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Headquarter : Khartoum – ElQasr StreetTel : 00249183770400Fax : 00249183770392 – 00249183765567P.O Box : 11522SWIFT: OMDBSDKHWebsite: www.onb.com.sdE-mail: [email protected]
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Vision: “To be the first Sudanese bank in banking industry, development and foreign trade”
Mission:“We strive to satisfy all partners and clients through provision of prominent banking products in advanced technology by qualified cadres with dedication and sustainable excellence”
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PageItem
5Bank Directory ...............................................................................................................
8The bank strategy...........................................................................................................
10Board of Directors .........................................................................................................
11Shariah Supervisory Board ............................................................................................
12Top Management ..........................................................................................................
14Executive Management .................................................................................................
15Indicators of Global Economy during 2016...................................................................
16Indicators of Performance of National Economy during 2016 .....................................
17The Rating of Omdurman National Bank in 2016 ..................................................
18Indicators of Financial Performance of the Bank ........................................................
20Report of Board of Directors on 2016 performance in the twenty first general assembly meeting ..........................................................................................................
23Shariah Supervisory Board Report ................................................................................
24National Audit Chamber Report ..................................................................................
26Statement of Financial Position as at 31/12/2016 .........................................................
27Income Statement of the year ended at 31/12/2016 ......................................................
28Statement of cash Flow of the year ended at 31/12/2016 .............................................
29Statement of Changes in Equity as at 31/12/2016 .....................................................
30Notes to Financial Statements as at 31/12/2016 ...........................................................
ContEntS
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Omdurman National Bank was founded as a limited Joint – Stock company in January 1993 and the bank commenced its activities in August 1993 by providing all types of banking and investment services that comply with the principles and norms of Shariah law. The Bank is considered as the most important and main pillar of the national economy in the field of banking, investment and foreign trade through a network of correspondents that spread all over the world.
The bank`s most important objectives: * Mobilizing and taking Sudanese peoples` savings inside and outside Sudan.* Financing the internal and foreign trade operations and activation of bilateral relationships with the international banks and financial institutions.* Financing of private sector.* Contribution to financing the different economic sectors and investment portfolios.* Contributing effectively to the social responsibility and support of the state efforts in broadening the microfinance base and social-oriented finance as well as supporting artisans and small producers.* Deepening and development of Islamic financing formulas.* Financing projects of the economic development in the fields of mining, agriculture, industry , transportation and different infrastructural projects.
The Bank Memberships in Institutions and Unions: The bank is prominent for its memberships in many local, regional and international institutions and unions. The most important of these institutions and unions are:
Member of in Sudanese Banks Union ( SBU)- Member of in the Union of Arab Banks ( UABS)- Member of in Accounting and Auditing Organization for Islamic Financial - Institutions ( AAOIFI).Member of in Islamic Financial Services Board ( IFSB)- Member of in Sudanese Banking Deposits security Fund (BDSF).- Member of in SWIFT network.- Member of in Association of Development Financing Institutions (ADFIMI)-
And many other regional and international institutions
Bank DIrecTory
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operaTIng BrancheS anD SUB-BrancheS
The operating branches:
No Branch Country /City key Telephone Fax 1 Khartoum 00249183 789125-789124-777225-777219 7929552 Omdurman 00249187 455307-454895 4553193 Port Sudan 00249311 826091-820870 826092-8208704 Elgeyada 00249183 795231-7794419- 795230 7746585 Elgadaref 00249441 843302-840082 8433866 Elobeid 00249611 823740 8239437 Sinnar 00249561 824458 8242088 Elsaggana 00249183 467784- 488322- 462951 4697649 Aldamazin 00249551 822081-822064 82312410 Nyala 00249711 837068-832549 832544
11Alsoug Almahali- Khartoum
00249183 431790-431791- 435176 426710
12Soug Libya- Omdurman
00249187 594340-585422 488181-593633
13 El mogran 00249183 766909- 766925-766936 766920 -76693614 Elsinaat – Bahry 00249185 320677 – 320678 32067615 Atbara 00249211 832925 32920-32929
16Shari Alwadi - Omdurman
00249183 770400-861 -
17 Hilat kuku 00249183 770400-815 -18 Medani 00249183 770400-640 -19 Kosti 00249183 770400-409 -20 Rabak 00249183 770400-420 -21 Mohmed Najeeb 00249183 770400-620
The operating sub-branches: No Sub-branch City key Telephone Fax 1 Ma`ashien Tower / Elgeyada 00249183 400374 -400286 4002912 Southern market/ Nyala 00249711 831654 832544
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Map of geographIcal SpreaD of Bank BrancheS
Khartoum
Portsudan
Elgadarif
ElobiedSinnar
EldamazinNyala
capital BranchesKhartoum1Omdurman2Elgeyada3ELsaggana4Elsouq Elmahali5Souq Libia6Elmogran7Elsina’at -Bahry8Shari Alwadi . Omdurman9Hilat kuku10Mohmed Najeeb11
The States BranchesPortsudan1Elgadarif2Elobied3Sinnar4Eldamazin5Nyala6Atbara7Medani8Kosti9Rabak10
(11 Branches)
Atbara
Medani
Kosti Rabak
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The bank`s strategy aims to realize its mission in contributing strongly in building its country based on its people`s inherited civilization and values to realize its objectives for the good of its all stakeholders. Also, the strategy aims to achieve the vision of the bank for providing its client with distinct banking services in order to meet the ambitions of depositors, investors as well as shareholders by using the best banking technologies and qualified cadres foreseeing brighter future for Sudan. The most important features of the bank strategy are as follows: 1. Commitment to adjust the bank various activities by the principles and provisions of Islamic Shariah .2. Using the latest available banking technological systems to improve and promote the quality level of the provided banking services to satisfy its clients.3. Developing the skills and the experiences of the human capital through continuous training and capacity building.4. Optimizing the use of resources to increase the income, maximize revenues and maintain low cost rate.5. strengthening and expanding the bank`s foreign relations.
The Bank STraTegy
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1. The bank looks forward to continue focusing on developing the banking technology through completing the phases of introducing the new electronic banking system so as to cope with the evolving banking industry.2. The bank strives continuous improvement in the banking services quality and the levels of clients satisfaction3. The bank is working to maintain its pioneering position in the Sudanese Banking sector in terms of capturing the lion`s share of assets , deposits and finance.
