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Standard Chartered Bank Zambia Annual Report 2017

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Standard Chartered Bank Zambia Annual Report 2017 New valued behaviours REPORT STRATEGIC 1. Do the right thing 2. Never settle 3. Better together Directors’ report Contents 02 Chairman’s statement 04 Chief Executive Officer’s statement 06 Retail banking 08 Commercial banking 10 Corporate and Institutional banking statements Financials 12 Wealth management 14 Board of Directors 16 Executive Management Team 18 Directors’ report 22 Corporate governance 26 Sustainability 29 Directors’ responsibilities in respect of the preparation of consolidated and separate financial statements 30 Independent auditor’s report 34 Consolidated and separate statement of profit or loss Supplementary information and other comprehensive income 35 Consolidated and separate statement of financial position 36 Consolidated and separate statement of changes in equity 39 Consolidated and separate statement of cash flows 40 Notes to the consolidated and separate financial statements 100 Appendix – Five year summary 101 Principal Addresses 102 Branch Network 103 Dividend 104 Notice of 47th Annual General Meeting Agenda 105 Form of Proxy 1 STRATEGIC REPORT Chairman’s statement Chairman’s statement Annual Report 2018 Earnings per share stemming over 110 years. The potential Risk and Governance to grow the business remains huge, positioning the Bank to grow its strategic Risk continues to be at the forefront Z M W 0.171 footprint across different client profiles. It of every aspect of our business. It 2016: 0.208 is clear from the interaction I have had so is imperative that we continue to be far with both clients and employees that vigilant so that we stay ahead and they appreciate the value of our brand. It mitigate possible economic and social is therefore, our responsibility to ensure headwinds. The rebound of the Zambian Dividend per share that this value is delivered to both our economy which has, over the past shareholders and clients. year, been challenged by volatility in the financial sector, presents opportunities Z M W 0.17 It is my intention as Board Chairman to and associated risks which we need to continue to manage and navigate. The 2016: 0.21 support the management team whilst challenging appropriately to ensure that we journey will at times be tough, but there deliver on the overall corporate objective are no shortcuts to reach our desired end. Corporate Governance and conduct will It is both an honour and privilege to deliver and the promise we have made to our continue to set the cornerstone for our this statement, my first as Chairman of the clients. It is our core responsibility to business. We will endeavor to be the force Board of Directors of Standard Chartered uphold the strength of our franchise and that drives the good in the communities Bank Zambia Plc. I joined the board on engage deeply and frequently with both 1st April 2017 as an Independent Non- we operate in. To maintain these set of our internal and external stakeholders values, zero tolerance to any form of Executive Director and was appointed so that we continuously sharpen the Board Chairman on 1st October 2017. unethical behavior will continue to be our execution of our strategy and meet our set approach and commitment as we continue corporate objectives. I joined Standard Chartered Bank to uphold both the environmental and Zambia Plc because it is an extraordinary social standards we have set. organisation with a rich history in Zambia The Board and Management The potential to grow the business remains huge The Board and Management team continue to steer the Bank in the right positioning the bank to grow its strategic footprint across direction as evidenced by the strong different client profiles. It is clear from the interaction I have performance and market position in 2017. had so far with both clients and employees that they I am delighted to welcome five new members of the Executive Management appreciate the value of our brand and it is our team who joined in 2017: Mr. Olusegun Omoniwa, Country Head, Wealth responsibility to ensure that this value is delivered to both Management; Kwale Luputa, Acting Head, Corporate Affairs Brand and Marketing; our shareholders and clients Mutu Mubita, Country Head, Human Resource; Marshal Shampongo, Country Head Group Internal Audit and Emmy Kumwenda, Country Head Commercial banking Awards 2017 saw Standard Chartered Bank Zambia Plc win several prestigious awards. At the Lusaka Securities Exchange Corporate Governance awards, the Bank won awards in various categories including Overall Corporate Award 2017; Best Leadership Award conferred upon our Chief Executive Officer, Mr. Herman Kasekende; Overall Exceptional adherence to Corporate Governance award 2016; 1st runner up Dividend payer 2016; and 1st runner up Sustainability award 2017. The Retail Banking team was also conferred with the Retail Banking Award 2017 for Excellence in Business Performance. Dr. Caleb M Fundanga. The recognition awards conferred on Chairman