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Sbm Bank (Mauritius) Ltd for a Smarter Tomorrow Corporate Information

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Sbm Bank (Mauritius) Ltd for a Smarter Tomorrow Corporate Information ANNUAL REPORT 2019 SBM BANK (MAURITIUS) LTD FOR A SMARTER TOMORROW CORPORATE INFORMATION BOARD OF DIRECTORS SECRETARIES TO THE BOARD Mr Mohit Dhoorundhur (Chairperson) Ms Preshnee Ramchurn Mr Philip Ah-Chuen Mrs Bharti Bolah-Chowtee Mr Balachandran Chelampet Puthukulangara REGISTERED OFFICE Mr Rishikesh Hurdoyal SBM Bank (Mauritius) Ltd Mrs Imalambaal Kichenin SBM Tower, 1 Queen Elizabeth II Avenue, Mr Eric Michel Georges Leal Port Louis Mauritius Mr Abdool Karrim Namdarkhan Mr Rajcoomar Rampertab AUDITORS Mr Ranapartab Tacouri Ernst & Young 9th Floor, Tower 1 Mr Venkateswara Rao Parvataneni (also Chief Executive) NeXTeracom Cybercity Ebene, Mauritius The Directors of SBM Bank (Mauritius) Ltd are pleased to present its Annual Report for the year ended 31 December 2019. The Annual Report was approved by the Board of Directors on 15 May 2020. Mr MOHIT DHOORUNDHUR Mr VENKATESWARA RAO PARVATANENI Chairperson Chief Executive TABLE OF CONTENTS 4 ABOUT SBM 12 CHAIRPERSON’S LETTER 14 CHIEF EXECUTIVE’S LETTER 18 ABOUT THIS REPORT 20 BOARD OF DIRECTORS 28 CORPORATE PROFILE 42 STRATEGY REPORT 44 FINANCIAL REVIEW 54 CORPORATE GOVERNANCE REPORT 98 RISK MANAGEMENT REPORT 128 STATEMENT OF DIRECTORS’ RESPONSIBILITY STATEMENT OF MANAGEMENT’S 129 RESPONSIBILITY FOR FINANCIAL REPORTING 130 REPORT FROM THE COMPANY SECRETARY 131 INDEPENDENT AUDITOR’S REPORT 136 FINANCIAL STATEMENTS 241 ADDITIONAL INFORMATION ANNUAL REPORT 2019 / SBM BANK (MAURITIUS) LTD - 3 ABOUT SBM 4 - SBM BANK (MAURITIUS) LTD / ANNUAL REPORT 2019 “OUR VISION IS TO BE THE LEADING AND MOST TRUSTED FINANCIAL SERVICES PROVIDER “OURIN MAURITIUS VISION IS TOAND BE BEYOND.” THE LEADING AND MOST TRUSTED FINANCIAL SERVICES PROVIDER IN MAURITIUS AND BEYOND.” ANNUAL REPORT 2019 / SBM BANK (MAURITIUS) LTD - 5 WHO WE ARE A brief on SBM Bank SBM Bank (Mauritius) Ltd (‘‘Bank’’ or ‘‘Company’’) is the flagship of SBM, a leading financial Group in Mauritius. SBM’s journey started in 1973, with the primary goal of making financial services accessible to a larger share of the population, both urban and rural, in Mauritius. With a domestic market share of 27 percent for total advances (excluding GBL) and 15 percent for total segment A & B deposits as at 31 December 2019, SBM Bank (Mauritius) Ltd, today, ranks among the top banks in Mauritius. VISION Our vision is to be the leading and most trusted financial services provider in Mauritius and beyond. MISSION Our mission is threefold: 1. To build deep and enduring relationships with our customers by offering distinctive products and exceptional service; 2. To be the employer of choice for top talent in the markets we serve; 3. To prudently manage risk and costs. In so doing, our intent is to achieve strong and sustained returns for our shareholders, meet the relevant needs of our stakeholders and support the development of the community at large. 