ANNUAL REPORT 2011 - sfbank.net · After the nationalization of foreign banks in Sudan in the early 70’s, ... Main Branch-Khartoum Mr. Kamal Mohamed Ali Hamed ... Annual Report

SUDANESE FRENSH BANK

ANNUAL REPORT

sudanese frensh bank

2011

2

SUDANESE FRENSH BANK2

Annual Report 2011

Table of Contents


Page No.

1 About the Bank 4

2 Nominal and Paid Up Capital 4

3 Bank`s Branches 5

4 The Bank`s Shareholding in Companies and Corporation 6

5 Board of Directors 7

6 Shariaa Supervisory Board 8

7 Executive Management 9

8 Chairman`s Report 12

9 Resolutions of the Regular General Assembly 16

10 Auditor`s Report 17

11 Financial Statements 2011 18

12 Performance Report and Financial Review for the year 2011 39

13 List of Foreign Correspondents 45

Annual Report 2011


3

- Honesty.- Transparency.- Devotion.- Role model.- Teamwork.- Observance of the ethics and standards of the job.- Sustainable development and improvement.

Our Vision:

Our values:

To be your best banking choice

Our Mission:We are aware of our national responsibility to contribute in social development in addition to our leading economic role.We stick to Islamic Sahria Laws in all our transactions.We believe in the role of qualified and well trained staff to serve our customers.We attract deposits and provide finance according to Islamic models.We maintain the rights of shareholders, customers and employees to satisfy them.




4


Annual Report 2011

After the nationalization of foreign banks in Sudan in the early 70’s, some businessmen joined by 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 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 2010 with nominal capital to 300 million SDG and a paid up capital of 100.11 million SDG (45 million Dollars).

Nominal and Paid Up CapitalPaid Up Capital As At 31/12/2011Nominal Capital: 300 Million SDGPaid Up Capital: 103,109,252 SDG Shares at a value of 68,739,501 Share

Head Office: Al Qasr Street – KhartoumP.O Box: 2775 Khartoum – Sudan

Tel: (+249) 1 83771730 – 83776542 – 87013000Fax: (+249) 1 83790391 – 83774832 – 83771740

Website: www.sfbank.netE-Mail: [email protected] Swift Code: SUFRSDKHMember of: Sudanese Bank’s AssociationMember of: Union of Arab BanksMember of: Bank Deposits Guarantee FundMember of: Arab Trade Financing ProgramMember (Observer) of: Islamic Financial Services Board – Malaysia

About The Bank

Annual Report 2011


5

Bank’s Branches

Capital Branch

Branch P.O. Box Area Code Tel. No. Fax No.

1 Main Branch-Khartoum 2775 +249-1 83785250 - 83776542 83779300

2 Algamhouria 1950 +249-1 83781735 -83778600 83773696

3 Khartoum(2) 6640 +249-1 83472833 - 83461107 83471627

4 Alsaggana 87 +249-1 83462545 - 83463905 83460589

5 Khartoum North 1591 +249-1 85339907 -85339908 85339910

6 Omdurman 1055 +249-1 87568729 - 87555068 87554643

7 Souk Libya 45 +249-1 87609203 - 87609201 87609202

8 Alsouk Almahali 12606 +249-1 83438840-83414580 83438838

9 AlRiyadh Khartoum - +249-1 83520022-83520025 83520024

10 Garden City 7445 +249-1 83270935 83270962

11 Almamora 7067 +249-1 83525284 83525283

States Branch

Branch P.O. Box Area Code Tel. No. Fax No.12 Port Sudan 871 +249-311 820945 - 824440 826280

13 Qadariff 191 +249-441 843303 - 833069 843352

14 New Halfa 134 +249-421 822153 - 822383 822522

15 Madani 305 +249-511 842307 - 843076 843725

16 Sinnar 122 +249-561 823203 -822280 823116

17 Rabak 108 +249-572 825070 825145

18 Almanagil 12 +249-517 872112 - 879999 873200

19 Hasahissa 86 +249-541 832165 831050

20 Aldamazin 45 +249-551 822094 - 822394 822394

21 Obeid 434 +249-611 824333 - 823246 822670

22 Nyala 456 +249-711 832305 - 833280 832889

23 Atbra - +249-211 832910 832913

6


Annual Report 2011

The Bank’s Shareholding in Companies and Corporation

Since its incorporation in 1979 the bank continued to share in the capitals of companies and corporations to help development projects to succeed and reflect the national role of the bank. These companies are considered an investment channel for the bank resources to achieve a reasonable return. Within this context the bank shared in some effective projects on the Sudanese economy like:

(1) Alfaransi Financial Services Company Ltd.The bank coped with investment development in financial stocks by establishing this company to be the assisting arm of the bank and its clients in the field of investment in stocks. The company is a licensed agent in Khartoum Stock Exchange.

The bank is also a shareholder in the following companies:(1) Kenana Friesland Dairy Company(2) Alnatiza for Integration Service Co. Ltd(3) Gulf National Flour Mills(4) Financial Investment Bank(5) National Agency for Insurance and Finance of Exports (6) Electronic Banking Services Company(7) Al Rai Alam Printing and Publishing Company(8) Juba Insurance Company(9) Rural Development Co.(10) Financial Services Co. (AlBuhrain)(11) Kenana Diray Factory


Annual Report 2011


7

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. Roger Farid Dagher Member

Dr. Mustafa Abass Mustafa Member

Mr. Hazem Abdul Gader Ahmed Babiker Member

Mr. Sandel Hassan Bambo Da’ood Member

Mr. Salah Eldin Ali Abu Elnagga Member

Mr. Mahgoub Hassan Shabo (G. M.) Member

Mr. Dafalaa Elfadel Mohamed Abu Gadeer Board Secretary

Dr. Tag Alsir Ibrahiem Alshoush Legal Adviser


8


Annual Report 2011

Mubark for Accounting Auditing & Financial Consultancy – KhartoumTel: +24983779392-1- Fax: +24983787665-1-

P.O. Box 6556 - Khartoum - SudanE-mail : [email protected] [email protected]

M. El Tayib El Faki MusaChairman

Dr. Yousif Alkbashi Idreis SolimanMember and Shariaa Control Officer

Dr. Mohammed Ali Yousif Ahmed Member

Mr. Al Bagir Yousif MudawiMember

Shariaa Supervisory Board

Certified Accountants

Annual Report 2011


9





Mr. Mahgoub Hassn ShaboGeneral Manager

Mr. Muawia Mustafa Mohd. Ahmed AlimDepty General Manager

Mr. Tag Elsir Hamid Abdul kareemAssist. G. M. For Financial Affaires

Mr. Abd Ulmonaim Elhaj MohammedAssist. G. M. For Management Affaires

Executive Management

10


Annual Report 2011

Mr. Adil Salih Bilal Internal Auditor Dept.Mr. Mohamed Batran Hamad Computer & Information Technology Dept.Mr. Sief Eldin Elfakki Mohammed Legal Dept.Ms. Adeeba Ibrahim Bushara Elsaid Human Resources Dept.Mr. Abdulrahman Abdulla Abdulrahman Administration Affaires Dept.Mr. Mohamed Nory Mohamed Foreign Relations Dept.Ms. Alawia Mohamed Ahmed Suliman Investment and Finance Dept.Ms. Nayra Abd Alla Sharfi Marketing & Research Dept.Mr. Osman Ahmed Osman Elhassan Financial Affairs Dept.Mr. Mutwakel Yousif Mustafa Risk Management Dept.Mr. Faissal Abd Elhay Mohammed Engineering Dept.Mr. Mohy Eldin Abd Elaziz Makki Compliance OfficerMr. Mohamed Abd-Aziz Mohamed Electronic Services UnitMr. Gamal Saad Hassan Hamada Reconciliation UnitMr. Mustafa Mohamed Ismaiel Abubakr Macro Finance UnitMs. Ishraga Jaafar Abdraheem Labor Systems UnitMr. Abd Elmonaim Osman Elbashir Ahmed Central Operations UnitMr. Ahmed Abdulla Abdulrahman Executive Office


Departments Managers

Annual Report 2011


11

شبكة المراسلين اإلقليميين والدوليينCapital Branch:Main Branch-Khartoum Mr. Kamal Mohamed Ali HamedAlgamhouria Mr. Mohamed Hamed Ali MuradKhartoum (2) Mr. Abdhadi Osman Mohamed Abo ElreeshAlsaggana Mr. Mohamed Ahmed Ali Seed AhmedKhartoum North Mr. Awad Mohamed Hassien NasroonOmdurman Ms. Fatima Mohamed Ali SalihSouk Libya Mr. Azhari Adam Ali MohamedAlsouk Almahali Mr. Hassan Elnour ElAmen OsmanAlRiyadh Khartoum Ms. Najat Abd Elgader MohamedGarden City Mr. Abd Elhamed Ismail Mohamed (Acting)Almamora Mr. Tarig Abdaaziz Shedoo

States Branch:Port Sudan Mr. Musaad Elbashier Ahmed EbrahimQadariff Mr. Muatasim Hashim Elawad Elzouber New Halfa Mr. Hamza Tawoo Elbeed Hamoori MohamedMadani Mr. Elhadi Elsadig Mohamed MahmoudSinnar Mr. Ali Abdlrahman Osman Abdlfatah (Acting)Rabak Mr. Abdlrahman Elmubark Elkhiedr AhmedAlmanagil Mr. Abdlalah Ebrahem Jaafr (Acting)Hasahissa Mr. Ali Widaa Awad ElkareemAldamazin Mr. Mohamed Ahmed Elsiddig ElamenObeid Mr. Amar Abdrahem EltahierNyala Mr. Ahmed Mohamed Osman HassanAtbra Mr. Ismaiel Taj Eldeen Elbashier

Branches Manager

12


Annual Report 2011

God Almighty says:In the Name of Allah, the Beneficent, the Merciful

“It was by the mercy of Allah that thou was Lenient with them (O Mohammed), for if thou hadst been stern and fierce of heart they would have dispersed from round about thee. So pardon them and ask forgiveness for them and consult with them upon the conduct of affairs. And when thou art resolved, then put thy trust in Allah, Lo! Allah loveth those who put their trust (in Him).” The Family of Imran (159)

Brothers and sisters, Honorable audience, Praise be to God and may His prayers and peace be upon His sincere and Honest Messenger.Salamu Alaykum and may the blessing and mercy of Allah be upon you.

