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Annual Report 2008/9

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Annual Report 2008/9 2, SAMAN BANK Annual Report 2008 Saman Bank is a major private bank in Iran that was established in September 2002. Since its inception, Saman Bank has succeeded in positioning itself as a progressive and dynamic financial institution in the Iranian market. The Bank has been widely acclaimed by its clients for its forward-looking business outlook and innovative financial solutions. In recent years, Saman Bank has consistently been first to introduce innovative solutions and advanced online delivery, earning a reputation as a bank with a vision. Presently, the Bank offers a broad spectrum of integrated financial services to individual, corporate and institutional customers, including advisory and wealth management services. KEY FIGURES Rls. billion 20081 2007 2006 2005 Total assets 42,376 34,846 26,209 14,289 Total liabilities 39,987 33,320 24,954 13,443 Total deposits 34,546 29,583 22,370 11,810 Loans & receivables 27,311 23,989 15,269 9,784 Total shareholders’ equity 2,388 1,526 1,255 846 Net interest income 835 952 381 428 Non-interest income 677 522 305 100 Operating income 1,512 1,474 686 527 Operating expenses 1,047 961 427 284 Net profit 442 512 258 233 RETAINED EARNINGS TOTAL SHAREHOLDERS’ EQUITY 432 3,000 431 431 2,500 2,388 430 429 2,000 428 1,526 1,500 427 426 Rls. billion Rls. billion 426 1,000 425 500 424 423 0 2007 2008 2007 2008 KEY RATIOS Percentage 20081 2007 2006 2005 Capital adequacy ratio 10.00% 7.36% 7.96% 11.81% Deposits / loans & receivables 126% 123% 147% 121% Loans& receivables / term deposits received 86% 93% 89% 102% Loans & receivables / total assets 64% 69% 58% 68% Return on assets 1.20% 1.70% 1.30% 1% Return on equity 23% 51% 26% 38% Term deposits / total assets 75% 74% 66% 67% 1 The financial year for Saman Bank follows the Iranian calendar year, starting on March 21 of each year and ending on March 20 of the following year. The year 2008 in this report represents the time interval of 21 March 2008 to 20 March 2009. In this Annual Report, Rls. and CBI stand for the Iranian Rial and the Central Bank of Iran, respectively. Table of Contents Board of Directors 2 Managing Director’s Message 4 Top Executive Management 6 Executive Directors 7 IRAN ECONOMIC FORUM & BANKING SYSTEM 8 Macroeconomic Indicators 8 Banking Industry 11 Principles of Islamic Banking 13 SAMAN BANK 15 Vision, Mission, Competences & Opportunities 15 History 17 Operational Performance 19 Financial Performance 20 E-Banking 24 International Banking 26 Investment Activities 27 Organisational Chart 28 Human Resources 29 Corporate Governance 30 Risk Management 33 Subsidiaries 35 Outlook 39 FINANCIAL STATEMENTS 41 Auditor’s Report 42 Balance Sheet 44 Profit & Loss Account 45 Statement of Retained Profit & Loss 45 Statement of Cash Flows 46 Notes to the Financial Statements 47 BRANCHES 62 2, 3 SAMAN BANK Annual Report 2008 Board of Directors MR AllahVirdi RAJAEE Salmasi Chairman of the Board Mr Rajaei Salmasi has several years of experience in the field of banking. He has served at different levels in CBI. He is also a former Secretary General of the Tehran Stock Exchange and the Deputy Governor of CBI. He is one of the founders of Saman Bank and currently holds the position of Chairman of the Board. MR IRAJ NIKNEJAD Vice Chairman of the Board Mr Niknejad has enjoyed a distinguished career as accountant, auditor & financial advisor and manager of public joint-stock companies for more than 20 years. He is currently a member of the boards of various manufacturing companies of Yazdbaf Group. He is a member of the Iranian Association of Certified Public Accountants as well as the Iranian Institute of Certified Accountants. Mr Niknejad is one of the founders of Saman Eghtesad Credit Inc., Saman Bank. MR Mohammad Zarrabieh Board Member Mr Zarrabieh is the Chairman of Yazdbaf Group, one of the largest private- sector industrial conglomerates in Iran. The group includes various high-profile companies such as Plastiran, Yazd Tile, Hamedan Glass, Bahman Group and Pump Iran. MR Sayeed Atashkary Board Member Mr Sayeed Atashkary has held different positions in Mobarakeh Steel Complex. He was also the Financial Vice President of Iran Steel Company and a Board Member of Khuzestan Steel Complex. MR Reza Krishchi Khiabani Board Member In addition to his position as a Board Member of Saman Bank, Mr Krishchi Khiabani is the Managing Director of Krishchi Brokerage Company, one of the oldest brokerage firms in Iran which co-founded the Tehran Stock Exchange. Upon the sale of a strategic stake to Saman Bank, his firm was renamed Saman Brokerage. MR PARVIZ Moshirzadeh Moayedi Substitute Board Member Mr Parviz Moshirzadeh Moayedi is a retired professor of accounting and finance and one of the founding members of