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Enriching the Lives of Generations Annual Report 2018

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Enriching the Lives of Generations Annual Report 2018 Enriching the lives of generations Annual Report 2018 #TeamBahrain Table of Contents Strategic Report Financial Statements Our New Brand 2 Independent Auditors’ Report to the Shareholders 55 Corporate Profile 4 Statement of Financial Position 58 Financial Highlights 6 Statement of Profit or Loss 59 Board of Directors 8 Statement of Comprehensive Income 60 Board of Directors’ Report 11 Statement of Changes in Equity 61 His Royal Highness His Majesty His Royal Highness Prince Khalifa bin Salman King Hamad bin Isa Prince Salman bin Hamad Executive Management 14 Statement of Cash Flows 62 Al Khalifa Al Khalifa Al Khalifa Statement of the Chief Executive Officer 16 Notes to the Financial Statements 63 The Prime Minister of The King of the Kingdom The Crown Prince, Deputy Organisation Structure 20 Risk and Capital Management Disclosures 94 the Kingdom of Bahrain of Bahrain Supreme Commander and First Human Resources and Talent Development 21 Deputy Prime Minister of the Kingdom of Bahrain Business Review 24 Financial Review 30 Risk Management 32 Donations and Contributions 38 Corporate Governance Report 40 Remuneration Report 49 This annual report contains QR codes to view videos and website links using your smart-phone/device www.nbbonline.com Partnership Bridge The 1- Download the QR code application from your app store National Bank of Bahrain B.S.C. 2- Look for the QR code and scan it to view interactive content NBB Tower, Government Avenue, English and Arabic versions of the annual report are available in P.O. Box 106, Manama, Kingdom of Bahrain PDF format. To download please visit: T: (+973) 17 228800, F: (+973) 17 228998 https://www.nbbonline.com/en/investor-relations/financial/ financial/annual-reports E: [email protected] Designed and Produced by Page 2 National Bank of Bahrain B.S.C. 2018 Annual Report Our New Brand Your National Partner In 2018, we delivered the first phase of our brand transformation, motivated by our drive to reposition National Bank of Bahrain as a contemporary, dynamic and engaging organisation sitting at the heart of the community, with a vision to enrich the lives of generations. We created and implemented our new brand promise, ‘Closer to you’, clearly demonstrated through a whole new approach in creating high levels of engagement during Ramadhan, National Day, Spring of Culture, global conferences ( Euromoney), and the Bahrain International Airshow. The revised brand guidelines allowed us to present a more appealing and consistent look and feel in our marketing and advertising materials. We also took the Bank to the people, holding celebratory events for our Al Watani savings scheme at various public venues. In addition, we also focused on several youth-related initiatives such as Ironkids and Irongirls, Grassroots U13 Football, and direct support to student activities at both University of Bahrain and Bahrain Polytechnic. Scan QR code to watch Please flip over the page to see NBB's the NBB new identity transformation video. identity transformation over the years > nbbonline.com Page 3 National Bank of Bahrain B.S.C. 2018 Annual Report The NBB brand has been standing tall for generations, Our new brand identity is an evolution of the NBB shield. It is an 1957 providing security and1962 stability for over 60 years. 1973 1975 1990 2007icon for the modernisation and realignment of our brand. 2019 The brand legacy dates back to its inception in 1957. In line with the Bank’s overall transformation ambitions, the new 1957 1962 1973 1975 1990 2007 identity will accompany the Bank into the next2019 era of banking. 1957 1962 1973 1975 1990 2007 2019 1957 1957 1962 19731973 1975 1990 1990 2007 2019 1957 1962 1973 1975 1990 2007 2019 2019 1962 1975 2007 Page 4 Page 5 National Bank of Bahrain B.S.C. National Bank of Bahrain B.S.C. 2018 Annual Report Corporate Profile 2018 Annual Report WE ARE BAHRAIN’S FIRST NATIONAL BANK. Since our establishment in 1957 as Bahrain’s first national bank, We have embarked on a journey of digital and internal we have been enriching the lives of generations. Throughout the transformation to improve our agility even further and to years, we have developed leading services and products in retail anticipate customer needs. Driven by our brand culture and and commercial banking with an aim to contribute positively