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Leading the Way in Asia, Africa and the Middle East

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Leading the Way in Asia, Africa and the Middle East Annual Report 2010 Zambia Leading the way in Asia, Africa and the Middle East Here for good Standard Chartered Zambia Plc has again delivered an outstanding performance. This exceptional performance clearly demonstrates our powerful brand promise, Here for good. It also articulates what makes us different. Financial highlights Operating income Profit before taxation ZMK451,138m ZMK229,744m 2009: ZMK391,896m / 2008: ZMK319,187m 2009: ZMK115,024m / 2008: ZMK54,645m Total assets Normalised earnings per share ZMK4,558,742m ZMK32.52 2009: ZMK2,976,606m / 2008: ZMK2,449,263m 2009: ZMK16.35 / 2008: ZMK6.24 Normalised return on equity 41% ZMK20.0Dividend per share 0 2009: 30% / 2008: 16% Non-financial highlights Employees Outlets 650 25 2009: 576 2009: 25 2 Standard Chartered Bank Zambia Plc Annual Report 2010 www.standardchartered.com Business review Corporate governance Financial statements and notes Overview 10 Board of directors 16 Directors’ responsibilities in respect of the IFC Financial highlights 13 Directors’ report preparations of financial statements 1 About Standard Chartered 14 Statement on corporate governance 17 Independent auditor’s report 2 Chairman’s statement 19 Statement of comprehensive income 4 Chief executive’s review 20 Statement of financial position 21 Statement of changes in equity 23 Statement of cash flows Operating and Financial review 24 Notes to the financial statements 6 Consumer banking 8 Wholesale banking Operational highlights • Operating income rose 15% to ZMK451 billion. • Deposits grew 35% to ZMK3,164 billion in 2010. • Launched Priority Banking, bills payments on mobile banking and Asset-backed Financing for Agriculture. • Launched rehabilitation of Simwaba Basic School in For further information Mazabuka and the high-flyer girls’ programme. please visit www.standardchartered.com • Was recognised as the Best Bank in Zambia by the Banker FT and Global Finance. Consumer Banking Wholesale Banking Offers a broad range of products and Has a client focused strategy, providing services to meet the borrowing, wealth trade finance, cash management, management and transaction needs of securities services, foreign exchange and individuals and SMEs. Our private bank risk management, capital raising and relationship managers provide customized corporate finance solutions. solutions to meet the unique needs and aspirations of high net worth clients. www.standardchartered.com Standard Chartered Bank Zambia Plc Annual Report 2010 1 Chairman’s statement Delivering strong performance I am delighted to report that Standard The year 2011 will be characterised by Outlook Chartered Bank Zambia Plc has yet an uneven recovery in the world We have built on our strong foundation again delivered another year of record economy, leading different Governments over the past twelve months and we income and profits in 2010, showing the to adopt diverging policies. This may have continued with strong momentum results of our continued focus on raise conflicts and uncertainties, but it to grow our franchise. However, coming delivering innovative solutions to our will also bring opportunities. The global out of a global recession, few of us could customers’ financial needs. We have recovery in 2011 will still be a tale of two dare to dream of the remarkable continued to build on the strong worlds: a buoyant East contrasting with a performance that Standard Chartered foundations of a successful strategy sluggish West. On the upside, more than Bank Zambia Plc registered in 2010. The that saw us emerge from the financial two-thirds of the world’s growth will Bank has attained a position of crisis unscathed, stronger and more come from emerging economies, driven leadership and it is set to continue resilient This has positioned us to by domestic demand, infrastructure playing a dominant role in supporting the adequately face the challenges that lie development and trade. On the economic and social development of the ahead and exploit the opportunities of downside, the western economies will country for years to come. our market. still be struggling with debt, deflation and deleveraging. The US is past the worst, There is still continued focus on banks Standard Chartered Bank Zambia Plc but it faces a below-trend recovery and other financial institutions to lead the concluded last year in the enviable bordering on stagnation. The biggest recovery from the global downturn that position as the leading bank in Zambia. immediate worry in the West is a was induced by the credit-crunch. In double-dip recession. However, other addition to requirements for preserving Financial highlights risks abound, including geopolitical liquidity and capital strength, we Income increased by 15 per cent to tensions on the Korean peninsula and in anticipate increased requirements for ZMK451bn and Profit before taxation the South China Sea, over-regulation, transparency and risk management from increased 100 per cent to ZMK229.9bn. inflation