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Leading the Way in Asia, Africa and the Middle East Standard Chartered Bank Zambia Plc Annual Report 2012 Leading the way in Asia, Africa and the Middle East Here for good 2Standard CharteredStandard CharteredBank Zambia Bank Plc Zambia Annual PlcReport Annual 2012 Report 2012 Standard Chartered Bank Zambia Plc has again delivered a strong performance. The Bank is integral to the development of the country and our performance clearly demontrates our powerful brand promise, Here for good. Financial highlights Revenue Profit before taxation ZMK620,417m ZMK339,618m 2011: ZMK479,317m / 2010: ZMK451,138m 2011: ZMK226,087 / 2010: ZMK229,744m Total assets Normalised earnings per share ZMK5,163,618m ZMK132.57 2011: ZMK4,585,674m / 2010: ZMK4,572,218m 2011: ZMK79.46 / 2010: ZMK5.42 Normalised return on equity Dividend per share 37% ZMK0.00 2011: 41% / 2009: 30% 2011: ZMK0.00 / 2010: ZMK20.00 Non-financial highlights Employees Outlets 696 24 2011: 650 2011: 20 1 What’s inside this report Overview Operating and financial review financial and Operating Overview Financial highlights 2 Chairman’s statement 2 - 6 4 Chief Executive Officer’s statement Performance highlights and an introduction to our business structures and strategy Corporate governance Corporate Operating and financial review 7 Consumer banking 7 - 9 8 Wholesale banking A review of our businesses, their financial performance and outlook for 2013 Financial statements and notes statementsFinancial and Corporate governance 10 Board of directors 13 Directors’ report 10 - 18 14 Statement on corporate governance An explanation of our approach 17 Senior Management Committee to corporate governance with key 18 Making a difference in our community developments during the year, together with profiles of our Board Directors Financial statements and notes 20 Directors’ responsibilities in respect of the Supplementary information 19 - 78 preparations of financial statements 21 Independent auditor’s report Detailed financial information for 23 Statement of comprehensive income the year ended 31 December 2012 25 Statement of financial position 26 Statement of changes in equity 28 Statement of cash flows 29 Notes to the financial statements Supplementary information 79 Five year summary 79- 86 80 Principal addresses and senior management 81 Branch management Additional information for shareholders 83 Dividend 84 Notice of annual general meeting and agenda 85 Form of proxy 2 Standard Chartered Bank Zambia Plc Annual Report 2012 Chairman’s statement It gives me great pleasure to present Standard Chartered Bank Zambia Plc’s annual report and financial statements for the year ended 31st December 2012. The Bank continued its custom of achieving a good performance and putting in place strategies focusing on its client service delivery objectives. Our performance in 2012 once again demonstrates our ability to deliver substantial, sustained value for our shareholders. Despite our sterling performance, the 2012 financial year has been another challenging one for financial institutions in general, and for the Group in particular. The macroeconomic environment has again been dominated by uncertainty and volatility in global financial markets. The economic and regulatory pressures were unrelenting. Competition was intense. The New York State Department of Financial Services ‘event’ was particularly challenging to the Group. But we have proved our resilience. Once again we have outperformed our competitors on so many levels, notwithstanding the challenges and difficulties we encountered. Locally in Zambia, the Government in 2012 introduced a number of new regulations that affected the Bank directly. Being the right partner to the Central Bank, the Bank ensured 100 per cent compliance to all new regulations and through them all still achieved a superb financial performance. Financial Highlights Revenue increased by 29 per cent to ZMK620bn and Profit before taxation increased by 50 per cent to ZMK340bn. Basic and diluted earnings per share were 67 per cent higher at ZMK132.57 per share. The Board is recommending that all profits after tax be retained. Bank of Zambia had in early 2012 revised the minimum primary capital requirement for Banks in Zambia, with a requirement to maintain a minimum Tier 1 capital of ZMK520bn for international banks and ZMK104bn for local banks. A further stipulation was that of the Tier 1 capital, at least 80% should be kept in nominal paid-up common shares and the balance may be held only in any one or more categories including share premium, revenue reserves, general reserves and other statutory reserves. All Banks were required to comply with this new directive by 31 December 2012. The board is pleased to announce that the retention of profits for the year 2012 and the resultant capitalization of the Bank meant that the Bank was able to meet the Bank of Zambia requirements as at 31st December 2012. Standard Chartered Bank Zambia Plc is therefore fully compliant with the recapitalization requirements. The Domestic Economy Following the achievement of its maiden USD 750mn Eurobond issuance (the USD 11.9bn order book