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TAIB 1999 Annual Report Editorial Section

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TAIB 1999 Annual Report Editorial Section 1999 TAIB Bank Annual Report—Part II An outstanding year from every perspective Financial Highlights (US$’000s) 1999 1998 1997 1996 1995 Earnings Net interest income 9,472 7,985 9,092 8,137 7,390 Fees and other income 32,231 23,895 22,128 15,336 13,885 Net income before provisions 25,004 17,410 18,351 11,925 11,603 Net income 14,026 10,117 7,270 10,403 9,678 Dividend 5,063* 5,484 5,062 5,062 4,219 Financial Position Total assets 512,562 402,822 371,950 333,569 306,889 Investments and marketable securities 365,715 232,615 207,594 135,196 141,279 Loans and advances 27,264 40,706 55,153 62,496 47,596 Customer deposits 124,382 125,927 110,432 84,424 51,429 Total deposits 328,554 274,802 246,791 214,544 188,798 Shareholders’ equity 120,291 112,261 108,703 107,947 103,953 Ratios Earnings: Return on Average Equity (%) 12.1 9.1 6.7 9.8 9.5 Return on Average Assets (%) 3.1 2.6 2.1 3.3 3.1 Earnings per Share (cents) 16.6 12.0 8.6 12.3 11.5 Cost: Expenses to Total Operating Income 40% 45% 41% 49% 45% Capital: Total Liabilities to Shareholders’ Equity (times) 3.3 2.6 2.4 2.1 2.0 BIS risk-adjusted Capital Adequacy ratio (%) 43.8 38.7 34.5 43.7 44.9 * In addition, a bonus issue is proposed in the ratio of 1 share for every 20 shares. It is our continuing belief that by serving the needs of entrepreneurial corporates, institutions, high net worth individuals and retail customers in our markets, the value of our shares will increasingly reflect our progress. This supplement to our 1999 Annual Report highlights the year’s key achievements. Abdulrahman Al Jeraisy Iqbal Mamdani Chairman Vice Chairman and Chief Executive Officer CONTENTS 3 Achievements 4 Silverline 6 Mindteck 8 Funds 10 Real Estate 12 Access 14 Commitment 16 20th Anniversary 18 TAIB Tower 20 Directors 22 Corporate Directory 23 Achievements At A Glance 1999 was a year of special achievement for TAIB Bank. Amidst the backdrop of an important milestone—our twentieth anniversary—we surpassed all previous revenue and profit records. Following are the key factors which contributed to our success and positioned us for further growth. REALIZED Knowing when and record non-interest income by exiting from that Silverline Technologies Inc. investment. how to make a move 4 EFFECTED Identifying investments the international consolidation of The Mindteck Group, an IT services provider. which have an upside potential NURTURED Seeking our investments and broadened new ways our family of funds. to balance risk with rewards REALIGNED Honoring our strategy to keep pace with the changing our commitment needs of our clients. to clients and shareholders 5 EXPANDED Embracing our capabilities to share our the new market knowledge and insight. technological frontier Silverline Silverline Technologies Inc. (Silverline) is an IT company operating in the U.S. through a publicly traded subsidiary in India. It has offshore software development centers in India which service several U.S. Fortune 500 companies. RETURN ON INVESTMENT OF Highlights Enter: In January 1997, TAIB took a lead-management role in structuring the private equity investment. In keeping with our policy to commit our own capital to every investment, we continued investing, along with co-investors, through 1998. Exit: In September 1999, Silverline’s management group and U.S. investors purchased TAIB’s combined holdings for the total consideration of US$68mm, thus producing a return on investment of 110%. VIEWPOINTS Silverline fit what we foresaw as Working closely with Silverline’s 6 an onshore/offshore model which management team, we created a could readily sustain competitive corporate and business structure advantage. Today, we continue to that facilitated a U.S. company- focus on this niche, along with led strategy. This transaction building relationships with Indian involved significant structuring software companies to provide in complex and multiple legal, value-added consulting services. regulatory and business environ- ments which, in the end, proved Ebrahim Sharif Alsayed to serve all parties well. Executive Vice President, TAIB Bank Manabendranath Sen Senior Vice President, TAIB Bank 110% Within ten years, IT in India is expected to be a $100 billion industry, and TAIB intends to be a key player. This was both an exciting and rewarding deal…exciting because 7 it was a complicated transaction and the stakes were so high… rewarding, in that it fueled our growth at such a crucial stage in our industry. TAIB’s financial advisory and assistance to our company—combined with the prospects for the IT industry—resulted in a successful transaction all around. Ravi Subramanian The investment in Silverline was the result of an Chairman, Silverline initiative put into place in 1995 