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Zm-Scb-Plc-Annual-Report-2016.Pdf DRAFT www.sc.com/zm 1 STRATEGIC REPORT RECORD OF CHIEF CORPORATE ATTENDANCE OF 110 YEARS IN EXECUTIVE AND EXECUTIVE BOARD/BOARD CORPORATE ZAMBIA CHAIRMAN’S OFFICER'S INSTITUTIONAL COMMERCIAL WEALTH BOARD OF MANAGEMENT COMMITTEES HELD DIRECTORS' GOVERNANCE PICTURE STATEMENT STATEMENT BANKING RETAIL BANKING BANKING MANAGEMENT DIRECTORS TEAM IN 2016 REPORT STATEMENT SUSTAINABILITY SPREAD 04 08 12 14 16 18 20 22 25 27 29 32 34 CONSOLIDATED AND KPMG – INDEPENDENT CONSOLIDATED AND DIRECTORS' SEPARATE STATEMENT AUDITOR’S REPORT TO SEPARATE STATEMENT RESPONSIBILITIES OF PROFIT OR LOSS AND THE SHAREHOLDERS OTHER COMPREHENSIVE OF FINANCIAL POSITION INCOME 37 38 43 44 NOTICE OF 46TH ANNUAL BRANCH NETWORK DIVIDEND GENERAL MEETING AND FORM OF PROXY AGENDA 108 109 110 111 2 Standard Chartered Bank Zambia Plc Annual Report 2016 STRATEGIC REPORT STRATEGIC RECORD OF CHIEF CORPORATE ATTENDANCE OF 110 YEARS IN EXECUTIVE AND EXECUTIVE BOARD/BOARD CORPORATE ZAMBIA CHAIRMAN’S OFFICER'S INSTITUTIONAL COMMERCIAL WEALTH BOARD OF MANAGEMENT COMMITTEES HELD DIRECTORS' GOVERNANCE PICTURE STATEMENT STATEMENT BANKING RETAIL BANKING BANKING MANAGEMENT DIRECTORS TEAM IN 2016 REPORT STATEMENT SUSTAINABILITY SPREAD 04 08 12 14 16 18 20 22 25 27 29 32 34 DIRECTORS’ REPORT DIRECTORS’ CONSOLIDATED AND CONSOLIDATED AND NOTES TO THE SEPARATE SEPARATE CONSOLIDATED AND PRINCIPAL STATEMENT OF STATEMENT OF CASH SEPARATE FINANCIAL ADDRESSES CHANGES IN EQUITY FLOWS STATEMENTS 45-47 48 49-105 107 RISK AND CAPITAL REVIEW CAPITAL AND RISK FINANCIAL STATEMENTS FINANCIAL SUPPLEMENTARY INFORMATION SUPPLEMENTARY Standard Chartered Bank Zambia Plc Annual Report and Consolidated and separate financial statements for the year ended 31 December 2016 www.sc.com/zm 3 CHAIRMAN’S STATEMENT Chairman’s statement Annual Report 2016 On behalf of the Board of Directors, I am delighted to present you with the Standard Chartered Bank Zambia Plc Annual Report and Consolidated and Separate Financial Statements for the year ended 31 December 2016. Our results demonstrate that Standard Chartered Bank continued to be the market leader in Zambia’s banking sector. Our financial position strengthened, the Bank remained highly liquid and well- positioned. Standard Chartered Bank commemorates 110 years in Zambia In 2016, we were exceptionally proud to commemorate 110 years of Standard Chartered Bank in Zambia. This is, indeed, a unique, historic occasion. As the very first bank to open its doors in 1906 in Kalomo, Standard Chartered In 2016, we were exceptionally proud to pioneered modern banking in Zambia as we know it today. We held a series of commemorate 110 years of Standard Chartered week-long celebrations in November 2016 to this effect. Of particular note was Bank in Zambia. This is, indeed, a unique, historic a visit to Kalomo where our first branch occasion. As the very first bank to open its doors opened – now a National Heritage site – where we laid a commemorative in 1906 in Kalomo, Standard Chartered Bank plaque. We also committed to construct a banking museum at the site which will not pioneered modern banking in Zambia as we only raise the profile of Kalomo as a town with a rich history, but will also educate know it today. Above all, our 110th anniversary is generations to come about the origins of testimony to Standard Chartered Bank’s un- banking in Zambia. Above all, our 110th anniversary is testimony to Standard wavering and continued commitment to the Chartered Bank’s un-wavering and continued commitment to the economy economy and the communities of this great and the communities of this great nation. nation. The Board and Management The Bank continued to be led by a strong Board and Management Team. I would like to take this opportunity to welcome Michael M. Mundashi, S.C. our new Non-Executive Director to the Chairman Board of Standard Chartered Bank Zambia Plc, Mrs. Kapambwe Doreen Chiwele. She brings close to 30 years of experience in finance, treasury and accounting. Former Chief Executive Officer, Andrew Okai, leaves the Board and Executive Management Team to take up his new role as Global Chief Operating Officer for Retail Banking based at Standard 4 Standard Chartered Bank Zambia Plc Annual Report 2016 STRATEGIC REPORT STRATEGIC Earnings per share Dividend per share ZMW0.208 ZMW0.20 2015: ZMW0.107 / 2014: ZMW0.146 2015: ZMW0.10 / 2014: ZMW0.14 Chartered Bank in Singapore. Andrew Political Highlights Towards the last quarter of 2016, a has made a significant contribution to recovery in copper prices was also REPORT DIRECTORS’ In August 2016, Zambia held General and Standard Chartered Bank Zambia. witnessed, mainly driven by increased Presidential elections, conducted under Through his astute leadership, the Bank demand from traders in China, as well as the new Constitution. Both the has transformed into a more focussed improved sentiment around the Republican President, His Excellency business, performance has strengthened, consumption of commodities by western Edgar Chagwa Lungu, and Republican and significant strides have been made to