Bank Saderat Iran

Transcription

Bank Saderat Iran

Consolidated Balance Sheet Highlights
4
Chairman’s Statement
6
Board of Directors
10
Senior Management Team
11
BSI Organizational Chart
12
Iran at a Glance
14
Achievements
21
History
22
Iranian Banking System
24
Islamic Banking in Iran
26
Mission and Vision
28
Privatization
29
Corporate & Commercial Banking Projects
30
International Banking
32
Technological Infrastructures; Electronic Banking
40
Human Resources
44
Risk Management
46
Highlights of BSI Success in International and National Arena
48
Financial Performance
49
Financial Statements
57
Excerpts from the Auditors’ Report
58
BSI Subsidiaries & Branches Abroad
93
International Network
94
Contact Persons
101
Bank Saderat Iran Group
Consolidated Balance Sheet Highlights
20.03.2010
20.03.2009
20.03.2008
billion RIS
million USD*
billion RIS
million USD*
billion RIS
million USD*
Assets
481,010
48,754
409,809
42,148
386,263
43,062
Liabilities
451,214
45,734
382,173
39,306
356,082
39,697
Customer Deposits
314,714
31,899
272,829
28,060
265,413
29,589
Loans to Customers
299,905
30,398
243,410
25,034
219,196
24,437
Shareholders' Equity
29,796
3,020
27,636
2,842
30,181
3,365
Income Statement Highlights
Net Interest Income
38,569
3,909
32,233
3,315
26,897
2,999
Non-Interest Income
10,076
1,021
8,248
848
11,154
1,243
Operating Income
48,645
4,931
40,481
4,163
38,051
4,242
(29,859)
(3,026)
(23,676)
(2,435)
(23,217)
(2,588)
2SHUDWLQJ3UR¿W
18,787
1,904
16,805
1,728
14,834
1,654
Others Expenses
(12,423)
(1,259)
(9,874)
(1,016)
(8,393)
(936)
(2,495)
(253)
(4,059)
(417)
(4,606)
(513)
Income Tax
(307)
(31)
(387)
(40)
(310)
(35)
1HW3UR¿W
3,563
361
2,485
256
1,525
170
Operating Expenses
Provisions
Key Ratios
Expenses/Income
61.4%
58.5%
61%
7.3%
6.1%
4%
Return on Equity
12.0%
9.0%
5%
Return on Assets
0.7%
0.6%
0.4%
Loans / Deposits
95.3%
89.2%
82.6%
1HW3UR¿W2SHUDWLQJ,QFRPH
*USD/RLS exchange rate as of 20.03.2009 and 20.03.2010 is 9723 and 9866 respectively.
4
Chairman’s Statement
On the 58th anniversary of the bank, I
would like to seize the opportunity and
express my deepest gratitude to BSI
customers, shareholders, and staff.
Last year, BSI underwent dramatic
changes, the first and greatest of which was
a transfer from public to private ownership
considering its own requirements.
Privatization was a new experience for
BSI, which had however been privately
run before the revolution. After banks were
nationalized, their policy making system
was assigned to the government and banks
had little authority over decision-making.
developing modern technology, going
Private management and policy making
beyond boundaries of time and place;
for the bank will be a great change.
obtaining access to the newest services for
customers; creating a better share price for
Having the largest overseas branch
the shareholders; and having committed
network within the Iranian banking system,
and innovative human resources, are
BSI has been able to extensively develop its
considered as a five-year perspective for
international banking relations in line with
BSI.
facilitating money and trade exchanges.
6
To maintain BSI’s commanding presence,
In other words, in the next five years,
the Board of Directors has implemented a
BSI will gain advantage in the following
thorough and meaningful strategy.
five fields: rate of return on equity, market
share, electronic services, organizational
The bank’s long-term programme is
aimed at creating a superior bank. Hence,
innovation,
development.
and
human
resource
The bank’s long-term programme results from a collaborative effort to anticipate
the bank’s future operations. It is a long-term perspective, with a revision possibility in
special cases along with implementing the best guidelines to reach the goals set in the
programme. In this regard, we view supervision and follow-up as the pillars of a dynamic
organization and the relevant units will present functions, objectives and achievement in
a timely manner.
BSI has now the largest international network within Iranian banking system
with 21 overseas branches, 3 Regional Offices, 2 independent banks (Bank
Saderat PLC, London and Bank Saderat Tashkent), and 3 Joint-Venture Banks
(Future Bank, Bahrain; Arian Bank, Afghanistan and Honor Bank, Belarus).
7
With the highest number of branches in the country, BSI naturally possesses a large
number of customers. Our bank has equipped all its branches with Real-Time Online
System (SEPEHR), has opened more than 36 million online accounts, has issued 12.6
million electronic and credit cards, and has 2845 mobile and fixed ATMs and 255,000
POS. Our customers have welcomed our new services including SATNA, internet banking,
mobile banking, POS , etc. Quality and quantity improvement of new services in our bank
is what our managers and staff aspire to.
The following deposits comparative table is a quick glance at BSI performance in
attracting resources and granting loans which reflects the staff commitment and effort:
Deposits Comparative Table
Description
20.03.2010
20.03.2009
Billion RLS
Billion RLS
Interest-free Current Account
46,436
44,571
Interest-free Saving Account
28,544
26,265
Short-term Deposits
93,835
77,236
Long-term Deposits
90,926
59,200
9,455
-
269,196
207,272
Other Deposits
Total
I would like to express my sincere gratitude to all the people who contributed to the
bank’s development within the Iranian banking system and all those who continue to
believe in Bank Saderat Iran after 58 years. I wish to assure our shareholders that BSI, as
a privatized bank, is ready to meet the challenges and grasp new opportunities to develop.
Yours sincerely
Seyed Mohammad Jahromi
Chairman & Managing Director
8
9
10
11
12
13
Iran at a Glance
Iranian Economy during the year
2009
The widespread financial crisis
which manifested itself since mid 2007,
continued through 2008 & 2009 to
confront this financial crisis, broad and
relatively coordinated measures were
adopted by the main and influential
global economic centers.
In late 2009, nearly two and half years
after the start of the crisis, apparently the
first signs of the effect of the political
measures appeared. Especially in the
first quarter of the current year, some
signals are perceived showing the return
of stability and economic growth in a
number of major countries involved in
the economic crisis.
14
Although Iranian economy was partly
away from the first round effects of the
global financial crisis due to the poor
communication of its financial institutions
and capital market with the international
markets, the crisis extension to the real
economy sectors caused Iranian economy
to be meaningfully affected by the crisis.
1. Includes crude oil, natural gas, coal, nuclear energy and hydroelectricity.
The decline in the price of the crude
oil and other raw and intermediate
materials in the global market were the
main influential sources of the global
economic crisis which, with a few months
delay, affected Iranian economy, mainly
the performance of the macroeconomic
variables in 20 March 2010.
In 20 March 2010, the world primary
energies1 consumption reached 11.2
billion tons crude oil equivalent, with
about 1.3% decline in comparison with
20 March 2009. Of this amount 10.5
billion tons oil equivalent was related
to non-OPEC countries and 0.7 billion
tons oil equivalent to OPEC member
countries. In the review year, the highest
amount of the world primary energies
consumption was related to crude oil
(34.8%) and the lowest to nuclear energy
(5.5%).
In 20 March 2010, Iran’s primary
energies consumption was over 204.8
million tons oil equivalent, showing
about 4.9% increase in comparison with
20 March 2009.
Real Economy Sector Developments
Energy
In 20 March 2010, Iran’s average crude oil production, in the framework of the
production quotas defined by OPEC, reached 3.6 million barrel per day (mb/d). In this
year, the Iran’s average crude oil export, with 13.3% decline in comparison with the
preceding year, fell to 2.1 mb/d. However, export of oil products increased by 12.3% to
109 k b/d.
Agriculture
Considering the increase in production and the improvement of agriculture sector in 20
March 2010, it is anticipated that the value-added of this sector would see considerable
increase too.
At the end of 2009, the net balance of facilities granted by banks and credit institutions
to the public and non-public applicants of the agriculture sector amounted to Rls 249.2
trillion, showing 13% growth in comparison with the end of the previous year. Of this
amount, the shares of Bank Keshavarzi and commercial banks were 49.4 and 50.1 percent
respectively and only 0.5% was the share of non-governmental banks.
In this year, the share of the net balance of facilities granted to the agriculture sector
was 12.9% of total net balance of facilities granted by the banks and credit institutions.
15
Industries & Mining
In 20 March 2010, the producer price
index in Industry sector reached 171.7,
showing 3% rise compared with the
previous year.
At the end of 2009 in Tehran Stock
Exchange, the share price index of
manufacturing companies (industrial
index) indicated 56% rise in comparison
with the end of 2008. The growth of
general index in the same period was
57.4%.
In 20 March 2010, Iran’s industrial
exports amounted to 32.6 million tons
in terms of weight and $16.6 billion in
terms of value, showing 35.2 and 12.8%
growth respectively in comparison with
the previous year. In this year, the share
of industrial exports in total non-oil
exports reached 77.6% in terms of value.
Construction and Housing
Facilities Granted to Housing
Sector
16
At the end of 2009, the net balance of
facilities granted by the banks and credit
institutions to non-public housing sector
increased by 20.4% to Rls. 402.6 trillion
in comparison with the end of 2008.
Moreover, based on the report released
by Bank Maskan in 20 March 2010, Rls.
81.6 trillion facilities (excluding profit
receivables) were paid in the form of
477.6 k contracts, showing 88.3 and 43%
growth respectively compared with the
previous year.
At the end of the review year, Facilities
granted by Bank Maskan in the form of
civil partnership and installment sale
amounted to Rls. 43.2 and 34.7 trillion,
indicating 198.7 and 27.8% increase
respectively in comparison with the
previous year. The considerable rise in
civil partnership facilities granted by
Bank Maskan was due to Bank Maskan’s
high participation in granting facilities to
Mehr housing project.
Transportation
In 20 March 2010, Rls. 34.6 trillion
was approved for the implementation
of acquisition of capital assets projects
in the road and transportation sector,
indicating 67.7% rise compared with the
approved figure for the previous year. In
this year, about 78.3% of the approved
figures were achieved.
Financial Sector Developments
Government Budget and Finance
The Budget law of 20 March 2010, as
the last budget law of the 4th five-year
plan (2005-2009), was compiled within
the framework of the Twenty-Year
Vision Plan, trans-sectoral , sectoral and
provincial documents, general policies
of Article 44 of the Islamic Republic of
Iran’s constitution, and macro - policies
of the country.
According to the charts of the budget
law of 20 March 2010, the total sum of
revenues, disposal of capital assets, and
disposal of financial assets amounted
to Rls. 892,132.8 billion and the total
sum of expenses, acquisition of capital
assets, and acquisition of financial
assets amounted to Rls. 977,132.8. To
establish the balance between the two
figures, Rls. 85,000 billion was deducted
from the total sum of expenditures as
“the reduction in allocation during the
budget execution”. Out of the total
resources of the government budget, the
share of revenues, disposal of capital
assets, and disposal of financial assets
were 51,19,30% respectively. Expenses,
acquisition of capital assets , and
acquisition of financial assets accounted
for 60.5%, 29.1%, 10.4% of the approved
budget uses respectively .
Money and Credit
Liquidity and its Determinants
During 20 March 2010, liquidity had a
growth equal to 23.9%, showing 8% point
rise in comparison with the previous year.
During this year, the net foreign assets
of the banking system grew by Rls. 121
trillion, accounting for 6.4% points of
liquidity growth. This growth was due to
Rls. 92.7 trillion rise in net foreign assets
of the Central Bank (accounting for 4.9%
points of liquidity growth) and Rls. 28.3
trillion rise in net foreign assets of banks
and credit institutions (accounting for
1.5% points of liquidity growth).
During 20 March 2010, net domestic
assets of the banking system grew by
Rls. 333.6 trillion, causing the 17.5%
points rise in liquidity.
17
Assets Market Developments
Stock Exchange
Tehran Stock Exchange indexes
have had a rising trend during the first
six months of the year beginning from
20 March 2009 despite the drop-off
tendency of its previous six months
period. Meanwhile after the decrease
in November and December, index
ascending process has been continued to
the end of the year.
In the year ended 20 March 2010
Stock Exchange market observed wide
presence of the dealers as well as index
increase resulted from global market
improvement, price increase of raw
materials, admission of some other
companies to Stock Exchange Market
based on article 44 of Constitutional
Law, recession of the internal competitor
markets especially money and housing
market and the diversity of finance
instruments.
Participation Bonds
18
In the year ended 20 March 2010,
participation bonds equal to Rls.17,696/8
billion have been sold from the total
issued Rls.17,700 billion.
FX Transactions in Inter-Bank
Market:
FX transactions of inter- bank market
in the year ended 20 March 2010 were
equal to 53,343 million dollars (USD,
Euro, AED and other currencies),showing
5.5% decrease comparing to the previous
year. The increasing process of secondary
market share from total inter-bank market
continued and reached 71.3%. Cash
transactions have been increased due to
the spread of international limitations
and transaction simplicity in secondary
market.
Price Trend
Price index of consuming goods and
services and producer price index had
a rising trend during 2006 to 2008 but
a severe falling trend in 2009. In this
period, price index of consuming goods
and services decreased from 25.4% to
10.8% and producer price index from
20.9% to 7.4% comparing to the previous
year. Price index for export goods in the
year ended 20 March 2009 had a 6.8%
decrease compared to the previous year.
The mentioned index had been raised
22.1% in the previous year.
Balance of Payment
2009
2007
2008
Oil & Gas
81,567
82,403
48,389
Others
16,101
18,886
15,084
Total Exports
97,668
101,289
63,473
Total Imports
58,240
70,199
47,437
Trade Balance
39,428
31,090
16,037
Net Services
(7,475)
(8,549)
(8,095)
642
362
372
32,594
22,903
8,314
Million USD
Net Money Transfers
Current Account Balance
(Nine Months)
Source: Central Bank of Iran (9 Months)
19
Divider 1
History
To attract maximum liquidity and
develop the economy, BSI founders
established a bank on the basis of a
customer-centered principle for the first
time in the country; therefore BSI was
established on September 6, 1952 with
Rials 20 million in share capital 50% of
which was paid in cash and launched its
operation on November 13, 1952 with a
staff of thirteen.
From the very beginning, BSI
endeavored to encourage innovation in
banking services and respect customers
and managed to attract a large amount
of liquidity in a short period of time and,
more importantly, to reconcile people
to the banking system by realizing the
phrases ”BSI at people’s service” and
“customer is right”.
22
The first BSI overseas branch was
established in Hamburg, Germany in
1961, which was followed by opening
other overseas branches. Now BSI has the
full or partial ownership of 4 independent
overseas banks (Tashkent 100%, PLC
London 100%, Future Bank Bahrain
33%, and Arian Bank Afghanistan 50%).
The BSI network amounts to 21 banking
units in Europe and Asia.
