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Annual Report 2013 Details: PDF File Size Is 1.95 MB 2013 ANNUAL REPORT INVESTING IN GENERATIONS ENHANCING COMMUNITIES 2 I NBB ANNUAL REPORT 2013 PROFILE Established in 1957 as Bahrain’s first locally owned Bank, NBB has grown steadily to become the country’s leading provider of retail and commercial banking services. With a major share of the total domestic commercial banking market and the largest network of 25 branches and 59 ATMs, the Bank plays a key role in the local economy. At the same time, the Bank continues to diversify and develop capabilities to capture business opportunities in the Gulf region and international markets. Our branches in Abu Dhabi and Riyadh lead the way in this initiative. Publicly listed on the Bahrain Bourse, the Bank is owned 51% by private shareholders, mainly Bahrainis, and 49% by Bahrain Mumtalakat Holding Company, which is 100% owned by the Government of the Kingdom of Bahrain. Market driven and customer led, the Bank harnesses the latest technology to people skills, enabling its 560 employees to deliver highly professional services for retail and corporate customers. Corporate GOVERNANCE I 1 His Royal Highness His Royal Majesty His Royal Highness Prince Khalifa bin Salman King Hamad bin Isa Prince Salman bin Hamad Al Khalifa Al Khalifa Al Khalifa Prime Minister King of The Kingdom of Bahrain Crown Prince, Deputy Supreme Commander and First Deputy Prime Minister CONTENTS Financial Summary 04 Board of Directors 08 Board of Directors’ Report 10 Statement of the Chief Executive Officer 12 Corporate Governance 14 Executive Management 24 Review of Operations 28 Financial Review 44 Risk Management 48 Financial Statements Report of the Auditors to the Shareholders 53 Statement of Financial Position 54 Statement of Profit or Loss 55 Statement of Comprehensive Income 56 Statement of Changes in Equity 57 Statement of Cash Flows 58 Notes to Financial Statements 59 Risk and Capital Management Disclosures 96 Contact Directory 110 4 I NBB ANNUAL REPORT 2013 FINANCIAL SUMMARY 2013 2012 2011 2010 2009 Earnings (BD millions) Net interest income 59.82 61.92 55.37 48.70 49.02 Other income 24.83 24.69 24.55 23.18 23.26 Operating expenses 27.45 27.34 26.61 25.83 25.78 Net income 51.36 47.50 45.64 43.02 42.82 Cash Dividend 32.93 21.38 25.66 23.33 27.22 Financial Positions (BD millions) Total assets 2,749.23 2,654.56 2,388.65 2,274.05 2,117.75 Loans and advances 859.39 888.25 972.07 950.80 1,151.42 Investment securities 997.72 757.83 650.21 656.22 483.12 Earning Assets 2,596.84 2,515.83 2,259.50 2,151.00 2,007.20 Total deposits 2,366.25 2,321.85 2,103.10 2,000.30 1,865.79 Customers’ deposits 2,083.54 2,077.90 1,905.49 1,768.47 1,480.39 Shareholders’ equity 363.14 318.94 274.73 262.97 241.37 Key Performance Indicators Earnings Return on average equity 15.06% 16.00% 16.98% 17.06% 18.67% Return on average assets 1.90% 1.88% 1.96% 1.96% 2.06% Earnings per share (fils) 55 50 49 46 46 Cost-to-income ratio 32.43% 31.57% 33.30% 35.93% 35.67% Earnings per employee (BD 000’s) 92 85 80 74 72 Capital Shareholders’ equity as per cent of total assets 13.21% 12.01% 11.50% 11.56% 11.40% Total liabilities to shareholders’ equity (times) 6.43 7.32 6.61 6.91 7.53 Average total liabilities to average equity (times) 6.85 6.99 6.76 7.20 7.92 Capital adequacy ( Basel II ) before appropriations 31.22 27.86% 25.05% 22.85% 22.30% FINANCIAL SUMMARY I 5 55 60 35 55 30 50 55 50 25 31.22 51.36 50 27.86 45 45 49 20 25.05 47.50 46 46 22.85 15 22.30 45.64 40 40 43.02 10 42.82 35 5 35 30 0 09 10 11 12 13 09 10 11 12 13 09 10 11 12 13 PROFIT FOR THE YEAR EARNINGS PER SHARE BD Millions Bahraini Fils capitaL ADEQuacy Per cent 400 2750 2500 350 2500 2000 300 363.14 2250 2,596.84 2,515.83 2,083.54 250 1500 2,077.90 318.94 2000 1,905.49 274.73 1,768.47 200 262.97 2,259.50 241.37 2,151.00 1000 1750 150 1,480.39 2,007.20 100 1500 500 09 10 11 12 13 09 10 11 12 13 09 10 11 12 13 EQuity EARNINGS assets customers’ deposits BD Millions BD Millions BD Millions RATINGS FOREIGN CURRENCY Moody’s FSR Long Term Short Term D+ Baa2 P2 FITCH Viability Rating Long Term Short Term Support bbb BBB F3 2 Capital Intelligence Financial Strength Long Term Short Term Support A BBB+ A2 1 6 I NBB ANNUAL REPORT 2013 Tomorrow’S LEADERS Thanks to NBB’s continuous support of the Crown Prince’s International Scholarship Programme, Yasmeen has been able to complete her Masters Degree in Economics and Political Science abroad. 