In the name of the board of directors of the Sudanese French Bank I welcome you in your home which is always hospitable by your presence.In this blessed evening convenes the forty third meeting in the long life of your institution, with the will of God. I hope God will guide us to exchange views and positive suggestions to guide the board of directors in the path of improvement towards the better in order to achieve the common goals.

Brothers and sisters, Honorable shareholders,I address you today, in an atmosphere of successive and accelerating events and variables in the domestic, regional and international banking industry. They can be summarized in the following points which we are going to handle in a transparent and candid manner:- The repercussions of the international financial crises are still extending their shadows on

the Sudanese economy and subsequently on the activity of the Sudanese banks and their ability to move in a wide range. The unfair economic blockade imposed on our country, the different security treats, and the expected wars in the demarcation boarder regions after the separation of the South which affected directly and negatively the Sudanese economy according to the loss of foreign currency resources resulting from oil exports. Hardships sometimes create benefits. The state started to give more concern to gold mining which proved to be available in large quantities in the different regions of Sudan. The state also started to support agriculture and there was a rally to rehabilitate the Gaziera Scheme.

- Foreign currency resources are considered for the banks in general and the Sudanese French Bank especially the corner stone in providing banking services and transactions in imports and exports operations. The bank was really affected due to the drop in these resources. For this reason we started to expand in local currency financing, encourage Sudanese exports financing estate, intermediate financing and financing services in the different Islamic models.

- The bank, as you know, has many financial problems and inherited indebtedness since the year 2003 which is still affecting the progress of the bank. We worked hardly to solve it with the external auditor and the Central Bank of Sudan. Praise be to God, they were cooperative in rescheduling the debts. And, with the will of God. we are working hard on the financial and administrative reform programme of the bank.

The Address of H.E the Chairman of the Board of Directors to the 43th Ordinary General Assembly of the

Share Holders of the Sudanese French Bank

Annual Report 2011


13

- The Investment in some of the companies attached the bank was of unsatisfactory returns. This was the reason behind the decision taken towards them. Gadarif SILOS company and the Sudanese Investment and projects company ltd. (SIPCO) were liquidated. Studies are going on to evaluate the feasibility of the other investment s to take the suitable decision.

- In its efforts to support its own capacities, the bank re-evaluated its fixed assets after taking the permission of the Bank of Sudan and added them to the share Shareholders equity which was affected by extinguishing the inherited debts, the supplement of the retirement allowances of the employees to be 100%, the allotment for the difference of re-evaluating the fixed assets and liabilities in hard currency out of the accumulations of the previous years. The bank agreed with the Bank of Sudan to extinguish them in installments within six years.

- Because of the facts I mentioned already in a clear and transparent way, we depended on God Almighty and decided to make efforts to go ahead with regular steps to achieve the high goals of the bank to secure the reputation and position of the bank and then to move with other banks, to face the cut throat competition of the emergence of foreign banks with strong abilities.

- Quantitative and qualitative in local financing to all economic activities according to Central Bank ‘s policies with concentration on priority sectors in industry, processing industries and different services.

- Continuous improvement of banking technology which widen the base of customers through improving performance, upgrading the efficiency of customers services and activation of the numerous marketing strategies.

- The increasing attention the state pays to elevate poverty and unemployment through active participation in providing micro financing to the targeted sectors of small entrepreneurs, handicraftsmen and professionals, besides contributing in employment of graduates and responding to the Central Bank’s plan to select the candidates for micro financing projects.

- To work hard to follow up and siege the default debts by taking all the legal measures to liquidate the guarantees to recover the default debts in order to secure the rights of the bank and the customers.

- Full coordination and cooperation between the different technical, legal, and accounting administrations to reflect the actual position of the bank in a transparent and clear way. This was shown in the outcome of internal auditing represented in the auditing and control committee (one of the committees of the board of directors to activate the institutional control) with the external certified auditor.

- Full observance of the Central Bank of Sudan regulations in completing the administrative organizational set up of the bank to activate the role of the boards of directors to carry out their reforms and apply the correct banking standards to achieve the expected goals.

- In spite of the continuity of the problem of foreign currency resources which lead to shortage in the volume of foreign currency utilized in the different banking transactions like imports, transfers and others, the revenue achieved from the banking services is considered an achievement in such conditions. We are now working hard to invent substitutes to support foreign currency resources by working with the correspondents to open facilities channels to this important sector in banking. The outstanding arrears of the transactions with the correspondents for the previous years was a top priority to the bank management, and they were settled till 312010/12/.

- The continuous interest of the board of directors to increase the revenue and decrease the expenditure and the working running cost without affecting the flow of work. We are hoping to reach the cost rate agreed upon locally and internationally in the near future.

- Control the executive management and push it to adopt the principle of [calling to account and punishment] and also the principle of [motivation and praise] and put it for execution and direct control.

14


Annual Report 2011

Honorable brothers and sisters,The certified accountant of the bank highlighted in his report to the management about the final accounts for the year 2011 the shortcomings in some areas of work and performance. We, as a board of directors, will try hard to manage these shortcomings to improve the performance. The negative effects of the separation of the south like the decline in available resources of foreign currency made the banking system face the great responsibility of making available all the requirements of the economy and the economic and developing activities.

This can only be achieved through hard work and efforts to overcome the shortcomings mentioned by the certified accountant through the bank’s organs and committees which support the board of directors and control the daily performance like the administrative committee, auditing and regulations committee and the Sharia control commission. They are very important committees and they help the boards of directors in evaluating risks and deal with the failures because they include banking and economic experts who represent a real asset to the bank.

Honorable Audience,In a perfect brief I will show you the figures of the financial position of your institution as in 312011/12/ compared to with that in 312010/12/. Amount in Millions SDG

Items 2011 2010 %

Total Assets 1589 1356 17%

Total Cash & quasi cash (including the legal reserves) 525 404 30%

Total finance [ local and foreign] 811 714 14%

Deposits [local+ foreign + margins] 1289 1113 14%

Shareholders equity and paid capital 157 141 11%

Total revenues including (the right of unrestricted investment accounts owners. 138 121 14%

Total expenditure including [remunerations- depreciations-extinguishing 89 73 22%

Total profit 49 49 00%

Net income after Zakat and taxes 22 22 00%

Return on share (the percentage of net income to paid capital) 22% 22%

The factors and circumstances I mentioned before produced these results which are below our ambitions and we are trying hard to achieve better year after year. We pray to God to give us priority and success to achieve our expected goals.

Sisters and brothers, honorable shareholders:In the name of the board of directors and on the background of what we explained to you, I submit to you the following recommendations according to the rules and regulations to approve and adopt them:

1st: Approval of the report of the board of directors for the year 2011.2nd: Approval of the report of the certified auditor for the year 2011.3rd: Approval of the Sharia Control Commission report for the year 2011.

Annual Report 2011


15

4th: Adoption of the financial situation statements and the income statement for the year 2011 including the account of the amended profits according to the directives of the Central Bank of Sudan.

5th: Approval of the recommendation of the board of directors about profits distribution including bonus shares for the year 2011 as follows:

- 10% cash divided and 3% bonus shares. According to the approval of the Central Bank of Sudan.

6th: Approval of the remuneration of the members of the board of directors for the year 2011.

7th: Approval of the appointment of Messers Mubarak Accountancy, Auditing and financial consultations to audit the accounts of the bank for the year 2012 and authorize the board of directors to fix their remunerations.

8th: Elections of the Sharia Board Commission for the year 2012.

Honorable brothers and sisters;I submitted to you a full report of our efforts in 2011. All this was done with help of the Almighty God and due to our sense of responsibility. We hope to be up to the standard of your expectations. The Prophet (May Prayers and Peace of Allah be upon Him) said (A good Muslim always trust others).

We hope also that God Almighty will help us to achieve the goals you are expecting from us with your support. It is a responsibility and a duty in front of God and you.

Finally I offer my thanks and gratitude to all those who contributed in this effort and preparation for this blessed meeting.A special salute and gratitude to the Central Bank of Sudan represented in the Governor Dr. Mohammed Khair Alzubair, his deputy brother Dr. Badr Eldin Mahmoud and the assistant governors, general managers and the employees of the Bank.

