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It's All About the Journey SEYLAN BANK PLC ANNUAL REPORT 2016 REPORT ANNUAL IT’S ALL ABOUT IT’S ALL THE JOURNEY THE JOURNEY ABOUT THE JOURNEY ANNUAL REPORT 2016 REPORT ANNUAL SEYLAN BANK PLC, Seylan Towers, No. 90, Galle Road, Colombo 03, Sri Lanka. T: +94-11-2456000 F: +94-11-2456456 E: [email protected] W: www.seylan.lk Swift: SEYBLKLX ABOUT OUR OUR THE BANK VISION MISSION Seylan Bank PLC is a public To be Sri Lanka’s leading We provide our customers limited liability company financial services provider with financial services that incorporated in Sri Lanka as recognised by all our meet their needs in terms in 1987, and operates from stakeholders. of value, pricing, delivery its Head Office in Colombo and service. and through its island-wide network of banking centres. We will do so through a team of Seylan Bankers who are recognised and rewarded for results orientation. We will ensure that our efforts translate to meeting the expectations of our shareholders, whilst always acting as responsible corporate citizens. IT’S ALL ABOUT THE JOURNEY Seylan Bank PLC | Annual Report 2016 004 005 013 ABOUT OUR VALUE SUSTAINABLE THIS REPORT CREATION STRATEGY STEWARDSHIP Highlights Board of Directors 006 014 Letter from the Chairman Senior 008 Management Team Letter from the Director/ 019 Chief Executive Officer How We Govern 010 022 How We Manage Risks 068 087 095 155 263 OUR VALUE OUR VALUE SUSTAINABLE ANNEXES CREATION MODEL CREATION STORY RESULTS The Context Financial Calendar Ten Years at a Glance 096 156 264 Financial Statement of Directors’ Summary of Performance Indicators Value Creation Responsibility for Financial 266 098 Reporting Statement of Informed Investors 157 Comprehensive Income 116 Chief Executive Officer’s in US Dollars Satisfied Customers and Chief Financial Officer’s 267 Responsibility Statement 121 159 Statement of Financial Position in US Dollars Motivated Employees Independent 268 CONTENTS 130 Auditors’ Report Investor Information Trusted Partners 160 269 140 Income Statement Branch Network Responsible 161 274 Corporate Citizenship Geographical Analysis 144 Statement of Profit or Loss 278 and Other Comprehensive GRI Content Index Income 279 162 Sustainability Statement of Assurance Report Financial Position 282 163 Alphabetical Index Statement of 284 Changes in Equity Glossary 164 285 Cash Flow Statement Sinhala Translation of the Chairman’s Letter 168 288 Notes to the Tamil Translation of the Financial Statements Chairman’s Letter 171 289 Corporate Information 290 Circular to Shareholders 291 Notice of the Annual General Meeting 293 Form of Proxy Enclosed Investor Feedback Form SCAN TO VIEW Enclosed https://www.seylan.lk/annual-reports.html IT’S ALL ABOUT THE JOURNEY Our strategic plan is set for the years ahead, just as it was in the years gone by...and we traverse the new path with our stakeholders, enjoying the many moments of success and challenge as we seek mutual well-being and prosperity. It is this journey undertaken by the Bank and its stakeholders that empowers and strengthens and makes the overhauling of mutual goals that much more satisfying. It truly is...all about the journey! The Change for the Better In 2016, we enhanced our delivery Limitations and Boundary points by adding 8 new branches, The Annual Report 2016 is a focused, This Report mainly covers sustainability 20 ATMs and recruited 218 staff concise report facilitating better impacts, opportunities and risks arising members to the Bank. understanding by the readers, while from the Bank’s activities in the financial maintaining the transparency of the services sector, where some of the Our Group consists of a subsidiary information for the benefit of all our GRI indicators may not be applicable namely, Seylan Developments PLC, in stakeholders. In that respect, therefore, to its operations. This Report does not which the Bank holds an equity stake it is, comparatively, much leaner but extend to the Bank’s subsidiary, Seylan of 70.51%, as explained in the Notes to more robust and more meaningful and Developments PLC, which produces its the Financial Statements. There were no user-friendly, which is our aim, to be own Annual Report. significant changes in the size structure, able to convey to the general public in ownership or supply chain of the Bank particular, the essence of what we all during 2016. ABOUT THIS ABOUT REPORT look forward to each year – a transparent, Content of the Report lucid and convincing affirmation of the The Report presents both positive and financial soundness and sustainability Brands, Products, negative performance of the Bank in a of the Bank. manner in which our Stakeholders are Services and able to see the total picture of the Bank’s Accordingly, the Report communicates Operational Structure policies, operations