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Annual Performance Review 2014-2015

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Annual Performance Review 2014-2015 STATE BANK OF PAKISTAN ANNUAL PERFORMANCE REVIEW FY2015-16 Our Vision To be an independent and credible central bank that achieves monetary and financial stability and inclusive financial sector development for the long-term benefit of the people of Pakistan Our Mission To promote monetary and financial stability and foster a sound and dynamic financial system, so as to achieve sustained and equitable economic growth and prosperity in Pakistan The Team Mr. Saleem Ullah [email protected] Mr. Tanweer Ahmed [email protected] Mr. Inzar Gul [email protected] \. �tat£ �auk nf Jakistan KARACHI ASHRAF M.WATHRA GOVERNOR LETTER OF TRANSMITTAL October 31, 2016 Honorable Federal Minister Ishaq Dar Sahib, As required by Section 40(2) of the State Bank of Pakistan Act, 1956, the financial statements of the Bank for the year ended June 30, 2016 and auditors' report are dispatched to the Government separately. I am pleasect.to enclose the Annual Performance Review of the Bank for the year ended June 30, 2016. With kind regards, Yours sincerely, � Vw Mohammad Ishaq Dar ............. ..... Federal Minister for Finance, Revenue, Economic Affairs, Statistics & Privatization Government of P.a,kistan Islamabad. Phone Office: 0092-21-99212447-48 Fax: 0092-21-99212446 E-mail: [email protected] Contents Governor’s Review 1 Governance Structure 5 1 Enhancing Effectiveness of Monetary Policy 13 1.1 Monetary Policy Formulation 13 1.2 Exchange Markets and Reserve Management 14 1.3 Home Remittances 15 1.4 Research 15 1.5 Economic Analysis / Publications 17 1.6 Data Management System 17 2 Payments Systems 19 2.1 Large Value Payment System (PRISM) 19 2.2 Development of Retail Payments Infrastructure 20 2.3 Improving efficiency of Government Receipts and Payments 23 2.4 Regional/International Cooperation in Payment Systems 23 2.5 Implementation of Currency Management Strategy 24 3 Strengthening Financial System Stability and Effectiveness 27 3.1 Regulatory Initiatives for Enhancing Financial Stability and Efficiency 27 3.2 Progress towards Risk Based Supervision Framework 27 3.3 Institutionalization of Financial Stability Framework 29 3.4 Implementation of Deposit Insurance Scheme 30 3.5 Strengthening of Corporate Governance Regime 30 3.6 Improvement in AML/CFT Framework 31 3.7 On-Site Inspections 31 3.8 Strengthening of Regime for Fair Treatment to Consumers (FTC) 31 3.9 International Cooperation in Banking Supervision 33 4 Broadening Access to Financial Services 35 4.1 National Financial Inclusion Strategy (NFIS) 35 4.2 Agricultural Finance 36 4.3 Microfinance 37 4.4 Small and Medium Enterprises (SMEs) Finance 38 4.5 SBP Refinance Facilities 40 4.6 House Finance Market 41 4.7 Infrastructure Finance 41 5 Islamic Banking 45 5.1 Overview 45 5.2 Steering Committee for Promotion of Islamic Banking 45 5.3 Liquidity Management Solutions for Islamic Banking Industry 46 5.4 Implementation of Shariah Governance Framework 46 5.5 Initiation of Islamic Microfinance Operations by Microfinance Bank 46 5.6 Awareness Creation and Capacity Building Programs for Islamic 46 Banking Industry 5.7 Tax Neutrality 47 5.8 Strengthening of Shariah Compliance Inspection 47 5.9 Global Participation 47 6 Institutional Strengthening 49 6.1 HR Developments 49 6.2 Strengthening IT Systems 51 6.3 Risk Management 52 6.4 Business Continuity Management 53 6.5 Risk Based Audit Function 53 6.6 Legal Services Function 54 6.7 Enhancing Knowledge-base of the Organization 54 6.8 Strengthening External Relations 55 6.9 Museum & Art Gallery 55 7 SBP Subsidiaries 57 7.1 SBP Banking Services Corporation (SBP-BSC) 57 7.2 National Institute of Banking and Finance (NIBAF) 59 8 Financial Performance 61 8.1 Overview 61 8.2 Income 61 8.3 Expenditure 63 8.4 Net Profit 64 8.5 Balance Sheet Summary 64 9 Consolidated Financial Statements of SBP and its Subsidiaries 67 10 Unconsolidated Financial Statements of SBP 113 11 Financial Statements of SBP-BSC (Bank) 159 12 Financial Statements of NIBAF 183 Annexure A Chronology of Important Policy Announcements 1 A-1 Banking Policy & Supervision Group 1 A-2 Development Finance Group 2 A-3 Financial Market/Reserve Management Group 2 A-4 Operations and Financial Resource Management Group 3 B Organizational Chart 5 C Management Directory 7 Governor’s Review I am pleased to present the performance review of SBP for FY16 which was another promising year in the recent economic history of the country. Macroeconomic indicators continued to improve during the year with average annual headline CPI inflation declining to a historic low of 2.9 percent, the real GDP growing by 4.7 percent, the highest level in the last eight years and foreign exchange reserves touching an all time high of USD 23.1 billion. The credit to private sector almost doubled and the net Foreign Direct Investment increased to USD 1.9 billion during the year