With 3,300 active branches and share
capital of Rials 16,803 billion, BSI runs
the largest banking network in Iran. In
2000, BSI started offering electronic
online services, and is now the leader
in the number of online branches, ATM
machines, POS machines and issued
debit cards across the Iranian banking
system.
With more than half a century of
banking experience, a deep sense of
obligation to its basic principle and a
full implementation of usury free Islamic
banking, BSI, as a credible popular bank,
attempts to maintain its top position
among its rivals through following
the lead of international banking and
customer–centered
principles
and
offering quality banking services.
In addition BSI has a leading role in
achieving customers’ satisfaction and
developing our Islamic country.
23
The Iranian Banking
System
Over recent years, banking activities
have become very diverse and the banking
industry has experienced impressive
developments thanks to developments in
IT and new banking methods. Nowadays,
banking services are not restricted to
offering loans and taking deposits,
but involve a wide array of financial
transactions. Banking may generally be
categorized as wholesale banking, retail
banking, and comprehensive banking.
Offering financial services and
products to customers is the bank’s main
mission. A bank’s success depends on its
good relationship with its customers and
the management of data.
A rapidly-growing banking sector and
the importance of money and capital
markets in the country’s economy in 1950s
necessitated establishing comprehensive
rules governing the monetary system
and banking operations.
24
On May 28, 1960, the Iran Monetary
and Banking Statute Bill was announced
to the Government under the title of “The
Country’s Monetary and Banking Law”
after it was passed by Parliament Common
Commissions. The bill was proposed to
be brought into effect for five years as
a pilot scheme. By appointing the first
Central Bank governor on August 9, 1960,
the Iranian Central Bank was formalized.
An independent bank was thus
established to oversee transactions and
guide the banking and monetary system.
Therefore the Central Bank’s operations
were officially separated from those of
Bank Melli Iran.
After the Islamic Revolution and
the necessity to establish the Islamic
economic system in Iran, the Usury-free
Banking Operation Law was passed to
omit usury from banking operation and
reconcile juridical standards with the
banking system in light of the concept
of usury in Islamic jurisdiction and
the contents of fourth article of the
Constitution, stating that all rules should
comply with Islamic standards. Before
nationalization, the banking network
consisted of 36 banks. Based on the Banks
Merger Plan, officially implemented in
November 1979, the banking network
(except the Central Bank) included 3
specialized banks (Maskan, Keshavarzi,
Industries and Mines) and 6 commercial
banks (Melli, Sepah, Mellat, Tejarat,
Saderat, Refah Kargaran).
The Export Development Bank was
founded as a specialized bank on July 10,
1991. According to Credit and Money
Council approvals in 1992 and 2000,
non-banking Credit Institutes and private
banks were authorized to begin their
operation respectively. Along with these
banks, a Ministry of Communications
and IT’s affiliate, “Post Bank” offers
some banking services too.
The Usury-free Banking Operations
Bill was presented to the cabinet by
the Ministry of Finance and Economic
Affairs on May 5, 1982, passed by the
Parliament in September 1983, and
approved by the Guardian Council. This
law requires that allocating resources and
granting facilities by banks are performed
in terms of Islamic contracts.
25
Islamic Banking in Iran
The First Step to Islamizing the
Banking System
After the Islamic Revolution, the
necessity to set up an Islamic economic
system was seen as a major requirement.
The most important action would
be eradicating usury from the banking
system so that an economy based on
fairness could be developed. Therefore,
in 1979, steps were taken for Islamizing
the banking system. These steps can be
summarized as omitting interest and
initiating commissions in the banking
system, founding an Islamic bank, and
developing Qardh Al Hassaneh Funds.
Interest Omission and Initiation of
Commission
One of the main requirements to omit
interest and usury from our economy
and to reconcile it with principles of an
Islamic economy is developing a system
through which investments take place
based on real social needs rather than
maximize shareholders’ dividends.
26
The system is required to steer
the society’s material and immaterial
resources towards meeting the basic
needs, using methods other than the
interest rate.
For this reason, the Credit and Money
Council approved a number of changes
in the bank’s interest rate structure in its
392nd session dated December 24, 1979,
which were put into action in March
1980:
1-The minimum possible guaranteed
profit for the deposits
2-To specify commissions and the
minimum possible guaranteed profit for
the loans and other credit facilities
In 1982, a Usury-free Banking
Operations Bill was presented to the
Islamic Parliament for omitting interest
and reconciling banking transactions
with Islamic standards.
The bill was ultimately passed on
August 30, 1984. According to this law,
the banking system was aimed at setting
up a justice-based credit and money
system, characterized by a proper money
and credit circulation, especially money
value maintenance, keeping equilibrium
in the balance of payments, facilitating
commercial exchanges and offering
services legally delegated to the banks.
To secure banking transactions and capital return related to banking facilities,
the law considers the entire contracts made between the bank and its customers as
indispensable documents subject to the executive procedures of official documents.
The granted facilities in the form of Islamic Contracts are:
1- Qardh Al Hassaneh
2- Modharebeh
3- Legal Partnership
4- Civil Partnership
5- Direct Investment
6- Installment Sale
7- Lease to Own
8- Salaf
9- Jo’aaleh
10- Mozare’eh
11- Mosaghat
12- Debt Purchase
13- Guarantees
27
Mission and Vision
The BSI mission is to build lasting relationships with its clients by giving
quality financial services. The Bank also aims to consolidate its position as a large
international financial group which meets all its customers’ financial needs. For this
purpose, leadership in domestic markets, public policies, and global reach are taken
into consideration.
By definition, a successful organization is the one that has a vivid picture of the
future and clarifies its assets whether cash or non-cash; therefore the BSI 5-year plan
is to depict its future perspective and to prescribe exactly what will be achieved; so,
BSI’s vision, mission, operational and leading plan , ratified by board of directors is
as follows:
BSI 5-year Overview
Superior in
Giving Electronic
Services
Superior in
Organizational
Innovation
Superior in
Market Share
BSI
Superior in
Developing
Human Resources
BSI
Leading areas
Superior in Stock
Holder Yield
Rate
Market KPI
IT
KPI
Financial
KPI
Growth
KPI
Process
KPI
28
The leading plans include those KPIs that the bank is looking for in future. Such
goals lead to key KPIs in all banking areas such as profitability, return on capital,
technology, productivity, etc.
Privatization
BSI introduction meetings were held
on June 3rd, 5th, and 7th 2009 in Dubai,
London and Tehran respectively prior
to offering its stock. Upon Ministry of
Finance and Economic Affairs’ approval
to sell BSI stock, 6% was sold on June
9, 2009, 5% was assigned to BSI staff,
40% to Provincial Investment Co and
the remaining 49% stayed with the
government.
No.
Description
6% of BSI stock, equal to 1,008,180,000
shares, was offered by the Tehran Stock
Exchange and was sold only 6 minutes
after being offered.
BSI share capital is Rls 16,803 billion
and after offering its stock, BSI was
portrayed as the largest private bank and
the second largest stock company in Iran.
Number of shares
%
1
Provincial Investment Co
6,721,200,000
40
2
Islamic Republic of Iran Government
6,405,303,600
38.12
3
Legal Entity
2,253,282,300
13.41
4
BSI staff
840,150,000
5
5
Real Entity
583,064,100
3.47
16,803,000,000
100
Total
29
Corporate & Commercial
Banking Projects
Sugar Cane and Subsidiary
Industries Development Company
This project was developed with
the purpose of making the country
self-sufficient in sugar and providing part
of the country’s industrial and nutritional
requirements with the following units:
1) Seven units for the sugar cane
Picture
industry covering 84,000 hectares of
farmland (each unit 12,000 hectares) for
producing 7 million tons of sugar.
2)
Seven
100,000-ton
units
for
producing raw sugar.
3) Four 175,000-ton factories for
refining sugar (producing white refined
sugar).
4)
Seven
100,000-ton
units
for
producing livestock food.
5) One 100,000-ton unit for industrial
boards.
6) One 30,000-square meter unit for
alcohol.
30
7) One 10,000-ton unit for leavens.
8) Four units for producing paper.
Heiran Tourist Centre
The aim of this project is building a
cable car between Fandoghloo (Ardebil
province) and Heiran (Gilan province)
plus restaurant, coffee shop and parking
lot.
Zabol Cement Industry
The project aims to produce 1 million
tons of gray cement per annum in Zabol
from Sistan & Baluchistan province. The
syndicated project was funded by Bank
Saderat Iran, Industries and Mines Bank,
and Bank Mellat.
Perlit Asia Casting Industry
The project was developed to establish
parts-casting unit (mostly autos) with
the annual capacity of 40,000 tons in
Saveh which doubled compared with the
previous year.
Abyek Cement
Located in Abyek, Qazvin, the
project aims at reconstructing some parts
of factory equipment to help continue
its activity and increase its 16,500-ton
capacity per day. The factory can produce
gray cement, Portland types1, 2, and 5
and Grouting.
Yazd Industrial and Construction
Steel Roll
The project produces low alloy steel
plate with the capacity of 200,000 tons
annually, girders with the capacity of
500,000 tons, steel hasp with the capacity
of 20,000 tons and liquid oxygen and
nitrogen amounting to 110 and 150
square meters per hour in Yazd province.
31
International Banking
BSI overseas activity started with Hamburg Branch in Germany in 1962 and now it
has the largest International Foreign Network in Iran, having 21 Branches, 3 Regional
Offices, 2 independent banks, 3 Joint Venture Banks and 122 domestic F/X branches.
Overseas Branches:
Independent Banks:
Bank Saderat PLC, London
Bank Saderat Tashkent
Joint Venture Banks:
Future Bank Bahrain
Honor Bank, Belarus
Arian Bank Afghanistan
5HJLRQDO2I¿FHV
Persian Gulf
Germany
Lebanon
The total number of staff working at overseas branches and offices is 777, of whom
701 were local and 76 were dispatched.
BSI overseas branches are now engaging in all kinds of banking activities such as
granting various banking facilities, opening L/Cs, issuing letter of guarantees, and
money transfers. All follow anti-money laundering and Basel II regulations according
to their homeland banking rules.
32
BSI overseas branches take full advantage of their potential with respect to the
following factors:
A wide variety of banking services and facilities tailored to customers’ needs
Well-designed regulated system
Quick decision-making
Flexibility in the bank’s policy-makings considering the change in economic
conditions and international financial markets
It is notable that total profit earned by
the overseas network rose to USD 203
million by the end of 2009, an increase
of 4% compared with the preceding
year. By far, the overseas network has
led to a positive result so that its income
constitutes a major part of the total profit
across the BSI group. This process of
profitability is predicted to continue in
the year to come.
To improve in profitability and
international activity, BSI is expanding
its overseas network. Together with Bank
Refah Kargaran and Export Development
Bank, BSI established Honor Bank in
Belarus with a 37% share. The bank is
also planning to open a joint venture in
Syria and agencies in China, Brazil, and
Indonesia.
The operations of some major BSI
overseas units are as follows:
The post-tax return on equity reduced to
10.1% compared with 12.4% in 2008.
The Directors were able
dividends totaling EUR 20.9m
and a further dividend of EUR
paid following the Annual
Meeting held in March 2010.
to pay
in 2009
9m was
General
The Bank continues to exercise
tight control over its mainly Sterling
expenses, which are expressed in Euros
for the purpose of the annual accounts.
The Bank’s expenses reduced by 6.7% in
2009 as compared with 2008.
Bank Saderat PLC, London
The post–tax profit of Bank Saderat
PLC achieved in the year to December
2009 was EUR 16,388,846 a reduction
of 18.8% on the figure achieved in 2008,
but nevertheless a very creditable result
in the prevailing economic environment.
A provision of EUR 138.8k was raised
during the year under review against a
doubtful debt; however the Bank was also
able to write back EUR 94k of provisions
relating to impaired loans. At the end of
2009, provisions against impaired loans
totaled EUR 4K.
33
Under the ILAS (Individual Liquidity
Adequacy Standards) regime, banks
are required to carry out an Individual
Liquidity Adequacy Assessment (ILAA)
of the type and quality of liquidity
resources held against the sources of
liquidity risk that could occur under
relevant stress scenarios. Bank Saderat
PLC has completed its ILAA and
anticipates that the strong liquidity levels
held throughout the banking crisis will
continue to be maintained going forward.
Also during 2009, in accordance
with the Payment Services Directive,
which derived from European legislation
covering relationships between banks
and their customers, the FSA introduced
changes to the Conduct of Business
Regime. In compliance with the Banking
Conduct of Business Sourcebook, and in
common with all other FSA regulated
banks, BSPLC prepared and issued to all
customers a leaflet containing its terms
and conditions. BSPLC continues to
support wholeheartedly the initiative to
treat customers fairly.
34
We as always, are entirely confident
in the anti-money laundering and
counter- terrorist financing systems
and controls employed by the Bank.
Specialist consultants have updated the
Bank’s Manual for Preventing Financial
Crime, and have provided comprehensive
training for all members of staff. All staff
are required to follow the Bank’s best
practice procedures which comply with
the risk-based approach required by the
Regulator.
Bank Saderat PLC, a UK Bank,
complies fully with FSA regulations,
Anti-Money
Laundering
and
counter-terrorist financing regulations,
international banking practices and
standards, and the laws of England and
Wales.
BSI Paris Branch in 2009
Bank Saderat Iran Paris Branch
has undergone significant changes in
2009 to comply with the regulatory
requirements of the Basel II committee
regarding the capital adequacy ratio,
and local requirements. On February 1,
2009, all the refinancing transactions of
documentary credits have been assigned
to Head Office, and from that date,
revenues from these activities took shape
in the form of commissions paid by
Head Office. This resulted in transferring
0.85% of revenues to BSI- Tehran and
led to the reduction of profit in 2009.
Other revenues for the branch came
from discounts on drafts and letters of
credit within the documentary credit
activities.
The profit was achieved in the context
of a financial crisis which did not
spare the French economy. France was
coping with recession, although a slight
economic recovery of 0.3% was signaled
for the 4th quarter of 2009.
Total assets at December 31, 2009
were 336.7 M€ compared to 797.8 M€ at
December 31, 2008.
2009, by increasing the volume of its
transactions and reasonably diversifying
its activities.
Expectations in the Euro-zone
economy remain highly uncertain and
the Euro has strongly depreciated against
the US Dollar over a long period .With
the severe economy crisis in Greece and
its possible extension to other countries
within the Euro-zone, the French
authorities have imposed drastic control
over public expenditures.
Within this economic environment,
perspectives for the Branch for 2010
remain quite moderate.
In 2010, the branch expects to achieve
a better performance compared with
35
BSI Branches in Germany
94% to EUR 1,376.2 million.
Business year 2009/2010 closed and
net profit more than doubled to EUR
24 million. Profit before tax showed
a growth of 117% compared with the
previous year.
Operating capital increased by EUR
5 million to EUR 73.7 million, together
with subordinated loans (EUR 19,6
million) .
