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Annual Report FY 2016/17

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Annual Report FY 2016/17 www.machbank.com 19th Annual Report 2016 - 17 CONTENTS BANK’S OVERVIEW 1 VISION, MISSION & VALUES 2 CHAIRMAN’S STATEMENT 3 CEO’S STATEMENT 4 BOARD OF DIRECTORS 6 CENTRAL MANAGEMENT COMMITTEE 7 HEAD OF DEPARTMENT 8 INTERNATIONAL SCENARIO 9 BANKS STRATEGIES FOR FORTHCOMING YEAR 10 CORPORATE SOCIAL RESPONSIBILITY 12 TECHNOLOGIES 14 HUMAN RESOURCES 15 CORPORATE GOVERNANCE 16 INTERNAL CONTROL SYSTEM 17 CUSTOMER SERVICE EXCELLENCY 18 CUSTOMER LOYALTY 18 DEPOSIT PRODUCTS 19 CREDIT PRODUCTS 20 REMITTANCE 20 FINANCIAL STATEMENTS 21 SIGNIFICANT ACCOUNTING POLICIES 60 NOTES TO ACCOUNTS 63 DISCLOSURE UNDER BASEL III 70 www.machbank.com BANK’S OVERVIEW Machhapuchchhre Bank Limited (MBL) is a full-fledged With its comprehensive line of business segments developed national level commercial bank operating in Nepal for the over the years, the Bank offers a wide range of both past 17 years. Registered in 1998 at the majestically beautiful conventional as well as digitally driven products and services, city of Nepal, Pokhara, MBL started out in the Western all catered towards providing an unmatched customer Region, but currently stands as one of the most prominent experience & professionalism for our over 550 thousand commercial banks, marking its strong presence through its customers. wide and extensive network of 62 branches, 4 extension The Bank is equipped with a robust infrastructure and state counters and 86 ATMs across the country, in all 7 provinces, of the art technology that is dedicated to providing the best 5 development regions, 13 zones and 32 districts. banking experience to our customers. With a strong and dedicated team over 820 staff, the The Bank is powered by a highly robust & stringent risk Bank is committed to its credo of “becoming not just a management system, comprehensive control & monitoring brick and mortar financial institution, but a service-driven system and a strong policy focus with zero tolerance when financial enabler, looking to develop well-nurtured long term it comes in complying with policies and manuals, guidelines, relationships with our valued and esteemed customer”. directives and functions with substantial ethics. 19th Annual Report 2016 - 17 VISION, MISSION & VALUES To be one of the most preferred Banks in Nepal, easily recognized as the Bank which satisfies and cares for its customers through To become the Bank of the quality service, innovative products, first choice of the people. professionalism and wide branch network, offering full array of financial services using modern technology and with good corporate governance practices. VISION MISSION VALUES With the objective of supporting the transition from rule based to attitude based behavior, the Bank is functioning with the following five core values: Integrity: Highest level of integrity / absolute honesty in all the business conduct and dealings with customers, staff, regulators, and other stakeholders. Accessibility: Easy accessibility through traditional as well as modern means of communication. Value Creation: For shareholders, customers, employees and the nation. Quality Service: Through unmatched professionalism and excellent customer care. Stewardship of Resources: With the feeling of ownership and accountability. www.machbank.com 2 CHAIRMAN’S STATEMENT Across the globe The world is continuously evolving from socio-economic, Banking sector political and technological fronts. Significant events have Banking industry in Nepal still faces uncertainty because rattled the globe this year. Donald Trump becoming the of the fluctuations in the liquidity. The inflow of remittance president of USA, the Brexit, Rohingya crisis, the fall of dropped by 1.4 percent in the first four months of the Mosul and North Korean defying the world certainly grabbed current fiscal year, raising fears of the country facing the world’s attention. However, there has been silver lining shortage of foreign currencies in the coming days to in the economic front. Ten years after the Great Recession finance imports. Until a new Government is formed, all the started, global economic growth have accelerated and capital expenditure of the Government is halted. Amidst stock markets around the world are hitting record highs. all these challenges, MBL continuously thrive to excel The IMF predicts that global economic growth will average in this industry by adapting to the changes and adopting 3.6 in 2017. That’s a half percentage point higher than in all necessary measures to safeguard the interest of our 2016. shareholders and provide best Banking experience to our valued customers. Nepal Nepal has also embarked on a period of stabilization out Last but not the least, I would like to express my sincere of an elongated post-conflict transition by successfully gratitude towards our esteemed customers who have conducting peaceful, orderly, and broadly supported continuously trusted us to embark into this journey together. provincial