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Summary Annual Report 2020 Finabank N.V

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Summary Annual Report 2020 Finabank N.V SUMMARY ANNUAL REPORT 2020 FINABANK N.V. www.finabanknv.com [email protected] 2 SUMMARY ANNUAL REPORT 2020 FINABANK N.V. • • • • Table of contents Finabank N.V. 3 Profile of Finabank N.V. 3 Vision, Mission and Core values 4 Organizational Chart 5 Statement of the Executive Board 7 Introduction 7 The world around us 7 Financial summary and key financial indicators 2018-2020 10 The financial policy and analysis of the bank 11 Our corporate strategy 2020-2024 17 Our commercial strategy 18 Our human capital 18 Our IT environment 18 Seizing of money shipment 18 Integrity framework 18 Regulations 19 Shortfall of Bank’s cash reserves at the Central Bank of Suriname 19 Our corporate social responsibility 20 COVID-19 crisis 20 IDB Invest partnership 20 Economic outlook for 2021 21 The Bank’s outlook for 2021 21 Corporate Governance 22 Composition of the Executive Board 22 Composition of the Supervisory Board 23 Composition of the Shareholders 25 Conformity statement 25 Statement of the Supervisory Board 26 Supervisory Board Meetings 26 Audit Committee 27 Risk Committee 27 Selection and Remuneration Committee 27 Continuous Education 28 Corporate Strategy 28 External auditor, risk and compliance 28 Financial Reporting and results 28 Personal note 29 Summary Statement of financial position as at December 31, 2020 31 Summary Statement of profit or loss for the year ended December 31, 2020 32 Summary Statement of comprehensive income for the year ended December 31, 2020 32 Summary Statement of changes in shareholders’ equity as at December 31, 2020 33 Summary Statement of Cash flows 34 Notes to the summary financial statements for the year ended December 31, 2020 35 1 Reporting Entity 35 2 Accounting policies 35 3 Other Income/ (Expense), Net 53 4 Subsequent events 53 Independent Auditor’s Report 54 3 SUMMARY ANNUAL REPORT 2020 FINABANK N.V. • • • • PROFILE OF FINABANK N.V. Finabank N.V. (“the Bank” or “Finabank”) has a two-tier governance system, consisting of an Executive Board (Management) and a Supervisory Board (SB). The latter advises and supervises the former. Executive Board members are employees of the Bank, while Supervisory Board members are not. Profile of Finabank N.V. Finabank N.V. is a Suriname-based commercial bank established in 1991. It is 100% privately owned. The Executive Board is responsible for day- to-day management, while the Supervisory Board is responsible for the supervision of the Management’s policy and provides it with advice. Finabank operates under the laws and regulations of Suriname and is under supervision of the Central Bank of Suriname (CBvS). As of December 31, 2020 the Bank’s assets amounted to SRD 3,531 million. The Bank focusses on five sectors: Business Market, Mass Retail Market, High-end Retail Market, Government and Financial Institutions. It offers a wide range of financial products and services. Currently, the Bank has a headquarter in the center of Paramaribo and four branches: one in Paramaribo North and in Paramaribo South, one in the district of Wanica and one in in the district of Nickerie. 4 SUMMARY ANNUAL REPORT 2020 FINABANK N.V. • • • • VISION, MISSION AND CORE VALUES Vision We are the number one financial solutions provider. Mission With our dedicated and caring professionals we successfully enable your ambitions financially. Core values • Trust: We act responsible • Partnership: We work as one team • Agility: We go the extra mile • Innovation: We improve continuously • Expertise: We are the best in class Strategy statement Our strategy is to obtain a 17% market share in terms of private sector loan portfolio in 2024, by having our committed team provide the best tailored financial solutions based on superior risk assessment through innovative digital and personal channels, to our customers within the Business, Retail and High-End Retail market. For this growth we aim to achieve lower cost at a cost to income (C/I) level of 65-70%, reflecting a scalable organization with lower variable costs, while maintaining a target capital ratio of 15% to ensure trust and lending capacity. The focus will be on: • Strengthening lending capacity and operations • Simplifying & automating workflow processes • Strengthening risk & compliance foundations • Optimizing income mix • Organizing for successful implementation 5 SUMMARY ANNUAL REPORT 2020 FINABANK N.V. • • • • ORGANIZATIONAL CHART 6 SUMMARY ANNUAL REPORT 2020 FINABANK N.V. • • • • STATEMENT OF THE EXECUTIVE AND SUPERVISORY BOARDS 7 SUMMARY ANNUAL REPORT 2020 FINABANK N.V. • • • • Chief Executive Officer Eblein G. Frangie Statement of the Executive Board Introduction Although 2020 was an unprecedented year we delivered strong commercial and financial results. As a bank, we faced an economic crisis that was more severe than we expected, and on top