First Bank of Nigeria Ltd 2013 Annual Report

319 Pages·2015·5.18 MB·English

Connected.
First Bank of Nigeria Limited | Annual Report and Accounts 2013
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CORPORATE FINANCIAL
INTRODUCTION BUSINESS REVIEW RISK FACTORS
GOVERNANCE STATEMENTS
Connected.
Growth through connected solutions
As a Group, we are exploiting synergies and optimising
cross-selling between our subsidiary businesses to become
more effective and increase value for our shareholders.
Being more ‘connected’ as a Group means we can create
an improved service for all our customers. By listening
to them and understanding their diverse needs, we can
provide innovative products and solutions that better
connect us to them.
It is this sort of forward thinking that has helped us
evolve to become one of the leading financial services
in Sub-Saharan Africa.
FIRST BANK OF NIGERIA LIMITED | ANNUAL REPORT AND ACCOUNTS 2013
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CORPORATE FINANCIAL
INTRODUCTION BUSINESS REVIEW RISK FACTORS
GOVERNANCE STATEMENTS
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The term ‘FBN Holdings Plc’ or the ‘Group’ means FBN Holdings together with This report encompasses First Bank of Nigeria Limited. It is the second
its subsidiaries, which include First Bank of Nigeria Limited. FBN Holdings annual report prepared under the International Financial Reporting Standards,
Plc is a financial holding company incorporated in Nigeria on 14 October which the Company has adopted. Consequently, prior-year results have been
2010. The Company was listed on the Nigerian Stock Exchange under the restated to be consistent with this reporting standard. Unless otherwise
‘Other Financial Services’ sector on 26 November 2012 and has issued and stated, the income statement analysis compares the 12 months to December
fully paid-up share capital as 32,632,084,345 ordinary shares of 50 kobo 2013 to the corresponding 12 months of 2012, and the balance sheet
each (N16,316,042,172.50). In this report the abbreviations ‘N’mn’ and ‘N’bn’ comparison relates to the corresponding position at 31 December 2012.
represent millions and billions of naira respectively. Unless otherwise stated, all disclosed figures relate to continuing operations.
Relevant terms that are used in this document but are not defined under
FBN Holdings Plc is structured under four business groups, namely: applicable regulatory guidance or International Financial Reporting Standards
Commercial Banking, Investment Banking and Asset Management, Insurance, (IFRS) are explained in the glossary or abbreviation section of this report. This
and Other Financial Services. report is also available online at www.fbnholdings.com.
y The Commercial Banking business group comprises First Bank of Nigeria
Limited, FBN Bank (UK) Limited, Banque Internationale de Crédit (BIC), There will be an option to view a navigable PDF copy of the FBN
First Pension Custodian Nigeria Limited and FBN Mortgages Limited. Holdings report and the First Bank of Nigeria report as well as standard
Others include the International Commercial Banks (ICB) in Ghana, PDFs of other available subsidiary reports at the download centre on
Guinea, the Gambia and Sierra Leone. First Bank of Nigeria Limited is the ir.fbnholdings.com. Information on outstanding dividend claims and a
lead entity of the Commercial Banking business group. list of all our branch locations, is available on request by contacting
FBN Holdings Plc Investor Relations department, Samuel Asabia House,
y Investment Banking and Asset Management business group consists of
35 Marina Street, Lagos.
FBN Capital Limited, First Trustees Nigeria Limited, First Funds Limited
and FBN Securities Limited. FBN Capital Limited is the lead entity of the
Investment Banking and Asset Management business group.
y The Insurance business group comprises FBN Life Assurance Limited (now
FBN Insurance Limited) and FBN Insurance Brokers Limited.
y Other Financial Services business group includes FBN Microfinance
Bank Limited (FBN MFB).
