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Driving Investment, Trade and the Creation of Wealth Across Asia Standard Chartered Bank Zambia Plc Annual Report 2013 Driving investment, trade and the creation of wealth Here for good across Asia, Africa and the Middle East 2 Standard Chartered Bank Zambia Plc Annual Report 2013 Standard Chartered Bank Zambia Plc has again delivered a strong performance. The Bank is integral to the development of the country and our performance clearly demontrates our powerful brand promise, Here for good. Financial highlights Revenue Profit before taxation ZMW367m ZMW703m 2012: ZMW340m / 2011: ZMW226m 2012: ZMW614m / 2011: ZMW479m Total assets Earnings per share ZMW5,470m ZMW0.14 2012: ZMW5,164m / 2011: ZMW4,586m 2012: ZMW0.13/2011: ZMW0.08 Return on equity Dividend per share 32% ZMW0.14 2012: 37% / 2011: 36% 2012: ZMW0.00 / 2011: ZMW0.00 Non-financial highlights Employees Outlets 719 25 2012: 696 / 2011: 650 2012: 24 / 2011: 20 3 What’s inside this report Overview Operating and financial review financial and Operating Overview Financial highlights 2 Chairman’s statement 2 - 6 4 Chief Executive Officer’s statement Performance highlights and an introduction to our business structures and strategy Corporate governance Corporate Operating and financial review 7 Consumer Banking 7 - 8 8 Wholesale Banking A review of our businesses, their financial performance and outlook for 2014 Financial statements and notes statementsFinancial and Corporate governance 10 Board of Directors 13 Directors’ Report 10 - 18 14 Statement on Corporate Governance An explanation of our approach 16 Executive Management Committee to corporate governance with key 17 Making a lasting impact in our communities developments during the year, together with profiles of our Board Directors Financial statements and notes 20 Directors’ responsibilities in respect of Supplementary information 19 - 84 preparations of financial statements 21 Independent auditor’s report on consolidated Detailed financial information for financial statements the year ended 31 December 2013 23 Consolidated statement of comprehensive income 25 Statements of financial position 26 Statement of changes in equity 28 Statement of cash flows 29 Notes to the consolidated financial statements Supplementary information 85 Five year summary 85- 92 86 Principal addresses and senior management 87 Branch network Additional information for shareholders 88 Dividend 89 Notice of Annual General Meeting and Agenda 91 Form of proxy 4 Standard Chartered Bank Zambia Plc Annual Report 2013 Chairman’s statement I am delighted to report that Standard Chartered Bank Michael M. Mundashi, SC Zambia Plc has delivered yet another year of record profit in 2013, showing the results of our continuous focus Chairman on delivering innovative solutions to our customers. Our performance continues to demonstrate that we are in the right segments, we have the right strategy, and the right leadership in place to deliver consistent value for our shareholders. Whilst 2013 was a challenging year, we remained determined and focussed on delivering first-class business services. We strengthened our digital banking offer by launching four new Electronic Banking Centres (EBCs) across the capital. We continue to support our customers and clients by deepening our long term relationships with them. I would like to take this opportunity to thank our customers and clients for their trust, custom and commitment to Standard Chartered Bank Zambia Plc over the years. As a result, we concluded last year in the enviable position as the leading bank in Zambia. We won several accolades throughout 2013: ‘Best Bank in Zambia’ by the prestigious Financial Times Banker Awards; ‘Best Bank in Zambia’ by Euromoney; and ‘Best Internet Bank in Zambia’ by Global Finance. In addition, during the 87th Agricultural and Commercial Show of Zambia we won the ‘Best Company listed on the Lusaka Stock Exchange (LUSE)’ and ‘Best Banking Exhibit’ categories. New Chief Executive Officer appointed On 1 September 2013, we announced the appointment of Andrew Okai as our new Chief Executive Officer following a rigorous, comprehensive executive search. The Board “I would like to congratulate Andrew Okai on was unanimous that Andrew had the requisite knowledge, his appointment as our new Chief Executive skills and experience to take the bank to its next stage of Officer. The Board was unanimous that evolution and enable us to deliver on our priorities and the ambitious growth targets we set for ourselves. Andrew had the requisite knowledge, skills and experience to take the bank to its next Andrew brings over 16 years experience in the bank, stage of evolution and enable us to deliver valuable expertise across the wholesale and consumer banking businesses, and international best practices on our priorities and the ambitious growth having worked in diverse markets where the bank targets we set for ourselves.” operates, including Ghana, South Africa and Hong Kong. He previously served as Executive Director of Consumer Banking (CB) in Ghana, where he led a significant Earnings per share turnaround in business performance, doubling operating profit and winning the Bank’s Global CB Award for Best ZMW0.14 Business Performance in 2012. Andrew has also served as 2012: ZMW0.13 Regional Head of Banks for Transaction Banking (Africa) in Johannesburg, where he oversaw the successful integration of the American Express Bank acquisition in the region. I would like to congratulate Andrew on his appointment. Total Revenue Financial Highlights ZMW703m Our financial performance remained strong within the 2012: ZMW614m context of an increasingly competitive financial services sector. Revenue increased by 15 per cent to ZMW703m and profit before taxation increased by 8 per cent to ZMW367m. Basic and diluted earnings per share were 7 per cent higher at ZMW141.97 per share. 