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Annual Report 2011-2012

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ANNUAL REPORT 2011-2012 ANNUAL REPORT 2011-2012 SAMAN BANK, THE INTELLIGENT BANK www.sb24.com info@ sb24.com ANNUAL REPORT 2011-2012 CONTENTS OVERVIEW 5 FIVE-YEAR SUMMARY 6 FINANCIAL HIGHLIGHTS 7 MESSAGE FROM THE BOARD OF DIRECTORS 8 HISTORY 12 VISION, MISSION AND OBJECTIVE 13 OUR STRATEGY 15 SAMAN FINANCIAL GROUP 18 SHAREHOLDER STRUCTURE AND CAPITAL 20 BUSINESS ENVIRONMENT 23 WORLD ECONOMIC CHANGES 24 IRANIAN ECONOMY AND BANKING INDUSTRY 24 BUSINESS REVIEW 29 OVERVIEW 30 CHANGES IN OPERATIONAL & EXECUTIVE STRUCTURE 32 RETAIL AND ELECTRONIC BANKING 34 INVESTMENT PRODUCTS AND SERVICES 36 INTERNATIONAL BANKING 38 GOVERNANCE 41 CORPORATE GOVERNANCE 42 BOARD OF DIRECTORS 46 BOARD COMMITTEES 48 INTERNAL AUDIT AND CONTROLS 50 INDEPENDENT AUDIT 50 EXECUTIVE MANAGEMENT 52 RISK MANAGEMENT 55 COMPLIANCE 58 HUMAN RESOURCES 60 FINANCIAL STATEMENTS 2011/12 65 SAMAN BANK BRANCH NETWORK 99 OVERVIEW Overview ANNUAL REPORT 2011-2012 FINANCIAL HIGHLIGHTS FIVE -YEAR SUMMARY For the financial year ending on March 21, 2012 Key items in profit & loss statements Unit 2011/12 2011/10 2009/10 2008/09 2007/08 Figure 1 Figure 2 Figure 3 Deposit per branch ratio IRR billion Deposit per employee ratio IRR billion Total revenue per branch IRR billion Total income IRR billion 4,125 3,348 2,031 1,508 1,474 575 44 29 30 Total expenses IRR billion 3,246 1,833 1,152 1,045 961 482 Net profit- after tax IRR billion 841 1,355 787 439 512 459 35 23 397 395 29 20 Dividend per share (profit divided by shares at the end of year) IRR 210 452 437 488 569 26 27 18 Dividend per share (profit divided by shares during the year) IRR 280 753 750 488 569 Key items in balance sheet Unit 2011/12 2011/10 2009/10 2008/09 2007/08 Total Loans IRR billion 66,985 60,246 34,184 27,341 23,989 Total assets IRR billion 109,803 84,912 49,315 41,733 34,846 Total deposits IRR billion 79,401 55,189 40,072 34,167 29,583 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 Total liabilities IRR billion 101,709 80,081 46,393 39,341 33,320 Paid capital IRR billion 4,000 3,000 1,800 900 900 Shareholders’ equity IRR billion 8,093 4,831 2,922 2,392 1,526 Customers’ undertakings for opened L/Cs IRR billion 14,618 2,858 2,632 1,294 2,362 Figure 4 Figure 5 Figure 6 Net profit per branch IRR billion Customers’ undertakings for openedL/Cs IRR billion POS per thousand customers IRR billion Operational growth indicators Unit 2011/12 2011/10 2009/10 2008/09 2007/08 14,618 12 108 Number of customers Thousand 1,045 864 792 646 496 Number of branches Unit 153 123 106 97 75 8 75 Number of ATMs Unit 674 519 390 256 183 8 71 71 71 Unit 6 Number of POSs 113,284 65,064 55,971 46,125 35,445 5 Number of employees Person 1,953 1,618 1,506 1,456 1,160 2,858 Key ratios Unit 2011/12 2011/10 2009/10 2008/09 2007/08 2,362 2,632 1,294 Capital adequacy ratio (Tier 1) % 11.4 9.9 10.6 10 7.4 Capital adequacy ratio (Tier 2) % 24 19.5 18.6 - - 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 Loans to deposits ratio % 84 109 85 80 81 Loans to assets ratio % 61 71 69 66 69 Total expenses to income ratio % 79 55 57 69 65 Graph 7 Graph 8 Graph 9 Number of new branches opened during the year Number of new ATMs installed during the year Number of new POSs installed during the year Debt ratio % 93 94 94 94 96 mln $ mln $ mln $ Return on assets ratio % 0.9 2 1.7 1.2 1.7 30 155 48,220 Return on shareholders’ equity ratio % 16 35 30 22 37 134 129 Total deposits to total assets ratio % 72 65 81 82 85 21 22 Average deposit per working day IRR billion 83 52 20 16 25 17 Total income per branch IRR billion 30 29 20 18 23 77 73 Net profit per branch IRR billion 6 12 8 5 8 9 10,680 % 9,846 9,093 Total income growth rate 23.2 64.8 34.7 2.3 114.9 6,951 Deposit per branch ratio IRR billion 575 482 395 397 459 Loan per branch ratio IRR billion 485 526 337 318 372 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 Profit per employee ratio IRR million 471 867 531 336 500 Deposit per employee ratio IRR billion 44 35 27 26 29 Loan per employee ratio IRR billion 38 39 23 21 23 Number of new branches Unit 30 17 9 22 21 Number of new ATMs Unit 155 129 134 73 77 Number of new POSs Unit 48,220 9,093 9,846 10,680 6,951 POS per each thousand customers Unit 108 75 71 71 71 *The major cause of reduced joint revenues in 2011-12 is the failed return of resources spent for financing the L/Cs during the second half of the financial year. Increased properties owned by the bank are due to collecting claims which showed over 200 percent growth. 