6 - SBM BANK (MAURITIUS) LTD / ANNUAL REPORT 2019 SBM AT A GLANCE Key Achievements ~535,000 Awards Awarding Body NUMBER OF 121 NUMBER OF ATMS CUSTOMERS Best Bank in Global Finance Mauritius 2020 Magazine ~355,000 1,532 Global Banking NUMBER OF DEBIT Best Retail Bank NUMBER OF EMPLOYEES and Finance CARDS 2019 Review ~100,000 ~55,000 Best CSR Programme International NUMBER OF SMS NUMBER OF CREDIT Mauritius 2019 Business Magazine BANKING CUSTOMERS CARDS Best Private Banking & Wealth International ~120,000 ~40,000 Management Bank Business Magazine NUMBER OF INTERNET NUMBER OF PREPAID Mauritius 2019 BANKING CUSTOMERS CARDS Best Wealth Management & Global Brand Investment Solutions Awards 2019 ~80,000 Brand NUMBER OF MOBILE ~3,500 NUMBER OF POS Infosys Finacle BANKING CUSTOMERS Customer Service Client Innovation Innovation Award Awards 2019 ~80,000 ~650 Achievements Awarding Body NUMBER OF E-STATEMENT NUMBER OF USERS MOBILE POS Top 200 African 45th SBM Bank ranked at The Banks 2019 Edition Africa 45th place Report by the Africa Report 43 Ranked among the THE 1000 NUMBER OF BRANCHES & The Top 1000 World The Banker Banker COUNTERS Banks * Figures as at 31 December 2019. ANNUAL REPORT 2019 / SBM BANK (MAURITIUS) LTD - 7 KEY FINANCIAL HIGHLIGHTS 31 December 31 December 31 December 2019 2018 2017a Shareholder’s equity (MUR million) 18,069 17,467 19,270 Capital adequacy ratio (%) 14.65 15.11 12.83 Tier 1 Capital adequacy ratio (%) 12.96 13.49 11.24 Profit before income tax (MUR million) 882 2,138 3,797 Profit from continuing operations (MUR million) 550 1,461 3,303 Profit for the year (MUR million) 550 554 2,611 Return on average assets (%)b 0.28 0.82 2.19 Return on average risk-weighted assets (%)b 0.53 1.43 3.65 Return on average shareholder’s equity (%)b 3.10 7.96 18.76 Return on average Tier 1 capital (%)b 4.03 11.59 32.89 Credit deposit ratio (%) 61.80 67.65 72.66 Cost to incomed (%) 42.61 34.69 41.42 Gross impaired advances to gross advances (%)c 7.57 9.36 2.46 Net impaired advances to net advances (%)c 2.55 5.28 1.54 Electronic to gross transactions (%) 93 88 87 a Dec 2017 figures pertain to Mauritius Operations only. b Averages are calculated using year-end balances. c Advances used in calculation are net of cash collaterals. d Costs exclude charge for bank levy. 8 - SBM BANK (MAURITIUS) LTD / ANNUAL REPORT 2019 BOARD OF DIRECTORS Chairperson Mr Dhoorundhur Mohit Independent Non-Executive Directors Mr Ah-Chuen Philip Mr Hurdoyal Rishikesh Mrs Kichenin Imalambaal Mr Leal Eric Michel Georges Mr Namdarkhan Abdool Karrim Mr Rampertab Rajcoomar Mr Tacouri Ranapartab Non-Executive Directors Mr Chelampet Puthukulangara Balachandran Executive Directors Mr Parvataneni Venkateswara Rao Secretaries to the Board Ms Ramchurn Preshnee Mrs Bolah-Chowtee Bharti ANNUAL REPORT 2019 / SBM BANK (MAURITIUS) LTD - 9 BOARD COMMITTEES Audit Committee Board Credit Committee Corporate Governance & Finance Committee Conduct Review Committee Mrs Imalambaal Kichenin Mr Balachandran CP Mr Philip Ah-Chuen Mr Ranapartab Tacouri Chairperson Chairperson Chairperson Chairperson Mr Eric Leal Mr Rishikesh Hurdoyal Mr Rishikesh Hurdoyal Mr Philip Ah-Chuen Mr Rajcoomar Rampertab Mr Abdool Karrim Namdarkhan Mr Abdool Karrim Namdarkhan Mrs Imalambaal Kichenin Mr Ranapartab Tacouri Mr PV Rao Mr Eric Leal Mr Ranapartab Tacouri Mr PV Rao Mr Rajcoomar Rampertab IT & Procurement Committee Risk Management Remuneration & Nomination Strategy Committee Committee Committee Mr Rishikesh Hurdoyal Mr Abdool Karrim Namdarkhan Mr Mohit Dhoorundhur Mr Mohit Dhoorundhur Chairperson Chairperson Chairperson Chairperson Mr Philip Ah-Chuen Mr Philip Ah-Chuen Mr Rishikesh Hurdoyal Mr Philip Ah-Chuen Mr Balachandran CP Mr Balachandran CP Mrs Imalambaal Kichenin Mr Balachandran CP Mr Abdool Karrim Namdarkhan Mr Eric Leal Mr PV Rao Mrs Imalambaal Kichenin Mr PV Rao Mr PV Rao Mr Rajcoomar