of that we also had to deal with the COVID-19 pandemic and its impact on the economy. The year 2020 was also earmarked by the parliament elections in May, which resulted in a government change in August. The new government took immediate draconic measures in an attempt to turn the economic downward tide. The share for government on the fuel price was increased, the SRD-USD exchange rate was depreciated from 7.52 to 14.29 for 1 USD, payment deferral was requested from borrowers and discussions with the International Monetary Fund (IMF) started for balance of payment support. Despite the huge challenges in the economic environment, we have managed to increase our client base and increase our market share to 12% in terms of private sector loan portfolio. Our intensive and strict liquidity management sustained our strong liquidity position both in foreign currency as well as in SRD. Finabank is well positioned to cope with the consequences of any further economic downturn and a possible continuation of the COVID-19 crisis. The net result increased from SRD 5.8 million in 2019 to SRD 58.1 million in 2020, an increase of 900% primarily due to a foreign exchange translation result gain because of the devaluation of the SRD compared to USD and a release of a provision relating to the ring-fenced cash reserves. Total assets have increased by 48% compared to 2019 to SRD 3,531 million primarily due to the devaluation of the SRD compared to USD. As mentioned before, the net result of 2020 includes a release of a provision of SRD 6.1 million on the Bank’s exposure to the Central Bank of Suriname related to the ring-fenced cash reserves set aside in 2019 as a result of the investment of the majority of the ring-fenced cash reserves were in investment grade securities in 2020. The world around us The global economy in 2020 went into recession due to the COVID-19 pandemic and was characterized by periods of full and partial lockdown in most countries, disruption of economic and social activities, a sharp fall in international trade and a health care system that came under pressure in most countries. Economic growth of the global economy for 2020 is estimated (in January 2021) at a contraction of 3.5% by the IMF. In many countries, consumption went down because of the lockdown periods, investment declined, many jobs were lost, and global poverty has increased. The survival of many medium and small enterprises (SMEs) worldwide has been affected by the crisis, especially in the transport and tourism sector. Government policy in most countries has been expansionary, in order to accommodate the population in the form of financial transfers, capital injections for businesses, asset purchases, loans, credit guarantees and other expenditures. This resulted in a massive increase of the public debt in many countries. Because of the accommodative monetary policies in many countries, it is expected that international interest rates will be low for the coming years. Due to the recession commodity prices, especially fuel and energy prices went down. 8 SUMMARY ANNUAL REPORT 2020 FINABANK N.V. • • • • The average world market price of crude oil decreased by approximately 33% to USD 41.30 per barrel in 2020. On the other hand, precious metals in particular gold, did well and increased by approximately 27% to an average USD 1,769.60 compared to last year. The economic growth of the Region Latin America and the Caribbean in 2020 is estimated (in January 2021) at -8.1% by the IMF. The local economy contracted by an estimated 13% last year, following a minimal growth of 0.3% in 2019. The gold production decreased by 19.4% due to infections of workers with COVID-19 and the lockdown. Because of the pandemic, production and services in certain sectors, especially the tourism sector, transportation (air and land) and supply companies for tourism and the aviation sector, came to a complete standstill most of the year. Other sectors did not operate optimally and limited their business hours. COVID-19 protocols were developed for most sectors. The pandemic and low world market prices had little effect on the production of the State Oil Company Staatsolie. In 2020 the production of crude oil and refinery products decreased marginally by 1 and 4% respectively according to the Suriname Trade and Industry Association. The unemployment rate rose by approximately 2.6% to an estimated 11.2% according to the IMF. The current account (LR) of the balance of payments (BoP) improved significantly at the end of 2020 to about 6.6% of GDP, while the capital and financial account showed a deficit of approximately 6.2%. A negative statistical difference on the BoP has caused the International Reserve to decrease by USD 63 million in 2020 to the amount of USD 585 million. The improvement of the current account was a result of an increase in exports of goods and service by 6.9%, while imports decreased significantly by 23.5%.
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