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Annual Report 2009
Annual Report 2009
4
Contents
- Nominal & Paid up Capital 4
- About The bank 5
- Bank’s Shareholding in Companies 6
- Bank Branches 7
- Board of Directors 8
- Executive Administration 9
- Chairman’s Report 11
- Ordinary Meeting Resolutions 14
- Executive Management Report 2009 15
- Sharia Board Report 22
- Auditors Report 23
- Financial Statements 2009 24
- List of Forgien Correspondents
Paid Up Capital As At 31/12/2009
Nominal Capital is 300 Million SDG
Paid Up Capital :
66,737,380 Shares at a value of 100,106,070 SDG
Head Office :
Al Qasr Street – Khartoum
P.O. Box : 2775 Khartoum – Sudan
Telephone : (+249)1 83771730 - 83776542 – 87013000
Fax : (+249)1 83790391 – 83774832 – 83771740
Web Site : www.sfbank.net
E-Mail : [email protected]
Swift code: SUFRSDKH
Member of Union of Sudanese Banks
Member of Union of Arab Banks
Member of Bank Deposits Guarantee Fund
Member of Arab Trade Financing Program
Member (Observer) of Islamic Financial Services Board - Malysia
6
About The Bank :
After the nationalization of foreign banks in Sudan in the early 70’s, some businessmen Joined by the Bank of Sudan
(Central Bank of Sudan) initiated the idea of establishing a new bank. Later, a number of local and foreign corporations,
in addition to, the public were attracted to invest in the new Sudanese Investment Bank which started its operations in
January 1979 with a 7.5 million Sudanese Pounds L.S. capital. By 1993 the bank adopted its ongoing name of Sudanese
French Bank. Growing steadily and achieving remarkable success. In voyage towards entering the international markets,
the bank ended the year 2008 with a nominal capital of 300 million SDG and a paid up capital of 87.51 million SDG (40
million Dollars).
Bank’s Strategy:
- Aware of our responsibility to contribute to the social and economic development especially by supporting the infrastructure
and service sector.
- Abided by Sharia law in our undertaking and transactions.
- Committed to the profession code of conduct and ethics.
- Mindful of the role of qualified, skilled, trained workforce and technology as the underpinnings for success.
We offer full fledged quality banking services to position the bank as the best choice for local and international customers,
attract local and foreign currencies savings and provide finance in compliance with Islamic rules in our strive to enhance
the owners’ equity and gain customers satisfaction.
Services:
- Deposit taker of all currencies.
- Financing individuals, companies and finance portfolios.
- Finance of Foreign Trade operations.
- Management of time deposits and placements.
- Trade, export and import banking operations (L/C’s, L/G’s, transfers, etc…)
- VIP private banking.
- Electronic banking service provider (ATM, POS, etc…)
The bank’s Shareholding in Companies and Corporations
The bank, since its incorporation in 1978, played its national role of making development projects a success by investing
in public corporations and companies. Also, it established the companies below in voyage for diversification and high
returns.
1/ The Sudanese Investment and Projects Co. Ltd. (SIPCO).
As a fully owned subsidiary of the bank, SIPCO played an effectives role in the import of
strategic goods and the export of the Sudanese crops, at a very high efficiency. Also, being an investment company, it
established the following businesses:
- Alfaransi Silos Company Ltd
It is a pioneer company in the field of grains storage, with a long experience in sifting, cleaning and fumigating of crops.
It owns a 50 thousand tons silos facility with a cleaning plant at Gedarif town that worth seven million US dollars.
- Alnafizah for Integrated Services Company Ltd
Motivated by the Central Bank of Sudan plan of implementing the electronic payment systems, SIPCO joined hands with
the Jordanian Global Electronic Top-Up Company (GET) and others in establishing Alnafizah for Integrated Services
Company Ltd to distribute and sell prepaid and post paid services, such as electricity and telephone time, through a
network of Points of Sale (POS) that dispense Electronic Vouchers and provide distributors with an Electronic Wallet for
multi services.
Also, SIPCO participates in the following companies: -
a) Juba Insurance Company.
b) The Sudanese Rural Development Company.
c) The Arab Financial Services Company (Bahrain).
2/ Alfaranci for Financial Services Company Ltd:
The bank coped with the expansion in stocks trade in Sudan by establishing this company to serve its clients in stocks
and shares trading. The company is a licensed agent by Khartoum stock Exchange.
Other Bank’s Shareholdings:
a) The Financial Investment Bank.
b) The National Gulf Flour Mills Company.
c) The Milk Products Factory- Kenana.
d) Al- Rai Al-Am Printing and Publishing Company.
e) The Banking Electronic Services Company Ltd.
f) The Exports Insurance and Financing National Agency.
8
Bank Branches
Branch P.O. Box Area Code Tel. No. Fax No.
Main Branch-Khartoum 2775 +249-1 83785250 - 83776542 83779300
Algamhouria 1950 +249-1 83781735 -83778600 83773696
Khartoum(2) 6640 +249-1 83472833 - 83461107 83471627
Alsaggana 87 +249-1 83462545 - 83463905 83460589
Khartoum North 1591 +249-1 85339907 -85339908 85339910
Omdurman 1055 +249-1 87568729 - 87555068 87554643
Souk Libya 45 +249-1 87609203 - 87609201 87609202
Alsouk Almahali 12606 +249-1 83438840-83414580 83438838
AlRiyadh Khartoum - +249-1 83520022-83520025 83520024
Garden City +249-1 83270935
Port Sudan 871 +249-311 820945 - 824440 826280
Qadariff 191 +249-441 843303 - 833069 843352
New Halfa 134 +249-421 822153 - 822383 822522
Madani 305 +249-511 842307 - 843076 843725
Sinnar 122 +249-561 823203 -822280 823116
Rabak 108 +249-572 825070 825145
Almanagil 12 +249-517 872112 - 879999 873200
Hasahissa 86 +249-541 832165 831050
Aldamazin 45 +249-551 822094 - 822394 822394
Obeid 432 +249-611 824333 - 823246 822670
Nyala 456 +249-711 832305 - 833280 832889
Atbarra - +249-211 832910 832913
Elmaamoura 7067 1-249+ 83525284 83525283
Sub-branches :
- Jinaid Sugar Factory Hasahissa Tel: 0541840061
- Duty Free Area Port Sudan Tel: 0311849045
10
Board of Directors
Mr. Osman Salman Mohamed Nour Chairman
Mr. Abdul A’l Al Dawi Abdul A’l Member
Mr. Hussein Fadul Ali Member
Mr. Osman Hamad Mohamed Kheir Member
Mr. Fuad Yousif Shaker Member
Mr. Elias Sami Alouf Member
Dr. Mustafa Abass Mustafa Member
Mr. Hussein Yahya Jangool Member
Mr. Salah Eldin Ali Abu Elnagga Member
Mr. Mahgoub Hassan Shabo (G. M.) Member
Mr. Ismail Abdullah Mohamed Saleh Company Secretary
Dr.Tag Alsir Ibrahiem Alshoush Legal Adviser
Sharia Supervisory Board
Sheikh. Al Tayib Al Faki Musa Chairman
Mr. Al Bagir Yousif Mudawi Member
Dr. Mohammed Ali Yousif Ahmed Member
Certified Accountants :Hasibeen Group – Khartoum
Tel : 83760319 Fax : 83784639
P.O. Box 3807 Khartoum
E-mail : [email protected]
Executive Management
Assistant General Manager :
General Manager :
Mr. Mahgoub Hassn Shaboo
Deputy General Manager :
Mr. Kamal Abdul Gadir Saeed
Mr. Abd Ulmonaim Elhaj Mohammed
Assist. G. M. For Administration
Affaires
Mr. Tag Elsir Hamid Abdul kareem
Assist. G. M. For Financial Affaires
Mr. Farah Haj Nur Tahir
Assist. G. M. For Investment,
Marketing & Research
12
Departments Managers :
Adil Salih Bilal Internal Auditor Dept.