and processes. to the reader, the linkages between The operational structure of the This holistic approach has helped us our underlying business model that Bank comprises six main sections – to identify our weaknesses and build fundamentally supports financial Branch Banking, Corporate and on our strengths to make our presence soundness and prudence and the story Foreign Currency Banking, Retail sustainable. of how in this process, we relate this Banking, Treasury Operations, model to value creation for all our International and Trade Finance and stakeholders. Consequently, the Bank’s the newly formed Project Finance Unit. Comparative Information approach to sustainability is reflected These divisions of the organisation The Annual Report for the financial throughout this Report. offer an array of financial services to year 2016, presents Key Performance customers through various delivery Indicators, together with comparative channels. A description of our Profiling the Bank information, for the last year and includes products appears on pages 124 to 125 a summary of sustainability indices, Seylan Bank PLC, a licensed commercial of this Annual Report. which we have developed to monitor bank and a public limited liability our performance in relation to diverse company incorporated in Sri Lanka and stakeholder interests. There are no listed on the Colombo Stock Exchange, Compliance significant changes/restatements from commenced its business in 1987 and Both financial and non-financial the previous reporting periods in the is presently identified as one of the information contained in this Report scope and aspects boundaries. few systemically important banks are in compliance with all applicable in Sri Lanka. Corporate information rules and guidelines stipulated by the regarding the Bank appears on Central Bank of Sri Lanka, the Independent Assurance page 290 and for information on its Companies Act No. 07 of 2007, The Bank’s policy recognises the share ownership structure, identity and Listing Rules of the Colombo Stock importance of obtaining an independent percentage of ownership, please refer Exchange and the Institute of Chartered assurance of its sustainability report and, to the ‘Investor Information’ section Accountants of Sri Lanka. accordingly, the Bank has obtained the of this Annual Report. services of Messrs KPMG for appropriate assurance in this regard, which appears Sustainability Presence and on pages 282 to 283 of this Annual Reporting Framework Report. This Integrated Report can be Scale of Operation This is our fourth Integrated Report, accessed through our website at We intermediate financially through a which encompasses economic, https://www.seylan.lk/annual-reports.html well dispersed network of 166 delivery social and environmental performances points, 202 ATMs and 100 student savings of Seylan Bank PLC, for the reporting Contact Person for centres in Sri Lanka. Overseas, we have period and the manner, in which we established a presence through a team relate to our key stakeholders in creating Editorial Information of coordinators in Lebanon, Saudi Arabia sustainable value, the details of which are Mrs. Champika Dodanwela and United Arab Emirates, where we focus contained in the relevant sustainability Chief Financial Officer on the remittances business through sections of the Report. Our report is Seylan Bank PLC exchange houses in these countries. We based on the Global Reporting Initiative Tel: 011-2456358 have a staff strength of 3,165 employees, (GRI) G4 and is prepared in accordance Fax: 011-2452612 as at end December 2016. with ‘core’ criteria. e-mail: [email protected] 4 Seylan Bank PLC | Annual Report 2016 OUR VALUE CREATION STRATEGY 005-012 006 008 010 HIGHLIGHTS LETTER FROM LETTER FROM THE DIRECTOR/ THE CHAIRMAN CHIEF EXECUTIVE OFFICER Seylan Bank PLC | Annual Report 2016 5 BANK GROUP 2016 2015 Change 2016 2015 Change Rs. ’000 Rs. ’000 % Rs. ’000 Rs. ’000 % During The Year Income 38,092,193 28,586,081 33.25 38,132,079 28,628,850 33.19 Operating Profit before Income Tax 5,733,718 5,776,711 (0.74) 5,771,245 5,822,611 (0.88) Income Tax Expense HIGHLIGHTS 1,723,268 1,945,767 (11.44) 1,736,355 1,936,662 (10.34) Profit Attributable to Equity Holders of the Bank 4,010,450 3,830,944 4.69 4,013,132 3,855,296 4.09 Other Comprehensive Income for the Year, Net of Tax (345,204) (1,053,977) 67.25 (327,867) (1,047,397) 68.70 Total Comprehensive Income Attributable to Equity Holders of the Bank 3,665,246 2,776,967 31.99 3,680,154 2,805,940 31.16 Revenue to Government 3,072,633 3,202,007 (4.04) 3,079,238 3,192,902 (3.56) Gross Dividend – Note 1,121,121 948,641 18.18 1,121,121 948,641 18.18 At the Year End Total Equity Attributable to Equity Holders of the Bank 27,772,282 25,055,677 10.84 29,020,274 26,287,740
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