BANK MASKAN

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BANK MASKAN
ANNUAL REPORT
2011-12
BANK
MASKAN
BANK
MASKAN
ANNUAL REPORT
2011-12
ANNUAL REPORT 2011-12
In the name of God
BANK MASKAN
Table of Contents
| Overview on honors of Bank Maskan in 2011-2012
.... 07
| Managing Director’s Statement ........................04.............................................................. 08
| Board of Directors ............................................................................................................ 10
| The history of Bank Maskan .. ........................................................................................... 12
| Mission, Vision, and Objectives and Code of Ethics
............... 14
| Organization Chart.......
| Principles of Islamic Banking ...
04
05
| Iran Banking Industry ...
.......
16
....................................................... 18
........
............................................... 20
| 2010 – 2015 Comprehensive Development Plan ................................................................. 24
| Mehr Housing Scheme .............................................................................................. ....... 26
| Financial Performance ..................................................................................................... 28
| Risk Management ...
| Combating Money Laundering ...
................. ...................................... 34
....................................................... 36
| International Banking Activities
38
| Information Technology & E – Banking Services ........................
.............................42
| Human Resources and Training ...................................................................................... 44
| Research & Development Center ..................................................................................... 47
| Major Subsidiaries ........................................................................................................ 48
| INDEPENDENT AUDITOR’S REPORT ................................................................................... 54
| Foreign Exchange Branches ..........................
......................................................... 64
ANNUAL REPORT 2011-12
BANK MASKAN
Bank Maskan was established in June 1979 following the merger of several banks, loan
associations and investment companies as a specialized state – owned bank. Bank Maskan’s
main area of activity is supporting the housing and construction activities of the governmental
and private sector in Iran.
Balance Sheet Highlights
US$ million 1
Assets
Liabilities
Customer Deposits
Facilities Granted to Customers
Shareholders’ Equity
20112
54,617.23
51,592.62
10,698
46,316
3,024
2010
42,795
40,919
10,500
36,201
1,876
2009
24,732
23,473
9,352
20,823
1,259
2010
3,280
179
1,613
1,416
155
2009
2,218
127
982
834
111
2010
70.3%
9.6%
8.9 %
2.1%
47.9%
6.5%
2009
73.2%
11.3%
8.8%
2.2%
74.7%
9.0%
Income Statement Highlights
06
07
US$ million
Revenues from Joint Investments
Revenues from Own Investments
Total Revenues
Total Expenses
Net Profit
2011
5,179
233
2,871
2,656
164
Key Ratios
US$ million
Operating Expenses / Operating Revenues
Net Profit / Total Revenues
Return on Equity
Return on Assets
Deposits / Loans
Capital Adequacy
2011
91%
5.7%
5.6%
1.8%
35.2%
13.4%
1- Rial (IRR) amounts above and elsewhere in this report have been converted to USD for convenience
only at the rate of IRR 12,240 (for Balance Sheet and Income Statement and Cash Flow Statement) for 1
US$ for the financial year 2011.
2- The financial year of the Bank follows the Iranian calendar year, starting on March 20 of each year and
ending on March 19 of the following year. In this report, the year 2011 corresponds to the period of March
20, 2011 to March 19, 2012.
ANNUAL REPORT 2011-12
Overview on honors of Bank
Maskan in 2011-2012
7th Conference of Iran’s
Top Public Relations
Well-known
Constructors
Conference
International Conference
of Economic Innovation
and Justice
Leading Organization
in 6th Conference of
Industry Heroes
First Place in Electronic
Communication
BANK MASKAN
Managing Director’s Statement
O
n behalf of the Board of Directors, I am
honored to present the annual report of
Bank Maskan of Iran, for the year ended March
19, 2012, another successful year in which we
met our financial and strategic objectives and
made solid progress in improving performance
across the entire organization.
08
09
The year 2011 was another determining
and challenging year for Iran’s economy
and its banking system as the instability and
stagnation in global markets coupled with
increasing global unemployment, devaluation
of major currencies, and mostly negative
fluctuations of substantial economic indices
exerted their influence on the internal
economies of all countries. Many renowned
international financial institutions continued
existence only through huge state bailouts, and
a lot of others struggled for survival because
of persistent shadow of 2008 global credit
crisis. However, Bank Maskan made an even
more positive contribution to the country’s
development especially in housing and
construction sector.
Operational performance of the Bank
continued its sound growth path. Total number
of contracts and facilities granted for Mehr
Housing Scheme rose astonishingly by 31.9%
and 44.8% respectively in 2011. Customer
deposits grew 2.5%, indicating society’s trust
in Bank Maskan. To acknowledge this valuable
trust, the Bank increased the amount of
granted facilities by about 27.9% reaching US$
46,316 million. The share of Bank Maskan is
7.8% in total granted facilities of Iran’ banking
system in 2011.
The financial standing of Bank Maskan in
the year under review was robust as well.
Regarding our stringent debt collection, and
specialized banking services, total revenues
and net profit figures of the Bank rose
significantly about 77% and 60%, and reached
to US$ 2,872 million and US$ 164 million,
respectively. Simultaneously, almost all other
key profitability, liquidity, leveraging, and
efficiency ratios of Bank Maskan grew and
stood at reliable levels by end of 2011.
To actualize its core competencies, the Bank
has always been striving to raise the level
of efficiency by utilizing innovative, modern
and effective methods. To do so, the Bank
concentrated on uplifting productivity through
prioritizing internet banking, electronic
banking, as well as recognition, simplification,
and betterment of working procedures during
2011. These efforts remarkably reduced the
window transactions, saved time for the
customers, reduced cost and work load for
staff, increased the security measures, and
facilitated the flow of financial transactions.
Although much was accomplished in 2011,
we are constantly reminded that we still have
further steps ahead towards achieving our
higher level vision. We have established a
healthy base and laid a strong foundation, so
that I have never been more optimistic about
the future of Bank Maskan. I am confident
that such a strong foundation and our past
experience will allow the Bank to take full
advantage of upcoming opportunities and will
strengthen our competitiveness at national
and international arena. At the end of another
successful year, I would like to extend my
appreciation to our clients, correspondent
banks, the Central Bank of Iran, the Ministry of
Economic Affairs and Finance, and the Ministry
of Housing and Urban Development for their
ongoing and loyal support and I would like to
thank my colleagues on the Board of Directors
for their visionary direction.
My thanks are also due to my senior
management colleagues and to all our diligent
staff whose commitment, professionalism and
dedication defines and guarantees the Bank’s
success and its promotion to an elevated and
highly appreciated position.
Ghodratollah Sharifi
Chairman of the Board and Managing Director
ANNUAL REPORT 2011-12
BANK MASKAN
Board of Directors
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11
Mr.Ghodratollah Sharifi
Mr.Gholam Hossein A. Hassankhani
Chairman of the Board of Directors
and Managing Director
E-mail: [email protected]
Board Member
E-mail: [email protected]
Mr.Sharifi has served as Chairman of
the Board of Directors and Managing
Director of Bank Maskan since 2009.
He is a master student of Private Law
and holds a Bachelors degree in Law.
Mr.Sharifi has more than 26 years
of managerial experience. Prior to
his appointment at Bank Maskan,
he served as Chairman and Deputy
Chairman of Bank Saderat Iran (BSI).
Mr.Hassankhani has served since 2005
as Board Member of Bank Maskan. He
holds an M.A. in Banking Management.
Mr. Hassankhani has more than 32
years of managerial experience in
the Iranian banking sector across
a diverse range of fields, including
retail banking, planning and systems,
international affairs, public relations,
information technology, and research
and development. In addition, he
currently serves as Chairman of Navaco
Company, and Deputy Chairman of
Bank Maskan Investment Management
Company, as well as Pasokhgou
Exchange Company.
ANNUAL REPORT 2011-12
Mr. Yousof Mortezaee
Board Member
Dr. Mohammad Ali
Sahmani Asl
Board Member
Dr. Seyed Kamaleddin
Shahriari
Board Member
E-mail: [email protected]
E-mail:[email protected]
E-mail: [email protected]
Mr. Mortezaee has
served as Board Member
of Bank Maskan since
2005. He holds a B.A.
in Management and
has extensive banking
experience. During the
past three decades,
Mr. Mortezaee served
at different levels in
Bank Maskan. In 1986,
he was appointed as
Head of Recruitment.
Mr.Mortezaee served in
this position until 1995
and subsequently as
manager of Vanak and
Shahid Rajaee branches.
Dr. Sahmani joined
Bank Maskan as Board
Member in 2006.
He holds a Ph.D. in
Accounting. In addition
to a distinguished
career as professor
at various reputable
Iranian universities, Dr.
Sahmani has years of
managerial and advisory
experience in different
organizations including;
Financial Advisor of
Managing Director in
Shahab Khodro as well as
investing affairs and stock
transaction Manager
of Ghadir Investment
Company. Moreover,
Dr. Sahmani used to
act as non – executive
Board member in several
subsidiaries of Ghadir
Investment Company.
Dr. Shahriari has been
appointed as a Board
Member of Bank Maskan
since April 2010. He
holds a PhD in urban
development and
teaches at the University
of Tehran. During 35
years of professional
experience, he has
served in a lot of mass
construction and town
planning managerial
positions, and as an
engineering consultant
of various government
agencies. Mr.Shahriari
is also a member of
Board of Trustees of
Boushehr Medical
Sciences University, and
the Parliamentary Affairs
Deputy of the Ministry
of Economic Affairs and
Finance.
BANK MASKAN
The history of Bank Maskan
T
he history of Bank Maskan dates back to
the year 1938, when Bank Rahni Iran was
established to support the construction of new
housing in urban areas.
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Bank Rahni Iran was established with an
initial capital of Rial 200 million through a
joint initiative of the Ministry of Economic
Affairs and Finance and Bank Melli Iran.
Primarily aimed at financing Iran’s housing
and construction sector, it began offering real
estate secured housing related loans, in order
to facilitate the purchase, construction, and
repair of housing units.
The Bank also granted loans to building
societies and construction companies.
Expanding its field of activity, Bank Rahni was
embarked directly on construction operations
in 1944; and has accomplished numerous
large – scale construction projects ever since.
On June 7, 1979 Bank Maskan was established
through merger of Bank Rahni Iran, Bank
Sakhteman (Building & Construction Bank),
Iranian Banks Construction Investment
Company, Kurosh Bank, Ekbatan Bank and
Pasargad Bank, as well as other savings and
mortgage associations around the country.
Classified as state – owned, the basic mission
of Bank Maskan as a specialized bank was
to support the development of housing and
construction activities of the governmental
and private sectors in Iran. The Bank is the
unique financial arm of Iranian government
in execution of Mehr Housing Scheme. This
Scheme is designed in 2007 to provide the
majority of Iranian people with the opportunity
of becoming housing owners. The process of
granting facilities to this scheme is accelerated
during recent years. The initial capital of the
Bank was Rial 44.5 billion. After several capital
increases due to expansion of operations, it
reached Rial 18,297 billion (US$ 1,683 million)
in March 2011.
To further support the monetary section of the
country, Bank Maskan included all available
commercial banking services in Iran on its field
of activities from the date of incorporation.
Opening 51 new branches during 2010, the
network of Bank Maskan now comprises of
1,214 branches. These branches operate in all
major urban areas throughout the country, and
render tailor – made specialized services to
development of the Housing and Construction
Sector of Iran’s economy.