A salute and gratitude to the members of the board of directors and its committees for their efforts.A salute and gratitude to the executive administration and the employees of the bank for their efforts and patience to achieve the goals of the bank.A salute and gratitude to H.E. the Wali of Khartoum, the police administration and the local council for their support to hold this meeting.A salute and gratitude to all those who supported us by physical efforts or advice.Lastly, a salute and gratitude to you for coming in this blessed evening.

God we ask you good guidance, piety, purity and satisfaction. We ask you a useful knowledge, an acceptable fruitful work, a submissive heart, a laudating tongue, wide wealth and cure from every illness] Amin.

Salamu Alaykum

16


Annual Report 2011

Resolution (1)Approval of the Board of Directors report and adoption of the financial situation statement, distribution of profits accounts and the reports of the certified auditor and Islamic Sharia Control Commission for the year ending on 312011/12/.

Resolution (2)Approval of the recommendation of the Board of Directors, to distribute profits at the ratio of 10% of the nominal value of the share.

Resolution (3)Approval of the recommendation of the Board of Directors, to pay their remunerations for the year 2011.

Resolution (4)Appointment of Messrs Mubrak accounts, auditing and financial consultation, to audit the bank accounts for the year 2012, and to delegate the Board of Directors to fix and pay their remunerations.

Resolutions (5)Appointment of Islamic Sharia Control Commission and delegate the Board of Directors to fix their remunerations for 2012.

Resolutions of the Regular General Assembly NO 43

May Mercy of God and His Mercy be upon you


Mr. Dafalaa Elfadel Mohamed Abu GadeerBoard Secretary


17

INDEPENDENT AUDITORS’ REPORT TO THE SHAREHOLDERS OF SUDANESE FRENCH BANK

We have audited the accompanying financial statements of Sudanese French Bank, which comprise the balance sheet as at 31 December 2011 and the income statement, cash flows statement and statement of changes in equity for the year then ended, and a summary of significant accounting policies and other explanatory notes.

Directors’ Responsibility for the Financial StatementsThe Directors are responsible for the preparation and fair presentation of these financial statements in accordance with Financial Accounting Standards issued by The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

Auditors’ ResponsibilityOur responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Audit Standards Issued by (AAOIFI). Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s pre`paration and fair presentation of the financial statements in order to design audit procedures that are appropriate for the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

OpinionIn our opinion, the financial statements present fairly, in all material respects, the financial position of the Bank as of 31 December 2011 and its financial performance and its cash flows for the year then ended in accordance with Accounting Standards of The Accounting and Auditing Organization for Islamic Financial Institutions.

MUBARAKFor Accounting, Auditing & Financial Consultancy

Certified Public AccountantsIndependent Firm, Correspondent of

ERNST & YOUNG

Tel.: 00249 183 779392 Fax.: 00249 183 7876653/1 - Block 5 Khartoum East Al Zubair Basha St.P.O. Box 6556 - SudanE-mail: [email protected]

تلفون: 779392 183 249 00- فاك�س: 787665 183 249 00

�شارع الزبري با�شا - 1/3 مربع 5 اخلرطوم �رشق

�س.ب 6556 - ال�شودان

[email protected] :بريد اإلكرتوين

للمحا�شبة واملراجعة والإ�شت�شارات املالية

حما�شبون قانونيون

مكتب م�شتقل ، مرا�شلون

اإرِن�شت َوَيونغ

مـبـاركمـبـارك

Mubarak Ali Ibrahim - PartnerMay 07, 2012

18


Annual Report 2011

Statement Of Financial PositionAt December 31, 2011

Assets Notes 2011 SDG 2010 SDG

Cash and cash equivalents 4 411,361,434 302,515,797Central Bank of Sudan - Statutory cash reserve 5 113,379,578 101,680,614Sales receivables 6 367,424,781 321,712,169Investments in securities held to maturity 7 265,119,316 183,118,500Available for sales investments 8 42,096,894 26,747,762Investments in subsidiaries 9 3,960,000 6,969,200Mudaraba investments 10 93,050,447 129,329,400Musharaka investments 11 54,553,620 54,894,208Other Assets 12 154,316,795 147,725,140Fixed assets 13 84,203,640 81,316,293Total Assets 1,589,466,505 1,356,009,083

Liabilities, Unrestricted Investment Accounts and Shareholders’ EquityLiabilitiesCurrent Accounts 14 933,963,030 876,090,068Other Liabilities 15 219,119,758 141,326,648Provisions 16 42,859,732 29,806,934Total Liabilities 1,195,942,519 1,047,223,650Equity of unrestricted investment account holders

17 236,236,286 167,543,752

Shareholders’ EquityPaid up capital 18 103,109,252 100,106,070Reserves 19 97,339,210 84,695,657Retained earnings (losses) (53,171,369) (53,570,653)Dividends 10,010,607 10,010,607Total Shareholders’ Equity 157,287,700 141,241,681

Total Liabilities, Unrestricted Investment Accounts and Shareholders’ Equity

1,589,466,505 1,356,009,083

Osman Salman M. NourChairman

Osman Hamad M. KhairDirector

Mahgoub Hassan ShaboGeneral Manager

Annual Report 2011


19

Income Statement Year Ended December 31, 2011

Income Notes 2011 SDG 2010 SDG

Income from deferred sales 20 28,920,831 28,179,132

Income from investments 21 54,082,446 45,157,455

Total income from finance and investments 83,003,277 73,336,587

Less: Return on unrestricted investment accounts (19,197,364) (14,811,226)Bank ’ s share in income from investments (as Mudarib and fund owner)

63,805,913 58,525,361

Income from banking services 22 42,155,577 37,746,745

Other income 23 13,440,869 10,531,994

Total Bank ’ s income 119,402,360 106,804,100

Expenses

Staff cost 24 (43,839,088) (36,209,789)

General and administration expenses 25 (18,680,131) (16,982,849)

Depreciation and Amortization 26 (20,189,683) (14,535,447)

Investment and Finance Provisions 6/1 (6,528,572) (5,395,303)

Total Expenses (89,237,475) (73,123,388)

(Loss) from foreign currency revaluation (5,141,456) (9,034,000)

Net income before zakah and tax 25,023,429 24,646,712

Zakah provision (2,632,250) (2,203,038)

Net income for the year 22,391,179 22,443,674

Earnings per share 28 0.34 0.34




20


Annual Report 2011




Statement Of Cash Flows Year ended december 31, 2011

Operating activities 2011 SDG 2010 SDG

Net income for the year 22,391,179 22,443,674Adjustment for:Depreciation of fixed assets 5,460,616 5,536,509Depreciation of fixed assets (Disposal) (838,462) (670,872)Provision 27,013,333 27,309,310Changes in operating assets, liabilities and unrestricted investment accountsCentral Bank of Sudan - Statutory cash reserve (11,698,964) (27,992,688)Sales receivables (45,712,611) 15,054,635Investments (57,721,207) 97,168,710Other assets (6,591,654) (25,610,271)Current accounts 57,872,962 (20,187,308)Provision 13,052,798 23,023,317Equity of unrestricted investment account holders 68,692,534 8,607,190Other liabilities 77,793,109 (40,179,038)prior year Expenses (6,738,988) (65,065,641)Cash used in operations 88,947,978 (35,181,094)Net cash from (used in) operating activities 115,961,311 (7,871,784)Investing activitiesPurchases of fixed assets (8,376,493) (6,322,535)Disposal of Fixed Assets 866,991 682,043Net cash from (used in) investing activities (7,509,502) (5,640,492)Financing activitiesReserves 10,404,435 -Dividends (10,010,607) -Net cash from financing activities 393,828 -Increase/ (Decrease) in cash and cash equivalents for the year 108,845,637 (13,512,276)Cash and cash equivalents at the beginning of the year 302,515,797 316,028,073Cash and cash equivalents at the end of the year 411,361,434 302,515,797

Annual Report 2011


21

Osm

an S

alm

an M

. Nou

rCh

airm

anO

sman

Ham

ad M

. Kha

irD

irect

orM

ahgo

ub H

assa

n Sh

abo

Gen

eral

Man

ager

Stat

emen

t Of C

hang

es In

Equi

tyYe

ar e

nded

dec

embe

r 31

, 201

1

Not

ePa

id u

p ca

pita

l

Reta

ined

(lo

sses

) ea

rnin

gs

Stat

utor

y re

serv

eG

ener

al

rese

rve

Fair

Val

ue

Rese

rve

Reva

lua-

tion

Re-

serv

e

Prop

osed

D

ivid

ends

Tota

l

SDG

SDG

SDG

SDG

SDG

SDG

SDG

SDG

Bala

nce

at Ja

nuar

y 1,

201

010

0,10

6,07

01,

306,

288

10,6

70,0

8717

,714

,055

-5,

688,

877

-13

5,48

5,37

7

Prio

r ye

ar a

djus

tmen

ts-

(65,

065,

641)

--

--

-(6

5,06

5,64

1)

Net

inco

me

for

the

Year

-22

,443

,674

--

--

-22

,443

,674

Div

iden

ds p

aid

-(1

0,01

0,60

7)-

--

-10

,010

,607

-

Rese

rves

-(2

,244

,367

)2,

244,

367

--

48,3

78,2

71-

48,3

78,2

71Ba

lanc

e at

D

ecem

ber

31,

2010

100,

106,

070

(53,

570,

653)

