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Annual Report 2019/20

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Annual Report 2019/20 Annual Report 2019/20 Saman Bank in 2019/20 4 Statement of the Board and the CEO 7 Key Figures 8 About Saman Bank 10 Corporate Governance 15 Senior Executive Team 16 Division Heads 16 Independent Audit 17 Saman Financial Group 20 Saman’s position in the Securities and Exchange Organisation 20 The Bank’s Legal Environment 22 An Overview of Saman’s Group Consolidated Operational and Financial Performances 27 Resource and Expense Analysis 30 Major Achievements of the Bank in Different Areas 42 Human Capital 46 Organisational Structure 47 Major Accolades and Achievements of Saman Bank in 2019/20 48 Plans and Projects for 2020/21 Financial Report 50 Independent Auditors and Legal Inspectors Reports 54 Group Consolidated Financial Statements 60 Saman Bank (PJSC) Financial Statements 66 Explanatory Notes Saman Bank in 2019/20 performance of the government as well as private sector directly. Aforementioned facts only partly reflect the economically complicated situation of the country in 2019/20. This severe condition is the result of maximum pressure policy of the United States and hostile sanctions on Iran. Fortunately, the CBI was able to partly control and alleviate the pressure by adopting efficient policies. The main pillars of the 2019/20 Strategy Considering the factors affecting the economy in 2019/20 and the fact that strategic plan of Saman bank had been formerly developed and circulated to all business units of the bank in the form of 5- year plan named Saman 2021, all our planning and supervising efforts were focused on ensuring adaptability of the goals set in the said strategic plan under the current economic conditions and adopting appropriate policies to move toward those goals. Based on this strategy, despite all unfavorable conditions, operation units of the bank achieved all of the defined goals by the end of the year. The outcome would have undoubtedly been much more conspicuous in the absence of stagflation the Iranian economy suffered throughout the year. However based on Saman 2021 strategic plan and in line with optimization of operational procedures, we tried to reduce executive costs and succeeded despite high inflation. Additionally, in view of devaluation of Iranian Rials against other currencies, we tried to get more active in international transactions and currency operations for export companies. As a result, succeeded to retain its 20 percent share of the whole currency operations of the country, mainly through the support of two vital sectors of food and drug. In pursuit of bigger goals with Saman 2021 Saman 2021 as the fundamental and strategic plan of the Board includes different dimensions and approaches. Implementing all its prerequisites while optimizing the bank's performance during the years of its implementation will bring us to a higher position and standard in 2021 where redundant and unprofitable processes will be eliminated and the operations of all departments of the bank will be on the path to profitability. Statement of the Board and the CEO Accordingly, with the implementation of new processes and the necessary software and hardware infrastructure, the debt collection structure of the bank has improved and accelerated. In the executive operations of the bank, by increasing the capacity of electronic banking services, we managed to reduce unnecessary visits to branches to save time for creating sales opportunities. Respected shareholders and supporters of Saman Bank According to the plans implemented so far, Saman 2021 has paved the way for good results in the bank and the Iranian economy experienced a different transition period in 2019/20 compared to the previous year. As an cost of money in Saman Bank has decreased from 13.41 to 12 percent. Also, the effective rate of our lending active player, Saman bank was consequently affected by the economic conditions of the year. It is no secret that has increased from 15.6 to 15.9 percent, both of which have positively contributed to the bank's profitability and development of banking is only possible in an economically stable and dynamic environment. As the key indexes of shareholders' dividends. Iran’s economy reveal, the country has not experienced stability in 2019/20.Thus the banking system and Saman bank had to undergo some adjustments and changes in order to be in compliance with the new conditions and Saman Bank's position in the area of currency exchange pursue its ideals. The coming report details the most important measures and achievements as well as outlines Planning, follow-up and policies of the board of directors in recent years have placed name of Saman Bank among of the forthcoming strategies adopted to overcome the mentioned conditions and maintain profitability of the bank the leading and outstanding banks in the field of currency exchange and international banking. This is influenced and the interests of the esteemed shareholders. by our food and drug strategic