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CARGILLS BANK LIMITED ANNUAL REPORT 2019 Contents

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CARGILLS BANK LIMITED ANNUAL REPORT 2019 Contents CARGILLS BANK LIMITED ANNUAL REPORT 2019 Contents Vision and Mission 01 Our Heritage 02 Our Partners 03 Year in Review 04 Chairman’s Message 06 CEO’s Statement 08 Profile of Directors 14 Corporate Governance 17 Risk Management 39 Board Integrated Risk Management Committee Report 46 Board Human Resources and Remuneration Committee Report 49 Board Strategic Planning Committee Report 50 Board Related Party Transactions Review Committee Report 51 Board Credit Committee Report 52 Board Audit Committee Report 53 Annual Report of the Board of Directors’ on the Affairs of the Bank 55 Directors’ Interest 58 Financial Statements Directors’ Responsibility for Financial Reporting 60 Directors’ Statement on Internal Controls Over Financial Reporting 61 Auditors’ Report on Internal Control 64 CEO’s and CFO’s Responsibility for Financial Reporting 65 Independent Auditor’s Report 66 Income Statement 68 Statement of Profit or Loss and other Comprehensive Income 69 Statement of Financial Position 70 Statement of Changes in Equity 72 Statement of Cash Flows 73 Notes to the Financial Statements 74 Supplementary Information 130 Investor Relations 142 Notice of Meeting 144 Form of Proxy 147 Corporate Information Inner Back Cover 01 Vision To be the most inclusive bank harnessing the spirit of progress in every Sri Lankan. Mission We aim to directly engage every customer at their convenience by a unique and far reaching network, through efficient and innovative technology. To facilitate and empower small and medium entrepreneurs, enhance industry standards through a highly motivated team of innovative bankers. CARGILLS BANK LIMITED Annual Report 2019 02 Our Heritage Founded on the belief that uplifting the people in the rural sector will strengthen our nation, and on the basis that our nation has always been an agrarian society, once renowned as the granary of the east, the fortunes of our nation have always centred around agriculture. Thus, the Cargills Bank logo portrays an ear of paddy, a symbol of prosperity and agriculture in Sri Lanka. The upward movement of the logo depicts prosperity and growth. The colour, a hue of Red and Orange, denotes a bright future. As we look closer, we also see people standing behind one another, symbolic of supporting each other, giving significance to the nature of the human spirit, that an individual’s success is built on support of the community, of which Cargills Bank is also a part. CARGILLS BANK LIMITED Annual Report 2019 03 The largest shareholders of Cargills Bank Limited are Cargills (Ceylon) PLC and CT Holdings PLC, both highly diversified conglomerates listed in the Colombo Stock Exchange, with interests in entertainment, the hospitality trade, property development, manufacturing, food processing and retailing. Our Partners Cargills Ceylon PLC, a Sri Lankan corporate established in 1844 is built on a strong foundation of values and ethics. Cargills Bank is also well partnered through investments of leading corporates in the country whose brands, financial performance, market share and business foresight have placed them at the highest levels of their respective fields. CARGILLS BANK LIMITED Annual Report 2019 04 Year in Review Loans and Advances Total Deposits Total Assets (Rs. Bn) (Rs. Bn) (Rs. Bn) 3030 2525 4040 2525 2020 3030 2020 1515 1515 2020 1010 1010 1010 5 5 5 5 - 0 - 0 - 0 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 Loans and Advances Total Deposits Total Assets LKR. 27,013 Mn LKR. 25,042 Mn LKR. 39,138 Mn 13% 26% 16% Gross Income Operating Income LKR. 4,959 Mn LKR. 2,452 Mn 15% 4% 400+ 20 Access Points Branches 650 27% CARGILLS BANK LIMITED Annual Report 2019 Employees Capital Adequacy Ratio 05 2019 2018 Change Rs’ 000 Rs’ 000 % Operating Results Gross income 4,959,253 4,300,243 15 Net interest income 2,043,651 2,029,307 1 Net fees and other income 408,663 328,674 24 Total operating income 2,452,314 2,357,981 4 Operating (loss)/profit before taxes (887,919) 336,586 (364) (Loss)/ profit for the year (666,600) 122,805 (643) Assets and Liabilities Loans and advances 27,013,673 23,917,397 13 Customers deposits 25,042,562 19,902,741 26 Total assets 39,138,534 33,803,120 16 Total liabilities 28,706,069 22,779,158 26 Shareholder’s funds 10,432,465 11,023,962 (5) Key Indicators (Loss)/ earning per share (0.75) 0.14 Net asset value per share 11.81 12.48 Net Interest Margin % 5.55 5.88 Return on assets (before income tax) % (2.41) 0.97 Return on equity % (5.96) 1.09 NPL ratio 12.79 6.04 Regulatory Ratios Tier 1 capital adequacy ratio % 26.37 32.27 Tier 1 & 2 capital adequacy ratio % 26.87 32.62 Liquid asset ratio % 32.65 23.34 CARGILLS BANK LIMITED Annual Report 2019 06 Chairman’s Message Dear shareholder, "Our goal was to introduce inclusive We are pleased to present