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Beyond Plain Sight

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Beyond Plain Sight Amãna Bank ANNU A L REPO R T 2014 Beyond Plain Sight Amãna Bank PLC 480, Galle Road, Colombo 3, Sri Lanka. www.amanabank.lk ANNUAL REPORT 2014 Our Vision To be an admired leader in providing equitable financial solutions, not limited to numerics, but also in earning the trust of our customers, employees, shareholders and country Our Mission To adopt a unique and people friendly approach with a passion for continuous improvement, enabling growth and enriching lives of our customers We believe We believe that you have a right to be treated fairly We believe that one should not gain at the expense of another We believe that being responsible and ethical is as important as making profits and gains We believe that entrepreneurship should be encouraged and given a fair opportunity to succeed We believe that the best of actions are the ones which create true happiness in people We believe that you feel the same way we do We have a unique approach to banking which is in sync with our beliefs Our financial solutions are responsible, ethical and fair We are Amãna Bank. It’s Your Bank Amãna Bank PLC Annual Report 2014 Beyond Plain Sight In ‘plain sight’, our ‘signage’ may indicate the presence of yet another bank. Beyond plain sight lies the true story. Amãna Bank offers a very different proposition to its stakeholders. Our business philosophy is founded on true inclusiveness, for we are set up to serve people of every ilk and persuasion without distinction, shared responsibility in prosperity or adversity, a solid base of morals and ethics and absolute transparency. We have tasted great success in following this business philosophy and are humbly proud of being awarded The Best ‘Up-and-Comer’ Islamic Bank of the World by Global Finance Magazine – a vindication if any were needed, that Amãna Bank truly lives by its business philosophy and its values. 1 Contents 3 Financial Highlights Financial Reports 4 Chairman’s Message 100 Independent Auditors’ Report 6 iNdm;s;=udf.a mKsjqvh 101 Statement of Profit or Loss 8 jiytupd; nra;jp 102 Statement of Other Comprehensive Income 10 Chief Executive Officer’s Review 103 Statement of Financial Position 14 Board of Directors 104 Statement of Changes in Equity 18 Independent Sharia Supervisory Council 105 Statement of Cash Flows 20 Management Committee 106 Notes to the Financial Statements 22 Profiles of Strategic Shareholders 26 Business and Operations Review 149 Compliance with Other Disclosure Requirements 40 Report on Sharia Supervision Specified by the Central Bank of Sri Lanka 42 Corporate Social Responsibility 153 Capital Adequacy Computation 44 Risk Management 156 Financial Summary 59 Corporate Governance 157 Investor Relations 79 Bank’s Compliance with Prudential Requirements 161 Correspondent Banks 81 Directors’ Statement on Internal Control Over Financial Reporting 162 Branch Network 83 Independent Assurance Report on Internal Control 163 Glossary of Banking and Financial Terms 84 Annual Report of the Board of Directors on the Affairs of the Bank 166 Notice of Annual General Meeting 88 Directors’ Interest in Contracts Form of Proxy Enclosed 90 Board Audit Committee Report Corporate Information Inner Back Cover 92 Board Integrated Risk Management Committee Report 94 Board Human Resources and Remuneration Committee Report 95 Board Nomination Committee Report 96 Statement of Directors’ Responsibility 98 Independent Sharia Supervisory Council Report Amãna Bank PLC Annual Report 2014 FINANCIAL HIGHLIGHTS 2014 2013 Change LKR LKR LKR Results for the Year Financing Income 2,407,652,724 1,768,061,705 639,591,019 Financing Expenses 1,198,032,200 1,050,007,868 148,024,332 Operating Expenses 1,574,995,479 1,383,576,309 191,419,170 Profit/(Loss) Before Tax (80,269,256) (438,004,989) 357,735,733 Profit/(Loss) After Tax (80,269,256) (317,033,901) 236,764,645 Position at the Year End Deposits 29,224,330,525 17,983,111,581 11,241,218,944 Advances 25,426,941,810 15,015,318,081 10,411,623,729 Total Assets 34,897,588,516 23,397,855,691 11,499,732,825 Shareholders’ Funds 5,026,238,931 5,062,033,380 (35,794,449) Information per Share Earnings/(Loss) (0.06) (0.33) 0.27 Net Assets Value 4.02 4.99 (0.97) 2014 2013 % % Ratios Growth in Income 36.2 35.9 Growth in Deposits 62.5 35.2 Growth in Advances 69.3 109.6 Growth in Total Assets 49.1 40.0 Growth in Shareholders' Funds -0.7 64.8 Advances to Deposits 87.0 83.5 Others Gross Non-Performing Advances Ratio 1.49 1.84 Advances Vs NPA LKR million % 30 2.0 24 1.6 18 1.2 12 0.8 6 0.4 0 0 2011 2012 2013 2014 Advances (LKR million) Gross NPA (%) 3 Amãna Bank PLC Annual Report 2014 CHAIRMAN’S MessAGE The Bank, in 2015, will explore