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Annual Report 2016 Credit Information Bureau of Sri Lanka / Annual Report 2016 / Annual Report of Sri Lanka Bureau Information Credit “TOWARDS CREATING A CULTURE OF HIGH CREDIT QUALITY AND DISCIPLINE THAT PROMOTES WIDER FINANCIAL INCLUSION AMONG ALL SEGMENTS OF THE ECONOMY AND STRENGTHENS THE FINANCIAL SYSTEM STABILITY OF THE COUNTRy” Credit Information Bureau of Sri Lanka (CRIB) / Annual Report 2016 Contents Chairman’s Review 2 Key Performance Indicators 5 Historical Milestones 8 Who We Are Our Vital Statistics 12 CRIB Products & Services 14 Governance System Board of Directors 17 Board of Directors (Retired) 24 Our Team 25 Ethics and Anti -Corruption 28 Governance and Internal Controls 32 Audit Committee Report 37 Remuneration Committee Report 39 Chairman’s Message Management Discussion & Analysis “...the total number Managing Risk 41 of credit reports Operations Review 44 issued during the year Financial Review 47 increased by 15%, Economic Contributions 50 to 8 million, from 6.9 IT System 51 million in the previous Our Customers 53 financial year.” Our Team 55 Financial Reports Statement of Directors’ Responsibilities for Financial Statements 58 Credit Report Usage No. Reports Mn Annual Report of the Board of Directors on the Affairs of the Bureau 59 5.0 Independent Auditor’s Report to the Shareholders of Credit Information 4.0 Bureau of Sri Lanka 61 Statement of Comprehensive Income 62 3.0 Statement of Financial Position 63 2.0 Statements of Changes in Equity 65 1.0 Cash Flow Statements 66 0 Notes to the Financial Statements 67 2012 2013 2014 2015 2016 Notes 84 Commercial Banks Finance Companies Corporate Information 87 Specialised Banks Leasing Companies ABOUT US The Credit Information Bureau of Sri Lanka (CRIB), which is the first credit bureau in the South Asian region, was established by the Credit Information Bureau of Sri Lanka Act No. 18 of 1990. An initiative of the Central Bank of Sri Lanka and the Ministry of Finance, CRIB was a response to the country’s debt crisis in the 1980s. The disciplining mechanism provided by a Credit Information Bureau is expected to improve the country’s overall credit culture. 2 CREDIT INFORMATION BUREAU OF SRI LANKA (CRIB) CHAIRMAn’S REVIEW Despite the inconveniences associated with shifting of work premises, CRIB continued to provide uninterrupted services for its “The financial year 2016 was member financial institutions and the a momentous year for CRIB general public. In fact, the total number of credit reports issued during the year as it marked a number increased by 15%, to 8 million, from 6.9 of landmark events, the million in the previous financial year. This growth in credit reports demonstrates the most prominent of which growing confidence of banks and other was the change of official MR. P. Samarasiri - Chairman financial institutions of the CRIB as a reliable (Retired w. e. f. Aug - 2017) premises. In June 2016, information source for managing of credit I am pleased to present the Annual Report risk in lending decisions and the improved the CRIB shifted from its and audited financial statements of the public perception about the Bureau. previous Vauxhall Street Credit Information Bureau of Sri Lanka office to a newly constructed (CRIB) for the financial year 2016. I am happy CRIB’s financial performance too, continued to report steady progress of CRIB in terms to improve with 10% growth in net profit building, equipped with of both financial growth and also in an to reach Rs. 888 million. The slower rate of modern facilities, on Sir operational context, where the number of profit growth is mainly due to the decision credit reports issued for institutional clients to reduce credit report charges from Baron Jayathilake Mawatha, and the public, have recorded an increase Rs. 200 to Rs. 125 in the previous financial in the heart of Colombo’s year-on-year. year, as a means of distributing CRIB’s commercial capital, Fort. financial gain to shareholders and in turn The financial year 2016 was a momentous the general public. Hence, the primary year for CRIB as it marked a number of contributor to the current year’s growth in landmark events, the most prominent of profitability was interest incomes from the which was the change of official premises. CRIB investment portfolio, which grew by 92% benefiting from higher interest rates. ” Shares Ownership of the CRIB In June 2016, CRIB shifted from its previous Vauxhall Street office to a newly constructed Increase of CRIB’s expenses by 31% year- building, equipped with modern facilities, on-year was mainly due to the higher rent payment for the new CRIB office building on Sir Baron Jayathilake Mawatha, in the and some cost increases associated with heart of Colombo’s commercial capital, ICT system maintenance. However, I am Fort. The prestigious and spacious building confident this