12,9

14,4

5417

,714

,055

54,0

67,1

4810

,010

,607

141,

241,

681

Proi

or y

ear

adju

stm

ents

27-

(6,7

38,9

88)

--

--

-(6

,738

,988

)

Div

iden

ds p

aid

--

--

--

(10,

010,

607)

(10,

010,

607)

Net

inco

me

for

the

year

-22

,391

,179

--

--

-22

,391

,179

Incr

ease

in C

apita

l3,

003,

182

(3,0

03,1

82)

--

--

--

Cash

div

iden

ds18

-(1

0,01

0,60

7)-

--

-10

,010

,607

-

Rese

rves

-(2

,239

,118

)2,

239,

118

650,

000

9,75

4,43

5-

-10

,404

,435

Bala

nce

as a

t D

ecem

ber

31,

2011

103,

109,

252

(53,

171,

369)

15,1

53,5

7218

,364

,055

9,75

4,43

554

,067

,148

10,0

10,6

0715

7,28

7,70

0

22


Annual Report 2011

(1) Incorporation and activities:Sudanese French Bank (the Bank) was established in 1978 and started its banking activities in January 1979, In 1981 the name of the bank was changed to Sudanese International Bank; in 1993 the name was changed to Sudanese French Bank as a public listed limited liability company under Companies Act, 1925 with registration certificate No. 1152. The Bank is providing commercial, financial, Investments, development projects financing and banking services according to Islamic rules and principles. The Bank is providing its services from the head office which is located at Qaser street and through its branches located in Khartoum and other states.

(2) Significant accounting policies:(i) Basis of preparation:1. The financial statements are prepared in accordance with the standards issued by the

Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), as required by the Central Bank of Sudan and Shari’a Supervisory Board (SSB) requirements.

2. The financial statements have been presented in Sudanese pounds (SDG), the functional currency.

3. The financial statements are prepared on the historical cost concept except for the re-measurement at fair value of securities classified as available for sale.

4. The Bank uses the accrual basis in recording its assets, liabilities, revenues and expenses.5. The accounting policies for the current year are consistent with pervious year.

ii) Fixed assets:Fixed assets are stated at cost less accumulated depreciation and any impairment in value.Depreciation of fixed assets is calculated on a straight line basis over their estimated useful lives, as follows:

Motor vehicles %15

Machinery and equipment %10

Furniture %10

Buildings %2.5

IT equipment %20

The carrying amounts of the Bank’s fixed assets are reviewed at each balance sheet date to determine whether there is any indication or objective evidence of impairment. If any increase in the recoverable values the new values will be booked and difference between the carrying values and the new recoverable values will be charged to equity to decrease the revaluation reserve. The leased hold land amortized over period of 30 years which is the contract duration.

(iii) Foreign CurrenciesTransactions in foreign currencies are recorded at the exchange rate prevailing on the transaction date. Monetary assets and liabilities at balance sheet date, denominated in foreign currencies, are translated at the exchange rates prevailing at the balance sheet date. Foreign Currency differences

Notes to the Financial Statementsyear ended december 31, 2011

Annual Report 2011


23

related to normal bank transactions in investments denominated in foreign currencies, whether gains or losses, are treated as revaluation differences. Other realized and unrealized gains or losses on foreign exchange are credited or charged to the income statement.

(iv) Revenue recognitiona. Murabaha and Istisnaa:The profits from Murabaha and Istisnaa transactions are recognized on a proportionate basis over the period of the credit.

b. Mudaraba Financing:Mudaraba financing is recognized in the Income Statement at the time of liquidation or to extent of profits being distributed or at declaration date or when such profits can reasonably be estimated.

c. Musharaka and Salam FinancingThe profits from Musharaka and Salam transactions are recognized at the time of the liquidation.

d. Income from banking servicesIncome from banking services is recognized at the time the related services are provided and the amount of revenue can be measured reliably

h. Dividends income and Profit from Securities.Dividend income and profit from securities is recognized when declared or when such profits can reasonably be estimated.

(v) Provision for doubtful debts:The provision for doubtful debt is based on the assessment of collectability of each debt and in accordance with the directives of the Central Bank of Sudan and the Bank>s policy.

(vi) Cash and cash equivalents:For the purpose of preparation of the statement of cash flows, cash and cash equivalents consist of cash with banks (current accounts) and balances with Central Bank of Sudan and cash in hand.

(vii) Provisions:

Provisions are recognized when the Bank has an obligation (legal or constructive) arising from a past event, and the costs to settle the obligation are both probable and can reliably be measured.

(viii) Employees end of service benefits:End of service benefits payable to employees at the end of their services are provided for in accordance with Sudanese labour law.

(ix) Measurement of investments and finance at the end of the period:a. Sales receivableSales receivable are initially recorded at cost, at the end of the financial period sales receivables are measured at their face value or net realizable value, whichever is less.

24


Annual Report 2011

b. MudarabaMudaraba is measured by the amount paid or the amount placed under the disposition of the Mudarib less the portion of the Mudaraba capital recovered from the Mudarib (if any).

c. MusharakaMusharaka is recorded at cost less any impairment loss in the statement of financial position.

d. Available for sale investmentsAvailable for sale investments which are shown in the balance sheet at fair value and any difference is carried to the revaluation reserve as part of equity. Where fair value cannot be reliably measured, those investments are carried at cost.

(x) Zakah and Tax treatment

The Bank is subject to the Zakah and Tax according to regulations prescribed by Zakah and Tax authorities.The Bank is subject to Business Profit Tax after excluding profits from investments in Shahama>s bonds.

(xi) Return on unrestricted investment account holders:The Return on unrestricted investment accounts is calculated on a yearly basis. The Bank allows the investment account holders to withdraw funds from their investment accounts before maturity with a condition that they forfeit any accrued profits, and in the case of Mudaraba transactions with specified period of investment, the Bank as Mudarib, retains the right to hold the Mudaraba instrument to it ’ s maturity.

Profits are allocated between the unrestricted investment account holders and the Bank>s share holders according to the contribution of each of the two parties. Those profit added to their accounts after the approval of Shari ’ a Supervisory Board and the regulatory authorities.

(xii) Impairment and uncollectibility of financial assets:An assessment is made at each statement of financial position date to determine whether there is objective evidence that a specific financial asset may be impaired. If such evidence exists, an impairment loss is recognised in the consolidated statement of income.

(xiii) Liabilities:Liabilities are recognized for amounts to be paid in the future for materials and services received, whether billed by the supplier or not. These are carried at cost, which is the fair value of the consideration to be paid in the future for amounts payable.

(3) Shari` a Supervisory Board (SSB):The Bank’s business activities are subject to supervision of Shari ’ a Supervisory Board. The Shari` a Supervisory Board has been appointed by the shareholders. The Shari` a Supervisory Board has the power to directly review and supervise the activities of the Bank.

Annual Report 2011


25

(4) Cash and cash equivalents:2011 SDG 2010 SDG

Cash in hand and in ATM 52,275,310 44,127,562Balances with Central Bank of Sudan 300,635,849 203,729,609Cash with foreign correspondent banks 58,450,275 54,658,625

411,361,434 302,515,797

(5) Central Bank of Sudan - Statutory cash reserve:

2011 SDG 2010 SDG

Local currency 87,979,298 74,705,130Foreign currency 25,400,281 26,975,484

113,379,578 101,680,614

(6) Sales receivables:2011 SDG 2010 SDG

Murabaha 386,707,197 297,505,378Salam 6,356,748 3,920,215Mugawla 35,778,470 30,064,445Micro Finance 811,070 217,736Deferred payment sales 2,370,606 4,561,514Other Finance 15,635,391 42,423,639

447,659,482 378,692,927Less: Deferred profits (50,138,563) (34,952,438)

397,520,919 343,740,489Less: provision for doubtful debts (note 6/1) (30,096,138) (22,028,320)Sales receivables (net) 367,424,781 321,712,169

Other finace represents deferred Letter of credits of which 9.7 million is over due. The bank has provided for the over due amounts.

(6/1) Provisions for finance and investments:

2011 SDG 2010 SDGGeneral provision:Balance at the beginning of the year 4,096,198 3,299,733Provision for the year 1,178,179 796,465Balance at the end of the year 5,274,377 4,096,198Specific provision:Balance at the beginning of the year 20,907,888 16,309,050Provision for the year 5,350,393 4,598,838Bad Debt (235,766) -Balance at the end of the year 26,022,515 20,907,888Total Provision (General +Specific) 31,296,892 25,004,086

Total Provision expense charged (General +Specific) for the year 6,528,572 5,395,303

26


Annual Report 2011

(6/2) Total Provisions for finance and investments (General and Specific):

2011 SDG 2010 SDG

Provision for doubtful debts (note 6) 30,096,138 22,028,320

Provision for finance losses (mudarba note 10) 531,873 2,276,055

Provision for finance losses (musharka note 11) 668,881 699,711

31,296,892 25,004,086

(7) Investments in securities held to maturity:2011 SDG 2010 SDG

Shahama securities (Note 7/1) 161,739,316 124,161,000

Shihab securities (Note 7/2) 2,000,000 2,000,000

Government ’ s Bonds (Note 7/3) 91,522,000 47,522,000

Shama (Note 7/4) 9,858,000 9,435,500

265,119,316 183,118,500

(7/1) Shahama Certificates:These are government certificates issued by Ministry of Finance on behalf of Government of Sudan and are distributed by Sudan Financial Services Company. Shahama certificates are issued based on Musharaka contract. The average annual return on these certificates is ranging from 12% to15%.

