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Sampath Bank | Annual Report 2013

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Your point of view Sampath Bank | Annual Report 2013 Yourpoint of } Financial reports are often little more than an advertising tool for the companies that produce them; promotional productions that showcase the company yet reveal little of the back office operations that really make things go. This report is a little different. In this report, we’re looking at our operations from your point of view. We’ve focused on presenting the numbers, facts and figures that you need to know, giving you a crystal clear picture of where we were in 2013 and where we’re going in 2014. We will describe our strategic plans and vision of how we shall widen our reach and diversify our business portfolio even further. And since we’re the third largest private bank in Sri Lanka, there’s a lot going on. From increased deposits and improved asset mobilisation to an even broader footprint across the island… your Bank is moving fast forward into a very promising year ahead. Read this report carefully. It’s all about Sampath Bank - from your point of view. Sampath Bank was originally incorporated as the Investment and Credit Bank Limited in 1986 with Mr N U Jayawardena as the Chairman of the Board. In 1988, Sampath Bank launched the first multi- point network of automated teller machines in Sri Lanka. The Bank also introduced the first debit card in South Asia in 1997. Many times awarded, Sampath Bank has won the World Finance Award 2012, the National Best Quality ICT Awards 2011, the Bank of the Year award from The Banker of Financial Times Limited London for two consecutive years and the National Business Excellence Award of Sri Lanka in 2010. Sampath Bank is still one of the most technologically advanced banks in Sri Lanka since our landmark achievement of becoming the first bank in Sri Lanka to operate with a fully computerized database and related technologies in 1987. Sampath Bank has been the third largest private sector bank in Sri Lanka in terms of total assets, since 2009. The Bank now operates 212 branches and 274 ATMs including 10 off-site ATMs. Sampath Bank is a multiple award winning retail bank holding an overall credit rating of AA-lka (Stable) from Fitch Rating Lanka. Contents Our Vision and Our Values 3 Directors Statement on Internal Control Financial Highlights 4 Over Financial Reporting 211 Milestones 1986 -2013 6 Independent Assurance Report to the Board Chairman’s Statement 8 of Directors of Sampath Bank PLC 213 Managing Director’s Review 12 Managing Director’s and Group Chief Board of Directors 22 Financial Officer’s Responsibility Statement 214 Corporate Management 29 Statement of Directors’ Responsibility for Chief Managers 33 Financial Reporting 215 Senior Managers 35 Independent Auditors’ Report to the Management Discussion & Analysis 40 Shareholders of Sampath Bank PLC 217 Branch Network 90 Income Statement 218 Nostro Accounts 95 Statement of Comprehensive Income 219 Correspondent Banks and Exchange Companies 98 Statement of Financial Position 220 Corporate Governance 102 Cash Flow Statement 221 Board Audit Committee Report 142 Statement of Changes In Equity 223 Board Human Resources and Notes to the Financial Statements 224 Remuneration Committee Report 146 Income Statement In US$ 322 Board Nomination Committee Report 148 Statement of Comprehensive Income in US$ 323 Board Risk Management Committee Report 150 Statement of Financial Position in US$ 324 Board Credit Committee Report 153 Ten Years at a Glance 325 Board Strategic Planning Committee Report 155 Value Addition 326 Board Shareholder Relations Committee Report 156 Sources & Distribution of Income 327 Board Treasury Committee Report 158 Investor Relations 328 Board Marketing Committee Report 159 Capital Adequacy 336 Risk Management Report 160 Glossary of Financial and Banking Terms 342 Sustainability Highlights 188 Notice of Annual General Meeting 350 Financial Calendar 198 Form of Proxy 351 Annual Report of the Board of Directors Corporate Information Inner Back Cover on the Affairs of the Company 200 2 Our Vision THE GROWING FORCE IN SRI LANKAN FINANCIAL SERVICES Our Values Create a learning culture that promotes individual and organisational development as well as promoting innovation and value for customers. Treat all internal and external customers the way we would like to be treated. Encourage and promote teamwork in all aspects of behaviour. Open to feedback and demonstrate an eagerness for personal development. Monitor and demonstrate an impressive commitment to results. Uncompromising ethical and professional standards of behaviour. Annual Report 2013 Sampath