cost increase will be offset by in a prime location in Colombo city has the greater benefits that will accrue to the contributed towards raising CRIB profile, shareholders in the future. while also enhancing CRIB’s capacities to serve our customers better. The new The CRIB database presently covers close to Monetary Board of Central locality provides better accessibility for both 6.2 million of the population in the country, Bank of Sri Lanka 19.3% CRIB employees and the rapidly growing with data being reported by all authorised Commercial Banks 57.99% customer base of CRIB and is also equipped lending institutions on main borrowers, or Specialised Banks 16.62% with better amenities and customer service Finance Companies 5.57% guarantors, to credit facilities. In comparison systems. Leasing Establishments 0.44% Other Institutions 0.08% CREDIT INFORMATION BUREAU OF SRI LANKA (CRIB) 3 to peer countries in the region, this coverage CRIB also continued to receive advisory of 40% of the total adult population stands assistance from the International Finance well above the South Asian regional average Organisation for strengthening of legal of 13%. Gradual and steady growth of the framework of the STR system in Sri Lanka. data base achieved during the past years Upon completion of the project, CRIB will be can be credited to the commitment shown able to provide a comprehensive electronic by members in supporting the Bureau’s registry system for registration of security effort to offer comprehensive, near-real-time interests on movable assets for all lending updated information services that are rich in institutions. coverage and informational value. I am pleased to report that as an important CRIB has achieved a 15% increase in aspect of our ongoing development effort, distribution of credit reports among the procurement process for a credit bureau member institutions, compared to the system was revived successfully during mid- 45% increase that was recorded during the 2016. The Board took a decision to appoint year 2015. The declining demand for credit an industry-represented advisory committee reports can be attributed to certain policy to advice on the best possible way forward measures adopted by the Government to for the Bureau. contain rising credit expansion to the private sector, which was growing at 15% as per A Board-appointed Tender Board and available statistics for the year 2016. Technical Evaluation Committee were set up to ensure a more transparent system However, sector wise comparison of procurement process. demand for credit information suggests that the finance companies have overtaken CRIB continued to transfer its financial gains the banking sector by 17%, by doubling the to members by increasing capital reserves previous year’s demand for credit reports and distributing a substantial amount of by 8%. Finance companies’ contribution profit as dividends. In 2016, the rate of to the total distribution of reports of 52% dividend increased to 208% with a gross is supported by the segment’s continuing dividend of Rs. 500 million, as against the interest into the micro finance operation dividend of Rs. 162.5 million distributed in in the market. The Bureau in this regard 2015. The continued increase in earnings MR. C. J. P. SIRIWARDENA has introduced a uniquely-designed credit per share to Rs.3,553 and net assets per (Appointed w. e. f. Aug - 2017) report, targeting micro lending in the share to Rs. 15,882 shows the strength of the main stream credit market. As a pilot run, shareholder value created by CRIB in 2016. In 2016, the rate of dividend this report was made available only to The ownership structure of CRIB continued increased to 208% with a the finance and leasing companies and is to remain as 19.3% by the Central Bank, expected to be introduced to the banking 57.99% by commercial banks, 16.62% by gross dividend of Rs. 500 Mn, sector during 2017. specialised banks and 6.01% by finance as against the dividend of Rs. companies and leasing companies. 162.5 Mn distributed in 2015. 4 CREDIT INFORMATION BUREAU OF SRI LANKA (CRIB) Chairman’s Review Contd. As part of the overall growth process, a new from 1st January 2016 to 31st December General Manager for CRIB was recruited 2016, when he acted as the General in January 2017 to support the strategic Manager. I look forward to the continued development process of the Bureau. support of the Board and CRIB employees to drive the CRIB towards creating a culture In the new financial year, the CRIB will of high credit quality and discipline in the continue with plans for a new IT system country. and will consider the introduction of new products and services to add value to our existing shareholders and to integrate more non-traditional credit sectors such as insurance and telcos to the portfolio of CRIB, Mr. C. J. P.
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