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ANNUAL REPORT 2019 STANDARD BANK (MAURITIUS) LIMITED STANDARD BANK (MAURITIUS) LIMITED Annual Report 2019 1

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ANNUAL REPORT 2019 STANDARD BANK (MAURITIUS) LIMITED STANDARD BANK (MAURITIUS) LIMITED Annual Report 2019 1 ANNUAL REPORT 2019 REPORT ANNUAL STANDARD BANK (MAURITIUS) LIMITED ANNUAL REPORT 2019 STANDARD BANK (MAURITIUS) LIMITED (MAURITIUS) BANK STANDARD STANDARD BANK (MAURITIUS) LIMITED Annual Report 2019 1 CONTENTS BUSINESS REVIEW 09 Financial highlights 10 Non-Financial performance 12 Chairman and Chief Executive's Review 14 Macroeconomic review 15 Management discussion and analysis ENSURING OUR SUSTAINABILITY 30 Risk and capital management report 51 Corporate governance report Our report 79 Sustainability report 82 Statement of compliance In Mauritius since 2001, Standard Bank Mauritius shares the Group’s aspiration to be the leading financial services organisation, in, for and ANNUAL FINANCIAL across Africa. We deliver exceptional client experiences and create superior value for our clients, our people and all our stakeholders. From STATEMENTS Mauritius to continent, we will continue to move Africa forward. 86 Statement of management's responsibility for financial reporting 87 Statement of directors' responsibilities in respect of the financial statements 88 Secretary's certificate 89 Auditors' report 92 Statement of financial position 93 Statement of profit or loss and other comprehensive income 94 Statement of cash flows 95 Statement of changes in equity 96 Notes to and forming part of the financial statements BUSINESS REVIEW Financial highlights 09 Non-Financial performance 10 Chairman and Chief Executive’s review 12 Macroeconomic review 14 Management discussion and analysis 15 STANDARD BANK (MAURITIUS) LIMITED BUSINESS REVIEW OUR values 4 Annual Report 2019 5 OUR VALUES CREATING CREATING DRIVING AFRICA’S Our success and growth over the long-term is built on making a VALUE VALUE GROWTH OVER THE FOR THE GROUP FOR SOCIETY LONG TERM difference in the communities in which we operate. We are committed Our strategic value drivers align Social relevance is fundamental Our multi-generational purpose to moving Africa forward. our allocation of resources to our to our survival and success, and recognises the mutual strategy. We have identified five is implied in our purpose and interdependency of Mauritius’ key value drivers, shown below, vision. wellbeing and that of the group. It and continue to work on selecting is the ultimate expression of our the appropriate metrics for each, We are moving towards commitment to drive Africa’s which are supporting more measuring our social return, and growth that is inclusive and effective resource allocation and to obtain a truer picture of our sustainable, and in turn secures appropriate trade-off decisions. broader value outcomes. This viable markets for our long-term involves identifying the social, profitability and value creation. • Client focus economic and environmental • Employee engagement risks and opportunities that • Risk and conduct Mauritius presents and how our business activities can respond • Financial outcome to these. Serving our • Social, economic and Growing our people environmental outcome customers Delivering to our Being proactive shareholders Ethical Corporate citizenship Sustainable development and effective leadership Corporate citizenship relates to Sustainable development Ethical and effective leadership the integral role we play in the commits us to enhance the relates to uniting purpose and socioeconomic wellbeing of resources and relationships we performance. Embedding an Mauritius. It commits us to using rely on today, for the future. Our ethical culture recognises that our resources responsibly as social, environmental and the trust of our stakeholders is inputs to our business model, economic initiatives is delivered the basis on which we compete and balances our needs with in line with our purpose. Constantly raising and win. those of society. Working in teams the bar Respecting each Upholding the highest other levels of integrity Putting our clients’ best Managing Leveraging Motivating Embracing interests at the regulatory our investments our people innovation centre of our change in IT business EMPLOYEES SUPPLIERS GOVERNMENTS SHAREHOLDERS COMMUNITIES AND AND THEIR AND REGULATORS AND INVESTMENT CIVIL SOCIETY REPRESENTATIVES ANALYSTS STANDARD BANK (MAURITIUS) LIMITED BUSINESS REVIEW Review OF performance 6 Annual Report 2019 7 FINANCIAL HIGHLIGHTS Dec-19 Dec-18 Dec-17 USD’000 USD’000 USD’000 Earnings attributable to shareholder 22,254 25,573 21,286 Statement of Financial Position Gross Loans to Customers 234,975 231,933 124,135 Total Assets 1,446,356 1,587,170 1,280,777 Total Deposits 1,299,500 1,422,348 1,164,410 Shareholder’s Funds 127,857 115,791 90,961 Common Equity Tier 1 / Tier 1 Capital before regulatory adjustment 109,241 97,524 71,298 Risk weighted assets 422,285 380,950 226,974 Performance Ratios (%) Return on average total assets 1.5% 1.8% 1.5% REVIEW OF Return on average equity 18.3% 24.7% 24.7% Return on