Suad Yousif Zimrawy Human Resources Dept.
Mohamed Batran Hamad Computer & Information Technology Dept.
Sief Eldin Elfakki Mohammed Legal Dept.
Abdulrahman Abdulla Abdulrahman Administration Affaires Dept.
Mohamed Nory Mohamed Foreign Relations Dept.
Alawia Mohamed Ahmed Suliman Investment and Finance Dept.
Mohy Eldin Abd Elaziz Makki Compliance Officer
Nayra Abd Alla Sharfi Marketing & Research Dept.
Osman Ahmed Osman Elhassan Financial Affairs Dept.
Mutwakel Yousif Mustafa Risk Management Dept.
Faissal Abd Elhay Mohammed Engineering Dept.
Adeeba Ibrahim Bushara Elsaid Electronic Services Unit
Gamal Saad Hassan Hamada Past Due Obligations Unit
Abd Elmonaim Osman Elbashir Ahmed Central Operations Unit
Abd Alla Elhag Hamid Mohammed Executive Office
Praise be to Allah, Lord of the Worlds. May His prayers and peace be upon the Best of Messengers our Master Mohamed,
all His household and companions.
Honorable brothers and sisters shareholders …
May, I, on behalf of my brothers in the Board of Directors, welcome you in this place which is flourishing by your presence
on the occasion of the regular general assembly meeting in its 40th session in the path of your great bank to show you the
results of the finincial year 2009. We will do that clearly and transparently in order to know where we stand and to look
forward with confidence to pave the road for perfect and continuous performance to keep the outstanding position of the
bank in a rough sea created by the international financial crises. As I told you last year we have to avoid the negative
impacts issues and support the positive trends to avoid the risks and repercussions of this crises.
Honorable Brothers and Sisters …
Backed by your trust, the Board of Directors continued to design plans, programmes and policies supporting the different
activities of the bank (banking, administrative or vocational) so as to achieve the designed targets and maintain the
reputation of the bank. We insist on perfection and improvement of performance to meet the interest of our shareholders,
customers and employees, but we do cater, at the same time, for the public interest of the nation and citizens through the
optimum utlisation of the available facilities of the bank in the different fields of investment create economic and social
development. We (the Board of Directors, its specialized Committees, the executive management and employees) move
in full harmony to achieve our targets and follow up the performance of the companies of the bank and its investments to
make sure that they are contributing in supporting the bank resources. We get rid of the idle investments and activate the
prosperous ones.
Honorable Audience …
The Board of Directors adopted a plan which was reflected in the budget designed for the year 2009. Its main features
are:
a) The effects of the international financial crises on Sudan and the banking system will lead to a decrease in the revenue
of banking activities.
b) Fluctuations in oil prices will cause further decrease in our revenues.
c) The revenue from the bank income products will be minimal.
d) To strengthen the link with the private sector generally with special consideration to the services sector.
e) Diversification of income resources and mobilize them actively to achieve maximum possible benefits.
f) To support the link between the Agricultural and Industrial sectors.
g) To back the bank horizontal expansion plans and to increase the coverage by penetrating into the new economic
Report of the Chairman of Board of Directors to the
Regular 40th Meeting of the shareholders
of the Sudanese French Bank
Mr. Osman Salman Mohammed Nour
Chairman of the Board of Directors
14
growthareas.
h) Improvement and modernizing the electronic banking facilities within the standards to secure communication opera-
tions and their returns.
i) Financing and investment operations should be safeguarded by the maximum risk minimizing, firm financing measures
and solid securities to avoid negative effects resulting from default payments together with continuous administrative
and legal follow up on default payments repercussions.
j) To subject the bank activities to Sharia Law and auditing according to the prevailing regulations in a clear and transparent
way.
In spite of what is mentioned above, the results achieved by the bank for the year 2009 were satisfactorily as can be seen
from the following table.
Item 2008 mill SDG 2009 mill SDG Increase/Decrease Mill SDG Percentage
Total Assets 1236 1379 +142 +11.5%
Deposits (Local Foreign) 1025 1133 +108.4 +10.6%
Total Income 121 119.3 -(1.3) -(1.1)%
Net profit before Zakat and Taxes 45.1 27.5 -(17.59) -(39)%
Bank Financing portfolio 608.7 752.2 +143.4 +24%
Foreign Currency Transactions 2.5 1.2 -(1.3) -(52)%
Credit line from correspondents 229 231 +2 +0.01%
Paid up Capital 87.5 100.1 +12.6 +14%
Equity shares 121 135.5 +14.5 +12%
It is clear that lack of adequate foreign currency led to a decline in banking activities which was the reason behind the
declining returns of net profits. At the same time the increase in the local financing operations returns was positive. In
spite of these circumstances the bank increased it’s paid up capital to the level decided by the Central Bank of Sudan.
The increase was 14% more than that of 2008. The owners equity increased by 12%, which gives a positive indicator of
the financial position of the bank.
Honorable Brothers and Sisters …
All this could not have been achieved without efforts to execute our strategic policy to avoid these repercussions. This
can be clearly noticed in the trend of the bank to build its capacities through penetration in domestic economy different
activities and diversified approaches. The achieved targets were as follows:
- Expand local financing and support the country’s economic activities especially in the industrial sector satisfying the
needs of the local market and internal trade;
- Support the agricultural sector by increasing our contribution in agricultural portfolios with the Agricultural Bank locked
by strong securities;
- Horizontal expansion of the bank services. New branches were established in Garden City and Atabara in addition to
Mamora Branch (under construction)
- Continuous follow-up on default payments through legal, administrative and banking channels;
- Improving performance through sustainable efforts to upgrade technical work means and expand their range and
increase A.T.Ms;
- Although the performance and activities of bank marketing are still below average but there are efforts to improve them
locally and internationally by participating in fairs, meetings and interviews.
