ANNUAL REPORT 2013 Message from Message Credins the General from the Bank’S Activity 01Director 02 Board 03During 2013 Table of Content
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ANNUAL REPORT 2013 MESSAGE FROM MESSAGE CREDINS THE GENERAL FROM THE BANK’s ACTIVITY 01DIRECtor 02 Board 03DURING 2013 TABLE OF CONTENT MAIN ADDRESSES OF FINANCIAL tableS OBJECTIVES CREDINS BANK’s AND THE report FOR 2014 BRANCHES AND OF INDEPENDENT 05 06 audItorS 04 AGENCIES Artan SANTO General Director MESSAGE FROM THE GENERAL DIRECtor Dear readers, Credins Bank is in constant process of growth and transformation. This year we have marked 10 years of work, passion, desire and fatigue, to overcome yesterday, towards a different tomorrow from today. All the challenges that we encounter are the starting point for change and progress. 2013 was a difficult year. Regarding the Albanian economy, I would characterize it as the most difficult year, where structural changes left consequences in the economy. But it was overcome, with a great responsibility, desire and commitment to the common good. We are now ranked among the top banks of the Albanian banking market. We have maximized everything in our whole organization. We increased sales, analysis and control. We have reformed the structure according to a market that experienced weakness and oscillation, but also endurance. We have focused on existing customers supporting their business, but also on the new ones. We have learned from the appalling economic factors and focused on such sectors where need and demand for products provides lifespan, expanding lending and comprehensive support. Our financial results during 2013 are indicative of a sustainable and healthy development where is worth mentioning: In terms of performance of the entire banking system of the country, our deposit growth exceeded overall market growth with 3.42% and our growth in total loans exceeded the market which fell by 1.84%. The quality of the portfolio is well managed and within the budgets provided, keeping in mind the difficulties that the Albanian economy is going through in general. Serious commitment funding important projects in collaboration with IFC for 10 million Euro and EBRD for 10 million Euro, where Credins Bank played the main role in the success of signing agreements. Establish and implement policies for the Protection of the Environment and Social issues. Consolidation of Risk Management functions within the organization, through the establishment of the Risk Division and appointment of the Bank’s CRO. Credins Bank in cooperation with IFC’s project, created a new CRO. The launch of E-commerce services and POS service in the market was successfully completed . E-Commerce service was an innovation in the Albanian market, adding communication channels to the local business, with the farthest places of the world and enabling online sale and purchase. Investment in the modernization of the E-banking platform brought higher security, new functionalities and personalized services. 2013 marked the continuity of added- value services to all individual customers as life insurance and health care benefits through cooperation with insurance companies. Annual Report 2013 CREDINS bank 5 High standards in Corporate Governance During 2013, we focused and devoted most of our attention to corporate governance. Supported by IFC’s experts and their local partners, an evaluation was conducted on corporate governance and the quality of the Bank’s senior management, aiming to a further improvement of organizational structures. Throughout this year we successfully identified necessary structural changes by clearly defining boundaries between risk and sales, as well as improving methodologies and procedures that regulate these functions. We also improved the role and impact of internal audit committee. We created risk and reward committee, by taking example from the best international practices of corporate governance. The fulfillement of the recommendations on continuous improvement of corporate governance policies clearly show how important they are for us and the direct impact that they have in financial results. Setting high standards of corporate governance for a responsible management and control of Credins bank, aims to create sustainable business values and will always have four main pillars: healthy relationship with shareholders, effective cooperation between the Executive Directors and the Board, a compensation system based on long- term performance, as well as periodic transparent and qualitative reporting. Our people In order to achieve the objective of lifespan and reciprocity in the environment where Credins bank operates, the input of each employee is needed. For this reason, our human policies during 2013 were completely focused on the goal to transform Credins Bank in the best employer in