average Tier I Capital 21.5% 30.3% 27.9% PERFORMANCE Cost to Income Ratio 39.7% 39.4% 41.0% Non interest income to total income 30.8% 39.5% 44.5% Loan to Deposit Ratio 19.8% 16.0% 16.0% Capital Adequacy Ratio Common Equity Tier 1 / Tier 1 Capital Ratio 25.9% 24.1% 31.4% Capital to risk weighted assets 26.1% 25.0% 32.0% Asset Quality Non performing loans (NPL) 21,909 812 812 NPL Ratio (%) 9.3% 0.4% 0.7% Allowance for loan impairment losses 8,479 4,286 1,965 Credit loss ratio (CLR) 1.9% 1.0% (0.2%) Number of employees 134 136 138 26.1% 134 CAPITAL TO RISK- EMPLOYEES WEIGHTED ASSETS Earnings attributable to shareholder 2018:136 2018: 25% USD’000 % 25,000 35 30 20,000 25 USD127.9m 39.7 15,000 20 SHAREHOLDER’S FUNDS COST TO INCOME RATIO 10,000 15 10 2018: USD115.8million 2018: 39.4% 5,000 5 0 0 2017 2018 2019 Earnings Return on equity (ROE) STANDARD BANK (MAURITIUS) LIMITED BUSINESS REVIEW NON-FINANCIAL Performance 8 Annual Report 2019 9 Other highlights Royal Raid is a challenging trail run which shares all the qualities NON-FINANCIAL PERFORMANCE During the year 2019, our marketing and communication that Standard Bank stands for: hard work, dedication, endurance initiatives were mainly focused on promoting a client-centric and the desire to succeed. This trail will eventually reward the culture, brand equity, building and nurturing relationship with runner with some of the luxuriant untouched landscapes of Mauritius along with a strong sense of accomplishment. Strategy clients and stakeholders and upholding the organisation’s culture, values and principles. Standard Bank (Mauritius) Limited (the Bank) is structured to support Standard Bank Group (the Group)’s aspiration to be the leading University of Mauritius Trail financial services institution, in, for and across Africa, delivering an exceptional client experience and superior value. Our strategy and The focus of the Marketing and Communication team is on The Bank was among the sponsors of the 2nd edition of the purpose is centred on our commitment to Africa and our growth and evolution is directed to the shared benefit of our clients, our people enhancing the brand image and visibility of the Bank, thereby University of Mauritius (UOM) Trail. Held in the Black River and all our stakeholders. This drives us to build a better business, to lead with purpose, and to position our footprint and be ready for the supporting business growth and raising awareness of the Bank’s Gorges National Park, more than 300 UOM students experienced future. In 2019, client centricity and consistent service delivery remained the main pillars upon which the Bank has focused in order to capabilities. It also promotes a brand culture and a committed the true beauty of largest national park in Mauritius while reinforce and enhance its clients’ experience. Emphasis was placed on digitisation and technology, employee engagement, improving workforce by driving a culture of engagement, pride and practicing a physical activity. client’s experience and our clients were at the centre of everything we did. excellence. FutureFest- ALU OUR STRATEGIC VALUE DRIVERS Advertising This initiative is in line with the Bank’s vision to bring a help us focus our efforts and measure the progress towards The Bank positioned itself as the partner for growth on the meaningful contribution to the Mauritian society by having a delivering on our group strategy and vision. continent it calls home. In 2019, our marketing strategy was social and economic relevance. In an era of digital disruption and supported by a brand awareness campaign which emphasised fast changing landscape, what better time than now to empower the Bank’s ability to act as a platform to connect clients to the the Mauritian youth, and along with experts, to brainstorm about African continent as well as the role of the Bank in Mauritius as a digitisation and their future. We believe that technology inspires platform to Africa with advertising materials in strategic progress, growth, development and change. + + = locations. The aim was to reinforce the message that we are uniquely positioned to leverage our African footprint, strong The Bank was the main sponsor of the FutureFest-ALU. This focus on natural resources and local market knowledge. conference was organised by a group of students from the African Leadership University, and brought together minds from across Mauritius, the African continent and the world to discuss CLIENT EMPLOYEE RISK AND FINANCIAL SEE Sponsorship the future of our island and our planet. The Bank contributed to FOCUS ENGAGEMENT CONDUCT OUTCOME IMPACT Sponsorships are an important component of the Bank’s social the discussion at FutureFest-ALU, with our Chief Information responsibility and communication strategies. They provide us Officer, Adjhmir Bhugaloo participating in a panel discussion - with the right platform to engage with our different stakeholders The future of the digital society in a digital economy. Client Focus - Putting the client at the centre of everything we do and a major contributor in enhancing our brand and creating relevance in our market.
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