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The Saudi British Bank Annual Report and Accounts 2015

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The Saudi British Bank Annual Report and Accounts 2015 The Saudi British Bank Annual Report and Accounts 2015 1 2 THE SAUDI BRITISH BANK Table of Contents 007 Board of Directors 009 Senior Management 011 Financial Highlights 012 Chairman’s Statement 014 Directors’ Report 046 Independent Auditors’ Report 048 Consolidated Statement of Financial Position 049 Consolidated Statement of Income 050 Consolidated Statements of Comprehensive Income 051 Consolidated Statement of Changes in Shareholders’ Equity 052 Consolidated Statement of Cash Flows 053 Notes to the Consolidated Financial Statements (31 December 2015) 105 Basel – Pillar 3 Annual Disclosures (31 December 2015) 121 Basel – Pillar 3 Annual Disclosures – Tables 152 Addresses and Contact Numbers This report is issued by SABB (The Saudi British Bank) To receive a copy of this report, please visit our website. SABB Head Office: P.O. Box 9084 Riyadh 11413 Kingdom of Saudi Arabia Tel: +966 (11) 276 4779 Fax: +966 (11) 276 4809 Email: [email protected] website: www.sabb.com 3 Custodian of The Two Holy Mosques King Salman bin Abdulaziz Al Saud His Royal Highness Prince Mohamed bin Naif bin Abdulaziz Al Saud, Crown Prince, Deputy Prime Minister and Minister of Interior Chairman of the Council of Political and Security Affairs His Royal Highness Prince Mohamed bin Salman bin Abdulaziz Al Saud, Deputy Crown Prince, Second Deputy Prime Minister and Minister of Defense Chairman of the Council of Economic and Development Affairs 4 THE SAUDI BRITISH BANK Board of Directors Chairman Khaled Suliman Olayan David Dew Sulaiman Abdulkader Ahmed Suliman Al Muhaidib Banajah Khalid Abdullah Mohammad Mazyed Mohammed Omran Al Molhem Al Tuwaijri Al Omran Nigel Hinshelwood Saad Abdulmohsen Martin Spurling Al Fadly 57 THE SAUDI BRITISH BANK Senior Management David Dew Managing Director Naif Alabdulkareem David Kenney Majid Al Gwaiz Fahad Al Saif Ahmed Al Sudais General Manager, Chief Risk Officer General Manager, General Manager, General Manager, Retail Banking and Commercial Banking Global Banking and Human Resources Wealth Management Markets Saad Al Khalb Craig Bell Mohammed Al Obaid Saleh Al Motawa Chief Operating Officer Chief Financial Officer Company Secretary Treasurer Hussain Al Yami Sami Al Muhaid Chief Internal Auditor Chief Compliance Officer 6 THE SAUDI BRITISH BANK Financial Highlights Five-year financial highlights Year Saudi Riyal (millions) 2015 2014 2013 2012 2011 Customer Deposits 148,639 145,870 138,961 120,434 105,577 Shareholders’ Equity 28,175 26,071 22,833 20,066 17,166 Investments, Net 35,426 45,281 37,400 27,587 22,200 David Dew Loans and Advances, Net 125,424 115,221 106,115 96,098 84,811 Managing Director Total Assets 187,750 187,609 177,302 156,652 138,658 Net Income 4,331 4,266 3,774 3,240 2,888 Gross Dividend 1,245 1,150 1,100 1,000 563 Net income 4500 Naif Alabdulkareem David Kenney Majid Al Gwaiz Fahad Al Saif Ahmed Al Sudais 4000 4,331 General Manager, Chief Risk Officer General Manager, General Manager, General Manager, 4,266 Retail Banking and Commercial Banking Global Banking and Human Resources 3500 Wealth Management Markets 3000 3,774 3,240 2500 2,888 2000 Saudi Riyal (millions) Riyal Saudi 1500 1000 500 Saad Al Khalb Craig Bell Mohammed Al Obaid Saleh Al Motawa 0 Chief Operating Officer Chief Financial Officer Company Secretary Treasurer 2015 2014 2013 2012 2011 Hussain Al Yami Sami Al Muhaid Chief Internal Auditor Chief Compliance Officer 7 THE SAUDI BRITISH BANK Chairman’s Statement It gives me great pleasure on behalf of the Board of Directors to present to you the Annual Report of the Saudi British Bank for the financial year ending 31st December 2015. The Bank has had another successful year in which it has seen further profit growth to SAR4,331 million, 1.5% over the figure for 2014. This increase is due to a rise in net special commission, a gain on a non-trading investment and an increase in a share of the earnings of a joint venture and an associate. Earnings per share were SAR2.89 at the end of 2015 as compared to SAR2.84 a year earlier. These results are most pleasing given the challenging global economic environment and difficult operating circumstances that prevailed throughout much of the year. Nevertheless they reflect the detailed and professional attention given to the ever increasing demands of its sophisticated customers and its dedicated application of the highest professional standards that pertain to all participants in the international banking environment. SABB is a well-diversified financial services business with a wide range of activities and income streams. To sustain its role at the forefront of banking in Saudi Arabia the Bank has continued to invest in its core business infrastructure, including the creation, renovation or relocation of branches, the introduction of more ATM machines and the on-going up-grading of its electronic services, whilst