Tehran Central Branch
Tehran Central Branch
ANNUAL REPORT 2011-12
Tehran Central Branch
BANK MASKAN
Mission, Vision, and Objectives
and Code of Ethics
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Mission
ank Maskan is a specialized bank, dedicated
to active cooperation for economic
development of Iran, especially in housing and
construction sector, through offering all Islamic
banking as well as a variety of modern financial
products and services that meet international
standards to individuals and corporate
customers. We want to create value for all our
customers by:
B
• Providing the highest level of personal
service to each and every client;
• Offering a safe workplace that attracts,
retains and motivates high performers
by stimulating innovation, rewarding
excellence and treating people with respect;
• Acting professionally, responsibly and
with integrity in everything we do;
• Contributing effectively to the
development of the Iranian housing and
construction sector within the strategic
framework set by the government.
Vision
Bank Maskan aspires to foster its position as
the “bank of choice” for the Iranian housing
and construction sector. To support this vision,
the Bank is committed:
• To expand its fields of activity to other
economic sectors, while keeping housing
and construction as the main area of
concentration;
• To develop its international banking
services outside the country via taking over
or becoming shareholder of foreign banks,
and establishing foreign branches;
• To diversify its scope of investments, by
financing various economic activities;
• To create value for customers from
increasing the quality and the variety of
banking services, and fostering the level of
electronic services; their interest comes first.
Objectives
• Financing the housing and construction
sector;
• Permanent increase in the market share
of the Bank;
• Developing electronic banking;
• Managing all risks;
• Elevating the level of productivity;
• Optimising the resources and resources
allocation management;
• Proactive Liquidity management;
ANNUAL REPORT 2011-12
• Human resource training and
development.
Code of Ethics
Bank Maskan has adopted a code of ethics
that consists of a set of values, principles
and standards to guide decision making and
conduct in various situations that may arise
in the context of employer – employee and
employee client relations. Key principles of our
Code of Ethics are as follows:
• Employees shall pay attention to
expectations, demands, needs and
complaints of customers to advance the
Bank and improve intra – organizational
processes;
• Employees shall be accommodating and
patient at any time, any place and under
any work condition to service customers in
a pleasant and professional manner;
• Employees shall listen to customers; their
interest comes first;
• Employees shall pay special attention to
punctuality, commitment and accuracy in
providing services to customers;
• Employees shall act with honesty and
good faith and shall not discriminate
customers or colleagues in any way;
• Employees shall contribute to the creation
of competitive advantages for the Bank
through introduction of new ideas aimed
at adding value for the Bank, its customers
and the society at large;
• Employees shall put the welfare, health
and safety of the society before private
interests;
• Employees shall be truly committed to the
principle of customer satisfaction;
• Employees shall apply their full skills
and knowledge in the interest of their
colleagues and customers;
• Employees shall obey all laws, rules and
regulations in all aspects of their work;
• Employees shall ensure a proper business
conduct, reject all forms of bribery, protect
the Bank’s assets and be transparent.
BANK MASKAN
Organization Chart
General Assembly of Banks
Legal Inspector
Chairman of the Board
& Managing Director
Advisors & Special Inspectors
16
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Support
Affairs
Management
International
Affairs
Management
Performance
Appraisal and
Planning Center
Security
Management
Personnel
Security Dept
Member
Board
Member
Board
Member
Logistics and
Services
Dept
Foreign
Exchange
Operations
Dept
Performance
Appraisal Dept
Personnel
Security Dept
Anti-Money
Laundering
Dept
IT and
Communications
Management
Credit Affairs
and
Investment
Management
Provinces
and Regions
Management
Construction
Dept
Foreign Affairs
Dept
Research and
Planning Dept
Credit and
Investment
Dept
Branch
Management
Dept
Risk
Management
Dept.
Human
Resource
Management
Internal
Auditing
Dept.
Personnel
Affairs Dept.
Personnel
Welfare Dept.
Personnel
Welfare Dept.
Board
IT Dept
Security and
Safety Dept
Modern Banking
Services Dept.
Personnel
Security Dept
Projects and
Planning
Management
Management
Affairs Dept
Planning Dept.
Inspection
Dept
Information &
Statistics Dept.
Public
Relations Dept
Financial Affairs
Management
Legal Affairs &
Debt Collection
Dept
Treasury and
Transactions
Dept.
Accounting and
Budget Dept.
Training Dept.
ANNUAL REPORT 2011-12
BANK MASKAN
Principles of Islamic Banking
T
he perceptions held about interest and
profit constitute the most basic elements
defining Islamic finance and, as such, Islamic
financial institutions in Iran. In line with Iranian
laws and regulations, banks raise resources
mainly through the following two products:
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• Gharz–al–Hassaneh Accounts
Gharz–al–Hassaneh are current and savings
accounts (as in the conventional banking
system), except that they earn no interest.
Holders of current accounts typically receive
these accounts in combination with a cheque
book. Savings accounts offer incentives (up to
4%), including one or several of the following:
non–fixed prizes and bonuses in cash or in kind
(usually run using a lottery), an exemption from
or a discount on the payment of commissions
and fees, and priority in use of banking facilities.
Banks consider Gharz–al–Hassaneh accounts
“their own resources” and are required to
guarantee their full nominal value.
• Term Deposits
Banks are authorised to accept various types of
investment deposits ranging from short – term
(6 months) to long – term (5 years). Although
banks can use their capital plus Gharz–al–
Hassaneh accounts, priority must be given
to investment deposits – that is, depositor
resources. Banks can also use a combination
of their own and depositor resources to grant
facilities to a customer. Iranian banks guarantee
the owners of term deposits their capital plus
a minimum return. On top of this guaranteed
return, banks charge a commission for their
service. In case the financed activities provide
a return in excess of the guaranteed return and
the bank’s commission, such excess return is
shared between the bank and the depositors.
On the lending side, Iranian laws and
regulations separate banking products into two
categories: participation contracts and constant
profit contracts.
• Participation Contracts
Under this type of contract, the bank provides
the whole or a part of the funding required by
its customers for a specific economic activity.
The profit that results from such economic
activity is shared between the bank and
the customer according to the terms of the
related contract. These contracts consist of the
following:
a. Civil Partnership – Under civil partnership
contracts, the bank provides funds to a
customer (legal or natural person) for a specific
economic activity. The customer co – invests in
cash or in kind and the related profit is shared.
Civil partnership contracts can be in the fields of
production, commerce or the service industry.
Under the same scheme, the issuing of bonds is
also permissible. Commercial banks are allowed
to act as guarantors for both the government
and private sector enterprises, and entities
wishing to raise funds for projects and specific
activities through the issuance of bonds. Profits
are paid quarterly.
b. Legal Partnership – In a legal partnership,
the bank provides part of the capital for a new
company or buys shares of such a company.
These contracts are possible in the fields of
production, commerce and the service industry.
c. Mozarebeh – Under Mozarebeh contracts,
one party (the bank) provides funds that the
other party (the customer) uses for trading.
Customers can be legal or natural entities.
Usage of the funds is limited to the field of
commerce.
d. Mozare’eh – Under Mozare’eh contracts, one
ANNUAL REPORT 2011-12
party (the bank) gives farm land to the other party (the
customer) for a specified duration. The customer works
on the farm land, and the related proceeds are shared.
e. Mosaghat – Under Mosaghat contracts, the owner of
trees in a garden (the bank) transfers the maintenance
and harvesting of the trees to an agent (the customer),
and the related proceeds are shared.
• Constant Profit Contracts
Under this type of contract, the bank provides
the whole or a part of the funding required by
its customers for a specific economic activity.
Unlike participation contracts, the bank’s profit
is already fixed at the signing of the contract
and before the commencement of the activity.
As such, the bank’s profit has to be paid by the
customer irrespective of the actual profit or loss
derived from the funded economic activity.
a. Instalment Sale – An instalment sale is a
contract whereby one party (the bank) delivers
goods to the other party (the customer) at a set
price. The price is amortised, totally or partially,
on predetermined maturity dates, through
equal or unequal instalments.
b. Leasing Conditional on Ownership – In this
particular type of leasing contract, it is agreed
that the lessee, if complying with the terms of
the contract, will obtain the ownership of the
leased property upon the completion of the
contract.
c. Forward Sale (Salaf) – A forward sale is a
contract whereby the bank purchases goods
produced by the customer, paying the price in
cash, and receives the goods in the future.
d. Joaleh – refers to the obligation of a person
(the customer) to pay a certain sum or fee in
return for a certain favour according to the
contract. Acting as an agent or as a contracting
party if required, a bank may arrange a Joaleh
contract for the purpose of providing the
facilities required to develop a business.
e. Discounting – Banks can discount drafts and
notes. Finally, banks are also allowed to use
some of their own resources (including Gharz–
al–Hassaneh funds from customers) to make
direct investments. Direct investment is not
considered a ‘facility’ but works on the same
principles as participation contracts.
BANK MASKAN
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Iran Banking Industry
A
s an unquestionable outcome of persistent shadows of global financial crisis, as well as
continued imposed global economic difficulties, Iran’s monetary sector encountered many
encumbrances in its international dealings.
This, joint with government policies aimed at reforming banking system, created an atmosphere
that require precise scrutiny of likelihoods, and highly experienced management in charge.
Electronic Banking
Nowadays, rendering electronic services and availability of these services in everywhere is one
of the most significant factors in competitive e-banking systems. With regard to this fact and in
order to simplify customers’ affairs, banking system tries to develop and increase such services. In
recent years, banking system infrastructures for electronic payment and settlement experienced
major developments. The Automated Clearing House System (PAYA) as the main infrastructure
for processing individual and multiple payment orders was put into operation in January 2010.
Moreover, the legal foundation for the Scripless Securities Settlement System (TABA) as the
electronic infrastructure for issuance and settlement of various securities, and one of the
components of the comprehensive and integrated payment system was established in this recent
years. For the facilitation and standardization of interbank transactions of the Iranian banks,
Iran Bank Account Number (SHEBA) was established, and declared to banks for implementation.
Electronic banking market including payment instruments and equipments, telephone banking
and internet banking continued remarkable shoot up.
ANNUAL REPORT 2011-12
a. Electronic Cards : The number of cards issued by the banking system in 2012 rose 18% to 2.5
million in total as follows. Among these cards, 63.49% are housing cards, 0.37% credit cards and
36.14% gift cards. During 2012, the number of credit and gift cards increased 106% and 143%
respectively, and housing cards have 9% reduction, in compare with the same previous period.
Number
Cards
Percentage
Growth
1,606,214
63.49%
-9%
4,540
9,354
0.37%
106%
Gift Cards
376,228
914,233
36.14%
143%
Total
2,145,838
2,529,801
100%
18%
2011
2012
Housing Cards
1,765,070
Credit Cards
b. Electronic Instruments: Electronic banking market including payment instruments and
equipments, telephone banking and internet banking continued remarkable increase. The
number of electronic instruments of banking system in 2012 rose 109% to 63.9 thousand in
total as follows. Among these instruments, 1.81% are Automated Teller Machines (ATM), 9.52%
Pinpads and 88.66% Salesroom Poses. During 2012, because of enticing promotions, customers’
inclination to purchase using their cards, the number of Automated Teller Machines (ATM),
Pinpads and Salesroom Poses boosted 3%, 17% and 109% respectively in comparison with the
same previous period.
Number
2011
2012
Instruments
Percentage Growth
ATMs
1,125
1,159
1.81%
3%
Pinpads
5,197
6,081
9.52%
17%
Salesroom
Poses
24,200
56,628
88.66%
134%
Total
30,522
63,868
100%
109%
c. Virtual Service Customers: The number of virtual service customers of banking system in 2012
rose 362% to 640.5 thousand in total as follows.
Among these services, 32.38% are internet banking, 34.16% mobile banking and 33.45% intensive
telephone banking. During 2012, the number of internet, mobile and intensive telephone banking
service increased 363%, 378% and 347% respectively in comparison with the same previous
Number
Virtual Service
Customers
2011
2012
Internet Banking
44,797
Mobile Banking
Percentage
Growth
207,410
32.38%
363%
45,773
218,797
34.16%
378%
Intensive
Telephone
Banking
47,935
214,269
33.45%
347%
Total
138,505
640,476
100%
362%
BANK MASKAN
period.
d. Transactions: The number and amount of transactions through electronic banking in 2012 rose
151% and 84% to 166.202 thousand and 80,727,554 Million IRR respectively in total as follows.
