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WE ARE MILES AHEAD in Service & Satisfaction ANNUAL REPORT 2009/10 WE ARE MILES AHEAD in Service & Satisfaction Annual Report 2009/10 1 Himalayan Bank is always there in your time of need. 2 Himalayan Bank Ltd contents 08 a sound foundation a solid pedigree 10 chairman’s message 12 board of directors 14 ceo’s message 16 executive team management team organizational structure 18 report of the board of directors to the 18th annual general meeting 24 fi nancial highlights 28 making technology work for you 32 safeguarding your interests 33 deserved accolades 36 humane endeavours (CSR) 40 better business through good corporate governance 44 approval from nepal rastra bank 45 auditor’s report 46 balance sheet 47 profi t and loss account 48 profi t and loss appropriation account 49 statement of changes in equity 50 cash fl ow statement 51 schedules 89 10 year’s fi nancial summary We aim to provide sound operations and enhanced diversification of products and services. happiness may be a state of mind but…ours lies in yours I have been a regular customer for quite some time now and I have never had a reason to complain. The staff are really courteous and treat me with respect. 4 Himalayan Bank Ltd I have been working here for the last 10 years and seeing the satisfi ed smiles on our customers’ faces is my greatest reward. Annual Report 2009/10 5 our vision our mission Himalayan Bank Limited has HBL’s mission is to become the the vision of becoming a preferred provider of quality leading Bank of the country by fi nancial services in the country. gaining substantial business There are two components to our growth through provision of mission: ‘preferred provider’ and premium products and services ‘quality fi nancial services’. We to customers, thus ensuring believe that this mission will be attractive and substantial returns accomplished only by satisfying to all our stakeholders. these two important components with the customer at the focal point of all our efforts. 6 Himalayan Bank Ltd customers shareholders We have always focussed on Our Bank leaves no stone understanding our valued upturned to ensure that our customers needs. We understand esteemed shareholders get that needs and wants differ from individual to individual. the best returns year after Therefore, we design our year and towards this, our products and services catering efforts will always remain to the individual needs and determined. wants of our customers. community staff We understand that our Our Bank has a conducive responsibilities go beyond just and encouraging working business and that we have a environment, one in which bigger role to play in society. all employees can improve Thus, we are committed to their capabilities and skills fulfi ll our social obligations as and achieve their full a responsible corporate citizen. potential. Annual Report 2009/10 7 a sound foundation a solid pedigree Always ready to help cut-throat competition in the Nepalese banking sector, we We at Himalayan Bank believe that we are much a part of have been able to maintain a lead in the primary banking society as any other and we have a proactive role to play activities-loans and deposits. Besides this, our leading for those who are striving to rise above their circumstances position in the card business with world class quality on the basis of enterprise and effort to pursue their dreams. at reasonable price is remarkable & holds high value to With a helping hand to assist along the path of progress, our stakeholders. We are proud to stand in the market these dreams could be achieved. We believe we have a strong as an institution known for our innovative approaches role to play in these endeavors for growth by stepping in to to merchandising and customer services. We are the fi rst help fi nancially. Whether it is for business establishment or fi nancial institution in Nepal to introduce innovative business growth, manageable social obligation, children’s products like Premium Savings Account, HBL Proprietary education, housing needs, medical expenses etc., we can Credit Card and Millionaire Deposit Scheme besides modern step in as a helping hand. technical services like ATMs and tele-banking. Thus, we can claim to have played a leading role in modernizing the With so many banks and fi nancial institutions in the market, nation’s banking sector. All of our branches are integrated what makes us so different? Himalayan Bank being one of into Globus (developed by Temenos), the single banking the most experienced banks in the country was established software where we have made substantial investments. as one of the fi rst four private commercial banks and has This has helped us in providing wide range of integrated a solid portfolio of commendable and unimpeachable Banking service to our clients. achievements. We have helped many people to stand on their