when TAIB began to identify tremendous growth opportunities in the technology sector. Mindteck The Mindteck Group is an IT services provider specializing in embedded software, real-time applications and e-commerce solutions. It has offices in the U.S., U.K., Japan, India and Singapore with development centers in the Indian cities of Mumbai, Bangalore and Calcutta. CONSOLIDATION OF Highlights TAIB led the international consolidation of three companies—Hinditron Informatics Ltd., Nicco Infotech Holdings and The Mindware Group of Companies—to what has become known as Mindteck, a company with 300 employees and US$20mm+ in revenue and $50mm+ in market capitalization. Mindteck India Limited, part of the global Mindteck Group, is listed on the Indian Stock Exchange. Since TAIB’s initial investment, Mindteck’s stock has appreciated in excess of 300%. VIEWPOINTS As a result of the restructuring initiated by TAIB, Mindteck is now a highly-focused global entity well positioned for growth in the e-commerce and embedded Hinditron software arena. 8 L.M. Singh Vice President, TAIB Bank Nicco Mindware This year, over 30% of TAIB’s total revenue is a direct result of our focus on India’s info-tech industry. 3 COMPANIES I like to think of TAIB as a catalyst for creating growth opportunities. With Mindteck, we’ve facilitated growth through acquisition and have created a foundation from which the company can take shape and further develop its market the world over 9 Ravi Ramachandran Chief Executive Officer, TCCL TAIB has investments in more than 20 Indian software companies, making it the most active Middle Eastern investor in India’s IT sector. Funds Each of TAIB’s six equity and fixed income mutual funds has been designed to leverage the Bank’s expertise in specific markets and provide clients with a diversified range of investment opportunities. Highlights Total funds under management more than doubled in 1999. The TAIB Everest Fund recorded a 204% growth in Net Asset Value (NAV), and continues to be ranked amongst the best of comparable funds by S&P’s Micropal. The TAIB American Explorer Fund and the TAIB Golden Horn Fund reported impressive NAV growths of 74% and 69%, respectively. TAIB Crescent Global Fund, an Islamic Equity fund, was launched as the sixth fund in our family of Funds. TAIB Income Fund and TAIB Currency Fund maintained a steady return in spite of extreme market volatilities. 10 VIEWPOINTS We’ve recorded significant Net We fully recognized and leveraged Asset Value growth on all the the opportunities in the various funds in 1999—an achievement markets and sectors that our we look upon with pride. funds are invested in. The TAIB Everest Fund, an India-Dedicated Babu Sahadev Fund, had an especially stellar Senior Vice President, TAIB Bank performance. Hemant Kulkarni Fund Manager, TAIB Bank TAIB enjoyed a cumulative average growth of 72% on all funds. TAIB Everest Fund 250 35 A diversified and tax-efficient 30 portfolio of Indian equities, equity- 200 related instruments and fixed 25 income securities for investors seeking long-term capital 20 appreciation in India, one of the 150 worlds leading emerging markets. 15 $ BSE Dollex 100 10 NAV January April July October December RETURN ON INVESTMENT OF 204 % 200 TAIB American Explorer Fund A hedge fund for investors seeking to profit from the 150 potential of U.S. information technology stocks with risks minimized through $ sophisticated trading practices. NAV 100 January April July October December RETURN ON INVESTMENT OF 74 % 16,000 175 TAIB Golden Horn Fund 150 A diversified portfolio of Turkish equities and fixed income 11,000 125 securities for investors seeking long-term capital appreciation 100 in the dynamic emerging market 6,000 of Turkey. 11 75 $ NAV ISE Index 1,000 50 January April July October December RETURN ON INVESTMENT OF 69 % We’ve recently introduced TAIB Crescent Global Fund, specifically designed for clients seeking to invest in an Islamic fund. Its main objective is long-term capital appreciation of Shariah compliant securities in the Dow Jones Islamic Market Index (DJIM). Real Estate Through TAM Real Estate, a U.S.-based TAIB subsidiary, we’ve acquired more than 3.1 million square feet of real estate holdings valued at more than US$260mm. In the U.K., TAIB invests with two alliance partners—Thorneycroft Asset Management and Sydney and London Properties Ltd.—who arrange financing, manage acquired properties and perform due diligence with TAIB. Highlights SOLD Sold two properties in Raleigh, North Carolina: North Station Shopping Center for US$19.26mm (a return of 22% p.a.) and South Station II, developed by TAM Real Estate, for US$5.43mm (a return of 12% p.a.). Sold six secondary industrial estates mainly in London and South East England with joint venture partners Thorneycroft Asset Management averaging a return in excess of 25% p.a.
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