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Bank Aljazira Board of Directors Report 2020

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Bank Aljazira Board of Directors Report 2020 Board of Directors Report Board of Directors Report 2020 The Board of Directors is pleased to submit to the shareholders the annual report of Bank Aljazira for the fiscal year ended on 31 December 2020. The report provides information about the Bank’, Subsidiaries’ and Associates’ performance. In addition to the Bank’s operation achievements, strategies, financial position, Board of Directors, committees and other integrated information. Introduction Bank Aljazira here-in-after referred to as “the Bank” or “BAJ” is a joint Stock Company incorporated in the Kingdom of Saudi Arabia and established pursuant to Royal Decree No. 46/M dated Jumada Al-Thani 12, 1395H (i.e. June 21, 1975). The Bank commenced its business on Shawwal 16, 1396H (October 9, 1976) with the takeover of the National Bank of Pakistan’s (NBP) branch in the Kingdom of Saudi Arabia. The Bank operates under commercial registration No. 4030010523 dated Rajab 29, 1396H (July 27, 1976) issued in Jeddah. The issued and fully paid up share capital of the Bank amounts to SAR 8.2 billion divided into 820 million shares of SAR 10 each. The objective of the Bank is to provide a full range of Shari’ah compliant banking products and services to retail and corporate customers including: current accounts, saving accounts, Murabaha, Istisna’a, Ijarah, Tawarruq, Musharaka, Wa’ad foreign exchange, credit cards, and Sukuk which are approved and supervised by an independent Shari’ah committee. The Bank conducts its business through the Bank’s departments and branches all over the Kingdom and has no branches operating abroad. The Bank is recognized as one of the leading Shari’ah compliant fast-growing financial institutions in Saudi Arabia, which provides individuals, businesses and institutions with innovative Shari’ah compliant financial services through professional and dedicated staff. Five-year financial highlights The table below depicts the five-year historical financial performance of the Bank: Financial highlights (In SAR millions, except where indicated) 2016 2017 2018 2019 2020 Loans and advances, net 42,099 39,790 40,897 49,660 53,961 Total assets 66,319 68,287 73,003 86,544 92,089 Customer deposits 51,602 50,278 51,804 62,697 68,004 Total Liabilities 58,216 59,459 61,759 74,955 80,724 Shareholders’ equity 8,104 8,829 11,244 11,590 11,364 Net income before Zakat and income tax 872 858 1,000 1,122 31 Net income after Zakat and income tax 729 830 378 991 34 Total Operating income 2,519 2,580 2,665 2,977 3,287 Net income growth (%) (43.33) 13.82 (54.42) 161.98 (96.59) Total Operating income growth (%) (13.79) 2.43 3.30 11.72 10.41 Return on average equity (%) 9.40 9.80 3.77 8.68 0.29 Return on average assets (%) 1.13 1.23 0.54 1.24 0.04 Earnings per share (SR) 1.28 1.46 0.50 1.21 0.04 Note: 1) Earnings per share and other ratios for the current and prior years have been calculated based on net income for the year after Zakat and income tax. Starting from the quarter ended June 2019 the Bank changed its accounting policy for reporting zakat and income taxes and has reported zakat and income tax through the statement of income for the year-ended 2019 and restated the year-ended 2018. Previously zakat and income tax were reported in the statement of changes in equity. 2) The Earnings per Share have been retrospectively adjusted for prior periods to reflect the effect of the changes in weighted average number of shares due to bonus shares issued in 2017 and bonus element included in the right shares issued in 2018. Loans and Advances, net: totaled SAR 54.0 billion at 2020 year-end, registering an increase of 8.7% compared to SAR 49.7 billion in 2019. The Bank continued to further diversify the loan portfolio over various economic sectors and broadened the client base, thus lowering the risk of concentration. Due from banks and other financial institutions: total outstanding amount as at the end of 2020 was SAR 0.4 billion versus SAR 1.4 billion in 2019. This is a short-term activity and represents the day to day liquidity / cash flow management. 