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Annual Report for the Year Ended December 31, 2011

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Annual Report for the Year Ended December 31, 2011 Annual Report for the year ended December 31, 2011 The art of banking Contents 03 Financial Highlights Unconsolidated Financial Statements of 04 20 Years of Banking 06 Vision & Mission Askari Bank Limited 09 Products & Services 67 Statement of Compliance 12 Corporate Philosophy 69 Review Report to the Members 16 Corporate Information 70 Auditors’ Report to the Members 18 Directors’ Profile 72 Unconsolidated Statement of Financial Position 22 Board Committees 73 Unconsolidated Profit and Loss Account 24 Management Committees 74 Unconsolidated Statement of Comprehensive Income 26 Notice of 20th Annual General Meeting 75 Unconsolidated Cash Flow Statement 28 Management 76 Unconsolidated Statement of Changes in Equity 29 Entity Ratings 77 Notes to the Unconsolidated Financial Statements 30 Organogram 32 Corporate Social Responsibility Consolidated Financial Statements of 34 President’s Message 38 Value Added Statement Askari Bank Limited and Subsidiaries 39 Our Network 137 Auditors’ Report to the Members 40 Financial Review 138 Consolidated Statement of Financial Position 42 Financial Calendar 139 Consolidated Profit and Loss Account 43 Share & Debt Information 140 Consolidated Statement of Comprehensive Income 44 Horizontal & Vertical Analysis 141 Consolidated Cash Flow Statement 48 Six Years’ Performance 142 Consolidated Statement of Changes in Equity 50 Directors’ Report to the Shareholders 143 Notes to the Consolidated Financial Statements 195 Pattern of Shareholding 196 Correspondent Network 198 Statement of Financial Position in US dollars 199 Profit and Loss Account in US dollars 200 Glossary of Financial & Banking Terms 203 Form of Proxy Annual Report of Askari Bank Limited for 2011 Floating through the air symbolizing notion of infinity with mesmerizing grace, diving forward, jumping upward and moving backward, reaching for the depths of flower, this little rainbow of dyes darts delicately from one flower to the next to distribute pollens for growth, blossoming nature’s garden for everyone. This little creature is a marvel of nature, wonder of balance, miracle of reach, master of maneuverability and a noble agent for growth and distribution. It competes with the stillness of the air, striking precisely from the medley, swings in the palpitate space and continues graciously and selflessly through the journey of life. Increasing our reach across the country since the beginning, continuously balancing our offering menu, aiming for the right choice for our customers, multiplying savings, investments and distributing returns, mitigating risks, accumulating gains, altering strategies and developing strengths all the way … this is but an art of banking practiced at Askari Bank. An art so beautifully synonymous with the bird at our cover – the Hummingbird. 1 2 Annual Report of Askari Bank Limited for 2011 Financial Highlights Rupees in million 2011 2010 Change TOTAL ASSETS 343,756 314,745 9% 5 DEPOSITS 291,503 255,937 14% 5 ADVANCES - net 150,711 152,784 -1% 6 INVESTMENTS 133,757 102,260 31% 5 SHAREHOLDERS’ EQUITY 17,776 16,004 11% 5 PROFIT BEFORE TAXATION 2,413 1,273 90% 5 PROFIT AFTER TAXATION 1,628 943 73% 5 CAPITAL ADEQUACY RATIO - percent 11.35 10.30 10% 5 EARNINGS PER SHARE - Rupees 2.30 1.34 72% 5 MARKET VALUE PER SHARE - Rupees 10.03 17.69 -43% 6 NET BOOK VALUE PER SHARE - Rupees 25.14 24.90 1% 5 NUMBER OF SHARES OUTSTANDING 707,018,334 642,743,940 10% 5 NUMBER OF SHAREHOLDERS 20,283 21,309 -5% 6 RETURN ON EQUITY (RoE) RoE measures how well the Bank is using shareholders’ invested money. It is 2011 2010 calculated by dividing profit after taxation available to shareholders by average 9.64% 6.09% shareholders’ equity. EARNINGS PER SHARE (EPS) EPS reflects profit after taxation generated per share. It is calculated by 2011 2010 dividing profit after taxation available to shareholders by the average number Rs 2.30 Rs 1.34 of share outstanding during the year. RETURN ON ASSETS (RoA) RoA measures how effectively the Bank utilizes its assets to generate returns. 2011 2010 It is calculated by dividing profit after taxation by the simple average of total 0.49% 0.33% assets at the beginning and end of the year. COST TO INCOME RATIO (CIR) CIR, also referred as ‘productivity ratio’, measures the overall efficiency of the 2011 2010 Bank. It reflects aggregate non-markup expenses (operating expenses) incurred 67.28% 64.42% to earn the sum of the net markup income and non-markup income. 3 20 years of banking Askari Bank was incorporated in Pakistan on October 9, 1991 as a public limited company. It commenced operations on April 1,1992 and is principally engaged in the business of banking, as defined in the Banking Companies Ordinance, 1962. The Bank’s shares are listed on Karachi, Lahore and Islamabad stock exchanges. Askari Bank has since expanded into a network of 245 branches / sub-branches, including 31 dedicated Islamic banking branches, and a Wholesale Bank Branch in the Kingdom of Bahrain. A shared network of 5,319 online ATMs covering major cities of Pakistan, internet banking (i-net) and call centers operating on 24/7 basis supports the alternate delivery channels for customer service. As at December 31, 2011 the Bank had equity of Rs. 17.8 billion and total assets of Rs. 343.8 billion, with 919,096 banking customers, serviced by our 5,994 employees. Askari Investment Management Limited and Askari Securities Limited are subsidiaries of Askari Bank primarily engaged in managing mutual funds and share brokerage, respectively. 