5 The Board has therefore proposed a final dividend of Standard Chartered Bank’s Outlook Overview ZMW0.09 per share. This dividend payout gives us the right Globally, our ambition is to continue to be the world’s best balance between bolstering our capital base to enable us to international bank. Our refreshed strategy will focus on pursue growth, continuing to deliver attractive returns to our banking the people and companies driving investment, trade investors, and ensuring that we meet the enhanced capital and the creation of wealth across Asia, Africa and the Middle requirements. East. The proposed dividend takes into account the fact that the We have built a strong foundation over the past year and Bank did not pay a dividend in 2012. On behalf of the Bank, have continued the strong momentum to grow our franchise. I would like to thank shareholders for graciously agreeing to With 25 outlets (4 of them Digital Branches), 45 Automated retain profits for the year 2012 so as to enable the Bank to Teller Machines (ATMs) and over 700 staff, the Bank’s meet its capital requirements. economic contribution to Zambia has been the culmination of 107 years of sustained and increased investment in the Economic Outlook country. Zambia’s economic mainstay - copper production - is set to almost double over the forecast horizon, to 1.6m Based on our 2013 performance, we remain the most tonnes by 2017, from 800,000 tonnes currently, providing profitable bank in the Zambian market and we will continue strong impetus to growth. Gross Domestic Product (GDP) with this strong momentum to grow our franchise. Our projections for 2013 were lowered to 6 per cent (from 7 success allows us to contribute to the local economy by per cent) due to weak copper prices, and power sector facilitating trade, increasing human resource capabilities, constraints on mining. However, robust Foreign Direct supporting businesses and investing in local communities. Investment (FDI) should drive momentum in the medium- The impact of our activities on Zambia’s socio-economic term. fabric is documented in an independent study, due to be launched in the first quarter of 2014. Government initiatives will still be pivotal to growth. Accelerated public investment in infrastructure, alongside Summary plans to boost financial inclusion will remain key pillars of Standard Chartered Bank Zambia Plc has shown how its medium-term growth plans. strategy in Zambia and the strength of its balance sheet can deliver record results, even amidst the challenging global Inflation should continue to rise over the coming months, economic environment. Whilst we are not complacent about peaking at just under 8 per cent in early 2014, although it the future, we remain confident that we will deliver another should decelerate from these levels in 2015 and 2016. We strong performance in 2014. forecast further tightening in early 2014, taking the policy rate to 10 per cent, from 9.75 per cent currently. Zambia’s Finally, I wish to express my sincere gratitude to our current account will remain in deficit over the forecast customers for their untiring support. I would like to thank horizon, as capital goods imports required to support the Board, management and staff of the Bank for their hard increased mining output are scaled up. work and dedication to deliver yet another year of excellent performance. Michael M. Mundashi, SC Chairman 24 February 2014 6 Standard Chartered Bank Zambia Plc Annual Report 2013 Chief Executive Officer’s statement 2013 has been yet another outstanding year for Standard Andrew Okai Chartered Bank Zambia Plc. We delivered strong financial Chief Executive Officer performance and continued to lead the market in profitability, digital innovation and world-class services to our clients. By leveraging on our deep local knowledge and international network, we continued to deliver financial solutions for our customers - corporates, Small and Medium Enterprises (SMEs) and retail clients. Our outstanding performance was made possible by adhering to our strategy and remaining focussed on servicing the clients and customers with whom we have profound, deep-rooted, long lasting relationships. Our strategy is clear and consistent - to lead the way in financial services; to focus on being a trusted advisor; to stay true to the basics of banking.
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