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2013 1 Hatton National Bank PLC U

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2013 1 Hatton National Bank PLC U Financial Highlights 2 Financial Highlights Financial Goals / Performance 4 Key Pages 6 Management Information Chairperson’s Message 8 Managing Director’s Review of Operations 14 Board of Directors 20 Corporate Management 26 Senior Management 30 Management Discussion & Analysis 32 Customer Centre Network 86 Main Correspondents Worldwide 88 Corporate Governance Risk Management at HNB 90 Your Boardroom Governance Report 116 Directors’ Statement on Internal Control 151 Independent Assurance Report 153 Sustainability Report The Journey Towards Sustainability 155 Integrating Sustainability 156 Sustainability Strategy 156 Sustainability Commitment for the Short and Medium Term 157 The National Vision 158 Key Impacts, Risks, Opportunities 159 Report Scope and Boundary 164 Sustainability Stewardship 165 Stakeholder Engagement 169 Economic Wealth Creation 178 Social Performance 184 Environmental Citizenship 204 Independent Assurance Report 213 GRI Statement 214 GRI Indicators 215 Financial Calendar 232 Financial Reports Annual Report of the Board of Directors on the Affairs of the Company 234 Directors’ Interest in Contracts with the Bank 244 The Human Resources and Remuneration Committee Report 246 Nomination Committee Report 247 The Board Integrated Risk Management Committee Report 248 Audit Committee Report 249 CEO’s and CFO’s Responsibility Statement 251 Directors’ Responsibility for Financial Reporting 252 Independent Auditors’ Report 253 Income Statement 254 Statement of Comprehensive Income 255 Statement of Financial Position 256 Statement of Changes in Equity 257 Statement of Cash Flows 260 Notes to the Financial Statements 262 Compliance with Other Disclosure Requirements 370 Supplementary Information Income Statement in US Dollars 374 Statement of Comprehensive Income in US Dollars 375 Statement of Financial Position in US Dollars 376 Analysis of Deposits 377 Analysis of Loans and HIGHLIGHTS Receivables 378 Province-wise Analysis of Deposits and Advances BUILDING HEALTHY 379 Sources and Utilisation of Income 380 Value Added ECONOMIES 20 Statement 381 Ten Year Statistical Summary 382 Quarterly STRENGTHENING OUR Statistics 383 Segmental Analysis 384 Investor Relations 385 FUNDAMENTALS Glossary of Financial / Banking Terms 393 Notice of Meeting 398 INVESTING IN TECHNOLOGY Annual Report 13 Form of Proxy – Voting 399 Form of Proxy – Non Voting 401 Vision To be the acknowledged leader and chosen partner in providing financial solutions through inspired people Mission Combining entrepreneurial spirit with empowered people and leading edge technology to constantly exceed stakeholder expectations OUR VALUES • Treasure professional and personal integrity at all times • Demonstrate mutual respect in all our interactions • Passionate about everything we do • Committed to being customer centric • Courage to change, challenge and be different • Demonstrate unity in diversity Change creates opportunity Change creates opportunity. At HNB we believe that to be successful in the long term we must continually reassess our business model, in order to respond to and even thrive upon the challenges the financial industry faces today. As a benchmarked industry leader, we believe that we can inspire and engage others even as we reinvent and re-orient ourselves, using the myriad opportunities of change to create an environment where innovation will flourish and creativity is encouraged; to shape our future and serve our customers and stakeholders better with each passing year. This report takes an in-depth look at how we have embraced the journey of change and the strategies we plan to implement in the years ahead in order to reach our goals. You will note how, over a period of time, we have been investing strategically into technology and systems, improving our multi-channel delivery network, using tools such as, social media, mobile apps, customer data and predictive analytics to deliver a holistically enriched service offering, advanced in security, precision and speed. These initiatives will also strengthen our already stringent governance processes, further enhancing our reputation as a bank that is solid, safe and sound. Hatton National Bank. Thriving on the opportunities of change. Annual Report 2013 1 Hatton National Bank PLC u Financial Highlights 510 446 380 320 280 (Rs Bn) Total Assets Total 2009 2010 2011 2012 2013 2 Annual Report 2013 Change creates opportunity LOANS ASSETS & RECEIVABLES (GROSS) PBT Rs 510 Bn Rs 363 Bn Rs 10 Bn 17% Growth COST TO INCOME NPA 47.8% (GROSS) 3.6% 363 310 264 211 178 (Rs Bn) Total Advances Total 2009 2010 2011 2012 2013 Annual Report 2013 3 Hatton National Bank PLC u Financial Highlights & Financial Goals / Performance Our customer -focused approach and exceptional service differentiate us from the competition. 