Rampertab Mr Eric Leal Mr Rajcoomar Rampertab Mr Rajcoomar Rampertab Mr PV Rao Mr Rajcoomar Rampertab Invited to be in Attendance: Mr Rishikesh Hurdoyal Mr Abdool Karrim Namdarkhan Mr Ranapartab Tacouri Composition of Board Committees as at March 2020 10 - SBM BANK (MAURITIUS) LTD / ANNUAL REPORT 2019 MANAGEMENT TEAM Members of Executive Forum / Senior Management Mr Venkateswara Rao Parvataneni Mr Jorge Stock Chief Executive and Executive Director on the Board of Chief Operating Officer SBM Bank (Mauritius) Ltd Mr Norman Fon Sing Mrs Veronique Lim Hoye Yee Corporate and Institutional Banking Credit Underwriting Mr Teddy Kian Lim Aling Mr Sanjaiye Rawoteea Finance & Procurement Private Banking and Wealth Management Key Members of Management Business Heads Operation Heads Mr Balkrishna Jhurry Mr Nandrajen Mooneesawmy Mr Amrit Gayan International Banking Credit Administration Operations Mr Percy Philips Mr Ravi Guness Mr Neelesh Sharma Sawoky Retail Banking Recovery and Collection Internal Audit Mr Ratan Kumar Jankee Mr Shailendre Bheeka Mr Dipesh Pockraj Jhowry SME Banking Risk Management Legal Miss Deorani Khelawon Mr Ashwin Ramphul Mr Seeamdath Dosieah E-Business Banking Information Technology Facilities Management Mrs Anju Devi Issur Mr Rajan Mooroogan Mr Jacques M Sylvain Prefumo Financial Markets Information Technology Business Continuity Management Mrs Ragini Gowrisunkur Mr Girish Mehta Mrs Kamlawtee Davi Naga Custody IT Security Human Resources Mr Bye Samah Ghoora Mrs Rita Devi Gujadhur Mrs Linita Jyoti Sharma Kim Currun Microfinance Banking Performance Management Service Excellence ANNUAL REPORT 2019 / SBM BANK (MAURITIUS) LTD - 11 CHAIRPERSON’S LETTER 12 - SBM BANK (MAURITIUS) LTD / ANNUAL REPORT 2019 With many activities grinded to a halt, the disruption to normal life had Dear Valued Stakeholders, also brought in its wake “un élan de solidarité national”. There had been substantial government investment in public health services; provision of I joined SBM in mid-March 2020 at partial payroll protection; assistance to the vulnerable by both public and private sector and significant contributions being made to the COVID-19 an unprecedented moment when the Solidarity Fund. The Bank of Mauritius had provided soft term financial facilities to Banks to assist the business community to fare through the COVID-19 pandemic had been obligating downturn. It had become necessary to mitigate the effects of the triple many countries, including Mauritius, to close health, economic and financial shocks. Against this backdrop, the Bank had progressively reopened its branches their international frontiers. Mauritius had over the island to relieve our customers of the lockdown inconveniences. to lockdown all economic activities and We dedicate a special recognition to all our personnel, including those working from home, who had daily strived to maintain the exceptional societal movements with relentless customer service required during the lockdown period. Regarding the Bank’s performance for the year 2019, the Bank made a national calls on everyone to stay at home profit of MUR 550 million, nearly the same as for the year 2018 that was to contain the spread of the pandemic which MUR 554 million. The fundamentals are sound: deposits have grown by 17 percent; loans book has increased by 5 percent, and Profit before Credit had turned into an international human Loss expense stood at MUR 4.49 billion.
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