Since improving work environment and providing social stability to the employees is one of the concerns of the Board of
Directors, it was decided to step up the ceiling of grant loans for them and to continue training to improve their capacities
inside and outside the country.
Honorable Audience …
Due to the financial results achieved, as I mentioned before and as the documents in front of you read, may I submit to
you the recommendations of the Board of Directors for approval after the submission of Auditors and Sharia Supervisory
Board to their reports:
1. Approval of the report of Board of Directors for the year 2009
2. Adoption of the audited final accounts and income statement in 31/12/2009
3. Approval of the Auditors report for the year 2009.
4. Approval of the Sharia Advisory Board report for the year 2009.
5. Approval of the recommendation of the Board of Directors to distribute 11% cash profits and 12.5% bonus shares.
6. Approval of the remunerations of the members of the Board of Directors for the year 2009 according to article (61) of
the bank regulations.
7. Appointment of Sharia Advisory Board for the year 2010 and delegate the Board of Directors to fix its members
remunerations.
8. Authorize the Board of Directors, after the approval of Central Bank of Sudan to appoint the auditor for the year 2010
and to decide and pay his remunerations.
9. Election of the Board of Directors members for the years 2010/2012 according to article (59) of the bank regulations
and the Bank of Sudan circular No. 18/2009.
Honorable brothers and sisters
May I extend greetings and gratitude, on your behalf and the Board of Directors to all the employees in their different
locations for their efforts to hold this meeting. Many thanks to the Administrative Committee, Auditing and Control Committee
and Sharia Advisory Board for their patience and endurance while executing their duties in asatisfactory level to the
Board of Directors. We do appreciate the highly professional and responsible job done by Hasibeen Group.
To conclude, I would like to thank all the institutions in relation to the activities of this assembly, at the head of which
comes the Central Bank of Sudan, its top administration headed by the Governor Dr. Sabir Mohamed Hassan, the
Commercial Registrar, Khartoum stock Market, Banks Deposits Security Fund, Khartoum State and its specialized
institutions; Police and local administration, and thanks and praise be to God before and after, that is the bounty of God
He gives to whom He likes. God owns great bounty.
May peace and mercy of God be upon you
Osman Salman Mohamed Nur
Chairman of the Board of Directors
Ismail Abdalla Mohamed Salih
Secretary of the Company
In the Name of Allah the Merciful the Compassionate
Resolutions of the 40th Ordinary General Assembly
dated 17th April 2010
Resolutions No (1):
Endorse the Board of Director’s report and adoption of the balance sheet, the distribution of dividends, the Auditors report
and the Sharia Control Board for the year ending 31/12/2009.
Resolution No (2):
Approval of the recommendation of the Board of Directors concerning distribution of profits including 11% cash profits out
of the nominal shares and 12.5% Bonus shares.
Resolution No (3):
Approval of the Board of Directors recommendation to pay the remunerations of its members for the year 2009.
Resolution No (4):
Appointment of the auditor for the year 2010 in consultation with the Central Bank of Sudan and authorize the Board of
Directors to set his remuneration.
Resolution No (5):
Appointment of Sharia Control Board and authorize the Board of Directors to set the remuneration of its members:
Sheikh El Faki Mosa – Syd. El Baghir Mudhawi; Dr. Mohamed Yousif.
Resolution No (6)
Election of the board of directors for the term 2010 -2012.
16
Performance Report and Financial Review
for the year 2009
The results of the bank activities during the year 2009 showed remarkable development and great advance in different
fields despite of the prevailing local circumstances which affected the banking sector negatively and led to an unfamiliar
increase in the non performing loans. Moreover there is the financial crises which engulfed the whole world during the last
quarter of 2008, and is still extending its shadows. Backed by the bounty and success of God and the effort of the Board
of Directors, the Executive Management and the Staff were able to achieve many targets on the financial and administrative
levels in comparison with what we planned and achieved last year. The stability which the bank witnessed played a great
role in this achievement. The analysis of the financial statements below reflects the positive development in the bank
financial performance during the year 2009:
First Balance Sheet:
(1) Assets:
The total assets of the bank were 1,379.26 million SDG
in 2009 compored with 1,236.55 million SDG in 2008 with
an increase of 142.71 million SDG i.e. 11.5% The current
assets were 1,330.41 million SDG in 2009 while the
current liabilities at that time were 1,243.78 million SDG
i.e. the rate of circulation was (1.00: 1.07). This indicates
that the bank enjoys a good financial position and can
meet its obligations as and when called. This reflects
optimum utilization of available resources.
Growth of Assets 2005-2009
2005 2006 2007 2008 2009
718.7796.8
1.087.10
1.236.551.379.26
Components of Cash and Qausi-cash 2005-2009
2005 2006 2007 2008
Cash in the foreign currencyCash in the local currency
100.1
168.6
128.6 131.5
186.2
222.3203.16 203.35
2009
66.29
324.97
(2) Cash and Quasi-cash:
The total cash and quasi-cash was 391.26 million SDG
in 2009 against 406.51 million SDG in 2008 with a
decrease of 15.25 million SDG. When compared with the
previous year we find that local cash and quasi-cash
increased from 203.16 million SDG in 2008 to 324.97
million SDG in 2009 i.e. 60% increase, while we find that
the equivalent of foreign currency balance in Sudanese
pounds (the treasury + Central Bank of Sudan A/C)
decreased from 203.35 million SDG in 2008 to 66.29
million SDG in 2009 i.e. 67%.
2005 2006 2007 2008 2009
173.31
288.91
236.92
304.41282.57
392.99 383.41
474.03494.26
669.61
Total finance provided and settled
in SDG 2005-2009 million SDG
(3) Finance:
The total foreign and local currencies fi-
nance provided in 2009 was 698.19 million
SDG compared with 577.38 million SDG in
2008 with 120.81 million SDG increase
i.e.21%.
(A) Finance in local currency:
The finance provided in 2009 amounted
669.61 million SDG compared with 474.03
million SDG in 2008 with an increase of
195.58 million SDG i.e. 41%. The settled
finance during 2009 was 494.26 million
SDG compared with 383.41 million SDG in
2008 with an increase of 110.85 million
SDG i.e. 29%.
Settled Finance
Provided Finance
18
Following are the types of financial products availed by the
bank during 2009:
- Murabaha: amounted to 53.24% of the total finance in
2009 compared with 61.14% in 2008.
- Musharaka: amounted to 6.54% of the total fiancé in 2009
compared with 4.26% in 2008.
- Mudharaba: Amounted to 10.23% of the total finance in
2009 compared with 9.7% in 2008.
- Salam: amounted to 0.25% of the total finance in 2009
compared with 7.91% in 2008.
- Mugawala: amounted to 3.91% of the total finance in 2009
compared with a 0.65% in 2008.
- Shahama Certificates: amounted to 25.83% of the total
finance in 2009 compared with 15.92% in 2008.
