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NBP Annual Report 2017

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NBP Annual Report 2017 National Bank Annual Report Cover Inside PROFILE The Bank 03 Vision, Mission & Core Values 04 Corporate Information 06 Organogram 07 Board of Directors 08 Senior Management 09 Shariah Board 15 MANAGEMENT DISCUSSION & DIRECTORS’ REPORTS Through the year 2017 17 Our Business, Objectives & Strategy 19 Financial Highlights 23 Awards & Credit Ratings 46 Directors’ Report to Shareholders 47 Directors’ Report to Shareholders (Urdu) 68 Overview of the Board of Directors’ Committees 70 Groups’ Performance Review 72 Corporate Social Responsibility 81 Risk Management Overview 88 Global Whistle Blow Policy 91 CORPORATE GOVERNANCE Statement of Internal Control 92 Statement of Compliance with Code of Corporate Governance 93 Auditors’ Review Report on Statement of Compliance with Code of Corporate Governance 96 Shariah Board’s Report on ‘NBP-Aitemaad’ (English & Urdu) 97 Notice of 69th Annual General Meeting 104 Notice of 69th Annual General Meeting (Urdu) 107 CONTENTS UNCONSOLIDATED FINANCIAL STATEMENTS Auditors’ Report to the Members 110 Unconsolidated Statement of Financial Position 112 Unconsolidated Profit and Loss Account 113 Unconsolidated Statement of Comprehensive Income 114 Unconsolidated Cash Flow Statement 115 Unconsolidated Statement of Changes in Equity 116 Notes to the Unconsolidated Financial Statements 117 CONSOLIDATED FINANCIAL STATEMENTS Directors’ Report to the Shareholders (English & Urdu) 212 Auditors’ Report on Consolidated Financial Statements 214 Consolidated Statement of Financial Position 215 Consolidated Profit and Loss Account 216 Consolidated Statement of Comprehensive Income 217 Consolidated Cash Flow Statement 218 Consolidated Statement of Changes in Equity 219 Notes to the Consolidated Financial Statements 220 Pattern of Shareholding 318 Proxy Form 325 Management Contacts & Branch Network 327 are a leading commercial Wbank, establishede on November 08, 1949 under the National Bank of Pakistan Ordinance, 1949. While we have been entrusted to act as an agent to the State Bank of Pakistan, over the years, we have redefined our role into a modern growth-oriented commercial bank by expanding our business network across continents and by capturing sizable market share in the capital & equity markets, corporate investment banking, retail and consumer banking, agricultural financing and treasury services in Pakistan. We have an international presence through our branches and subsidiaries in the Far East, Middle East, South Asia, Central Asia, Europe and North America. Together, with our local and international subsidiaries, we provide commercial banking services including corporate loans, investment banking advisory, forex, global remittances, underwriting, asset management, .37 trillion .03 billion 2 Total Assets 23 Profit After Tax agency services, brokerage, leasing, Modaraba and such other banking & financial services. We strive in promoting financial inclusion of the unbanked masses in the country, 20 Countries creating equal employment opportunities and delivering our 08 Foreign Local & International Branches responsibilities as a good corporate Subsidiaries & Joint Ventures citizen. 21 AAA Rated ‘AAA’ by both PACRA and JCR-VIS www.nbp.com.pk https://www.youtube.com/channel/UCcI-feuO5V4sCcIm0xigzVg https://www.facebook.com/NBPTheNationsBank 1498 Domestic Branches https://www.instagram.com/nationalbankofpakistan/ VISION To be a leading bank for partnering in financial growth through innovation and service MISSION To be a catalyst for economic growth, serving the nation through diversified product offering, innovation, superior service quality, universal banking capabilities, multiple delivery channels, investment in people and processes and work towards sustainable higher returns for stakeholders RESPECT We respect our customers' needs, beliefs and values, working towards their benefit SERVICE Our main focus will be on providing superior service quality through diversification and development PEOPLE We will continue to value our people and will reward performance CORE VALUES EXCELLENCE We will continue to strive for excellence in all that we do INTEGRITY We will not compromise on integrity-zero tolerance for corruption and believe in doing the right thing CORPORATE INFORMATION Board of Directors Board Committees Saeed Ahmad Board Risk Committee President & Chief Executive Officer Muhammad Naeem (Chairman) Muhammad Naeem Farid Malik, CFA Director Mir Balakh Sher Marri Mir Balakh Sher Marri Board Audit & Compliance Committee Director Muhammad Naeem (Chairman) A. Akbar Sharifzada Mir Balakh Sher Marri Director Muhammad Imran Malik A. Akbar Sharifzada Farid Malik, CFA Director Board HR & Remuneration Committee Muhammad Imran Malik A. Akbar Sharifzada (Chairman) Director Muhammad Naeem Saeed Ahmad Asad Munir Mir Balakh Sher Marri Director Asad Munir Chief Financial Officer Auditors Abdul Wahid Sethi EY Ford Rhodes Chartered Accountants Company Secretary Grant Thornton Anjum Rahman S. M. Ali Zamin Chartered Accountants Registered & Head Office Legal Advisors NBP Building Mandviwalla & Zafar I.I. Chundrigar Road Advocates & Legal Consultants Karachi, Pakistan Registrar & Share Registration Office Website Central Depository Co. of Pakistan (CDC), www.nbp.com.pk CDC House, 99-B, Block-S, S.M.C.H.S., Main Shahrah-e-Faisal, Karachi, Pakistan UAN: 111-111-500 06 ANNUAL REPORT 2017 ORGANOGRAM BOARD OF DIRECTORS Board Audit & Board HR & Compliance Shariah Board Remuneration Board Risk Committee Committee Committee PRESIDENT President Secretariat Audit & Inspection Corporate Commercial Retail Risk Management Group Banking Group Banking Group Group Office of Secretary International Treasury & Human Resource Banking Group Capital Markets Management Group Board of Directors Group Payment Services Investment Banking & Digital Banking Assets Recovery Information Group Group Group Technology Group Compliance Financial Control Service Quality Credit Management Group Group Group Group Aitemaad Operations Logistics Support Islamic Banking Legal Group Group Group Division Learning & Management Development Division Mr. Saeed Ahmad President & Chief Executive Officer Mr. Saeed Ahmad is a Fellow of the Institute of Actuaries, London. He holds a Master’s Degree in Finance & Accounting from the London School of Economics and BSc (Hons) from Punjab University, Lahore with a gold medal. He also attended Senior Management Program of Harvard Business School at Boston, USA. Mr. Saeed Ahmad has extensive Banking, Finance and Management experience of over 45 years. He started his career with Prudential Corporation, London in 1969 and then moved on to Banking and worked in SIBC Riyadh, an Associate of Chase Manhattan Bank, in Corporate Finance and as Head of Corporate Finance and International in Kuwait Asia Bank, Bahrain. Mr. Saeed Ahmad has worked as Head of Treasury, Credit and Marketing of Paris-based Union de Banques Arabes et Francaise at Bahrain, a subsidiary of Credit Lyonnais, Paris for several years. He also headed Islamic Investment and Financial Products Group at Faysal Islamic Bank of Bahrain-Manama, Bahrain. Mr. Saeed Ahmad has also worked in the corporate sector at senior executive positions such as Vice President Finance & Chief Financial Officer at the biggest Saudi multinational group in Jeddah. Earlier, he was also heading a group of companies in England. He was appointed by the Federal Government as Chairman of the Steering Committee for the Promotion of Islamic Finance in December, 2013. This apex forum was responsible for developing a roadmap for Islamic Finance in the country. Before joining NBP as President on March 24, 2017, Mr. Saeed Ahmad was serving at the State Bank of Pakistan as Deputy Governor, from January 2014 to March 2017. At State Bank of Pakistan, he contributed as Chairman / Member of several committees, playing a key role in decision making for the central bank. He chaired the Banking Policy Committee, Investment Committee of the Management, Management Committee on Information Technology, Payment Systems Policy Committee. He was also a member of the Monetary Policy Committee and Monetary Operations Committee. To meet the special skill requirements and develop human resources for an expanding Islamic Banking Industry, he played a pivotal role in the establishment of three Centers of Excellence in Islamic Finance in three leading universities of the country. With a focus on the smooth flow of financial services to priority sectors including Agriculture, Warehousing Receipts, Microfinance, SMEs, low-cost housing, Financial Inclusion, Digital Banking, Mr. Saeed Ahmad has played a key role in developing a number of innovative market instruments. During 2014-17, Mr. Saeed Ahmad was Chairman of the Board of Directors of House Building Finance Company Limited, Pakistan Mortgage Refinance Company and EXIM Bank. He was Member, Policy Board of Securities and Exchange Commission of Pakistan, State Life Insurance Corporation and Zarai Taraqiati Bank Limited. Moreover, he is a member of the Board of Governors as well as Board of Trustees of Pakistan Kidney and Liver Institute and Research Center, Lahore. Mr. Saeed Ahmad also chaired SAARC Payments Council, which is an international forum of SAARC countries to share experiences on payment systems. Current Directorships & Offices: • Director, National Investment Trust Limited • Director, Fauji Oil Terminal & Distribution Company Ltd. • Member Executive Committee, Pakistan Banks Association • Member of the Council, The Institute of Bankers Pakistan • Trustee Member, Friends of
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