The Bank`S fUTUre planS:
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BoarD of DIrecTorS
Dr. Sabir Mohamed HassanDeputy Chairman
Dr. Abd Elrahman Moh. Dirar Chairman
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Mr/ Mohammed AlHassan Alssanossi Member
Mr/ Abd Elmohsin Abd Elbagi SiragMember
Dr / Abdelhameed Mohammed Jameel (GM)Member and reporter
Mr/ Yahia Osman AliMember
Mr/ Isameldin Khalid BasheerMember
Mr/ Mohammed Ahmed Haj MajidMember
Mrs . Amna Merghani Hassan AltoumMember
Mr/ Mohammed Alhassan AbdallaMember
BoarD MeMBerS
Shariah Supervisory Board 1/ Dr. Ahmed Ali Abdalla – chairman.2/ Mr . Mukhawi Mudawi Mukhawi – Deputy chairman3/ Dr. AlObeid Muaaz AlSheikh – member
Legal advisor : Ustaz . Hashim Abubakr ElGaaliTechnical advisor: Prof/ Awad Haj AliLegal auditor: National Auditor ChamberSecretary of Board of Directors: Mr. Ahmed Anawer GassimThe Compliance officer: Mr. Qais Mohammed Hammza Shariah Supervisor : Mr. Mergani Osman Ali
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Dr. Abdelhameed Mohammed Jameel
general Manager
Top ManageMenT
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Mr. Yahia Mohamed Mukhtar
Mr. AlNour AlNaeem AlHusein
Deputy general Manager
assistant general Manager
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execUTIve ManageMenT
Directors of Departments: No Director Department 1 Mr. Ahmed Elbasheer Mohamed Ahmed Correspondent Banking and Treasury 2 Mr. Abdalla Khogali Mohammed Elfaki Technology Projects Unit3 Mr. Mohammed Osman Mahmoud Planning and Research4 Mr. Mohammed Elamin Elhaj Elhussein Risk Management5 Mr. Hussein Mohammed Ali Omer Human Resources Development and Services6 Mr. Nuraldeen Ahmed Mohammed Abdelmajeed Financial Affairs7 Mr. AlBager Mohammed Abdalkarim Internal Audit8 Mr. Mohammed Abdalla Ali Alshier Information technology 9 Mr. Isamedin AbdelRahim Ibrahim Investment10 Mr. Osama Mohammed AlKheir Okasha Legal affairs 11 Mr. Isamedin Abu Aleizeib Abbo Banking Affairs and Services12 Mr. Ihab Mohammed Osman Executive Office
The Branches Managers: first: khartoum state Branches:
No Manager Branch 1 Mr. Osama Abdulrahman Ali Mohammed Khartoum 2 Mr. Almagboul Mohammed Hamid Almagboul Elsaggana3 Dr. Omer Hassan Ahmed Hassan Soug Almahali-Khartoum4 Mr. Mubarak Daffalla Nussar El mogran5 Mr. Amir Hassan AlBasheer AlHassan Elgeyada6 Mr. Faisal Mahmoud Abdalla Mohammed Omdurman7 Dr. Atif ElSheikh Ali Mohammed Soug Libya- Omdurman8 Mr. Mohammed AlHassan Abdelghani Elsinaat – Bahry9 Mr. Abdelhafeez Mohammed Mohammed Kheir Shari Alwadi- Omdurman10 Dr. Anas Osman Hassan Malik Hilat Kuku 11 Mr. Imadeldin Merghani Alnier Mohammed Najeeb
Second: other states Branches:No Manager Branch 12 Mr. Ali Abdellateef Abdelraheim Port Sudan13 Mr. Faris Hassan Albanna Koko Aldamazin14 Mr. Omer Mohammed Ahmed Abdalla Atbara15 Dr. Hassan Abdalwahab Mohamed Nyala16 Mr. Mohamed Haroun Idrees El obeid17 Mr. Tajeldeen Ibrahim Elsheikh Elgadaref18 Mr.Hajo Mohamed Hajo Mohammed Sinnar19 Mr. Omran Abdalla Abdelrahim Medani20 Mr. Khalid Ahmed Mohammed Abdelhafeez Kosti21 Mr. Mohammed Abdelgadir Mohammed Rabak
Third :Under establishment branches No Manager Branch22 Mr. Salih Mohammed Abdalla Bahri 23 Mr. AbdElfattah Elawad Elhasan Obeid khatim 24 Mr. AbdElraheem Babikir AbdElraheem Elkalaklah25 Mr. Elzobair Idrees Mohammed Ali Kassala26 Mr. Ayman Mohammed Elamin Abdalla Gindeel Sudan University
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The growth rates of the global economy during 2016 reached 3.1% compared with 3.2% in 2016, as the economic activity in the developed economies witnessed a remarkable growth with 1.6% in 2016. Whereas the developing countries’ economies witnessed growth with 4.1% , despite the marked decrease in the Brazilian, Nigerian and Russian economies with (-3.5%), (-1.5%) and (- 0.6%) consecutively. Whereas , the Chinese and Indian Economies registered growth rates with (6.7%) and (6.6%) as the biggest growth expected in 2016. For the emerging and developing economies, they realized growth rate of 4.1% in 2015 and 2016. In the economies of Middle East and North Africa, the growth rates registered an increase with 3.8% in 2016 compared to 2.5% in 2015. The International Trade: The international trade grew in 2016 by 1.9% compared to 2.7 % in 2015. The imports of the developed economies increased by 2%. Also, the imports of the developing economies increased by 1.8%. prices of oil and raw Materials: The oil prices have increased in the recent months of the year 2016. And this is greatly attributed to agreement of the oil exporting countries to reduce supplies. As the average oil price reached $ 42 US Dollar a barrel in 2016 , compared to $ 36 US Dollar in 2015 with growth rate of 16 %. , whereas the raw materials prices decrease by 2.7% compared to decreasing rate of 17.4% in 2015.
InDIcaTorS of gloBal econoMyDUrIng 2016
Sources : * International Bank * International Monetary Fund
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InDIcaTorS of perforMance of naTIonal econoMyDUrIng 2016
The year 2016 witnessed a number of economic changes at the local and regional levels that had a major effect on the Sudanese economic indicators. The most important indicators are as follows: gross Domestic product (gDp):According to the reports of International Monetary Fund (IMF), Sudan economy grew by 3.1% in 2016, compared to growth rate of 4.9% in 2015 where the average economic growth in oil importing countries in the Middle East , North Africa, Pakistan and Afghanistan was 3.6%. Inflation rate: The inflation rate continued its increase in 2016 reaching 30.5% at December 2016, compared to 12.6% in December 2015 as a result of structural economic reform policies adopted by the government in the fourth quarter of 2016. foreign Trade:The Sudanese exports reached US Dollars 3.1 billion in 2016 compared to $ 3.2 billion in 2015. And the imports reached $ 8 billion in 2016 compared to $ 8.4 billion in 2015.The Monetary indicators and exchange rate: The money supply at the end of 2016 reached SDG 120 billion compared to SDG 94 billion at the end of 2015The average exchange rate of the European currency (Euro) in December 2016 was SDG 6.97 compared to SDG 6.6 in December 2015. Also, the incentive system of purchase and selling foreign currency with average exchange rate reaching more than 100% of the official rate.Deposits and finance:The deposits in the Sudanese commercial banks increased to SDG 78 billion at the end of 2016 compared to SDG 63 billion in 2015. The volume of the banking finance reached SDG 67 billion in 2015 representing 85% of the total deposits in the banking system compared to SDG 50 billion of finance in 2016.
Sources : * International Bank * International Monetary Fund
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The bank was rated in 2016 , according to the regional and international institutions, in a leading position at the top of the Sudanese banks. This rating included the following:a) Omdurman National bank has been awarded the Arab prize of the productive families of 2016 as the best supporter and sponsor of the productive families for 2016. This prize is organized by Kingdom of Bahrain every two years through the Ministry of Labor and Social Development in Bahrain.b) Omdurman National bank has been awarded the prize of the First Bank in Sudan in 2016 ,for the second consecutive year and the eighth since its establishment, by “ The Banker Awards “ magazine that issued by the British Financial Times institution, for possessing the largest assets volume , beside the highest rates of return on ownership equity and net profits as well as the bank`s ability to absorb the crises and overcome the difficulties which may obstruct its march forward.c) Omdurman National bank has been awarded the national prize of the productive families for 2016 that is offered annually by the federal Ministry of welfare and social security.d) Omdurman National bank has maintained its pioneer position among the Sudanese banks, occupying the rank No (81) in the list of the biggest Islamic institutions and the rank No (73) in the list of the Islamic banks in the world, and the rank No (1) in the list of the Sudanese Financial institutions according to the rating of (The Banker) of the British Financial Times issue of 2013.e) Omdurman National bank has maintained its leading position among the Sudanese banks in the list of the Biggest 150 Arab banks according to the rating of the Journal of Arab banks Union for the years 2007, 2008, 2009 , 2010 and 2011. f) Omdurman National bank has occupied the rank No (81) in the list of the Biggest 100 African banks according to the rating of “ the Banker “ magazine issue of January 2014.g) Omdurman National bank has occupied the rank No (117) in the list of the first 150 Arab banks in terms of shareholders rights according to the rating of “ Economics and Business “ magazine – Bruit in the issue no 418 of October 2014.