as compared to USD 0.9 billion in the previous year, largely due to the ongoing CPEC related projects. The low inflation environment also provided space to further reduce the policy rate by 75bps to 5.75 percent to facilitate investment and business activities, while keeping the real rate of return on deposits positive. During the year, Pakistan became the first major country in the South Asian region to have an independent Monetary Policy Committee (MPC) after requisite amendments in the SBP Act, 1956 were promulgated in November, 2015. The MPC has three external economists, three SBP Board members and three SBP executives, with the Governor as its chairperson. It has been mandated to independently formulate monetary policy. The minutes of the MPC meetings are also publicly disclosed to ensure transparency and to allow the public and the concerned stakeholders to better appreciate the MPC’s decisions-making process. The foreign exchange market also remained stable after witnessing some volatility in the first quarter of the year. After depreciating by about 3 percent against the USD in the first quarter, the Rupee-USD parity stabilized at around 105/USD in the last three quarters. While exports declined by 8.8 percent, remittances grew by 6.4 percent to reach USD19.92 billion by the year end. The market also remained liquid which not only helped in maintaining exchange rate stability but also enabled SBP to strengthen the FX reserves that reached a record high level, equivalent to the country’s over five months import bill. These reserves have been invested in well-diversified instruments, managed both internally and externally, keeping in view the overall guiding principles of safety, liquidity and return. During the year, the banking industry experienced some pressure on its profits due to declining interest rates and spreads, however, the outlook remained stable with high solvency levels, a strong capital base, contained Non Performing Loans and improving risk management systems. The banking industry grew by 16.1 percent during the year. The doubling of private sector credit was the most encouraging development during the year that contributed significantly in achieving the 4.7 percent growth in real GDP. This was despite a major setback in the agriculture sector due to the 27 percent decline in the cotton crop. The sharp surge in private sector credit is a reflection of increasing trust and confidence of the business community in the overall improvement in the investment climate of the country. The year also witnessed continued double digit growth of Islamic banking with 16.8 percent and 14.1 percent growth in its assets and deposits respectively. As of end June 2016, its asset base grew to Rs 1,745 billion, representing 11.4 percent of the banking system assets, whereas deposits at Rs 1,461 billion were equivalent to 13.2 percent of the banking industry’s deposit base. The outreach of the Islamic banking industry has also expanded considerably with its branch network increasing to 2146 branches in 98 districts across the country. This is well above the target of 2000 branches set in the second Strategic Plan 2014-18 of Islamic Banking Industry. 1 State Bank of Pakistan Annual Report FY16 In line with “SBP Vision 2020”, SBP has initiated work on strengthening the Financial System Stability Framework. A separate ‘Financial Stability Department’ was established during the year to focus and steer all financial stability related issues and initiatives including crises management, consolidated supervision and identification and supervision of D-SIBs in the country. A Financial Stability Executive Committee has also been constituted to serve as an internal forum for discussion and coordination of financial stability issues, while the constitution of National level Financial Stability Council is in process. The regulatory and supervisory framework for banks is reviewed on an ongoing basis to ensure its conformity with the internationally recognized Core Principles and Standards. During the year two regulatory liquidity standards i.e. Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) along with a set of five risk monitoring tools were issued for implementation from 2017. This would enable banks to objectively measure liquidity risk and take necessary corrective actions. A Risk Based Supervision project has also been initiated, to graduate to the next level of risk based supervision. This would help in prioritizing resources, improving responses to financial stress conditions and enhancing our understanding of the risks at the institution level. The long awaited deposit insurance scheme is also planned to be launched in the near future, as both the National Assembly and the Senate approved the proposed Deposit Protection Corporation Act, 2015 during the year. The law is in line with International Association of Deposit Insurers’ (IADI) Core Principles for an effective deposit insurance system.
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