the annual report and audited financial statements of Cargills Bank for the year 2019. banking to Sri Lanka. Leveraging During the year under review, which marked the completion of our on the distribution system of Cargills fifth year of commercial operations, various challenges in the oper- and its brand strength, we sought to ating environment were not unique to Cargills Bank. However, the journey to realising our fullest potential – of our business model - is implement a business model - built beginning. on our intrinsic passion - to promote Even though we are the most recent local entrant into the Sri Lankan greater accessibility to mainstream banking sector, we share a deep bond with our brand Cargills across the country. Therefore, we feel this is an opportune moment to revisit financial services." our initial vision and reflect on how these strategies have evolved over the years. Connecting our Customers to Financial Inclusivity Ever since Cargills Bank was conceptualised, we understood that our "We introduced digitally enabled definition of value would be to offer convenience and accessibility with regards to banking services. We felt we had to do more than simply services such as Cargills Cash and emulate the success of our industry peers. So we envisioned a busi- Tab-based Banking and established ness model that was financially inclusive at its core. a far-reaching agency banking Inspired by our brand’s 175-year story centred on inclusivity, we needed to ensure that the business model we developed would be distribution network, supplemented by grounded and could reach out to and serve customers across the the extensive retail footprint of Cargills country. Food City." Therefore, our goal was to introduce inclusive banking to Sri Lanka. Leveraging on the distribution system of Cargills and its brand strength, we sought to implement a business model - built on our intrinsic passion - to promote greater accessibility to mainstream financial services. Proving Commitment in the Face of Adversity Despite the challenges faced, our shareholders did not hold back on critical investments and proceeded with the roll-out of the Bank on schedule, offering a fully-fledged portfolio of products and services to our customers. We introduced digitally enabled services such as Cargills Cash and Tab-based Banking and established a far-reaching agency banking distribution network, supplemented by the extensive retail footprint of Cargills Food City. The management is confident that we are on the right track to CARGILLS BANK LIMITED Annual Report 2019 unlocking the true potential of the Bank’s business model and are 07 also committed to meeting all the Bank’s going Chairman, Mr. Louis Page, whose I also wish to convey our deep grati- future capital requirements as they have visionary leadership, guidance and pro- tude to the Central Bank of Sri Lanka for in the past, despite the immense chal- fessionalism served as the backbone understanding the challenges we’ve had lenges faced. This commitment and of the Bank from its inception. We owe to endure, and the continuous support inherent support of our promoters have him a lasting debt of gratitude for suc- and guidance it has given us through- enabled us to secure a multi-notch cessfully navigating the Bank through out the past five years. We look forward upgrade by Fitch Ratings to A- (lkr) with innumerable challenges and laying a to maintaining this vital and productive a Stable Outlook during 2019. strong foundation, while ensuring that it engagement in order to ensure that, as remains firmly aligned to the spirit and our Bank grows, we remain strictly com- Re-validating the Past, Re-aligning to values of Cargills. pliant with all necessary regulations. the Future Over the past five years, the financial I would like to place on record our appre- Most importantly, I wish to convey our services paradigm has seen a significant ciation for the contribution made by Dr. sincere appreciation to all our custom- transformation. With this comes new Dushni Weerakoon who resigned from ers and stakeholders for believing in our challenges, particularly regarding data the Board following her appointment as business model. We remain undeterred privacy protection and cyber security. a member of the Monetary Board of the and are cautiously optimistic that we will However, they also bring unprecedented Central Bank of Sri Lanka. I wish her suc- be able to showcase the uniqueness opportunities to the Bank. cess in her future endeavours. of our business model. Going forward, post COVID-19, we are re-engineering In order to ensure that the Bank is opti- During the year under review, Mr. Yud- our business to further enable cashless mally positioned to capitalise on these hishtran Kanagasabai and Ms. Marianne banking, in order to meet the changing dynamics, we have commissioned an Page joined the Board of Cargills Bank consumer patterns.
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