During 2012, the number of transactions with Automated Teller Machines (ATM), Salesroom
Poses, Internet, mobile and intensive telephone banking service increased 110%, 603%, 538%,
288% and 318% respectively in comparison with the same previous period. Also, as the table
shows, the amount of transactions with Automated Teller Machines (ATM), Salesroom Poses,
Internet, mobile and intensive telephone banking service increased 47%, 743%, 653%, 1183%
and 1061% respectively in comparison with the same previous period. This shows prosperity of
bank in expanding electronic payment devices, and the inclination of public to use new payment
instruments in daily transactions.
Services
Number of
Transactions
2011
ATM
2012
Amount of Transactions
Million IRR
2011
2012
Growth
Number Amount
59,718,179 125,408,176 41,490,385
60,990,865
110%
47%
Salesroom Poses
4,491,669
31,576,432
2,193,379
18,490,186
603%
743%
Internet Banking
307,132
1,960,422
80,732
607,915
538%
653%
Mobile Banking
1,039,176
4,032,004
32,020
410,814
288%
1183%
Intensive Telephone Banking
771,108
3,223,231
19,446
225,763
318%
1061%
80,727,554
151%
84%
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23
Total
66,329,275 166,202,277 43,817,972
In order to increase electronic services to the customers and promotion to use of such services,
also to add more devices to existing services and attracting more customers and since customer
satisfaction plays an important role in competition, in 2012 Bank Maskan have been made many
efforts to expand virtual service domain (Web, Mobile, Telephone bank) and the addition of new
services. Among these, the most remarkable efforts are as below:
1- Launching mobile banking based on USSD
2- Mobile software development based on Android
3- Implementation of voucher purchase on the distance ports
4- Instant card issuance in branches
5- Purchase and installation of 200 kiosks and provide all banking services offered on these
devices.
ANNUAL REPORT 2011-12
BANK MASKAN
2010 – 2015
Comprehensive
Development Plan
Dedicated to render state–of–the–art banking products and services, Bank Maskan regularly makes
revisions to all aspects of its operations. Accordingly, a five – year comprehensive development
plan is designed in the previous year and has been launched during 2010. This plan is aimed at
enhancing following areas:
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25
Concentration
Excerpt from Objectives / Operational Plans
Process
Improvement
• Increasing productivity;
• 20% growth of average available resources per capita and per branch after 5 years;
• Initiating EFQM Excellence model;
• Revising and optimizing the arrangement of human resources, banking processes, and
performance appraisal indicators;
• Executing miscellaneous staff training and development plans.
Resource
Allocation
• Optimizing resource allocation;
• Maintaining the average portion of Civil Partnership facilities between 40% and 50%;
• Increasing the short – term facilities, through exerting corrective credit strategies;
• Increasing the portion of Participation Contracts;
• Establishing the resources allocation and management model for Maskan Saving Fund.
Risk
Management
• Optimizing the risk management processes and operations of the Bank;
• Establishing comprehensive customers information database;
• Designing the credit rating system of the Bank;
• Designing comprehensive information and statistics plan;
• Strengthening the supervisory units of the Bank.
E–Banking
• Developing the electronic banking network around the country;
• Elevating the quality and quantity of available electronic services;
• Launching the Core Banking System;
• Installing banking booths;
• Providing the modern required hardware and software;
• Launching Fiber – Optic and satellite communication networks of the Bank.
ANNUAL REPORT 2011-12
Concentration
Excerpt from Objectives / Operational Plans
Marketing
and Customer
Orientation
• Growing market share of the Bank;
• Promoting to the 3rd ranking in Banking Network of Iran;
• 40% average increase in all resources;
• Raising the portion of Gharz – al – Hassaneh saving and current deposits to 8% and 6%
respectively;
• Designating new markets;
• Accumulating the number of branches to 1,400, in the end of the Plan.
Mandatory
Financial
Facilities
• Allocating the remained IRR 37,000 billion of the line of the credit approved for Mehr Housing
Scheme;
• Constructing another 100,000 rural residential units;
• Making all operations related to mandatory facilities concentrated;
• Designing a cash flow model for mandatory facilities repayment.
Financial
and Liquidity
Management
• Optimizing financial and liquidity management;
• Defining five – year financial strategies according to the major objectives of the Bank;
• Applying SWOT analysis on financial management system of the Bank;
• Efficient investment management;
• Controlling and amending the resource allocation processes at branch managements;
• Making the financial information of branches management available on – line.
Human
Resources
Development
• Decreasing the number of employees to 2,500 by end of the Plan, regarding the automation
network development plans;
• Implementing ISO 10015 educational standards;
• Designing comprehensive education and training system of the Bank;
• Implementing “Promotion Based on Competency and Expertise” plan;
• Holding specialized short and long term education and training plans for various departments
of the Bank.
BANK MASKAN
Mehr Housing Scheme
I
ranian young population representing the majority of the whole society is confronted with a
serious need for housing, and actions are required to be taken to meet the increasing demands
of the new generation, especially the lower income class.
26
27
2006 head count indicated the deficit of 1.5 million housing units. Moreover, there are more than
800,000 matrimonies per annum which exacerbate the shortage. Adding to that statistics the
renovation of more than 5 million units both in urban and rural areas, it is forecasted that the
country needs around 15 million housing units in the next 10 years. Mehr Housing Scheme aims
to cover a part of this shortage by construction of around 2 million housing units in 5 years. In this
scheme, financial institutions are in charge of offering facilities to eligible applicants for buying
apartments. As the only bank specialized in the housing sector of Iran incorporated to support
the development of housing and construction activities of the governmental and private sectors,
Bank Maskan has a dominant position in this scheme. In recent year, Bank Maskan took over the
whole operation of the scheme and so far it’s the only bank offering facilities to the applicants.
During 2011, about 633,505 Mehr Housing contracts, with total value of 114,244 billion Rls were
signed. The table below indicates the performance of Bank Maskan in 2011:
Mehr housing plan
Number of Units
Approved Amount (Billion Rls)
2009
2010
2011
2009
2010
2011
Site Preparation Facilities
293,020
606,414
67,093
2,933
5,998
752
99 – Year Land Lease
151,701
1,013,813
433,912
21,692
210,053
98,372
Rural Housing Construction
56,175
300,132
15,311
4,017
27,540
3,040
Urban Renovation Facilities
9,280
64,127
117,189
1,337
11,525
12,080
Total
510,176
1,984,486
633,505
29,979
255,116
114,244
ANNUAL REPORT 2011-12
Parand Mehr Housing Scheme
BANK MASKAN
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29
Financial Performance
Total Assets
ank’s total assets enjoyed a remarkable growth over the past few years. Amounting to US$
54,617 million, total assets on the balance sheet date show a 29% increase compared to 2010.
The increase in assets is mainly due to a 49% rise in facilities granted to the private sector.
B
Total Liabilities
Bank Maskan’s total liabilities grew in 2011 by 26% to US$ 51,593 mainly as a result of growth in
ANNUAL REPORT 2011-12
amounts due to the Central Bank of Iran as well as increase in various types of customer deposits.
Shareholders’ Equity
On the balance sheet date of the year under review, Bank Maskan’s shareholders’ equity showed
an increase by 146% from US$ 1,230 million in 2010 to US$ 3,025 million. This increase is mainly
due to revaluation surplus.
Net Profit
Bank Maskan’s net profit for the year 2011 rose significantly by 60%, from US$ 102 million in
2010 to US$ 164 million, mainly as a result of extensive growth in operating revenues.
BANK MASKAN
Total Revenues
Bank Maskan’s total revenues also grew by 77% from US$ 1,615 million in 2010 to US$ 2,872
million in 2011, as a result of an increase in operating revenues.
Total Expenses
Bank Maskan’s total expenses increase by 85% from US$ 1,431 million in 2010 to US$ 2,565
million in 2011, mainly due to the increase of interest paid to the Central Bank of Iran and other
operating expenses.
30
31
Facilities Granted to Customers
Bank Maskan offers different types of credit facilities all following the principles of Islamic, usury
– free banking. Customers include natural and legal entities engaged in housing and construction
related activities. All loans are secured by some type of collateral including residential properties,
shares of companies listed on Tehran Stock Exchange and other negotiable instruments. To
further comply with its mission statement, the Bank increased the total amount of facilities by
28% in 2011. This is mainly attributable to 25% growth in facilities granted to private sector.
Bank Maskan provided about 24% of total granted facilities in the banking system of Iran during
2011, showing a 7% growth compared with the previous years’ figure.
ANNUAL REPORT 2011-12
From the Bank’s total loan portfolio, US$ 44,151 million (95%) was granted to the private sector,
US$ 2,132 million (4%) to the public sector, and US$ 32 million (1%) to the bonds.
Customer Deposits
Bank Maskan offers short, medium, and long – term deposit accounts in both Rial as well as
foreign currencies. The depositors include individuals, small, medium and large corporations.
Natural personalities accounted for 98.9%, and legal personalities for 1.1% of deposits.
In 2011 guaranteed minimum interest paid on term deposits ranged from 9% p.a. for short – term
deposits to 17% p.a. for long – term deposits. Interest is calculated and paid on a daily basis for
short – term deposits and on a quarterly basis for all other types of deposits. To attract more
resources, Bank Maskan issued Certificates of Deposits with a fixed interest of 16%. At balance
sheet date Bank Maskan held Rial 130,937 billion (US$ 10,698 million) in deposit accounts.
BANK MASKAN
32
33
ANNUAL REPORT 2011-12
In spite of the change in the depositing pattern of clients, total deposits show a healthy
growth. Also, as a result of our knowledge–based resource management and accurate account
monitoring, the Bank managed to substantially increase the loans to deposits ratio during 2011.
The increase of loans against deposits which started in 2006 marks a higher growth of profit. At
the end of 2011, loans to deposits ratio was 332%.
Actions performed in collection cycle
During the year 2011, the amount of US$ 2,788,725 million was collected of non-current
receivables. It is worth mentioning, measures before the year 2011 include cash and determined
(partnership), but after the April 2012 just cash collections were calculated and announced and
the most remarkable points in this cycle are as follows:
A. In order to fulfill banks’ purposes (40% decrease of measures in March 2011) the amount
of US$ 2,440,441 million of non-current receivables during the year 2011 was collected.
B. B. In order to facilitate and accelerate return of bank sources and also determining the
real debtors, it was decided to execute a project in two parts from 15 September 2011 to
15 November 2011 that was extended until the end of year 2011, due to public welcome.
C. Obligating of the branch management to hold meetings in presence of representatives
housing foundation to exploit its capacities in collecting rural receivables, was among
managements’ priorities.
Program of the year 2012 regarding collection cycle
1. Obtaining the credit risk of 3.5% at the end of year 2012
2. Reduction of receivables
3. Receivable collection
BANK MASKAN
Risk Management
34
35
E
ffective risk management is fundamental for
being able to generate profits consistently
and sustainably and is thus a central part of the
financial and operational management of the
bank. The wide scope of our activity requires
us to identify, measure, aggregate and manage
our risks effectively. We manage risk through
a framework of principles, organizational
structures as well as measurement and
proactive monitoring processes that are
closely aligned with the activities of our group
divisions and our strategy. We have a robust
risk governance structure and experienced risk
team.
The importance of strong risk management
and the continuous need to refine the practice
became particularly evident during the
financial crisis. The following key principles
underpin our approach to risk management:
- Our management board provides overall
risk management supervision over our
consolidated group.