Cash on hand (including account with
Central Bank) amounted to EUR 178.4
million (compared with EUR 75.1 million
in the previous year) on 20 March 2010.
Cash with banks contains balances
from current accounts, clearing balance
and time deposits with domestic as well
as foreign banks in the amount of EUR
114 million.
36
Net commission income increased
to EUR 7.6 million (compared with 5.8
million in the previous year), while
administrative expenses increased to
EUR 5.4 million (compared with EUR
5.2 million in the previous year) due
to office building renovations and
employment of new staff.
Customers’ loans and overdrafts
amounted to EUR 786.4 million
(compared with EUR 355.7 million in
the previous year). Liabilities to noncustomers amounted to EUR 1,018.9
million, dominated by current accounts
and deposits of BSI Head Office and
branches (EUR 500.8 million) held with
us and Central Bank of Iran (EUR 317.3
million).
Due to increasing customers’ credits
and discount of export proceeds, total
assets increased by about 89% to EUR
1,251.2 million, and business volume by
Liabilities to customers (deposits)
amounted to EUR 83.2 million (compared
with EUR 59.7 million in the previous year).
BSI Branches in the U.A.E
Bank Saderat Iran is one of the
largest retail and commercial banks
in the Middle East. In the United Arab
Emirates, we have 8 branches which are
very active in offering various banking
services to the residents, national
expatriate businessmen as well as the
individual clients.
Based on the most recent information
produced by the Emirates Bankers
Association of the United Arab Emirates,
Bank Saderat Iran, is ranked 4th by Net
Profit among all foreign banks in the
Emirates.
The Bank is mostly involved in trade
finance especially the trade between the
United Arab Emirates and the Islamic
Republic of Iran.
Likewise, many Iranian businessmen
tend to export goods to Iran from other
parts of the world and they approach the
Bank Saderat Group for services related
to their business and banking activities
and value our good position for efficient
and fast service offered to customers.
In 2009 the total profit of BSI,
Dubai was close to AED.411 millions.
Comparing with other banks, with equity
of 1,717 million (comprising capital 850
million, legal reserve 302 million and
retained profit 569 million, plus 300
million subordinated from Head Office)
Bank Saderat Iran, Dubai is one of the
most successful banks in generating
income and achieving return on assets.
37
Operational and Financial Review
Despite the current recession, the bank’s net profit remains the same as in 2008,
around AED 411 million in 2009. The upward trend in profit has continued. During
recent years, the profit has been increasing continuously, in 2008 the profit before
provision & tax was AED 596 million which increased to AED 700 million in 2009.
The main reason for this increase in profit was the increase in fund based revenue.
Through prudent management of the balance sheet the Bank has made an increase in
net interest income. Net interest income rose from AED 540 million in 2008 to AED
632 million in 2009 almost 17%.
900
800
2008
In Million AED
700
2009
600
500
400
300
200
100
0
Net Profit
38
Before
Provision & Tax
Interest Income
Loans and Advances to customers increased from 6,376 million in 2008 to 6,818
million in 2009 almost 7%. The increase represents all the categories of advances,
mainly in trade finance i.e. Trust Receipt, Payment Against Documents, Overdrafts,
Cheque and L/C Discounted. The major portion is income from financing and
refinancing which was introduced in 2003. Also the Import L/C and export L/C
business increased considerably, the progress continued in line with the bank’s policy
and risk management criteria with the objective of preparing for compliance with
Basel-II. The end of the year’s lending ratio to customers’ deposits was almost 98%.
At December 31, 2009, the Risk Assets Ratio was 13.8%.
7,000
6,900
2008
In Million AED
6,800
2009
6,700
6,600
6,500
6,400
6,300
6,200
6,100
Advances to Customers
The following table summarizes the bank’s operation results at the overseas units:
(Revised)
Million USD
20.3.2010
20.3.2009
2009 to 2010
Million US$
Million US$
Growth (%)
Total Assets
8,106
6,092
33%
Total Shareholders’ Equity
1,121
595
88%
203
195
4%
56%
76%
1HW3UR¿W
3HUFHQWDJHRI%6,*URXS1HW3UR¿W
39
Technological Infrastructures
Electronic Banking
Having the largest banking network in Iran, BSI has started developing its online
real-time banking system in the form of SEPEHR Project since 2000 to offer essential
and timely services to its customers. Now, all our branches offer various online services.
The SEPEHR Project goals are: to strengthen the banking system’s executive
authority, to provide day and night services, to accelerate banking operations, to offer
diversified quality services, to minimize carrying banknotes, to have access to updated
information for quick decision-making, to develop more controller tools, to adapt with
international banking and new banking standards in order to reduce customers’ physical
presence at the branches and prevent wasting their time and money.
The SEPEHR system can provide worthwhile quality services simultaneously all over
the country, using terrestrial and support satellite telecommunication network (VSAT)
and computer technology. This is key to electronic commerce, the IT community, and
the ultimate development within the banking industry.
In moving from traditional to more modern banking, the BSI network was greatly
affected by the SEPEHR Project, which by adding subsystems and new capabilities,
has developed into one of the greatest online real time banking systems in the country.
According to the latest statistics cited by Central Bank of Iran, BSI ranks as the first
bank in terms of the number of POS machines and transactions, ATM transactions,
centralized accounts, centralized mechanized branches and telephone bank customers
40
in Iran and, in some instances, in the Middle East.
The following table shows the highlights of new banking services during the
period 2006-2009:
Description
2006
2007
2008
2009
(no.)
(no.)
(no.)
(no.)
Online branches
2,784
3,230
All Branches
All Branches
ATM machines
1,482
1,657
1,919
2,839
POS machines
20,029
92,701
171,394
254,850
Pin Pad machines
3,005
4,719
4,920
5,386
Issued credit cards
10,665
21,486
59,526
119,656
Online accounts (current, saving, short-term, long-term) 14,289,896
18,068,983
22,369,694
36,247,362
3,189
31,195
75,991
124,738
8
37
51
79
Internet banking customers
724 branches
Debit Card
9,000,000
8,000,000
7,000,000
2008
6,000,000
2009
5,000,000
4,000,000
3,000,000
2,000,000
1,000,000
0
2008
2009
41
Credit Card
80,000
70,000
60,000
2008
50,000
2009
40,000
30,000
20,000
10,000
0
2008
2009
ATM
3,000
2,500
2008
2,000
2009
1,500
1,000
500
0
2008
42
2009
POS
300,000
250,000
2008
200,000
2009
150,000
100,000
50,000
0
2008
2009
Cheque Guarantee Card- A Good Substitute for Cash
To encourage rivalry within the banking system, BSI suggested “Cheque Guarantee
Card Plan” with the purpose of offering a cost-effective and different banking service.
The main goals of the plan are: to stimulate domestic demand in line with production
growth, to help improving the recession-hit economy, to manage the financing chain,
to replace cash by commercial documents, to develop electronic tools in commercial
transactions, and to introduce new banking services.
“Cheque Guarantee Card” is characterized by raising circulating capital of institutes,
managing liquidity through commercial documents, promoting the institutes’ products,
and keeping a balance between supply and demand of goods and services.
Some of the advantages of “Cheque Guarantee Card” are: transferability, being
easily cashable, any-time-and-place usage, acceptability in all economic institutions
and high security in transactions, follow-up ability and possibility of managing
institutions’ cash in transit through a virtual system.
43
Human resources
It is obvious that although human society has progressed and moved toward
information technology, human beings play a role as the most important capital of each
society. BSI as the largest banking network of the country having more than 30,000
employees is proud of following the motto “customer orientation” and is always at
Iranian services.
Workforce Breakdown by Educational Level (Feb 2010)
Education
degree
Under
diploma
Diploma
Associate
degree
Bachelor
degree
M.A
PhD
Total
Percentage
7.12
47.17
11.69
32.39
1.61
0.02
100
Workforce Breakdown by Age (Feb 2010)
Under 25
year old
Age
Percentage
1.68
26-35 year
old
35-45 year
old
More than 45
year old
Total
32.18
42.81
23.33
100
Workforce Breakdown by Work Experience (Feb 2010)
44
Length of
service
Less than
5 year
5 to 10
years
10 to 15
years
15-20
years
20 to 25
years
25 to 30
years
More than
30 years
Total
Percentage
19.5
12.31
5.29
21.86
36.88
4.58
0.03
100
Welfare Department has been established to:
Provide health insurance for the staff
Grant loans to the staff
Provide welfare services such as restaurants, hotels and sport clubs
Connect with insurance companies about different kinds of insurances such as movable
and immovable properties insurance, life insurance, cash in transit insurance etc.
Make profitable investments such as stocks, bonds etc. for saving and future funds
Welfare Department has also provided sports facilities for the staff.
The sports include: volleyball, aerobics, badminton, football, chess, yoga, martial
arts, mountain climbing, bodybuilding, table tennis and swimming .
45
Risk Management
Risk Management has developed through diverse banking services, intense
competition, innovation and market development. Risk Management, therefore adopts
a variety of tools, methods and risk operating procedures within the bank.
As the mediators for attracting and offering resources, banks always face different
kinds of risks such as credit risk, market risk, liquidity risk, operational risk and so
on. Hence ignoring risk management may make the banks suffer enormous expenses
and lead them to bankruptcy or serious financial crises. As a result, establishing risk
management system, as a management tool, is essential for a bank to ensure authentic
activity and reduced vulnerability and to prevent potential loss to the shareholders’
equity and other assets. This can be achieved through investigation, identification,
analysis, proper decision and intelligent management.
With respect to the status, special structure, numerous branches inside and outside
of the country, plentiful customers, long history and good reputation within the
banking industry, BSI strives to maintain an efficient risk management system to
maximize profit and to reduce potential losses. According to the new organizational
chart approved by the Board of Directors, Risk Management Department has been
established in BSI.
Some Steps Taken to Reduce Risks in BSI
KYC (Know Your Customer).
A study into developing a customer–ranking system.
Developing “Special Customers Identification” project.
Preparing software program for ranking customers with assistance of credible
companies.
Assenting to Credit Assessment System, affirmed by Central Bank of Iran, which
46
has come into operation by Ranking Counseling Co.
Examining and implementing Basel II recommendations through standardizing
banking operations at international level.
Preparing new reporting forms for credit information to use in ranking program.
Creating customers’ data bank.
Anti-Money Laundering
BSI Anti-Money Laundering Department officially started its operation on April
17, 1999. The department took remarkable steps toward fulfilling the bank’s senior
management goals and implementing regulations regarding anti-money laundering in
compliance with international organizational standards.
A summary of taken steps are as follows:
,QYHVWLJDWLQJ VXVSLFLRXV RSHUDWLRQV UHSRUWV UHFHLYHG IURP EUDQFKHV LQ RUGHU WR
analyze customers’ activities.
$WKRURXJKUHLQYHVWLJDWLRQRIVXVSLFLRXVRSHUDWLRQVUHSRUWVGXULQJVHVVLRQVRI
anti-money laundering committee.
+ROGLQJ DQWLPRQH\ ODXQGHULQJ FRXUVHV DQG WHDFKLQJ VWDII ZRUNLQJ LQ
managing, executing and professional sections.
&RPSOHWLQJDQGXVLQJVXVSLFLRXVRSHUDWLRQVUHSRUWVILOLQJV\VWHPDWL]DWLRQVRIWZDUH
emphasized by BSI regulatory authority for precise recording and statistical analysis
of the reports.
,QIRUPLQJ DJDLQVW$OJKDHGHK DQG 7DOLEDQUHODWHG JURXSV DQG SHRSOH E\ SXWWLQJ
their names on BSI website.
0HDQZKLOHDQDQWLPRQH\ODXQGHULQJTXHVWLRQQDLUHZDVSUHSDUHGDQGVHQWRXWWR
all BSI correspondents and their replies were monitored.
47
Highlights of BSI Success in International
and National Arena
International Arena:
Won “Best Islamic Financial Institutions Award” 2008 awarded by Global Finance
Best Islamic Bank in Iran in 2006 by Islamic Finance Institute.
Won the Award for Best Debt House in Iran 2005 awarded by EUROMONEY
magazine
Awarded the “Bank of the Year 2001-Iran” by The Banker magazine
National Arena
Ranked No.1 among Subsidiary Organizations of Ministry of Finance and
Economic Affairs in 2009
Best Electronic Bank in 2004
Second best Bank of Iran in 2003
Ranked No.1 in Offering Services in 2004
Ranked No.1 in Responsiveness
Most Preferred Bank in Islamic Banking
Chosen Bank by Ministry of Finance and Economic Affairs
Introduction of BSI’s Electronic Services as the better services in fourth
International Electronic Banking Conference and won “e- Bank” award for better
Electronic Services
48
FINANCIAL PERFORMANCE
Total Assets
500,000
In Billion RLS
400,000
2007
2008
300,000
2009
200,000
100,000
0
BSI
Group
BSI Group’s total assets increased by 17% from Rls 409,809 billion in 2008 to Rls
481,010 billion in 2009 . It mainly resulted from Due from banks & credit Institutions,
Due from Government ,Facilities Granted and Claims from Private Sector.
Total liabilities
2007
In Billion RLS
400,000
2008
300,000
2009
200,000
100,000
0
BSI
Group
50
BSI Group’s total liabilities increased by 18% from Rls 382,173 billion in 2008 to
Rls 451,214 billion in 2009. It mainly resulted from Due to banks & credit Institutions,
Saving & Term Investment Deposits.
Operating Income
50,000
In Billion RLS
40,000
2007
2008
30,000
2009
20,000
10,000
0
BSI
Group
Operating Expenses
30,000
25,000
In Billion RLS
2007
20,000
2008
15,000
2009
10,000
5,000
0
BSI
Group
BSI Group’s operating income experienced a growth of 20%, from Rls 40,481
billion in 2008 to Rls 48,645 billion in 2009. Meanwhile operating expenses grew by
26% from Rls 23,676 billion to Rls 29,859 billion in 2009. The increase in operating
expenses is mainly due to the payment of the depositors’ shares.
51
Provisions
6,000
5,000
In Billion RLS
2007
4,000
2008
3,000
2009
2,000
1,000
0
BSI
Group
Tax
400
2007
In Billion RLS
300
2008
2009
200
100
0
BSI
52
Group
Net Profit
5,000
In Billion RLS
4,000
2007
2008
3,000
2009
2,000
1,000
0
BSI
Group
BSI Groups profit resulted from banking operations, shows a growth of 43% in
the year ended 20.March 2010 in comparison with the previous year.
Customer Deposits
400,000
2007
In Billion RLS
300,000
2008
2009
200,000
100,000
0
BSI
Group
BSI Group offers short- medium and long- term deposit accounts in both Rials as
well as foreign currencies. Depositors include individuals, small, medium and large
corporations. In 2009, customer deposits increased by 15% in value of accounts. At
balance sheet date BSI Group held Rls 314,714 billion deposit accounts.