(7/2) Shihab Certificates:These certificates are issued by Sudan Financial Services Company to invest in Central Bank’s building. The relationship between Sudan Financial Services Company and the investors is based on agency agreement. The average annual return on these certificates is ranging from 10% to 12%.

(7/3) Government’s Bonds:These bonds are issued by the Ministry of Finance and are distributed through Sudan Financial Services Company. The maturity of these bonds is from 2 to 6 years, these bonds are ijarh contracts invested in assets management. The profits distubuted every 3 months and these bonds are quoted and listed in Khartoum stock exchange.

(7/4) Ijarah certificates (Shama):Shama certificates are Khartoum Refinery bonds which are quoted and listed in Khartoum stock exchange with an average return of 14% distributed every 3 months and the maturity of these bonds are 7 years started from October 2010.

(8) Available for Sale Investments:2011 SDG 2010 SDG

Khaleej National Flour Mills Co. 24,154,631 24,154,632

Financial Investment Bank 2,361,864 2,117,016

Annual Report 2011


27

National Agency for Export Development 250,000 250,000

Electronic Banking Services 126,114 126,114

Rayaam Printing and Publishing. 100,000 100,000

Joba Insurance 13,230,000 -

Rural Development 221,100 -

Arab financial services 309,808 -

sudanese Rural development 1,343,377 -

Kenana Diary Factory 2,660,000 2,660,000

Transworld Petroleum 500,000 500,000

provision for Investmant (3,160,000) (3,160,000)

42,096,894 26,747,762

(9) Investments in Subsidiaries:2011 SDG 2010 SDG

Sudanese Investments and Projects Co. - 3,999,200

Al Faransi Financial Services Co. 3,960,000 2,970,000

3,960,000 6,969,200The Board of Directors on its meeting on July 27, 2011 decided to liquidate the Sudanese Investments and Projects Co., and that all its property shall be transferred to the bank.

(10) Mudaraba Finance:

2011 SDG 2010 SDG

Mudaraba with financial institutions 40,395,000 60,000,000Investment Funds 53,187,320 71,605,455

93,582,320 131,605,455Less: provision for finance losses (note 6/2) (531,873) (2,276,055)

93,050,447 129,329,400

(11) Musharaka Investments:

2011 SDG 2010 SDG

Musharaka with domestic customers 55,222,501 55,593,919

Less: provision for finance losses (note 6/2) (668,881) (699,711)

54,553,620 54,894,208

(12) Other Assets:

2011SDG

2010SDG

Receivables under collection (note 12/1) 39,734,694 46,553,601Revaluation of assets and liabilities (note 12/2) 23,590,886 28,309,064

28


Annual Report 2011

Accrued revenue 19,722,909 8,766,850Staff loans 25,509,894 18,092,510Other Debit Balances 8,699,427 8,330,000Legal claims 1,913,166 3,055,837Prepaid expenses 2,522,950 2,624,238Inventory - printing 558,654 467,719Rehabilitation expenses 2,891,313 2,882,063Inventory - Goods 14,313,015 15,005,290Direct investment 291,788 3,388,667Loans without profits - 1,500,000Others - 1,312,223Exchange revenue for Central Bank of Sudan Note (12/3) 15,334,134 8,646,508National restrictions 409,125 -provision for doubtful debts (1,175,160) (1,209,430)

154,316,795 147,725,140

(12/1) Receivables under collection:Represents long outstanding receivables since 2003. The Central Bank of Sudan agreed to be amortized over 10 years starting from 2008 by charging the income statement the amount of SDG 6.5 million annually.

(12/2) Revaluation of Assets and Liabilities:Represent foreign exchange losses arising from revaluation of assets and liabilities of the bank from foreign currencies to local currency which related to year 2009. The management agreed with the Central Bank of Sudan to amortize these losses over 6 years starting from this year by charging the income statement the amount of SDG 4.7 million annually.

(12/3) Exchange revenue for Central bank of Sudan:Represents purchases of foreign currency from the customers of the bank on behalf of Central Bank of Sudan. Such transactions resulting in the following balances:

Amounts due from Central Bank of Sudan (local currency) 74,017,105 SDG

Amounts due to Central Bank of Sudan foreign currency) 58,682,971 SDG

15,334,134

Annual Report 2011


29

(13)

Fix

ed A

sset

s:

Mot

or V

ehic

les

Furn

itur

e &

Fit

ting

s&

Equ

ipm

ent

Elec

tron

icEq

uipm

ent

Land

sBu

ildin

gsA

sset

e U

nder

cons

ruct

ion

Tota

l

SDG

SDG

SDG

SDG

SDG

SDG

SDG

Cost

Janu

ary

1,20

116,

916,

709

20,6

24,1

5310

,219

,134

39,1

24,4

4133

,629

,802

1,40

3,84

711

1,91

8,08

6A

dditi

ons

2,10

2,33

71,

318,

963

807,

034

-49

7,36

93,

650,

790

8,37

6,49

3D

ispo

sals

(707

,265

)(1

19,7

42)

(39,

984)

--

(866

,991

)A

s of

Dec

embe

r31,

2011

8,31

1,78

121

,823

,374

10,9

86,1

8439

,124

,441

34,1

27,1

715,

054,

637

119,

427,

587

Dep

reci

atio

nJa

nuar

y 1,

2011

4,46

7,85

915

,204

,395

6,25

9,43

663

4,50

94,

035,

594

-30

,601

,793

Char

ge fo

r th

e ye

ar1,

057,

866

1,75

6,64

31,

472,

013

324,

632

849,

462

-5,

460,

616

Dis

posa

ls(6

84,7

28)

(113

,750

)(3

9,98

4)-

--

(838

,462

)A

s of

Dec

embe

r31,

2011

4,84

0,99

716

,847

,288

7,69

1,46

595

9,14

14,

885,

056

-35

,223

,947

Net

Car

ryin

g Va

lues

As

of D

ecem

ber3

1,20

113,

470,

784

4,97

6,08

63,

294,

719

38,1

65,3

0029

,242

,115

5,05

4,63

784

,203

,640

As

of D

ecem

ber3

1,20

102,

448,

850

5,41

9,75

83,

959,

698

38,4

89,9

3229

,594

,208

1,40

3,84

781

,316

,293

30


Annual Report 2011

(14) Current Accounts:2011 SDG 2010 SDG

Local currency 671,622,891 614,105,703Foreign currency 154,973,400 180,546,163Saving Accounts 107,366,738 81,438,202

933,963,030 876,090,068

(15) Other Liabilities:2011 SDG 2010 SDG

Cash margin against letters of credit 94,116,057 62,792,860Cash margin against letters of guarantee 5,032,103 5,573,872Notes payable 34,695,417 38,615,303Accrued charges 16,667,028 10,184,104Other credit balances 9,111,286 7,962,047Export accounts 51,184,070 10,355,844Dividends payable 3,725,740 2,997,319Transfers under clearance 3,678,139 2,477,450Foreign banks interest * 616,957 137,076Staff deposits 292,961 230,773

219,119,758 141,326,648

* Foreign banks interest Foreign banks interest: These are interest received due to transactions with foreign banks which will be treated in accordance with instructions of Sharia Supervisory Board.

(16) Provisions:2011 SDG 2010 SDG

Zakah provision 2,632,250 2,203,038End of service benefits 37,727,803 25,319,979Business profit tax provision (note 16/1) 217,720 323,355Provision for deposits Guarantee (note 16/2) 2,281,959 1,960,562

42,859,732 29,806,934

(16/1) Tax provision: ** There is no business profit tax provision for this year as the exempted profit from Shahama amounting to SDG 40,687,911 is greater than net profit.

(16/2) Provision for bank deposit security fund:

2011 SDG 2010 SDG

Provision expensed for the year 1,958,645 1,734,622Unrestricted investment account holders balance 323,314 225,940

2,281,959 1,960,562

Annual Report 2011


31

(17) Equity of unrestricted investment account holders:2011 SDG 2010 SDG

Unrestricted investment account holders balance 219,018,765 154,717,301Unrestricted investment account holders return for the year 19,197,364 14,811,226Profits paid during the year (1,656,529) (1,758,835)Holders share in Fund grantee provision (323,314) (225,940)

236,236,286 167,543,752

(18) Capital:2011 SDG 2010 SDG

Authorized capital 300,000,000 300,000,000Paid up capital 103,109,252 100,106,070

The authorized share capital of the Bank comprises 200,000,000 shares of nominal value of SDG 1.5 each.Dividend:On its annual general meeting on April 4, 2012 the shareholders approved the distribution of cash dividends amounting to SDG 2,910,246 and bonus share amounting to SDG 11,241,246.