- We manage credit, liquidity, operational
and compliance risks in a coordinated
manner at all relevant levels within our
organization.
- Our supreme risk committee is
responsible for management and control
of aforementioned risks across our
consolidated group.
As part of our business activities, we face a
variety of risks, the most significant of which
are described further below in dedicated
sections, starting with credit risk.
Credit Risk
Credit risk arises from all transactions where
actual, contingent or potential claims against
any counterparty, borrower or obligor exist.
Credit risk is managed through a framework
that sets out policies and procedures covering
the measurement and management of
credit risk. There is a clear segregation of
duties between transaction originators in the
ANNUAL REPORT 2011-12
businesses and approvers in the risk function.
In 2011 we focused on credit rating of our
customers.
Operational Risk
Operational risk is the risk arising from our
potential for incurring losses in relation to
employees, contractual specifications and
documentation, technology, infrastructure
failure and disasters, external influences and
customer relationships. Operational risk may
occur anywhere in the corporation, not solely
in operations functions, and its effects may
extend beyond financial crisis. Basel II requires
banks have operational risk management
processes to assess and measure operational
risk exposures. We seek to minimize our
exposure to operational risk. Operational risk
exposures are managed through a consistent
set of management processes that drive
risk identification, assessment, control and
monitoring.
Liquidity Risk
Liquidity risk is the risk arising from our
potential inability to meet all payment
obligations when they come due or only being
able to meet these obligations at excessive
costs. It is our policy to maintain adequate
liquidity at all times, and hence to be in a
position to meet obligations as they fall due.
We manage liquidity risk both on a short-term
and medium-term basis. In the short term,
our focus is on ensuring that the cash flow
demands can be met where required. In the
medium term the focus is on ensuring that the
balance sheet remains structurally sound and
aligned to our strategy.
Compliance Risk
Compliance risk is the risk posed by the failure
to manage regulatory, legal and ethical issues
that could result in monetary damages, losses
or harm to our reputation or image. We
approach compliance risk management on
an enterprise and line of business levels. The
elements of a compliance program provides
the framework for the compliance risk. This
framework includes a common approach to
commitment and accountability, policies and
procedures, controls and supervision, regulatory
change management, and reporting.
BANK MASKAN
Combating Money Laundering
36
37
I
n line with the guidelines of the Central
Bank of Iran, Bank Maskan has created an
Anti – Money Laundering Committee. The
members are senior managers drawn from
various departments across the Bank, in order
to provide a multi – disciplinary approach.
The skill sets drawn upon include knowledge
of credit analysis, legal and regulatory issues,
operations and technology as well as products
and services.
presenting unacceptable risk or being in
violation of anti – money laundering laws and
regulations.
Generally, the anti – money laundering policy
of Bank Maskan is designed to ensure that all
employees and businesses of the Bank are
well informed with respect to their customers
and the nature of the transactions processed
through their accounts. In this context, Bank
Maskan took the following measures during
2011:
The Committee is responsible:
• For investigating accounts identified through
internal or external information or by the
Bank’s monitoring systems as engaging in
unusual or suspicious activity;
• For recommending new and modified anti –
money laundering procedures and policies;
• For terminating account relationships
suspected of being inconsistent with, or
• Declaration of rules and regulations about
anti – money laundering, issued by the Central
Bank of Iran and the Ministry of Economic
Affairs and Finance to the Bank’s network;
• Designing and holding several related
training courses and workshops within the
Bank;
Combating Money Laundering
ANNUAL REPORT 2011-12
• Ensuring observance regarding customer
identification (KYC), obtaining and verifying
information and record retention;
• Investigation of accounts identified through
internal or external information or by the
Bank’s monitoring systems as engaging in
unusual or suspicious activity;
• Termination of account relationships
suspected of being inconsistent with, or
presenting unacceptable risk or being in
violation of anti – money laundering laws and
regulations;
• Ensuring observance regarding customer
identification (“Know Your Customer”
principles), obtaining and verifying information
and record keeping. It is incumbent upon the
relationship manager to perform the requisite
KYC due diligence involved in a new customer
relationship.
The policies also address the significance of
thorough KYC procedures and monitoring of
foreign correspondent bank relationships;
• Protecting the reputation and integrity of
the Bank. Furthermore, internal policies define
the responsibility of each department within
the Bank to perform its own assessment of
risk to money laundering activities, and to
develop risk – based policies and procedures
taking into consideration its services,
customer characteristics and industry risk.
Each department’s policies and procedures
contain a system of internal controls to provide
for proper record keeping and reporting
of suspected money laundering activities,
which is reviewed and updated annually or as
appropriate.
BANK MASKAN
38
39
International Banking Activities
T
he International Affairs Division started
operation in 1993, considering the
necessity of global expansion.
Soon, many branches were equipped and
prepared for offering international banking
services. As a result of offering continuous
and high quality services, many customers
have been attracted to our international
services. Bank Maskan is a well – known
bank internationally because of its on – time
paybacks.
It furnishes all types of SWIFT transactions,
brokerage services, letters of credit, forex,
letters of guarantee, import and export
financing and other international transactions.
During 2011, the Bank’s presence in the
international market and its international
transactions notably grew. Moreover,
Bank Maskan expanded its relations with
correspondent banks mainly in Europe, Middle
ANNUAL REPORT 2011-12
East and East Asia, and increased the number
of Forex branches to 73 by end of the year.
Bank Maskan aims at development of its global
activities. Consequently plans for improvement
of hardware infrastructures and software are
under implementation. In addition, various
training programs are offered and presented
to further enhance staff knowledge based on
the international banking aspect and promote
the Bank’s services. A short description of all
international services offered by Bank Maskan
is presented below:
Import Letters of Credit
With assistance of the SWIFT system, Bank
Maskan issues import letters of credit
for importers within maximum one day.
Depending on the track record of the client
and the volume of his activities, the advance
payment requested by Bank Maskan for the
letter of credit is between 0 and 100 percent
of its value. Importers, including producers and
traders, have also access to L/C refinancing
lines concluded between Bank Maskan and
foreign banks.
Export Letters of Credit
Foreign currency branches of Bank Maskan
provide a complete range of services related
to export letters of credit (advising, payment,
etc.). Under the relevant local regulation
these branches also provide Rial facilities to
exporters who need to fulfil their obligations
against L/Cs.
Facilities to Importers
Bank Maskan issues sight and deferred (up to
12 months) letters of credit with the lowest
possible advance payment. Moreover, as an
alternative to the opening of deferred letters
of credit, qualified importers enjoy access
to refinancing in the context of refinance
framework contracts Bank Maskan has signed
with foreign banks.
BANK MASKAN
Facilities to Exporters
Bank Maskan allocates facilities to exporters
in order to encourage non – oil export in the
following ways:
• Pre – export facilities to finance engineering,
procurement or production related to the
export of goods and technical services;
• Post – export facilities, to provide bridge
financing for deferred payment by the foreign
party for purchased goods and technical
services.
In case of issuance of an irrevocable letter of
credit, Bank Maskan provides facilities (in the
equivalent amount in Rial) of up to 90% of the
value of the exported product or service. In all
other cases, the Bank finances up to 70% of
the export value.
Letters of Guarantee
40
41
Bank Maskan issues the following types of
forex denominated guarantees:
• Tender Guarantee and Bid Bond;
• Good Performance Bond;
• Advance Payment Guarantee;
• Retention Money Guarantee.
Foreign Currency Accounts
Bank Maskan opens foreign currency accounts
in the name of legal or natural persons based
on the following terms:
1. Denominated in EUR, USD, GBP, JPY, CHF,
AED, CAD, KRW, CNY, TRY and QAR.
2. Applicants need to satisfy the general
conditions for opening Rial accounts
The following are major types of Forex
accounts offered by the Bank:
• “Qarz – al – Hassaneh foreign currency
savings account”, with a minimum balance
of US$ 100 or equivalent;
• “Qarz – al – Hassaneh foreign currency
current account”, with a minimum balance
of US$ 1,000 or equivalent;
• “Foreign currency term deposit account”,
with a minimum balance of US$ 1,000 or
equivalent .
Bank Maskan is also linked to the Reuters
Dealing System and therefore able to adjust its
competitive forex deposit and lending rates to
latest market developments.
Foreign Currency Payment Order
With assistance of the SWIFT system and
its network of correspondent banks, Bank
Maskan effects in a timely and secure manner
worldwide foreign currency payment orders.
The service includes:
• Issuance of foreign currency P/Os
originating from foreign currency accounts,
up to account balance;
• Remittance of foreign currency P/Os
amounts to individual’s foreign currency
account;
• Disbursement of banknotes to beneficiary
of inward foreign currency P/Os;
• Purchase of foreign currency P/Os and
conversion into Rial;
Conversion of the currency of P/Os into other
acceptable currencies, at the request of the
client;
Foreign Currency Exchange Services
Bank Maskan purchases and sells at the
floating rate, announced by the Central Bank of
Iran the following currencies: EUR, USD, GBP,
JPY, CHF, AED, KRW, TRY and CNY.
The Bank, purchases without limit, foreign
currencies received via the international
banking system, including foreign currency P/
Os, and other valid transfer tools as well as the
balance of foreign currency accounts.
Selling of foreign currencies to other persons is
effected according to related regulations of the
Central Bank of Iran.
Foreign Exchange Dealing
Bank Maskan utilizes its Reuters Dealing
System to trade with banks around the world
in foreign exchange.
Correspondent Banking
Bank Maskan has entered into correspondent
banking agreements with first class banks
in all parts of the world, covering all foreign
ANNUAL REPORT 2011-12
currencies serviced by the Bank. Many of
these agreements also include standby inter
– bank credit lines or refinancing framework
agreements to provide financial facilities at
competitive prices to Iranian importers and
exporters. At the request of its clients, the
Correspondent Banking Department also
translates account statements into English.
Free Trade Zone Activities
Iran’s Free Trade Zones are governed by its
own set of banking and foreign exchange
regulations, which are more liberal than in
the Iranian mainland. In 2002 Bank Maskan
established specialized branches in Kish and
Qeshm Free Trade Zones to offer related
enhanced services to its customers. The Bank’s
branches in the Free Trade Zones:
• Buy and sell foreign currency without
limitation at the market rate;
• Issue domestic and international P/Os at
client’s request without limitation;
• Issue import letters of credit;
• Open various types of foreign currency
accounts.
BANK MASKAN
42
43
Information Technology &
E – Banking Services
T
oday’s emergence of new technology is a key element in the approach of the banks toward
organizing their business. In this context, the banking industry has experienced a high rate
of growth in electronic banking in recent years. Bank Maskan, therefore, has employed state
– of – the – art technology at the heart of its operations to improve customer satisfaction and
profitability. In recent years, Telephone banking, Short Messaging System (SMS) banking, Internet
banking and debit (cash) cards are available to the Bank’s customers with the convenience
of ATMs being operational at most branches. These facilities remarkably reduce the need of
customers to visit the branch, saving time for the customers and cost and work load for Bank
Maskan, ultimately resulting in higher customer satisfaction. In addition, the IT Department
of the Bank has managed various projects and initiatives including implementation of a new
comprehensive banking software, expansion of internet banking and electronic services (card
services), and updating hardware and network systems. Moreover, other software and projects
have been implemented in order to further improve the Bank’s electronic infrastructure systems.
Following its commitment to sustainable development, the Bank has furthered planned for other
development programs, some of which have already started or
been launched. At the top of these plans is further development of internet banking product
and services. Expansion of Network Operating Center (NOC) and Security Operating Center,
installation of housing and real estate intelligent identity system, expansion of SATNA and SHETAB
services, strengthening relations with Bahrain, Qatar and Kuwait banking networks, launching
e – learning and office automation plans are other part of our plans, through which we foresee a
bright outlook in offering convenient and comfortable services to all customers.
