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Seylan Bank PLC Annual Report 2012

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Seylan Bank PLC Annual Report 2012 Seylan Bank PLC Annual Report 2012 It works! What is it? What did it deliver? How it works? 3 Chairman’s Letter 7 Report of the General Manager/Chief Executive Officer 14 Management Discussion and 11 Financial Highlights Analysis 12 Operational Highlights 14 Operational Review 44 Financial Review Why it works? It will work! 50 Corporate Governance Report 223 Future Outlook 101 Report of the Board Audit Committee 104 Board Integrated Risk Management Committee’s Report for 2012 106 Report of the Board Human Resources and Remuneration Committee 107 Board Nomination Committee’s Report for 2012 108 Risk Management Report 138 Board of Directors 140 Profiles of the Board of Directors 144 Senior Management Team 146 Sustainability Report Financial Reports Annexes 226 Report of the Board of Directors of Seylan Bank PLC on the 342 Ten Years at a Glance State of Affairs of the Company for the Year 2012 343 Summary of Performance Indicators 233 Annexure to the Report of the Board of Directors on the 344 Statement of Comprehensive Income in US Dollars State of Affairs of the Company 345 Statement of Financial Position in US Dollars 236 Auditors’ Report on Internal Control 346 Investor Information 237 Directors’ Statement on Internal Control 351 Branch Network 239 Statement of Directors’ Responsibility for Financial Reporting 355 Geographical Analysis 240 Chief Executive Officer‘s and Chief Financial Officer’s 356 Glossary Responsibility Statement 358 Corporate Information 241 Independent Auditors’ Report 359 Subject Index 242 Income Statement 360 Sinhala Translations 243 Statement of Comprehensive Income 362 Tamil Translations 244 Statement of Financial Position Enclosed Notice of Annual General Meeting 245 Statement of Changes in Equity Enclosed Form of Proxy 247 Cash Flow Statement Enclosed Investor Feedback Form 249 Notes to the Consolidated Financial Statements Enclosed Circular to Shareholders It works! Hitting a target with maximum effect involves myriad factors that must work in congruence and with precision. Whether it be an archer’s compound bow or an institution’s business strategy and plan, the means to scoring a bull’s eye require congruence and precision. This analogy is a ‘glove fit’ with the fortunes and performance of Seylan Bank over the recent past. Despite being assailed by more than our fair share of adversity, sound strategising that evolved a forward looking business plan among so many other attributes has brought the Bank unprecedented success over the years…2012 has been our best year ever. Of this whole gamut of strategy and effort, we can proudly proclaim to all Stakeholders…It Works! The Bank With a Heart. What is it? What did it deliver? How it works? Why it works? It will work! Financial Reports Annexes What is it? Vision To be Sri Lanka’s leading financial services provider - as recognised by all our stakeholders. Mission We provide our customers with financial services that meet their needs in terms of value, pricing, delivery and service. We will do so through a team of Seylan Bankers who are recognised and rewarded for results orientation. We will ensure that our efforts translate to meeting the expectations of our shareholders, whilst always acting as responsible corporate citizens. Seylan Bank PLC Annual Report 2012 2 What is it? What did it deliver? How it works? Why it works? It will work! Financial Reports Annexes Chairman’s Letter Dear shareholders Looking back on the global economic than desired import demand - and the adverse scenario during the past fiscal year, economic weather conditions hindered economic I warmly welcome you to our 26th Annual growth remained sluggish with uncertainty performance of our nation. However, stringent General Meeting and present to you our Annual across the regions largely due to the post- policy measures aimed at macroeconomic Report and Financial Statements for the year election ‘fiscal debate’ questions in the USA, stability enabled Sri Lanka to record a ended 31st December 2012. the Chinese leadership transition and reforms commendable economic growth. Year 2012 has been a remarkable year for in the Euro Area. Global growth which was Interest rates continued to be high, us, characterised by a stringent focus on our predominantly reliant on the emerging while exchange rates remained highly volatile strategy - by the Board, management and the economies, particularly China, India and Brazil, throughout the year. The demand for credit staff members at all levels at Seylan Bank. also experienced slower growth as exports was weakened and there was stiff competition We have grown in strength and managed our were hit by the sluggish performance of the for deposits. Operating within such a climate, business efficiently. The results prove that our advanced economies. the outstanding efforts of the Seylan Team strategies have begun to yield the desired On the local front, the slower than anticipated and the effectiveness of the strategies results and have provided us an excellent recovery of the global economy, the rapidly implemented enabled us to record the platform to achieve sustained growth and rising domestic credit - which fuelled a higher ‘best ever’ performance in terms of profits improved profitability. 