Bank PLC PLC Bank Sampath 2013 Annual Report 3 FINANCIAL HIGHLIGHTS Bank Group 2013 2012 Change 2013 2012 Change Rs Mn Rs Mn % Rs Mn Rs Mn % Profitability Gross Income 46,526 38,796 19.9 48,066 39,728 21.0 Total operating income 19,511 17,872 9.2 20,360 18,380 10.8 Operating expenses, impairment losses and VAT on Financial services 15,019 10,471 43.4 15,571 10,727 45.2 Profit before tax 4,491 7,401 (39.3) 4,789 7,653 (37.4) Provision for taxation 1,061 2,170 (51.1) 1,151 2,213 (48.0) Profit for the year 3,430 5,230 (34.4) 3,638 5,440 (33.1) Assets & Liabilities Due to banks & other customers (Deposits only) 302,429 243,575 24.2 302,261 243,332 24.2 Loans and receivables to banks & other customers after provision for impairment losses (before staff loan fairvalue adjustment) 261,748 210,404 24.4 268,256 214,700 24.9 Total equity 28,418 25,645 10.8 31,760 27,819 14.2 Total assets 382,042 309,410 23.5 391,304 315,055 24.2 Investor Information Net asset value per share (Rs) 169.37 152.96 10.7 188.75 165.57 14.0 Market value per share at year end (Rs) 171.90 200.50 (14.3) 171.90 200.50 (14.3) Earnings per share - Basic (Rs) 20.45 31.34 (34.7) 21.67 32.57 (33.5) Earnings per share - Diluted (Rs) 20.44 31.30 (34.7) 21.66 32.54 (33.4) Dividend yield ( %) 4.65 5.99 (22.4) Dividend per share (Rs) 8.00 12.00 (33.3) Dividend cover (Times) 2.56 2.61 (1.9) Gross dividend (Rs Mn) 1,342 1,953 (31.3) Market capitalisation (Rs Mn) 28,843 32,629 (11.6) Key Indicators Loan impairment allowance to loans & receivables to other customers (%) 3.70 3.25 13.8 3.67 3.24 13.3 Return on average assets (%) - before tax 1.30 2.66 (51.1) 1.36 2.70 (49.6) - after tax 0.99 1.88 (47.3) 1.03 1.92 (46.4) Return on equity (after tax) (%) 12.69 22.26 (43.0) 12.23 21.32 (42.6) Cost to income ratio ( %) 59.1 58.2 1.5 58.9 57.9 1.7 Liquid assets Ratio (%) 27.62 22.40 23.3 Capital adequacy ratios (%) - Tier I 10.08 11.80 (14.6) 10.08 11.87 (15.1) - Tier I & II 14.22 13.61 4.5 14.14 13.75 2.8 RAM Rating AA (Stable) AA (Stable) Fitch Rating AA-(lka) (Stable) AA-(lka) (Stable) 4 SAMPATH BANK IS A GROWTH- ORIENTED, TECHNOLOGICALLY ADVANCED BANKING INSTITUTION. THE BANK HAS CONTRIBUTED TO NATIONAL DEVELOPMENT AND ALSO HELPS ITS INDIVIDUAL CUSTOMERS TO GROW. SAMPATH BANK OFFERS SECURITY, SPEED AND TECHNOLOGY AS WELL AS THE PERSONALISED CARE THAT HAS ENABLED ORGANISATIONS SUCH AS OURS TO GROW AND OUR NATION TO PROGRESS. M G KULARATNE CHAIRMAN & MANAGING DIRECTOR (MAGA ENGINEERING PVT LIMITED) 17TH FEBRUARY 2014 Milestones 1986 -2013 2001 Quality Approved Status for the Bank 1998 - Sampath Bank 1986 The Bank was became the first Sri Sampath Bank was incorporated honoured with Lankan organisation as Investment & Credit Bank Ltd, the award BEST to achieve the it received the certificates to COMMERCIAL “Quality Approved commence business BANK OF THE Status” of best YEAR 1998 by practice, which 1997 “Asiamoney” for is presented by the The Bank the third year Chartered Institute introduced the in succession. 1988 of Management DEBIT CARD, Accountants. The ATM (SET) facility another first in was introduced South Asia, in and Sampath Bank association with became the first CIRRUS and bank in Sri Lanka to MAESTRO. operate a multi-point network of Automated 1997 Teller Machines. 1986 1988 1987 1989 1989 Uni-Banking system was introduced to the country for the first time. 1987 1996 2000 The Bank ceremonially “asiamoney” opened for business on the prestigious 1999 15th May 1987. Mr N U financial The Bank successfully Jayawardhana became magazine in Asia migrated to a more the Chairman of the Bank, voted Sampath versatile banking Mr Janaka de Silva was Bank as the ‘Best package, Bancs2000 appointed as the General Commercial Bank which provided a Manager. of the year’ in competitive edge Sri Lanka. 1987 considering the 2000 variety of services The Bank introduced a Sampath Bank and products it offers. cheque guarantee card, launched an Internet It also invested in a a saving account with banking facility new state-of-the-art checking facilities and “Sampathnet” in ATM switch, which extended banking hours till Jul y. also assisted the 3.00 pm for the first time continued efforts of in the country. improving products and services offered by the Bank. 2005 The Bank was adjudged the 2010 Best Corporate Creating history in Citizen for the the banking industry year 2005 in of Sri Lanka, the the Top Ten Bank opened 40 category. branches and 39 ATMs during the 2009 year, bringing the Sampath Bank total number of 2004 reached a greater branches to 171 and The first ever height by total number of ATMs Cheque Imaging clinching the to 222 by end of & Truncating (CIT) global accolade 2010.
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