ANNUAL REPORT 2011-12
BANK MASKAN
Human Resources and Training
B
ank Maskan recognizes that its success is entirely relied upon the devotion, resourcefulness,
enthusiasm, and professionalism of its people; therefore the Bank gives great importance
to securing high caliber personnel among university and industry elites, and appropriates many
resources toward finding the best people.
On March 19, 2012, Bank Maskan employed a total of 11,882 staff, of which 3,021 were
headquarter – based. The remaining 8,861 employees were working in 1,214 branch offices
across the country. The following chart shows the educational background of Bank Maskan’s
employees:
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45
Educational background of Bank Maskan’s employees
ANNUAL REPORT 2011-12
BANK MASKAN
Believing that training is a long – term investment toward achieving the Bank’s goals, the Bank
has a strategic viewpoint in training its personnel. This also implies that all training activities
require being in line with the Bank’s major goals and policies. Hence the Training Department
considers the following goals for training of staff:
• Improvement in productivity of the staff and their readiness for promotion;
• Development of personnel’s professional skills and general know – how;
• Improvement of decision making ability especially on the managerial level;
• Integrating staff spirit with organizational goals and objectives;
• Achieving Bank’s main objectives;
• Increasing job satisfaction as well as motivation of the employees.
IT and e – banking, international banking, marketing and customer relations, commercial
contracts, and foreign languages were among the main areas of concentration in 2011 training
strategy of the Bank.
Bank Maskan held 1,920 training courses for 97,170 trainees, classified under General Courses,
Technical Courses, Professional Courses and Managerial Courses. In 2011 training hours offered
per capita increased by nearly 2%.
46
47
Year
Number of
Staff
Courses
Trainees
Person/Hours
Of Training
Training Hours
per Capita
2009
11,017
1,935
48,555
905,334
82.2
2010
10,860
1,626
47,977
929,676
85.6
2011
11,882
1,920
97,170
1,039,318
87.5
2011 Training Courses
ANNUAL REPORT 2011-12
Research & Development Center
T
he R&D center was established in 2004. It aims at conducting research and surveys to find
solutions for existing problems and to use potential opportunities. The main objectives of
the Center can be listed as promoting employees’ knowledge, customizing modern banking
technology for the Bank, research and study on generating new know – how and finally utilizing
the proposals and ideas of analysts and experts.
R&D Center consists of 5 main committees and groups in which it conducts various studies
and projects to improve the Bank’s performance in all operational and financial aspects. All
committees are committed to not only design and conduct internal research projects, but also
to support preferable academic/industrial research proposal as well as PhD and Master degree
dissertations, related to the Bank’s fields of interest or requirement. More than 100 research and
development projects were ratified or in – progress during 2011.
Housing Investment Company
Chairman of the Board &
Managing Director
Board Member
Proposals Council
Head of Research &
Development Center
Proposals Deputy
Proposals Arrangement
Group
Research Supreme Council
Proposals Council
Archive &
Office Affairs
Proposals
Arrangement Group
Organization & HR
Committee Group
Economics, Marketing
&Modern Services Group
Finance Committee
Organization &
HR Group
Economics, Marketing &
Modern Services Committee
Finance Group
Resource Provision
& Allocation
Committee
Supreme Research
Council’s Executive Group
Construction &
Housing Committee
BANK MASKAN
Major Subsidiaries
Housing Investment Company
H
ousing Investment Company is one of the largest and most active groups in the country’s
construction industry. The company was established on May 1990 and registered by number
78828 to meet the needs of customers of Bank Maskan. Since operations, 59,288 residential units
in 315 projects invested by company started, and reached 40,605 housing units in operation.
Moreover, in the construction of commercial complexes, offices, educational and highway
construction, water transmission lines and land preparation, significant activities have been done.
The company has 16 subsidiaries. Housing Investment Company’s subsidiaries are spread out in
28 provinces and 36 cities of the country. This company currently has about 18,531 residential
units and approximately 40,000 residential units under construction at the design stage.
48
49
The company has two hundred billion Rls registered capital and from year 2003 was converted to
public company and in 2004 has been accepted in Tehran exchange.
The company has ISO 9001:2008 certification. Company’s processes at the first time were
analyzed according to the standard of the documentation in 2003. In the year 2004 corporate
restructuring seemed necessary and based on that the business process re-engineering project
was started in 2006 and all the processes according to the organization’s mission and strategies
were examined. In this project, it was decided to focus on changing the company’s activities from
a large, bureaucratic, and single-activity base, to the holding, semi-centralized structure and
become active in different markets. So, the Housing Investment Company changed into holding
company with 16 subsidiaries.
Housing Investment Company
as master of mass construction,
with 22 years of experience in
the production of residential,
office and commercial projects
preparation, highway and
water pipeline, has 16 active
subsidiaries in its value chain.
Investment
and
Partnership
Property
management
and Estate and
Marketing and
sales services
Housing
Investment
Company
Manufacturing
Supplying and
providing,
equipments and
machineries
Design
Management and
Consulting
ANNUAL REPORT 2011-12
Housing Investment Company Project
BANK MASKAN
Company’s Activities domain
Pass on the financial performance of year 2011
• Continuation of development activities in the framework of the national plan to Mehr
housing project, especially its self- ownership plan.
• Increase in luxurious, administrative and top projects
• Continuation of Scientific Management of Housing Investment Company’s brand
• Diversifying financing methods through Sokok funds, land and building funds, and pre-sale
and contracts for civil partnerships
• Review and implementation of BSC based strategies
• Increasing the part of collaborative projects in the company’s revenue portfolio
• participating in global markets
Production statistics
Comparison schedule of ongoing projects in the years 2007 to 2012 is as below:
2007
2008
2009
2010
2011
2012
Number of Projects
49
67
57
53
60
68
Number of units
7,145
8,281
8,634
8,334
12,161
18,531
Total Foundation
985,230
1,156,169
1,272,277
1,190,974
1,549,779
2,366,636
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51
Number of Foundation
Total Foundation Diagram
Development of company’s executive activities in Mehr housing
Mehr housing project is proposed as a major national project in the country. However, the Mehr
housing project can not be viewed as one-dimensional, but also affects different aspects of the
implementation of major national projects. So, It’s important to participate in this great national
project. In order to continue the activities that started in 2010, in 2011 construction of 3,500
units Mehr housing projects at Pardis, phase 2 Imam Sadiq Arak, Ahvaz Oil, Pounak Zanjan have
been started. A total of 12,300 housing units currently running in the form of Mehr housing
projects in various cities, including Pardis, Hashtgerd, Arak, Mashhad, Isfahan and Ahvaz and is
expected that the delivery of the Mehr housing units to the applicants of the company starts in
ANNUAL REPORT 2011-12
the first half of 2012.
Selected Consolidated Financial Information of Housing Investment Company
A. Financial Performance
Net Revenues
Operational Profit
Net Profit
2011-2012
Million-RLS
4,077,644
957,522
892,061
2010-2011
Million - USD Million-RLS
333
1,955,572
78
485,288
73
546,600
Million - USD
189
47
53
2011-2012
Million-RLS
7,749,823
4,484,320
3,265,504
2010-2011
Million - USD Million-RLS
633
6,152,237
366
3,577,965
267
2,574,272
Million - USD
594
345
248
B. Financial Position
Total Assets
Total Liabilities
Total Shareholders’ Equity
• Bank Maskan Investment Management Company (Public Joint Stock)
Bank Maskan Investment Management Company (BMIMC) was established in 1975 in Tehran.
This company is a wholly owned subsidiary of Bank Maskan. On March 19, 2012 its registered
capital amounted to 1 billion Rls (US$ 81,700). BMIMC offers full brokerage, asset management
and investment banking advisory services. As a high profile brokerage company, BMIMC has been
on a solid operational and financial track in recent year. All key performance indicators of the
company such as total assets (Rls 6,471,970 million – US$ 528.7 million), operating revenues (Rls
966,539 million – US$ 78.9 million), as well as net profit (Rls 950,548 million – US$ 77.6 million)
have been ascending in the meanwhile.
• Bank Maskan Human Resource Supply & Support Services Company (Private Joint Stock)
Bank Maskan Support Services Company (BMSSC) was established in 2003 in Tehran. This
Company is a wholly owned subsidiary of Bank Maskan. On March 19, 2012 its registered capital
amounted to 100 million Rls (US$ 8,700). BMSSC offers recreational, sport, healthcare and
welfare services and facilities to all members of Bank Maskan and its affiliates. Total assets and
net profit of the company are amounted to 64 billion Rls (US$ 5.22 million) and 13,026 million Rls
(US$ 1.06 million) respectively, by end of financial year.
• Navaco Company (Private Joint Stock)
Navaco Company was established in 1976 in Tehran, as a wholly owned subsidiary of Bank
Maskan. On March 20, 2011 its registered capital amounted to 121.1 billion Rls (US$ 9.9 million).
Navaco is Information Technology arm of Bank Maskan, active in conducting researches,
designing, and giving strategic plans in the field of IT, as well as producing network security
systems and support softwares. Total assets and revenues of the company are amounted to
224.460 million Rls (US$ 18.33 million) and 108,001 million Rls (US$ 8.8 million) respectively, in
2011.
BANK MASKAN
• Tehran – Pardis Freeway Company (Private Joint Stock)
Tehran – Pardis Freeway Company was established in 2000 in Tehran as a Public Joint Stock
Company. The Company’s registered capital currently stands at Rls 1,200 million (US$ 98,000).
This company is in charge of construction, maintenance and operation of Tehran Pardis freeway.
After registration, an agreement was signed between the Ministry of Roads and Transportation,
as the client, and Tehran – Pardis Freeway Company, as the contractor, in May 2, 2001. According
to the agreement, the project funding comes 80% from the Company and 20% from the Ministry.
Total assets and net profit of the company are amounted to 2.245.144 million Rls (US$ 183.4
million) and 1,677 million Rls (US$ 0.14 million) respectively, by end of 2011 financial year.
• Firoozabad Automated Brick Industries (Private Joint Stock)
Firoozabad Automated Brick Industries (FABI) was established in 1983 in Tehran. This Company
is also a wholly owned subsidiary of Bank Maskan. On March 19, 2012 its registered capital
amounted to 5,000 million Rls (US$ 408,000). FABI operates automated production lines for
bricks and other construction materials. The net profit figure of FABI stood at 11,266 million Rls
(US$ 920,000) by the 2011.
• Pasokhgou Exchange Company
52
53
Pasokhgou Exchange Company was established in 2009 in Tehran as a wholly owned subsidiary of
Bank Maskan. On March 20, 2011 registered capital of the Company amounted to 20,000 million
Rls (US$ 1.6 million). According to its Article of Association, Pasokhgou is the official exchange
company of Bank Maskan. Its main fields of activity include cash and on remittance transactions
over various foreign currencies, gold, and silver; all complying with the rules and regulations of
the Central Bank of Iran. The company has tripled its net profit to 7,282 million Rls (US$ 595,000)
from the date of incorporation.
ANNUAL REPORT 2011-12
INDEPENDENT
AUDITOR’S
REPORT
BANK MASKAN
54
55
INDEPENDENT AUDITOR’S
REPORT
Introduction
1
This organization have audited the consolidated financial statements of Bank Maskan which
comprise the consolidated balance sheet as at March 19, 2012, and the consolidated income
statement, consolidated statement of comprehensive income and consolidated cash flow
statement for the year then ended, and a summary of significant accounting policies and other
explanatory notes.
Directors’ responsibility for the financial statements
2
The directors are responsible for the preparation of these financial statements in accordance
with accounting standards. This responsibility includes designing, implementing and
maintaining internal control relevant to the preparation of financial statements that are free
from material misstatement, whether due to fraud or error.