The raTIng of oMDUrMan naTIonal Bank In 2016
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InDIcaTorS of fInancIal perforMance of The Bank (2010 -2016)
The following table shows the most significant financial indicators:
(in 1000 SDG)Description 2010 2011 2012 2013 2014 2015 2016Assets 7,715,883 6,570,265 9,165,359 10,561,174 12,607,097 13,992,164 15,574,165
Demand deposits 1,512,930 1,720,614 2,115,397 2,413,425 2,864,531 4,787,312 5,741,962
Investment deposits 4,308,340 3,483,388 4,489,368 5,275,374 5,657,779 6,552,219 7,009,359
Paid up capital 523,320 523,320 800,000 800,000 800,000 800,000 800,000
Equity 734,175 256,251 1,121,817 1,217,670 1,306,296 1,469,842 1,615,911
Revenues 555,914 631,187 707,706 714,943 887,073 1,196,336 1,651,733
Operating Expenses 124,289 98,954 118,444 141,016 165,977 212,635 298,006
Provisions 8,042 69,712 110,580 30,569 75,281 66,303 60,975
Net profits 70,590 91,465 102,331 166,594 233,050 358,397 434,545
(Thousands SDg)
Assets Demand deposits
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Investment deposits Paid up capital
Equity Revenues
Net profits
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Dear brothers..Allah`s peace , mercy and blessing be upon you Praise is to Allah with Whose grace the righteous are done, and utmost peace and blessings be upon the most honourable creature – our messenger, Mohammed and to his family and followers.Honorable brothers..I am fully proud to meet you in our regular 21st meeting of the bank general assembly to evaluate the performance during the past year 2016, to specify the pros and cons, to enhance the pros avoid the cons , and discuss the continuation of this bank`s leadership of the Sudanese banking system ( as it is the biggest and most effective in Sudanese banks system) , and a model for national institutions, to continue its a strong support to the national economy. Dear brothers..The bank witnessed remarkable progress in its business size and results, continuing its leadership of the Sudanese banks in 2016 as a result of the adoption of an ambitious strategy which took into consideration all the external and internal effects, depending on the same pattern of previous performance with professionalism, institutional control and transparency. In the beginning, please excuse me to summarize the most important financial results achieved by the bank in 2016 which reflects , in all its indicators , a positive growth in all data . And it is the thing that assisted the bank to maintain its pioneer position in the banking system. It is important to mention that the bank managed to realize the objectives of the plan and budget for 2016 with higher performance and praise is to Allah. These indicators are as follows: firstly: assets: The Total Assets reached SDG 15.57 billion in 2016 compared to SDG 14 billion in 2015, registering a growth rate of 11%. Secondly:liabilities and investment Deposits: The liabilities in 2016 reached SDG 13.9 billion compared to SDG 12.5 billion in 2015 with growth rate of 11%.The most important liabilities and investment deposits are as follows:
1) Total deposits: The total deposits in local and foreign currencies reached SDG 12.7 billion in 2016 compared to SDG 11.3 billion in 2015 with growth rate of 12%. And this is apparently displayed in the following: 1- current deposits: The total current deposits in 2016 reached SDG 3.9 billion compared to SDG 2.9 billion in 2015 with growth rate of 34%.2- Saving deposits: The saving deposits increased in 2016 to reach SDG 882 million compared to SDG 615 million in 2015 with growth rate of 43%.3- Insurances and margins :The insurances reached SDG 955 million in 2016 compared to SDG 1,268 million in 2015 4- Investment deposits ( investors accounts): The investment deposits reached SDG 7 billion in 2016 compared to with SDG 6.55 billion in 2015 with growth rate of 7%.Thirdly: equity:The equity increased by 10% in comparison to 2015 as it reached SDG 1,616 million in 2016 compared to SDG 1,470 million in 2015. This increase is greatly attributable to increase of profits and the reserves. fourthly : the bank investment activities:The bank continued its special strategy of financing the private and public sectors` companies that operate in infrastructural and developmental projects. The Bank has also participated in all financing syndications which have been executed by the banking system in the fields of agricultural and industrial production and the increase of non-petroleum exports and housing. Besides the finance of micro-finance activity and the social – oriented finance.The bank has continued playing its leading role of supporting the national economy, as the size of finance and investment for the various sectors has reached SDG 10 billion by the end of 2016 compared to SDG 8 billion in 2015 registering a growth rate of 25%.The above assures the effectiveness of the bank in supporting the national economy having contributed with 16% of the total finance offered by the banking
reporT of BoarD of DIrecTorS on 2016 perforMance In The 21St general aSSeMBly
In the Name of Allah the Most Gracious the Most Merciful
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system. With regard to the finance of the small sectors and productive families, the bank continued its policy of supporting this sector believing that, supporting these segments and helping them to access the production cycle is the best way for alleviating poverty as well as broadening the base of economic activities to increase the Gross Domestic Production (GDP). In this scope the bank has adopted the expansion of the micro-finance umbrella and activities through focusing on the training of the targeted groups before offering the finance in a shape of consecutive classes in coordination with organizers. Accordingly the bank has held more than (20) training courses during the last four years training more than 2500 persons from the targeted groups of : martyrs` families , military pensioners , widows and groups coordinated with Sudanese Women Union and all were offered the finance. This experience proved to be successful as it is clearly apparent in the improvement of the living standards of the absence of any default families.The bank also always keen to dedicate a notable portion of its finance portfolio in financing other sectors those have social dimension.fifthly: gross Income and net profits (income statement): The bank net profits reached SDG 479 million as at the end of 2016 compared to SDG 397 million in 2015 with growth rate of 21%. These profits were realized as a result of the high revenues accomplished this year reaching SDG 1,652 million before the deduction of the profits of investment deposits at an operating cost rate not exceeding 18% of revenues. Knowing that the international standard of operating cost rate is 35% and this is clearly refers to the effectiveness of the bank in generating revenues and the good management of expenses. And the total cost rate approximately
reached 39% compared to the international standard rate of 55%. Sixthly : Investment Deposits profits: The Investment Deposits Profits reached SDG 703 million at the end of 2016 compared to SDG 455 million in 2015. The profits were distributed at the rate of 14 % for the long-term deposits and 12.5% for absolute and restricted deposits in local currency compared to 13% , 12 % consecutively in 2015. Also, profits were distributed at the rate of 6% for the deposits in foreign currency in 2016 , the same as in 2015 ( It’s worth mentioning that the investment deposits size reached SDG 7 billion represents 30% of the total investment deposits in the banking system).Seventhly: early warning indicators:The year 2016 witnessed a remarkable stability in the bank rating according to the preventive supervisory standard (CAEL) and the quarterly reports of Central Bank of Sudan. As the bank rank remain stable at “ Satisfactory” level. This is clearly attributed to the apparent stability in the most important elements forming the standard ( capital sufficiency – profitability – liquidity – assets quality and non performing loans).
