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Along the Silk Road ANNUAL REPORT 2015 Along the Silk Road ANNUAL REPORT ASKARI BANK LIMITED 2015 Along the a rich past, Silk a fruitful present, Road: a promising future As a labyrinth of interconnected trade routes spanning across the Asian continent, the Silk Road was once the main network that linked the East with the Mediterranean world for over a century. Due to the fusion of cultures and ideas along these ancient routes, the global influence of the Silk Road on the rich civilisations, discoveries and living legacies of arts and architecture is undeniable. This year at Askari Bank, we bring to light the magnificent history of the Silk Road and its pivotal role in shaping our geopolitical dynamics. For us, this is a deep reflection of the shared culture and camaraderie that continues to exist along the Silk Road – beckoning us to discover the promise that it holds for the future. Annual Report of Askari Bank Limited for 2015 CONTENTS 03 Key Financial Highlights 22 President’s Review 04 Vision and Mission 26 Corporate Social Responsibility (CSR) 05 Pakistan’s Profile 28 Value Added Statement 06 Corporate Information 29 Financial Review 08 Management 32 Financial Calendar 09 Organogram 33 Share & Debt Information 10 24 Years of Banking 34 Horizontal & Vertical Analysis 13 Products & Services 38 Six Years’ Statistics 16 Notice of 24th Annual General 40 Our Presence Meeting 42 Directors’ Report 20 Chairman’s Message Unconsolidated Financial Statements 50 Statement of Internal Controls 58 Unconsolidated Statement of 51 Statement of Compliance Comprehensive Income 53 Review Report to the Members 59 Unconsolidated Cash Flow 54 Auditors’ Report to the Members Statement 56 Unconsolidated Statement of 60 Unconsolidated Statement of Financial Position Changes in Equity 57 Unconsolidated Profit and Loss 61 Notes to the Unconsolidated Account Financial Statements Consolidated Financial Statements 133 Auditors’ Report to the Members 134 Consolidated Statement of 137 Consolidated Cash Flow Statement 196 Pattern of Shareholding Financial Position 138 Consolidated Statement of 197 Correspondent Network 135 Consolidated Profit and Loss Changes in Equity 200 Unconsolidated Statement of Account 139 Notes to the Consolidated Financial Financial Position in US Dollars 136 Consolidated Statement of Statements 201 Unconsolidated Profit and Loss Comprehensive Income Account in US Dollars 205 Form of Proxy Along the Silk Road a taste for luxury the world embraces precious goods The Silk Road was not a trade route that existed solely for the purpose of trading silk. Many other commodities were also traded; from gold and ivory to exotic animals and plants. However, of all the precious goods crossing this area, silk earned a special place in western society. The trade route to the East was seen by the Romans as a route for silk more than anything else. Interestingly, however, the name `Silk Road’ itself does not originate from the Romans, but is infact a nineteenth century term “Seidenstraße”, coined by German scholar Ferdinand von Richthofen. Annual Report of Askari Bank Limited for 2015 KEY FINANCIAL HIGHLIGHTS FOR 2015 Rupees in million 2015 2014 Growth % Total assets 535,867 447,083 19.9 Deposits 433,172 387,587 11.8 Advances - net 199,931 170,496 17.3 Investments - net 268,021 217,214 23.4 Shareholders’ equity 26,853 23,707 13.3 Profit before taxation 8,432 5,781 45.8 Profit after taxation 5,043 4,015 25.6 Capital adequacy ratio - percent 12.51 13.03 ~ Earnings per share - rupees 4.00 3.19 25.6 Market value per share - rupees 21.74 23.07 -5.8 Net book value per share - rupees 21.31 18.81 13.3 Return 2015: Return 2015: on Equity 19.95% on ASSETS 1.03% 2014: 18.92% 2014: 0.95% PROFIT 2015: EARNINGS 2015: AFTER TAX 25.62% PER SHARE Rs. 4.00 2014: 173.27% 2014: Rs. 3.19 Along the Silk Road VISION To be the bank of first choice in the region MISSION To be the leading private sector 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 Annual Report of Askari Bank Limited for 2015 PAKISTAN’S PROFILE Country Statistics Land area (Sq. km) 796,100 Population (million) 192 Population Growth (%) 1.92 Population Density (people / sq. km) 241 Life expectancy (years) 66 Literacy (%) 68 Economic Indicators At fiscal year end 2010-2011 2011-2012 2012-2013 2013-2014 2014-2015 GDP Growth Rate - percent 3.6 3.8 3.7 4.1 4.2 Exports - USD Million 25,369 24,718 24,802 25,075 24,087 Imports - USD Million 35,796 40,371 40,157 41,630 41,309 Inflation - percent 13.7 11.3 5.9 8.2 3.2 Trade Balance - USD Million (10,427) (15,653) (15,355) (16,555) (17,222) Foreign currency reserves - USD Million 18,244 15,289 