Auditor’s responsibility
3
This organization’s responsibility is to express an opinion on these financial statements
based on Standards on Auditing. Those standards require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance as to whether the
financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statements. The procedures selected depend on the auditor’s
judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the entity’s preparation and true and fair presentation
of the financial statements in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
ANNUAL REPORT 2011-12
entity’s internal control. An audit also includes evaluating the appropriateness of accounting
policies used and the reasonableness of accounting estimates made by the directors, as well as
evaluating the overall presentation of the financial statements.
This organization believes that audit evidences that have been obtained is sufficient and
appropriate to provide a basis for our qualified audit opinion.
Basis for qualified opinion
4
Under Article 31 of the Statute of pension and disability fund of banks, the present value of
future obligations to fund, should be calculated at least every three years and deficit of each
Bank after approval of the General Assembly should be funded from the budget of the bank.
Three-year calculation period finished at the end of 2011, but the results calculated according to
the actual criterions and Bank’s share of the deficit, has not been announced to date. Evidences
show that additional reserve, more than the amount stated in the financial statements is
necessary, but the amount of the adjustment required will be subject to declaration of the fund.
Qualified opinion
5
In the opinion of this organization, except for the effect of the matter described in the
paragraph 4, the consolidated financial statements of the Bank Maskan and of the Group
for the year ended at March 19, 2012 are prepared, in all material respects, in accordance with
Generally Accepted Accounting standards.
Aguest 19, 2012
State Audit Organization
Forough Rashtchian
Farhad Panahi
BANK MASKAN
Bank Maskan
Consolidated Balance Sheet
March 19, 2012
Assets
Cash
Claims from the Central Bank
Claims from Banks and Credit Institutions
Loan Granted and Claims from the Public Sector
Loan Granted and Claims from the Private Sector
Term Letters of Credit Debtors
Participation Bonds
Investments and Partnerships
Current Contracts
Fixed Assets
Other Assets
Total Assets
Customers’ Commitments
Managed Funds
Total
56
57
March 19, 2012
IRR Million
USD Million
March 19, 2011
IRR Million
USD Million
2,894,573
14,671,090
19,080,924
26,096,933
540,413,644
14,074,518
397,992
4,391,754
2,593,408
33,084,037
10,815,972
668,514,845
109,243,450
356,214
109,599,664
236.48
1,198.62
1,558.90
2,132.10
44,151.44
1,149.88
32.52
358.80
211.88
2,702.94
883.66
54,617.23
8,925.12
29.10
8,954.22
2,886,974
11,375,537
16,357,096
9,290,359
362,639,309
8,281,574
579,212
4,073,791
3,077,261
9,670,949
6,150,909
434,382,971
133,549,013
434,207
133,983,220
280.56
1,105.49
1,589.60
902.85
35,241.77
804.81
56.29
395.90
299.05
939.84
597.75
42,213.92
12,978.47
42.20
13,020.67
321,879,657
18,045,229
127,635
24,394,845
44,228,509
130,937,876
4,734,695
33,400,020
52,401,034
1,053,017
291,171
631,493,688
26,297.36
1,474.28
10.43
1,993.04
3,613.44
10,697.54
386.82
2,728.76
4,281.13
86.03
23.79
51,592.62
152,131,416
18,360,232
3,028,031
22,901,735
48,494,185
108,047,362
1,771,578
17,573,608
47,857,751
872,287
691,409
421,729,594
14,784.33
1,784.27
294.27
2,225.62
4,712.73
10,500.19
172.16
1,707.83
4,650.88
84.77
67.19
40,984.25
7,776,457
180,255
3,098,165
112,869
22,958,677
51,886
0
1,621,270
35,799,579
1,221,578
37,021,157
668,514,845
109,243,450
356,214
109,599,664
635.33
14.73
253.12
9.22
1,875.71
4.24
0.00
132.46
2,924.80
99.80
3,024.60
54,617.23
8,925.12
29.10
8,954.22
7,776,457
_
2,839,779
50,023
_
51,886
330,092
716,571
11,764,808
888,569
12,653,377
434,382,971
133,549,013
434,207
133,983,220
755.73
_
275.97
4.86
_
5.04
32.08
69.64
1,143.32
86.35
1,229.67
42,213.92
12,978.47
42.20
13,020.67
Liabilities
Due to the Central Bank
Due to Banks and Credit Institutions
Due to foreign Banks for Letters of Credit
Demand Deposits
Saving Accounts
Term Deposits
Other Deposits
Other Liabilities & Provisions
Three Years Participation Bond of Bank Maskan
Reserve for work termination benefits
Items in Transit
Total Liabilities
Shareholders’ Equity
Share Capital
Reinvestment of Subsidiaries
Legal Reserve
Capital Reserve and Funds Transferable to Capital
Revaluation Surplus
Exchange Rate Fluctuations Result
Profit (Loss) from Interchange of Forex Assets and Liabilities
Accumulated Profit (Loss)
Total Bank Shareholders’ ‌Equity
Minority Interest
Total Shareholders’ Equity
Total Liabilities & Shareholders’ Equity
Customers’ Commitments
Managed Funds
Total
ANNUAL REPORT 2011-12
Bank Maskan
Consolidated Income Statement
For The Fiscal Year Ended to March 19, 2012
2011-2012
IRR Million USD Million
2010-2011
USD Million
IRR Million
Revenues from Joint Investment
Profit and Interest on Islamic Contracts
Net Income from Services
Other Revenues
Total Revenues from Joint Investment
Depositors’ Profit
Cost of Goods Sold and Services Rendered
Net Profit Paid to Depositors
Bank’s Profit
Revenues from Own Investments
Profit and Interest Receivable
Fees & Commissions
Other Revenues
Total Revenues from Own Investments
Total Revenues
Expenses
Interest Paid
Fees & Commissions Paid
General Expenses
Other Expenses
Total Expenses
Earning before Tax
Taxes
Net Profit
Minority Interest
53,702,379
8,999,497
697,438
63,399,314
)23,882,520(
)7,230,046(
)31,112,566(
32,286,748
4,387.45
735.25
56.98
5,179.68
)1,951.19(
)590.69(
)2,541.88(
2,637.81
30,473,663
2,822,292
693,114
33,989,069
)16,989,983(
)2,108,384(
)19,098,367(
14,890,702
2,940.34
272.32
66.88
3,279.53
)1,639.33(
)203.43(
)1,842.76(
1,436.77
54,860
1,431,625
1,374,700
2,861,185
35,147,933
4.48
116.96
112.31
233.76
2,871.56
31,574
829,386
986,387
1,847,347
16,738,049
3.05
80.03
95.17
178.25
1,615.02
)20,246,772(
)966,887(
)10,823,061(
)473,471(
)32,510,191(
2,637,742
)216,484(
2,008,009
413,249
)1,654.15(
)78.99(
)884.24(
)38.68(
)2,656.06(
215.50
)17.69(
164.05
33.76
)7,448,197(
)336,608(
)7,757,978(
714,823
)14,827,960(
1,910,089
)850,372(
835,611
224,106
)718.66(
)32.48(
)748.55(
68.97
)1,430.72(
184.30
)82.05(
102.25
21.62
BANK MASKAN
Bank Maskan
Consolidated Statement of Accumulated Profit
For The Fiscal Year Ended to March 19, 2012
2011-2012
IRR Million
USD Million
IRR Million
USD Million
Net Profit
2,008,009
164.05
835,611
102.25
Accumulated Profit at the Beginning
of the Year
1,070,744
87.48
1,973,662
190.43
Prior Year Adjustments
)354,173(
)28.94(
)67,319(
)6.50(
716,571
58.54
1,906,343
183.93
Allocable Profit
2,724,580
222.60
2,741,954
286.18
Profit Allocation:
Legal Reserve
Recapitalization of the Bank
Recapitalization of Subsidiaries
)260,065(
0
)180,255(
)21.25(
0
)14.73(
)201,289(
)709,800(
0
)19.42(
)68.49(
0
)1,225(
)0.10(
)2,625(
)0.25(
)62,845(
)504,390(
)5.13(
)41.21(
)12,514(
)926,228(
)1.21(
)89.37(
)597,308(
)48.80(
)432,792(
)41.76(
0
)1,612(
)598,920(
0
)0.13(
)48.93(
)90.14(
132.46
19.46
)664,040(
)2,323(
)64.07(
)0.22(
)106.05(
)195.42(
69.14
18.47
Accumulated Profit at the Beginning of the
Year – Adjusted
58
59
2010-2011
Taxable income of Low-income indi� 5%%
viduals’ Housing
Funds Transferable to Capital
Subtotal
Dividends Payable to the Government
Ratified Dividends
Bonus of Board of Directors
Sub Total
Sub Total
Accumulated Profit at the end of the Year
Minority Interest
)1,103,310(
1,621,270
238,186
)1,099,155(
)2,025,383(
716,571
191,408
Consolidated Statement of Comprehensive Income
2011-2012
USD Million
IRR Million
2010-2011
USD Million
IRR Million
Net Profit
2,008,009
164.05
835,611
102.25
Revaluation Surplus
22,958,677
1,875.71
_
_
)330,092(
)26.97(
79,427
7.66
24,636,594
2,012.79
915,038
109.91
)354,173(
)28.94(
)67,319(
)6.50(
24,282,421
1,983.86
847,719
103.42
401,446
32.80
215,163
20.76
Exchange Rate Fluctuations Profit
Comprehensive Income
Prior Year Adjustments
Recognized Comprehensive Income
from Previous Year
Minority Interest
ANNUAL REPORT 2011-12
Bank Maskan
Consolidated Cash flow Statement
For The Fiscal Year Ended to March 19, 2012
2011-2012
IRR Million
USD Million
2010-2011
IRR Million
USD Million
Operating Activities:
(143,568,761)
(11,729.47)
(93,263,413)
Dividends Payable to the Government
Dividends Received
Interest Paid for Financing
(852,793)
332,135
(313,791)
(69.67)
27.14
(25.64)
(284,809)
323,745
(2,018,444)
Net Cash Inflow(Outflow) From Investment
Return And Interest Paid for Financing
(834,449)
(68.17)
(1,979,508)
(190.99)
(423,097)
(475,653)
(45.89)
Cash Payment for Purchasing Investments
and Legal Participations
(317,963)
(25.98)
(736,190)
(71.03)
Cash Received from Investment Sales