to passionate team, we focus everything we do on being closer the Kingdom’s economy and its people. to our customers, offering products and services that will truly enrich their lives. Introducing new tiers of products, cards, Following an ambitious growth strategy, we have expanded revamping mobile banking systems and re-imagining the branch locally and to key GCC markets including Riyadh, Kingdom of experience are only a few of the initiatives currently in progress. Saudi Arabia and Abu Dhabi in the United Arab Emirates. A proudly Bahraini brand, we are listed on the Bahrain Bourse From providing the largest network of branches and ATMs in with a strong local stakeholder profile. Our ownership is Bahrain to developments in omnichannel banking, we have comprised of 44.94% local private and institutional investors, paved the way in innovation and convenience for our customers. 44.18% Bahrain Mumtalakat Holding Company, wholly-owned With a plan to further enhance our services and product range by the Government of the Kingdom of Bahrain, and 10.88% by in Bahrain and the GCC, we look forward to bringing new and the Social Insurance Organisation. improved experiences to our customers and to the market. VALUES MISSION Pride: Work with heart To always connect with you, to understand you and help give you what you need, when you need it, in a way Teamwork: Collaborate for success that works for you. Respect: Connect with respect PURPOSE Responsibility: Own it and embrace it Enriching the lives of generations. Ethics: Always do the right thing PROMISE Transparency: Be fearlessly transparent Closer to you Aref Janahi Head - Commercial & SMEs Scan QR code to watch the National Day Song video. Abdulla Buali Maha Al Mahmood Project Management Officer Head - Treasury Sales nbbonline.com nbbonline.com Page 6 Page 7 National Bank of Bahrain B.S.C. National Bank of Bahrain B.S.C. 2018 Annual Report Financial Highlights 2018 Annual Report National Bank of Bahrain delivered Profit for the year sustained growth in revenue and profit, (BHD millions) 70.0 increased productivity and shareholder 61.0 58.2 value. 53.4 55.3 70.0 2014 2015 2016 2017 2018 2018 2017 2016 2015 2014 Customer deposits Earning assets Earnings (BHD millions) (BHD millions) (BHD millions) Net interest income 87.2 73.1 66.0 59.5 59.6 2,247.0 2,190.6 2,939.7 3,020.7 2,154.9 2,088.4 2,165.2 2,837.9 2,823.0 Other income 30.2 31.4 30.9 34.9 29.6 2,580.9 Operating expenses 41.8 33.0 34.1 30.1 29.2 Profit for the year 70.0 61.0 58.2 55.3 53.4 Cash dividend 35.1 31.9 29.0 26.4 23.5 Stock dividend 14.0 12.8 11.6 10.5 9.4 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 Financial Position (BHD millions) 2,190.6 3,020.7 Total assets 3,195.5 3,101.5 2,977.1 2,999.7 2,738.5 Total income Equity Loans and advances 1,190.1 1,226.9 1,031.9 1,051.7 781.0 (BHD millions) (BHD millions) Investment securities 1,132.2 1,067.3 1,092.9 1,094.0 999.5 117.4 475.8 447.9 Earning assets 3,020.7 2,939.7 2,823.0 2,837.9 2,580.9 104.5 414.7 94.4 96.9 378.0 Total deposits 2,675.9 2,617.1 2,526.4 2,588.2 2,321.3 89.2 364.8 Customer deposits 2,190.6 2,165.2 2,088.4 2,247.0 2,154.9 Shareholders' equity 475.8 447.9 414.7 364.8 378.0 Ratios (%) Earnings 117.4 2014 2015 2016 2017 2018 475.8 2014 2015 2016 2017 2018 Return on average equity 15.2 14.1 14.9 14.9 14.4 Return on average assets 2.2 2.0 2.0 1.9 2.0 Capital adequacy Earnings per share (%) (Bahraini fils) Earnings per share (fils) 50 44 42 40 38 35.4 36.3 50 Cost-to-income ratio 35.6 31.6 35.2 31.9 32.7 34.3 33.8 44 42 Earnings per full-time employee (BHD 000's) 102.6 98.6 102.4 98.3 96.5 30.0 40 38 Capital Shareholders' equity as % of total assets 14.9 14.4 13.9 12.2 13.8 Total liabilities to shareholders' equity (times) 5.7 5.9 6.2 7.2 6.2 Capital adequacy 2015 to 2018: Basel 3 (2014: Basel 2) 33.8 36.3 35.4 30.0 34.3 33.8 2014 2015 2016 2017 2018 50 2014 2015 2016 2017 2018 nbbonline.com nbbonline.com Page 8 Page 9 National Bank of Bahrain B.S.C. National Bank of Bahrain B.S.C. 2018 Annual Report Board of Directors 2018 Annual Report FAROUK YOUSUF KHALIL FAWZI AHMED HUSSAIN SULTAN SH. RASHID BIN SALMAN MOHAMED HALA ALI HUSSAIN The first Arab Partner in Goldman Sachs ALMOAYYED (Chairman) KANOO (Deputy Chairman) AL GHANEM (Director) AL KHALIFA (Director) YATEEM (Director) and Co and the only Arab to ever be elected to the firm’s Global Management Strategic Report Non-executive Independent Non-executive Non-executive Independent Committee.
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