Annual Report 2009/10
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ANNUAL REPORT 2009 The Intelligent Bank Saman Bank in Figures Financial Summary (Rls. billion) 2009 2008 2007 2006 2005 Net interest income 976 836 952 381 428 Non-interest income 1,056 672 522 305 100 Net operating income 2,032 1,508 1,474 686 527 Operating expenses 1,153 1,045 961 427 284 Net profit 786 439 512 258 233 Balance Sheet Highlights (Rls. billion) Total assets 49,374 41,733 34,846 26,209 14,289 Total liabilities 49,374 41,732 34,846 24,954 13,443 Total deposits 40,072 34,167 29,583 22,370 11,810 Loans & receivables 34,243 27,341 23,989 15,269 9,784 Total shareholders’ equity 2,921 2,392 1,526 1,255 846 Growth Highlights Number of clients 792,038 645,566 496,442 360,557 223,919 Number of branches 106 97 75 54 38 Number of ATMs 390 256 183 107 65 Number of employees 1,506 1,456 1,160 890 633 Key Ratios Capital adequacy ratio 10.55% 9.97% 7.36% 7.96% 11.81% Deposits / loans & receivables 117% 125% 123% 147% 121% Loans & receivables / term deposits received 95.31% 87% 93% 89% 103% Loans & receivables / total assets 69.40% 66% 69% 58% 68% Return on assets 1.60% 1.05% 1.50% 0.98% 1.63% Return on equity 26.9% 18% 34% 21% 28% Term deposits / total assets 73% 76% 74% 66% 67% Financial Highlights 428 100 284 2005 846 381 305 427 2006 1,255 952 522 961 2007 1,526 836 672 1,045 2008 2,392 976 1,056 1,153 Net Interest Income 2009 2,921 Non-interest Income Operating Expenses 0 500 2,000 2,500 3,000 3,500 1,000 1,500 Rls. billion Shareholders’ Equity The year 2009 in this report represents the time interval of 21 March 2009 to 20 March 2010. In this annual report, Rls. and CBI stand for the Iranian Rial and the Central Bank of Iran, respectively. Table of Contents Management Board of Directors ................................................................................- 02 Managing Director’s Message ..............................................................- 04 Top Executive Management .................................................................- 06 Executive Directors ..............................................................................- 08 IRAN ECONOMIC FORUM & BANKING SYSTEM .............................- 09 Macroeconomic Indicators...................................................................- 10 Banking Industry...................................................................................- 12 Principles of Islamic Banking ...............................................................- 13 SAMAN BANK......................................................................................- 15 Vision, Mission, Competences & Opportunities ...................................- 16 History ..................................................................................................- 17 Operational Performance .....................................................................- 19 Financial Performance..........................................................................- 20 E-Banking .............................................................................................- 23 International Banking............................................................................- 24 Investment Activities ............................................................................- 25 Organisational Chart.............................................................................- 26 Human Resources ................................................................................- 27 Corporate Governance.........................................................................- 29 Risk Management ................................................................................- 32 Subsidiaries ..........................................................................................- 35 Outlook .................................................................................................- 38 AUDITOR’S REPORT & FINANCIAL STATEMENTS..........................- 41 Independent Auditor’s Report ..............................................................- 42 Consolidated Balance Sheet ................................................................- 44 Consolidated Profit & Loss Account ....................................................- 45 Consolidated Statement of Retained Profit & Loss..............................- 46 Consolidated Statement of Cash Flows...............................................- 46 Balance Sheet.......................................................................................- 47 Profit & Loss Account...........................................................................- 48 Statement of Retained Profit & Loss ....................................................- 48 Statement of Cash Flows .....................................................................