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Citizens Bank Annual Report 2019-20 (June).Indd

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Citizens Bank Annual Report 2019-20 (June).Indd ANNUAL REPORT 2019-2020 THINKING AHEAD, ACTING NOW With a clear vision, mission and customer based corporate values, Citizens Bank International Limited has always believed in delivering excellent fi nancial services to its customers. The Bank has consistently pledged its extensive care on providing returns to the faithful stakeholders, who have endlessly put their absolute trust in the Bank, that has persuaded the Bank to prosper on all the aspects of its services. And now, the Bank is committed, more than ever, to stand strong and relentless in overcoming the challenges, to disseminate the fi nest services to all its valued Citizens at all times. It is the time to "Think Ahead, Act Now". ABOUT THE REPORT The Bank is proud to present an Integrated Annual Report for the third consecutive year, prepared in accordance with International Integrated Reporting Framework of 2013, issued by the International Integrated Reporting Council (IIRC). The aim of our integrated reporting is to present our performance against the key capitals we manage, in order to enable our stakeholders, including investors to make a fair assessment of our eff orts for the recently concluded fi nancial year. The report presents key aspects of our value creation process which are the diff erent forms of capital that provides the input, business domains and the value creating activities that result outputs, outcomes and impacts and create the required sustainable value for our stakeholders. The Bank takes a long term outlook of its business actions for the betterment of its investors, customers, employees, suppliers and also the economy, society and the environment. This report is primarily for providers of fi nancial capital and will be of interest to other stakeholders as it summarizes information on all material issues impacting our performance. SCOPE AND BOUNDARY Our integrated report covers the period from July 17, 2019 to July 15, 2020 (Shrawan 1, 2076 to Ashadh 31, 2077) and refl ects operations carried out by the Bank within the geographical boundaries of Nepal during the year. In presenting our operation and fi nancial performance, we have extracted fi nancial information from the Audited Financial Statements for the fi nancial year ended 2020 with relevant comparative information. The fi nancial statements consistently comply with the requirements of: • Nepal Accounting Standards (NAS) and Nepal Financial Reporting Standards (NFRS) • Nepal Rastra Bank Act, 2002 and the rules, regulations and directives issued by the central bank • Bank and Financial Institutions Act (BAFIA), 2017 • Companies Act, 2006 • Securities Act, 2006 • Income Tax Act, 2002 • And other applicable laws and regulations. This report contains fi nancial as well as non-fi nancial performance indicators defi ned in terms of strategies, objectives, risk metrics and actual outcomes that are material to understand the Bank’s business and its approach holistically. HOW WE CREATE VALUE Our philosophy is to give the best in what we do and retain the trust along with loyalty of the people. As a fi nancier, we provide the capital required by the customers in pursuance of their lifestyles, to the entrepreneurs for the investment in key industries. As an employer we have the commitment in developing careers, creating the opportunities for knowledge enhancement, development of capacity and competency of the employees. We have uplifted the less privileged through our corporate philanthropy and corporate social responsibility initiatives. Our fi nancial strength refl ected from our strong capital base supported with the sound corporate governance whereas risk management frameworks guarantees the investment returns to our depositors and safeguards their investments even in challenging times for the industry. In creating value to our stakeholders, we adopt a unique business model for enhancing six capitals measures which we manage and co-ordinate business operation to its well defi ned corporate strategy over the short, medium and long term. In managing risk and potential negative outcomes, we adhere to eff ective governance and risk management frameworks that encompass high level risk management techniques along with a strong control environment supported by sound corporate policy, procedures and practices, and continuous assurance and review, best suited for the fi nance industry. We remain a socially responsible enterprise that is receptive to the needs of society and protective of the environment. ASSURANCE This report contains Financial Report of the Bank and its subsidiaries duly certifi ed by M/s KK Budhathoki & Associates, Chartered Accountants for the period July 17, 2019 to July 15, 2020 (Shrawan 1, 2076 to Ashadh 31, 2077). APPROVAL The Financial Report has been duly approved by the Board of Directors and the Central Bank for publication. This integrated report has been prepared and presented as an initiation of good corporate governance practice by the management of the Bank. FORWARD LOOKING STATEMENTS This report contains forward looking statements of the Bank, as disclosed in Mission, Vision, Objectives and Board of Directors Report, that are not exhaustive and may vary from actual performances depending upon changing external environment in which the Bank operates. STATEMENT BY THE MANAGEMENT The Management acknowledges its responsibility to ensure the integrity of this Integrated Report, which in the Management’s opinion addresses all material issues and presents fairly the integrated performance of Citizens Bank International Limited. GANESH RAJ POKHAREL Chief Executive Offi cer TABLE OF TABLE ABOUT THE BANK 1.1 Citizens Bank at a Glance 10 1.2 Bank’s Profi le 14 1.3 Vision, Mission and Objectives 15 1.4 Core Values and Code of Conduct 16 CONTENTS 01 1.5 Citizens Bank’s Journey 20 1.6 Financial Highlights of FY 2019/20 22 1.7 Non-Financial Highlights of FY 2019/20 23 1.8 Partnership for the Goals 24 1.9 Glance of Related Parties 25 1.10 Products and Services 27 CORPORATE GOVERNANCE 2.1 Director’s Profi le 42 2.2 Chairman's Message 44 2.3 Management Team Profi le 48 02 2.4 Head of Departments 51 2.5 CEO’s Message 52 2.6 Organogram 56 2.7 Corporate Governance 58 SUSTAINABILITY REPORTING 3.1 Business Model 84 3.2 Strategic Plan 87 3.3 Corporate Social Responsibility 91 03 3.4 Business Ethics and Anti-Corruption Measures 95 3.5 Risk Management 97 3.6 Bank's Contribution and 109 Responsibilities to Employees FINANCIAL REPORTS 4.1 Economic Indicators and Outlook 118 4.2 Director’s Report 120 4.3 Compliance Statement of Applicable Reporting 129 and Director’s Responsibility for Annual Reports 04 4.4 Report on the Activities of Audit Committee 130 4.5 Report on the Activities of Risk Management Committee 132 4.6 Report on the Activities of Human 135 Resource Compensation Committee 4.7 Report on the Activities of Anti Money 137 Laundering Committee 4.8 Information for Understanding Financial Statements 139 4.9 Report of the Independent Auditors 143 4.10 Financial Statements 4.10.1 Consolidated Statement of Financial Position 147 4.10.2 Consolidated Statement of Profi t or Loss 148 4.10.3 Consolidated Statement of Other 149 Comprehensive Income 4.10.4 Consolidated Statement of Cash Flows 150 4.10.5 Consolidated Statement of Changes in Equity 152 4.10.6 Signifi cant Accounting Policies and Notes to 156 the Consolidated Financial Statements 4.10.7 Annexures to the Financial Statements 173 4.10.8 Disclosures and Additional Notes 210 INFORMATION AND DISCLOSURES TO SHAREHOLDERS 5.1 Information about Annual General Meeting 242 5.2 Proposed Amendments in Memorandum of 244 Association and Articles of Association 05 5.3 Information to Shareholders 245 5.4 Financial Calendar 247 5.5 Capital Structure of the Bank 248 5.6 Share Market Information 249 5.7 What does Credit Rating Agency think about the Bank? 250 5.8 Disclosures of Information under Section 255 109(4) of Companies Act, 2006 5.9 Disclosures of Information under Regulation 26(2) of 259 Securities Registration and Issue Regulation, 2017 5.10 Interim Financial Reporting 263 5.11 Disclosures of Information as per Section 5(3) 265 of Right to Information Act, 2007 and Rule 3 of Right to Information Rules, 2009 5.12 Value Added Statement 267 BANK’S PERFORMANCE IN KEY PERFORMANCE INDICATORS 6.1 The Bank's Performance in Numbers 272 6.2 Horizontal and Vertical Analysis 278 6.3 Trend Analysis of Statement of Financial Position/ 282 06 Profi tability/Dividend/Performance & Liquidity Ratios INFORMATION ABOUT BANK’S SERVICE NETWORKS 7.1 Branch Locations 294 7.2 ATM Locations 300 07 7.3 Remittance Partner Networks 302 7.4 Branchless Banking Locations (BLB) 303 7.5 Correspondent Banks 306 01 ABOUT THE BANK 1.1 Citizens Bank at a Glance 10 1.2 Bank’s Profi le 14 1.3 Vision, Mission and Objectives 15 1.4 Core Values and Code of Conduct 16 1.5 Citizens Bank’s Journey 20 1.6 Financial Highlights of FY 2019/20 22 1.7 Non-Financial Highlights of FY 2019/20 23 1.8 Partnership for the Goals 24 1.9 Glance of Related Parties 25 1.10 Products and Services 27 ANNUAL REPORT ▮2019-20 CITIZENS BANK AT A GLANCE FINANCIAL HIGHLIGHTS NPR 3% 8% 13.88 CASH BONUS EARNINGS DIVIDEND SHARE PER SHARE MARKET PRICE NPR PER SHARE 188 ROE 8.93% PROFIT AFTER TAX PROFIT BEFORE TAX OPERATING INCOME TOTAL ASSETS NPR 1,198,504,659 NPR 1,668,737,195 NPR 3,790,676,430 NPR 110,550,682,722 DEPOSIT Amount in NPR Million 100,000 92,185 90,000 80,000 74,136 70,000 60,000 61,481 52,719 50,000 47,394 40,000 30,000 20,000 10,000 0 2015/16 2016/17 2017/18 2018/19 2019/20 NO.
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