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I&M Holdings Annual Integrated Report & Financial Statements 2020

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I&M Holdings Annual Integrated Report & Financial Statements 2020 I&M Holdings PLC Annual Integrated Report & Financial Statements 2020 | 1 I&M HOLDINGS PLC INTEGRATED REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 RebuildingRebuilding and and moving moving forward forward 2 | I&M Holdings PLC Annual Integrated Report & Financial Statements 2020 I&M Holdings PLC Annual Integrated Report & Financial Statements 2020 | 3 CONTENTS WE EXIST BECAUSE OF YOU OUR BUSINESS About This Report 7 Our mission is to be partners of growth for all Introduction from Our Group Executive Director 8 stakeholders. We seek to support you in your life’s Business at a Glance 15 journey, by providing innovative, market driven and Our Material Matters 18 customised financial solutions. We believe that this How We Create Value 28 forms the foundation for long-term shareholder Our Strategy at a Glance 30 value and sustainable societal development. Our Sustainability Action Plan 32 Rebuilding and moving forward Relationships: We Are On Your Side! 35 Overview of I&M Group 48 Our Performance Trends - Management 56 OUR GOVERNANCE Group Chairman’s Statement 64 OUR PROMISE Our Board 70 Our Leadership Teams 73 Our Shareholders 87 Our Governance Framework 88 PUTTING THE CUSTOMER FIRST Key Policies 94 Our dedication is to build mutual respect, lead by Our Approach to Risk Management 98 fairness and foster growth through innovation to help you reach your bold ambitions. OUR FINANCIALS Abbreviations 104 Corporate Information 105 Report of the Directors 107 Directors’ Remuneration Report 110 Statement of Directors' Responsibities in respect of RELEVANT SOLUTIONS the Governance Audit 114 Governance Auditor's Report 115 We are committed to always deliver appropriate tailor-made Statement of Directors’ Responsibilities 116 solutions that drive you forward in every facet of your life. Independent Auditor’s Report 117 Consolidated and Company Statements of Profit or Loss and Other Comprehensive Income 123 Consolidated and Company Statements of Financial Position 125 Consolidated Statements of Changes in Equity 126 OPERATIONAL EXCELLENCE Company Statements of Changes in Equity 128 We maintain the highest standards of operational Consolidated and Company Statements of efficiency to ensure our customers enjoy a seamless Cash Flows 129 banking experience. Notes to the Consolidated and Separate Financial Statements 130 Notice of AGM 243 Proxy Form 246 4 | I&M Holdings PLC Annual Integrated Report & Financial Statements 2020 I&M Holdings PLC Annual Integrated Report & Financial Statements 2020 | 5 OUR BUSINESS 6 | I&M Holdings PLC Annual Integrated Report & Financial Statements 2020 I&M Holdings PLC Annual Integrated Report & Financial Statements 2020 | 7 OUR BUSINESS OUR BUSINESS 1. About this report the Central Bank of Kenya, I&M complies with the NSE and Capital Markets Authority (CMA) Listing Requirements, This is the second Annual Integrated Report of I&M the Kenya Companies Act of 2015, Corporate Governance Holdings Plc (“I&M” or “ the Group”) covering the Group’s Guidelines and Codes of Conduct prescribed by the banking and non-banking subsidiaries and investments. It Central Bank of Kenya (CBK) and to The Code of Corporate sets out I&M’s long-standing commitment to sustainable Governance Practices for Issuers of Securities to the Public growth and the principles of Integrated Thinking. The 2015 issued by CMA. report aims to help readers better understand how I&M defines and measures the value it provides to the I&M employs a combined assurance model to optimize the community as a result of its innovative market driven effectiveness of its business operations, including elements solutions that support lifestyle as well as financial needs of external reporting. These assurances are provided by and aspirations. Our Business the management, the Board, and its independent external auditors, KPMG Kenya, on the true and fair presentation Primarily intended to address the information requirements of the annual financial statements included in this report. of the Group’s long-term investors (including equity shareholders, bondholders and prospective investors), Materiality: I&M applies the principle of materiality in this report also presents information relevant to other assessing which information should be included in the stakeholders interested in learning more about the way integrated report. This report therefore focuses on issues, I&M creates value for staff, clients, regulators and society opportunities and challenges that have a material impact as a whole. on I&M and its ability to be a business capable of delivering sustainable value to shareholders and key stakeholders. This report presents the consolidated