- 49 Notes to the Financial Statements .......................................................- 50 BRANCHES .........................................................................................- 71 BOARD OF DIRECTORS Mr Allahvirdi Rajaee Salmasi Chairman of the Board Mr Rajaei Salmasi holds a Master’s Degree in Accounting from Petroleum Accounting College. He is one of the founders of Saman Eghtesad Credit Institution (Saman Bank). Being one of the founders, his career highlights include acting as CBI Deputy, Advisor to CBI Governor, Secretary General of the Tehran Stock Exchange, Advisor to Bank Saderat’s managing director, Managing Director of Saman Eghtesad Credit, Managing Director of Saman Bank until January 2007 and Board Member of Saman Financial Group. Mr Iraj Niknejad Vice Chairman of the Board Mr Niknejad holds a Master’s Degree in Accounting from Petroleum Accounting College. He is one of the founders of the Bank. He has enjoyed a distinguished career as an independent auditor, accountant, auditor and financial advisor and manager of public joint-stock companies for more than 20 years as well as being Board Member of various manufacturing subsidiaries of the Yazdbaf Group enlisted with TSE. He is a member of the Iranian Association of Certified Public Accountants as well as the Iranian Institute of Certified Accountants. Mr Mohammad Zarrabieh Board Member Mr Zarrabieh holds a Bachelor’s Degree in Banking Science. He is one of the founders of Saman Bank. His professional experience includes serving as the Chairman of various subsidiaries of Yazdbaf Group, one of the largest private-sector industrial conglomerates in Iran. The Group is comprised of various high-profile companies such as Plastiran, Yazdbaf, Hamedan Glass, the Bahman Group and Pump Iran Industries. Mr Reza Krishchi Khiabani Board Member Mr Krishchi graduated from the U.S. with a Bachelor’s Degree in Management Administration and Economics. He is one of the founders of the Bank. He also serves as the Managing Director of Krishchi Brokerage Company, one of the oldest brokerage firms in Iran, one which co-founded the Tehran Stock Exchange. Upon the sale of a strategic stake to Saman Bank, the firm was renamed Saman Brokerage. Mr Seyed Ali Salehi Amiri Mr Parviz Moshirzadeh Moayedi Mr Mohammad Zarrabieh Mr Iraj Niknejad ANNUAL REPORT 2009 | MANAGEMENT 02,03 Mr Sayeed Atashkary Board Member Mr Atashkary holds a Bachelor’s Degree in Commerce from Allameh Tabatabaei University and a Master’s Degree in Commercial Management from Emporia State University in Kansas. He held various executive positions in the Mobarakeh Steel Complex. He was also the Financial Deputy of the Iran National Steel Company and Board Member of the Iran Steel and Khuzestan Steel Complexes. He is also a professor at Isfahan Industrial University. Mr Parviz Moshirzadeh Moayedi Substitute Board Member Mr Moshirzadeh graduated from Wales University with a Master’s Degree in Accounting. He is one of the founders of the Bank and Saman Brokerage Co. He is also the Chairman of Saman Brokerage Co. Mr Vali Zarrabieh Substitute Board Member & Managing Director Mr Zarrabieh holds a Master’s Degree in Finance from CASS Business School in London with a specialisation in corporate finance and the valuation of financial institutions, as well as an MBA from Manchester Business School with a specialisation in strategy. He is one of the founders of the Bank. Mr Zarrabieh is also a Board Member of the Saman Electronic Payment Company and a Board Member of the Saman Brokerage Co. He has a strong technical background, including an undergraduate degree in Electronic Engineering. Since June 2010, Mr Vali Zarrabieh has been acting as the Managing Director of Saman Bank. Mr Seyed Ali Salehi Amiri Advisor to the Managing Director Mr Salehi Amiri is a graduate from Petroleum Accounting College with a Master’s Degree in Accounting. He is one of the founders of the Bank. He is a member of the Iranian Association of Certified Accountants and an official expert for the Justice Administration in the field of audit and accounting. Mr Salehi Amiri was previously a Board Member of Bank Melli, EN Bank, the Saman Credit Institution and the Managing Director of the Bank Melli Investment Co. Mr Allahvirdi Rajaee Salmasi Mr Vali Zarrabieh Mr Sayeed Atashkary Mr Reza Krishchi Khiabani Managing Director’s Message In the past decade, Saman Bank has been one of the first privately owned financial groups in the Iranian banking industry to take important and positive initiatives with respect to the Iranian economy. Having had the privilege to serve our valuable clients and shareholders with our hard-working staff, we earned creditability and trust amongst domestic and international counterparts. The pivotal