FIRST BANK OF NIGERIA LIMITED | ANNUAL REPORT AND ACCOUNTS 2013
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INTRODUCTION BUSINESS REVIEW RISK FACTORS
GOVERNANCE STATEMENTS
IN THIS REPORT
INTRODUCTION RISK FACTORS
OVERVIEW 6 CHIEF RISK OFFICER’S REPORT 136
WHO WE ARE 7 RISK MANAGEMENT FRAMEWORK 139
WHAT WE DO 7 RISK MANAGEMENT DISCLOSURES 142
HOW WE ARE STRUCTURED 8
FINANCIAL STATEMENTS
BUSINESS MODEL SUMMARY 9
STRATEGIC APPROACH 9 DIRECTORS AND ADVISORS 171
PERFORMANCE HIGHLIGHTS 11 DIRECTORS’ RESPONSIBILITY 172
CHAIRMAN’S STATEMENT 14 STATEMENT OF FINANCIAL POSITION 173
LEADERSHIP AND GOVERNANCE 17 INCOME STATEMENT 175
AWARDS 20 STATEMENT OF COMPREHENSIVE INCOME 176
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 177
BUSINESS REVIEW
BANK STATEMENT OF CHANGES IN EQUITY 179
GROUP MANAGING DIRECTOR’S REVIEW 24 STATEMENT OF CASH FLOWS 180
OPERATING ENVIRONMENT 27 NOTES TO THE ANNUAL FINANCIAL STATEMENTS 181
STRATEGY AND PERFORMANCE 29 TRANSITION TO IFRS 298
OVERVIEW 29 STATEMENT OF VALUE ADDED – GROUP 308
WHAT DIFFERENTIATES US? 30 STATEMENT OF VALUE ADDED – BANK 309
BUSINESS MODEL 31 FIVE-YEAR FINANCIAL SUMMARY – BANK 310
STRATEGY AND PERFORMANCE 32 FIVE-YEAR FINANCIAL SUMMARY – GROUP 312
2014–2016 CORPORATE STRATEGY 38
DIVISIONAL REVIEWS 40 GLOSSARY OF RATIOS 314
FINANCIAL REVIEW 54 ABBREVIATIONS 316
RELATIONSHIPS AND RESPONSIBILITY 67 CONTACT INFORMATION 318
INTRODUCTION 67
CUSTOMERS 73
COLLEAGUES 82
COMMUNITIES 90
CORPORATE GOVERNANCE
CHAIRMAN’S STATEMENT 95
KEY GLOBAL TRENDS IN CORPORATE GOVERNANCE 98
LEADERSHIP 100
REMUNERATION REPORT 118
EFFECTIVENESS 119
ACCOUNTABILITY 124
INTERNAL CONTROL 127
ENGAGEMENT 130
DIRECTORS’ REPORT 132
FIRST BANK OF NIGERIA LIMITED | ANNUAL REPORT AND ACCOUNTS 2013
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INTRODUCTION BUSINESS REVIEW RISK FACTORS
GOVERNANCE STATEMENTS
6 OVERVIEW 17 LEADERSHIP AND GOVERNANCE
11 PERFORMANCE HIGHLIGHTS 20 AWARDS
14 CHAIRMAN’S STATEMENT
INTRODUCTION
The FirstBank strategy report covers
the 2013 operating year. It includes an
analysis of our business model, corporate
strategy, business performance during the
year and our outlook for the future.
“As promised at the 2012 financial year-
end, the Bank has again raised the bar for
the industry by delivering strong top- and
p11
bottom-line results.”
Prince Ajibola Afonja
Chairman
Performance p14
highlights
FIRST BANK OF NIGERIA LIMITED | ANNUAL REPORT AND ACCOUNTS 2013
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CORPORATE FINANCIAL
INTRODUCTION BUSINESS REVIEW RISK FACTORS
GOVERNANCE STATEMENTS
6 OVERVIEW 17 LEADERSHIP AND GOVERNANCE
11 PERFORMANCE HIGHLIGHTS 20 AWARDS
14 CHAIRMAN’S STATEMENT
OVERVIEW
First Bank of Nigeria is the principal bank subsidiary of FBN Holdings. FBN Holdings
is the recently established Nigeria-based (non-operating) financial holding company
for the banking and non-banking operations of FirstBank. The subsidiaries of FBN
Holdings offer a broad range of products and services, predominantly from Nigeria,
including commercial banking, investment banking, insurance and microfinance.