3 Seylan Bank PLC Annual Report 2012 What is it? What did it deliver? How it works? Why it works? It will work! Financial Reports Annexes Chairman’s Letter which crossed the two billion rupee mark. The key aspect of our strategy is building branches on the same day. Installing of ATM I am extremely proud of our achievement. solid customer relationships. We have always machines coupled with branch relocations We have come through trying times and been known for our excellent customer service. enabled us to reach a wider customer segment within a very short period, successfully rebuilt Being a relationship-driven bank we have island-wide. This strategy complements our confidence and brought about stability to stayed true to our motto, ‘The Bank with a key focus of reaching out to and serving the the Bank. This was affirmed by the show Heart’. We have further improved our caring growing, sophisticated customer base in the of commitment and loyalty by shareholders customer service and driven excellent customer SME and middle market sector, which has and investors in their support of the rights service tenets across the Board. We have been our strength. Being a bank with a true issues in 2009 and 2011. The solid growth put in tremendous effort into understanding entrepreneurial spirit our efforts in this regard in our deposits in an intensively competitive customers and their needs and serving them. have been in line with the Government’s environment also affirmed the confidence the We have for this purpose adopted several economic target of achieving inclusive growth public has in the Bank, the Board and the staff. innovative measures. through facilitating the SME sector. I am indeed proud and happy to state that we This year too we have invested in our own Despite 2012 being a more challenging are now one of the best capitalised banks in people, by training them, focusing on their year in many ways, we are proud of our the country with a total capital adequacy ratio skills and competencies in a more meaningful achievements. Our profits increased by a well-above the statutory requirement of 10%. manner. We have remained fully committed staggering 208.20% to Rs. 2.05 Bn. Deposits We have been fully committed to achieving to providing a comprehensive range of reached Rs. 146.73 Bn. with an increase of our robust strategic plan rolled out in January training and development opportunities for 18.35% year on year. Gross Advances grew 2012 which provides strategic vision and our employees to equipping them to face by a 14.06% to Rs. 132.97 Bn. We continued direction for the next four years. Asset the challenges ahead and also to maintain to grow and deliver value to shareholders growth, branch expansion, customer service our position as one of the most sought after in 2012. Earnings per share rose to Rs. 6.06 excellence, staff development, NPA reduction employers in Sri Lanka. compared to Rs. 2.18 the previous year. and enhancing shareholder value are priority Net assets value per share increased to In keeping with our branch expansion areas embedded in this plan. The bottom up Rs. 56.08 while shareholders’ funds grew strategy, we expanded our branch network by approach followed in the formulation process by 8.38% to Rs. 18.96 Bn. A comprehensive opening up branches and convenient banking enabled us to get the support and commitment review of our results and the operating centres in strategic locations in several areas of the entire Seylan Team towards the strategic performance is presented in the Financial of the country, inclusive of opening four objectives and its successful implementation. Review section of this Report. Seylan Bank PLC Annual Report 2012 4 What is it? What did it deliver? How it works? Why it works? It will work! Financial Reports Annexes Chairman’s Letter Looking ahead,we intend on capitalising on guidance. My gratitude goes out to the Board the broad economic prospects of our nation, of Directors for their diligent guidance and and aim to optimise on the opportunities support. I wish to specially thank the Chief that are bound to open up. We will gear Executive Officer for his inspired leadership and ourselves to serve emerging sectors of the all the employees for their exemplary efforts economy as a result of economic growth. We and dedication. My heartfelt gratitude goes will take advantage of the local economic out to the shareholders and customers for growth to source foreign funding for our credit their loyalty and confidence placed in us over requirements which would have a direct the years.
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