154,088
12.59
207,423
20.01
(2,014,240)
(164.56)
(1,487,943)
(143.57)
107,146
8.75
142,273
13.73
(2,070,969)
(169.20)
(1,874,437)
(180.86)
(146,897,276)
(11,966.84)
(97,593,011)
(9,416.53)
(1,998,646)
152,669,411
458,000
(163.29)
12,472.99
37.42
50,498,646
50,469,730
17,860,512
4,872.40
4,869.61
1,723.28
(512,168)
(41.84)
(21,351,045)
(2,060.07)
150,616,597
12,305.28
97,477,843
9,405.22
3,719,321
(14,540)
3,704,781
4,619,806
8,324,587
650,000
303.87
(1.19)
302.68
377.44
680.11
53.10
(115,168)
5,377
(109,791)
4,729,597
4,619,806
0
(11.11)
0.52
(10.59)
456.34
445.75
0.00
Net Cash Translation
(8,998.79)
Return on Investment:
(27.48)
31.24
(194.75)
Income Tax:
Cash paid for Income Tax
Investment Activities:
Cash Payment for Purchasing, Constructing &
Completing of Fixed Tangible Assets
Cash Received from Fixed Tangible
Assets Sales
Net Cash flow(Outflow) from Investment
Activities
Net Cash flow(Outflow) before Financing
Activities
Financing Activities:
Facilities Received from Central Bank
Line of Credit Received from Central Bank
Facilities Received from other Banks
Reimbursement of Facilities from
other Banks
Net Cash Inflow(Outflow) from Financing Activities
Net Cash Inflow(Outflow)
Exchange Rate Fluctuations Profit
Net Cash Increase (decrease) during the year
Cash Balance at the beginning of the year
Cash balance at the end of the year
Non – Cash Transactions
BANK MASKAN
Bank Maskan
Balance Sheet
March 19, 2012
Assets
Cash
Due from the Central Bank
Due from Banks and Credit Institutions
Loans Granted and Due from the Public Sector
Loans Granted and Due from the Private Sector
60
61
Term Letters of Credit Debtors
Participation Bonds
Investments and Partnerships
Fixed Assets
Other Assets
Total Assets
Customers’ Commitments
Managed Funds
Total
Liabilities
Due to the Central Bank
Due to Banks and Credit Institutions
Due to foreign Banks for Letters of Credit
Demand Deposits
Saving Accounts
Term Deposits
Other Deposits
Other Liabilities & Provisions
Three Years Participation Bond of Bank Maskan
Reserve for work termination benefits
Items in Transit
Total Liabilities
Shareholders’ Equity
Share Capital
Legal Reserve
Capital Reserve and Funds Transferable to Capital
Revaluation Surplus
Exchange Rate Fluctuations Result
Profit (Loss) from exchange of Foreign
Assets and Liabilities
)Accumulated Profit (Loss
Total Shareholders’ Equity
Total Liabilities & Shareholders’
Equity
Customers’ Commitments
Managed Funds
Total
March 19, 2012
IRR Million
USD Million
2,827,377
230.99
14,671,090
1,198.62
19,080,924
1,558.90
26,096,933
2,132.10
542,815,087
44,347.64
14,554,782
1,189.12
397,992
32.52
1,005,883
82.18
31,381,044
2,563.81
10,025,487
819.08
662,856,599
54,154.95
109,243,450
8,925.12
356,214
29.10
109,599,664
8,954.22
March 19, 2011
IRR Million
USD Million
2,839,757
275.97
11,375,537
1,105.48
16,357,096
1,589.60
9,290,359
902.84
364,855,729
35,456.99
8,281,574
804.81
579,212
56.29
1,005,883
97.75
8,457,280
821.89
8,954,934
870.25
431,997,361
41,981.87
133,549,013
12,978.41
434,207
42.20
133,983,220
13,020.60
321,879,657
17,238,435
127,635
22,144,731
44,229,607
131,068,549
4,736,458
32,555,757
52,547,344
1,006,830
291,171
627,826,174
26,297.36
1,408.37
10.43
1,809.21
3,613.53
10,708.21
386.97
2,659.78
4,293.08
82.26
23.79
51,292.99
152,131,416
18,063,300
3,028,031
21,716,612
48,500,957
108,158,173
1,771,578
17,571,846
47,873,751
833,547
691,409
420,340,620
14,784.26
1,755.41
294.27
2,110.44
4,713.36
10,510.90
172.16
1,707.65
4,652.41
81.00
67.19
40,849.06
7,776,457
2,946,633
635.33
240.74
7,776,457
2,722,643
755.72
264.59
112,845
9.22
50,000
4.86
22,958,677
51,886
1,875.71
4.24
_
51,886
_
5.04
0
0.00
330,092
32.08
1,183,927
35,030,425
96.73
2,861.96
725,663
11,656,741
70.52
1,132.81
662,856,599
54,154.95
431,997,361
41,981.87
109,243,450
356,214
109,599,664
8,925.12
29.10
8,954.22
133,549,013
434,207
133,983,220
12,978.41
42.20
13,020.60
Bank Maskan
ANNUAL REPORT 2011-12
Bank Maskan
Income Statement
For The Fiscal Year Ended to March 19, 2012
2011-2012
USD Million
IRR Million
2010-2011
USD Million
IRR Million
Revenues from Joint Investment
Profit and Interest on Islamic Contracts
Other Revenues
Total Revenues from Joint Investment
Depositors’ Profit
Net Profit Paid to Depositors
Bank’s Profit
54,049,337
406,299
4,415.80
33.19
30,675,347
960,961
2,959.80
92.72
54,455,636
4,448.99
31,636,308
3,052.52
)23,913,279(
)23,913,279(
30,542,357
)1,953.70(
)1,953.70(
2,495.29
)17,022,913(
)17,022,913(
14,613,395
)1,642.51(
)1,642.51(
1,410.02
54,860
1,431,625
1,184,000
2,670,485
33,212,842
4.48
116.96
96.73
218.18
2,713.47
31,574
829,386
846,071
1,707,031
16,320,426
3.05
80.03
81.64
164.71
1,574.72
)20,040,038(
)957,507(
)10,627,873(
)94,154(
)31,719,572(
1,493,270
)149,638(
1,343,632
)1,637.26(
)78.23(
)868.29(
)7.69(
)2,583.78(
129.69
)12.23(
117.47
)7,367,860(
)336,608(
)7,610,076(
0
)15,314,544(
1,005,882
)826,440(
179,442
)710.91(
)32.48(
)734.28(
0
)1,477.67(
97.06
)79.74(
17.31
Revenues from Own Investments
Profit and Interest Receivable
Fees & Commissions
Other Revenues
Total Revenues from Own Investments
Total Revenues
Expenses
)Interest Paid(depositors excluded
Fees & Commissions Paid
General Expenses
Othere Revenues & Expenses
Total Expenses
Earning before Tax
Taxes
Net Profit
BANK MASKAN
Bank Maskan
Statement of Accumulated Profit
For The Fiscal Year Ended to March 19, 2012
2011-2012
USD Million
IRR Million
Net Profit
Accumulated Profit at the Beginning of the Year
Prior Year Adjustments
Accumulated Profit at the Beginning of the Year – Adjusted
Allocable Profit
Profit Allocation:
Legal Reserve
Reinvestment of the Bank
62
63
Taxable income of Low-income 5%
individuals’ Housing
Funds Transferable to Capital
Subtotal
Dividends Payable to the Government
Accumulated Profit at the end of
the Year
2010-2011
USD Million
IRR Million
1,343,632
1,068,303
)342,640(
117.47
87
)27.99(
179,442
1,951,465
)458,341(
17.31
188.29
)44.22(
725,663
59.29
1,493,124
144.07
2,069,295
176.75
1,672,566
161.38
)223,991(
0
)18.30(
0
)162,297(
)709,800(
)15.66(
)68.49(
)1,225(
)0.10(
)2,625(
)0.25(
)62,845(
)288,061(
)597,307(
)5.13(
)23.53(
)48.80(
)12,513(
)887,235(
)432,793(
)1.21(
)85.61(
)41.76(
1,183,927
104.42
352,538
34.02
Consolidated Statement of Comprehensive Income
2011-2012
IRR Million USD Million
2010-2011
IRR Million
USD Million
Net Profit
Revaluation Surplus
Exchange Rate Fluctuations Profit
Comprehensive Income
Prior Year Adjustments
1,343,632
22,958,677
)330,092(
23,972,217
)342,640(
117.47
1,875.71
)26.97(
1,966.21
)27.99(
919,008
_
79,427
998,435
)85,216(
88.67
_
7.66
96.34
)8.22(
Recognized Comprehensive Income
from Previous Year
23,629,577
1,938.21
913,219
88.11
ANNUAL REPORT 2011-12
Bank Maskan
Cash flow Statement
For The Fiscal Year Ended to March 19, 2012
2011-2012
IRR Million USD Million
2010-2011
IRR Million USD Million
Operating Activities:
)144,578,882(
)11,812.00(
)93,835,314(
)9,053.97(
)852,793(
3,338
)156,328(
)69.67(
0.27
)12.77(
)284,809(
166,640
)1,982,427(
)27.48(
16.08
)191.28(
)1,005,783(
)82.17(
)2,100,596(
)202.68(
)374,026(
)30.56(
)453,004(
)43.71(
0
0
)129,100(
)12.46(
)627,120(
)51.24(
)1,207,985(
)116.55(
107,146
8.75
108,264
10.45
)519,974(
)42.48(
)1,228,821(
)118.56(
)146,478,665(
)11,967.21(
)97,617,735(
)9,418.92(
Facilities Received from Central Bank
)1,998,646(
Line of Credit Received from Central Bank
152,669,411
Facilities Received from other Banks
0
)492,758(
)163.29(
12,472.99
0.00
)40.26(
50,498,646
50,649,730
17,790,000
)21,465,258(
4,872.40
4,886.98
1,716.48
)2,071.09(
150,178,007
12,269.45
97,473,118
9,404.76
3,699,342
)14,540(
302.23
)1.19(
)144,617(
5,377
)13.95(
0.52
3,684,802
301
)139,240(
)13.43(
4,572,589
373.58
4,711,829
454.62
8,257,391
674.62
4,572,589
441.19
650,000
53.10
0
0.00
Non Cash Translation
Return on Investment:
Dividends Payable to the Government
Dividends Received
Interest Paid for Financing
Net Cash Inflow(Outflow) From Investment
Return And Interest Paid for Financing
Income Tax:
Cash paid for Income Tax
Investment Activities:
Cash Payment for Purchasing Investments and
Legal Participations
Cash Payment for Purchasing, Constructing &
Completing of Fixed Tangible Assets
Cash Received from Fixed Tangible
Assets Sales
Net Cash flow(Outflow) from Investment Activities
Net Cash flow(Outflow) before
Financing Activities
Financing Activities:
Reimbursement of Facilities from other Banks
Net Cash Inflow(Outflow) from
Financing Activities
)Net Cash Inflow(Outflow
Exchange Rate Fluctuations Profit
Net Cash Increase (decrease)
during the year
Cash Balance at the beginning of
the year
Cash balance at the end of the
year
Non – Cash Transactions
BANK MASKAN
Foreign Exchange Branches
I
nternational banking services relating to letters of credit, guarantees, foreign exchange and
worldwide money transfers are carried out through the following branches:
Tehran Central Branch