11,020 14,141 18,699 Exchange Rate - USD 86.0 94.6 99.7 98.8 101.8 Exchange Rate - Euro 124.5 119.0 130.2 135.0 113.4 Banking System At financial year end 2011 2012 2013 2014 2015 Net assets of banking system - PKR Billion 784 873 943 1,207 1,323 Total assets of banking system - PKR Billion 8,171 9,720 10,487 12,106 14,143 Capital adequacy ratio - percent 15.1 15.6 14.9 17.1 17.3 Advances / Deposits ratio - percent 53.6 52.2 49.5 48.2 46.4 Return on Assets (before tax) - percent 2.2 2.0 1.6 2.2 2.5 Return on Equity (before tax) - percent 23.0 21.2 17.9 24.3 25.8 KSE 100 index - points 11,348 16,905 25,261 32,131 32,816 KSE Market capitalization - PKR Billion 2,946 4,242 6,057 7,381 6,947 Source: Websites of Ministry of Finance - Govt. of Pakistan, Pakistan Bureau of Statistics, the State Bank of Pakistan and Pakistan Stock Exchange. 05 Along the Silk Road CORPORATE INFORMATION Board of Directors Board Committees Lt Gen Khalid Nawaz Khan, HI (M) Sitara-i-Esar (Retd) audit & compliance Chairman - Non-Executive Director Mr. Asif Reza Sana Lt Gen Muhammad Haroon Aslam, HI (M), S Bt (Retd) Chairman Non-Executive Director Mr. Qaiser Javed Lt Gen Shafqaat Ahmed, HI (M) (Retd) Non-Executive Director Dr. Nadeem Inayat Mr. Qaiser Javed Mr. Manzoor Ahmed Non-Executive Director Mr. Tariq Hafeez Malik Dr. Nadeem Inayat Non-Executive Director Mr. Manzoor Ahmed Non-Executive Director - NIT Nominee Risk Management Mr. Asif Reza Sana Dr. Nadeem Inayat Independent Director Chairman Mr. Zaffar Ahmad Khan Mr. Qaiser Javed Independent Director Mr. Asif Reza Sana Mr. Tariq Hafeez Malik Independent Director Syed M. Husaini Mr. Muhammad Ghous Independent Director Syed M. Husaini Human Resource & Remuneration President & Chief Executive Lt Gen Shafqaat Ahmed, HI (M) (Retd) Chairman Mr. Qaiser Javed Mr. Zaffar Ahmad Khan Syed M. Husaini Information Technology Mr. Tariq Hafeez Malik Chairman Lt Gen Shafqaat Ahmed, HI (M) (Retd) Syed M. Husaini 06 Annual Report of Askari Bank Limited for 2015 Shariah BOARD Registrar & Share Transfer Office Mufti Muhammad Zahid - Chairman THK Associates (Private) Limited Mufti Ismatullah - Member 2nd Floor, State Life Building No.3 Dr. Muhammad Tahir Mansoori- Resident Sharia Board Member Dr. Ziauddin Ahmad Road P. O. Box: 8533 Auditors Karachi - 75530 Tel: (92 21) 111 000 322 M/s A. F. Ferguson & Co Fax: (92 21) 35655595 Chartered Accountants Entity Ratings Legal Advisors Long Term: AA RIAA, Barker Gillette Short Term: A1+ Advocates & Corporate Counselors By JCR - VIS Credit Rating Company Limited Company Secretary Website Mr. Umar Shahzad www.akbl.com.pk Registered Office SOCIAL MEDIA AWT Plaza, The Mall, www.facebook.com/askaribankpakistan P. O. Box No. 1084 www.twitter.com/askari_bank Rawalpindi – 46000, Pakistan. Tel: (92 51) 9272467 & 9063752-3 UAN: (92 51) 111 000 787 Fax: (92 51) 9272455 & (92 51) 9272445 E-mail: [email protected] 07 Along the Silk Road MANAGEMENT Syed M. Husaini Asim Bashir North Region President & Chief Executive Country Head - Branchless Banking Sher Afgan Khanzada Rehan Mir Shahid Abbasi Regional General Manager - North I Global Treasurer Chief Internal Auditor Sheikh Muhammad Abrar Ali Saleem Anwar Zahid Hassan Qureshi Regional General Manager - North II Chief Financial Officer Country Head - Special Asset Management Farrukh Iqbal Khan Syed Adil Abbas Zaidi Group Head - Operations Country Head - International Banking Central Region Khurshid Zafar Rashid Zaman Khan Saulat Hameed Group Head - Corporate & Investment Banking Chief Information Officer Regional General Manager – Central I Rashid Nawaz Tipu Ali Akbar Hemani Ejaz Musarrat Siddiqui Group Head - Branch Banking Country Head - Marketing & Product Development Regional General Manager – Central II Abdus Samad Khan Waseem Ijaz Mian Country Head - Agriculture & Rural Business Country Head - SME Banking South Region Rizwan Hameed Zahid Afzal Country Head - Credit Country Head - System & Operations Rashid Iqbal Shaikh Regional General Manager - South I Abdul Waseem Syed Rehan Mobin Country Head - Credit Administration Head - Equity Capital Markets Asim Asif Regional General Manager - South II Zain ul Abidin Tariq Mehmood Country Head - Compliance & Data Country Head - General Services Shahid Alam Siddiqui Bakar Ahmed Islamic Banking Country Head - Consumer Banking Country Head - Human Resource Fahd Sardar Khan Malik Suleman Hasan Khurram Tariq Country Head - Islamic Banking Services Executive Incharge - China Desk Country Head - Commercial Banking Syed Jafar Raza Rizvi Umar Shahzad Country Head - Corporate & Investment Banking Company Secretary Wholesale Bank Branch, Mahmood
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