OUR GROUP STRUCTURE
FBN Holdings Plc (FBNH)
INVESTMENT BANKING
COMMERCIAL BANKING
AND ASSET MANAGEMENT
FIRST BANK OF NIGERIA LTD FBN CAPITAL LTD
FBN BANK (UK) LTD FIRST TRUSTEES NIGERIA LTD
BANQUE INTERNATIONALE FBN CAPITAL ASSET
DE CRÉDIT MANAGEMENT LIMITED
FIRST PENSION CUSTODIAN FBN SECURITIES LTD
NIGERIA LTD
FBN MORTGAGES LTD FIRST FUNDS LTD
ICB GHANA
ICB GAMBIA
ICB GUINEA
ICB SIERRA LEONE
INSURANCE OTHER FINANCIAL SERVICES
FBN INSURANCE LTD FBN MICROFINANCE BANK LTD
FBN INSURANCE BROKERS LTD
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CORPORATE FINANCIAL
INTRODUCTION BUSINESS REVIEW RISK FACTORS
GOVERNANCE STATEMENTS
6 OVERVIEW 17 LEADERSHIP AND GOVERNANCE
11 PERFORMANCE HIGHLIGHTS 20 AWARDS
14 CHAIRMAN’S STATEMENT
WHO WE ARE bank with representative offices in Paris; Banque Internationale de Crédit
(BIC) – a leading tier 2 bank headquartered in the Democratic Republic of
First Bank of Nigeria Limited (FirstBank) is the largest banking group by
Congo (DRC); International Commercial Bank (ICB) – a portfolio of four
assets in Sub-Saharan Africa (excluding South Africa, i.e., ‘middle Africa’)
West African banks (Ghana, Gambia, Guinea and Sierra Leone) acquired
offering banking services to a rich network of both individual customers and
in 2013; and First Pension Custodian Limited (FPCNL), providing pension
businesses. First Bank of Nigeria Limited represents the main legal entity
fund custody services. Other subsidiaries include FBN Mortgages Limited, a
and previously played an operating holding company function before the
primary mortgage institution (PMI).
implementation of FBN Holdings Plc. Other entities under FirstBank include
FBN Bank (UK) Limited – a fully licensed Prudential Regulation Authority
FBN BANK (UK)
LIMITED
ICB SIERRA 100%
LEONE 100%
BANQUE
75%
INTERNATIONALE
DE CRÉDIT (BIC)
ICB GUINEA
100%
100% FIRST PENSION
CUSTODIAN
FIRST BANK OF
LIMITED
NIGERIA LIMITED
100%
100% FBN MORTGAGES
LIMITED
100%
ICB GAMBIA
ICB GHANA
WHAT WE DO The Nigerian retail banking industry will experience strong growth over the
medium term, which we expect to benefit from given our industry-leading
The Nigerian banking business operates nationally and boasts an active
position. Rapid growth in the segment will be driven by overall economic
customer account base of over 8.5 million accounts served through a large
growth, population growth, increased banking penetration and the resulting
distribution network consisting of 760 branches, 2,437 ATMs and 13,283
uptake of banking products. Our wholesale banking business serves business
point-of-sale terminals (POS). Under FBN Holdings, FirstBank represents 8%
and public sector customers, with products such as corporate lending/
of pre-tax profit at N89 billion for FirstBank only and Banking Group N87.5
financial advisory services and transaction banking services including cash
billion. In the Commercial Banking Group, returns on equity (ROE) of 16.9%
collections, liquidity management, payments, trade finance and foreign
rank it first among all business groups. The Bank offers a full suite of banking
exchange (FX). In addition, increased demand for cross-border services is
products and services to individual, retail and wholesale customers (i.e.,
expected as Nigerian corporates (e.g., Dangote, Oando) expand into other
corporations of all sizes and the public sector). Our retail business covers
African countries.
the spectrum of individual customers, i.e., mass market, affluent, and high
net worth individuals (HNI). We also serve the small and medium enterprises
(SME) segment (defined as businesses with up to N500 million in annual
turnover) within our retail group. Key consumer banking products include
credit cards, retail mortgages, investment products and transaction banking
solutions offered on a strong alternative channel network.