operations of the The material matters contained in this report on pages (18 Group, with a greater focus on I&M Bank LIMITED in to 27) influence I&M ’s strategy and inform the contents Kenya which represents 70% by asset value. The report Our Governance of this report. provides material information relating to the Group’s strategy and business model, operating context, material Approval and accountability: The Board of Directors risks, stakeholder interests, performance, prospects and is ultimately responsible for ensuring the integrity and governance for the period 1 January 2020 to 31 December completeness of this integrated report. It is the Board 2020. opinion that this report presents a fair and balanced view of I&M’s performance. The Board approved this Integrated Reporting framework, principles and assurance: The Report on 30 March 2021. integrated reporting process and the content of this report are guided by the principles and requirements of Contact for inquiries and feedback on this report the International Integrated Reporting Framework of the [email protected] International Integrated Reporting Council (IIRC), as well as the International Financial Reporting Standards (IFRS). Our Financials As a non-operating holding company listed on the Nairobi Securities Exchange (NSE) and licensed and regulated by 8 | I&M Holdings PLC Annual Integrated Report & Financial Statements 2020 I&M Holdings PLC Annual Integrated Report & Financial Statements 2020 | 9 OUR BUSINESS Introduction from our Group Executive Director 2020 was undoubtedly an extraordinary year when we Financial Performance and Operations faced the reality and felt the impact of the coronavirus Overall, our financial performance for 2020 pandemic. As I pen this note to express our gratitude to demonstrates the Group’s resilience and focus in you for your continued confidence in the Group during delivering value to you our shareholders. The Group Our Business these uncertain times, I pray and hope that you and reported a Profit after Tax of KES 8.4 B, being 22% lower your loved ones are keeping healthy and safe. than 2019 which is reflective of the market conditions faced during the year. Around the world, the pandemic has adversely affected Sarit Raja-Shah economies and social support structures; indeed, On the revenue side, fees and commissions were up to Group Executive Director financial institutions were not spared from this. For KShs. 8.6 B for the year (2019: KShs. 8.3 B). On the cost I&M Group, we entered the pandemic well-capitalized, side, the Group aimed and succeeded in keeping our financially stable and with robust systems; this has overall costs in check, seeking to make savings where enabled the Group to absorb the economic shocks it possible with overall, administrative and other expenses faced and I am pleased to note that we have continued closing at KShs. 10.1 B for the year (2019: KShs. 9.5B). to serve and support our customers in an efficient and seamless manner. The slowdown in economies propelled by the pandemic Our Governance also saw low levels of recoveries of non-performing The Group has responded well to the new requirements loans. We continue to emphasize good quality assets brought about by the pandemic. Our significant and reduce risks in lending to keep the non-performing investments in people, technology and processes asset ratio at acceptable levels. proved resilient when it came to initiating business continuity plans during the lockdown periods in our Kenya different countries of operations. Further the business Kenya’s economy like many other global economies has continued to operate smoothly, with sections of was hit hard by the COVID-19 pandemic. Supply staff members being supported to work from home chain disruptions brought about by total/partial while we created room for social distancing for those lockdowns and other COVID-19 related directives who had to operate from the offices. reduced consumption and investment, hampering both domestic and international trade. The local currency Our Financials The Banking entities within the Group have been weakened by 8.9% to the dollar in comparison to involved in collaborative programs with government 2019. Approximately, 2 million people are estimated to agencies to provide support to keep our customers’ have fallen into poverty, and nearly 900,000 lost their businesses running amid the slow-down of the jobs. The Kenyan Government, however, rolled out an economies. Through the I&M Foundation, I am proud economic stimulus package valued at KShs. 54 billion, and humbled to note that the Group continues to to help cushion the impact of the pandemic and aid in provide a coordinated response through charitable boosting economic recovery. assistance to those who were hard hit by the effects of the lockdown and the public health requirements. I&M Bank in Kenya
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