the country, enabling every employee professional and career growth. Economic difficulties of 2013 showed clearly the qualities that we possess as a bank, which along with highly professional staff are the greatest assurance for our success. Through a professional and welcoming work environment, but also financial packages in continuous improvement, we intend to increase the motivation of our employees because this certainly is translated into increasement of customer satisfaction. Our customers We climbed up to the ladder of success during 10 years, thanks to our customer’s confidence and everyday’s work. At the end of December 2013 we have counted 212,889 costumers, an increase of 17% compared to a previous year. Orienting demands of our customers not only through responding to their needs, but also providing them with financial advice, we well-managed risks and continued to strengthen our competitive advantage as the fastest and closest partner bank to the customer. We are aware that business success and social responsibility do not exclude each-other. For this reason, even during 2013 we continued to provide banking products and services to all customer segments, aiming not only a high level of quality cost report but also added value through extra benefits and innovative financial products to the market. Looking towards the future Setting of goals in corporate and retail level is in constant improvement with a clear focus towards quality. I am pleased to see in front of us even more interesting challenges, works and achievements that we have to accomplish, with a team that understands business sense and motive, as an integral part of it. Our foundations are strong to reach higher and extend our activity further inside and outside the country. It hasn’t been easy to reach these positions, but it will be even more difficult to go further. Challenges awaiting change and we are prepared to confront them with success. Ambition, professionalism, meeting the high demands of our customers pushes us forward. Achieving these operational and strategic goals for the next year requires preparation, training and more work from all of us, based on our desire and demand for constant change. Artan SANTO General Director 6 Annual Report 2013 CREDINS bank MESSAGE FROM THE Board Despite the economic crisis that has long affected the region and beyond, the Albanian economy has maintained positive growth rates. However, the crisis that has been going on for several years significantly slowed the pace of this growth, by unbalancing macroeconomic and fiscal indicators and thus has significantly increased the level of debt in the country. Signs of improvement were evident in 2013. Parliamentary elections of 2013 increased confidence in the political environment and economic stability of the country. On the other hand, major structural reforms undertaken are important indicators of the achievement of a medium-term macroeconomic and fiscal stability. Under the pressure of this situation, Credins Bank has continued to grow strongly, despite the economic circumstances, further consolidating its position in the market. The support to the business in general, and above all for small and medium enterprises as the main drivers of economic growth has not only been consistent over the years, but has seen an upward trend. We have been one of the main partners in supporting innovation and technological developments for the benefit of business, offering alternative services that help them to expand boundaries and sales opportunities, also reduce and good management of costs. Additionally, the Bank undertook important steps in strengthening the Corporate Governance and internal control structures to support rapid and responsible growth. For achievements mentioned above,first of all we would like to thank, our clients that trust and grow together with us every day, as well as the commited work of the staff with a wide vision toward the future. Annual Report 2013 CREDINS bank 7 ELONA GJIKA SAJMIR SALLAKU CLIVE MOODY MONIKA MILO Member Chairman Member Member BOARD OF DIRECTORS MONIKA MILO MALTIN KORKUTI GAËL DE PONTBRIAND RAIMONDA DUKA Member Member Member Member ORGANISATIONAL CHART SHAREHOLDERS ASSEMBLY INTERNAL AUDIT BOARD OF AUDIT DEPARTMENT DIRECTORS COMMITTEE Alba QIRJAZI CEO Artan SANTO DEPUTY CEO DEPUTY CEO HUMAN RESOURCES LEGAL Monika MILO Maltin KORKUTI DEPARTMENT DEPARTMENT Ardian ANGONI Andon DAKA ORGANISATIONAL PERFORMANCE UNIT MANAGEMENT UNIT Edit PRIZRENI Denada MUHARREMI AML & BUSINESS RISK FINANCIAL OPERATIONAL CREDIT DIVISION COMPLIANCE DEVELOPMENT DEPARTMENT DIVISION Deniz DERALLA UNIT DIVISION DIVISION Aida OSMANI Selman LAMAJ Adja ANGJELI Sonila BIÇAKU DEBIT AND RURAL LOAN BUSINESS LOAN DEBT RECOVERY INDIVIDUAL LOAN BRANCH NETWORK MARKETING IT TREASURY OPERATIONAL LOGISTIC FINANCIAL DEPARTMENT DEPARTMENT DEPARTMENT AND