When providing finance, the management take into
consideration distributing it among the different economic
sectors in accordance with the policy of the Central Bank
and the targets of national economy. The diagram shows
the distribution of finance among different economic sectors
during 2009 where the agricultural sector constituted 8.86%,
the industrial sector 18.34%, exports sector 6.34%, artisans
and handicrafts sector 1.10%, imports sector 5.68%, real
estate sector 2.78%, domestic trade 25.97%, financial
certificates 25.82% and services 5%.
This reflects the efficiency in follow up and collection combined with adequate collaterals. The outstanding balance of the
finance in 31/12/2009 was 681.24 million SDG against 608.7 million SDG in 2008 with an increase of around 72.54
million SDG i.e. 12%.
Analysis of Bank financing according to economic sectors (2009)
Services
5.00•
financial
certificates
25.82•
Local Trade
25.97•Real Estate
2.78•
Import
5.68•
Small Seale
1.10•
Export
6.43•
Industrial
18.34•
Agricultural
8.86•
Ratio of financing products to total financing in 2009
Shahama
25.82•
Mugawala
3.91•
Mudaraba
10.23•
Musharaka
6.54•
Morabaha
53.24•
Salam
0.25•
Fixed Assets 2005-2009 (million SDG)
2005 2006 2007 2008 2009
24.726
29.530.14 30.76
(4) Fixed Assets:
The pre-depreciation historical value of fixed assets in-
creased from 51.39 million SDG in 2008 to 56.5 million
SDG in 2009. After additions, discards and deprecia-
tion, the net book value became 30.76 million SDG in
2009 compared with 30.14 million SDG in 2008. The
net book value of lands and building was 13.55 million
SDG as it represents 44% of the total net book value of
fixed assets in 31/12/2009.
Total liabilities 2005-2009 (million SDG)
2005 2006 2007 2008 2009
718.7
796.8
1.087.1
1.236.6
1.379.3Second: Liabilities and shareholders
equity:
(i) Liabilities:
Total liabilities consisting of different types of depositsincluding investment accounts, creditors, other liabili-ties and owners equity amounted to 1,379.25 millionSDG in 2009 compared with 1,236.55 million SDG in2008 with an increase of 142.71 million SDG i.e. 11.5%.
The total liabilities without the investment accountsamounted to 1,075.03 million SDG in 2009 comparedwith 964.41 million SDG in 2008 with 110.62 million SDGincrease i.e. 11.5%
(B) Finance in Foreign Currency:
Finance provided in Foreign Currency was 12.99 mil-
lion US$ in 2009 compared with 44.93 million US$ dur-
ing 2008 with a decrease of 31.94 million US$ i.e. 71%.
As for the profits obtained from Foreign Currency fi-
nance they amounted to 2.58 million US$ in 2009
equivalent to 5.68 million SDG compared with 1.58 mil-
lion US$ during 2008 equivalent to 3.63 million SDG
i.e. 56.5% increase.
Total Finance in Foreign Currency 2005-2009 (in million US$)
2005 2006 2007 2008 2009
17.9415.14
29.31
44.9
13.0
20
Growth of Deposits 2005-2009 (in mill SDG)
2005 2006 2007 2008 2009
567.2 602.8
820.9
10251124
(ii) Deposits:
Total deposits (local, foreign, and margins of LCs and
LGs) amounted to 1,124 million SDG in 2009 compared
with 1,025 million SDG in 2008 with an Increase of 99
million SDG i.e. 9.7%, while the total deposits consisting
of current accounts, investment accounts and saving
accounts in both local and foreign currencies amounted
to about 1,055 million SDG in 2009 (excluding margins)
compared with 966 million SDG in 2008 with 89 million
SDG increase i.e. 9.2%. This indicates an increase in
the volume of deposits and more trust of customers in
the bank.
Owner’s equity 2005-2009 (in mill SDG)
2005 2006 2007 2008 2009
60.2
73.7
90.64
121.08
135.49
(iii) Owner’s Equity and Paid up Capital:
The owner’s equity consisting of paid up capital, different
deposits and retained profits amounted to 135.49 million
SDG by the end of 2009 compared with 121.08 million
SDG in 2008 with an increase of 14.41 million SDG (a
remarkable increase of 12%).
During the last five years the owner’s equity increased
from 60.2 million SDG in 2005 to 135.49 million SDG by
the end of 2009 with an increase of 75.29 million SDG
i.e. 125% (doubled). In 2009 the bank increased its paid
up capital to 100.11 million SDG by capitalizing a
considerable portion of 2009 profits compared with 87.51
million SDG in 2008 with an increase of 12.6 million SDG
i.e. 14.4%.
The paid up capital during the last five years jumped from
30 million SDG in 2005 to 100.11 million SDG by the end
of 2009 with an increase of 70.11 million SDG i.e. 234%
than that of 2005. This indicates development and stability
of the bank which resulted in attracting more capital.
Paid up capital 2005-2009 (mill SDG)
2005 2006 2007 2008 2009
30
50.67
66.98
87.51
100.11
22
Third: Income Statement:
When comparing 2009 income statement with that
of 2008 we observe the followings:
1. The total earnings (after subtracting the revenue of
customers investment accounts) dropped slightly from
120.6 million SDG in 2008 to 119.3 million SDG in
2009 with a decrease of a million SDG i.e. 1.3%. The
revenue from investments and deferred sales (after
subtracting the revenue of customers investment
accounts) was 58.1 million SDG in 2009 compared
with 44.7 million SDG in 2008 with an increase of 13.4
million SDG i.e. 30% and 55% of the total revenue.
The Bank transactions were 26.4 million SDG in 2009
with 32.14 million SDG in 2008 with a decrease of
6.1. Million SDG i.e. 19%. At the same time, the other
revenues and the bank revenues from its own
investment were 21 million SDG in 2009 compared
with 31.16 million SDG in 2008 with a decrease rate
of 33% and 20% of the total revenue.
2. The total general and administrative expenses
including depreciation, rehabilitation expenses, and
doubtful debts reserves and incentives were 69.64
million SDG in 2009 while it was 55.05 million SDG in
2008 with an increase of 14.59 million SDG i.e. 27%.
According to an agreement with the Central Bank of
Sudan 7.98 million SDG were written off from the debts
violations before 2003. Thus the total expenses during
2009 became 77.62 million SDG compared with 62.85
million SDG in 2008 i.e. 24% increase.
3. The net income after Zakat and taxes was 23.94
million SDG in 2009 compared with 38.43 million SDG
in 2008 with 38% decrease rate. The net income after
subtracting reserves (legal +general +special) was
21.54 million SDG in 2009 compared with 28.02 million
SDG in 2008 with 24% decrease.
4. The net income (after Zakat and taxes) percentage
to paid up capital for 2009 was around 24% compared
to 44% for 2008.
2005 2006 2007 2008 2009
32.437.8
85.6
120.6 119.3
62 65
44.150.55
64.35
Development of Income and Expenditure
2005-2009(mill SDG)
In the Name of God, the Beneficial, the Merciful
Sudanese French Bank
Sharia Supervisory Board
Report of the Sharia Supervisory Board to the shareholders about the activities of the bank during the
year ending 31/12/2009.
