percent in 2014 and is poised to be among the fastest-growing economies in the region in the next three years. Growth in 2014 was broad based. On the supply side, agricultural production saw robust growth, driven by increased use of high-quality inputs; increased livestock output, as a result of better pasture; and expanded credit to the sector. A favourable macroeconomic environment—low inflation, a stable exchange rate, expanded private credit—as well as more reliable supply and lower prices of electricity boosted manufacturing output. On the demand side, aggregate demand was the main driver of growth as private consumption rose (as a result of increased credit) and government consumption increased at both Much of what drives the national and sub-national level. Public investment, mainly in massive road and energy projects, also spurred growth. the Bank’s story remains In 2014, the banking sector performed well and recorded significant “constant: high liquidity, growth in deposits as a result of aggressive mobilisation of deposits, remittances and receipts from exports. Growth in loans and advances was attributed to increase in lending to personal, solid funding and strong households, trade, manufacturing, transport and communication, and real estate sectors. The level of non-performing loans increased capitalisation. This leaves compared to 2013 and this was attributed to a challenging us well placed to weather business environment. The sector also registered improved capital levels with an increase the vagaries of the in total shareholders’ funds. Core capital and total capital increased. However the respective ratios to total risk-weighted assets economy, support our declined. The decline in capital adequacy ratios was as a result of an increase in total risk weighted assets occasioned by the capital clients and to capture more charge for market and operational risks that took effect from market share. January 2014. In January 2014, a high level committee was established under the leadership of the Cabinet Secretary to the National Treasury to explore ways of increasing the supply of private sector credit and mortgage finance in Kenya. The main focus of the committee was to make proposals for transparent pricing that would allow ” competition and movements in the market and thus lower lending rates commensurate to returns on investments as well as reduce 5 Chair to the Board Statement (Continued) the risk profile and premium loaded to market participants. Among Much of what drives the Bank’s story remains constant: high the recommendations made by the committee was the introduction liquidity, solid funding and strong capitalisation. This leaves us well of a transparent pricing mechanism, where all banks price their placed to weather the vagaries of the economy, support our clients loans based on a common reference rate, the Kenya Banks’ and to capture more market share. Reference Rate (KBRR). KBRR became effective in July 2014 and borrowers are now able to compare lending rates across banks. As I feel immensely proud to be the Chairperson of this performance a result, banks are now required to explain to their customers and oriented institution that has delivered shareholder value consistently the Central Bank the composition of the premium charged above for close to three decades since it became a listed company on the the KBRR. Nairobi Securities Exchange. To facilitate safe and efficient cross border payments, in May 2014 Dividend the Central Bank of Kenya jointly with other East African Community The Board is recommending the payment of a final dividend for the (EAC) partner states’ Central Banks and in partnership with year of KShs 12.50 for every ordinary share of KShs 5.00.
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