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Annual Report - 2018-19

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Annual Report - 2018-19 IN THE NAME OF GOD Contents Financial Highlights 03 Managing Director’s Statement 04 Board of Directors’ Report to the Annual Ordinary General 06 Assembly Meeting for the Financial Year Ended 20.03.2019 CHAPTER 01 - IRAN’S ECONOMIC REVIEW IN 2018 -19, 07 ISLAMIC BANKING PRINCIPLES & IRAN’S BANKING SECTOR Iran’s Economic Review in 2018-19 08 Islamic Banking Principles 12 Iran’s Banking Sector 14 CHAPTER 02 - INTRODUCTION 15 Background 16 Fields of Activity 16 Objectives 17 Corporate Social Responsibilities 17 Prizes, Accomplishments & Achievements 18 Shareholders’ Composition 19 Committees 19 Regulatory Environment 19 Organisational Chart 20 Human Resources 21 Capital 22 Share Prices & Trading Information 23 Future Development Plans 24 CHAPTER 03 - PERFORMANCE 25 Operational Performance 26 Risk Management 29 Financial Performance 35 CHAPTER 04 - INDEPENDENT AUDITOR’S REPORT & 43 FINANCIAL STATEMENTS Financial Highlights Customers' Deposits Total Revenues Net Profit Million IRR Million IRR Million IRR 18,000,000 6,000,000 1,600,000 16,000,000 1,400,000 5,000,000 14,000,000 1,200,000 12,000,000 4,000,000 1,000,000 10,000,000 800,000 3,000,000 8,000,000 600,000 6,000,000 2,000,000 400,000 4,000,000 200,000 1,000,000 2,000,000 0 0 15,468,765 7,662,476 0 4,324,627 5,481,026 (200,000) (107,908) 1,460,028 2017-18 2018-19 2017-18 2018-19 2017-18 2018-19 Total Assets Dues to Banks & Credit Investment Returns Institutions Million IRR Million IRR Million IRR 200,000,000 4,000,000 800,000 180,000,000 3,500,000 700,000 160,000,000 3,000,000 600,000 140,000,000 120,000,000 2,500,000 500,000 100,000,000 2,000,000 400,000 80,000,000 1,500,000 300,000 60,000,000 1,000,000 200,000 40,000,000 20,000,000 500,000 100,000 0 159,819,966 177,050,123 0 3,683,113 2,363,167 0 521,160 718,505 2017-18 2018-19 2017-18 2018-19 2017-18 2018-19 According to the statistics released by the Central Bank of the Islamic Republic of Iran (CBI), the rate of exchange was USD1 / IRR42,000 at the end of the reported period. The Bank’s fiscal year ends on March 20th. Managing Director’s Statement Annual Report - 2018-19 It makes me proud to present the performance as high volume of overdue claims, growing and measures carried out by Karafarin Bank mandatory loans which are dictated by the which is one of Iran’s most celebrated, reputable Government, low capital adequacy ratios (these and law-abiding Iranian private banks. This has loans lend to be politically driven and are not been made possible thanks to the support of all its necessarily economically sound), toxic assets, Karafarin Bank beneficiaries, including shareholders, board of etc. Consequently, they were unable to cushion directors and employees. the effects of sanctions on the Iranian economy. Following the intensification of international Based on official statistics, Iran’s economy and its sanctions enforced against Iran and the irrational 4 banking sector faced difficult times during the exiting of the USA from the nuclear deal with Iran reporting financial period. Recession and inflation in 2017-2018, adopting premature policies via the were the main challenges of the Iranian economy. authorities, enforcing fundamental changes in the As a result, businesses which are the driving force forex market, costs within industrial, production of Iran’s economy, faced increasing production and service sectors increased. Imports and costs due to inflation and devaluation of the Iranian exports also declined dramatically. Unfortunately, currency on the one hand, and falling demand the main portion of declining imports included raw resulting from declining purchasing power of the material and capital goods, which harmed the people on the other. In fact, since the previous industrial sector. year, businesses have been challenged by internal and external factors (which are beyond Falling interest rates which were a part of an their control) they had to adapt themselves to expansionary monetary policy, adopted to these circumstances in order to survive. In this stimulate growth, led to the flight of liquidity from regard, banks which are the core of the Iranian long-term banking deposits, towards foreign economy faced unprecedented challenges, such currency, gold, property, foreign currency fluctuations, during the reporting period. One may been very much committed to complying with argue that the impacts of sanctions on the Iranian laws and regulations; upholding anti-money economy shall be more apparent once the laundering principles, accounting standards and temporary exemptions of some countries in tax laws; safeguarding the interests of its reference with purchasing Iranian oil expire. In beneficiaries; further developing modern banking other words, Iran’s economy and its banking products and services; as well as conserving sector are likely to experience more difficult times customer data security (being a customer oriented in the upcoming year. bank). However, I