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Annual Report 2014-2015

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Annual Report 2014-2015 In the Name of God CONTENTS MANAGEMENT REPORT 7 Managing Director’s Statement 8 Board of Directors 11 Financial and Performance Highlights 12 Economic Challenges of Iran 14 Islamic Banking Principles and Practices 20 International Banking Services 24 E-banking Services 28 Bank Generalities 30 Introduction 30 Establishment History 30 Headquarters 30 Composition of the Board of Directors 32 Organizational Chart 33 Affiliates 34 Shares in OTC Market 38 Branch Network 39 Vision 40 Mission 41 Achievements 42 Human Capital 44 Key Financial Ratios 45 Risk Management 46 Anti-money Laundering 50 Audit and Compliance 52 REPORT OF THE INDEPENDENT AUDITOR 56 FINANCIAL STATEMENTS 63 Message from CEO international sanctions and the ongoing recession in Iran’s economy, has demonstrated an outstanding growth and strong performance by adopting a wise and targeted approach. Our financial results for the fiscal year (20th March, 2014–20th March, 2015) illustrate the progress we have made. For the full year, the bank reported total shareholders’ equity of IRR 7,957 billion as compared to IRR 6,659 billion (an 19.5% increase). The bank’s total assets grew by 49.1% reaching IRR 117,038 billion and our EPS showed a 70.3% increase. In the same period, granted credit facilities were up 150 % reaching IRR 58, 924 billion while total deposits stood at IRR 85,934 billion showing 30.3% growth. For the upcoming year, we are determined to further promote the Day brand in the domestic and Managing international markets by expanding branch network and strengthening efficient correspondent banking relations, presenting new banking products and services, asserting an active presence in the primary capital markets, identifying quick yield investment opportunities, enhancing the volume of foreign Director’s exchange operations, improving existing hardware and software systems in order to enhance the quality of our services etc., Statement Meanwhile, I would like to point out that the entire information presented through this annual report is the actual performance of the bank and its affiliated companies and is a clear indication of our commitment to safeguard our stakeholders’ interests, in full compliance with the bank’s Commercial Code and its Articles of Association. “In the name of God, the Compassionate, the Merciful” To conclude, I would like to take this precious opportunity to express my profound gratitude and “All We Have Achieved are His Blessings” deepest appreciation, both to our colleagues, for their continued hard work and professionalism toward building such a proactive environment, and certainly to our clients, for their continued loyalty and ever- increasing support. On behalf of Day Bank’s Board of Directors, I am honored to present this annual report including the report of the Board of Directors, presented and approved by in the Annual Shareholders Meeting, Dr. Ahmad Shafizadeh together with the report of legal inspector and independent auditor, on the single and consolidated financial statements for the bank and the group of its affiliates, to our distinguished shareholders for Managing Director the fiscal year ending 20th March, 2015 and to proudly announce that Day Bank, in spite of the severe and Member of the Board 8 Annual Report 2014 2015 9 Members of the Board of Directors Board of Directors Ali Akbar Arab Mazar Ahmad Shafizadeh Chairman of the Board Managing Director and Member of the Board Mohammad Ali Movarej Member of the Board 10 Annual Report 2014 2015 11 Overview Financial and Performance Highlights (all figures are IRR in Millions) (all figures are IRR in Millions) 2012-13 2013-14 2014-15 a) information on financial activity during the year: a) information on financial activity during the year: Joint income from granted facilities 1,821,035 3,991,386 Joint income from granted facilities 10,237,655 Other joint incomes 1,540,820 6,273,321 Other joint incomes 6,057,532 Solitary incomes 1,325,993 1,687,286 Solitary incomes 6,595,602 On-account interest of deposits (2,362,960) (9,075,353) On-account interest of deposits (16,594,034) Net income of the year 1,155,484 1,351,659 Net income of the year 2,398,375 b) information on financial position at the year’s end: b) information on financial position at the year’s end: Total assets 43,064,628 78,510,977 Total assets 117,038,912 Total facilities granted 14,852,318 23,558,807 Total facilities granted 58,924,399 Total investments 1,622,083 1,959,020 Total investments 2,432,204 Total tangible fixed assets 2,581,321 5,106,213 Total tangible fixed assets 5,044,318 Total deposits 32,804,544 65,943,143 Total deposits 85,934,525 Total liabilities 36,756,926 71,851,615 Total liabilities 109,081,175 Share capital 5,000,000 5,000,000 Share capital 5,000,000 Total shareholders’ equity 