Dear honorable brothers The human resource development is the main base and the key of success and accomplishments. So, the board of directors and executive management have focused on providing an excellent working environment for the staff and on improvement of their performance through the continuous training program inside and outside Sudan. The training opportunities in 2016 reached 1370 ones inside and outside Sudan at the rate of almost two training courses for each staff member.Also, the management has been keen in its policy of granting incentives to the staff, and continuously
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improving their living and financial standards , as the year 2016 witnessed an increase in the number of promoted employees and increased loans granted to employees, all that to achieve the job satisfaction , urging them to exert more efforts as well as the activation of the programs of strengthening the social ties among the staff. Dear attendees In order to maximize ONB’s market share, the financial inclusion strategy has been implement, that the year 2016 witnessed opening several branches as Kosti branch in The White Nile state; Medani branch in Gezira state; Shari Alwadi branch in Karare locality and Hilat Kuku branch in Sharq alneel locality were opened in the year. Also, the beginning of 2017 witnessed opening of Rabak branch in The White Nile state as well as Mohammed Najeeb branch in Khartoum locality and this year will witness more branches the opening of in Khartoum and other states.Also, the bank executed more internal working environment improvement activities during 2016 and that through maintenance and rehabilitation of buildings in the bank headquarters and state branches.The year 2016 witnessed developing and promoting more technological services beside expansion of the beneficiaries base.Dear attendees With regard to social responsibility, the bank has continued its usual role of the direct support to the needs of the community (individuals and institutions) such as the rehabilitation of education , health , religious institutions. Also, the bank has continued its remarkable activity in the Holy Month Ramadan of daily provision of food and beverages to 3000 person during the month in the grand mosques of Khartoum, Khartoum North and Omdurman.
Besides that it provides food and beverages to the passerby in the main streets. Dear honorable brothers As culmination to the bank`s accomplishments during 2016, the bank has occupied many advanced positions and ranks in the classifications conducted by the specialized regional and international financial and banking institutions at the regional and global levels. Really, this is a repetition and assurance of the bank’s pioneer position in the Sudanese banking system. As the bank managed to maintain its leading position in the Sudanese banking system in 2016 obtaining the rank No (1) in Sudan for 2016, according to the classification of “ The Banker” the British magazine in the issue of December 2016. also, the bank was awarded the national prize of the productive families for 2016 prize which offered annually by the federal Ministry of welfare and social security.Equally important, the bank was awarded the Arab prize of productive families for 2017 as the best bank in support and sponsoring the productive families , the prize is organized by Kingdom of Bahrain every two years through the Ministry of Labor and Social Development under the auspice of Her Royal Excellency , princess Sabeika bint Ibrahim Al Khalifa. Dear brothers,Praise be to Allah for these remarkable accomplishments which have been achieved by Allah`s Divine support, and as the result of the joint efforts exerted by shareholders, board of directors, its committees, the top executive management and the staff.Also, we assure that the march of accomplishments will never cease to this limit deeply believing that Omdurman National Bank will continue to be the first choice for clients in Sudan and for correspondent banks abroad as well. Finally, we submit our recommendations for your honorable assembly for approval of the Financial statements, the Reports of Board of Directors, National Audit Chamber and Shariah Supervisory Board. Also, we submit our proposal for profits distribution for the year 2016.On Allah we rely and He leads the righteous way
Peace be upon you
Dr. Abd Elrahman Mohammed Dirar Chairman of board of directors
23SharIah SUpervISory BoarD
Gumda ithania 21st 1438March 20th 2017
Shariah Supervisory Board report of 2016
Praise is to Allah – the Generous Patron and pray be to our master, Mohammed peace be up on him and his family Dear shareholders of omdurman national Bank
Peace and Allah`s blessings be upon youReferring to the foundation order of Shariah supervisory board, the standard of Islamic financial institutions governance and Central Bank of Sudan mandate about appointment of Shariah supervisory board with its responsibilities and reports.The Shariah supervisory board present to Omdurman National Bank general assembly the following report:The responsibility of commitment to the articles of Islamic Shariah and its principles beside carrying out all bank daily transactions in accordance with the above is borne by the bank management to be regarded as routine work and executive activity and the board in collaboration with training administration offer the training programs as well as issuance of Islamic consultation “Fatwa”, resolutions and directives that lay the basics of the banking activity and elaborations of its rules. Also, the board issues an independent opinion reflecting its supervision of the bank activities and direct its remarks to realize the goal of serious work to comply with Shariah principles . The board and Shariah supervisor visited all of the bank branches and went over the audit administration report about the correctness of the bank transactions audited by it and the legal affairs about the results of their audit in addition to the certificate of financial administration about spending of illegal earnings in charitable aspects.Also, the board went over the national auditor chamber report about distribution of profits among the owners of absolute investment deposits and owners` equity besides the Zakat of the bank for the fiscal year 2016.So, Shariah supervisory board vises the following: 1/ the bank transactions revised by the board in the year ended on 31/12/2016 were performed according to the Islamic laws and principles. 2/ the realized gains obtained from illegal sources and means were retained as an illegal gains and spent in charitable aspects as mandated to. 3/ the Zakat was allocated according to Shariah principles , Zakat law and Zakat Chamber circulars.The board hereby offers its due thanks to the bank administration for its cooperation and commitment to Shariah law and principles. Besides , the due attention of the bank administration paid to encourage te staff to promote their faith and conscience spontaneously. We ask Allah success and welfare to all.
In the Name of Allah the Most Gracious the Most Merciful
Mr . Mukhawi Mudawi Mukhawi Dr. AlObeid Muaaz AlSheikh Deputy chairman member
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the opinion: We have audited the accompanying financial statements of Omdurman National Bank which consist of statement of financial position as at December 31st 2016, income, changes in owners` equity and cash flow statements for the year then ended and summary of significant accounting policies and other explanatory notes.In our opinion that the enclosed financial statement are authentic and fair representation of the bank financial position as at December 31st 2016, beside its financial performance and cash flow for the year then ended in accordance with international financial reporting standards and accounting standards issued by Auditing Organization for Islamic Financial Institution and in compliance to laws and by-laws.
the basis of opinion: We conducted our audit in accordance with International Standards on Auditing. Our responsibility in light of these standards will lately be mentioned under the article of Auditors` Responsibility about financial statements audition. Our independence required us to be restricted to the professionalism principles according to standards and international auditing profession ethics as well as the ethical prerequisites relevant to financial statement audition. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.Governance body and Management`s responsibility for the financial statement: Management is responsible for the preparation and fair presentation of these financial statements in accordance with international financial reporting standards and accounting standards issued by Auditing Organization for Islamic Financial Institutions. This responsibility also includes maintaining appropriate internal control
naTIonal aUDIT chaMBer reporTaUDITor’S reporT To
ShareholDerS of oMDUrMan naTIonal Bank
In the Name of Allah the Most Gracious the Most Merciful
system, in accordance with what is determined by management for the purpose of preparation and fair presentation of financial statements that are free from material misstatement , whether due to fraud or error.In preparing these statements , the management will be responsible for assessing the extent of the bank capability to continue and reveal , if necessary, the relevant items of sustainability, and to use the sustainability principle unless, the management intends to liquefy the bank or cease working or in the absence of an actual alternative for the management to adopt. The responsibility of the governance body is to supervise the process of the bank financial reports preparation.
auditors` responsibility: Our objectives are obtaining reasonable assurance about whether the financial statements as whole are free from material misstatement , whether due to fraud or error. And issuing a report that comprise our opinion. The reasonable assurance represents high degree of assurance but not enough guarantee that auditing which performed in accordance with International Standards on Auditing, always discover material misstatements even if exist. Errors can happen as a result of fraud or mistake and they are considered material if they are individual or collective and expected to impact the user’s economic decision that taken based on these financial statements. As a part of auditing and according to the international auditing standards, we perform the professional judgment maintaining the professional skepticism attitude throughout the auditing process. Also, we have performed the following:
Determining and evaluating risks and - material misstatements found in the financial statements , whether resulted from fraud or error.
