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Annual Report 2015

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Annual Report 2015 Annual Report 2015 The Way Forward At Bank Alfalah, we’ve never chosen the well-trodden path just because it’s the easiest option. We’ve always been different and defined our own rule of success. We are younger and more dynamic than the rest, and we’re drawn to people who share the same attitude. OUR WAY CUSTOMER CONNECT We want to inspire and help you find your own way in going after what you want, just as we have. We do all we can to understand and anticipate what will help you achieve your ambitions. LET’S INNOVATE We constantly question the status quo to find new and better ways to do things. With fresh eyes, we seek out new ways to meet your needs and help you shape your own path, through innovative products, insightful advice and a ‘can-do’ attitude. INSPIRING LEADERSHIP We foster leadership, inspiring employees and customers to do things differently and to succeed while delivering sustainable results. We inspire and recognise young, emerging talent in the country and provide them with opportunities to showcase their work. THE WAY FORWARD CONTENTS 01 Bank Alfalah Our Company 03 Vision, Mission and Values 04 Company Information 05 Directors’ Profile 07 Management Committee 11 Chairman’s Message 13 Directors’ Report 15 The Way Forward Customer Connect 27 Let’s Innovate 39 Inspiring Leadership 45 Corporate Information 51 Financial Information Financial Performance (Including Six Years Financial Summary) 63 Notice of the Annual General Meeting 73 Statement of Compliance with the Code of Corporate Governance (CCG) 75 Auditors’ Review Report on the Statement of Compliance with the CCG 77 Report of Shariah Board 78 Management Statement of Compliance with Employees with Stock Option Scheme (ESOS) 80 Independent Assurance Report to the members on Statement of Compliance with ESOS 81 Statement on Internal Controls 82 Unconsolidated Financial Statements 2015 (Including Auditors’ Report thereon) 83 Consolidated Financial Statements 2015 (Including Auditors’ Report thereon) 187 Pattern of Shareholding 285 Annexure – Employees Stock Option Scheme 295 Branch Network 296 Glossary 301 Form of Proxy Annual Report 2015 02 OUR COMPANY Bank Alfalah is the sixth largest Bank in Pakistan with a network of over 650 branches in more than 200 cities across Pakistan with an international presence in Afghanistan, Bangladesh, Bahrain and a representative office in the UAE. The Bank is owned and operated by the Abu Dhabi Group. Incorporated as a public limited company on 21 June 1992 under the Companies Ordinance, 1984, Bank Alfalah commenced banking operations from 01 November 1997. The Bank provides financial solutions to consumers, corporations, institutions and governments through a broad spectrum of products and services, including corporate and investment banking, consumer banking and credit, securities brokerage, commercial, SME, agri-finance, Islamic and asset financing. PACRA, a premier rating agency of the country, has assigned Bank Alfalah ‘AA’ (double A) Entity Rating for long term and A1+ (A one plus) for short term. According to the latest rating report, the outlook for the Bank is positive. The Bank is listed on the Pakistan Stock Exchange. In 2014, the Bank partnered with International Finance Corporation (IFC) of the World Bank as a long term strategic collaboration which strengthens the Bank’s ability to provide a wider range of services and better access to finance while creating opportunities of economic growth in the country. Under this partnership, IFC has invested USD 67 million to acquire 15 percent equity stake in Bank Alfalah. 03 Bank Alfalah VISION VALUES To inspire and empower people to do YOU things differently and shape their own We always put the customer and their path in life and business. needs front and centre. MISSION YOUR NEEDS We look at the market with fresh eyes to We do all we can to understand and find new opportunities, seek new ways of anticipate what will help our customers enabling our customers to succeed and find their own way and achieve their advance the world of finance. ambitions. YOUR WAY We do things differently, challenging the status quo to find new and better ways to move ourselves and our customers forward. THE RIGHT WAY We always act with integrity and transparency in everything we do. It is the cornerstone of our business and brand. Annual Report 2015 04 COMPANY INFORMATION Board of Directors Board Strategy and Finance Committee HH Sheikh Hamdan Bin Mubarak Al Nahayan Abdulla Khalil Al Mutawa Chairman Chairman Abdulla Nasser Hawaileel Al-Mansoori Khalid Mana Saeed Al Otaiba Director Director Abdulla Khalil Al Mutawa Efstratios Georgios Arapoglou Director Director Khalid Mana Saeed Al Otaiba Khalid Qurashi Director Director Efstratios