FIRST BANK OF NIGERIA LIMITED | ANNUAL REPORT AND ACCOUNTS 2013
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INTRODUCTION BUSINESS REVIEW RISK FACTORS
GOVERNANCE STATEMENTS
6 OVERVIEW 17 LEADERSHIP AND GOVERNANCE
11 PERFORMANCE HIGHLIGHTS 20 AWARDS
14 CHAIRMAN’S STATEMENT
HOW WE ARE STRUCTURED Finally, FBN Mortgages Limited is a PMI. It provides integrated mortgage
solutions to individuals, estate developers and property investors.
Headquartered in Lagos, FirstBank also has a network of representative
FBN Mortgages is in the process of selling down its real estate assets in line
offices in Abu Dhabi, Beijing and Johannesburg set up to capture trade-
with regulations.
related businesses between respective geographies. Marketing activities are
organised along six customer segments allowing for greater specialisation and The Nigerian financial services market remains one of the largest in the region
an increased customer value proposition. The customer segments served by and our business model and strategy has been designed to defend our current
each Strategic Business Unit are: size advantage while extending our leadership along efficiency metrics. We
y Institutional Banking believe that setting aspirational, yet attainable objectives – and pursuing
y Corporate Banking these in a disciplined fashion according to a robust, practical strategy – will
be central to our continued success as one of West Africa’s largest and
y Commercial Banking
fastest-growing financial institutions.
y Retail Banking
y Private Banking
y Public Sector
More information on each Strategic Business Unit (SBU) and its performance Institutional Federal Government
during the year is presented on pages 40 to 53.
FBN Bank UK is headquartered in London and also operates a representative High net worth
office in Paris. It offers a full suite of commercial banking services including individuals
personal banking, corporate banking and correspondent banking.
Corporate
BIC is the third largest commercial bank in the DRC with revenues of
N8.4 billion. State
Commercial Affluent Government
ICB is a recent addition to the banking portfolio with our acquisition of a
100% equity stake in a portfolio of four West African banks (i.e., in Ghana,
Guinea, Sierra Leone and Gambia) during the fourth quarter of 2013.
Small and Mass market Local
First Pension Custodian Limited (FPCNL) provides warehousing and asset Medium government
management services to licensed pension fund managers. Enterprises
BUSINESS INDIVIDUALS GOVERNMENT
I INSTITUTIONAL BANKING C CORPORATE BANKING C COMMERCIAL BANKING
y Grow lending in right portfolio mix/ y Manage risk with large clients and drive fee y Serves the lower middle segment of the
concentration. income through payments, account turnover, business banking value chain.
y Ensure linkage of lending to transaction trade finance, etc. y Companies with annual turnover of more
banking/fee sources (e.g., cash management, y Grow small ticket lending at right price to than N500 million and up to N5 billion.
trade finance, risk products). large number of corporate customers.
y Leverage value chains of institutional clients. y Establish strong acquisition pipeline for new/
y Deepen capabilities for growth sectors (e.g., referred corporate customers. PS PUBLIC SECTOR
infrastructure). y Optimise RM coverage/deployment model but y Target revenue/expenditure accounts
manage cost for sales and service across the (e.g., Federation Accounts and Allocation
diverse segment. Committee) in wealthiest states and
R RETAIL BANKING business in key ministries, departments and
agencies (MDAs).
y Continue to generate low-cost stable
funding via current and savings accounts P PRIVATE BANKING y Drive value-added services (e.g., collections,
(CASA) deposit mobilisation. y Drive customer acquisition and contribution payment services).
y Make significant strides in acquiring affluent to FirstBank Group with defined y Optimise lending within regulatory
and small business customers as well as youth. referral management system and Group cross- limits and extend via public-private
sell incentives. partnership (PPP) participation and
y Expand consumer and small business credit
y Drive transaction and fee income via investment other Group offerings (e.g., IBAM state
(secured lending, cards).
products/assets under management (AUM) bond issues).
y Align sales and service costs to value
and interest income via credit cards and
of customers.
mortgages (onshore/offshore).
y Establish strong mobile money offering.
