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ANNUAL REPORT 2007 THE FUTURE PROMISES EVEN MORE RELATIONSHIPS MAIN BRANCH / HEAD OFFICE P.O. Box 785 City Centre Building 199 Road 203, Block 304 Manama Government Avenue Kingdom of Bahrain Tel: 17 505000 Fax: 17 224402 Swift: FUBBBHBM SITRA BRANCH P.O. Box 70115 Shop No. 57 Z Area : West Al Eker, Road 4203 Sh. Jabbar Al Ahmed Al Sabah Block 624 Sitra (Next to Mohd Mahmood Kooheji Showroom) Kingdom of Bahrain Tel : 17 505032 / 17 704747 Fax: 17 704700 Swift: FUBBBHBMSIT MUHURRAQ BRANCH P.O. Box 22309 Shop No. 270 Shaikh Hamad Road Muharraq 211 Kingdom of Bahrain Tel: 17 505031 – 17 343840 Fax: 17 345672 TEHRAN REPRESENTATIVE OFFICE No.25 Tandees Avenue Africa Highway Tehran Iran Tel: +9821 22053351 Fax: +9821 26201311 CONTENTS 3 Financial Highlights 4 Board of Directors’ Report 5 Board of Directors 6 Group Management 7 Board Committee Members and Organization Chart 8 Major Shareholders, Voting Rights and Directors’ Interest 10 CEO’s Statement and Management Review 12 Risk Management Overview 14 Financial Review 16 Auditor’s Report 17 Financial Statements - 2007 When we envision the future, we see ‘more’. More clients. Better products. Superior technology, leading to quality operations, taking the concept of client satisfaction to newer levels. We will interact to identify expectations, fulfill more promises, while exploring more possibilities... together. That’s what the future is all about. Going forward, despite challenges, we as a financial institution offer more new age financial services and solutions. By providing more options to our customers, we are confident of progressing from today’s banking practices into a future full of timeless achievements. FINANCIAL HIGHLIGHTS 2007 2006 2005 2004 Income and Expenses (USD Millions) Net interest income 30.3 19.9 15.1 5.9 Other income 2.7 1.6 1.0 0.4 Total Income 33.0 21.5 16.1 6.3 Operating expenses 6.9 5.4 4.7 1.6 Profit before provisions 26.1 16.1 11.4 4.7 Net provision / write-back (2.6) (0.1) 1.3 (0.1) Goodwill - - - 1.5 Net profit/(Loss) 23.5 16.0 12.7 6.1 Financial Position (USD Millions) Total assets 1,321.2 1,016.1 399.4 416.3 Net loans 221.0 174.0 142.8 121.2 Placements 904.0 802.2 235.6 265.2 Investments 27.0 14.6 0.0 11.4 Total deposits 1,151.3 887.3 278.4 309.0 Customer deposits 179.4 145.6 131.8 107.8 Shareholder’s equity 154.4 121.9 117.8 105.2 Ratios (percentage) Profitability Net income/Average equity 17.9 14.1 11.4 6.0 Net income/Average assets 2.4 2.5 3.1 3.0 Operating expenses/Total income 21.0 25.4 29.3 26.4 Earning per share (cents) 21 16 13 6 Liquidity Customer deposits/Net loan and advances 81.2 83.7 92.3 88.9 Loans and advances/Total assets 16.7 17.1 35.8 29.1 Liquid assets/Total assets 53.4 72.4 41.9 45.5 Capital Adequacy Capital Adequacy 20.0 15.7 35.6 28.3 Equity/Total Assets 11.7 12.0 29.5 25.3 The attached notes 1 to 31 form part of these financial statements. 3 BOARD OF DIRECTORS’ REPORT - CHAIRMAN’S STATEMENT Future Bank’s growing global reach now extends far beyond its regional presence; thanks to the vast global reach of our shareholders network. On behalf of the members of the Board of increasingly competitive market conditions and staff, whose efforts and dedication have Directors of Future Bank, it is with great during 2007, the Bank reemphasized its served as the cornerstones to the continued pleasure that I present the audited financial commitment to furthering its local presence growth of the Bank’s operations, along with statements for the year ended 31st December and asset base. In serving the needs of all our shareholders, customers and 2007. corporate clients as well as local retail clients, correspondents for their highly valued Future Bank enhanced its credibility in the association. Established as a Joint Venture between Iranian market. Concurrently, the Bank also and Bahraini banks in 2004, Future Bank has maintained due diligence on all fronts, in light By the grace of Allah the Almighty, the Board taken great leaps forward over the period of recent political developments. Concrete looks forward to the Bank’s ongoing success under report to become a bank well on the measures were adopted at mitigating risk and prosperity in the years ahead. strategic path envisioned by its founding and immunizing all the Bank’s operations shareholders. from any adverse external effects. The Bank’s strategic mission is focused on Future Bank continued to maintain its exploiting the complimentary advantages of competitive edge in the Iranian market, which all the national economies which it has come has served as a significant source of business to represent. The combined strength of Future in the past. However, a shift in emphasis was Dr. Hamid Borhani Bank’s major shareholders and their vast in order to balance geographical distribution Chairman global network within the GCC, Europe and and mitigate the