Praise be to Allah, Lord of the Worlds, May his blessings be upon the last of Prophets Mohamed and
upon all the Prophets and Messengers of Allah.
1. The Board revised all the transactions presented before it this year, it adopted what was correct and
corrected what needs correction according to Sharia Laws.
2. The Board conducted a field surveys to all branches of the bank in Khartoum state to make sure that
the contracts are in conformity with Sharia Laws and issued the necessary directives. It gave answers
to all inquiries received from the administration concerning some transactions.
3. The Board reviewed the final bank sheet of the bank as 31/12/2009 and assured the legality of the
transactions of investment deposits, savings deposits, current accounts and revenues from operations
with foreign banks.
4. The Board directed the bank, when required to pay interest on its over drown accounts with foreign
correspondents to pay them from received interest.
5. The Board is pleased to declare that all the transactions reviewed were according to Sharia laws.
6. The Board participated in the training programme of the branches staff and recommended intensive
programme in Islamic Sharia Transactions to produce the “sharia expert” banker.
7. The Board thanks the bank executives for their cooperation and thanks to God who guided all to
participate in this effort and who beg him to hold them on the right road heading to development and
prosperity, He is the All-hearing and Respondent.
El Tayeb El Faki Musa
Chairman of Sharia Supervisory Board
24
To: Shareholders:
Sudanese French Bank
We have audited the financial statements of Sudanese French Bank on pages 24 to 42
which have been prepared under the historical cost standard and the accounting policies
set in note (2).
The bank’s management is responsible for the preparation of the financial statements. It
is our responsibility to form an independent opinion based on our audit on those
statements and to report that opinion to you.
We conducted our audit in accordance with the auditing standards for Islamic Financial
Institutions.
Our audit includes examination, of evidence relevant to the amounts and disclosures in
the financial statements. It also includes an assessment of the significant estimates and
judgments made by the management in the preparation of the financial statements, and
of whether the accounting policies that are approprate for the bank’s circumstances are,
consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations
we considered necessary in order to provide us with sufficient evidence to give reasonable
assurance that the financial statements are free from material misstatements, whether
caused by fraud or other irregularity or error. In forming our opinion, we also evaluated
the overall adequacy of the presentation of information in the financial statements.
In our opinion the financial statements give a true and fair view of the bank’s state of
affairs as at 31/12/2009 and the results of its activities for the year then ended.and have
been properly prepared in accordance with companies’ ordinance 1925 and other relevant
regulatory laws.
Date : 6/4/2010
Auditors Report
IZZELDIN ABD ALLA JUBAL
Certified Accountant
Hasbeen Group
Sudanese French Bank
Balance Sheet As At 31 st. December 2009
Assets:
Cash & cash equivalents
sales receivables
Investments
Investments held for sale
Other assets
Long term investments
Investments in subsidary
Capitalized expenditure
Buildings under construction
Fixed assets (net book value)
Total assets
Liabilities. unrestricted investments accounts and Owners Equity:
Liabilities:
Current accounts & savings accounts
Payables
Proposed dividends
Other liabilities
Total liabilities
unrestricted investments accounts
restricted investments accounts (CBOS)
Total liabilities & unrestricted investments A/C’s
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
(13)
(14)
(15)
2008/12/31
S.D.G
406,513,147
286,887,522
356,281,722
56,585,334
82,886,973
5,428,310
2,608,000
2,601,633
6,610,628
30,142,552
1,236,545,821
814,594,454
123,735,373
8,077,573
18,004,349
964,411,749
121,050,591
30,000,000
1,115,462,340
2009/12/31
S.D.G
391,255,999
274,882,069
495,196,967
56,585,334
112,492,451
5,576,510
5,979,200
3,399,806
3,135,605
30,759,320
1,397,263,261
896,277,376
158,450,848
8,077,573
10,515,828
1,075,032,201
159,211,206
9,534,477
1,234,777,884
26
Owners’ Equity
Paid up capital
Reserves
Retained earnings
Total Owners’ Equity
Total liabilities. unrestricted investments accounts
and Owners’ Equity
Contra Accounts
(16)
(17)
(18)
87,507,043
31,679,270
1,897,168
121,083,481
1,236,545,821
777,967,119
100,106,070
34,073,019
1,306,288
135,485,377
1,397,263,261
746,866,502
The attached notes form an integral part of these statements
Mr/Osman Sulman Mohamed Nour
chairman
Mr/Osman Hamed Mohd. Khair
Director
Mr/ Kamal Abdelgadir Saeed
Scting General Manager
Sudanese French Bank
Income Statement For The Year Ended 31st. December 2009
Income
Deferred asles
Investments
Less
Return on unerstricted investments A/C’s
Bank’s share income from investment (as a mudarib & as fund owner)
Add
Revenue from banking services
Bank’s income from own investment
Other revenues
Total Bank revenue
Less
Adminstrative and general expenses
Depreciation
Amortization
Bad debts written off
Net income (loss) before Zakah & tax
Less
Provision for zakah
Provision for business income tax
Net income (loss) after zakah & tax the year
Less
Legal - Reserve
General - Reserve
Special - Reserve
Net income
(19)
(20)
(21)
(22)
(23)
(24)
2008/12/31
S.D.G
26,303,402
31,005,852
57,309,254
12,654,686
44,654,568
32,137,682
3,727,350
27,432,702
107,952,302
50,548,725
4,165,204
333,835
7,797,071
45,107,467
2,822,327
3,854,487
38,430,653
3,843,065
3,458,758
3,112,883
28,015,947
2009/12/31
S.D.G
25,581,014
46,676,292
72,257,306
14,164,487
58,092,819
26,036,351
5,034,077
15,967,745
105,130,992
64,345,217
4,520,404
768,389
7,975,806
27,521,176
3,243,832
339,855
23,937,489
2,393,749
≠
≠
21,543,740
The attached notes form an integral part of these statements
Mr/Osman Sulman Mohamed Nour
chairman