FIRST BANK OF NIGERIA LIMITED | ANNUAL REPORT AND ACCOUNTS 2013
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CORPORATE FINANCIAL
INTRODUCTION BUSINESS REVIEW RISK FACTORS
GOVERNANCE STATEMENTS
6 OVERVIEW 17 LEADERSHIP AND GOVERNANCE
11 PERFORMANCE HIGHLIGHTS 20 AWARDS
14 CHAIRMAN’S STATEMENT
BUSINESS MODEL SUMMARY model stems from the high-quality (annuity type) income structure and the
current regulation limiting pension scheme contributors from transfer between
FirstBank is a leading Nigerian commercial banking group providing a range of
pension fund administrators (PFAs). Notwithstanding, FPCNL continues to
banking and non-bank financial services to individual and corporate customers.
drive a number of efficiency initiatives to optimise its cost profile.
Over the years, FirstBank has built a formidable deposit-gathering machine
by leveraging a number of key structural advantages. These include a massive The Nigerian financial services market remains one of the largest in the region
network of branches, a large retail client base, and strong relationships with and our business model and strategy has been designed to defend our current
the public sector and top institutional corporates. size advantage while extending our leadership along efficiency metrics.
BANKING
STRATEGIC APPROACH
The business model for our banking services is designed around our capacity
to serve retail, corporate and public sector customers across Nigeria with a At the onset of the current strategy planning cycle (i.e., 2011–2013),
range of deposit, lending, transactional, trade and FX products. The primary the FirstBank Group prioritised large-scale structural changes designed to
source of income is derived from extending credit at a rate marginally above accelerate growth and deliver industry leadership. The Bank set a strategic
the cost of safeguarding deposits. To provide value to our customers, we intent ‘to lead in each business unit and as a bank overall across a range of
leverage our strategic advantage in customer relationships, well respected performance and health indicators’.
brand, and wide multi-channel distribution network. With over 8.5 million
To achieve this, FirstBank laid out specific strategies. The strategies supporting
active customer accounts, leadership driven by efficiency, customer service
the financial priorities were designed to maximise and leverage the Bank’s
and relationship focus is the key priority. We believe a customer-centric
competitive advantage by increasing fees and commissions, enhancing pricing
model will enable us to deliver sustainable value to our shareholders.
to match the market, ensuring cost optimisation and keeping the current low-
cost fund advantage by mobilising low-cost deposits. With respect to non-
NON-BANKING
financial priorities, FirstBank focused on revamping the customer experience
On the non-banking side, First Pension Custodian (FPCNL) provides custodian within the Bank, and getting the best out of staff through targeted talent
services to pension fund administrators. Income is mainly derived from management actions as well as a robust performance management system.
custody fees driven by the market value of total custody assets. We also
generate revenue from money market investments. The sustainability of this
2011–2013: Financial and non-financial priorities
CORPORATE STRATEGY
I INSTITUTIONAL Improved value proposition and
FINANCIAL BANKING tailored solutions to serve
PRIORITIES largest corporations NON-FINANCIAL
PRIORITIES
y Finecerse aasned commissions C C BAONRKPOINRGATE Lpeenndeitnrgat aiotn m oaf nmagide-ds irzisekd; cimorpproorvaetde s y Service excellence
y Selective loans and y Credit quality/
advances creation PS PUBLIC Bank of choice for government bodies process excellence
y Pricing optimisation SECTOR at the Federal and State levels y Brand transformation
y Low-cost deposit y Talent management
liability generation R R ETAIL Strong affluent/SME customer y Performance
BANKING acquisition with continued deposit
y Operating expense management
drive and credit expansion
containment
P PRIVATE Premium/differentiated sales
BANKING and service model for high net
worth individuals
FIRST BANK OF NIGERIA LIMITED | ANNUAL REPORT AND ACCOUNTS 2013
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CORPORATE FINANCIAL
INTRODUCTION BUSINESS REVIEW RISK FACTORS
GOVERNANCE STATEMENTS
6 OVERVIEW 17 LEADERSHIP AND GOVERNANCE
11 PERFORMANCE HIGHLIGHTS 20 AWARDS
14 CHAIRMAN’S STATEMENT
2014–2016 ASPIRATIONS FirstBank is the market leader in Nigeria, with gross earnings of N372.6 billion
and revenue market share of 14%. The Bank’s revenues have been growing
Nigeria is the 13th fastest growing economy globally. With the largest
faster than those of its peers over the last three years. This leadership
population in Africa and one of the fastest population growth rates in the
position is particularly driven by strong performance in the mass segment.