Tehran
Shahid Khoddami Branch
Next to Sarhang Sakhaei, Ferdowsi Ave, Tehran, Iran Next to Homa Hotel, Opposite National Iranian
Tel:+98 21 64 57 30 03-5
Housing Organization, Shahid Khoddami Ave, Vanak
Fax: +98 21 66 70 14 34
Sq, Tehran, Iran
Tel: +98 21 88 77 39 69 Fax: +98 21 88 79 87 55
64
65
Afriqa Shomali Branch
Tajrish Branch
Golshahr Blvd, Africa Ave, Tehran, Iran
Tel: +98 21 22 02 68 50
Fax: +98 21 22 01 57 94
Close to Tajrish Sq, Vali Asr Ave, Tehran, Iran
Tel: +98 21 22 75 35 95
Fax: +98 21 22 71 43 68
Ayatollah Kashani Branch
Tohid Branch
Next to Ferdows Blvd, Ayatollah Kashani Blvd,
Tehran, Iran
Tel: +98 21 44 08 96 55 Fax: +98 21 44 08 96 55
Northern Roudaki, Azadi Ave, Tehran, Iran
Tel: +98 21 66 93 25 00
Fax: +98 21 66 93 25 00
Enqelab Branch
Velenjak Branch
Enqelab Sq, Azadi St, Tehran, Iran
Tel: +98 21 66 90 00 53
Fax: +98 21 66 90 00 53
Tabnak St, Velenjak, Tehran, Iran
Tel: +98 21 22 41 26 25
Fax:+98 21 22 42 53 97
Chahar rah Qanut Branch
Yousef Abad Branch
Qanut Junction, Shahid Kolah Douz Ave, Tehran, Iran Between Farhang and Kalantari, Asad Abadi Ave,
Tel: +98 21 22 56 60 80
Tehran, Iran
Fax:+98 21 22 55 13 90
Tel: +98 21 88 06 12 07 Fax: +98 21 88 06 12 07
Karimkhan Zand Branch
Taleqani Branch
Karimkhan Zand Ave, Shahid Hosseini St, Tehran,
Iran
Tel: +98 21 88 20 02 50 Fax: +98 21 88 20 02 89
Taleqani St, Before Mofatteh St, Tehran, Iran
Tel: +98 21 88 84 14 56
Fax: +98 21 88 38 17 32
Ekhtiyarieh Shomali Branch
Vali Asr Square Branch
Next to Ghaffari Alley, Northern Ekhtiyarieh Ave,
Tehran, Iran
Tel: +98 21 22 58 02 60
Fax: +98 21 22 58 03 01
Opposite Damavand Hotel, Vali Asr Ave, Tehran, Iran
Tel: +98 21 88 91 35 32-3
Fax: +98 21 88 89 72 27
Niavaran Branch
Shohada Branch
Opposite Jamaran St, Shahid Bahonar Ave, Tehran, Iran Next to Trafic Police Station, Hefdahe Shahrivar St,
Tel: +98 21 22 81 86 27-9
Tehran, Iran
Fax: +98 21 22 29 37 97
Tel: +98 21 33 78 15 64 Fax: +98 21 33 78 15 55
Mirdamad Branch
Next to Southern Razan, Mirdamad Blvd, Tehran,
Iran
Tel: +98 21 22 91 40 03 Fax: +98 21 22 91 40 04
Ostad Motahari Gharbi Branch
Opposite Tehran Grand Hotel, Motahari Ave,
Tehran, Iran
Tel: +98 21 88 91 62 82 Fax: +98 21 88 91 62 81
Shahrara Branch
Shahrara Sq, Tehran, Iran
Tel: +98 21 88 27 44 38
Fax: +98 21 88 27 44 39
Vanak Sq Branch
Opposite Shahid Khodami St, Next to Sharifi St,
Vanak Sq, Tehran, Iran
Tel: +98 21 88 87 87 03 Fax: +98 21 88 67 85 08
ANNUAL REPORT 2011-12
Tehran
Golestan – e – Pasdaran Branch
Sa’adat Abad Branch
Eastern Sarv St, Kadj Sq, Sa’adat Abad, Tehran, Iran
Tel: +98 21 22 36 21 09
Fax: +98 21 22 06 44 88
No1307, Between 3rd and 4th Golestan, Pasdaran
St, Tehran, Iran
Tel: +98 21 22 76 08 52 Fax: +98 21 22 57 09 09
Sepahbod Gharani Branch
Vali Asr – Tavanir Branch
Sepahbod Gharani Ave, Ferdowsi Sq, Tehran, Iran
Tel: +98 21 88 34 93 99
Fax: +98 21 88 84 21 61
Opposite Dey Hospital, Vali Asr Ave, Tehran, Iran
Tel: +98 21 88 64 47 03
Fax: +98 21 88 64 47 03
Shahid Beheshti Branch
Narmak Branch
No 240, Next to Takhti Junction, Shahid Beheshti St, Shahid Ayat Ave, Below Nabovat Sq, Tehran, Iran
Tehran, Iran
Tel: +98 21 77 90 82 64
Tel: +98 21 88 73 96 23 Fax: +98 21 88 74 22 26
Fax: +98 21 77 95 64 31
Seyed Khandan Branch
Kouy – e – Nasr Branch
No 108, Simorgh St, Next to Seyed Khandan Bridge,
Tehran, Iran
Tel: +98 21 22 89 05 13 Fax: +98 21 22 89 05 11
12th St, Kouy – e – Nasr, Tehran, Iran
Tel: +98 21 88 28 98 80
Fax: +98 21 88 28 98 80
Shiraz – e – Shomali Branch
Professor Hesabi Branch
Shiraz – e – Shomali St, Tehran, Iran
Tel: +98 21 88 61 86 47
Fax: +98 21 88 61 86 47
Before Dowlat St, Dr Shariati Ave, Tehran, Iran
Tel: +98 21 22 60 10 23
Fax: +98 21 22 60 10 23
Bandar Abbas Central Branch
Other Cities
Amol Central Branch
Imam Khomeini Blvd, Bandar Abbas, Iran
Tel: +98 761 224 30 02-3
Fax: +98 761 224 22 51
Next to Taghi Khan Mosque, Between 3rd and 4th
Passage, Mohseni St, Amol, Iran
Tel: +98 831 321 16 47 Fax: +98 831 321 16 47
Isfahan Sa’adat Abad Branch
Tabriz Shahid Madani Branch
Sa’adat Abad Ave, Darvazeh Shiraz, Isfahan, Iran
Tel: +98 311 668 38 72
Fax: +98 311 668 38 72
Opposite Saraye Almahdi, Shahid Madani Ave,
Tabriz, Iran
Tel: +98 411 526 10 50 Fax: +98 411 526 24 03
Isfahan Ferdowsi Branch
Hamedan Central Branch
Fersowsi St, Isfahan, Iran
Tel: +98 311 220 66 99
Fax: +98 311 222 00 75
Next to Bu Ali Shrine, Bu Ali St, Hamedan, Iran
Tel: +98 811 83 50 00 15
Fax: +98 811 83 50 00 15
Rasht Central Barnch
Ahvaz Salmane Farsi Branch
Qods Junction,Rasht,Iran
Tel: +98 131 32 11 647
Fax: +98 131 32 11 647
Between Farsi and Hafez Streets, Salmane Farsi St,
Ahvaz, Iran
Tel: +98 611 221 27 56 Fax: +98 611 222 99 40
BANK MASKAN
Isfahan Central Branch
66
67
Other Cities
Qom Central Branch
Kamal Ismaeil Ave, Isfahan, Iran
Tel: +98 311 221 69 50
Fax: +98 311 222 98 60
Opposite the Telecommunication center, Nouzdahe
Dey St, Qom Iran
Tel: +98 251 770 26 70 Fax: +98 251 776 05 55
Kish Venus Branch
Isfahan Shahin Shahr Central Branch
Venus Shopping Center, Stall No119, Kish, Iran
Tel: +98 764 442 25 20-2
Fax: +98 764 442 25 23-4
Ferdowsi St, Shahin Shahr, Isfahan, Iran
Tel: +98 312 528 89 0
Fax: +98 312 524 48 96
Karaj Central Branch
Bandar Anzali Central Branch
Next to Municipality, Dr Beheshti Ave, Karaj, Iran
Tel: +98 261 222 00 40
Fax: +98 261 222 37 72
Shahid Motahhari St, Bandar Anzali, Iran
Tel: +98 181 424 40 37
Fax: +98 181 424 40 37
Kermanshah Central Branch
Arak Central Branch
Ayatollah Ashrafi Isfahani Ave, Kermanshah, Iran
Tel: +98 831 725 42 00
Fax: +98 831 724 92 52
Next to Haji Taghi Khan Mosque, Mohseni St, Arak,
Iran
Tel: +98 861 21 00 05 Fax: +98 861 21 00 05
Ardebil Central Branch
Yazd Central Branch
30 metry St, (Taleqani St) Opposite city council,
Ardebil, Iran
Tel: +98 451 336 53 12 Fax: +98 451 336 53 74
Shahid Rajaee St, Yazd, Iran
Tel: +98 351 622 99 50
Fax: +98 351 622 99 50
Mashad Sajjad Blvd Branch
Qeshm Central Branch
Next to Northern Bozorgmehr St, Sajjad Blvd,
Mashad, Iran
Tel: +98 511 768 17 80
Fax: +98 511 768 17 80
Southern Gate of Setareh International Market,
Qeshm Island, Iran
Tel: +98 763 524 27 94
Fax: +98 763 524 27 94
Mashad Central Branch
Sanandaj Keshavarz Branch
Dr Chamran St, Mashad, Iran
Tel: +98 511 222 67 37
Fax: +98 511 222 67 50
Next to the Post Office, Keshavarz St, Sanandaj, Iran
Tel: +98 871 322 99 89
Fax: +98 871 322 99 89
Orumyeh Central Branch
Semnan Central Branch
Daneshkadeh Junction, Kashani Ave, Orumyeh, Iran Taleghani St, Semnan, Iran
Tel: +98 441 344 59 99
Tel: +98 231 334 47 27
Fax: +98 441 346 37 77
Fax: +98 231 334 47 27
Qazvin Central Branch
Tonkabon Central Branch
Taleghani St, Opposite to Alborz Hotel, Qazvin Iran
Tel: +98 281 22 26 737
Fax: +98 281 22 26 737
Next to Shahid Rajaee Hospital, Imam Khomeini St,
Tonekabon, Iran
Tel: +98 192 422 45 93
Fax: +98 192 422 35 65
Shiraz Central Branch
Babol Central Branch
Karim Khan Zand Ave, Shiraz, Iran
Tel: +98 711 235 31 95
Fax: +98 711 23 597 05
Chaharsough, Imam St, Babol, Iran
Tel: +98 111 222 30 17
Fax: +98 111 222 30 16
ANNUAL REPORT 2011-12
Tabriz Valiasr Branch
Other Cities
Sari Gharen Branch
Falake Bozorg, Kouye Vali Asr, Tabriz, Iran
Tel: +98 411 330 66 44
Fax: +98 411 332 71 34
Gharen St, Sari, Iran
Tel: +98 151 220 00 62
Fax: +98 151 220 26 62
Tabriz Central Branch
Birajnd Central Branch
Khaqani St, Imam Khomeini Ave, Tabriz, Iran
Tel: +98 411 554 51 65
Fax: +98 411 554 51 67
Imam Khomeini Sq, Birjand, Iran
Tel: +98 561 223 23 95
Fax: +98 561 223 23 95
Zanjan Central Branch
Bojnourd Central Branch
Sa’di Junction, Be’sat Sq,
Zanjan, Iran
Tel: +98 241 31 23 344
Fax: +98 241 31 23 345
Next to Dr Shariati St, Taleghani – e – Gharbi St,
Bojnourd, Iran
Tel: +98 584 223 81 18
Fax: +98 584 223 81 18
Sari Central Branch
Marivan Central Branch
Farhang Ave, Sari, Iran
Tel: +98 151 222 09 13
Fax: +98 151 222 21 17
Mohammad Veisi Bazaar, Before Shahid Fahmideh
Sq, Marivan, Iran
Tel: +98 875 322 14 21 Fax: +98 875 322 14 21
Kerman Central Branch
Baneh Central Branch
Moallem Crossroad, Qods St, Kerman, Iran
Tel: +98 341 226 91 20
Fax: +98 341 226 91 20
Before Imam Blvd, Imam St, Baneh, Iran
Tel: +98 875 422 71 85
Fax: +98 875 422 71 85
Kashan Central Branch
Boushehr Central Branch
Mir Emad St, Shahid Rajaee St, Panzdahe Khodrad
Sq, Kashan, Iran
Tel: +98 361 446 33 35 Fax: +98 361 444 11 15
Opposite Fatemiyeh St, Imam Khomeini St,
Boushehr, Iran
Tel: +98 771 555 75 61 Fax: +98 771 556 44 44
Shahr – e – Kord Central Branch
Khorramabad Central Branch
Next to Mellat bazaar, Mellat St, Shahr – e – Kord,
Iran
Tel: +98 381 226 47 67 Fax: +98 381 226 47 67
Bank Junction, Iman Khomeini St, Khorramabad,
Iran
Tel: +98 661 221 92 54 Fax: +98 661 220 09 98
Gorgan Central Branch
Next to Park – e – Shahr, Pasdaran St, Vahdat Sq,
Gorgan, Iran
Tel: +98 171 222 41 79 Fax: +98 171 222 02 17
BANK MASKAN

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