(19) Reserve:2011 SDG 2010 SDG

General reserve 18,364,055 17,714,055Fair Value Reserve 9,754,435 -Fixed assets revaluation Reserve * 54,067,148 54,067,148Statutory reserve 15,153,572 12,914,454

97,339,210 84,695,657

* Fixed assets revaluation ReserveIn 2010 the bank revalued its lands and buildings by a specialized firm resulted in a surplus of SDG 48.3 million.

(20) Income from Deferred sales:2011 SDG 2010 SDG

Murabaha income 25,963,506 25,876,822Muqawala income 1,766,026 1,531,380Salam income 725,514 273,150Direct investment 108,251 443,156Deferred payment sales income 357,535 54,625

28,920,831 28,179,132

(21) Income from investments:2011 SDG 2010 SDG

Profit from Securities 40,687,991 31,436,527Musharaka 6,228,141 4,105,569Income from portfolio investment 5,732,553 6,876,766Mudaraba - Financial institutions 1,433,761 2,738,592

54,082,446 45,157,455

32


Annual Report 2011

(22) Income from banking services:2011 SDG 2010 SDG

Letters of credit 14,380,836 10,036,912Documents under collections 3,402,623 2,870,385Commission on checks collections and transfers 6,346,248 5,956,660Foreign transfers 990,949 1,406,054Letters of Guarantee 1,344,148 1,260,324Export 295,879 326,139Income from Nile card 649,846 279,313Book keeping 2,831,822 2,318,529Foreign exchange 2,094,011 2,751,024Trading in currencies 5,154,994 6,176,440Communication commission 375,566 486,738Income from investments (Note 22/1) 4,288,654 3,878,228

42,155,577 37,746,745(22/1) Income from investments:

2011 SDG 2010 SDGKhaleej National Flour Mills Co. 2,682,968 2,052,148Al Faransi Financial Services Co. 1,138,500 1,445,400Electronic Banking Services 12,612 29,804Financial Investment Bank 454,434 350,876Income from Sudanese Investments and Projects Co. 140 -

4,288,654 3,878,228(23) Other Income:

2011 SDG 2010 SDGFees and other commissions 1,557,501 1,760,831Insurance commission 217,232 183,246Gain on sale of fixed assets 376,034 257,916Income from Subsidary Liquidation. 11,290,101 -Income received* - 8,330,000

13,440,869 10,531,994(24) Staff cost:

2011 SDG 2010 SDGSalaries 11,130,301 10,285,961Staff bonus 6,105,393 5,465,921Eids bonus 3,685,908 3,382,829Vacation 5,814,751 5,245,237Uniform 3,567,245 3,249,180End of service benefits 6,744,810 2,966,740Training 788,447 538,274Social Insurance 1,808,647 1,644,050Health Insurance 1,547,732 1,172,345Overtime 761,046 603,378Tickets 418,534 391,756Travel and business trips 160,260 121,134Staff Tax 1,306,013 1,142,984

43,839,088 36,209,789

Annual Report 2011


33

(25) General and administration expenses:2011 SDG 2010 SDG

Printing & stationery 1,238,252 1,190,446Subscription on bank deposit security fund 1,958,645 1,734,622Rent 2,252,964 2,040,746Electricity & water 1,147,119 1,132,707Board of Directors remuneration 1,180,000 1,180,000Advertising 1,139,065 1,029,088Communication 1,295,717 1,158,605Insurance 965,484 708,020Cash handling 376,157 317,667Bank charges 523,847 1,151,619Central Bank Penalties 449,090 24,000Repair and Maintenance 843,161 762,461Fuel and lubricants 548,826 430,942Security services 766,809 723,938Entertainment & refreshment 360,589 320,045Donations and gifts 274,474 331,891Transportation 239,496 186,266ATM Expenses 1,123,744 785,689Subscriptions 426,182 439,625Cleaning expenses 344,559 299,948Board of Directors ’ expenses 100,552 94,700Sharia Supervisory Board ’ s expenses 38,400 38,400Government fees 107,280 108,187Legal consultancy fees 85,320 123,256General Annual meeting expenses 139,552 137,777Postage 85,730 40,595Audit fees 200,000 175,000Miscellaneous 264,790 126,160Hotel charges 76,342 65,245Newspapers and magazines 42,434 40,089Registration 46,342 52,087Correspondents` balances 39,209 33,026

18,680,131 16,982,849

(26) Depreciation and Amortization:2011 SDG 2010 SDG

Fixed Assets Depreciation 5,460,616 5,226,632Rehibitation expenses amortization 529,931 881,010Receivables amortization 7,963,807 8,427,806Assets and liabilities amortization 4,718,177 -Correspondents’ balances 1,517,153 -

20,189,683 14,535,447

34


Annual Report 2011

(27) Prior Year Adjustments:

2011 SDG 2010 SDGPersonal income tax difference (206,017) (294,514)Golden Steel Co. - (146,813)Government stamp - (15,000)Gum Arabic inventory losses - (303,468)Al Sabigoon Musharka - (45,000)Port Sudan Cotton Co. Gomhoria Branch - (244,498)Accrued expenses 5,415 5,109Disposals of Furniture (86,316) (1,067,526)Correspondents ` balances written off - (6,520,680)End of service deficit (6,839,801) (20,000,000)Impairment of Investments (Note 27/1) - (35,590,703)Share Capital increase expenses- previous years - (467,122)Micro finance Consultancy - (65,550)Debit balances written off - (309,877)Amortization of leased lands 340,128 -Retained Erning from Sudanese Investments and Projects Co.

47,603 -

(6,738,988) (65,065,641)

(27/1) Impairment of Investments:2011 SDG 2010 SDG

Khaleej National Flour Mills Co. - 32,430,703Kenana Friesland - 2,660,000Transworld - 500,000

- 35,590,703

(28) Earning Per Share:2011 SDG 2010 SDG

Net income for the year 22,391,179 22,443,674Number of shares 66,737,380 66,737,380Earning Per Share 0.34 0.34

(29) Contra accounts:Contra accounts not included in the financial statements of the Bank are as follows:

2011 SDG 2010 SDG

Checks under collection 484,350,177 398,508,477 Letters Of Credit 287,239,709 220,257,753 Letters Of Guarantee 28,535,271 28,501,460 Documents Proceeds - 109,218,819 Ficilities from Foreign Bank (note 29/1) 42,993,753 15,286,982 Bad Debts 6,751,868 6,516,102

849,870,778 778,289,593

Annual Report 2011


35

(29/1) Ficilities from Foreign Bank:Represent facilities extended from correspondent banks to a number of the banks’ customers. The role of the bank is to manage these facilities in return for agreed commissions to be paid to the bank for such service.

(30) Concentration of investments – Economic sector:The total Investments for the period amounting to SDG 804,676,046 and it was distributed according to economic sectors as follows:

Agriculture 7%Manufacturing 19%Exports 4%Transportation and Storage 3%Vocational and Technical 1%Mining 1%Commercial 17%Import 2%Real State 2%Other segments 44%Total 100%

(31) Related party transactions:These represent transactions with related parties, i.e. shareholders, board of directors and senior management of the Bank, and companies of which they are principal shareholders. These transactions are conducted in an arm length basis.

Balances with related parties included in the balance sheet are as follows:Major

Shareholders & Board of directors & related

companies

Top managementof the bank

Total as of31 December 2011

SDG SDG SDGBalance sheet items:Murabaha 1,882,435 - 1,882,435Mugaolat 496,700 - 496,700Mudaraba 2,000,000 - 2,000,000

Income statement Items:Murabha income 121,646 -Mugaolata income 149,010 - 149,010Mudaraba income - - -Top management compensation:Remuneration - - -Contingent LiabilitiesLetters of credit - - -Letters of guarantee 246,000 - -Letters of guarantee Commission 2,460

36


Annual Report 2011

(32) Credit risk:Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. The Bank attempts to control credit risk by monitoring credit exposures continuously.

The Bank seeks to manage its credit risk exposure through the diversification of financing and investment activities to ensure that there is no undue concentration of risks with individuals or groups of customers in specific locations or business. The Bank also takes collateral when appropriate.

(33) Liquidity risk:Liquidity risk is the risk that the Bank will be unable to meet its net funding requirements. Liquidity risk can be caused by market disruptions or credit downgrades, which may cause certain sources of funding to dry up immediately. To mitigate this risk, management has diversified funding sources and assets are managed with liquidity in mind, maintaining a healthy balance of cash, cash equivalents, and readily marketable securities.The contractual maturities of assets and liabilities have been determined on the basis of the remaining period at the balance sheet date to the contractual maturity date. Management monitors the maturity profile to ensure that adequate liquidity is maintained.The contractual maturities of assets and liabilities have been determined on the basis of the remaining period at the balance sheet date to the contractual maturity date. Management monitors the maturity profile to ensure that adequate liquidity is maintained.