am pleased to take this opportunity to It has been twenty years since this bank was announce that Karafarin Bank is among the few formed and I am proud to announce that today, Iranian banks that have demonstrated an Karafarin Bank is one of Iran’s most celebrated acceptable performance, in spite of the mentioned banks which is in the vanguard of its private challenges. I have no doubt that having adopted banking industry. Indeed, this bank has been set sound planning and policymaking and due to up on the basis of innovative thinking of highly collective efforts of all our employees within staff capable and creative experts. By aiming at offering and line, the Bank shall be even more successful high quality services to the Bank’s customers and and prosperous in the upcoming year. by safeguarding the interests of all its beneficiaries I would also like to take this opportunity to inform (including shareholders), the dedicated and all our shareholders and other beneficiaries that specialised employees and the policymakers and granting small loans has been placed on our senior directors of this bank constantly make their agenda and four new loan projects have been best endeavour to ensure that this bank takes introduced, in order to meet customer strong steps towards success and advancement. requirements and to attract more resources, which shall lead to more profitability. Thanks to the efforts of its employees, Karafarin Bank was awarded numerous prizes and The Bank’s branches throughout the country were distinctions during the reporting fiscal period, notified of the first of the aforementioned loan including: the Ninth National Financial projects which is known as Tandis, in 2018-19. Management Crystal Award, the tenth rank in Annual Report - 2018-19 The other three projects are in their final stages terms of returns as well as the IMI-100 Silver Prize and shall be notified to the branches shortly. It is for sales at the Fourth Annual Iranian Internal noteworthy that in addition to the mentioned Auditors’ Association Congress. projects, other projects are currently being assessed and will be hopefully finalised and At Karafarin Bank, our motto is “Global Knowledge, operational, during the current year. Our valued Local Solutions”. Hence, we constantly look customers can then select any of these loans, towards offering high quality services to our clients. based on their budgets and requirements. Our overall strategies are to be responsive to global transformations and to further develop our One of the main priorities of Karafarin Bank in potentials on an international level, by relying on Karafarin Bank 2018-19, was to further develop its international local capabilities. These strategies can only be relations and this trend shall continue in 2019-20. achieved if we benefit from empathy and support Fortunately, Karafarin Bank has attracted of all our beneficiaries, especially our esteemed important clients who have chosen this bank, due shareholders. I would therefore like to take this 5 to its strength and effectiveness in foreign opportunity to express my gratitude towards our exchange and international operations. Despite valued and loyal shareholders, customers and current limitations in international banking, employees for their hard work and support. Finally, Karafarin Bank has aimed at further increasing its I have no doubt that Karafarin Bank shall continue market share, by planning to sustain and to to achieve its greater objective of increasing improve its international links. In this context, this profitability and offering high quality banking and bank has been engaged in contributing towards financial services, for years to come. the imports of essential goods such as medicine and foodstuff, and thus, fulfilling its duty to serve our nation. Hamid Tehranfar This bank has also constantly made efforts towards further improving its brand, ever since it was established. In addition, Karafarin Bank has Board of Directors’ Report to the Annual Ordinary General Assembly Meeting for the Financial Year Ended 20.03.2019 We hereby present to you the Board of Directors’ report about Karafarin Bank’s Annual Ordinary General Assembly Meeting. The provision of this report fulfils our compliance with obligations in respect of the requirements set forth in Articles 232 of the Commercial Code of 1968 (as amended) and Article 45 of the Securities & Exchange Act. The report which has been prepared on the basis of existing evidence and documents reflects the operations and general position of the Bank for the Iranian financial period ended 20.03.2019. In our opinion, information incorporated in the report on the Bank’s operations and its general position, emphasising the principles of fair presentation of the Board of Directors’ performance for the reporting period, consistent with the objective of safeguarding the interests of the Bank Annual Report - 2018-19 consistent with the relevant legal and regulatory requirements as well as conformity with the Bank’s Articles of Association.
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