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And design and executing auditing procedures to deal with such risks and obtaining sufficient and appropriate evidences to provide the basis for stating our opinion. The danger of not discovering the material misstatements resulted from fraud is higher than that resulted from error because the fraud my involve collusion, forgery, intended omission, misleading statement or overstepping the internal supervision procedures.
Understanding the relevant internal auditing - so as to design appropriate auditing procedures according to the circumstances.
Assessing the extent of accounting policies - appropriateness and the reasonability of accounting estimates and relevant disclosures performed by the management.
Judging the extent of appropriateness in - management using of accountancy going concern principle, in accordance with the auditing evidence we obtained. Whether there is material non-assurance related to events or circumstances that may raise material doubts about the bank capability to continue its activity according to going concern principle. If we deduced that there is material non-assurance, we ought to drawthe attention on our report to the relevant disclosures stated on the bank financial statements. And if these disclosures are not sufficient, we ought to amend our opinion. Our judgments depend on the auditing evidence obtained up to our report date. Nevertheless, the future events and circumstances may cause the bank to cease continuity of its activity according to the continuity principle.
Evaluating the general presentation , - structure and content of the financial statements including the notes, and whether they show transactions and events in a fair way.
Obtaining sufficient auditing evidences for - the commercial activities inside the bank , in order to express our opinion about them in the financial statements. We are responsible for directing and supervising and performing auditing processes for the bank and we remain just responsible for our opinion in the auditing. We notify the governance body about , among other
issues, the scope and time of auditing plans and its important results including any defects in the internal monitoring system that were discovered during our audit. With the governance body that we determined the most important remarks during auditing the current financial statements. And depending on that , we consider them as important remarks about auditing processes. We describe these remarks in our report. Except in case there is a law or by-laws preventing publicly disclosing of these remarks or in case that , in rare exceptional conditions, a remark must not be mentioned in our report because, probably, the negative impacts of that may superpass the goals of public interest of disclosing.
Mohammed Alhafiz Nasr Mohammed Nasr On behalf of / General Auditor
The Republic of Sudan
Khartoum Date: 20 Gumada Althani 1438 March 19th 2017
26
Item Notes 31/12/2016 31/12/2015 AssetsCash and Cash equivalent (3) 5,700,516,357 5,237,303,799Sales receivables (4) 4,685,237,092 4,302,986,841Short term investments (5) 4,012,808,218 3,640,029,439Long term investments (6) 280,416,673 257,430,893Other assets (7) 497,844,521 285,145,281Under construction (8) 54,739,368 39,183,702
Net fixed assets (9) 342,602,731 230,084,059Total assets 15,574,164,960 13,992,164,014Liabilities and Equity of unrestricted investment accounts holders and owners `equityLiabilitiesCurrent accounts (10) 3,905,263,999 2,904,084,477Saving accounts (11) 881,644,687 615,365,614Accounts payable (12) 1,446,729,159 1,751,675,224Other liabilities (13) 715,257,319 698,976,817Total liabilities 6,948,895,164 5,970,102,132unrestricted investment accounts (14) 7,009,358,542 6,552,219,551
Total liabilities and unrestricted investment accounts 13,958,253,706 12,522,321,683
Owners` equityThe authorized capital (1.2 billion SDG)Paid up capital (15) 800,000,000 800,000,000Reserves (16) 381,365,780 311,445,173Retained profits 434,545,474 358,397,158Total owners` Equity 1,615,911,254 1,469,842,331
Total liabilities, unrestricted investment accounts and owners `equity 15,574,164,960 13,992,164,014
Contra Accounts (17) 6,531,169,951 4,607,905,787
The attached notes from no1 to no 26 forms an integral part of financial statements
Dr. Sabir Mohammed Hassan Member of board of directors
STaTeMenT of fInancIal poSITIon aS aT 31/12/2016 (SDg)
Dr. Abdelrahman Mohammed DirarDr. Sabir Mohammed Hassan Dr. Abdelhameed Mohammed JameelChairmanMember of board of directorsGeneral Manager
27Item Notes 31/12/2016 31/12/2015Income:Sales receivables revenues (18) 877,036,510 594,251,813Short term investments revenues (19) 387,999,665 372,778,050
1,265,036,175 967,029,863 Minus : unrestricted investment accounts revenues 703,000,000 455,000,000 Bank share of investment revenues ( as speculator and capital owner) 562,036,175 512,029,863
Bank own investment revenues (capital contributions) 34,674 656,098Banking services revenues (20) 252,491,085 157,238,007Profits of foreign currency trade 126,037,589 55,969,811Other revenues (21) 8,133,176 15,442,603Total revenues 948,732,699 741,336,382 Minus : Expenses:Administrative expenses (22) 214,921,891 155,065,874General expense (23) 83,084,165 57,569,284Depreciation provision 15,361,386 12,741,343 Provisions (24) 60,975,000 66,303,000Central Bank of Sudan penalties 109,750 18,000Total Administrative and general expenses 374,452,192 291,697,501 Profits before zakat and tax 574,280,507 449,638,881Minus : Year Zakat 28,882,898 27,065,288Minus : Year tax (25) 66,049,334 25,767,119Net profit 479,348,275 396,806,474
The attached notes from no1 to no 26 forms an integral part of financial statements
IncoMe STaTeMenT of The year enDeD aT 31/12/2016 (SDg)
Dr. Abdelrahman Mohammed DirarDr. Sabir Mohammed Hassan Dr. Abdelhameed Mohammed JameelChairmanMember of board of directorsGeneral Manager
28