concentration of risk. The the Far Eastern markets extends the Bank’s Bank is steadily amassing local and GCC reach far beyond its regional presence. market know-how and continues to build the necessary infrastructure to launch a more With commercial banking activities aggressive retail strategy. progressing at a brisk pace throughout the year, the performance of the Bank On behalf of our shareholders, the Board of remained well ahead of expectations and Directors wish to forward their utmost steadily aimed towards achieving our long- gratitude and appreciation to the authorities term goals. New business is being developed in the Kingdom of Bahrain and the Islamic to increase profitability, while solid steps are Republic of Iran, with a special note of being taken to strengthen new prospects and appreciation to the Central Bank of Bahrain consolidate existing relationships. for their ongoing support of Future Bank. In light of the commercial and financial We also gratefully acknowledge the evolution taking shape in Bahrain and the contributions of Future Bank’s management 4 BOARD OF DIRECTORS 1. DR. HAMID BORHANI 5. DR. VALIOLLAH SEIF 9. MR. SHAHRAM RAZAVI Chairman Chief Executive Officer & Deputy CEO & Director Board Member since 2006 Managing Director Board Member since 2004 Chairman and Managing Board Member since 2004 Standing 1st from Right Director, Bank Saderat Iran Chairman, Melli Bank PLC - UK Chairman, Bank Saderat Seated 1st from Left 10. MR. ADEL EL-LABBAN PLC - UK Director Seated 3rd from Left 6. MR. GHOLAM H. ZAFERANI (Resigned w.e.f. December 2007) Director 2. MR. ALI SEDGHI Board Member since 2004 11. MR. HAMAD AL MARZOUQ Deputy Chairman Deputy CEO, Saman Bank Deputy Chairman Board Member since 2006 Corporation - Iran (Resigned w.e.f. December 2007) Chairman & Managing Director, Seated 1st from Right Bank Melli Iran Seated 2nd from Left 7. MR. GHOLAM SOURI Director 3. A.AZIZ AHMED A. MALEK Board Member since 2004 Deputy Chairman General Manager, Foreign Board member effective 2008 Department, Bank Saderat Iran Non Executive Director, Standing 2nd from Right Netlinks Consultancy Telecommunications Bahrain 8. MR. ABBAS FATEMI TORSHIZI Seated 2nd from Right Deputy CEO & Director Board Member since 2004 4. ADEL AL MANNAI Standing 3rd from Right Director Board member effective 2008 CEO Investors Bank - Bahrain Standing 1st from Left 5 GROUP MANAGEMENT DR. VALIOLLAH SEIF MR. K. SURESH KUMAR MRS. MUNIRA MOH’D TAQI NOORULLA Chief Executive Officer & Managing Head of Corporate Banking Head of Human Resources & Director Administration CAIIB from Indian Institute of Bankers, PhD in Accounting & Finance from Allameh Mumbai. Over 22 years of banking experience Over 35 years of banking experience and Tabatabaei University. Over 26 years of mainly in Corporate Credit - Marketing, holding various banking positions spanning banking experience as Finance Director, Board Appraisal, Risk & Remedial Management at from Chief Accountant, Manager Loan, Credit Member of Bank Sepah, Chairman of the United Bank of India, Oman International & Human Resources at Bank Melli Iran, Board & Managing Director of Bank Mellat, Bank, IDBI Bank and as Senior Vice President Bahrain. Joined the Bank since inception. Bank Saderat, Bank Sepah and Bank Melli at Mizuho Corporate Bank. Joined the Bank Iran. Joined the Bank in 2006. in 2005. MR. MAHMOOD YOUSIF MOHAMMED Branch Manager - Main Branch MR. SHAHRAM RAZAVI MR. MOHAN SHENOY YARMAL Over 35 years of banking experience and Deputy Chief Executive Officer & Deputy Head of Treasury & Investment holding various banking positions spanning Managing Director – Business Development, Treasury & Investment Master of Commerce from the University of from Chief Accountant, Branch Manager at and Retail Banking Mysore. Over 30 years of banking experience Bank Melli Iran Bahrain and Manager, Information Technology. Joined the Bank since MBA Roosevelt University, USA. Over 26 years holding various banking positions as Chief inception. of banking experience as Economics Expert, Accountant and Assistant Dealer in Bank Acting General Manager in Bank Saderat Iran, Saderat Iran, OBU, Bahrain. Joined the Bank MR. RIYADH RASHID ALI AL-SAMAHIJI General Manager in Bank Saderat Iran; Athens since inception. Regional Manager, Muharraq & Sitra Branch & Paris Branch & General Manager Branch International Division. Joined the Bank in MR. MILIND VINAYAK KAMAT 2006. Head of Risk Over 13 years of Banking experience and holding various Banking positions at Bank BCom, FCA. Over 21 years of banking Saderat Iran, Bahrain Branch. Joined the Bank MR. ABBAS FATEMI experience holding various positions in various since inception. Deputy Chief Executive Officer & Deputy banks; Union Bank of India, Bank of Bahrain Managing Director – Risk, Finance & & Kuwait, Mumbai and as Vice President at Operations MR.
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