reflected strong appetite) in 2012, Zambia has entered a new chapter. We saw rising copper output, agriculture gains, government 3 spending (especially on transport infrastructure), and power the Bank’s economic contribution to Zambia has been Overview generation capacity all contributing to the growth of GDP. the culmination of 107 years of sustained and increased investment in the country. Despite concerns about capacity for higher spending, infrastructure shortcomings was less of a constraint on Ten years ago we launched our strategic intent: to be the economic activity. Zambia’s ability to keep inflation at 6-7% world’s best international bank, leading the way in Asia, will be closely watched as the Zambian Kwacha (ZMK) was Africa and the Middle East. The time is right for us to rebased to remove three zeros on 1 January 2013. re-engage and recommit to our strategic intent. We have re-examined the strategy and resolved to remain strong and The rebasing aims to cement macroeconomic stability by committed to continuity and commitment. committing to low and stable inflation in the future, and to boost economic activity by aiding pricing transparency. Our business and strategy is long term and enduring. We This follows earlier measures to reverse dollarisation in the want to be the best. We will remain focused and continue to economy. However, with the old and new kwacha notes be the quintessential ‘international’ bank. ‘Leading the way existing side-by-side for six months, higher money supply to in Asia, Africa and the Middle East’ captures what we want facilitate the rebasing, potential pressure on the FX rate, and to achieve: Leadership across multiple dimensions in the sequencing with other reforms (including bank capitalization), markets we know best. inflation will need to be carefully monitored. Summary Following a doubling of mining-sector royalties in 2012, I am proud of what we achieved in the year 2012. I am efforts to boost mining revenue will continue, with the 2013 particularly proud of how we have turned our thinking and budget streamlining the sector’s tax concessions. Zambia ambition to be a force for good into tangible business has been criticized for its generous fiscal legislation, that opportunities. I would like to thank the Board, the allows mining companies to carry forward losses for 10 management team and the Banks’ employees for their years. However, under new legislation, capex deductions dedication and hard work. The Bank has had an extremely can be made only when equipment is put to use, and capital strong 2012, and I believe the positive momentum will allowances are reduced to 25% from 100%. Furthermore, continue in 2013. new mine operators may have to start paying taxes before recovering all their investment. However the new fiscal regime is unlikely to discourage existing operators. Outlook Standard Chartered Bank Zambia Plc remains a core part of the Bank’s Africa strategic footprint and has consistently Michael M. Mundashi, SC been among the top five revenue contributors for the Africa Chairman region. With 24 outlets,45 ATMs and close to 700 staff, 21 February 2013 4 Standard Chartered Bank Zambia Plc Annual Report 2012 Chief Executive Officer’s statement Standard Chartered Bank Zambia Plc’s great performance in 2012 represents a very positive start to 2013. Amidst the turbulence of the global economy and the never ending turmoil in the world of banking, we remain consistent in delivering strong performance yet again. The Bank delivered a progressive performance leveraging on its deep local knowledge and international network. Despite the challenge of increased competition, the Bank continues to deliver financial solutions to clients and customers – helping their businesses to grow and making a difference in their lives. 2012 has been a very testing year for the global Bank. Notably the New York State Department of Financial Services ‘event’ was particularly challenging. But we have proved our resilience and our Brand Promise – ‘Here for good’ couldn’t be more right. Locally in Zambia, we had an avalanche of new regulatory changes but we proved that we are the right partner of the Zambian Government and it’s people by guaranteeing total compliance to these new regulations. Our 2012 performance once again demonstrates the robustness of our strategy and the resilience of our business model. A positive performance trajectory in the Bank’s core business and sound growth in share of market revenue pools confirm the Bank’s solid position. We believe that our focus on the basics of banking, drive for service excellence, and disciplined approach in managing risk and prudent cost management were the reasons for the excellent results delivered over the past year. Notwithstanding the difficult market conditions, the Bank’s businesses, both Wholesale and Consumer Banking, continued to grow throughout the year 2012. Consumer Banking In Consumer Banking our aim is to be the Bank of choice for personal customers’ and deliver superb services that are rooted in a deep knowledge and understanding of our customers increasingly sophisticated needs.
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