Georgios Arapoglou Atif Bajwa Director President/CEO and Director Khalid Qurashi M. Iftikhar Shabbir Director Secretary Kamran Y. Mirza Director Board Risk Management Committee Atif Bajwa Khalid Mana Saeed Al Otaiba President/CEO and Director Chairman Abdulla Khalil Al Mutawa Board Compensation Committee Director Abdulla Khalil Al Mutawa Chairman Khalid Qurashi Director Khalid Mana Saeed Al Otaiba Director Atif Bajwa President/CEO and Director Kamran Y. Mirza Director Haroon Khalid Secretary Mian Ejaz Ahmad Secretary 05 Bank Alfalah Board Human Resources and Nomination Board Audit Committee Committee Kamran Y. Mirza Abdulla Khalil Al Mutawa Chairman Chairman Abdulla Khalil Al Mutawa Khalid Mana Saeed Al Otaiba Director Director Khalid Mana Saeed Al Otaiba Kamran Y. Mirza Director Director Efstratios Georgios Arapoglou Atif Bajwa Director President/CEO and Director Yasar Rashid Mian Ejaz Ahmad Secretary Secretary Chief Financial Officer Central Management Committee Mirza Zafar Baig Atif Bajwa Chairman Company Secretary Suhail Yaqoob Khan Member Mian Ejaz Ahmad Mirza Zafar Baig Member Auditors Faisal Farooq Khan KPMG Taseer Hadi & Co. Member Chartered Accountants Khurram Hussain Member Mehreen Ahmad B. A. Building Member I. I. Chundrigar Road Karachi, Pakistan Rizwan Ata bankalfalah.com Member Saad Ur Rahman Khan Share Registrar Member F. D. Registrar Services (SMC-Pvt) Limited Aly Mustansir 1705, 17th Floor, Saima Trade Tower-A Member I. I. Chundrigar Road Syed Ali Sultan Karachi, Pakistan Member Aasim Wajid Jawad Member Imran Zafar Member Annual Report 2015 06 DIRECTORS’ PROFILE Abdulla Nasser Huwaileel Al-Mansoori Director Mr. Abdulla Nasser Hawaileel Al-Mansoori is a prominent businessman of Abu Dhabi, UAE. He is Chairman of Al Nasser Holdings and Group Companies. He was also Director of the National Investor, Abu Dhabi, UAE. In the past, Mr. Huwaileel Al-Mansoori was Director of United Arab Bank, Water & Electricity Department of Abu Dhabi, Director of Projects, ADNOC, General Industries Corporation, Abu Dhabi and Director General & Vice Chairman of General Industrial Corporation, Abu Dhabi. In addition, he held other Board positions and Chairmanships of Abu Dhabi Ship Building Co, PJSC. Mr. Abdulla Nasser Hawaileel holds a B.Sc. (Hons) Degree in Electrical Engineering from Swansea University, UK. HH Sheikh Hamdan Bin Mubarak Al Nahayan Chairman His Highness Sheikh Hamdan Bin Mubarak Al Nahayan is a prominent member of the ruling family of Abu Dhabi in the UAE. He is the Chairman of Bank Alfalah Limited and the Chairman of Alfalah Insurance Company Limited. His responsibilities as part of the UAE Government include being the Minister of the UAE Federal Cabinet, Ministry of Higher Education and Scientific Research. He also serves as Chairman of Royal Jet, the premier aircraft charter company in the Middle East, operating the world’s largest fleet of Boeing Business Jets (BBJs). Prior to being appointed as the Minister of Higher Education and Scientific Research, he served as Minister of Public Works, Chairman of the Sheikh Zayed Housing Program, Chairman of the National Transport Authority, President of the Higher Committee for UAE Civil Seaport & Airport Security and the National Media Council. Sheikh Hamdan has been Chairman of the Civil Aviation Department of Abu Dhabi, Gulf Aircraft Maintenance Company (GAMCO), Abu Dhabi Aviation and the Rotating Chairman of Gulf Air. His Highness graduated from the UAE University in Al-Ain with double majors in Economics and Administration. 07 Bank Alfalah Khalid Mana Saeed Al Otaiba Director Mr. Khalid Mana Saeed Al Otaiba is the Office Manager of His Excellency Dr. Mana Saeed Al Otaiba (Personal Advisor to His Highness, the President of UAE). He is also Deputy Chairman of Al Otaiba Group of Companies. Mr. Mana is a Director of Alfalah Insurance Company Limited, Pakistan. He is also Chairman of Liwa International Investment Tourism and Royal Mirage Hotel & Resort Ltd, Morocco. He is also a Director of Ghantout International. Mr. Khalid Mana Saeed Al Otaiba holds a Bachelor of Arts & Science Degree in International Economics from Suffolk University of Massachusetts, Boston, USA. Abdulla Khalil Al Mutawa Director Mr. Abdulla Khalil Al Mutawa is the General Manager of H.E. Sheikh Suroor Bin Mohammad Al Nahyan. He is a Board Member of the UAE Banks Federation. He is also a Director of the Abu Dhabi Commercial Bank Ltd, Chairman of Makhazen Investment Company in Abu Dhabi, and Director Alfalah Exchange Company, Abu Dhabi. Mr. Abdulla Khalil Al Mutawa is a former Director of Wateen Telecom Limited, Pakistan and Warid Telecom (Pvt) Limited, Pakistan. Mr. Abdulla Khalil Al Mutawa holds a B.Sc. in Business Administration from the University of North Carolina, USA. Annual Report 2015 08 Efstratios Georgios Arapoglou Director
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