AssetsWithin 3 months

From 3 From 6 More than a year

Totalto 6 Month to 12 Month

Cash and cash equivalents 411,361,434 - - - 411,361,434

Central Bank of Sudan - Statutory cash reserve

- - - 113,379,578 113,379,578

Sales receivable 85,348,577 66,989,408 63,126,191 151,960,604 367,424,780Investments in securities 7,353,316 67,000,000 44,500,000 146,266,000 265,119,316Available for sale investments - - - 42,096,894 42,096,894Investments in Subsidiaries - - - 3,960,000 3,960,000Mudaraba 10,000,000 10,000,000 21,915,135 51,135,313 93,050,448Musharaka - 7,737,588 29,686,406 17,129,626 54,553,620Other assets 20,606,010 18,043,259 17,561,213 98,106,312 154,316,794Fixed assets - - - 84,203,640 84,203,640Total Assets 534,669,337 169,770,255 176,788,945 708,237,967 1,589,466,505Shareholder`s equity and LiabilitiesShareholder`s equity - - - 157,287,700 157,287,700Current accounts 468,540,976 61,493,972 154,742,083 249,185,999 933,963,030Other liabilities 57,902,731 106,687,057 20,909,917 33,620,053 219,119,758Provisions - - - 42,859,732 42,859,732

Equity of un-restricted investments account

- - - 236,236,286 236,236,286

Total liabilities and shareholders` equity

526,443,707 168,181,029 175,652,000 719,189,769 1,589,466,505

Annual Report 2011


37

(34) Market risk:Market risk is the risk that the value of an asset will fluctuate as a result of changes in market prices, whether those changes are caused by factors specific to the individual investment or its issuer or factors affecting all investments traded in the market.

Market risk is managed on the basis of pre-determined asset allocations across various asset categories, diversification of assets in terms of geographical distribution and industry concentration, a continuous appraisal of market conditions and trends and management’s estimate of long and short term changes in fair value.

(35) Shares prices risk:Shares prices risk is a risk that the value of the shares will fluctuate as a result of changes in the market prices of the shares. The Board of Directors of the Bank sets limits on the amounts and types of shares to be acquired for investments purposes. The investments committee of the Bank regularly monitors these limits.

(36) Profit rate risk:The profit rate risk refers to the risk due to change of profit rates, which might affect the future earnings of the Bank. Exposure to profit rate risk is managed by the Bank through diversification of assets portfolio and by matching the maturities of assets and liabilities.

In line with the policy approved by the Board of Directors, the assets and liabilities committee performs regular review of the assets and liabilities in order to ensure that the maturity gap between assets and liabilities is maintained at minimum levels and also to ensure that financing and investments are made for quality assets at higher rate of return.

(37) Currency risk:Currency risk is the risk that the value of a financial instrument will fluctuate due to changes in foreign exchange rates.

Currency risk is managed on the basis of limits determined by the Bank’s Board of Directors. These limits are monitored continuously to ensure that the net exposure is kept on an acceptable level.

2011 SDG 2010 SDG

Assets 343,801,800 294,793,000

Liabilities 435,391,340 363,207,000

(38) Capital adequacy:The Bank monitors the adequacy of its capital using the ratios established by Central Bank of Sudan.

Core capital 45,394,000

Total risk weighted assets 480,078,000

The Bank’s capital adequacy ratio 9.5%

Minimum capital adequacy ratio required 12%

38


Annual Report 2011

First: The Balance SheetThe Assets:The bank’s assets amounted to 1589.47 million SDG in 2011 compared with 1356.00 million SDG in 2010 with an increase of 233.47 i.e. 7.21%.

The current assets in 2011 amounted to 1481.68 million SDG while the current liabilities at the same time were 1195.94 million SDG. i.e. 1:1.2 circulation rate. This shows that the bank is in a financial position to meet its obligations when required. It also shows the optimum utilization of the bank’s resources, It also shows that the bank is able to pay its short term loans without selling its assets.

1,589.47

1,356.011,379.261,236.55

1,078.10

2007 2008 2009 2010 2011

Assets Development 2007 – 2011 (million SDG)

Performance & Financial Report 2011


Annual Report 2011


39

Cash and Quasi CashThe cash and quasi cash was 524.74 million SDG in 2011 compared with 40420- million SDG in 2010 with an increase of 12054- million SDG i.e. 30%

186.2

222.3

203.16

324.97

205.13

257.65

203.35

66.29

199.07

267.09

Local Currency Foreign Currency

2007 2008 2009 2010 2011

Finance:The finance provided in local and hard currencies in 2011 was 775 million SDG compared with 642 million SDG in 2010 with 13.38% increase.

Following is the analysis of financing according to the outstanding balance on 312011/12/ compared with the outstanding balance in 312010/12/:-

(1) Finance in local currencyThe finance as an outstanding balance was 750.52 million SDG on 312011/12/ compared with 646.42 million SDG on 312010/12/ with 104.10 million SDG increase i.e. 16.10%. The balance of settled finance 670.97 million SDG in 2011 compared with 677.84 million SDG in 2010.

Recovered Finance Granted Finance

383.41

677.84 670.97

474.03

669.61

494.26

677.84

750.52

2007 2008 2009 2010 2011

Total finance granted in local currency 20072011- (Million SDG)

Components of Cash and Quasi Cash 2007- 2011 (million SDG)

40


Annual Report 2011

Following are the forms of finance used during the year 2011 according to the balance of finance on 312011/12/.Murabaha: amounted to 42.48% out of the total finance in 2011 compared with 36.6% for the year 2010.Musharaka: amounted to 7.27% out of the total finance in 2011 compared with 7.86% for the year 2010.Mudaraba: amounted to 9.28% out of the total finance in 2011 compared with 19.59% for the year 2010.Salam: amounted to 2.79% out of the total finance in 2011 compared with 28.35% for the year 2010.Securities: amounted to 34.39% out of the total finance in 2011 compared with 0.61 for the year 2010.Mugawala: amounted to 3.40% out of the total finance in 2011 compared with 3.18% for the year 2010.Micro Finance + others: amounted to 0.44% out of the total finance in 2011 compared with 3.81% for the year 2010.

Forms of Finance as percentages of the total finance in 2011

Local Trade 36%

Other Sectors 4%

Transports 4%

Real Estate 1%Skilled Labour 1%

Exports 5%

Industry 23%

Agriculture 8%

Securities 14%

Imports 1%

Finance According to the Economic SectorIn accordance with the policy of the Central Bank of Sudan and the targets of the national economy the management put into consideration, when providing finance, to cover all the sectors. The figures below shows the distribution of finance among the different economic sectors during 2011:

7.79% out of the total available finance was granted to the agriculture sector, 23.37% to the industrial sector, 5.50% to exports sectors, 4.22% to transport sector, 3.57% to import sector, 1.43% to estate sector, 35.79% to local trade sector, 14.08% to securities, 0.56% for handicraftsmen and professionals and 3.69% for other sectors.

Annual Report 2011


41

Murabaha 42.48%

Microfinance/ Others 0.44%

Mugawala , 3.40%Securities, 34.39%

Salam, 2.79%

Mudaraba, 9.28%

Musharaka, 7.27%

Banking Finance Analysis according to the Economic sectors 2011

(1) Finance in Foreign Currency:It amounted to 10.81 million US$ in 2011 compared to 17.49 million US$ in 2010 with 7.13 million US$ decrease i.e. 39.74% decrease.The finance in foreign currency achieved 4.90 million SDG profits in 2011 compared with 6.46 SDG in 2010 with 1.56 million SDG decrease i.e. 24.15%.

2007

29.3

44.9

37.5

17.9

10.81

2008 2009 2010 2011

Total Finance in hard currency 20072011- (million SDG)

Fixed Assets:The balance of the historic cost of buying the fixed assets (after additions and discounts raised from 111.92 million SDG in 2010 to 119.42 SDG in 2011 with 7.5 million SDG i.e. 6.7% increase. This is due to the additions and after discounting the depreciations the net book value raised from 81.32 million SDG in 2010 to 84.20 million SDG in 2011 with 2.88 million SDG i.e. 3.54% increase.

This increase was not a real increase in the fixed assets because it included assets under constructions equivalent to 1.40 million SDG in 2010 and 3.65 million SDG in 2011. The book value of lands and buildings and assets under execution amounted to 72.46 million SDG. It represents 86.05% of the total net book value of the fixed assets as on 312011/12/.

42


Annual Report 2011

2007

29.5 30.14 30.76

81.3284.2

2008 2009 2010 2011

Fixed Assets 20072011- (million SDG)

Second: Liabilities and Shareholders’ EquityLiabilities:The total liabilities consisting of different deposit including the rights of unrestricted investment accounts customers, payable accounts and other liabilities and owners equity amounted to 1,589.47 million SDG in 2011 compared with 1356.01 million SDG in 2010 with an increase of 233.46 million SDG i.e. 1721%- increase.

At the same time the total liabilities without the equity of unrestricted investment accounts customers amounted to 1195.94 million SDG compared with 1047.22 SDG in 2010 with 148.62% increase i.e. 14.19%.

2007

1,087.101,236.60

1,378.99 1,356.10

1,589.47

2008 2009 2010 2011

Total Liabilities 20072011- (million SDG)

DepositsThe total sum of deposits (local + foreign + margins) and the equity of unrestricted accounts without the return was 1252.11 million SDG in 2011 compared with 1099.16 million SDG in 2010 with an increase of 152.95 i.e. 13.92 %.The total deposits consisting of current accounts + unrestricted + local and Foreign saving accounts amounted to 1152.97 million SDG in 2011 compared with 1030.80 million SDG in 2010 with an increase of 122.17 million SDG i.e. 11.85%.