the Bank is continued testimony of our Bank’s commitment to its sustainability Standard Chartered agenda and adherence to good Corporate 2 Annual Report & Accounts 2017 Governance principles. STRATEGIC REPORT STRATEGIC Political Highlights The Kwacha remained relatively stable Summary against the major convertible currencies. The Political environment continues to The Kwacha against the USD in 2017 Challenges lie ahead for the banking be stable and the Government of the averaged K9.99 per USD. International sector as a whole. However, given our Republic of Zambia continues to remain foreign reserves in 2017 were recorded at resilience, I am confident that we shall active in ensuring peace and tranquility is USD2.1 billion. navigate our way through and succeed. maintained around its borders. Our deep-rooted knowledge of this Copper, having closed the year at above market, backed by our extensive global Financial Highlights D7,200/tonne continued to head higher network, gives us the leverage to remain a following rising Chinese imports as key market player. Standard Chartered Bank Zambia Plc China growth in 2017 reflected a first full continued to be a major market player year growth acceleration since 2010. Directors’ report as demonstrated by the profitability in Going forward, we expect copper prices the year and the continued balance to correlate closely with news out of sheet growth. Returns on shareholder’s China’s where slower infrastructure and investments closed off at 33% in 2017 property investment spending could drive Dr. Caleb M Fundanga. compared to 46% in 2016. This was a deceleration in base-metals demand Chairman attributable to growth in revenue which growth. 26 February 2018 has been offset by higher year on year costs due to investments made in the Economic performance in 2018 is business expected to yield results in the expected to remain positive supported by following years. a stable macroeconomic environment and implementation of various policy, structural Economic Outlook and legal reforms under the Economic Stabilization and Growth Programme statements Financials In 2017 GDP growth continued on (ESGP). Growth is projected to remain a positive trajectory with preliminary positive while inflation is expected to be data indicating a growth rate of 3.7% low and in single-digit while the fiscal driven largely by positive performance deficit will be maintained within budgeted in manufacturing, mining and agriculture levels. Regarding the programme with sectors . Preliminary numbers show that the IMF, The Ministry of Finance started the fiscal deficit was below the budget engaging with the IMF on the basis of the target of 7.0% of GDP at 6.1%, while ESGP approved by Cabinet in 2017. The the current account deficit narrowed to ESGP is being strictly implemented with USD760.3 million in 2017 from USD1.037 much of the milestones achieved. billion in 2016. Liquidity conditions in The Banking sector largely improved with the The Outlook for Standard Supplementary information easing of monetary policy. Credit to the Chartered Bank private sector also continued to improve, but modestly where the average nominal It is projected that the Bank’s performance lending rates for commercial banks in 2018 will remain resolute as we continue declined to 24.6% in December 2017 from to build on the firm and secure foundations 29.2% in December 2016. made in 2017. Our strategic objective of being the bank that enables digital-on- Inflation was contained within the band of the-go for all our clients will further help 6-8 percent that was set at the beginning reinforce our positioning in the market of the year. End-2017 inflation closed at offering world class service and value to 6.1%, the lowest in over thirty years. The both our clients and our shareholders as sustained supply of food items, particularly they continue on their journey with the for maize grain products explained the fall Bank. in food inflation, while the relatively lower fuel prices compared to the corresponding period in 2016, largely accounted for the decline in non-food inflation. 3 STRATEGIC REPORT CEO’s review Chief Executive Officer’s statement Total Revenue pillar in every aspect of our business, our clients. Platforms such as Straight- safeguarding our client and stakeholder to-Bank (S2B) have made remittance of investments. Continuous revisions to our statutory requirements to organisations Financial Crime and Compliance policy such as National Pension Scheme ZMW 1,083m and training of our staff in fraud and risk Authority (NAPSA) and Zambia Revenue 2016: ZMW 1,035m management positioned the Bank to Authority (ZRA) quicker, efficient and cost better enforce regulation around money effective. laundering and anti-bribery. The introduction of the first Visa Infinite Total Profits before tax Compliance clearly continues to be top Credit Cards on the Zambian market of the agenda in 2018 as we continue to further widened the suite of products safe guard our franchise and our client’s on offer. Backed by an extensive 360 ZMW 457m interests.
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