Mr/Osman Hamed Mohd. Khair
Director
Mr/ Kamal Abdelgadir Saeed
Scting General Manager
Sudanese French Bank
Cash flow statement For The Year Ended 31st. December 2009
Cash flows from operations:
Net income
Adjustments to reconcile net income
Net cash provided by operating activites:
Prior yeat adjustment
Depreciation
Provision for doubtful accounts
Provision for zakah
Provision for taxes
Zakah paid
Tax paid
Return on unerstricted investmentA/C’s
Purchase of fixed assets
Sale of fixed assets
Gain on sale of fixed assets
Bad debts
Net cash flows provided by operations
Cash flows from investing activites:
Increase in vestments
Net Increase in receivables
Net cash flows from (used in) investing activities
Cash flows from investing activites:
Net Increase in unrestricted investment
2009/12/31
S.D.G
21,543,740
©1,223,574®
4,520,404
6,295,134
3,243,832
339,855
4,759,600
3,854,487
14,164,487
©5,160,501®
23,927
©598®
2,257,437
54,618,230
©140,562,355®
5,099,992
©©©©©135,462,363®®®®®
23,996,128
Net Increase in current accounts
Dividend paid
Increase in credit balances
Increase in other assets
Net cash flows provided by financing activites
Increase (decrease) in cash & cash equivatent
Cash and cash equivalent at beginning of year
Cash and cash equivalent at end of year
81,682,922
©20,911,046®
11,267,009
©30,448,028®
65,586,985
©15,257,148®
406,513,147
391,255,999
The attached notes form an integral part of these statements
Mr/Osman Sulman Mohamed Nour
chairman
Mr/Osman Hamed Mohd. Khair
Director
Mr/ Kamal Abdelgadir Saeed
Scting General Manager
30
Su
dan
ese F
ren
ch
Ban
k
Sta
tem
en
t o
f ch
an
ges in
Ow
ner’
s E
qu
ity F
or
Th
e Y
ear
En
ded
31/1
2/2
009
Pa
id u
p
Ca
pita
lD
escription
Ba
lan
ce
as a
t 1
/1/2
00
8
Ne
t in
co
me
Prio
r ye
ar
ad
justm
en
t
Bo
nu
s s
ha
res (
20
06
-20
07
)
Ro
un
d S
ha
res F
ractio
ns
Judic
ial allo
tment
Tra
nsfe
r to
re
se
rve
s
Prp
ose
d d
ivid
en
ds p
aya
ble
s
Ba
lan
ce
as
at
31
/12
/20
08
Prior
year
ad
just
ment
Net in
com
e
Bo
nu
s S
ha
res
Ro
un
d S
ha
res F
ractio
ns
Judic
ial allo
tment
Tra
nsfe
r to
re
se
rve
s
Prp
ose
d d
ivid
en
ds p
aya
ble
s
Ba
lan
ce
as
at
31
/12
/20
09
66,9
75,0
00
≠ ≠
20, 1
93, 9
33
16,7
02
321,
408
≠ ≠
87,5
07,0
43
≠ ≠
11,1
22,
89
7
12,6
32
1 ,46
3,49
8
≠ ≠
100,
106,
070
7,15
2,46
8
≠ ≠ ≠ ≠ ≠
3,1
12,
88
3
≠
10,2
65,3
51
≠ ≠ ≠ ≠ ≠ ≠ ≠
10,2
65, 3
51
3 ,98
9,94
6
≠ ≠ ≠ ≠ ≠
3,45
8,75
8
≠
7,44
8,70
4
≠ ≠ ≠ ≠ ≠ ≠ ≠
7,44
8,70
4
4 ,43
3, 2
73
≠ ≠ ≠ ≠ ≠
3,84
3,0
65
≠
8,27
6,3
38
≠ ≠ ≠ ≠ ≠
2,39
3,7
49
≠
10,6
70,0
87
Tota
l
2,40
1, 1
50
38,4
30,6
53
©2
31, 7
21®
©2
0,1
93, 9
33®
©1
6 ,7
02®
≠
©1
0, 4
14,7
06®
©8,
07
7,5
73®
1,89
7,1
68
©1 ,
22
3,5
74®
23,9
37,4
89
©11
,122
,897
®
≠ ≠
©2,
39
3,7
49®
©9,
78
8,1
49®
1,30
6,2
88
90, 6
40, 7
14
38,4
30,6
53
©2
31,
72
1®
≠ ≠ 321,4
08
≠
©8,
07
7,5
73®
121,
083,4
81
©1 ,
22
3,5
74®
23,9
37,4
89
≠ 12, 6
32
1 ,46
3,4
98
≠
©9,
78
8,1
49®
135,
485,3
77
5 ,68
8, 8
77 ≠ ≠ ≠ ≠ ≠ ≠ ≠
5,68
8,8
77 ≠ ≠ ≠ ≠ ≠ ≠ ≠
5,68
8,8
77
Legal
rese
rve
Ge
ne
ral
rese
rve
Sp
ecia
l
rese
rve
Re
va
lutio
n
of assets
Re
tain
ed
Earn
ings
Mr/
Osm
an
Su
lma
n M
oh
am
ed
No
ur
ch
airm
an
Mr/
Osm
an
Ha
me
d M
oh
d.
Kh
air
Directo
r
Mr/
Ka
ma
l Ab
de
lga
dir S
ae
ed
Scting G
enera
l M
anager
Sudanese French Bank
Notes on the Financial Statements
1- Status and operationsSudanese french bank plc was established in sudan on January. 1978 in accordance with bank of Sudan licence No 1152
as public limited company under the name of Sudanese investment Bank. The name was changed to Sudanese International
Bank and by 20/march/1993 again the bank name has been changed to Sudanese french Bank.
It undertakes all banking operations according to Bank of Sudan regulations, laws and instructions.
2- Significant Accounting Polices:The financial statements have been prepared under the historical cost Convention in accordance with generally accpted
accepted accounting principles.
2-1/ Revenue Recognition:
Income from investment operations is recognised on liquidation. Revenue from other banking operations is calculated on
accrual basis.
2-2/ Fixed assets:
Fixed assets are valued at cost less accumulated depreciation. Routine repairs and maintenance are treated as expenses
when incurred.
Depreciation has been charged to write off assets value over their estimated useful lives on an annual basis using the
straight line method applying rates ranging between 2,5 - 15%
Additions are depreciated at 50% of the relevant rate irrespective of the date of acquisition.
2-3/ Foreign currency translation:
1- Transactions in foreign currancy are recorded at exchange ruling rates at the date they take place any differences are
treated in the profit and loss A/C.
2- Assts and liabilities in foreign currencies at balance sheet date are translated to Sudenese Pounds at the exchange
ruling rate at that and any differences in exchange are treated in the profit and loss a/c.
3- Accumulated revaluation of monetary foreign currency assets & liab are to be written off at 5% per annum.
2-4/ Return on investment deposits:
1- The Return on investment deposits is calculated on the basis agreed upon by the bank managment and the Islamic
sheriah board.
32
2/ It is considered that all investment deposits are completely used in the bank investment. operations before the bank
starts to use its own resources.
3- The ratios of investment account from usage point of view are considered to be the same as the classification of
investment operations ratios. (Sales debtors morabaha, mudaraba... etc)
4- The owners of the investment deposits share in all revenues except revenues from banking services and ther revenues.
5- In vestment operations exepenses are directly charged to the return from investments operations pefore distribution.
6- All adminstrativ expenses are borne by the bank.
2-5/ Provision for doubtful dents:
The Provision for doubtful debts is to be charged according to bank of sudan instructions.
2-6/ Inventory:
The year end inventory is valued at the lower of cost or market value.
2-7/Interest Received:
Interest Received from Foreign Correspondents is kept in a seprate a/c and dispursed according Sharia board fatwa.