6 7 Overview ANNUAL REPORT 2011-2012 MESSAGE FROM THE BOARD OF DIRECTORS Transforming Threat into Opportunity Over the past year, Saman Bank has made significant leaps forward and achieved the goals We spent the summer tackling the challenges posed by the “Arya Group” case, which involved that we set out to. We approach the New Year with collective determination to keep up this the entire banking system, including Saman Bank. The aftermath of this national banking crisis progress, achieve even greater goals, and see our next phase in the Iranian banking industry continued throughout the autumn. It would have been impossible to manage the crisis without come to fruition. meticulous and well-timed decisions, from preparing expert reports for the relevant authorities to the appointment of a new board of directors for the Bank. These measures were taken to Loyal Customers highlight the transparency and ethical nature of Saman Bank operations, and promote a positive To date our strategic outlook has been founded on innovation and market intelligence. We have image externally. innovated the use of electronic banking tools and identified new opportunities to stay ahead of In the end, these obstacles were overcome. They were no match for the hard work and market trends. Our first decade of trading (1999-2009) was a period of steady progress. We learnt diligence of our staff, as well as support from our customers. In fact, the challenges we faced that the key to a successful bank is to nurture a loyal and supportive customer base. The five-year simply boosted the will and determination of the bank managers to follow their plans through strategic plan designed by the CEO, senior managers and executive colleagues was the first of its and introduce key changes within their teams. In these difficult days, the Bank experienced kind to be put in place at Saman Bank. Throughout this program, we have continued to cement unprecedented achievements not only a testament to the strength of our staff, but also to the our position in the Iranian banking industry. We have gained valuable insight into our customers. strength of the Almighty, God. We have learnt that when we provide services efficiently and without hassle, our customers trust us. A successful banking experience should put the customer at the heart of the business. It Transformation of the Bank should become part of their everyday lives. This insight and progress in the business has given us Saman Bank underwent huge organizational changes over the past year. Special operation units an optimistic outlook for the year ahead. including “Corporate Banking”, “Premium Banking” and “Bancassurance” were established Good News from Spring Season during 2011/12 to research and identify different customer types to which we could offer more tailored services. This laid the groundwork for a new organization that would essentially Spring 2011 ended with the good news that we issued a thousand billion Iranian Rials Sukuk transform Saman Bank. It is notable that only in the second half of financial year 2011/12, more (asset-backed Islamic bonds) and sold the total sum in less than three minutes in the over-the- than one billion dollars L/C was opened in the Corporate Banking division; twice the amount of counter (OTC) market. The marketing and issue of these bonds, which set a precedent in Iranian total L/Cs opened by the bank during 2009/10. banking, can be attributed to the planning, effort and teamwork of the bank managers. Another significant achievement of this year was promoting the bank’s ranking in the top 100 Saman’s Branch Design national companies from 60th in 2010/11 to 36th in 2011/12. In the same year, Saman Bank was We have come to realize the importance of customer experience and how this can affect overall assessed by the Industrial Management Organization and determined to have the highest sale opinion. As a result, the senior management team decided to transform the aesthetic and growth among all state-owned and privately-owned banks in the Country. function of branches to become more customer focused. After extensive planning, consulting and coordinating with mid-level managers and professional contractors, Bagh Ferdows was 8 9 Overview ANNUAL REPORT 2011-2012 the first redesigned branch to be inaugurated under the new plan.
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