own feet. We have assisted many entrepreneurs to In order to provide excellent services for Nepalese workers set up their businesses and have supported many people abroad, we have developed exclusive and proprietary online in their time of need. Our products have the fl exibility to money transfer software - HimalRemitTM. By deputing our be tailored as per requirement of our clientele. staff to local exchange houses and banks with which we have technical tie-ups in the Middle East and Gulf region, Himalayan Bank is always there in your time of we have become the biggest inward remittance handling need. bank in Nepal. To ensure the safety of our operations, we Himalayan Bank Ltd (HBL) was established in 1993 in joint have arranged for a dedicated offsite ‘Disaster Recovery venture with Habib Bank Limited of Pakistan. Despite the Management System’. 8 Himalayan Bank Ltd a sound foundation a solid pedigree HBL believes that it leads the service banking sector of Nepal due to certain reasons: being one of the banks having the highest deposit base and loan portfolio amongst private sector banks, extension of guarantees to correspondent banks, and coverage of exposure of other local banks under its credit standing with foreign people correspondent banks. We are confi dent enough to state that we are a leading player in the banking sector of Nepal for glorious reasons: being one of the banks having the highest deposit base and loan portfolio amongst private sector banks, extension of guarantees to correspondent banks and coverage of exposure of other local banks under our credit standing with foreign correspondent banks. In addition to this, we are not only a bank with business objectives, but also a committed Corporate Citizen. We take Corporate Social Responsibility (CSR) activities very seriously and have always engaged ourselves in social welfare activities. Every year we allocate a signifi cant portion of our sponsorship & donation budget towards activities that contribute to social, cultural and sports development in the country. Annual Report 2009/10 9 remittance growth is significant Experiences of the recent past have encouraged us to take more risk mitigating measures in the days to come. 10 Himalayan Bank Ltd Chairman’s Message Ladies and gentlemen, On the remittance service front, Himalayan Bank has assigned additional representative offi cers to various countries, and the growth is signifi cant. It is my pleasure to present the recent fi nancial update of Himalayan The process is under way to explore other areas of remittance and to Bank’s progress and achievement to our esteemed shareholders. During upgrade our HimalRemit system. We have plans to expand remittance the FY 2009-2010, HBL was able to mobilize its deposits to Rs. 37.611 business to additional markets in Asia, Europe and America. Recently, billion with a growth of 8.44 percent and loans and advances to HBL has been certifi ed as the 19th participant in “Workers’ Remittance Rs. 29.124 billion with a growth of 14.12 percent. However, I would Service” going live through SWIFT. like to clarify that in spite of the failure of some big borrowers to pay back their dues on schedule, we could make an operating profi t of During the review period, Himalayan Bank introduced many new deposit Rs. 579.231 million during the review period. Thus, the net profi t of HBL products – Super Premium Savings Account, Himal Remit Savings reached Rs. 508.231 million. Though HBL had a very good growth in Account, Card Merchant Loan and Non-Profi t Organization Current Call the review period in terms of deposit mobilization, extension of loans Account. At the same time, HBL also made necessary adjustments and and advances and various sources of income, we could not achieve the improvements in its other existing products. profi t as per our target. Instability in the political system, multiple banking practices, lack of clear-cut policy and a protective atmosphere As per its commitment to introducing latest banking technology for its for industrial and trading sectors, severe energy shortages, labour valued customers, Himalayan Bank has recently adopted EMV (chip-based) problems and, to some extent, oversight of industries in setting their card acquiring business technology in its Point of Sales (POS) terminals. annual sales targets have also affected a number of industries and Again, HBL has become the number one fi nancial institution in the country trading houses, which in turn, has brought some turbulence to banking to apply this kind of latest technology. HBL will start to issue chip-based sector as well. Such experiences of the recent past have encouraged us EMV debit and credit cards very soon and has plans to introduce some more to take more risk mitigating measures in the days to come. At the same technology-driven new products and services.
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