53
Customer Loans
400,000
2007
In Billion RLS
300,000
2008
2009
200,000
100,000
0
BSI
Group
BSI offers different types of credit facilities all following the principles of Islamic,
usury- free banking. Customers include individuals as well as corporations engaged
across the entire spectrum of economic activities. The majority of loans are secured
by some type of collateral including residential or commercial properties, share of
companies listed on the Tehran Stock Exchange and other negotiable instruments.
In 2009, the volume of customer loans increased by 23 % to reach Rls 299,905
billion .
Total Shareholders’ Equity
40,000
2007
In Billion RLS
30,000
2008
2009
20,000
10,000
54
0
BSI
Group
Deposits Received
At the balance sheet date, BSI had Rls 314,714 billion in deposits out of which
Rials 144,732 billion were held in accounts with BSI Tehran and the rest in accounts
with the provincial subsidiaries. The deposits are categorized into term deposits.
Gharz-Al- Hassaneh (demand deposits, saving accounts) and other deposits.
On a Group level, demand deposits consist mainly of current account (69%) and
Payment Orders on BSI (16 %) . In BSI Tehran current account constitute only 65%
of the demand deposits and payment orders 17%. The balance is made up temporary
creditors and transfers to the bank.
Other deposits on a Group level consist largely of Forex term deposits (64%) and
advance payments under letters of credit (19%) . In BSI Tehran these two categories
account for 78% and 13% respectively.
Breakdown of Deposit Type
200,000
BSI
In Billion RLS
150,000
Group
100,000
50,000
0
Term Deposits
Demand Deposits
Saving Deposits
Other Deposits
On a group level total deposits consist of demand deposits(23.8%), saving & similar
deposits(9.6%),term deposits (58.7% ) and other deposits(7.9%).
Saving & similar deposits and term deposits show a growth of 15% , 35% respectively
in the year ended 20.3.2010 in comparison with the previous year.
55
Breakdown of Term Investment Deposits
In Billion RLS
70,000
BSI
Group
60,000
50,000
40,000
30,000
20,000
10,000
0
1 Year Deposits
2 Year Deposits
3 Year Deposits
4 Year Deposits
5 Year Deposits
Inter-Bank loans
BSI Group has paid 73% of its loans to the services followed by loans to the Industry
and Mine sector (22%), to the construction and housing sector (28%) and loans to the
agriculture sector (23%).
Sector Allocaion & Tenor Breakdown
In Billion RLS
200,000
2008
2009
150,000
100,000
50,000
0
Industry &
Mine
Agricultural
Productive
Services
Housing
Internal
Trade
Export
Import
Construction
Total
Breakdown of Loans Granted by Contract Type
The facilities granted to the public sector consist 0.7% of total facilities, most of
which is related to Jo’aleh (30%) ,Instalment Sale (28%), F/X facilities granted (24%)
respectively according to the contracts.
56
The facilities granted to the private sector consist 87% of total facilities, most of
which is related to Instalment Sale (30.4%), Civil Partnership (24%), Mozarebe (4.6%)
respectively.
Meanwhile, 12% of total facilities granted is related to due under letters of credit
and Forex Bills.
57
Excerpts from the Auditors’ Report
1. The consolidated and non-consolidated balance sheets of Bank Saderat Iran
(BSI) as of March 20, 2010 and the consolidated and non-consolidated profit and loss
accounts and cash flow statements of BSI for the year ended at the same date, together
with descriptive notes, have been audited by this organization. The Board of Directors
of the Bank is responsible for the content of the financial statements and it is the
responsibility of this organization to comment on the financial statements based on the
performed audit and to report cases of non-compliance with monetary and Banking
rules as well as regulations on usury-free banking, as stipulated in the Commercial
Code as amended and the Bank’s articles of association.
2. The audit by this organization has been accomplished based on auditing standards.
According to these standards, this organization has programmed and performed an
optimized audit to reasonably ensure the non-existence of significant mistakes and
distortions. The audit included random checks of evidence and documents supporting
the figures in the financial statements. The audit also included inspection of accounting
policies implemented, assessments made by the board of directors and inspection of the
overall accounts presented. This organization believes the performed audit produced a
reasonable base of opinion on the financial statements.
3. In the opinion of this organization the above-mentioned financial statements show
that the consolidated and non-consolidated financial status of Bank Saderat Iran as of
March 20, 2010 and the consolidated and non-consolidated results of its operations
and cash flows for the fiscal year ended on the same date, are in all important aspects
consistent with the accounting standards.
58
July 5,2010
Audit Organization
Alireza Asadi- Mir Majid Vakil Zadian
Consolidated Balance Sheet
As at 20 March ,2010
(Revised)
20.03.2009
20.03.2010
Assets:
Cash
Due from Central Banks
Due from banks & credit Institutions
Due from Government
Facilities granted & claims from public sector
Facilities granted & claims from private sector
Due under Letters of Credit & Forex Bills
Participation bonds & other similar bonds
Investments & participations
,QYHVWPHQWLQDI¿OLDWHGFRPSDQLHV
7DQJLEOH¿[HGDVVHWV
Other assets
Items in transit
Note
million USD
billion RIS
million USD
5,040
49,818
26,429
29,021
2,170
260,770
36,965
8,034
4,199
5,024
21,829
23,050
8,661
511
5,049
2,679
2,942
220
26,431
3,747
814
426
509
2,213
2,336
878
5,602
45,231
21,302
22,284
3,010
211,561
28,839
11,572
3,126
4,737
20,906
20,089
11,550
576
4,652
2,191
2,292
310
21,759
2,966
1,190
322
487
2,150
2,066
1,188
481,010
48,754
409,809
42,148
18
19
20
21
22
23
24
25
22,438
62,103
75,083
30,127
184,762
24,742
25,549
26,410
451,214
2,274
6,295
7,610
3,054
18,727
2,508
2,590
2,677
45,734
30,603
29,033
70,225
26,265
136,436
39,903
27,008
22,700
382,173
3,147
2,986
7,223
2,701
14,032
4,104
2,778
2,335
39,306
26
27
28
29
16,803
5,011
1,245
1,977
4,735
29,771
25
29,796
1,703
508
126
200
3,018
3
3,020
16,803
4,157
1,245
1,725
3,684
27,614
22
27,636
1,728
428
128
177
379
2,840
2
2,842
481,010
48,754
409,809
42,148
32,509
45,908
3,295
4,653
20,201
39,887
2,078
4,102
Commitments
13,161
1,334
12,790
1,315
Managed & similar funds
12,570
1,274
12,544
1,290
5
6
7
8
9
10
11
12
13
14
15
16
17
Total Assets
Liabilities:
Due to Central Bank
Due to banks & credit institutions
Demand deposits
Saving & similar deposits
Term investment deposits
Other deposits
Provision & other liabilities
Due under letters of credit & Forex bills
Total liabilities
Shareholders’ equity:
Share capital
Reserves
&KDQJHVGXHWRIRUHLJQH[FKDQJHVUDWHXQL¿FDWLRQ
([FKDQJHUDWHSUR¿WORVV
5HWDLQHGSUR¿WORVV
Total bank's shareholders' equity
Minority interest
Total shareholders’ equity
Total liabilities & shareholders' equity
Letters of credit
Letters of guarantee
30
billion RIS
480
*USD/RLS exchange rates as of 20.03.2009 and 20.03.2010 are 9723 and 9866 respectively.
59
Consolidated Profit & Loss Account
For the Year Ended 20 March, 2010
(Revised)
20.03.2010
20.03.2009
Note
billion RIS
million USD
billion RIS
million USD
31
32
30,162
248
30,410
(19,406)
0
(19,406)
11,004
3,057
25
3,082
(1,967)
0
(1,967)
1,115
23,616
233
23,849
(14,256)
198
(14,058)
9,791
2,429
24
2,453
(1,466)
20
(1,446)
1,007
33
34
35
9,104
3,118
1,755
13,977
24,981
923
316
178
1,417
2,532
9,243
2,194
1,492
12,929
22,720
951
226
153
1,330
2,337
36
37
4,253
(4,235)
18
24,999
431
(429)
2
2,534
3,500
(3,490)
10
22,730
360
(359)
1
2,338
38
(3,910)
(1,723)
(76)
(14,918)
(508)
4
(21,131)
3,868
1
1
3,869
3,869
(306)
3,563
4
212
(396)
(175)
(8)
(1,512)
(51)
0
(2,142)
392
0
0
392
392
(31)
361
0
-
(5,388)
0
(108)
(13,933)
(433)
4
(19,858)
2,872
0
0
2,872
2,872
(387)
2,485
0
148
(554)
0
(11)
(1,433)
(45)
0
(2,042)
295
0
0
295
295
(40)
256
0
-
1
Income from joint investments:
3UR¿WFRPSHQVDWLRQRQGHOD\RISD\PHQW
Other revenues
Sub-total
3UR¿WSDLGRQGHSRVLWRUV
Fees for management of investment deposits
Net depositors’ share
Bank's fees & income from joint investments
Income from own investments:
Fees & commission received
Other revenues
Sub-total
Total banks' revenues
Operating revenues of subsidiaries
Operating expenses of subsidiaries
Fees Sub-total
Total bank's revenues & Operating revenues of subsidiaries
Expenses:
3UR¿WSDLGH[FHSWGHSRVLWRUV
SUR¿W
Surplus Paid to depositors
Commission paid
General expenses
Other expenses
Net Other Operating Revenues & Expenses
Total expenses
2SHUDWLQJSUR¿W
Financial expenses
Net other Incomes & non-operating expenses
Sub-total
3UR¿WEHIRUHFDOFXODWLRQRIEDQN
VVKDUHRIVXEVLGLDU\FRPSDQLHV
%DQN
VVKDUHRIWKHSUR¿WORVVRIVXEVLGLDU\FRPSDQLHV
60
3UR¿WEHIRUHWD[
Tax
1HWSUR¿W
Minority interest
EPS(RLS)
39
40
41
42
1- The bank’s investment resources are divided into “Joint Investments “and “Own Investments” to distinguish between tehran deposit
funds on the one side and Gharz-Al-Hassaneh funds and its own equity on the other side.Further explanation can be found in the “banking industry “section.
Consolidated Statement of Earnings
(Revised)
Note
1HWSUR¿WRIWKH\HDU
Retained earnings at the beginning of the year
Prior year adjustments
44
Retained earnings at the beginning of the year - adjusted
$OORFDEOHSUR¿W
Consolidated year adjustments
Legal reserve
Other reserves
Dividend
Board Members' Bonus
Sub-Total
Retained earnings at the end of the year
Minority Interest
20.03.2010
20.03.2009
billion RIS
million USD
billion RIS
million USD
3,563
4,721
(1,037)
3,684
361
479
(105)
373
2,485
276
(617)
(341)
256
28
(63)
(35)
7,247
735
2,144
221
(715)
(758)
(15)
(1,023)
(1)
(72)
(77)
(2)
(104)
(0)
3,412
(984)
(185)
(701)
(1)
351
(101)
(19)
(72)
(0)
(2,512)
4,735
4
(255)
480
0
1,541
3,685
2
158
379
0
Comprehensive Consolidated Statement of Earnings
For the Year Ended 20 March , 2010
(Revised)
Note
1HWSUR¿WRIWKH\HDU
)LVFDO\HDUSUR¿W
5HFRJQL]HGFRPSUHKHQVLYHSUR¿WIURPODVWUHSRUWLQJGDWH
44
20.03.2010
20.03.2009
billion RIS
million USD
billion RIS
million USD
3,563
244
3,807
(1,037)
2,770
361
25
386
(105)
281
2,485
174
2,659
(618)
2,041
256
18
273
(64)
210
61
Consolidated Cash Flow Statement
(Revised)
20.03.2010
20.03.2009
billion RIS
million USD
billion RIS
million USD
Operating Activities:
1HWFDVKÀRZIURPRSHUDWLQJDFWLYLWLHV
4,317
438
33,329
3,428
Interest & dividends:
3DLG,QWHUHVWIURP¿QDQFLQJDFWLYLWLHV
Dividends paid to shareholders
1HWFDVKÀRZIURPLQWHUHVWGLYLGHQGV
(1,205)
(804)
(2,009)
(122)
(81)
(204)
(1,875)
0
(1,875)
(193)
0
(193)
(870)
(88)
(343)
(35)
3DLGDPRXQWIRUSXUFKDVHRIWDQJLEOH¿[HGDVVHWV
5HFHLYHGDPRXQWVIURPVDOHRIWDQJLEOH¿[HGDVVHWV
1HWFDVKLQÀRZIURPLQYHVWPHQWDFWLYLWLHV
Sub Total
(1,360)
(1,983)
444
(2,899)
(1,461)
(138)
(201)
45
(294)
(148)
5,477
(2,119)
1,021
4,379
35,490
563
(218)
105
450
3,650
Financing Activities :
,QFUHDVHGHFUHDVHLQUHFHLYHG¿QDQFLDOIDFLOLWLHV
1HWFDVKÀRZIURP¿QDQFLQJDFWLYLWLHV
1HWFDVKÀRZ
Cash balance at the beginning of the year
Cash balance at the end of the year
8,164
(245)
7,919
6,458
22,284
28,742
827
(25)
803
655
2,259
2,913
(22,522)
(182)
(22,704)
12,786
9,497
22,283
(2,316)
(19)
(2,335)
1,315
977
2,292
Income tax:
Paid income tax
Investment activities:
Decrease (increase)in direct investments & legal participations
62
Bank Saderat Iran
Balance Sheet
As at 20 March, 2010
(Revised)
20.03.2010
Assets:
Cash
Due from Central Banks
Due from banks & credit institutions
Due from Government
billion RIS
million USD*
billion RIS
million USD*
5
1,561
158
2,028
209
6
27,992
2,837
25,711
2,644
7
19,440
1,970
12,779
1,314
8
18,353
1,860
12,735
1,310
Facilities granted & claims from public sector
9
2,622
266
2,532
260
Facilities granted & claims from private sector
10
130,568
13,234
102,949
10,588
Due under letters of credit & forex bills
Participation bonds & other similar bonds
Investments & participations
Fixed assets
Other assets
Items in transit
Total assets
11
18,028
1,827
15,778
1,623
12
7,639
774
10,614
1,092
13
7,851
796
6,746
694
15
19,307
1,957
18,489
1,902
16
16,553
1,678
12,731
1,309
Liabilities:
Due to Central Bank
Due to banks & credit institutions
Demand deposits
Saving & similar deposits
Term investment deposits
Other deposits
Provision & other liabilities
Due under letters of credit & forex bills
Total liabilities
Shareholders’ equity:
Share capital
17
8,201
831
12,848
1,321
278,115
28,189
235,940
24,266
18
21,580
2,187
29,970
3,082
19
55,625
5,638
20,767
2,136
20
36,281
3,677
33,909
3,488
21
22
23
8,959
80,031
19,461
908
8,112
1,973
7,953
57,432
35,662
818
5,907
3,668
24
15,121
1,533
14,955
1,538
25
14,272
1,447
11,560
1,189
251,330
25,474
212,208
21,825
16,803
1,703
16,803
1,728
26
Reserves
27
2,767
280
2,101
216
&KDQJHVGXHWRIRUHLJQH[FKDQJHVUDWHXQL¿FDWLRQ
28
1,245
126
1,245
128
([FKDQJHVUDWHSUR¿WORVV
29
5HWDLQHGSUR¿WORVV
Total shareholders’ equity
Total liabilities & shareholders' equity
Letters of credit
940
95
770
79
5,030
510
2,813
289
26,785
2,715
23,732
2,441
278,115
28,189
235,940
24,266
17,631
1,787
11,011
1,132
Letters of guarantee
24,963
2,530
21,437
2,205
Commitments
12,006
1,217
6,762
695
8,661
878
8,598
884
Managed & similar funds
*
Note
20.03.2009
USD/RLS exchange rates as of 20.03.2009 and 20.03.2010 are 9723 and 9866 respectively.