Item Notes 31/12/2016 31/12/2015Cash flow from operations Net income 479,348,275 396,806,474Adjustments to reconcile net income from net cash resulting from operating activities Depreciation of non-current assets 15,361,386 12,741,343Provisions of doubtful debts 1,500,000 3,200,000Provisions of post service 58,336,492 60,239,666Provisions of post service paid (213,813,503) (4,341,191)Provisions of zakat 28,882,898 27,065,288Provisions of tax 66,049,334 25,767,119Zakat paid (27,065,288) (21,672,982)Tax paid (25,767,119) -Provisions for unrestricted investment accounts 703,000,000 455,000,000Profit paid to unrestricted investment accounts holders (596,571,536) (355,109,481)Previous years Settlements(provisions surplus of 2015) 1,860,694 1,271,331Gains from sales of non-current assets (2,637,794) (10,865,983)Net cash flow provided by operations 488,483,839 590,101,584Cash flows from investment activities Purchase of non-current assets (94,859,248) (16,942,283)Proceeds of sales of non-current assets 2,741,352 10,888,309Increase in sales receivables (383,750,251) (847,750,032)Increase in short term investments (372,778,779) (104,395,891)Increase / decrease in long-term investment (1,000,000) 603,732Net cash flow from investment activities (849,646,926) (957,596,165)Cash flow from financing activities Increase in unrestricted investment accounts 457,138,991 894,440,129Increase in current and saving accounts 1,267,458,595 654,919,407 Profits of 2015 transferred to provision of finance risks (26) (253,125,826) (233,049,878)Cash distributed among stakeholders (104,000,000) -Decrease in payables (304,946,065) (524,554,320)Increase in other liabilities 23,229,224 9,767,740Increase in under execution assets (48,680,034) (25,134,280)Increase in other assets (212,699,240) (70,228,665)Net cash flow from financing activities 824,375,645 706,160,133Increase in cash and cash equivalent 463,212,558 338,665,552Cash and cash equivalent in the beginning of the year 5,237,303,799 4,898,638,247Cash and cash equivalent at the end of the year 5,700,516,357 5,237,303,799
The attached notes from no1 to no 26 forms an integral part of financial statements
Dr. Sabir Mohammed Hassan Member of board of directors
STaTeMenT of caSh floW of The year enDeD aT 31/12/2016 (SDg)
Dr. Abdelrahman Mohammed DirarDr. Sabir Mohammed Hassan Dr. Abdelhameed Mohammed JameelChairmanMember of board of directorsGeneral Manager
29
Des
crip
tion
Not
e Pa
id-u
p ca
pita
lR
eser
ves
Ret
aine
d pr
ofits
/ lo
ss
Tota
l Le
gal
Inve
stm
ents
rese
rve
Rev
alua
tion
of
fixed
ass
ets
Bal
ance
as a
t 31/
12/2
014
800,
000,
000
55,7
74,9
7994
,424
,766
123,
046,
660
233,
049,
878
1,30
6,29
6,28
3Pr
ofits
of 2
014
trans
ferr
ed to
fin
ance
risk
(2
6)(2
33,0
49,8
78)
(233
,049
,878
)
Con
tribu
tions
reva
luat
ion
4,46
8,12
04,
468,
120
Sold
Fix
ed a
sset
s(5
,950
,000
)(5
,950
,000
)Se
ttlem
ents
of p
revi
ous
year
s (su
rplu
s of p
rovi
sion
s of
201
4)1,
271,
332
1,27
1,33
2
Net
yea
r pro
fit39
6,80
6,47
439
6,80
6,47
4Tr
ansf
erre
d to
lega
l res
erve
39,6
80,6
48(3
9,68
0,64
8)-
Bal
ance
as a
t 31/
12/2
015
800,
000,
000
95,4
55,6
2798
,892
,886
117,
096,
660
358,
397,
158
1,46
9,84
2,33
1Pr
ofits
of 2
015
trans
ferr
ed to
fin
ance
risk
(2
6)(2
53,1
25,8
26)
(253
,125
,826
)
Cas
h di
vide
nds f
or
stak
ehol
ders
(104
,000
,000
)(1
04,0
00,0
00)
Con
tribu
tions
reva
luat
ion
21,9
85,7
8021
,985
,780
Rec
lam
atio
n of
201
5 pr
ovis
ions
surp
lus
1,86
0,69
41,
860,
694
Net
yea
r pro
fit47
9,34
8,27
547
9,34
8,27
5Tr
ansf
erre
d to
lega
l res
erve
47,9
34,8
27(4
7,93
4,82
7)-
Bal
ance
as a
t 31/
12/2
016
800,
000,
000
143,
390,
454
120,
878,
666
117,
096,
660
434,
545,
474
1,61
5,91
1,25
4Th
e at
tach
ed n
otes
from
no1
to n
o 26
form
s an
inte
gral
par
t of fi
nanc
ial s
tate
men
ts
STaT
eM
en
T o
f c
ha
ng
eS
In e
qU
ITy
aS
aT 3
1/12
/201
6 (S
Dg
)
Dr.
Abd
elra
hman
Moh
amm
ed D
irar
Dr.
Sabi
r Moh
amm
ed H
assa
n D
r. A
bdel
ham
eed
Moh
amm
ed Ja
mee
lC
hairm
anM
embe
r of b
oard
of d
irect
ors
Gen
eral
Man
ager
30
note no. (1)foundation and activity:Omdurman National Bank was founded in January 1993 as a limited joint-stock company according to Sudanese Companies Law of 1925 and the bank commenced its activities in August 1993 by providing all types of banking and investment services that comply with the principles of Islamic Shariah Law.The bank is one of the pioneering national institutions and the main pillar of the Sudanese economy in the field of banking, investment, development and foreign trade through its wide network of correspondents that spread all over the world.The bank performs its activity through the headquarter and its branches spread all over Sudan – eight of them in Khartoum state, in addition to nine branches in other states as well as five sub-branches.The Authorized Capital: one billion and two hundred million SDGThe Paid-up capital: SDG 800 millionThe Bank`s most important objectives:* Mobilizing and taking the clients` savings inside and outside Sudan and attraction and reception of Sudanese expatriates` savings.* Financing the projects of economic development, mining sector , productive sectors as well as foreign trade operations. * Support and financing micro-finance and micro-micro-finance sector of the social aspects as well as cooperatives and sectors of artisans and other professionals..* Providing the social and cooperative support for the state employees and pensioners.* Striving for realization of social justices and balanced development through establishing branches of the bank in all Sudan states. * Establishment of private companies for the bank and contributing to partnership companies with others to support the bank objectives
note no. (2)The accounting policiesa) The principles of financial statements preparation:The financial statements are prepared according to the accounting standards adopted that comply with the international accounting standards, AAOIFI and the Central Bank of Sudan circulars. The financial
noTeS To fInancIal STaTeMenTS aS aT 31/12/ 2016
data are prepared according to historical cost principles.b) Transactions with foreign currencies:The bank accounts are opened in Sudanese pound (SDG). The other foreign currencies are recorded during the fiscal year by applying the exchange rate prevailing at the value date. The assets and liabilities in foreign currencies are reported in the financial statements as at 31/12/2016 at the exchange rate of $1= SDG 7.1003 , Euro 1 = 7.4276 SDG, SAR 1 = SDG 1.8939 c) The revenues and expenses:They are recognized in accordance with the accrual basis and the revenues from the different sales receivables` operations (Murabaha , Mogawala, admeasurements’ sales ….etc ) and securities are recognized in accordance with the accrual basis. Musharaka and Mudaraba revenues are recognized on the actual cash basis according to AAOIFI standards.The revenues and expenses are recorded at the average exchange rate of the foreign currency plus the incentive price announced by the Central Bank of Sudan. d) The fixed assets depreciation:The fixed assets are depreciated according to the fixed installment and the depreciation of the added assets acquired during the year is calculated since activation date at the annual depreciation percentage applied for the fixed items assets.e) The inventory: The inventory is evaluated by the end of the fiscal year at the cost price.f) The classification of financial statements of 2015 has been readjusted in order to be in consistence with the financial statements of 2016 in accordance with the standards of AAOIFI.g) the principles of distributing the profits of investment accounts:the share of investment accounts is determined from the profit according to its contribution to the finance portfolio by using the balance rate method, then a percentage is subtracted from the profits for the shareholders as an administrative margin against the effort of the bank in managing finance operations and for its capacity as “Mudarib” agent.