2-8/ Debtors under settelment & legal claims:
According to Central Bank of Sudan approval that:
1- SDG 65.329,066 representing debtors are to be written - off to profit & loss a/c by ten equal annual instalments
starting from 2008
2- SDG 6,334,740 representing debtors are to be written - off to profit & loss a/c
over a period of five years by equal annual instalments starting financial year 2008.
3- Cash & cash equivalents: 2008
S.D.G
41,404,721
19,087,505
80,480,143
6,701,870
10,895,355
108,294,889
38,639,866
70,382,823
30,625,975
406,513,147
2009
S.D.G
49,155,388
2,696,521
219,516,237
19,110,041
254,411
25,295,475
1,540,000
56,039,691
17,648,235
391,255,999
Local Currency
Foreign Currency
Bank of sudan current A/Cs (Iocal)
Bank of Sudan current A/Cs (foreign)
Cheques under collection
Foreign banks
Investment Deposit (correspondents)
Bank of Sudan statutory reserve (local)
Bank of Sudan statutory reserve (foreign)
4- sales receivabl:
sales receivable
(-) Provision for
doubtful receivable
Total
Financed 2008
294,469,732
©7,582,210®
286,887,522
287,112,303
©12,230,234®
274,882,069
49,117,551
≠
49,117,551
245,352,181
≠
245,352,181
53,316,755
≠
53,316,755
233,795,548
≠
233,795,548
Total2009
Financed 2009 Total2008Self Jointly Self Jointly
5- Investments:
Musharaka
(-) Provision for
doubtful debts
Total
Investment Securities
(-) Provision for
doubtful debts
Total
Other Investment
(-) Provision for
doubtfulebts
Total
Total Investments
Financed 2008
18,827,989
(1,383,364)
17,444,625
176,867,150
-
176,867,150
166,318,022
(4,348,075)
161,969,947
356,281,722
45,180,373
©359,372®
44,821,001
284,379,000
≠
284,379,000
173,016,143
©7,019,177®
165,996,966
495,196,967
3,140,508
≠
3,140,508
29,501,441
≠
29,501,441
27,741,845
≠
27,741,845
15,687,481
≠
15,687,481
147,365,709
≠
147,365,709
138,576,177
≠
138,576,177
8,389,995
-
8,389,995
52,809,180
≠
52,809,180
32,129,098
32,129,098
36,790,378
≠
36,790,378
231,569,820
≠
231,569,820
140,887,045
140,887,045
Total2009
Financed 2009 Total2008Self Jointly Self Jointly
34
6- Investments held for sale 2008
S.D.G
56,585,334
2009
S.D.G
56,585,334Elkhaleej National Flour Mills Co.
7- Other assets: 2008
S.D.G
55,852,171
7,473,817
877,000
9,475,041
5,311,228
428,856
2,373,582
852,299
242,979
82,886,973
2009
S.D.G
53,350,941
28,309,067
10,903,316
12,664,105
4,046,378
≠
2,319,691
624,309
274,644
112,492,451
Debtors under settelment
Revaluation of F.C. assets & liab
Accrued profits
Staff loans
Debtors under legal claims
Income tax paid in advance
Prerpaid exp
Stock of stationary
Investment depositors (deposits security fund share)
8- Long term investments: 2008
S.D.G
2,660,000
1,812,000
500,000
250,000
106,310
100,000
5,428,310
2009
S.D.G
2,660,000
1,960,200
500,000
250,000
106.310
100,000
5,576,510
Kenana Dairy Factory
Financial Investment Bank
Transworld Petroleum Investment Co
National Agency for Develop of export
Electronic Banking Services Co ltd.
AlRay AlAam for Printing Publishing
9- Investments in subsidaries: 2008
S.D.G
1,618,000
990,000
2,608,000
2009
S.D.G
3,999,200
1,980,000
5,979,200
Sudanese Investment and Projects Co
Al-Frenci Financial Services Co ltd
10- Assets under construction: 2008
S.D.G
6,169,014
301,593
123,585
4,234
≠
12,202
6,610,628
2009
S.D.G
2,476,833
≠
112,122
≠
546,650
≠
3,135,605
Building under construction
Automatic teller machines (ATM)
Computers
Electrical tools
Motor vehicles
Others
36
11-
Fix
ed
assets
:
Pa
rtic
ula
rs
Ba
lan
ce
1/1
/20
09
Ad
ditio
ns
Dis
po
sa
ls
Ba
lan
ce
31
/12
/20
09
De
pre
cia
tio
n:
Rate
Ba
lan
ce
1/1
/20
09
De
p fo
r th
e y
ea
r
De
p o
n A
dd
itio
ns
De
p o
n D
isp
osa
ls
Ba
lan
ce
31
/12
/20
09
Ne
t b
oo
k v
alu
e a
t
31
/12
/20
09
31
/12
/20
08
To
tal
51,3
94,8
01
5,16
0,5
01
59,8
26
56,4
95,4
76
21,2
47,0
78
4,30
2,2
93
218
,111
31,3
26
25,7
36,1
56
30,7
59,3
20
30,1
42,5
52
Ele
ctr
ica
l
Eq
uip
em
en
t
& G
en
era
tors
6,48
5,8
71
190
,728 ≠
6.67
6.59
9
10•
3,71
9,0
60
631
,929
9,5
37 ≠
4,36
0,5
26
2,31
6,0
73
2,76
1,7
32
Ele
ctr
on
ic
Eq
uip
em
en
t
8,33
0,3
61
11,4
24,8
56 ≠
19,7
55,2
17
15•
3,42
5,4
10
1,24
9,5
55
106
,864 ≠
4,78
1,8
29
4,97
3,3
88
4,90
4,9
52
Fu
rnit
ure
&
Fit
tin
gs
6,75
5,9
92
469
,726
7,8
26
7,21
7,8
92
10•
4,52
9,4
01
661
,939
23,4
87
7,8
02
5,20
7,0
25
2,01
0,8
67
2,22
6,5
91
Mach
inary
&
Eq
uip
em
en
t
5,27
6,7
03
356
,132 ≠
5,63
2,8
35
10•
3,31
4,8
35
523
,175
17,8
07 ≠
3,85
5,8
17
1,77
7,0
18
1,96
1,7
75
Mo
tor
Ve
hic
les
5,76
6,8
34
423
,425
5200
0
6,13
8,2
59
15•
3,08
5,7
05
865
,025
31,7
57
23,5
24
3,95
8,9
63
2,17
9,2
96
2,68
1,1
29
Bu
ild
ing
s
14,8
26,8
09
2,29
2,7
89 ≠
17,1
19,5
98
2.5
•
3,17
2,6
67
370
,670
28,6
59 ≠
3,57
1,9
96
13,5
47,6
02
11,6
54,1
42
La
nd
3,95
2,2
31
2,8
45 ≠
3,95
5,0
76 ≠ ≠ ≠ ≠ ≠ ≠
3,95
5,0
76
3,95
2,2
31
Co
st:
12- Current accounts and savings accounts: 2008
S.D.G
597,590,426
169,160,782
45,013,000
2,830,246
814,594,454
2009
S.D.G
659,792,328
167,628,775
64,446,392
4,409,881
896,277,376
Current A/Cs (local)
Current A/Cs (foreign)
Savings A.Cs (local)
Savings A/Cs (foreign)
13- Payables: 2008
S.D.G
65,117,690
17,136,752
5,740,412
6,135,682
14,216,660
5,808,991
4,755,295
2,720,963