Annual Report 2011


43

2007

820.90

1,025.001,122.08 1,099.16

1,252.11

2008 2009 2010 2011

Development of Assets 20072011- (Million SDG)

Shareholders Equity and Paid-up Capital:The total shareholders equity consisting paid-up capital, the different reserves +accumulated (losses0 and profits amounted to 157.28 million SDG in 2011 compared with 141.24 million SDG in 2010 with an increase of 16.04 million SDG i.e. 11.36%.

During the last five years the shareholders equity increased from 90.64 million SDG in 2007 to 159.59 million SDG in 2011 with an increase of 68.95 million SDG i.e. 76.07%.

During the last five years, the paid up capital increased from66.95 million SDG in 2007 to 100.11 million SDG in 2011 with 33.13 million SDG increase i.e. 49.46%.

2007

90.64

121.08135.49 141.24

157.28

2008 2009 2010 2011

Shareholders Equity 2007- 2011 (Million SDG)

44


Annual Report 2011

2007 2008 2009 2010 2011

100.11100.11100.11

87.51

87.51

Paid-up Capital 2007 - 2011 (Million SDG)

Third: Income Statement:From the analysis of the income statement of 2011 in comparison with that of 2010 one can draw the following:

(1) The total income 9before discount of the return of unrestricted investment accounts customers) increased from 12.61 million SDG in 2010 to 138.60 million SDG 2011. The increase was 16.99 million SDG i.e. 13.97%. The return of investment and deferred sales return (after subtracting the returns of unrestricted investment accounts customers) was 63.81 million SDG in 2011 compared with 58.53 million SDG in 2010 with an increase of 5.28% million SDG i.e. 9% increase. The income from forward sales and investments (after subtracting the returns of unrestricted investment accounts customers constituted 53.44% of the total revenues. The return of the banking services increased from 37.75 million SDG in 2010 to 42.16 million SDG in 2011 with an increase of 4.41 million SDG i.e. 11.68% increase.

(2) The total general and administrative expenditure including allowances +depreciations + extinguishing + finance and investment allowances amounted to 8,923 million SDG in 2011 with 73.12 million SDG in 2010 with an increase of 22.03 million SDG i.e. 16.11% increase.

(3) The net income before Zakat and taxes was 25.02 million SDG in 2011 compared with 24.64 million SDG in 2010 with an increase of 38 thousand SDG i.e. 1.5% and 0.2% after subtracting Zakat and taxes.

(4) The net income (after Zakat and taxes) ratio to the paid-up capital was 22% in 2011 compared with 22% in 2010.

Annual Report 2011


45

(1) Commercial International Bank (Egypt)Cairo - EgyptNile Tower Building 2123/Chares De Gauls GezaP.O. Box: 2430 CairoSwift Code: CIBEEGCX

(2) Arab Banking CorporationCairo - EgyptABC Bank, 1, El Salih Ayoub St, ZamalekP.O. Box 64 Zamalek, Cairo A.R.E. (11211)Swift Code: EAABEGCXXXX

(3) Alrajhi Banking And Investment CorporationRiyadh – The Kingdom of Saudi ArabiaP.O. Box: 28 – Postal Code 11411Swift Code: RJHISARIA

(4) National Commercial BankJeddah – The Kingdom of Saudi ArabiaP.O. Box: 3555 JeddahSwift Code: NCBKSAJE

(5) Qatar Islamic BankDoha – QatarP.O. Box: 559Swift Code: QISBQAQA

(6) Arab Banking Corporation ABCManama – BahrainABC Tower, Diplomatic AreaP.O. Box: 5698 Manama BahrainSwift Code: ABCOBHBM

(7) Arab Investment Co.Manama – BahrainP.O. Box: 5559Swift Code: TAIQBHBM

(8) Albaraka Islamic BankManama – BahrainP.O. Box: 1882, ManamaSwift Code: ABIBBHBMXXX

List of Foreign Correspondents


46


Annual Report 2011

(9) ALUBAF Arab International BankManama – BahrainP.O. Box: 11529, ManamaSwift Code: ALUBBHBMXXX

(10) Ithmar BankManama – BahrainSeef Tower, Alseef DistrictP.O. Box: 3005, ManamaSwift Code: FIBHBHBM

(11) Arab Bank For Investment And Foreign Trade Abu Dhabi

Abu Dhabi – U.A.E.P.O. Box: 46733 Arbift BuildingH.E. Hamdan St. Tousit Club AreaAbu Dhabi, U.A.E. (ARABFT)Swift Code: ABINAEAA

(12) Abu Dhabi Islamic BankAbu Dhabi – U.A.E.P.O. Box:313 Tel: (972) 343000Fax: (9712) 342222Swift Code: ABDIAEAD

(13) Mashreq Bank PSCDubai – U.A.E.Head Office – Tel: 042229131-P.O. Box: 1250, Dubai – U.A.E.Swift Code: BOMLAEAD

(14) United Arab BankSharjah – U.A.E.P.O. Box: 3562Tel: 325000 Fax: 331468 Swift Code: UARBAEAA

(15) Bank MuscatMuscat – OmanS.A.O.G. P.O. Box: 134 Postal Code:112 RUEISwift Code: BMUSOMR

(16) The Housing Bank For Trade & FinanceAmman - JordanP.O. Box: 7693 AmmanSwift Code: HBHOJOA

(17) Union Bank For SavingAmman - JordanShaker Bin Zayed Street - Shemeisani

P.O. Box: 35104 – Code: 11180 JordanSwift Code: UBSIJOAX

(18) Bank Of Beirut S.A.L.Beirut - LebanonP.O. Box: 117354- Bank Of Beirut S.A.L.Building Foch St. Beirut Central DistrictSwift Code: BABELBBE

(19) Byblos Bank BeirutBeirut - LebanonP.O. Bank 11.5605 Byblos TowerBuilding, Elias Serkis Avenue Achratia, Beirut, LebanonSwift Code: BYBALBBX

(20) Banque Libano Francaise SAL Beirut – LebanonBeirut Liberty PlazaBLDG, Roma Street, HamraBeirut, P.O. Box: 11808- HamraSwift Code: BLFSLBBX

(21) Fransa Bank SALBeirut – LebanonRiad El Solh 1107 2803 P.O. Box: 110393- BeirutSwift Code: FSABLBBXXXX

(22) First International Merchant Bank Malta 7th Floor The Plaza Commercial CenterBisazza Street SliemaSLM. 15 MaltaSwift Code: FIMBMTM3

(23) Al Baraka Turk Participation BankIstanbul - TurkeyBuyukdere Cad. No. 7834394 Mecidiyekoy, Istanbul, TurkeySwift Code: BTFHTRIS

(24) UBAE Arab Italian Bank S.P.A. RomaRome - ItalyVIA Quintino Sella 2 CAP00187Swift Code: UBAIITRRA

(25) Uni Credito Itaciano S.P.A.Millano - ItalyPiazza Cordusio 20123 Milano - ItaliaSwift Code: UNCRITMM

Annual Report 2011


47

(26) BCP Banque De Commerce Et De Placements NTS

Geneva - Swezerland1, Rue De la Fontaine, Case Postale 3069,P.O. Box: 133 CH - 1211 Geneva 1Swift Code: BPCPCHGG

(27) Unicredit Bank AustriaVienna – Austria1030 Vienna, Vordero Zollamtsstrasse/3Swift Code: BKAUATWW2XXX

(28) Byblos Bank Europe S.A.Brussels – Belgium Rue Montoyer 0 Bte.3B 1000 - BrusselsSwift Code: BYBBBEBB

(29) The Royal Bank of Scotland (RBS)Amesterdam – Netherland Gustav Mahlerlaan 101082PP AmesterdamP.O. Box: 12925 1100AXSwift Code: RBOSNL2A

(30) Commerz BankFrankfurt - GermanyFinancial InstitutionPostal Address 60261 Frankfurt MainSwift Code: COBADEFFXXX

(31) Union Des Banque Arab ET Francaise (UBAF)Paris - France190 Avenue Charles De Gaulie 92523Neuilly Cedex FranceSwift Code: UBAFFRPP

(32) Natiexis BanqueParis - FranceCentre De Traitement BP 475060 Paris Cedex 02Swift Code: CCBPFRPP

(33) Banque Intercontinentale ArabeParis - France67 Avenue Franklin D. Roosevelt75008 ParisSwift Code: BIARFRPPA

(34) Byblos Bank Europe S.A.London - EnglandSuite 5, First Floor.Berkeley Square House.London, WIJ 6BS, UKSwift Code: BYBBGB2LXXX

(35) British Arab Commercial BankLondon - England8 - 10 Mansion House PlaceLondon EC4N 8BJ - UK Swift Code: BACMGB2LA

(36) Bank Of Beirut (UK) LTDLondon - England 17 A Curzon Street, London W1J 5HS, U.K.Swift Code: BRBAGB2L

(37) CIMB Bank Beruad Kuala LumpurKuala Lumpur - Malaysia6 Jalan Tun Perak P.O. Box: 10753 50050Swift Code: CIBBMYKLAXXX

(38) Korea Exchange BankSeoul - Korea181, Euljiro 2 - GA, JUNG - GU, CP.O. Box: 2924, Seoul 100 - 793, KoreaSwift Code: KOEXKRSE

(39) Bank of ChinaBejing - China410 Fucheng Memnei CajieSwift Code: BKCHCNBJ

48


Annual Report 2011


SUDANESE FRENSH BANKYour best banking choice