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First Bank of Nigeria Ltd 2013 Annual Report

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First Bank of Nigeria Ltd 2013 Annual Report Connected. First Bank of Nigeria Limited | Annual Report and Accounts 2013 2 CORPORATE FINANCIAL INTRODUCTION BUSINESS REVIEW RISK FACTORS GOVERNANCE STATEMENTS Connected. Growth through connected solutions As a Group, we are exploiting synergies and optimising cross-selling between our subsidiary businesses to become more effective and increase value for our shareholders. Being more ‘connected’ as a Group means we can create an improved service for all our customers. By listening to them and understanding their diverse needs, we can provide innovative products and solutions that better connect us to them. It is this sort of forward thinking that has helped us evolve to become one of the leading financial services in Sub-Saharan Africa. FIRST BANK OF NIGERIA LIMITED | ANNUAL REPORT AND ACCOUNTS 2013 3 CORPORATE FINANCIAL INTRODUCTION BUSINESS REVIEW RISK FACTORS GOVERNANCE STATEMENTS USING THIS INTERACTIVE PDF At the top of each page Using links in the report click on the symbols to: y The contents list on the next page Jump back includes links to each of the report to contents sections as well as to specific chapters within these sections. Move back one page y The report text also includes related links to other relevant areas of the document, as well as external Move forward one page websites and email addresses. y To follow a link, simply move your Print this report or cursor over the section or chapter individual pages you would like to view and click. Search the text in y You can also click on the titles along this report the top of each page to jump to the start of a section. The term ‘FBN Holdings Plc’ or the ‘Group’ means FBN Holdings together with This report encompasses First Bank of Nigeria Limited. It is the second its subsidiaries, which include First Bank of Nigeria Limited. FBN Holdings annual report prepared under the International Financial Reporting Standards, Plc is a financial holding company incorporated in Nigeria on 14 October which the Company has adopted. Consequently, prior-year results have been 2010. The Company was listed on the Nigerian Stock Exchange under the restated to be consistent with this reporting standard. Unless otherwise ‘Other Financial Services’ sector on 26 November 2012 and has issued and stated, the income statement analysis compares the 12 months to December fully paid-up share capital as 32,632,084,345 ordinary shares of 50 kobo 2013 to the corresponding 12 months of 2012, and the balance sheet each (N16,316,042,172.50). In this report the abbreviations ‘N’mn’ and ‘N’bn’ comparison relates to the corresponding position at 31 December 2012. represent millions and billions of naira respectively. Unless otherwise stated, all disclosed figures relate to continuing operations. Relevant terms that are used in this document but are not defined under FBN Holdings Plc is structured under four business groups, namely: applicable regulatory guidance or International Financial Reporting Standards Commercial Banking, Investment Banking and Asset Management, Insurance, (IFRS) are explained in the glossary or abbreviation section of this report. This and Other Financial Services. report is also available online at www.fbnholdings.com. y The Commercial Banking business group comprises First Bank of Nigeria Limited, FBN Bank (UK) Limited, Banque Internationale de Crédit (BIC), There will be an option to view a navigable PDF copy of the FBN First Pension Custodian Nigeria Limited and FBN Mortgages Limited. Holdings report and the First Bank of Nigeria report as well as standard Others include the International Commercial Banks (ICB) in Ghana, PDFs of other available subsidiary reports at the download centre on Guinea, the Gambia and Sierra Leone. First Bank of Nigeria Limited is the ir.fbnholdings.com. Information on outstanding dividend claims and a lead entity of the Commercial Banking business group. list of all our branch locations, is available on request by contacting FBN Holdings Plc Investor Relations department, Samuel Asabia House, y Investment Banking and Asset Management business group consists of 35 Marina Street, Lagos. FBN Capital Limited, First Trustees Nigeria Limited, First Funds Limited and FBN Securities Limited. FBN Capital Limited is the lead entity of the Investment Banking and Asset Management business group. y The Insurance business group comprises FBN Life Assurance Limited (now FBN Insurance Limited) and FBN Insurance Brokers Limited. y Other Financial Services business group includes FBN Microfinance Bank Limited (FBN MFB). FIRST BANK OF NIGERIA LIMITED | ANNUAL REPORT AND ACCOUNTS 2013 4 CORPORATE FINANCIAL INTRODUCTION BUSINESS REVIEW RISK FACTORS GOVERNANCE STATEMENTS IN THIS REPORT