4 Annual Report of Askari Bank Limited for 2011 20 years of banking 5 Vision & Mission Our vision To be the bank of first choice in the region Our mission To be the leading bank in Pakistan with an international presence, delivering quality service through innovative technology and effective human resource management in a modern and progressive organizational culture of meritocracy, maintaining high ethical and professional standards, while providing enhanced value to all our stakeholders, and contributing to society 6 Annual Report of Askari Bank Limited for 2011 Our thinking Commitment Integrity Fairness Teamwork Service Customers Investors Regulators Employees Communities Passionate about our A distinctive Exemplary compliance, Caring for our people Dedication towards customers’ success, investment, delivering governance and and helping them to social development and delighting them with outstanding business ethics grow improvement in quality the quality of our performance, return of life service and value Our vision to be the bank of first choice in To further strengthen and enhance Our investors the region demands continuous strive for our technology platform, the Bank is We believe that the bottom line of any creation of business opportunities with in the process of replacing the existing business is creating shareholder value. innovation while maintaining our core technology with a comprehensive state- To gain their trust and confidence, we values to meet our commitment to all our of-the-art technology solutions. This believe in providing our investors timely, stakeholders. process is in the advanced stage and upon regular and reliable information on our complete implementation, this initiative activities, structure, financial situation, The range of our products aims to serve will greatly improve our product delivery and performance. our diverse customer base that comprises and service abilities. of corporates, SMEs, individual savers, Our values Our regulators households and, farmers. At the same We firmly believe in regulatory discipline time, our people are constantly engaged Integrity is the most valued standard in and harmony of our corporate objectives in assessing customer needs and market whatever we do. We understand that our with regulatory framework. Our business dynamics to realign our products and commitment to satisfy customers’ needs methodologies are designed to ensure priorities to attain brand recognition and must be fulfilled within a professional compliance with the directives of all our competitive edge. We are continuously and ethical framework. We subscribe to regulators. reviewing and reshaping our portfolio of a culture of high ethical standards, based businesses by investing in higher growth on the development of right attitudes. Our employees The intrinsic values, which are the corner areas, extending and developing our core We strongly believe that the interests stones of our corporate behaviour, are: competencies and moving out of weak of the Bank and the employees are and non–core segments. • Commitment inseparable. At Askari we try to create a • Integrity ‘we’ culture where there is mutual trust Technology has played a pivotal role • Fairness and respect for each other. We encourage in meeting customer expectations, • Teamwork ownership behaviour so that everyone particularly with respect to speed • Service feels responsible for the performance and and quality of service. We have fully Our customers reputation of the Bank. We are committed automated transaction–processing to develop and enhance each employee’s systems for back–office support. Our Knowing our customers and their needs skills and capabilities through extensive branch network is connected on–line is the key to our business success. Our in–house and external training programs real–time and our customers have access products and services are as diverse and job rotations. In order to ensure meri- to off–site as well as on–site ATMs, all as our market segments. Our client tocracy, our appraisal system is purely over Pakistan and internationally. Our relationship managers are well equipped performance based. phone and internet banking facilities and well trained to provide the most allow customers to enjoy routine banking efficient and personalized service to the Our communities service from anywhere, anytime in the customers. Askari Bank is proud of its We fully recognize our corporate social world. We also pioneered an e–commerce pioneering role in providing the most responsibility and our contributions to venture in Pakistan. Our mobile ATMs are modern and technologically advanced different areas of the social sector are the first in Pakistan.
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