world, banks will be faced with a continuous flow of new bank customers.
The SME and affluent segments (source of most future growth) account for
Banking penetration is still low, and there is significant opportunity to increase
a much smaller share of revenue compared to market average. Retail banking
wallet share. In the corporate segment, economic reforms are expected to
drives 58% of overall Bank net revenue.
generate new demand for project financing and transaction banking. Increased
demand for cross-border services is also expected as Nigerian corporates To continue building on its strengths and successfully address challenges,
expand into other African countries. FirstBank has outlined an ambitious set of aspirations and targets to surpass
analyst expectations over the next three years. In support of these efforts,
Furthermore, the current economic recovery is improving customers’ ability
the Bank has also outlined a set of strategic goals and key enablers. The
to service debt, and banks have an opportunity to increase the efficiency of
agreed three strategic themes are to:
their distribution via alternative channels. These developments are expected
to lead to: y attain leadership in mid-market and corporate;
y a revenue growth rate of 17% cumulative annual growth rate (CAGR) for y drive efficiency and sweat the assets; and
the banking sector;
y bring service delivery excellence to the Bank’s customers.
y a growth of 18% CAGR in the retail market, resulting in an estimated
2016 revenue pool of more than N1.7 trillion; The Bank is adopting a strategy centred on client segments, and has set
y significant growth opportunity in the SME sector, particularly the affluent segment-specific market share aspirations for 2013–2016. In the retail
and mass segments; and market, the aspiration is to grow market share of the SME segment from
11% to 15%, and of the affluent segment from 5% to 6%. In the wholesale
y a forecast to growth of 16% CAGR over the 2013–2016 period in the
market, the Bank aspires to defend its market share in public sector and
wholesale market, creating an overall revenue pool of N2 trillion by 2016.
institutional, while accelerating growth in the other segments. The Bank’s
However, new regulation is eroding profitability in the banking sector. The aspiration is to grow market share of the corporate segment from 9% to
Central Bank of Nigeria’s (CBN’s) ‘Revised Guide to Bank Charges’ is expected 10%, and the emerging corporate segment from 3% to 5%.
to wipe out ~25% of fees and commission income or ~5% of total bank
To reach its strategic goals, the Bank has identified seven priority initiatives.
revenue. On the funding side, the CBN has stipulated a minimum interest
rate on savings accounts and the cash reserve ratio (CRR) of 30% of 1. Transform each branch into a best-in-class service and sales machine.
monetary policy rate and 50% on local currency public sector deposits as at 2. Develop an RM sales excellence programme.
31 December 2013; however this has been reviewed to 75% as at January
3. Launch an integrated cost containment programme.
2014. The CBN also plans to introduce a surcharge on the capital adequacy
4. Build a distinctive transaction banking capability.
requirements for systemically important financial institutions (SIFIs). In
addition, SIFIs will need to raise their ratio of tier 1 capital versus total 5. Be the commercial bank of choice.
qualifying capital from 15% to 16%. To mitigate these challenges, banks will 6. Drive aggressive non-performing loan (NPL) management.
need to seek new areas in which to charge fees, and to increase cross-selling
7. Aggressively pursue a service excellence programme.
with their non-bank business units.
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FIRST BANK OF NIGERIA LIMITED | ANNUAL REPORT AND ACCOUNTS 2013