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Habib Metropolitan Bank Ltd. Subsidiary of Habib Bank AG Zurich

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Habib Metropolitan Bank Ltd. Subsidiary of Habib Bank AG Zurich ANNUAL REPORT 2020 OUR VISION To be the most respected financial institution based on trust, ser vice and commitment CONTENTS Corporate Information 03 Our Board of Directors 04 Our Management 06 Chairman’s Review to the Shareholders 08 Directors’ Report to the Shareholders 10 Corporate Governance 19 Statement of Compliance with the Code of Corporate Governance 22 Independent Auditors’ Review Report to the Members on Statement of Compliance with the Code of Corporate Governance 25 Statement of Internal Controls 26 Report of Shari’ah Board 27 Independent Auditors’ Report to the Members 29 Unconsolidated Statement of Financial Position 34 Unconsolidated Profit and Loss Account 35 Unconsolidated Statement of Comprehensive Income 36 Unconsolidated Statement of Changes in Equity 37 Unconsolidated Cash Flow Statement 38 Notes to the Unconsolidated Financial Statements 39 Pattern of Shareholdings 121 Consolidated Financial Statements 125 222 231 Branch Network 232 Notice of Annual General Meeting 236 Proxy Form 1 CORPORATE INFORMATION BOARD OF DIRECTORS CHAIRMAN Mohamedali R. Habib PRESIDENT & CHIEF EXECUTIVE OFFICER Mohsin A. Nathani DIRECTORS Anjum Z. Iqbal Firasat Ali Hamza Habib Mohomed Bashir Muhammad H. Habib Rashid Ahmed Jafer Tahira Raza BOARD COMMITTEES AUDIT INFORMATION TECHNOLOGY Anjum Z. Iqbal Anjum Z. Iqbal Hamza Habib Firasat Ali Rashid Ahmed Jafer Mohsin A. Nathani CREDIT RISK & COMPLIANCE Anjum Z. Iqbal Anjum Z. Iqbal Mohamedali R. Habib Firasat Ali Mohsin A. Nathani Mohsin A. Nathani Muhammad H. Habib Tahira Raza HUMAN RESOURCE & REMUNERATION Firasat Ali Mohsin A. Nathani Tahira Raza COMPANY SECRETARY SHARE REGISTRAR Ather Ali Khan CDC Share Registrar Services Limited CDC House, 99-B, Block-B, REGISTERED OFFICE S.M.C.H.S., Main Shahra-e-Faisal, Ground Floor, Spencer’s Building, Karachi - 74400. I. I. Chundrigar Road, Karachi – 74200, Pakistan. 3 4 5 6 7 CHAIRMAN’S REVIEW Dear Shareholders, On behalf of the directors of Habib Metropolitan Bank, it gives me immense pleasure to present this report on overall performance of the Bank and effectiveness of the role played by the Board of Directors in achieving objectives of the Bank, together with the financial statements of the Bank for the year ended 31 December 2020. The operating financial results and appropriations on an unconsolidated basis, as recommended by the Board of Directors, are summarized below: Rupees in ‘000 Profit before provisions and tax 23,538,498 Provisions and write offs - net (3,501,713) Profit before tax 20,036,785 Taxation (8,028,589) Profit after tax 12,008,196 Un-appropriated profit brought forward 19,059,758 Transfer from surplus on revaluation of non-banking assets - net of tax 3,461 Other comprehensive income 64,314 Profit available for appropriation 31,135,729 Appropriations: Transfer to Statutory Reserve (2,401,639) Cash dividend (Rs. 2.50 per share) - 2019 (2,619,579) Interim Cash dividend (Rs. 2.00 per share) - 2020 (2,095,663) (7,116,881) Un-appropriated profit carried forward 24,018,848 The Directors are pleased to propose a final cash dividend of Rs. 2.50 per share (25%) for the year under review. This is in addition to the interim cash dividend of Rs. 2.00 per share (20%) already paid. This cumulates cash dividend of Rs. 4.50 per share (45%) for the year 2020. During the year, the COVID-19 emerged as a global pandemic forcing the world into a lockdown situation and restricting economic activities of almost all the countries. The pandemic also impacted Pakistan. However, situation started to stabilize in the last quarter of the y ear with business ac tivity showing signs of impr ovement. We hope that this enhanced ac tivity continues int o 2021. By the Grace of Allah, your Bank continued to make steady progress. The total assets crossed Rs. 1 trillion and gross advances increased to Rs. 331.5 billion at year-end with 18% growth. Bank's deposits increased to Rs. 681 billion as compared to Rs. 612 billion at the end of previous year. HabibMetro posted profit before taxation of Rs. 20.04 billion for the year 2020. The performance translates into after tax earnings of Rs. 11.46 per share. At year-end, HabibMetro's equity stands at Rs. 57.65 billion, with a capital adequac y level of 16.79% against the required 11.50%. The primary role of the Board is to set the overall strategy for the Bank and to enhance its long-term strategic value. The Board is aligned with the overall governance structure required for the effective oversight of the business, risk & control framework, determination of Bank's level of risk tolerance through different policies and documents, operational, regulatory and compliance; and financial performance of the Bank. The composition of the Board has been established to ensure the availability of a pool of resource with relevant knowledge and experience to manage the strategic objectives of the Bank. It comprises of three independent directors including one female director and five non-executive directors. 