31
3/ cash and cash equivalent (SDG)
Item 31/12/2016 31/12/2015Cash in hand in local currency 108,499,495 98,087,775Cash in hand in foreign currencies (equivalent in local currency) 71,141,593 26,713,720
Balance of the current account with the Central Bank of Sudan ( in local currency) 425,760,189 345,403,453
Balance of the current account with the Central Bank of Sudan in foreign currency (equivalent in local currency) 3,809,656,867 3,498,769,448
Balances of the current accounts with correspondents in foreign currencies (equivalent in local currency) 470,857,372 455,644,216
Cash margin accounts with correspondents in foreign currencies (equivalent in local currency) 36,948,355 45,571,771
Legal reserve in local currency 370,526,708 347,889,277Legal reserve in foreign currency 407,125,778 419,224,139Total 5,700,516,357 5,237,303,799
4/ Sales receivables (SDG)
Item 31/12/2016 31/12/2015Murabaha 2,070,798,018 1,783,521,170Salam 11,516,993 5,819,938Mogawala 3,526,735,716 3,237,416,192Installment sales 344,759,259 382,579,417
5,953,809,986 5,409,336,717Minus : profits of postponed sales (1,112,331,761) (1,046,097,938)
4,841,478,225 4,363,238,779Minus: provision of doubtful and bad debts (156,241,133) (60,251,938)Total 4,685,237,092 4,302,986,841
5/ Short– term investments (SDG)
Item 31/12/2016 31/12/2015Investments in securities ( shahama + sarah + shihab ) 1,855,527,500 1,785,351,500Investments in securities (shasha +shama) 1,286,074,000 1,231,754,000Investment deposits with correspondents in foreign currency )equivalent in local currency) 94,695,000 85,655,000
Mudaraba 20,959,181 15,549,565Musharaka 108,500,027 126,174,962Ijara 3,341,603 394,212Finance portfolios 611,832,180 173,766,773Ghard Hassan 45,244 92,556Confiscated letters of credit 53,503,302 67,142,602Confiscated letters of guarantee 33,703,443 39,487,431Debt transfer 117,443,985 188,078,117Goods against obligations 13,588,820 48,802,116
4,199,214,285 3,762,248,834Minus : provision of doubtful and bad finance (186,406,067) (122,219,395)Total 4,012,808,218 3,640,029,439
32
6/ long-term investments (SDG)Item 31/12/2016 31/12/2015The bank contribution in Duty Free Shops & Zones Co.Ltd 4,217,260 4,217,260The bank contribution in Banking Services Co.Ltd 123,658 123,657The bank contribution in White Nile Sugar Co.Ltd 232,889,779 210,904,000The bank contribution in National Agency for Exports Insurance and Finance Co.Ltd 350,000 350,000
The bank contribution in Financial and Banking Systems Co.Ltd(FBS) 714,000 714,000The bank contribution in Sudanese Batteries Factory 19,887,127 19,887,127The bank contribution in Alhaza Silos and Mills Co.Ltd 21,234,849 21,234,849The bank contribution in Almutakhasisa for Medical Insurance Co.Ltd 1,000,000 -Total 280,416,673 257,430,893
7/ other assets (SDG)Item 31/12/2016 31/12/2015Staff Loans 96,522,767 46,755,127Advance under the expected profits 11,315,546 10,718,083 Murabaha under process 106,284,249 17,722,670Securities revenues and other accrued revenues 218,784,432 133,148,545Expenses paid in advance 981,053 12,500Current stationeries stores 1,368,968 772,168Current publications stores 388,462 447,622Current spare parts , maintenance and operation of ATM machines and computers stores 789,840 791,284
Direct Electricity purchases 352,176 183,933Obligations of local banks (foreign currency equivalent to local currency) - 45,010,000
Debitors 61,057,028 29,583,349Total 497,844,521 285,145,281
33
8/ assets under construction (SDG)
Item 31/12/2016 31/12/2015National switch Project - 109,166Core Banking System project - 12,030,100Adamsien Branch construction project - 10,088,300Sennar Branch construction project - 9,887,406Cheque Reader devices purchase project - 128,137The bank website promotion project - 43,500HQ& Branches Building Rehabilitation 809,691Obeid khatim branch construction project 10,689,315 6,059,334Rubak branch construction project 10,957,491 -Bahry branch construction project 7,260,637 -Kassala branch construction project 10,683,996 -Akalakla branch construction project 1,978,425 -Alamarat branch construction project 2,496,250 -Sudan University Sub- branch construction project 1,554,242 -Almadfaia ATM construction project 49,120 -Albagair window construction project 584,765 -Medani branch construction project 4,500,000 -Other project 3,985,127 28,068Total 54,739,368 39,183,702
34
9
/ non
-cur
rent
ass
ets s
tate
men
t as o
n 31
/12/
2016
Item
Tota
l ass
ets i
n 1/
1/20
16A
dditi
ves
With
draw
alTo
tal a
sset
s in
31/1
2/20
16
Depreciationpercent
Sum
of
trans
ferr
ed
depr
ecia
tion
In 1
/1/2
016
Year
de
prec
iatio
n A
dditi
ves
depr
ecia
tion
Excl
usio
n de
prec
iatio
n
Tota
l de
prec
iatio
n on
31
/12/
2016
Tota
l ass
ets i
n 31
/12/
2016
Land
s10
1,18
8,18
745
,744
,333
014
6,93
2,52
0%
00
00
00
146,
932,
520
Bui
ldin
gs54
,291
,678
9,30
6,84
50
63,5
98,5
230
8,80
7,81
61,
356,
410
96,9
460
10,2
61,1
7253
,337
,351
Déc
or o
f bui
ldin
gs57
,953
,447
29,5
32,1
8818
,010
87,4
67,6
25%
520
,886
,044
2,87
9,79
354
3,19
77,
826
24,3
01,2
0863
,166
,417
Fur
nitu
re a
ndlib
rary
6,78
6,07
43,
464,
634
60,2
1410
,190
,494
%10
2,65
1,20
164
3,78
885
,857
36,9
993,
343,
847
6,84
6,64
7
Air-
cool
ers a
ndre
frig
erat
ors
5,48
6,08
44,
069,
737
35,0
329,
520,
789
%10
1,58
0,75
852
6,00
713
5,07
97,
379
2,23
4,46
57,
286,
324
Com
mun
icat
ion
appl
ianc
e6,
885,
935
2,28
0,22
83,
147
9,16
3,01
6%
102,
234,
003
682,
567
102,
448
289
3,01
8,72
96,
144,
287
Veh
icle
s and
trans
port
mea
ns14
,338
,794
8,63
7,68
130
,014
22,9
46,4
61%
154,
919,
060
2,01
0,60
076
8,98
630
,014
7,66
8,63
215
,277
,829
Mec
hani
cs2,
771,
458
2,46
9,30
077
,970
5,16
2,78
8%
101,
262,
495
269,
943
102,
887
46,1
321,
589,
193
3,57
3,59
5
Saf
e ke
epin
g &
cabi
nets
2,13
1,50
556
2,85
82,
694,
363
%5
998,
551
104,
694
8,00
20
1,11
1,24
71,
583,
116
Mac
hine
s and
calc
ulat
ors
5,36
8,04
92,
095,
368
7,92
17,
455,
496
%7.