8 I NBB ANNUAL REPORT 2013 board OF DIRECtorS 1. FAROUK YOUSUF KHALIL ALmoayyed 6. FAWZI AHMED KANOO 7 Chairman Director 5 6 9 4 8 10 2. Dr. ESSAM ABDULLA FAKHRO 7. ALI HUSSAIN Yateem 2 1 3 Deputy Chairman Director 3. ABDULLA YOUSIF AKBAR ALIREZA 8. MOHAMMED Mubarak Deputy Chairman AL SULAITI Director 4. ABDUL RAZAK ABDULLA HASSAN AL QASSIM 9. Dr. ABDULLA AHMED Director MANSOOR RADHI Director 5. KHALID YOUSIF ABDUL RAHMAN Director 10. HUSSAIN SULtan AL GHANEM Director Corporateboard OF GO DIREVERNANCtorCSE I 9 FAROUK YOUSUF KHALIL ALmoayyed Chairman Non-independent and Non-executive Appointed to the Board in 1997 Member of Nomination & Remuneration Committee Chairman: Y. K. Al Moayyed & Sons; Al Moayyed International Group; Ashrafs; Bahrain Duty Free; Bahrain Hotels Company; Ahlia University; National Finance House; Bahrain Insurance Holding Company Director: Investcorp Bank B.S.C. DR. ESSAM ABDULLA FAKHRO ABDULLA YOUSIF AKBAR ALIREZA ALI HUSSAIN Yateem Deputy Chairman Deputy Chairman Director Non-independent and Non-executive Independent and Non-executive Independent and Non-executive Appointed to the Board in 2008 Appointed to the Board in 1984 Appointed to the Board in 1985 Chairman: Executive Committee Chairman: Nomination & Remuneration Member of Executive Committee Committee Member of Nomination & Remuneration Chairman: Bahrain Chamber of Commerce & Chairman: Audit Committee Committee Industry; Bahrain Cinema Company Chairman : Abdulla Yousif Fakhro & Sons Group Chairman: Yousuf Akbar Alireza and Sons. Vice Chairman: Ali & Mohamed Yateem Group of Director: Economic Development Board; Bahrain Director: Bahrain Ship Repair and Engineering Companies W.L.L. Mumtalakat Holding Company BSC (c). Company Co BSC. MOHAMMED Mubarak AL SULAITI DR. ABDULLA AHMED MANSOOR RADHI KHALID YOUSIF ABDUL RAHMAN Director Director Director Non-independent and Non-executive Non-independent and Non-executive Independent and Non-executive Appointed to the Board in 1993 Appointed to the Board in 1993 Appointed to the Board in 2001 Member of Executive Committee Deputy Chairman: Audit Committee Vice Chairman: Bahrain Flour Mills Company Deputy Chairman: Awal Dairy Company Director and Member of the Executive Committee: Bahrain Ship Repair and Engineering Company Director: Bahrain Saudi Transport Company HUSSAIN SULtan AL GHANEM ABDUL RAZAK ABDULLA HASSAN faWZI AHMED KANOO Director AL QASSIM Director Non-independent and Non-executive Director Independent and Non-executive Appointed to the Board in 2004 Non-independent and Executive Appointed to the Board in 2010 Member of Audit Committee Appointed to the Board in 2009 Member of Executive Committee Member of the Executive Committee Member of Audit Committee Undersecretary, Human Resources; Prime Minister’s Court Chairman: Bahrain Islamic Bank (BisB); Benefit Chairman: Abdulrahman Jassim Kanoo Co WLL Company; Bahrain Association of Banks; Deputy Chairman: Yusuf Bin Ahmed Kanoo Board Member, Chairman of Executive Group, Bahrain Committee, Member of Donation Committee Director: Bahrain Hotels Company, Aluminum and Member of Nomination and Remuneration Bahrain (Alba). Committee at Bahrain Telecommunication Executive Director: Bahrain Ship Repairing & Company (Batelco); Engineering Co BSC. Board Member of Umniah Mobile Company (Jordan); Dhivehi Raajeyge Gulhn plc (Dhiraagu), Maldives; Sure Guernsey Limited; Sure Jersey Limited; Sure Isle of Man Limited; the Crown Prince International Scholarship Programme Board Member of Deposit and URIA Protection Board at Central Bank of Bahrain 10 I NBB ANNUAL REPORT 2013 board OF DIRECtors’ REPORT The Board of Directors of National Bank of Bahrain takes pleasure in presenting the 57th Annual Report of the Bank together with the financial statements for the year ended 31 December 2013. FAROUK YOUSUF KHALIL ALmoayyed GeneraL OperatING ENVIRONMENT OveraLL PERFORMANCE Chairman The performance of the global economy Against this background, National Bank of is showing signs of improvement with Bahrain achieved strong financial results for modest recovery expected over the next 2013 with the Net Profit increasing by 8.1 per two years. The growth story is shifting with cent to reach BD 51.36 million (US$ 136.60 the US economy strengthening, Euro area million) compared to BD 47.50 million (US$ crawling out of recession while emerging 126.33 million) for the previous year. These markets have lost some of their luster. The strong results demonstrate successful United States has seen several quarters of implementation of the Bank’s business growth largely driven by private demand. The strategies in the interest of all our stakeholders. 3,000 core economies of Europe show signs of Return on Equity at 15.06 per cent and Return recovery while the periphery economies are on Assets at 1.90 per cent remains strong by 2,500 still struggling.
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