63
Bank Saderat Iran
Profit & Loss Account
(Revised)
20.03.2010
20.03.2009
Income from joint investments:
Note
billion RIS
million USD
31
13,399
1,358
9,471
974
Other revenues
32
110
11
79
8
Sub-total
13,509
1,369
9,550
982
3DLGSUR¿WRQGHSRVLWRUV
(8,635)
(875)
(5,605)
(576)
-
-
80
8
(8,635)
(875)
(5,525)
(568)
4,025
414
Fees for management of investment deposits
Net depositors’ share
4,874
Bank's income from joint investments
billion RIS
million USD
Income from own investments:
for non-interest revenues
33
7,293
739
8,563
881
Received commission
34
1,712
174
1,330
137
Other revenues
35
880
89
1,212
125
9,885
1,002
11,105
1,142
14,759
1,002
15,130
1,556
(3,931)
(398)
(5,640)
(580)
(771)
(78)
-
-
Sub-total
Total bank revenues
Expenses:
3DLGSUR¿WH[FHSWGHSRVLWRUV
SUR¿W
38
6XUSOXVSUR¿WSDLGWRGHSRVLWRUV
Commission Paid
39
(50)
(5)
(71)
(7)
General expenses
40
(5,983)
(606)
(4,957)
(510)
Other expenses
41
(163)
(17)
(114)
(12)
(10,898)
(1,026)
(10,782)
(1,109)
3,861
391
4,348
447
(48)
(5)
(135)
(14)
1HWSUR¿W
3,813
386
4,213
433
EPS (RLS)
227
-
Total expenses
3UR¿WEHIRUHWD[
Tax
64
251
-
Bank Saderat Iran
Statement of Earnings
(Revised)
Note
20.03.2010
billion RIS
1HWSUR¿WRIWKH\HDU
Retained earnings at the beginning of the year
million USD
billion RIS
million USD
3,813
2,830
(17)
2,813
6,626
386
287
(2)
285
672
4,213
664
(753)
(89)
4,124
433
68
(77)
(9)
424
(572)
(1,024)
(1,596)
5,030
(58)
(104)
(162)
510
(621)
(690)
(1,311)
2,813
(64)
(71)
(135)
289
44
Retained earnings at the beginning of the year after adjustments
$OORFDEOHSUR¿W
Dividend
Legal Reserve
$OORFDEOHSUR¿WRIWKH\HDU
Sub Total
Retained earnings at the end of the year
20.03.2009
Bank Saderat Iran
Comprehensive Statement of Earnings
(Revised)
Note
1HWSUR¿WRIWKH\HDU
&RPSUHKHQVLYH3UR¿W
5HFRJQL]HGFRPSUHKHQVLYHSUR¿WIURPODVWUHSRUWLQJGDWH
44
20.03.2010
20.03.2009
billion RIS
million USD
billion RIS
million USD
3,813
170
3,983
(18)
3,965
386
17
404
(2)
402
4,213
134
4,347
(753)
3,594
433
14
447
(77)
370
65
Bank Saderat Iran
Cash Flow Statement
(Revised)
20.03.2010
20.03.2009
billion RIS
million USD
billion RIS
million USD
18,460
1,871
10,783
1,109
(1,205)
(122)
(1,869)
(192)
(803)
(81)
0
0
(2,008)
(2040
(1,869)
(192)
(767)
(78)
(410)
(42)
1,104
112
(742)
(76)
(1,560)
(158)
(1,369)
(141)
453
46
951
98
(3)
(0)
(1,160)
(119)
15,682
1,589
7,344
755
(8,390)
(850)
1,733
178
(31)
(3)
675
69
(8,421)
(854)
2,408
248
7,261
736
9,753
1,003
Cash balance at the beginning of the year
17,893
1,814
8,140
837
Cash balance at the end of the year
25,154
2,550
17,893
1,840
Operating Activities:
1HWFDVKÀRZIURPRSHUDWLQJDFWLYLWLHV
Interest and Dividends :
3DLGGLYLGHQGVWR¿QDQFLDODFWLYLWLHV
Paid dividends to shareholders
Sub-Total
Income tax:
Paid income tax
Investment activities:
Decrease / Increase in direct investments & legal
participations
3DLGDPRXQWVIRUSXUFKDVHRIWDQJLEOH¿[HGDVVHWV
5HFHLYHGDPRXQWVIURPVDOHRIWDQJLEOH¿[HGDVVHWV
1HWFDVKLQÀRZIURPLQYHVWPHQWDFWLYLWLHV
Sub-Total
Financing activities :
,QFUHDVHGHFUHDVHLQUHFHLYHG¿QDQFLDODFWLYLWLHV
1HWFDVKÀRZIURP¿QDQFLQJDFWLYLWLHV
1HWFDVKÀRZ
66
Bank Saderat Iran
Notes to the Financial Statements
1. Basis for Preparation of the Financial Statements
The Group’s consolidated financial statements as well as Bank Saderat Iran's
have been prepared on a historical cost basis while the current values have also been
applied if needed.
2. Significant Accounting Policies
2.1. 1. Investments
Evaluation Method
Long-term Investments:
Investments in subsidiaries included
in the consolidation
,QYHVWPHQWVLQDI¿OLDWHGFRPSDQLHV
Other long-term investments
Group
BSI
Included in the consolidation
Cost price (after provision in case of a
permanent decrease in the value of the
investment)
Net worth
Cost price (after provision in case of a
permanent decrease in the value of the
investment)
Cost price (after provision in case of a Cost price (after provision in case of a
permanent decrease in the value of the permanent decrease in the value of the
investment)
investment)
Current investment:
Immediate disposal investments
Lower cost price and net market value Lower cost price and net market value
of the whole investments
of the whole investment
Other current investments
Lower cost price and net market value Lower cost price and net market value
of each investments
of each investment
2.1.2. Revenue Recognition Method:
Investments in subsidiaries included
in the consolidation
,QYHVWPHQWVLQDI¿OLDWHGFRPSDQLHV
Other Current & Long Term
Investments
Included in the consolidation
At the time of approval of dividends
by the GAM of the investee company
XQWLO WKH DSSURYDO GDWH RI ¿QDQFLDO
statements)
Net worth
statements)
(until the balance sheet date)
statements)
67
2.2. Tangible Fixed Assets
2.2.1. Tangible Fixed assets except land & building are recorded in the accounts
at cost price. Renovation and substantial repairs, which significantly increase the
capacity or useful life of the fixed assets, are considered as capital expenditures and
are depreciated over the remaining useful life of such assets. Maintenance expenses
and minor repairs , which are sustained to preserve the economic interests expected
by trade units, are considered as current expenses, under profit & loss Account.
2.2.2. Land & building have duly been reflected in the accounts at revalued amounts.
2.2.3. With respect to decree number 1077 issued by the Monetary and Credit
Council dated (17.2.2007) from 2006 the depreciation of fixed assets are calculated
based on depreciation schedule pursuant to article 151 of the Direct Taxation Act.
Some of the rates and methods of depreciation are set out as below:
Assets
Depreciation
Depreciation method
Building & equipments
7%
Reducing Balance
Motor vehicles
25 %
Reducing Balance
Furniture & computer hardware
10 years
Straight line
Computer hardware (P.C)
3 years
Straight line
The depreciation of revalued buildings of the Bank at the end of 2004 is calculated
with the depreciation schedule pursuant to Article 151 of the Direct Taxation Act at
the rate of 3.5 percent and declining procedure.
2.3. Intangible Assets
68
Intangible Assets are recorded in the accounts at cost price. According to the Central
Bank of Iran's Circular No.2946 dated 7.3.2007, goodwill cannot be depreciated.
The operational & administrative software is depreciated on the straight line basis
within five years and for other Intangible Assets, no depreciation will be considered.
2.4. Recognition of Bank's Revenues from granted facilities, Commission & Penalties
According to the Central Bank of Iran's circular No,772 dated 18.7.2005, and with
respect to decree No.1044 dated 16.7.2005 issued by the Monetary & Credit Council,
the Bank's revenues are recognized on an accrual basis as follows:
Revenue
*UDQWHGIDFLOLWLHVSUR¿W
Delay penalties
Depreciation
Based on the time period, balance of principal
DQGWKHPLQLPXPH[SHFWHGSUR¿W
Based on the time period, outstanding
LQVWDOOPHQWDPRXQWDQG¿[HGSHQDOW\UDWH
Issued guarantees commissions
At the time of issuing guarantees
Other services commissions
In proportion to the offered services
2.5. Basis for assigning specifying Joint interest of depositors’ shares
In implementation of the Non-usury Banking Operation Act approved in 30.8.1984
and related regulations and also in line with the Central Bank of Iran Decree No.1799
dated 8.1.2004 all interest received from financial facilities , investment in stock
exchange & Participation Bonds which is identified in line with bank's accounting
regulations, are recognized as profit and the profit of depositor's share would be
determined in proportion to utilizing their net resources in the mentioned activities.
2.6. Categorization of granted facilities
The facilities granted by the bank, which are in accordance with directive issued
by the Monetary and Credit Council are categorized and evaluated according to the
period of payment delayed, customer's credit report, situation and condition of the
customer's activity, as shown below:
1) Current group (maximum up to two months after maturity date)
2) Overdue group (between 2 to 6 months after maturity date)
3) Outstanding group (between 6 to 18 months after maturity date)
4) Doubtful group (more than 18 months after maturity date)
69
2.7. Provision for Doubtful Debts
According to" Instruction for Calculation of Credit Institutes Provision for Debts"
ratified by Money and Credit Council (circular No: 2823/MB dated 24.02.2007 issued
by Central Bank of Iran), provision for doubtful debts is calculated as follows:
A) General provision is calculated since early 2006 based on Central Bank of
Iran instruction equal to 1.5% total facilities balance with the exception of facilities
balance included in specific provision.
B) Specific provision is calculated in proportion to balance of overdue, outstanding
and doubtful facilities, after considering value of securities and enforcing relative
coefficient, as follows:
a. Overdue Debts
10%
b. Outstanding Debts
20%
c. Doubtful Debts
50 To 100%
d. Advances which are overdue for 5 years or more
100%
2.8. Provision for Work Termination Benefits
Provision for employees' termination benefits is calculated and recorded based on
each employee's most recent monthly base salary for each year of employment.
2.9. Foreign Currency Exchange Rate
2.9.1. Local Units: Monetary items in foreign currency are exchanged at the
exchange rate of the balance sheet date and non-monetary items in foreign currency
are exchanged at the exchange rate of disposal date. The derived differences are
recognized and recorded as revenues or expenses of the occurrence period.
70
2.9.2. Foreign Units: All monetary and non-monetary items (except for shareholders’
equity) of foreign units are exchanged at the exchange rate of the balance sheet date
and shareholders’ equity is exchanged at the exchange rate of equity formation.
Profit and Loss figures are exchanged at the average rate of the fiscal year. The
differences caused by conversion in financial statements are recognized and recorded
as shareholders' equity.
2.10. Due from Government
Due from government is divided into two parts:
The first part consists of the obligations of the government, expected in the
principles of granting facilities, which has been considered directly as government's
debt and the second part, secured by the Organization of Management & Planning is
overdue and classified as due from the government under following conditions:
A) Outstanding granted facilities resulted from failure of the borrower to repay
the loan, non sufficiency of the related securities or ineffectiveness of the bank's
actions to collect the loan.
B) Overdue granted facilities related to the execution of the plans relevant to the
acquisition of the capital assets.
2.11. Obligations related to retirement benefits
Present value of the obligations related to retirement benefits relevant to the staff's
services in the previous years (the retired and pensioners included in the retirement
plan) is calculated based on actual assumptions.
3. Basis for Consolidation
3.1. Consolidated financial statements are derived from the financial statements of
Bank Saderat Iran and its subsidiaries after deduction of intra-group transactions and
uncertain profit and loss.
71
3.2. The operational outcomes of purchased subsidiaries and sold ones are involved
in the consolidated profit and loss statement from the time of such transfers.
3.3. The fiscal years of Ghadir Investment Company, Bank Saderat PLC and Bank
Saderat Tashkent end on December 21 and December 31 respectively. The results are
reflected in the consolidated accounts without any changes. In case of any significant
changes in the accounts, they are reflected as adjustment in the accounts.
4. Consolidated Goodwill
Consolidated accounting of commercial entities is conducted by the purchase
method. Surplus of cost price of attracting investments in consolidated companies to
the group's share in the net fair value of their assessable assets and liabilities at the
time of purchase is recognized as goodwill and depreciated on a straight line basis
over 20 years. Goodwill which is derived from ownership of a subsidiary is reflected
in the consolidated balance sheet as the book value of long-term investment.