assembly and parliamentary elections. We value our customers’ active involvement in supporting However to usher into a new era of political stability, the our business which is why we are always looking to provide implementation of the constitution through elections, excellent service to our customers in the days to come. federalization, and the strengthening of Governmental We are determined to fulfill the responsibilities entrusted to institutions is a must. us by our valued shareholders for the overall development of the Bank with utmost dignity and expect your continued support and motivation. Roshan K.C. Chairman 19th Annual Report 2016 - 17 3 Despite these challenges, the Bank’s pro-active strategies coupled with our strong balance sheet growth CEO’S management helped us tide over the ever-strong liquidity pressures, which was quite visible in the later part of the fiscal year as the Bank’s financials registered strong STATEMENT growth across all parameters. www.machbank.com 4 Dear Shareholders, to reach our customers. Consequently, we managed to expand our network to 62 branches, 86 ATMs, 4 extension The fiscal year of 2016-17 was a momentous year for the counters as well as 14 Branchless Banking Units, which Bank, as we managed to proudly join the “Billion Club” became fully operational starting the current fiscal year in the industry, by posting a net profit of Rs. 1.3 billion, 2017-18. Thus, in line with our financial inclusion agenda despite the fact that FY 2016-17 was also one of the most as well, we have been actively involved in supporting the challenging years the Banking industry has seen since the Government’s plans in terms of providing financial services liquidity crunch in 2011. each and every part of the country. What started out as early as September, 2017 as an The year 2016-17 also marked an accelerated improvement apparent short-term shortage of loanable funds for a few of our existing line of digital Banking products and services. Banks, soon engulfed the entire Banking industry and By recognizing the need for an omni-channel Banking ran its full course throughout the fiscal year. The rapid experience of our customers, we upgraded our internet credit growth followed by a slower deposit growth from Banking service offering a whole spectrum of new and nifty the beginning of 2017, created a visible imbalance, which features and Banking services. We also introduced the steadily dried up loanable funds in the industry. A direct branch-less Banking technology to our customers, which effect of this was seen in the Credit to Capital cum Deposit enables our customers in rural parts of the country to easily (CCD) ratio of the Banks which dangerously lingered enjoy key Banking services without even stepping a foot around the regulatory limit of 80% for most commercial into an actual physical Bank. Banks. This shot up the interest rates reaching as high as 13%, as Banks engaged in a cut throat competition to We have also been prompt in identifying new avenues for attract deposits to ease their CCDs. both growth as well as customer convenience in the review year. With the aim to provide a “one-stop-solution” to both Despite these challenges, the Bank’s pro-active strategies our existing customers as well as new customers, we coupled with our strong balance sheet growth management introduced a new segment – the Bancassurance Business helped us tide over the ever-strong liquidity pressures, segment – which offers insurance based products and which was quite visible in the later part of the fiscal year services. With this new segment, our customers can now as the Bank’s financials registered strong growth across enjoy a “one-stop financial supermarket” kind of experience all parameters. Our continued focus on our core operating in our Bank, which again lines up with our mission statement metrics helped us achieve a 45% growth in our net profits and long term strategic goals. on a year-on-year basis, by posting Rs. 1.30 billion net profits after tax, thus entering the billion club in the industry. The Bank has openly advocated its indomitable focus and Our net interest income was up by 25% as well crossing approach in terms of its Risk Management Framework the Rs. 2 billion mark reaching at Rs. 2.33 billion. and Corporate Governance system. And the review year was especially a milestone year in the consolidation and We achieved a robust growth in our business which grew strengthening of the same. We are extremely proud of the by Rs. 13.97 billion from Rs. 96.5 billion to Rs. 110.5 billion significant achievements that we made in our internal control (a 14.5% growth on a year-on-year basis). Our deposit processes and systems, which will serve as a bedrock for portfolio registered a 12.12% growth over the previous us to strive for business excellence in the future. year standing at Rs. 58.63 billion with our customer base exceeding 550 thousand customers. Our loan and On the other hand, we continued to play an active role advances also managed to transcend the Rs.
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