INTRODUCTION RISK FACTORS OVERVIEW 6 CHIEF RISK OFFICER’S REPORT 136 WHO WE ARE 7 RISK MANAGEMENT FRAMEWORK 139 WHAT WE DO 7 RISK MANAGEMENT DISCLOSURES 142 HOW WE ARE STRUCTURED 8 BUSINESS MODEL SUMMARY 9 FINANCIAL STATEMENTS STRATEGIC APPROACH 9 DIRECTORS AND ADVISORS 171 PERFORMANCE HIGHLIGHTS 11 DIRECTORS’ RESPONSIBILITY 172 CHAIRMAN’S STATEMENT 14 STATEMENT OF FINANCIAL POSITION 173 LEADERSHIP AND GOVERNANCE 17 INCOME STATEMENT 175 AWARDS 20 STATEMENT OF COMPREHENSIVE INCOME 176 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 177 BUSINESS REVIEW BANK STATEMENT OF CHANGES IN EQUITY 179 GROUP MANAGING DIRECTOR’S REVIEW 24 STATEMENT OF CASH FLOWS 180 OPERATING ENVIRONMENT 27 NOTES TO THE ANNUAL FINANCIAL STATEMENTS 181 STRATEGY AND PERFORMANCE 29 TRANSITION TO IFRS 298 OVERVIEW 29 STATEMENT OF VALUE ADDED – GROUP 308 WHAT DIFFERENTIATES US? 30 STATEMENT OF VALUE ADDED – BANK 309 BUSINESS MODEL 31 FIVE-YEAR FINANCIAL SUMMARY – BANK 310 STRATEGY AND PERFORMANCE 32 FIVE-YEAR FINANCIAL SUMMARY – GROUP 312 2014–2016 CORPORATE STRATEGY 38 DIVISIONAL REVIEWS 40 GLOSSARY OF RATIOS 314 FINANCIAL REVIEW 54 ABBREVIATIONS 316 RELATIONSHIPS AND RESPONSIBILITY 67 CONTACT INFORMATION 318 INTRODUCTION 67 CUSTOMERS 73 COLLEAGUES 82 COMMUNITIES 90 CORPORATE GOVERNANCE CHAIRMAN’S STATEMENT 95 KEY GLOBAL TRENDS IN CORPORATE GOVERNANCE 98 LEADERSHIP 100 REMUNERATION REPORT 118 EFFECTIVENESS 119 ACCOUNTABILITY 124 INTERNAL CONTROL 127 ENGAGEMENT 130 DIRECTORS’ REPORT 132 FIRST BANK OF NIGERIA LIMITED | ANNUAL REPORT AND ACCOUNTS 2013 5 CORPORATE FINANCIAL INTRODUCTION BUSINESS REVIEW RISK FACTORS GOVERNANCE STATEMENTS 6 OVERVIEW 17 LEADERSHIP AND GOVERNANCE 11 PERFORMANCE HIGHLIGHTS 20 AWARDS 14 CHAIRMAN’S STATEMENT INTRODUCTION The FirstBank strategy report covers the 2013 operating year. It includes an analysis of our business model, corporate strategy, business performance during the year and our outlook for the future. “As promised at the 2012 financial year- end, the Bank has again raised the bar for the industry by delivering strong top- and p11 bottom-line results.” Prince Ajibola Afonja Chairman Performance p14 highlights FIRST BANK OF NIGERIA LIMITED | ANNUAL REPORT AND ACCOUNTS 2013 6 CORPORATE FINANCIAL INTRODUCTION BUSINESS REVIEW RISK FACTORS GOVERNANCE STATEMENTS 6 OVERVIEW 17 LEADERSHIP AND GOVERNANCE 11 PERFORMANCE HIGHLIGHTS 20 AWARDS 14 CHAIRMAN’S STATEMENT OVERVIEW First Bank of Nigeria is the principal bank subsidiary of FBN Holdings. FBN Holdings is the recently established Nigeria-based (non-operating) financial holding company for the banking and non-banking operations of FirstBank. The subsidiaries of FBN Holdings offer a broad range of products and services, predominantly from Nigeria, including commercial banking, investment banking, insurance and microfinance. OUR GROUP STRUCTURE FBN Holdings Plc (FBNH) INVESTMENT BANKING COMMERCIAL BANKING AND ASSET MANAGEMENT FIRST BANK OF NIGERIA LTD FBN CAPITAL LTD FBN BANK (UK) LTD FIRST TRUSTEES NIGERIA LTD BANQUE INTERNATIONALE FBN CAPITAL ASSET DE CRÉDIT MANAGEMENT LIMITED FIRST PENSION CUSTODIAN FBN SECURITIES LTD NIGERIA LTD FBN MORTGAGES LTD FIRST FUNDS LTD ICB GHANA ICB GAMBIA ICB GUINEA ICB SIERRA LEONE INSURANCE OTHER FINANCIAL SERVICES FBN INSURANCE LTD FBN MICROFINANCE BANK LTD FBN INSURANCE BROKERS LTD FIRST BANK OF NIGERIA LIMITED | ANNUAL REPORT AND ACCOUNTS 2013 7 CORPORATE FINANCIAL INTRODUCTION BUSINESS REVIEW RISK FACTORS GOVERNANCE STATEMENTS 6 OVERVIEW 17 LEADERSHIP AND GOVERNANCE 11 PERFORMANCE HIGHLIGHTS 20 AWARDS 14 CHAIRMAN’S STATEMENT WHO WE ARE bank with representative offices in Paris; Banque Internationale de Crédit (BIC) – a leading tier 2 bank headquartered in the Democratic Republic of First Bank of Nigeria Limited (FirstBank) is the largest banking group by Congo (DRC); International Commercial Bank (ICB) – a portfolio of four assets in Sub-Saharan Africa (excluding South Africa, i.e., ‘middle Africa’) West African banks (Ghana, Gambia, Guinea and Sierra Leone) acquired offering banking services to a rich network of both individual customers and in 2013; and First Pension Custodian Limited (FPCNL), providing pension businesses. First Bank of Nigeria Limited represents the main legal entity fund custody services. Other subsidiaries include FBN Mortgages Limited, a and previously played an operating holding company function before the primary mortgage institution (PMI). implementation of FBN Holdings Plc. Other entities under FirstBank include FBN Bank (UK) Limited – a fully licensed Prudential Regulation Authority FBN BANK (UK) LIMITED ICB SIERRA 100% LEONE 100% 75% BANQUE INTERNATIONALE DE CRÉDIT (BIC) ICB GUINEA 100% 100% FIRST PENSION CUSTODIAN FIRST BANK OF LIMITED NIGERIA LIMITED 100% 100% FBN MORTGAGES LIMITED 100% ICB GAMBIA ICB GHANA WHAT WE DO The Nigerian retail banking industry will experience strong
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