862,500
534,950
91,755
151,179
231,618
230,926
123,735,373
2009
S.D.G
69,859,998
35,604,967
3,453,674
4,944,519
22,364,973
11,157,841
847,311
2,332,183
≠
3,504,924
≠
3,567,149
230,773
582,536
158,450,848
Margin on L/Cs
Bills payable (local)
Accrual
Other credit Balances
Blocked Accountes
Margin on L/Cs
Transfers under Settelment
Unpaid dividends
Loan
Bills Payable (foreign)
Cheques under collection (local)
Export Accountes
Claims
Interest Recived
Certified Cheques
38
14- Other liabilities: 2008
S.D.G
4,759,600
3,500,000
2,561,219
3,854,487
1,798,043
1,500,000
31,000
18,004,349
2009
S.D.G
3,243,832
2,444,711
1,009,953
339,855
2,189,977
1,250,000
37,500
10,515,828
Provision for zakat
Provision for staff bouns
Provision for post service Banefits
Provision for Business income tax
Provision for deposits security fund
Board fees provision
Provision for audit fees
15- Equity of unrestrivted investments A.Cs 2008
S.D.G
78,556,948
30,973,130
11,520,513
121,050,591
2009
S.D.G
113,284,584
33,358,952
12,567,670
159,211,206
Deposit investment (local currency)
Deposit investment (foreing currency)
Return on unrestricted investment A/C’s
16- Share Capital: 2008
S.D.G
300,000,000
66,975,000
20,193,933
338,110
87,507,043
2009
S.D.G
300,000,000
87,507,043
11,122,897
1,476,130
100,106,070
Authorized share capital 200,000,000 ordinaray shares of
S.D.G 1,50 each
Paid up capital:
Balance in 31/12
Proposed bonus shares
judicial allotment & Round shares fractions
17- Reserves: 2008
S.D.G
10,265,351
5,688,877
8,276,338
7,448,704
31,679,270
2009
S.D.G
10,265,351
5,688,877
10,670,087
7,448,704
34,073,019
Special reserve
Fixed asstes revaluation reserve
Lagal Reserve
General - Reserve
18- Contra Accunts: 2008
S.D.G
49,101,649
263,175,707
380,611,553
50,819,545
4,258,665
30,000,000
777,967,119
2009
S.D.G
32,611,524
279,370,558
397,881,727
15,263,885
6,521,602
15,217,206
746,866,502
Letters of guarantee
Letters of credit
Cheques under collection
Facilities (branches of foreign banks)
Bad debts
Restricted investment deposit
19- Deferred sales: 2008
S.D.G
25,695,661
607,741
26,303,402
2009
S.D.G
25,251,676
329,338
25,581,014
Murabaha
salam
40
20- Investments: 2008
S.D.G
26,264,664
2,480,169
≠
983,539
985,400
292,080
31,005,852
2009
S.D.G
36,066,360
6,424,586
29,700
2,675,564
1,320,958
159,124
46,676,292
securities
finance portfolio
Mudaraba
Maskaraka
Mugawala
Direct investment
21- Return on unrestricted investment A.C’s 2008
S.D.G
16,872,914
©4,218,228®
12,654,686
2009
S.D.G
18,885,983
©4,721,496®
14,164,487
Return on unerstricted investments A/C’s before the Bank’s
share as a mudarib
Bank’s share as a mudarib
22- Banking Services revenue: 2008
S.D.G
13,333,298
7,756,329
5,789,784
2,921,504
1,559,034
572,469
205,264
32,137,682
2009
S.D.G
12,979,951
3,752,955
5,847,962
1,394,481
1,400,253
402,911
257,838
26,036,351
Letters of credit
Documentary collection
Cheques & transfers
Foreign transfers
Letters of guarantee
Export
Income from Al Neel Card (ATM)
23- Other revenue: 2008
S.D.G
7,830,718
10,021,421
2,134,867
2,889,661
2,163,830
1,981,931
220,132
190,142
27,432,702
2009
S.D.G
5,079,560
5,801,128
175,614
1,365,834
2,706,109
693,196
145,706
598
15,967,745
Revenue from serafa (exchange)
Exchange Profit
Return on investment deposits (correspondents)
Other commissions
Ledger Fees
Comm received on tel.fax & postage & courier service
insurance com
Profits on sale of Fixed assets
42
24- General adminstrative expenses: 2008
S.D.G
16,339,566
2,685,387
2,537,699
1,233,354
1,296,351
933,623
817,459
615,766
366,604
142,766
26,968,575
4,854,782
3,500,000
1,307,170
1,424,501
1,405,129
929,495
1,500,000
891,316
609,681
779,638
750,618
488,000
2009
S.D.G
18,437,176
3,036,003
2,808,385
1,523,317
1,465,444
949,214
623,040
580,499
401,054
163,218
29,987,350
8,552,571
2,332,800
1,297,304
1,913,842
1,608,367
1,109,534
1,250,000
1,130,219
1,151,600
657,559
318,180
6,203,000
Staff Cost
Salaries, wages & bonus
Eid gifts
Clothing allowance
Post service benefits
Social insurance
Medical Exp
Overtime
Training Exp
Travelling Exp
Transportation & laoding
General adminstrative expenses:
Provision for doubtful debts
Staff bouns
Printing & stationary
Subscriptions on deposits security fund
Rents & Rates
Water & electricity
Directors Remuneration
Advertising exp
Post,telex & telephone
Insurance
Cash sorting exp
Amortization (revaluation assets & liab)
24- General adminstrative expenses: 2008
S.D.G
785,511
605,840
434,380
419,051
335,918
265,390
242,239
456,092
433,284
163,857
109,723
152,467
57,115
230,044
58,828
90,000
127,142
101,644
28,374
42,921
23,580,150
50,548,725
2009
S.D.G
2,212,784
545,655
483,105
586,304
342,048
249,868
248,628
568,820
401,547
188,340
88,610
152,753
121,213
181,202
40,114
110,000
128,545
89,993
34,703
58,659
34,357,867
64,345,217
Bank charges
Repairs & maintenance
Fuel & lubricants
Security exp
Entertaiment & refreshments
Donations
Portage & packing
ATM
Subscriptions of Financial Organizations
Cleaning exp
Board fees
Governmental fees and sanitation
legal fees
General meeting exp
Stamps
Audit fees
Others
Hotel exp
Magazince & newspaper
License fees
44