5. Cash
Billion Rls
Cash in Rials
Cash in Forex
Cash in Transit in Rials
Cash in Transit in Forex
Cash with banks
Total
Consolidated
Non - consolidated
March-20,2010
March-20,2009
March-20,2010
March-20,2009
4,634
291
84
5
26
5,040
5,046
424
120
3
9
5,602
1,433
46
82
1,561
1,892
106
30
2,028
6. Due from Central Banks
Billion Rls
72
Statutory deposits
Current accounts with other Central Banks
Forex demand deposits with Central Bank
Current accounts with Central Bank
Term deposits with other Central Bank
Advance payments for Forex
Others
Total
Consolidated
Non - consolidated
March-20,2010
March-20,2009
March-20,2010
March-20,2009
37,493
9,396
1,613
999
299
15
33,921
2,142
3,450
5,230
462
15
15,674
9,396
1,613
999
299
11
14,416
2,142
3,450
5,230
462
11
3
49,818
11
45,231
27,992
25,711
7. Due from Banks and Credit Institutions
Billion Rls
Forex deposit with other banks
Foreign branches loans to Iranian banks
Loans granted to foreign banks
Demand deposits with local banks
Loans granted to local banks
Clearing other banks' cheques
Term Deposits with Foreign Banks
Sub-total
Doubtful debts provision
Total
Consolidated
Non - consolidated
March-20,2010
March-20,2009
March-20,2010
March-20,2009
7,518
6,877
6,069
3,877
1,118
987
26,446
(17)
26,429
3,518
5,351
5,722
1,879
2,382
2,105
380
21,337
(35)
21,302
7,834
6,951
3,452
1,114
105
0
19,456
(16)
19,440
3,966
5,368
615
2,377
488
12,814
(35)
12,779
8. Due from Government
Billion Rls
Due from Government
Total
Consolidated
Non - consolidated
March-20,2010
March-20,2009
March-20,2010
March-20,2009
29,021
29,021
22,284
22,284
18,353
18,353
12,735
12,735
9. Facilities Granted and Claims from Public Sector
Billion Rls
Granted facilities (current)
Overdue debts
Outstanding debts
Doubtful debts
Doubtful debts provision
Total
Consolidated
Non - consolidated
March-20,2010
March-20,2009
March-20,2010
March-20,2009
1,715
0
21
2,611
149
2
2,164
0
21
2,127
149
1
841
(407)
2,170
596
(348)
3,010
834
(397)
2,622
595
(340)
2,532
73
9.1. Facilities granted to public sector are categorized in following contracts :
Billion Rls
Jo'aaleh
Installment sale
Civil partnership
Interest receivable from facilities
Hire purchase Loans
L/Cs paid debtors
Granted facilities in Forex
Qard-al-hasaneh
L/Gs paid debtors
Modharebeh
Total
2XWVWDQGLQJSUR¿W
8QFROOHFWHGIXO¿OOHGSUR¿W
3UR¿WRIFRPLQJ\HDUV
Total
Consolidated
Non - consolidated
March-20,2010
March-20,2009
March-20,2010
March-20,2009
801
628
338
243
73
61
44
28
13
0
2,229
(17)
(212)
(285)
1,715
1,016
953
114
209
114
95
817
42
3,360
(206)
(268)
(275)
2,611
722
589
95
243
73
58
864
28
1
2,673
(17)
(213)
(279)
2,164
805
646
113
208
113
95
818
42
2,840
(258)
(216)
(239)
2,127
10. Facilities Granted and Claims from Private Sector
Billion Rls
74
Consolidated
Non - consolidated
March-20,2010
March-20,2009
March-20,2010
March-20,2009
Facilities granted (current)
Overdue debts
Outstanding debts
Doubtful debts
Doubtful debts Provision
231,440
3,912
18,726
25,209
(18,517)
181,533
4,894
19,419
23,994
(18,279)
110,578
1,654
14,686
15,735
(12,085)
82,676
1,803
13,956
16,004
(11,490)
Total
260,770
211,561
130,568
102,949
10.1. Facilities granted to private sector are as follows:
Billion Rls
Installment sale
Civil partnership
Hire purchase
Mozarebeh
Salaf
Jo'aaleh
Qard-al-hasaneh
Debt purchase
L/Cs paid debtors
L/Gs paid debtors
Housing loans (previously extended)
Granted facilities in Forex
Interest receivable from facilities
Customers debt for foreign exchange difference
Purchased documents & Bills
Excess withdrawal
Loan & credit
Loan & credit of Bank Saderat PLC
Sub Total
/HVV3UR¿WRIFRPLQJ\HDUV
Amounts received from Mozarebeh
8QFROOHFWHGIXO¿OOHGSUR¿W
2XWVWDQGLQJSUR¿W
Consolidated
Non - consolidated
March-20,2010
March-20,2009
March-20,2010
March-20,2009
77,851
61,268
605
13,216
1,538
6,765
16,066
8,227
8,419
419
0
11,389
13,438
371
18,936
6,492
7,919
3,035
255,954
(17,277)
(3)
(1,894)
(5,340)
231,440
87,342
23,104
742
11,794
6,010
8,671
11,137
8,009
5,909
242
0
9,954
6,415
434
10,832
7,572
5,200
2,391
205,758
(16,708)
(3)
(1,536)
(5,978)
181,533
14,813
25,858
412
6,621
132
4,703
3,920
11,987
3,309
79
0
10,413
5,037
303
18,936
6,492
7,920
0
120,935
(6,260)
(3)
(3,710)
(384)
110,578
23,974
6,053
502
6,602
1,827
5,624
2,738
7,945
3,176
112
0
9,318
2,167
339
10,832
7,572
5,199
0
93,980
(5,850)
(1)
(539)
(4,914)
82,676
11. Due under Letters of Credit & Forex Bills
Billion Rls
Consolidated
Non - consolidated
March-20,2010
March-20,2009
March-20,2010
March-20,2009
Due under acceptance the documents of L/Cs & F/X Term Bills
37,242
29,003
18,078
15,842
Provision for doubtful debts
(277)
36,965
(164)
28,839
(50)
18,028
(64)
15,775
Total
12. Participation Bonds and other Similar Bonds
Billion Rls
Consolidated
March-20,2010
Public sector participation bonds
Private & public bonds (Foreign branches)
Debt securities bonds
Private sector participation bonds
Total
7,156
867
11
0
8,034
March-20,2009
11,137
377
1
57
11,572
Non - consolidated
March-20,2010
6,771
868
0
7,639
March-20,2009
10,264
350
0
10,614
75
13. Investments and Participations
Billion Rls
Legal participations
Stock & foreign participations
Investment deposits
Direct investments
Investment in BSI provincial banks
Sub-total
Provision for decrease in share value
Total
Consolidated
Non - consolidated
March-20,2010
March-20,2009
March-20,2010
March-20,2009
4,597
567
59
6
5,229
(1,030)
4,199
3,568
475
53
122
4,218
(1,092)
3,126
4,736
1,944
11
2,208
8,899
(1,048)
7,851
3,601
1,869
116
2,208
7,794
(1,048)
6,746
14. Investment in Affiliated Companies
Billion Rls
Consolidated
Non - consolidated
March-20,2010
March-20,2009
Investment in Ghadir Investment Company
$I¿OLDWHG&RPSDQ\
Provision for decrease in share value
Total
5,057
4,744
(33)
5,024
(7)
4,737
15. Tangible Fixed Assets
Billion Rls
Consolidated
Movable assets:
Furniture
Vehicles
Machineries
76
Cost Price
Accumulated
Depreciation
March-20,2010
March-20,2010
March-20,2010
March-20,2009
3,178
164
1,464
119
1,715
44
1,434
42
3,342
1,583
1,759
43
1,519
Book Value
Total
Immovable assets:
Land
Building
Total
Goodwill
Assets under completion
Orders & capital prepayments
Trusts
6,044
-
6,044
6,049
11,013
17,057
2,134
2,304
346
7
1,785
1,785
-
9,228
15,272
2,134
2,304
346
7
9,108
15,157
2,152
1,829
230
5
Capital items in warehouse
Sub-total
Total
7
4,798
25,197
0
3,368
7
4,798
21,829
14
4,230
20,906
Table of cost price and accumulated depreciation of Fixed Assets of BSI
(principal company) are as follows:
Consolidated
Billion Rls
Movable assets:
Furniture
Vehicles
Total
Immovable assets:
Land
Building
Total
Goodwill
Assets under completion
Orders & capital prepayments
Total Goodwill and other
Total
Cost Price
Accumulated
Depreciation
Book value
Book value
March-20,2010
March-20,2009
March-20,2010
March-20,2009
1,020
41
1,061
538
31
569
482
10
492
427
10
437
5,585
10,366
15,951
2,121
2,216
270
4,607
21,619
1,743
1,743
0
0
2,312
5,585
8,623
14,208
2,121
2,216
270
4,607
19,307
5,565
8,611
14,176
2,138
1,610
128
3,876
18,489
16. Other Assets
Billion Rls
SATA's Due for Ghadir stocks sale
*RYHUQPHQW
VVKDUHSUR¿W
3UR¿WSDLGEDVHGRQSDUWSD\PHQWEHLQJSDUWLFLSDWLRQERQGV
Receivable accounts
Tax advance payments
Total store inventory
Difference of L/Cs exchange rate (Central Bank's Debt)
Overseas branches debtors
5HFHLYDEOHSUR¿WDQGFRPPLVVLRQV
Possessory Collaterals
Others
Total
Less:
&RPLQJ\HDUVSUR¿WE\JRYHUQPHQW
Provisions for doubtful debts
Total
Consolidated
Non - consolidated
March-20,2010
March-20,2009
March-20,2010
March-20,2009
5,448
4,377
2,543
809
643
149
116
107
2,559
624
10,205
27,580
6,001
3,703
1,731
1,328
856
150
319
13
3,174
401
6,224
23,900
359
1,409
772
580
78
116
107
2,860
65
10,630
16,976
320
1,057
1,184
796
80
224
28
1,592
66
7,762
13,109
(4,377)
(153)
23,050
(3,703)
(108)
20,089
(359)
(64)
16,553
(320)
(58)
12,731
77
17. Items in transit
Billion Rls
Debit items:
Capital paid to foreign branches
Loans & F/X credit to foreign branches
Forex deposits with foreign branches
Forex Term deposits with foreign branches
Loans & credit received from other foreign branches
Demand deposits of other foreign branches
Term deposits of other foreign branches
Inward payment Orders/Forex
'XHIURP+HDG2I¿FHGHPDQGGHSRVLWVZLWK+2
'XHIURP+HDG2I¿FH7HUPGHSRVLWVZLWK+2
'XHIURP+HDG2I¿FH1HWZRUN)LQDQFH
'XHIURP+HDG2I¿FH)RUHLJQEUDQFKHVGLVFRXQWRI/&V
'XHIURP+HDG2I¿FH1HWZRUN5H¿QDQFH
7RWDOFODLPVIURP+HDG2I¿FHLWHPVLQWUDQVLW
Branches' Account
Total debit items
Final Balance
Credit items:
Capital of foreign branches
/RDQVFUHGLWUHFHLYHGIURP+HDG2I¿FH
)RUH[+HDG2I¿FHGHPDQGGHSRVLWV
)RUH[+HDG2I¿FH7HUPGHSRVLWV
Loans & credit granted to other foreign branches
Demand deposits with other foreign branches
'HPDQGGHSRVLWVRIIRUHLJQEUDQFKHVZLWK+HDG2I¿FH
78
Forex term deposits of foreign branches
Finance by foreign branches
'XHIURP+HDG2I¿FH1HWZRUN'LVFRXQWRI/&V
5H¿QDQFHE\IRUHLJQEUDQFKHV
Total Demand & Term deposits
+HDG2I¿FHV
$FFRXQW
+HDG2I¿FHV
$FFRXQWLQ)RUH[
Total credit items
Consolidated
( Revised )
March-20,2010
March-20,2009
4,082
1,072
1,303
4,955
53
8,579
8,189
3,575
1,044
2,036
2,383
11
9,819
4,480
0
193
3,584
0
2,987
545
126
5,387
1,815
670
13,544
20,308
2,702
10,700
28,352
76,893
8,661
18,756
53,349
11,550
3,395
1,072
1,305
6,935
0
8,825
2,658
1,042
1,394
2,293
11
10,088
8,234
181
3,318
0
2,987
4,539
101
5,284
1,815
670
12,397
18,883
19,302
2,947
10,817
8,957
280
68,231
0
41,799
17.1. Items in transit are divided as follows:
Billion Rls
Debit items:
Capital paid to foreign branches
Loans & credit to foreign branches
Forex deposits with foreign branches
Forex Term deposits with foreign branches
Loan & credit received from other foreign branches
Demand deposits of other foreign branches
Term deposits with other foreign branches
'XHIURP+HDG2I¿FH'HPDQGGHSRVLWVZLWK+2
'XHIURP+HDG2I¿FH7HUPGHSRVLWVZLWK+2
'XHIURP+HDG2I¿FH1HWZRUN)LQDQFH
'XHIURP+HDG2I¿FH)RUHLJQEUDQFKHVGLVFRXQWRI/&V
'XHIURP+HDG2I¿FH1HWZRUN5H¿QDQFH
7RWDOFODLPVIURP+HDG2I¿FH,WHPVLQWUDQVLW
Branches' Account
+HDG2I¿FHDFFRXQW
+HDG2I¿FHDFFRXQW)RUH[
Total debit items
Final Balance
Credit items:
Capital of foreign branches
/RDQFUHGLWUHFHLYHGIURP+HDG2I¿FH
Forex demand deposits with foreign branches
+HDG2I¿FH
VWHUPGHSRVLW
Loan & credit granted to other foreign branches
Demand deposits with other foreign branches
'HPDQGGHSRVLWVRIIRUHLJQEUDQFKHVZLWK+HDG2I¿FH
Forex term deposits of foreign branches
Finance by foreign branches
'XHIURP+HDG2I¿FH1HWZRUNGLVFRXQWRI/&V
5H¿QDQFHE\IRUHLJQEUDQFKHV
Total demand & term deposits
Branches' Account
+HDG2I¿FHDFFRXQW
+HDG2I¿FHDFFRXQW)RUH[
Total credit items
Consolidated
( Revised )
March-20,2010
March-20,2009
4,082
1,072
1,303
4,955
53
8,579
8,189
193
3,584
0
2,987
9,746
16,510
11,531
0
0
56,274
8,201
3,564
1,044
2,036
2,763
11
9,819
4,480
166
5,347
1,815
670
2,702
10,700
11,641
4,381
0
50,439
12,848
3,395
1,072
1,305
6,935
0
8,825
8,234
181
3,318
0
482
4,821
8,802
0
4,645
4,860
48,073
2,658
1,042
1,394
2,293
0
10,088
4,539
101
5,284
1,815
671
2,947
10,818
0
0
4,760
37,592
79
18. Due to Central Bank
Billion Rls
Consolidated
Non - consolidated
March-20,2010
March-20,2009
March-20,2010
March-20,2009
Facilities received from FX Reserve fund
Facilities received from Central Bank
Due to Central Bank for difference of exchange rate
11,662
10,773
3
9,839
20,760
4
10,803
10,773
4
9,207
20,760
3
Total
22,438
30,603
21,580
29,970
19. Due to Banks and Credit Institutions
Billion Rls
Consolidated
Non - consolidated
March-20,2010
March-20,2009
March-20,2010
March-20,2009
Term deposits of banks
Demand deposits of banks
Loans & credits received from banks
Others
51,072
8,955
1,849
227
21,677
4,151
2,723
482
45,878
8,955
716
76
16,521
4,161
24
61
Total
62,103
29,033
55,625
20,767
20. Demand Deposits
Billion Rls
Current Interest Free Account
Payment orders on Bank Saderat Iran
Sundry creditors
Sold bank cheques
Others
Total
Consolidated
Non - consolidated
March-20,2010
March-20,2009
March-20,2010
March-20,2009
51,607
44,573
23,714
18,785
11,975
6,782
2,476
2,242
13,028
5,801
4,797
2,026
6,332
3,583
1,571
1,081
8,739
2,342
3,073
970
75,082
70,225
36,281
33,909
21. Saving & Similar Deposits
Billion Rls
80
Interest Free Saving Deposits in Rials
Interest Free Saving Deposits in Forex
Others
Total
Consolidated
Non - consolidated
March-20,2010
March-20,2009
March-20,2010
March-20,2009
28,544
1,571
12
24,448
1,807
10
7,532
1,421
6
6,271
1,677
5
30,127
26,265
8,959
7,953
22. Term Investment Deposits
Billion Rls
Long-term deposits
Short-term deposits
Others
Total
Consolidated
Non - consolidated
March-20,2010
March-20,2009
March-20,2010
March-20,2009
90,801
82,342
11,619
59,200
58,523
18,713
40,943
33,155
5,933
25,526
22,969
8,937
184,762
136,436
80,031
57,432
23. Other Deposits
Billion Rls
Consolidated
Non - consolidated
March-20,2010
March-20,2009
March-20,2010
March-20,2009
Term deposits in Forex
Advances received under Letters of Credit
Cash deposits under Letters of Guarantee
Others
15,813
4,580
3,884
465
31,550
4,190
3,426
737
15,145
2,470
1,746
100
31,146
2,794
1,546
176
Total
24,742
39,903
19,461
35,662
24. Provision and other Liabilities
Billion Rls
Consolidated
March-20,2010
Retirement fund
Provision for paid expenses
3URYLVLRQIRUZRUNWHUPLQDWLRQEHQH¿W
Provision for short-term & long-term deposits interest
Tax provision
Staff leave of absence
Funds received from sales of participation bonds
Domestic creditors (foreign branches)
Others
Total
March-20,2009
Non - consolidated
March-20,2010
March-20,2009
6,800
3,357
2,389
1,457
752
691
303
219
9,581
6,439
3,718
2,199
923
943
609
284
469
11,424
3,047
933
963
617
499
285
206
219
8,352
2,687
2,558
627
448
600
203
399
469
6,964
25,549
27,008
15,121
14,955
81
25. Due under Letters of Credit & Forex Bills
The Bank’s Due under acceptance the documents of L/Cs for Rls.26,410 billion are
related to the Deferred Payment L/Cs and Forex Bills , the documents of which have
been delivered to the applicant and bank is liable to pay their funds at the maturity.