policy, and in spite of all sanctions, we are one Iranian economy in the past year of the few banks operating in the three international currency transfer platforms of the humanitarian channel in Switzerland, INSTEX and South Korea, and this shows the credibility and internationally-recognized position of Whilst the enactment of JCPOA in 2018 brought sparks of hope for Iran’s economy, the return and increase Saman Bank. of more hostile sanctions in 2019 adversely affected the economy through different factors and- directly and indirectly-overshadowed the performance of the banking system. Therefore, it was essential to pay special Highest international standards in compliance and anti- money-laundering attention to those factors in development of strategies and adjustment of the goals to reach practical, logical and achievable results. The key economic factors can be summarized as below: Despite the restrictions on employment of international consultants in auditing, compliance and anti-money-laundering, we have constantly tried to comply with the latest international regulations and laws in Inflation: According to Central Bank of Islamic Republic of Iran, inflation rate during last year was 41.2 Percentage the said fields. Besides we are still interacting and cooperating with our correspondent banks network and have of which affected many of the bank’s development programs. maintained our leadership position in this area. Liquidity growth: Statistics show 34percent liquidity growth in the last year. This increase reflects country’s exceptional conditions compared to the previous years. We are looking to increase the bank's capital Currency Rate: Studies on the significant increase of exchange rates for major currencies such as Euro and Rise of currency values and inflation have increased the need of our borrowers for working capital, and due to the Dollar during the period between the ends of 2018/19 to the end of 2019/20 show the huge impact of exchange rate limits set for maximum lending to each borrower, the board is seriously pursuing capital increase. To this end, fluctuations on the Iranian economy as well as the foreign currency operations of banks in the field of commerce. efforts were directed toward capital increase last year and the auditor’s report on this matter was submitted to the CBI. In early 2020, the CBI issued the license to increase the bank's capital. Pursuant to this license, we started Budget deficit: The government faced a significant budget deficit in 2019/20 resulting in adjustment of many corresponding and negotiating with the Securities and Exchange Organization to obtain the necessary license and macroeconomic components. are actively following up with our application. COVID-19: Alongside all predictable, analyzable and measurable economic factors, at the end of 2019/20, the world faced the new and unexpected phenomenon of COVID-19 which undoubtedly affected economic 4 Annual Report 5 We will keep pace with market developments One of the serious plans of the board is to monitor the developments and needs of the market and take appropriate measures to keep the bank in line with these developments. Accordingly, one of the key approvals of the board in 2019 was to launch a digital bank. Digital Bank development started in September 2019 and will revolutionize electronic banking services especially in retail banking thus enabling us to focus more on corporate banking and private banking. Coronavirus and Saman’s programs COVID-19 has certainly troubled the whole world. Its destructive effects on our economy are undeniable. Every country has allocated a budget to deal with this crisis according to their capabilities. Likewise, the government of Iran has allocated a budget to control the economic impact of the coronavirus. Saman bank also has done their best to provide lending to the industries and business most affected by the pandemic from the credits allocated by the CBI. Additionally, according to scientific news and guidelines published by the World Health Organization, this virus will continue to survive in 2020/2021 as well and we therefore have proper planning in place to deal with this issue. We are strengthening our electronic infrastructure and modify our branches in a manner to minimize disruption caused by the pandemic. One of the important measures during the pandemic was Saman Bank’s support for the research project on the use of blood plasma in treatment of COVID-19 patients. We also sought to support job retention by providing fast loans to large corporations in transportation and tourism industry which were badly hit by the pandemic. Our serious plan to operate in the capital market One of the advantages of the current conditions in 2019 and 2020 was the capital market boom. Having anticipating these conditions, we first increased our share in Saman Brokerage and secondly invested in a start-up company Key Figures in order to use its Fintech Platform in wealth management and provision of capital market services to our customers.
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