2 Board of Directors Report 2020 Investments Book: the investment portfolio comprises of Sukuks, investment in equities and mutual funds. Total portfolio at the year-end was SAR 29.9 billion versus SAR 27.6 billion in 2019, an increase of 8.2%. This increase is mainly due to additional investment in government Sukuks. Total Assets: Total assets amounted to SAR 92.1 billion at the end of 2020, as compared to SAR 86.5 billion in 2019, representing an increase of 6.4% over the previous year. Customer Deposits: Customer deposits increased by 8.5% to SAR 68 billion as at the end of 2020, compared to SAR 62.7 billion in 2019. The increase is mainly due to increase in demand deposits by 21.3 % from SAR 30.8 billion to SAR 37.4 billion. In addition there is an increase of SAR 0.3 billion in saving deposits and SAR 0.2 billion in other deposits. This was partially offset by decrease in term deposits by 5.7% from SAR 30.3 billion to SAR 28.5 billion. Total Liabilities: amounted to SAR 80.7 billion as at the end of 2020, compared to SAR 75 billion in 2019, representing an increase of 7.7% over the previous year Geographical analysis of income: The bank realizes its operational income from its activities in the Kingdom of Saudi Arabia and has no branches operating abroad. The table below depicts region-wise analysis of the total operating income of the bank. The operating profit of Bank Aljazira includes the operational income of Aljazira Capital (100 % subsidiary of the bank) which amounted to SAR 282 million as of the end of for 2020. (SAR ‘000) Regions Central Eastern Western Total Total Groups Operating Income 1,080,873 316,866 1,889,380 3,287,119 Main Business Segments The Bank’s activities consist mainly of the following business lines: Personal banking Deposit, credit and investment products for individuals. Corporate banking Loans, deposits and other credit products for corporate, small to medium sized businesses and institutional customers. Treasury Treasury includes money market, foreign exchange, trading and treasury services. Brokerage and asset management Provides shares brokerage services to customers (this segment includes the activities of the Bank’s subsidiary AlJazira Capital Company). Takaful Ta’awuni Provides protection and saving products services. As required by the Insurance Law of Saudi Arabia, the Group has spun off its insurance business in a separate entity named AlJazira Takaful Ta’awuni Company (AJT) formed under the new Insurance Law of Saudi Arabia (Co-operative Insurance Companies Control Law). This segment represented the insurance portfolio of policies entered into by the Bank before 2014. During 2019, AJT obtained from SAMA no objection to transfer the insurance portfolio through letter dated 26 Rabi ’Al-Thani 1441 AH (corresponding to 23 December 2019). The insurance portfolio has been transferred with effect from 1 January 2020 at zero value (no cost to AJT), including the transfer of all assets and liabilities related to this business. Others Others include investment in associate, inter segment income and expense eliminations and gain on sale of other real estate. The table below depicts total operating income, total operating expenses, and net profit before Zakat and income tax for each operating segment: (SAR ‘000) Personal Corporate Brokerage and Takaful 2020 Treasury Others Total Banking Banking Asset Management Ta’awuni Total operating income 1,687,957 605,297 1,052,908 281,953 - (340,996) 3,287,119 Total operating expenses (1,091,008) (1,679,980) (324,045) (140,855) - (36,315) (3,272,203) Share in net income of associates - - - 2,326 - 13,953 16,279 Net income/(loss) before Zakat and 596,949 (1,074,683) 728,863 143,424 - (363,358) 31,195 income tax 3 Board of Directors Report 2020 Subsidiaries and Associates The following table summarizes the names of subsidiaries/associate, their share capital, the Bank’s holding percentage, their main business, their principal country of operation and country of incorporation as at 31st December 2020: Country of Country of Owner- Subsidiaries / Associates Nature of business Share Capital incorporation operation ship Subsidiaries: Aljazira Capital Company Saudi Arabia Saudi Arabia Brokerage and asset management SAR 500 million 100% (Closed Joint-Stock Company) Aman Development and Real Holding and management of real estate Estate Investment Company Saudi Arabia Saudi Arabia SAR 1 million 100% collaterals on behalf of the Bank (Limited-Liability Co.) Aman Insurance Agency Company Acting as an agent for bancassurance Saudi Arabia Saudi Arabia SAR 500 Thousands 100% (Limited-Liability Co.) activities on behalf of the Bank Authorized capital: Aljazira Securities Limited Cayman Carry out Shari’ah compliant derivative Saudi Arabia USD 50,000, Paid up 100% (Limited-Liability Co.) Islands and capital market transactions capital: USD 100 Associate: Aljazira Takaful Ta’awuni Company Shari’ah compliant protection and Saudi Arabia Saudi Arabia SAR 350 million 35% (Listed Join-Stock Company) custody products The issued share capital of Aljazira Capital amounts to SAR 500 million divided into 50 million shares of SAR 10 each. The issued share capital of Aman Development and Real Estate Investment Company amounts to SAR 1 million divided into 100 shares of SAR 10,000 each. The issued share capital of Aman Insurance Agency Company amounts to SAR 500,000 divided into 50,000 shares of SAR 10 each.
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