Saman Bank and Saman Brokerage. He is the Chairman of Saman Brokerage Co. MR Vali Zarrabieh Substitute Board Member Mr zarrabieh is a Board Member of Saman Electronic Payment Company and a Board Member of Saman Brokerage Co. He holds a Master’s degree in finance from CASS Business School in London with a specialisation in Corporate Finance and the Valuation of Financial Institutions, as well as an MBA from Manchester Business School with a specialisation in Strategy. He has a strong technical background, including an undergraduate degree in Electronic Engineering. MR ALI SALEHI AMIRI Senior Advisor to the Board Mr Salehi Amiri is a member of the Iranian Association of Certified Accountants and an official expert for the Justice Administration in the field of audit and accounting. He was previously a Board Member of Bank Melli, EN Bank, Saman Credit Institution and the Managing Director of Bank Melli Investment Co. 4, 5 SAMAN BANK Annual Report 2008 Managing Director’s Message As Managing Director of Saman Bank, I am proud to be associated with such an outstanding organisation, one that has become nationally-recognised for its innovative solutions to banking needs of its clients. It is with pride that I present Saman Bank’s annual report for the financial year 2008. Despite the extremely challenging environment in which we operate, Saman Bank remains a profitable and viable entity, recording after tax profit of Rls. 442 billion for the period and continues to make progress toward achieving its vision of becoming the leading Iranian bank. One of our main objectives for the period was the Bank’s capital increase, which was authorised by the shareholders’ approval and further supported the management with respect to elevating the skills of our dedicated personnel, thus improving the quality of the services provided to our clients. During the past year, our bank managed to bring on board young, skilled and experienced staff in order to achieve its objectives in Rial, forex and electronic banking. Apart from the Bank’s bright history in electronic banking and relevant extensive development plans, we managed to take advantage of a great market demand to optimise our large capacities in order to offer our clients very special and extensive forex services. During this financial period, our bank managed to experience substantial growth, providing loans despite the financial limitations imposed by the increase in the country’s liquidity; as a result, we enjoyed stable and considerable income. Despite our continual emphasis on the further development of electronic banking, we strove to satisfy our walk-in clients in Tehran and the provinces by increasing the number of branches to 98. In addition, we increased the number of 24-hour branches to provide our clients with 24-hour service. During this financial period, the most significant event, in my view, was our bank’s triumph in becoming “the outstanding Iranian bank in the field of internet banking” and “the outstanding bank in the development of e-commerce in Iran”. One of the significant initiatives we witnessed during this financial period was the start and development of banking activities in the field of investment. Such initiatives represented the Bank’s emphasis on meeting market expectations and its competitive advantage. We continue to seek to achieve higher growth than the market average, an outcome that will result from the outlook and forecast envisioned and supported by the Board of Directors. To achieve this goal, we will undoubtedly devote special attention to increasing the Bank’s shared income. This clearly does not mean that we will turn away our attention from other income. One of our main focuses will be to further control and reduce our receivables while at the same time to increase our performance efficiency, as well as to further reduce our administrative and establishment expenditures. In conclusion, I would like to take this opportunity to express my gratitude to the Board of Directors and all my dedicated colleagues working in our headquarter and all our branches, whose hard work has allowed us to achieve our objectives. I hereby wish all of them good health and prosperity. I also wish to thank our shareholders, who, by placing their trust and support in us, provided the foundation for our team’s success. Gholam Hassan Asgharzadeh ZAFERANI 6, 7 SAMAN BANK Annual Report 2008 Top Executive Management MR GHOLAM HASSAN ASGHARZADEH ZAFERANI Managing Director and President Mr Zaferani was previously a Board Member of Bank Melli Iran and Bank Melli Plc in London. He is also the Chairman of Saman Exchange Co. and a Board Member of Saman Investment Co. MR VALI ZARRABIEH Deputy MD & VP – Retail & Corporate Banking Mr Zarrabieh is a Board Member of Saman Electronic Payment Company and a Board Member of Saman Brokerage Co.
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