the possibility of taking the value proposition of our banking model to other parts of the country in order to serve a larger network of customers with a superior level of service. the third quarter of 2014. With the grace of God Almighty, we were able to achieve this on schedule, as the Bank recorded profits in August and continued in the same manner for the remainder of 2014. This was mainly due to the Bank growing its total assets by 49% to approximately LKR 35 billion from LKR 23.4 billion, demonstrating substantial growth and the success of various strategies implemented in 2014. Customer financing grew by 69% to close at LKR 25.4 billion from LKR 15 billion with all three segments; Consumer, SME and Corporate making significant contributions. The growth in financing was supported by growth in Deposits which grew to LKR 29.2 billion from LKR 18 billion, In the Name of Allah the Most Gracious the Economic Overview recording an increase of 62%. Whilst recording growth in customer financing, the Most Merciful! The scars of the global financial crisis are Bank continued its focus on maintaining still evident in many developed countries as the quality of assets which resulted in a I am glad to welcome you all to the Sixth the global economy grew by 2.6% in 2014 considerably lower non-performing advances Annual General Meeting of Your Bank. similar to the previous year. Although much ratio compared to the industry average. was expected from optimistic forecasts, It has always been the Bank’s view that weaker demand leading to a fall in global It is such impressive performances that our ‘true story’ lies beyond the ‘plain sight’ trade and plunging oil prices were some led to the Bank being the recipient of world of our ‘brick and mortar and signage’. of the reasons for the sluggish economic renowned accolades and in this regard Amãna’s unique business model that offers performance in 2014. In contrast, our I am deeply honoured to note that we a very different proposition to stakeholders economy grew by 7.4% continuing the were recently recognised as the Best within an environment of inclusivity, shared momentum gathered over the last several ‘Up-and-Comer’ Islamic Bank of the World responsibility, exemplary morals and years. Low market rates, declining levels of by Global Finance Magazine. complete transparency, is what lies beyond inflation and a stable exchange rate were the world of ‘business as usual’. some key highlights in 2014 underpinning the Geared for 2015 and Beyond efforts to stimulate economic growth in the Our strategies in 2014 were well received country whilst focusing on enhancing export The SME sector in the country is the main by all our stakeholders and this was revenue. driver of economic growth. We are hopeful demonstrated by the results that the Bank that this sector will further benefit and achieved during the year under review. Performance in 2014 grow through meticulous planning and Having negated the initial challenges that policy implementation. This coupled with During the second half of 2013, with the any start-up organisation would face, I am anticipated credit growth in 2015 projects a Bank having just completed 2 years of confident that the Bank will forge ahead positive outlook for the financial sector of the operations, we set ourselves a target to leveraging on the positives recorded in 2014. economy. With the recent measures taken by achieve a break-even level of performance in 4 Chairman’s Message Amãna Bank PLC Annual Report 2014 the Government, there is hope that the export Acknowledgements I am appreciative of the efforts taken by industry in the country will be revived which Faizal Salieh, former Managing Director/ Management Committee and staff who will result in narrowing the trade deficit and CEO, retired from office in June after serving have persevered in a challenging market help boost the foreign reserves. a successful career with the Bank. I am environment and have collectively ensured thankful to him for being instrumental that the Bank has been successful in We have identified potential areas for growth in our endeavour to launch fully-fledged aggressively implementing its growth with the main focus being SME and consumer commercial banking operations and providing strategies. segments in line with the Bank’s 5 year inspirational leadership during the formative Strategic Plan. With the current trend in stages of the Bank’s existence. I take this The Central Bank of Sri Lanka has continued performance and balance sheet growth, opportunity to congratulate Mohamed to extend their support and assistance whilst I am confident that the Bank will achieve Azmeer who succeeded Faizal as the Chief supervising us, for which I am grateful.
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