constantly evaluating new and innovative traditional and Islamically- acceptable products and services. The Bank’s achievements during the year would not have been possible without the loyal support of its highly professional management and staff across the business who are undoubtedly among the best in the Kingdom’s banking sector. During the year close attention continued to be paid to the provision of the highest quality training to all levels of management and staff throughout the Bank in order to develop yet further the capability of each and every member of the team, whilst also ensuring the provision of a defined career path for every individual. Particularly pleasing has been the continued rise in the employment of Saudi nationals, a figure of more than 90% having now been attained, and the growing numbers of Saudi females now employed, who represent nearly 20% of the workforce. As a leading publicly-quoted Saudi financial institution full compliance with all the requirements of the Saudi Arabian Monetary Agency and the Capital Market Authority is wholly integral to our daily activities. The Bank gives close attention to the Basel III capital adequacy requirements and their application under the support and guidance of SAMA. Furthermore the Bank continues to abide by its core values and make a firm commitment to the principles of corporate governance as it seeks to perform all its activities ethically and transparently Over many years SABB and its dedicated staff have maintained a strong commitment to all communities across Saudi Arabia as a wholly integral element of its corporate social responsibilities. Participation in many events and activities has again been a feature of the action taken over the past twelve months as the Bank has sought to provide support to those in need such as the blind, orphans, those burdened with ill-health and low income families. Gratifyingly, in fulfilling its social commitments in 2015, the Bank was honoured to receive recognition for providing the “Best Employment Programme for People with Special Needs in the Kingdom” by the Disabled Childern Association. 8 Ultimately, and together with the Board of Directors, it is a great pleasure to express thanks and gratitude to the Custodian of the Two Holy Mosques, HRH The Crown Prince and HRH The Second Deputy Prime Minister for their support and encouragement of the financial sector that is wholly integral to the national economic development of the Kingdom. The Board also wishes to recognise the important role played by the Saudi government and its continued leadership and cooperation in taking the nation forward and in supporting all national banking institutions. In particular, thanks are due to the Ministries of Finance, Commerce and Industry, the Saudi Arabian Monetary Agency and the Capital Market Authority for working jointly and constructively with all Saudi banks to advance the best interests of the Kingdom. In conclusion, sincere thanks and appreciation are due to all SABB’s stakeholders for their confidence and support and especially to all the Bank’s hard-working management and staff for their loyalty and desire to attain yet further achievements in continuing to ensure SABB continues to be the leading financial institution in SaudiArabia. Khaled Suliman Olayan Chairman 9 THE SAUDI BRITISH BANK Directors’ Report The Board of Directors (the “Board”) is pleased to submit to shareholders the Annual Report of The Saudi British Bank (“SABB”) for the financial year ended 31st December 2015. Introduction The Saudi British Bank (SABB) or (the Bank), a Saudi Joint Stock Company, was established by Royal Decree No. M/4 dated 12 Safar 1398H (21 January 1978G) and is an associate of the HSBC Group. The Bank’s capital is Saudi Riyals (SAR) 15 billion divided into 1.5 billion shares with a nominal value of SAR 10. The main objectives of the Bank are to provide a complete range of integrated banking products and services to both retail and corporate sectors throughout its departments, business segments and its branch network across the Kingdom of Saudi Arabia (the Kingdom). The Bank has no subsidiaries established or operating outside the Kingdom. The Bank provides to its customers a complete set of conventional banking products and services which include current accounts, savings, time deposits, corporate credit facilities, consumer and mortgage loans, trade finance, cash and payments management, treasury and credit cards. The Bank also provides Shariah approved products, which are approved and supervised by an independent Shariah Board. The Bank holds a 100% (2014:100%) ownership interest in a subsidiary, SABB Insurance Agency with a capital of SAR 500 thousand, a limited liability company registered and operating in the Kingdom under commercial registration No. 1010235187 dated 18 Jumada II 1428H (3 July 2007). The Bank has a 98% direct and 2% indirect ownership interest in its subsidiary (the indirect ownership is held via a subsidiary registered in the Kingdom).
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