bubbles across Asia, and trade regulators and other stakeholders. protectionism. Normalised earnings per share were 99 We have remained extraordinarily well per cent at ZMK32.52 per share. So, while we forecast that the Zambian positioned to seize present and future economy will continue to perform opportunities. Our unique international The Board is recommending an annual remarkably well, with a projected GDP network and experience, coupled with dividend of ZMK20.00 per share. growth rate of over 7 per cent for 2011, the scale and breadth of our products the uneven performance in the global and capabilities, has given us a This takes into account the fact that the economic environment will limit the competitive advantage to be bold in Bank did not pay an interim dividend as country’s growth potential. Zambia’s providing financial solutions to our clients was requested by shareholders at the continued dependence on copper and customers. However, the risk last Annual General Meeting. exports poses a significant risk to the environment in which we are operating country’s trade account should the demands that we will remain prudent in The Domestic Economy anticipated commodities bubble our management and pricing of risk. The local economy continued on an materialize. The country will do well to upward trajectory in 2010. This was take advantage of the current high Standard Chartered Bank Zambia Plc mainly driven by high copper prices on copper prices to diligently invest and has a proud customer base that enables the world market on the back of a strong develop other sectors of the economy. the Bank to continually exceed the demand for commodities from emerging Recent advances in the construction and expectations of shareholders. Asian markets, particularly China. agriculture sectors should be nurtured and developed further. 2 Standard Chartered Bank Zambia Plc Annual Report 2010 www.standardchartered.com Business review “We recognise the need to rebuild trust in banking and believe international banks are an essential part of any successful economy” Our achievements are down to a combination of three key factors: loyal customers, dedicated staff and supportive shareholders. We have remained true to our commitment of supporting the sustainable development of Zambia. We have a clear strategy of delivering solutions to our customers; of being the best bank for our stakeholders and being the right partner to the communities where we operate. Standard Chartered Bank Zambia Plc has shown how its strategy in Zambia and the strength of its balance sheet can deliver record results, even during turbulent times. We are not complacent about the future but are confident that Dividend we will deliver another strong performance in 2011. 25 20 15 10 5 Michael M Mundashi, SC Chairman 0 22 February 2011 2006 2007 2008 2009 2010 Normalised earnings per share ZMK32.52 2009: ZMK16.35 Dividend per share ZMK20.00 2009: ZMK10.00 www.standardchartered.com Standard Chartered Bank Zambia Plc Annual Report 2010 3 Chief executive’s review Here for progress across Asia, Africa, the Middle East and the Americas. We are confident in our ability to be a force for positive change, driving sustainable development in our communities and enabling our customers and clients to achieve peak performance through a customer-centric strategy that is aimed at delivering client-specific solutions in our Consumer and Wholesale Banking businesses. Consumer Banking Consumer Banking had an outstanding year in 2010 and is in great shape. Despite a steep decline in margins on the deposit book, we delivered a strong volume performance in deposits and developed additional income streams to achieve revenues of ZMK142 bn. Our deposit base grew by 17% to ZMK1,483 “The Bank is in great shape – we are in the right bn. Additionally, our consumer lending parts of the world and we have got the strategy book, which had seen a decline over the past couple of years, saw a turnaround in right” 2010 and recorded positive growth of 18% to close at ZMK 334 bn. Consumer Banking has continued to embed a customer-centric approach through our Customer Charter by which we continuously aim to improve our service delivery. Our own as well as independent surveys have shown that we Another year has passed and we have Chartered Bank Zambia Plc has have made remarkable progress in set another record. We have yet again weathered the crisis very well; publishing providing better service to our customers. delivered remarkable financial record profits for 2009, maintaining our This has translated into a higher number performance and I am delighted by our momentum throughout 2010 and of customers who are willing to achievements in 2010. Despite the remaining well capitalised and highly recommend the Bank to their families, challenge of increased competition and liquid. friends and associates. This initial uncertainties about the speed and endorsement by our customers and strength of the economic recovery after Standard Chartered Bank Zambia Plc is clients is very important and encouraging the recession, we continued to leverage indeed a very different bank.
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