6,307,702 6,659,362 Total shareholders’ equity 7,957,737 c) rate of return (percent): c) rate of return (percent): Return on assets 4.13% 2.22% Return on assets 2.5% Return of shareholders’ equity 20.7% 20.85% Return of shareholders’ equity 32.82% d) information on each share outstanding: d) information on each share outstanding: Number of shares outstanding on AGM 5,000,000,000 5,000,000,000 Number of shares outstanding on AGM 5,000,000,000 Predicted earnings per share – IRR 196 270 Predicted earnings per share – IRR 460 Dividend per share – IRR 248 270 Dividend per share – IRR 480 Diluted earnings per share – IRR 297 270 Diluted earnings per share – IRR 480 Final value per share on report’s approval date – IRR 1,294 1,895 Final value per share on report’s approval date – IRR 2,101 Book value per share – IRR 1,262 1,331 Book value per share – IRR 1,591 e) other information: e) other information: Number of branches in Tehran Province 38 48 Number of branches in Tehran Province 48 Number of branches in other provinces 23 32 Number of branches in other provinces 32 Number of branches being equipped or waiting for licence 30 11 Number of branches being equipped or waiting for licence 11 Number of staff at the year’s end 671 743 Number of staff at the year’s end 925 12 Annual Report 2014 2015 13 Overview Economic Challenges of Iran One of the most crucial steps in defining organizational strategies and setting objectives is to comprehend sanctions and their related issues influenced all economic equations. However, the prospects of a the actual environment in which it is operating. This acquaintance is a significant prerequisite for positive outcome for nuclear talks, and the possibility of withdrawal from Iran’s blocked foreign currency identifying the opportunities and challenges facing the organization. Needless to point out that there resources, helped the government not to need fiat money and to avoid its result, which is money supply are many environmental variables that affect organizations, and each variable has its own level of growth. The decrease in money supply growth rate continued until the end of the year. influence on each individual organization. Therefore, analyzing environmental variables surronding an In order to control the money supply growth and eventually inflation, the government focused on the organization is of utmost importance from the perspective of that organization. most effective factor, i.e. monetary base. Day Bank, as a young bank that seeks glory, is operating in a turbulent economic environment, like any Growth in the amount of banks’ debts to the Central Bank was the main factor in the growth of other pioneer organization requires a comprehensive knowledge of its competitive environment; as a monetary base in 2014-15. The newfound discipline in the government’s monetary system helped the result, based on a well-prepared plan, the bank prepares analytical reports on its peripheral environment Central Bank to control the government’s debts to the Central Bank as well as the other contributing and take steady steps towards paving the value creation grounds. factors to the monetary base. In the course of banks debts to the Central Bank in 2014-15, private Much theoretical and practical research conducted on the economic environment analyzation and the banks’ debts increased while state banks’ debts decreased. effects of macroeconomic variables on banks. Nonetheless, what influenced the money market more than anything else in 2014-15, were controversies surrounding money supply growth rate, banking interest rate, bad debts of banking system and important repercussions that Iran nuclear talks has on economy particularly on domestic banks. Interest Rate Based on economic theories, inflation rate should determine the interest rate. During 2014-15, although a decline in inflation rate was expected, not only the interest rate did not come down, but also the banks Money Supply engaged in a competition to raise it. It should be stated that in a healthy economy, the interest rate is not adjusted with the inflation rate but the causality direction is vice versa. In other words, interest rate is a policy making tool that can affect the inflation rate. This formula in Iran is understood reversely. When Controlling money supply growth was one of the most important events of the money market in 2014- country’s economy faces low money supply, absorption of the money supply by financial institution is 15. A decrease in money supply growth rate [in 2014-15] when government faced a budget deficit turned into the sole way of doing business. Brokers tried their most tempting proposals to absorb as was a noteworthy achievement. Money supply growth decreased in rate from around 35 percent to much of the money supply as possible, in addition, illegal institutions that are rarely supervised, made 22 percent per year.
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