At the maturity date, the due amount, is usually funded by the applicant and effected
to beneficiary.
26. Share Capital
26.1. The name of Shareholders of Bank Saderat Iran are as follows:
Billion Rls
March-20,2010
Number of shares
Real Entity
Legal Entity
BSI Staff
Government of Islamic Republic of Iran
Provincial Investment co.
Total
82
%
March-20,2009
Number of shares
%
582,852,945
3.47%
736,496,854
4.38%
2,253,810,212
13.41%
419,866,303
2.50%
840,150,000
5.00%
840,150,000
5.00%
6,404,986,843
38.12%
8,085,286,843
48.12%
6,721,200,000
40.00%
6,721,200,000
40.00%
16,803,000,000
100.00%
16,803,000,000
100.00%
26.2. Capital Adequacy Ratio
According to regulations of Central Bank of Iran, Capital Adequacy Ratio must be
minimum 8%. Capital Adequacy Ratio of BSI as of 20 March 2009 and 20 March 2010
is as follows:
Billion Rls
Consolidated
March-20,2010
A) Main Capital
Paid Capital
Legal reserves & other reserves
5HWDLQHG3UR¿W
&KDQJHVGXHWRIRUHLJQH[FKDQJHUDWHXQL¿FDWLRQ
([FKDQJHUDWH3UR¿W/RVV
Total main capital
B) Complementary Capital
March-20,2009
Non - consolidated
March-20,2010
March-20,2009
2,227
5,011
4,729
1,245
2,227
3,990
4,719
1,245
2,227
2,767
5,030
1,245
2,227
2,101
2,831
1,245
1,977
15,189
1,733
13,914
940
12,209
770
9,174
4,212
4,049
1,978
1,407
Fixed Assets revaluation Provision
Total Complementary capital
Less: Complementary capital surplus to main capital
14,576
18,788
3,598
14,576
18,625
4,711
14,576
16,554
4,345
14,576
15,983
6,809
Total Main Capital & Complementary Capital (Capital Base)
30,379
1,971
27,828
1,971
24,418
1,971
18,348
1,971
Total Capital Base/Total Risk Weighted Assets
*100=Capital adequacy ratio
28,407
25,857
22,447
16,376
Capital adequacy ratio(percent)
7.12%
7.98%
10.05%
9.08%
Doubtful debts provisions
(Maximum up to 1.25% Risk weighted Assets)
Less: Investment in banks & subordinated credit institutions
27. Reserves
Billion Rls
Legal reserve
Other reserves
Capital reserve
Total
Consolidated
Non - consolidated
March-20,2010
March-20,2009
March-20,2010
March-20,2009
3,197
1,610
2,297
1,656
2,136
427
1,446
451
204
5,011
204
4,157
204
2,767
204
2,101
83
28. Changes due to Foreign Exchanges Rate Unification
Forex adjustment due to fixed exchange rate in the amount of Rls 1,245 billion
relates to the statutory balance exchange rate in early 2002 in accordance with
Central Bank rules and regulations. After auditing, this amount was reflected in the
shareholders' equity.
29. Exchange Rate Profit (Loss)
Adjustment for assets and liabilities in the amount of Rls 1,977 billion was made
into shareholders' equity in accordance with Central Bank Decree No. 1844, approved
on 19.01.2003.
30. Minority Interest
Billion Rls
Consolidated
Non - consolidated
March-20,2010
March-20,2009
19
5
20
2
1
25
0
22
Share capital
$FFXPXODWHGSUR¿WORVV
Reserves
Total
31. Profit and Compensation on Delay of Payment
Billion Rls
84
Interest received from facilities
Delay penalties received from facilities
Interest from participation bonds
Interest received from investments
Interest received from facilities granted to Banks
Total
Consolidated
Non - consolidated
March-20,2010
March-20,2009
March-20,2010
20,285
6,238
2,729
757
153
30,162
14,332
4,853
1,874
2,412
145
23,616
8,317
2,260
2,662
8
152
13,399
March-20,2009
5,407
1,832
2,087
145
9,471
32. Other Revenues:
Other revenues in the amount of Rls 247.7 billion relate to the prizes of statutory
deposits of Bank Saderat Iran Network, which were calculated and made in the
accounts in accordance with the directive of the Central Bank of Iran at a rate of 1%
on the average balance of statutory deposits during the year.
33. Profit & Compensation on Delay of Payment for Non- Interest Revenues:
Billion Rls
Non-interest revenue from other dues
Forex received revenue from facilities granted
Qharz-al hasaneh and compensation on delay of payment
Bank Saderat PLC and Bank Saderat Tashkent’s revenues
Interest received from inter-bank loans
Interest received on paid letters of credit
3UR¿WRI/RDQVFUHGLWVJUDQWHGWR%DQNV
Prizes for other deposits
Others
Total
Consolidated
Non - consolidated
March-20,2010
March-20,2009
March-20,2010
March-20,2009
2,074
776
697
598
577
346
268
42
3,726
9,104
2,117
190
626
821
732
318
1,074
80
3,285
9,243
1,150
753
125
577
346
268
24
4,050
7,293
1,521
190
98
732
257
1,027
47
4,691
8,563
34. Commission Received
Billion Rls
Consolidated
March-20,2010
Letters of credit
International Division
Guarantees
Foreign branches & brokerage
Payment Orders
SHETAB
Purchased and discounted L/Cs
Forex transactions
Fees on state accounts (Representation of CBI)
Domestic Branches
Others
Total
683
540
520
226
208
118
101
59
35
5
623
3,118
March-20,2009
419
414
464
223
30
30
103
131
42
38
300
2,194
Non - consolidated
March-20,2010
279
540
163
226
72
19
101
37
21
5
249
1,712
March-20,2009
215
414
127
223
22
8
103
39
29
38
112
1,330
85
35. Other Revenues
Billion Rls
Rls
Billion
Consolidated
Consolidated
March-20,2010
March-20,2009
424
146
137
69
17
2
960
1,755
99
157
19
79
29
5
680
424
1,492
Disposal of movable & immovable assets
Miscellaneous revenues of foreign branches
Properties & collateral evaluation
Interest received from transactions in Forex (Foreign branches)
Post, telegraph & phone
Rental Income
Income resulted from FX transactions
Others
Total
Non -- consolidated
consolidated
Non
March-20,2010
415
146
14
69
9
138
89
880
March-20,2009
47
158
8
79
16
115
676
113
1,212
36. Operating Revenues of Subsidiaries
Operating revenues of subsidiaries in the amount of Rls.4,253 billion are mainly
related to Sepehr exchange company in the amount of Rls.4,242 billion being sale of
exchange in the form of payment order and according to reference rate of Central Bank
of Iran or agreed rate to customer .
37. Operating Expenses of Subsidiaries
Cost price from presented services in the amount of Rls.4,235 billion is totally
related to Sepehr Exchange Company.
38. Profit paid (except Depositors' Profit)
Profit paid (except Depositors’ Profit) in the amount of Rls 3,910 billion are as
follows:
Billion Rls
Rls
Billion
86
3UR¿WSDLGIRUXVDJHRIEDQNVUHVRXUFHV
3UR¿WSDLGE\IRUHLJQEUDQFKHV
3UR¿WSDLGWR)RUH[GHSRVLWV
3UR¿WSDLGIURP%6,SURYLQFLDOEDQNV¶UHVRXUFHV
Total
Consolidated
Consolidated
Non
Non -- consolidated
consolidated
March-20,2010
March-20,2009
March-20,2010
March-20,2009
1,471
1,592
847
3,910
1,602
2,300
1,486
5,388
1,206
1,632
973
120
3,931
1,932
2,300
1,408
5,640
39. Commission Paid
Commission paid in the amount of Rls. 76 billions is mainly including RLS 56
billion being commission paid for ATM,Pin Pad, POS & exchanged Iran's cheques
through clearing system and Rls.20 billions commission paid by foreign branches.
40. General Expenses
Billion Rls
Consolidated
Non - consolidated
March-20,2010
March-20,2009
March-20,2010
March-20,2009
Personnel expenses
Administrative & public expenses
Provision for doubtful debts
Depreciation
Others
8,437
3,986
1,493
642
360
6,323
3,551
2,316
534
1,209
2,686
1,773
755
409
360
1,845
1,653
617
357
485
Total
14,918
13,933
5,983
4,957
41. Other Expenses
Other expenses in the amount of RLS 508 billion is mainly including RLS 479
billion being expenses of Qarz-al-hasaneh Prizes and RLS 28 billion Forex transactions.
42. Net other Operating Revenues and Expenses:
Net other operating revenues and expenses for RLS 4 billion is related to BSI
Company & Sepehr Exchange Company as well as Bank Saderat PLC.
43. Interest Paid on Depositors
Billion Rls
'HSRVLWRUV
VKDUHRISUR¿W
3UR¿WSDLGWRGHSRVLWRUV
3D\PHQWGH¿FLW
Attorney fees to apply investment deposits
Payable down payment difference balance in comparison
WR¿QDOSD\PHQWV
Consolidated
Non - consolidated
March-20,2010
March-20,2009
March-20,2010
March-20,2009
19,406
(19,406)
0
0
14,256
(14,058)
198
(198)
8,635
(8,635)
0
0
5,605
(5,526)
80
(80)
0
0
0
0
87
44. Prior year Adjustments
Billion Rls
Group
March-20,2010
Operating Expenses
Personnel Expenses
General Administrative Expenses
Tax
Others
Total credit items
Interest & Commission Received
Commission related to Government account maintenance
Total debit items
Total
(20)
(399)
(23)
(103)
(521)
(1,066)
21
8
30
(1,037)
45. Transactions with affiliated persons
45.1. Group transactions with related affiliated persons (except the companies which
are included in consolidation) are as follows at reported year:
The name of company
Iran Kish
Credit card co.
88
Fg^S]TOTķZWObW]\
Description
Board of
Directors
Joint Member0U6KDUL¿
Establish & supporting vast Banking System Network
Market, presenting services related to using kind of
systems such as ATM, POS and Credit Card, activation in
computer, Electronics , Telecommunication and IT.
Amount million
RLS
216,481
45.2. Main Company transactions with affiliated company are as follows at reported year:
Company
Relation
Amount
Million RLS
Description
A-The companies included in consolidation
Rental Income resulted from rental of BSI’s immovable
properties to be used by the Provinces for one year
BSI Provinces
Shareholder: BSI
BSI Provinces
Shareholder: BSI Common charges of Provinces
138,475
270,319
B-Transactions included in 129 article amendment of Commercial Law
Kharazmi
administrative
machines
companies
Kharazmi
Processing
Company
Board of Directors
Joint MemberMr.Hajizadeh (up to
Servicing, Repairing and maintenance of ATMs and
computers , Installing extra ATMs
119,143
22.09.2010)
Supporting and maintenance Traveler’s Cheque system,
Supply comprehensive , system Human Resources comMr.Hajizadeh (up to prehensive System, Treasury comprehensive System and
22.09.2010)
Swift System
Board of Directors
Joint Member-
8,241
46.Bottom Line items
7KHFRPPLWPHQWVSRVLWLRQIRU/&VDUHDVIROORZV
March 20, 2010
F/X Amount (in Billion)
USD
GBP
CHF
SEK
JPY( One Hundred)
CAD
AED
EUR
Foreign Branches
Others
Total
75
6
9
108
25
0
1,494
1,396
-
Billion Rls
738
87
89
151
269
2
4,013
18,979
3,702
4,479
32,509
89
7KHFRPPLWPHQWVIRULVVXHG/*VDUHDVIROORZV
Billion Rls
March 20, 2010
March 20, 2009
Customers Commitments for issued Rial Guarantees
40,093
36,348
Customers Commitments for issued FX Guarantees
5,815
3,539
45,908
39,887
March 20, 2010
March 20, 2009
Bank's Commitments for dealing concluded contracts
2,736
2,148
Bank's Commitments for concluded F/X contracts
3,590
1,796
Bank's Commitments for forward dealings
6,835
8,846
13,161
12,790
Total
46.3. Other Commitments
Billion Rls
Total
46.4. Managed funds and similar items:
Billion Rls
90
March 20, 2010
March 20, 2009
Granted facilities from managed funds
4,367
4,485
Granted facilities from syndicated funds
8,144
8,019
59
39
12,570
12,543
Granted facilities from special Qarz-al-hasaneh deposits
Total
47. Open F/X Position
Open F/X Position of Domestic Branches are as follows:
Billion Rls
March 20, 2010
March 20, 2009
Sight L/Cs debtors
Term L/C debtors
Stocks and Foreign Participations
Granted loans in F/X
Others
Total Assets
F/X Current Deposits
F/X Saving Deposits
F/X Term Deposits
Others
7RWDO);/LDELOLWLHV
Net Open F/X Position
2
37
2
13
37
91
0
29
2
12
24
67
2
0
25
63
90
1
2
0
24
50
76
(9)
Less: The Paid Capital to Foreign Branches , Stocks & Foreign
Participations
(6)
(5)
(5)
26
(18%)
(14)
1HW2SHQ);3RVLWLRQ
Capital Base
Net Open F/X Position to Capital Base Ratio
9
(168%)
48. Commitments
48.1. Capital Commitments:
At the balance sheet date the bank's capital commitments stood on Rls. 251 billion
related mainly to the purchase of properties and renewing branches and offices.