nations. As presented in the 2017 Vice President, Her Honour Madam enhance staff development. On behalf of National Budget with the hallmark of Inonge Wina, retained their respective the Board, I would like to thank Andrew ‘Zambia Plus,’ a number of home-grown positions. most sincerely for his invaluable reforms were required, all aimed at dedication, contribution and support. I Financial Highlights restoring Zambia’s fiscal balance and wish him every success in his new role. public debt to more sustainable positions. I am delighted to welcome Herman Standard Chartered Bank Zambia At the turn of the third quarter of 2016, Kasekende, the new Chief Executive continued to grow and remained inflation showed a dramatic improvement Officer and Managing Director of profitable in 2016, against the backdrop into single digits, closing the year at Standard Chartered Bank Zambia. of a challenging global and local macro- REVIEW CAPITAL AND RISK 7.5 per cent. Despite the Central Bank Herman brings a wealth of experience in economic environment which started in maintaining its Monetary Policy Rate banking, having worked with Standard 2015. Basic and diluted earnings per (MPR) at 15.5 per cent through the year, Chartered Bank Uganda for over 15 share doubled to ZMW0.208 per share on years. I am confident that Herman will the back of a profit increase of liquidity conditions in the banking sector take the Zambia business and franchise 94 per cent. This growth was driven by a gradually eased. Long-term interest rates to even greater heights. 25 per cent increase in income, a began a downward trajectory, 49 per cent reduction in impairment underpinned by increased participation I am equally delighted to welcome two negated by a 9 per cent increase in other for long-term Government securities at new members of the Executive operational costs. the quarterly Bond Auctions. In 2017, the Management Team who joined in 2016: Government’s macroeconomic objectives Mwaya Siwale, Acting Head of Our 2016 income statement reflects our will be to achieve real Gross Domestic Transaction Banking; and Venus continued ability to deliver value to our Product (GDP) growth of at least Hampinda Musonda, Acting Chief shareholders. We are investing in an 3.4 per cent, from 3.5 per cent projected Financial Officer. ambitious innovation exercise to ensure in 2016; and to limit the overall 2017 fiscal that the Bank continues to be profitable deficit to no more than 7.0 per cent of STATEMENTS FINANCIAL Awards and well-positioned to capitalise on the GDP on a cash basis. Standard Chartered Bank continued as a future economic opportunities in Zambia. market leader in 2016, winning seven The Outlook for Standard Chartered Economic Outlook prestigious awards. Standard Chartered Bank Bank was named 'Best Bank in Zambia' Zambia’s economy has performed well in Standard Chartered Bank Zambia by Global Finance, and by the Europe, recent years, with strong growth and continues to be a key African market for Middle East and Africa (EMEA) African modest inflation. The year 2016 saw a the Group. The Bank is one with Banking Awards. Global Finance also recovery on multiple fronts from a very distinctive strengths, outstanding client named Standard Chartered Bank as the challenging backdrop characterised, relationships and a unique culture. In 'Best Consumer Digital Bank in Zambia.' amongst others, by a weakening Kwacha 2016, the Group started to implement a Locally, the Zambia Federation of and power shortages in 2015. An overall number of improvements to secure our Employers (ZFE) named the Bank as recovery in the performance of the foundations, improve our performance 'Employer of the Year in Banking and Kwacha against the United States Dollar and become more efficient. The Group Finance,' whilst the Zambia Union of was recorded in 2016, closing the year at established a stronger financial position INFORMATION SUPPLEMENTARY Financial Institutions and Allied Workers an exchange rate of ZMW9.9 per USD1 in and remained well-capitalised. We are (ZUFIAW) named Standard Chartered what can be characterised as a stable confident that we now have the Bank as 'Most Supportive Financial and foreign exchange rate environment for the foundations to build income, profits and Banking Institution.' The Zambia Institute latter part of 2016. The improved returns. of Banking and Financial Services (ZIBFS) performance of the Kwacha can be named Standard Chartered Bank as the attributed to the tight monetary policy Investing in our digital capabilities remains 'Most Supportive Bank.' The Zambia measures implemented by the Bank of a key priority. Our brand campaign - Here Institute of Marketing awarded the Bank Zambia. This was supported by increased for Africa - which we ran in 2016 'Most Creative TV Advert' for the Here for off-shore portfolio inflows into demonstrates the Bank's continued Africa Campaign. This consistent Government securities resulting from commitment to Zambia and Africa, and recognition demonstrates the strength of Government efforts to achieve fiscal our support of key growth sectors.
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