8 The Board ensures that the business of the Bank is conducted in an efficient and effective manner within an established framework of effective system of internal control, robust risk management process and compliance with regulatory requirements. The Board also ensures that good corporate governance policies and practices are implemented within the Bank. In the course of discharging its responsibilities, the Board acts in good faith, with due diligence and care, and in the best interests of the Bank and its shareholders. An internal board performance evaluation process is in place to enhance the overall effectiveness of the Board, its sub-committees and individual directors including the Chief Executive Officer. The evaluation is based on questionnaire on Board effectiveness which includes areas covering various aspects like Board composition, its responsibilities & duties, strategic plan & performance review, quality of information received & its timeliness, among others. This review forms an integral part of the Directors' Report to the Shareholders. I would like to take this opportunity to place on record my sincere gratitude to the Ministry of Finance, the State Bank of Pakistan and the Securities and the Exchange Commission of Pakistan for their continued support and guidance. I also acknowledge our loyal and valued customers, and staff members f or their devotion and diligence especially dur ing these challenging times of COVID. We bow our heads to Allah and pray for His blessings and continued guidance. On behalf of the Board MOHAMEDALI R. HABIB Karachi: 22 February 2021 Chairman 9 DIRECTORS’ REPORT TO THE SHAREHOLDERS Dear Shareholders, On behalf of the Board, it gives me great pleasure to present to you the annual financial statements of Habib Metropolitan Bank Limited (HabibMetro), for the financial year ended 31 December 2020. ECONOMIC AND BANKING REVIEW The year 2020 was overshadowed by the COVID-19 and the consequent healthcare, social and economic impacts of the pandemic. Much of the y ear was spent battling the challenges pr esented by the Coronavirus, with some momentum being witnessed in Pakistan's economy in the last two months of the year. The economy witnessed a recovery since July and picked up pace towards the end of the year. Large Scale Manufacturing increased by 7.4 percent year-on-year in over six months of FY21, against a contraction of 5.3 percent during the same period last year. After remaining close to 9 percent in September 2020 and October 2020, headline inflation fell to 8.3 percent in November 2020 and further to 8 percent in December 2020, the lowest since June 2019, primarily due to declining food inflation. The current account posted a surplus of USD 1.1 billion in the first half of FY21, compar ed to a deficit of over USD 2 billion during the same period last year. This improvement has been mainly driven by workers' remittances, which have remained above USD 2 billion month on month during the current fiscal year. Exports have also recovered to their pre-COVID monthly level of around USD 2 billion, since September 2020. However, the current account registered a deficit of USD 662 million in D ecember 2020 after five consecutive months of surplus, as the trade deficit rose due to an increase in imports of machinery and industrial raw material, in line with the pick-up in economic activity. At the same time, wheat and sugar imports also increased to close demand and supply gaps in the domestic market. SBP's foreign exchange reserves rose to USD 13 billion, their highest level since December 2017. Fiscal discipline remained within the year's budget with no fresh government borrowing from the SBP. Healthy growth in revenues contributed to the curtailment of fiscal deficit, despite higher interest payments and COVID-related public spending. FBR revenue collections during H1-FY21 increased by 5 percent year-on-year. Private sector credit has seen an encouraging uptick, driven by a continued rise in consumer and fixed investment loans on the back of the SBP's refinance facilities. Most economic indicators point towards continued improvement in business and investor sentiment. Augmenting by 22.2 percent year-on-year, the banking sector's deposit base managed decent growth and amounted to Rs. 17.88 trillion at the end December 2020; meanwhile, advances grew by 4.1 percent and stood at Rs. 8.5 trillion, while investments increased by 31.2 percent to be closed at Rs. 11.55 trillion. The State Bank of Pakistan (SBP) reduced the policy rate by cumulative 625 basis points in 2020 (versus increase of 325 basis points during 2019). In its Monetary Policy Statement of 22nd January 2021, the SBP decided to keep the policy rate unchanged at 7 percent to continue providing support for economic recovery and financial stability.
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