49. Contingent Liabilities
At the balance sheet date, the Bank had no significant contingent liabilities.
50. Post -Balance sheet events
91
On 29.5.2010 , 5% of BSI's shares (840,150,000 shares) were presented through
Stock Exchange Company to Health Services Organization in order to cover the
government's debts.
Combination of Bank's Shareholders group in Real and Legal persons, separately
and percentage of each group ownership are as follows:
Shareholders
Real Entity
Legal Entity
BSI Staff
Islamic Republic of Iran Government
Provincial Investment Co.
Total
92
No of Stocks
Percentage
582,852,945
3,093,960,212
840,150,000
5,564,836,843
6,721,200,000
16,803,000,000
3.47
18.41
5
33.12
40
100
93
Europe
BANK SADERAT IRAN
PARIS BRANCH
NO . 636
16,RUE DE LA PAIX
75002 PARIS
FRANCE
TEL : 0033 14 4860250-4860290
FAX : 0033 14 2616153
SWIFT : BSIR FR PP
E -mail : [email protected]
Web site : www.bsiparis.com
Manager: Mr . Mahdi Nalaei
BANK SADERAT IRAN
ATHENS BRANCH
NO . 3400
25-29 PANEPISTIMIOU STR.
10564 ATHENS
GREECE
Tel : 0030210 3249531, 3249577 ,
3249490
Fax :0030210 3251154
SWIFT : BSIR GR AA
E – mail: BSI3400 @ OTENET . GR
Manager: Mr . Manouchehr Bakhtiyari
United Arab Emirates (UAE)
BANK SADERAT IRAN
FRANKFURT BRANCH
NO .3408
FRIEDENS STRASSE 4,
60311 FRANKFURT AM MAIN
GERMANY
Tel :004969 209740
Fax : 004969 252773
SWIFT : BSIR DE FF
Web site:www.banksaderat.de
E -mail :[email protected]
General Manager: Mr. Mohammad Shamsaei
BANK SADERAT IRAN
HAMBURG BRANCH
NO . 635
96
DEICHSTRASSE 11
20459 HAMBURG
GERMANY
P . O . BOX 112227
Tel : 004940 370050
Fax : 004940 373484
SWIFT : BSIR DE HH
Web site :www.banksaderat.de
E – mail : [email protected]
Manager: Mr. Mansour Tafazoli
BANK SADERAT IRAN
REGIONAL OFFICE ,
DUBAI
AL-MAKTOUM ROAD
P.O.BOX 4182
DEIRA , DUBAI
UAE
Tel:009714 6035240 – 6035230 -6035284
Fax:009714 2215961 - 2270593
SWIFT : BSIRAEAD
Web site: www.banksaderat.ae
[email protected]
Regional Assistant Manager : Mr.AbdolReza
Shabahangi
BANK SADERAT IRAN
ALMAKTOUM BRANCH
NO .2624
AL-MAKTOUM ROAD, P.O.BOX 4182
DEIRA , DUBAI
UAE
Tel :009714 6035555 - 6035310
Fax:009714 2234460
SWIFT : BSIRAEAD
E –mail : [email protected]
Manager: Mr . Mehran Arjang
BANK SADERAT IRAN
MURSHID BAZAR BRANCH
NO . 2898
MURSHID BAZAR
P.O.BOX 4182
DEIRA , DUBAI ,UAE
Tel :009714 2264805 – 2265834
Fax : 009714 2266543
SWIFT : BSIR AE AD MBZ
Manager: Mr . Akbar Aliverdi
BANK SADERAT IRAN
BUR DUBAI BRANCH
NO . 2533
AL FAHIDI ROAD
P.O.BOX 4182
DUBAI , UAE
Tel :009714 3511110 - 3551332
Fax :009714 3529415
SWIFT : BSIR AE AD
Manager: Mr . Ferdous Zolfagharian
BANK SADERAT IRAN
SHAYKH ZAYED BRANCH
NO . 4350
SHAYKH ZAYED ROAD
P.O.BOX: 4182
DUBAI , U.A.E.
Tel :009714 3311187 - 3311069
Fax :009714 3311027
SWIFT : BSIR AE AD
Acting Manager: Mr . Abdolah Tajeddini
BANK SADERAT IRAN
SHARJAH BRANCH
NO . 2776
ALARODA ROAD
P.O.BOX 316
SHARJAH , U.A.E
Tel: 009716 5686290-5682070
Fax : 009716 5680289
SWIFT : BSIR AE AD
Manager: Mr . Ali Sanjari
BANK SADERAT IRAN
ABU DHABI BRANCH
NO . 2690
HAMDAN STR .
P.O.BOX 700
ABU DHABI , DUBAI
Tel : 009712 6225155 - 6222061
Fax : 009712 6225062
SWIFT : BSIR AE AD
Acting Manager: Mr . Hooman
Pourmohammad
BANK SADERAT IRAN
AJMAN BRANCH
NO . 2900
LIWARA STR.
P.O.BOX 16
AJMAN, DUBAI
Tel: 009716 7422232 - 7422460
Fax: 009716 7426190
SWIFT: BSIR AE AD
Manager: Mr. Mohsen Assarzadeh
97
BANK SADERAT IRAN
AL EIN BRANCH
NO . 1741
AL AIN ROAD
P.O.BOX 1140
AL EIN , ABU DHABI , U.A.E
Tel : 009713 7641557 - 7510200
Fax :009713 7668875
SWIFT : BSIR AE AD
Manager: Mr . Jasem Khalifi
BANK SADERAT IRAN
MUSCAT BRANCH
NO . 3409
P.O.BOX 1269 RUWI
POSTAL CODE 112
SULTANATE OF OMAN
Tel : 00968 24833923,24831669,24832006
Fax : 00968 24836478
SWIFT : BSIROMRX
bsi [email protected]
Manager: Mr . Hossein Partovi
Middle East & Central Asia
BANK SADERAT IRAN
DOHA MAIN BRANCH
NO . 2623
GRAND HAMAD AVE.
P.O.BOX 2256
DOHA – QATAR
Tel : 00974 44414646
Fax : 00974 44430121
SWIFT : BSIR QA QA
Manager: Mr . Saeed Mirzaeian
BANK SADERAT IRAN
DOHA BRANCH
NO . 4557
98
SALWA ROAD ,
P.O.BOX 2256
DOHA – QATAR
Tel : 00974 44510044 - 44510033
Fax : 00974 44506054
SWIFT : BSIR QA QA
Manager: Mr . Saeed Mirzaeian
BANK SADERAT IRAN
REGIONAL OFFICE ,
BEIRUT
3RD FLOOR- METCO CENTER -MAR ELIAS
FACING AL HELLOW BARRACK
P.O.BOX 5126
BEIRUT , LEBANON
Tel : 00961 1 706912-13
Fax : 00961 1 706910 EXT : 210
Manager Tel : 00961 1 706915
SWIFT : BSIR LB BE
E – mail : info@bsi- lebanon.com
[email protected]
Web site :www.bsi-lebanon.com
Regional Manager: Mr . Mohammad reza Estili
BANK SADERAT IRAN
BEIRUT MAIN BRANCH
NO : 637
1ST FLOOR, ROSE BLDG. VERDUN STREET
P.O.BOX 5126
BEIRUT,LEBANON
Tel :00961 1 341067,347924,347936
Fax : 00961 1 341067 EXT: 5-15
SWIFT : BSIR LB BE
[email protected]
Manager: Mr. Mahdi Tadi
BANK SADERAT IRAN
ALGHOBEIRY BRANCH
NO . 3528
1 ST FLOOR ,JAWHARA BLDG .
ABDALLAH EL HAJJE ST.,GHOBEIRY
BLVD .
GHOBEIRY – LEBANON
Tel : 00961 1 542575 ,542417,542763
Fax : 00961 1 542765
SWIFT : BSIR LB BE
iranzad@bsi- lebanon.com
Manager: Mr. Hamid Iranzad
BANK SADERAT IRAN
BAALBACK BRANCH
NO . 3418
RAS ELAIN ST .
NEXT TO THE POST OFFICE ,
BAALBACK - LEBANON
Tel : 00961 8 371841 , 373857-8
Fax : 00961 8 373858 EXT: 116
SWIFT : BSIR LB BE
Manager: Mr. Hashem Hashemian Nejad
BANK SADERAT IRAN
SAIDA BRANCH
NO .4338
RIAD ELSOLOH ST.,MARTYRS SQ.
SAIDA – LEBANON
Tel :00961 7 753835-753837
Fax : 00961 7 753836
SWIFT : BSIR LB BE
m.lavasani@bsi- lebanon.com
Contact Name: Mr.Mohammad jaafar Navaee
Lavasani
BANK SADERAT IRAN
ASHKHABAD BRANCH
NO . 3260
BUILDING 181-A
MAKHTOOMGHOLI AVE .
ASHKHABAD – TURKMENISTAN
Tel : 0099 312 346767- 343744
Fax : 0099 312 342070
E-mail:[email protected]
Manager: Mr . Hamid reza Sadri
BANK SADERAT IRAN
BORJ AL BARAJNEH BRANCH
NO . 4280
AL HOLOM BLDG.,MAIN ROAD,
KAFAAT CROSS ROAD,
MREYJEH,MAMOURA
LEBANON
Tel : 00961 1 471201-2
Fax : 00961 1 471200 EXT: 26
SWIFT : BSIR LB BE
m.mollaei@bsi- lebanon.com
Manager: Mr. Makki Mollaei
99
Subsidiaries
BANK SADERAT PLC
NO . 634
5 LOTHBURY
LONDON EC2R 7HD
UK
Tel : 0044 20 76000133
Fax : 0044 20 77963216
SWIFT : BSPLGB2L
E -mail : ENQUIRIES @SADERAT - PLC . COM
Web site : www. saderat - PLC .com
Managing Director: Mr. Shahrokh Iranzad
BANK SADERAT IRAN
TASHKENT
NO .4223
NO . 10, ANTOOAN CHEKHOF STR .
TASHKENT 700060
UZBEKISTAN
Tel : 0099871 1401652 - 2521161
Fax : 0099871 1401654 - 55
SWIFT : BSIR UZ 22
E- mail : [email protected]
[email protected]
Web site : www.saderbank.uz
Managing Director: Mr . Siavosh Fathi
ARIAN BANK
JOINT VENTURE
HEAD OFFICE AND
MAIN BRANCH
NO.56,TORABOZ KHAN STR.,SHAHR-E-NOW
KABUL, AFGHANISTAN
TEL : 0093020 2203994-7
FAX: 0093020 2204010
E- MAIL: CEO@ARIAN-BANK .COM.AF
SWIFT : AFABAFKA
CHIEF EXECUTIVE OFFICER : MR. Hassan
Bahadori Manager: Mr. Asghar Atarodi
ARIAN BANK
JOINT VENTURE
HARAT BRANCH
GROUND FLOOR
OTAGH TEJARAT
BANKE KHOON ROAD
HARAT _ AFGHANISTAN
Tel: 00930 40 226712
Telefax: 00930 40 226261
E-mail: [email protected]
SWIFT: AFABAFKA
Manager: Mr.MohammadRahim Rahimzadeh
Joint Venture
FUTURE BANK B.S.C ( C )
JOINT VENTURE
100
P.O.BOX : 785
CITY CENTRE BLDG.199,
ROAD 203,BLOCK 304,
GOVERNMENT AVE.,MANAMA
KINGDOM OF BAHRAIN
Tel : 00973 17505000
Fax : 00973 17 224402
SWIFT : FUBBBHBM
Web site :www.FUTUREBANK.COM.BH
E-mail : [email protected]
Chief Executive Officer & Board Member:
Mr.Gholam Souri
HONOR BANK
JOINT VENTURE
51 KLARA TSETKIN STR. 220004
MINSK,REPUBLIC OF BELARUS
Tel: 00375 17 3062590-4
Fax: 00375 17 3062591
E-mail : [email protected]
SWIFT: HNRBBY2X
Managing Director: Mr. Mousa Talebi Galin
gheshlaghi
List of Contact Persons
of Bank Saderat Iran
BANK SADERAT IRAN
SEPEHR TOWER
43. SOMAYEH AVE.P.O.BOX:15745-631 TEHRAN –IRAN
Email:[email protected]
CHAIRMAN & MANAGING DIRECTOR & BOARD MEMBERS:
7(/(3+21()$;
DR. SEYED MOHAMMAD JAHROMI
CHAIRMAN & MANAGING DIRECTOR
0098(21)88307822
0098(21)88306095
MR.MAHDI FATTAHI
0098(21)88826696
0098(21)88832815
DR.ASGHAR ABOLHASANI HASTIANI
0098(21)88836759
0098(21)88836018
MR.BAHMAN VAKILI
0098(21)88832402
0098(21)88306095
DR. HOJATOLLAH SAYDI
DEPUTY MANAGING DIRECTOR
INTERNATIONAL AFFAIRS
0098(21)88307824
0098(21)88832752
MR. MOHAMMAD YOUSEFI
MANAGER, FOREIGN DEPT.
0098(21)88834792
0098(21)88839546
MR.MOSTAFA POURJAVAD
ASST.MANAGER, FOREIGN DEPT.
0098(21)88834010
0098(21)88839539
MR.HAMIDREZA KHALAJZADEH
ASST.MANAGER, FOREIGN DEPT.
IN TREASURY OPERATIONS
0098(21)88823618
0098(21)88832603
MR.HASSAN HATAMI
MANAGER, F/X OPERATIONS DEPT.
0098(21)88836905
0098(21)88836909
MR. MAHMOUD REZA GOSHADROO
ASST. MANAGER, F/X OPERATIONS DEPT.
0098(21)88836905
0098(21)88836909
BOARD MEMBERS:
INTERNATIONAL AFFAIRS:
101
7(/(3+21()$;
MR. ALIREZA ALAEE
ASST. MANAGER, F/X OPERATIONS DEPT.
0098(21)88836905
0098(21)88836909
MR.MAJID AHMADZADEH
MANAGER, F/X ACCOUNTS DEPT.
0098(21)88834823
0098(21)88836452
MR. SEIFOLLAH FARZANMEHR
ASST .MANAGER, F/X ACCOUNTS DEPT.
0098(21)88834823
0098(21)88836452
,
DEALING ROOM S REUTERS DEALING CODE: BSIM
HEAD OFFICE SWIFT CODE: BSIR IR TH
HEAD OFFICE TELEX NUMBERS; 212352, 226648, SABK IR
102

Bank Saderat Iran

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