3.6% 3.7% 3.9% 4.5% 6.2% GROSS NPA GROSS NPA 2009 2010 2011 2012 2013 4 Annual Report 2013 Change creates opportunity Bank Group 2013 2012 % 2013 2012 % Rs Mn Rs Mn Change Rs Mn Rs Mn Change Results For the Year Income 60,074 51,539 + 16.6 64,638 55,212 + 17.1 Net profit before income tax 10,008 9,876 + 1.3 10,916 10,523 + 3.7 Income tax on profits 2,998 2,342 + 28.0 3,103 2,421 + 28.2 Net profit after taxation 7,010 7,534 - 7.0 7,812 8,102 - 3.6 Gross Dividends 3,399 3,379 + 0.6 3,399 3,379 + 0.6 Profit available after appropriation 3,611 4,155 - 13.1 4,413 4,723 - 6.6 At the Year End Shareholders' funds (Capital and Reserves) 51,454 46,899 + 9.7 57,562 52,048 + 10.6 Deposits from customers 385,361 341,424 + 12.9 385,001 340,848 + 13.0 Loans and receivables to customers (Gross) 362,591 310,365 + 16.8 363,460 310,874 + 16.9 Total Assets 510,310 446,358 + 14.3 525,395 459,453 + 14.4 Information per Ordinary Share Earnings (Rs) 17.59 18.94 - 7.1 19.20 20.75 - 7.5 Dividends (Rs) 8.50 8.50 - - - - Dividend Yield (%) - Voting 5.78 5.74 + 0.7 - - Net asset value (Rs) 128.78 118.06 + 9.1 144.06 131.02 + 10.0 Market value (Rs) - Voting 147.00 148.00 - 0.7 - - Market value (Rs) - Non voting 119.00 112.50 + 5.8 - - Ratios Return on average shareholders' funds (%) 14.26 17.75 13.96 16.97 Price earning (Times) - Voting 8.36 7.81 7.66 7.13 Dividend cover (Times) 2.06 2.23 2.30 2.40 Capital Adequacy Ratios Tier 1 (%) (Statutory minimum ratio required is 5%) 12.95 13.85 13.33 14.10 Total Capital (%) (Statutory minimum ratio required is 10%) 16.52 16.63 16.86 16.94 Information is based on LKASs / SLFRs 2009 2010 2011 2012 2013 Medium Term Goals Key Performance Indicators Return on Average Assets (%) 1.6 1.5 1.8 1.8 1.5 Over 1.8 Return on Average Shareholders' Funds (%) 19.6 17.4 18.2 17.8 14.3 Over 20.0 Cost / Net Income Ratio (Excl Financial VAT) (%) 52.7 54.9 55.3 53.0 47.8 Below 50.0 Dividend per Share (Rs) 6.50 7.00 7.50 8.50 8.50 Payout of 30% Capital Adequacy Tier 1 Capital Ratio (%) (Statutory Minimum Ratio Required is 5%) 11.1 11.0 12.8 13.9 13.0 11.0 Total Capital Ratio (%) (Statutory Minimum Ratio Required is 10%) 13.2 12.6 14.5 16.6 16.5 13.5 Annual Report 2013 5 Hatton National Bank PLC u Key Pages Chairperson’s Message 8 The results speak for themselves in testifying to the resilience of your Bank and the collective strength in responding to change and remaining focused. Managing Director’s Review of Operations 14 Year 2013 brought us together as a team united in purpose, by the realisation that we embark on a journey towards being the best in class service provider. We placed cutting edge technology at the forefront of our operations, enhanced reach and service delivery through electronic channels, and commenced a Business Process Re-engineering initiative to drive sales by optimising the business operating model. Management Discussion & Analysis 32 We will continue to focus on our existing five pillar strategy bringing in more depth and breadth over the medium term in driving to optimise on the investments made in our people, systems, network, channels and products Risk Management at HNB 90 The changing nature of today’s business environment is increasing both the scope and potential impact of the risks we face in our day-to-day operations. Managing risk therefore constantly requires innovation and reinvention. Sustainability Report 155 We have aligned our business strategy with the national development goals in keeping with our approach towards a business model that is sustainable in the longer term. 6 Annual Report 2013 Because we understand the need to constantly reinvent ourselves we have developed the art of managing change. Management Information: Hatton National Bank PLC u Chairperson’s Message I welcome you all to the forty fifth Annual General was marginally reduced from 3.66% last year to 3.64% in Meeting of Hatton National Bank PLC, having concluded a 2013 reflecting the improved quality of our portfolio. challenging year in which your Bank displayed tenacity and agility in surmounting the many challenges. We have I am delighted to announce the proposed final dividend of continued to deliver consistent value for our stakeholders Rs 7.00 per share for both voting and non-voting shares, as HNB records another year of growth and profitability. in addition to the interim dividend of Rs 1.50 per share It gives me great satisfaction and pleasure to place before which was paid in December 2013, resulting in a total you the Audited Financial Statements for the financial dividend of Rs 8.50 per share. year ending December 2013 and the Annual Report of the Bank.
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