51,
490,
325
401,
038
64,6
425,
891
1,95
0,11
45,
505,
382
Com
pute
rs27
,741
,796
19,8
19,0
366,
712
47,5
54,1
20%
1510
,027
,287
3,92
4,74
965
3,75
393
214
,604
,857
32,9
49,2
63
Tota
l28
4,94
3,00
712
7,98
2,20
823
9,02
041
2,68
6,19
50
54,8
57,5
4012
,799
,589
2,56
1,79
713
5,46
270
,083
,464
342,
602,
731
35
10/ current accounts (SDG)
Item 31/12/2016 31/12/2015Current deposits ( in local currency) 2,903,746,595 2,027,199,730 Current deposits ( in foreign currency) 1,001,517,404 876,884,747 Total 3,905,263,999 2,904,084,477
11/ Saving accounts (SDG)
Item 31/12/2016 31/12/2015Saving deposits ( in local currency) 762,949,342 589,860,871Saving deposits ( in foreign currency) 118,695,345 25,504,743Total 881,644,687 615,365,614
12/ accounts payable (SDG)
Item 31/12/2016 31/12/2015Draft cheques 167,036,384 141,757,252Cash margins against L/cs and L/Gs (local) 16,110,923 36,461,662Cash margins against L/cs and L/Gs (foreign ) 938,942,521 1,231,400,696Trusts on call ( local and foreign) 23,945,352 23,507,935Blocked amounts ( local and foreign) 162,809,533 126,710,868Proceeds of exports and funds devoted for goods imports 106,462,380 97,260,071
Transfers for persons who don’t maintain accounts with the bank 2,820,526 4,472,231
Deposits guarantee fund 10,600,000 8,291,404National switch claims 17,373,103 9,687,739Obligations of local banks - 68,600,000 Other payable accounts 628,437 3,525,366Total 1,446,729,159 1,751,675,224
36
13/ other liabilities ( provisions balances) (SDG)
Item 31/12/2016 31/12/2015Provision of Profits of investment accounts under distribution 561,428,464 455,000,000
Provision of staff incentives 46,000,000 28,000,000Board of directors remuneration 10,200,000 5,500,000Auditing fees provision 345,000 303,000Zakat provision 28,882,898 27,065,288Tax provision 66,049,334 25,767,119Legal advisor fees provision 930,000 500,000End of service benefits provision 580,737 156,057,748Accrued expenses 840,886 783,662Total 715,257,319 698,976,817
14/ unrestricted investment accounts (SDG)
Item 31/12/2016 31/12/2015Investment accounts ( local) 4,018,208,098 3,544,096,990Investment accounts ( foreign) 2,991,150,444 3,008,122,561Total 7,009,358,542 6,552,219,551
15/ paid capital (SDG)
Item 31/12/2016 31/12/2015Central Bank of Sudan 676,680,500 676,680,500The National Economic Corporation 58,456,820 58,456,820AlShaheed Organization 27,441,810 27,441,810Badail for Contracting & construction 15,653,220 15,653,220Shikan for Insurance and Reinsurance Co. Ltd 12,506,040 12,506,040Other shareholders 9,261,610 9,261,610Total 800,000,000 800,000,000
16/ reserves (SDG)
Item 31/12/2016 31/12/2015Legal reserve 143,390,454 95,455,627 Reserve of fair value of investment 120,878,666 98,892,886 Fixed assets revaluation reserve 117,096,660 117,096,660 Total 381,365,780 311,445,173
37
17/ contra accounts (SDG)
Item 31/12/2016 31/12/2015The Bank Liabilities for import L/C’s 5,902,426,611 4,000,594,044 The Bank Liabilities for letters of guarantee 191,320,148 293,367,989 The Bank Liabilities for finance contracts 437,423,192 313,943,754 Total 6,531,169,951 4,607,905,787
18/ Sales receivables revenues (SDG)
Item 31/12/2016 31/12/2015 Murabaha Revenue 364,205,220 263,931,599Mogawala Revenue 510,965,823 329,733,266Salam Revenue 1,865,467 586,948Total 877,036,510 594,251,813
19/ Short– term investments revenues (SDG)
Item 31/12/2016 31/12/2015Revenue of direct investment ( musharka , mudaraba , others) 22,836,852 19,344,307
Revenue of portfolios and investment funds 14,575,233 13,082,372 Revenue of investment on securities 350,587,580 340,351,371 Total 387,999,665 372,778,050
20/ Banking services revenues (SDG)
Item 31/12/2016 31/12/2015Revenue of Technical services 3,722,036 3,847,263 Revenue of Cheque books 1,450,689 1,299,317 Revenue of draft cheques & transfers 88,678,966 29,258,368 Revenue of Letters of guarantees 10,987,807 23,982,814 Revenue of Letters of Credit and documentary 143,770,426 94,574,440 Ledger fees 2,667,200 3,392,020 Other revenues 1,213,961 883,785 Total 252,491,085 157,238,007
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21/ other revenues (SDG)
Item 31/12/2016 31/12/2015Revenue of Means of communication 593,698 568,689 Revenue of rentals and storage 1,206,885 1,019,385 Commission of Insurance agency 542,675 514,947 Proceeds of sale of fixed assets 2,637,794 10,865,983 Commission of documents 2,449 5,427 Other miscellaneous revenues 3,149,675 2,468,172 Total 8,133,176 15,442,603
22/ administrative expenses (staff expenses) (SDG)
Item 31/12/2016 31/12/2015 staff expenses: Basic salary 19,196,402 15,270,718 Livelihood allowance 2,131,671 1,703,664 Representation allowance 1,854,876 1,355,615 Transition allowance 4,450,150 3,631,426 Work nature allowance 6,372,396 5,115,766 Children allowance 2,920,165 1,714,860 Hospitality allowance 823,400 536,789 Unified allowance 4,440,422 3,624,764 Social allowance 3,758,512 3,070,831 Dwelling allowance 5,322,668 3,872,348 Staff clothes 17,884,233 14,177,606 Holiday expenses 31,424,824 23,875,676 Two «Eieds» grants 21,704,617 16,837,131 End of service benefits 56,323,153 31,399,787 Social insurance 7,166,387 5,833,153 Overtime wage 4,266,862 4,130,278 Labour clothes 1,775,932 1,334,116 Medical treatment expenses 15,940,477 11,567,405 Technical allowance 1,088,615 646,537 Hardship allowance 1,078,312 887,971 Transport expenses 503,757 300,058 Responsibility allounce 253,818 105,758 Schools allowance 4,136,786 3,308,230 Furniture allowance - 701,924 Takaful (social solidarity) 103,456 63,463 Total of administrative expenses 214,921,891 155,065,874
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23/ general expenses (SDG)
Item 31/12/2016 31/12/2015General expenses: External missions 3,585,592 474,144 Internal missions 1,265,498 936,005 Stationary , equipment and publications 4,239,102 2,659,597 Electricity and water 2,820,465 2,430,025 Cars , buildings and cash insurance 1,989,679 1,790,912 Rents and duties 1,444,227 1,026,004 Newspapers and magazines 132,812 103,442 Post, telephone , swift and fax 1,145,457 922,503 Entertainment 1,007,645 579,527 Alms and donations 3,659,470 2,292,272 Social services 4,395,795 3,592,613 Portage , transport and staff group transportation 1,254,160 610,436 Security and guarding 2,488,832 2,001,305 Cleaning 2,355,277 1,925,419 Commissions paid to banks and cash sorting commissions 557,217 349,817
Advertisement & promotion and media services 13,146,217 9,431,348 Publications, books , periodicals , the bank magazine and annual report 198,005 172,805
Consultancy , research and subscription in the financial and Banking institutions 688,342 532,532
Legal and courts fees 42,943 407,580 Board of directors expenses 1,773,936 632,016 Shariah supervisory board expenses 48,000 44,000 External training 4,196,124 2,708,247 Internal training 1,584,412 1,153,507 Administrative expenses for the new projects 198,097 1,245,229 Maintenance expenses 13,044,764 8,094,915 Banking Deposits Guarantee Fund 9,748,362 7,166,670 Technical services communication and correspondents` expenses 4,435,246 2,653,916
Expenses of Foreign currency exportation 7,636 120,239 Fuel & grease for cars and generators 1,611,567 1,381,469 Other unclassified expenses 19,286 130,790 Total 83,084,165 57,569,284
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24/ provisions (SDG)
Item 31/12/2016 31/12/2015Staff bonus provision 46,000,000 28,000,000 Bad and doubtful debts provision 1,500,000 3,200,000 Board of directors incentives provision 10,200,000 5,500,000 Auditor`s fees provision 345,000 303,000 Legal advisor fees provision 930,000 500,000 End of service benefits provision 2,000,000 28,800,000 Total of provisions 60,975,000 66,303,000
25/ Tax (SDG)
Item 31/12/2016 31/12/2015Share of Alshaheed organization in tax (exempted) 2,265,642 883,869Tax 63,783,692 24,883,250Total 66,049,334 25,767,119
26/ profits distributions to cover finance risks provisions (SDG)
Item 31/12/2016 31/12/2015Strategic goods/ Ministry of Finance and National Economy 100,000,000 100,000,000
Provision of finance risks 153,125,826 133,049,878 Total 253,125,826 233,049,878
