Operating Income
45,000
40,000
35,000
30,000
25,000
20,000
15,000
10,000
5,000
0
In Billion RLS
2006
2007
2008
BSI
Group
17,085
20,740
12,687
38,051
40,954
29,434
Operating Expenses
25,000
20,000
15,000
10,000
5,000
0
In Billion RLS
2006
2007
2008
BSI
Group
10,356
1
1,502
6,167
23,217
24,052
15,156
BSI Group's operating income experienced a growth of 7.6%, from Rls 38,051 billion in 2007 to
Rls 40,954 billion in 2008. Meanwhile operating expenses grew by 3.6% from Rls 23,217 billion
to Rls 24,052 billion in 2008. The increase in operating expenses is mainly due to the payment
of the depositors' shares.
Provisions
6,000
5,000
4,000
3,000
2,000
1,000
0
In Billion RLS
2006
2007
2008
BSI
Group
2,865
1,458
2,928
4,015
4,606
4,060
Tax
600
500
400
300
200
100
0
In Billion RLS
2006
2007
2008
BSI
Group
0
134
32
293
310
576
BSI Group offers short, medium and long- term deposit accounts in both Rials as well as foreign
currencies. Depositors include individuals, small, medium and large corporations. In 2008,
customer deposits increased by 2.2% in value of accounts. At balance sheet date BSI Group held
Rls 271,138 billion deposit accounts.
Net Profit
5,000
4,000
3,000
2,000
1,000
0
In Billion RLS
2006
2007
2008
BSI
Group
902
890
4,143
1,525
2,81
1
2,490
BSI Groups profit resulting from banking operations, shows a growth of 84% in the year ended
20.March 2009 in comparison with the previous year.
Customer Deposits
300,000
200,000
100,000
0
In Billion RLS
2006
2007
2008
BSI
Network
Group
1
17,206
134,956
89,408
265,516
271,138
198,362
265,413
271,138
198,322
Customer Loans
400,000
300,000
200,000
100,000
0
In Billion RLS
2006
2007
2008
BSI
Network
Group
109,719
121,41
1
100,767
222,382
245,234
184,279
219,196
245,234
182,782
BSI offers different types of credit facilities all following the principles of Islamic, usury- free
banking. Customers include individuals as well as corporations engaged across the entire spectrum
of economic activities. The majority of loans are secured by some type of collateral including
residential or commercial properties, share of companies listed on the Tehran Stock Exchange
and other negotiable instruments.
In 2008, the volume of customer loans increased by 12 % to reach Rls 245,234 billion .
Total Shareholders’ Equity
35,000
30,000
25,000
20,000
15,000
10,000
5,000
0
In Billion RLS
2006
2007
2008
BSI
Network
Group
19,630
23,750
19,506
19,645
24,950
19,404
30,181
28,51
1
30,299
Deposits Received
At the balance sheet date, BSI Network had Rls 271,138 billion in deposits out of which Rials
134,956 billion were held in accounts with BSI Tehran and the rest in accounts with the provincial
subsidiaries. The deposits are categorized into term deposits, Qard-al- Hassaneh (demand
deposits, saving accounts) and other deposits.
On a Group level, demand deposits consist mainly of current account (65%) and Payment Orders
on BSI (16.8%) . In BSI Tehran current account constitute only 55% of the demand deposits
and payment orders 26%. The balance is made up temporary creditors and transfers to the bank.
Other deposits on a Group level consist largely of Forex term deposits (79%) and advance
payments under letters of credit (11%) . In BSI Tehran these two categories account for 87%
and 7.8% respectively.
Breakdown of Deposit Type
140,000
120,000
100,000
80,000
60,000
40,000
20,000
0
In Billion RLS
BSI
Group
Term
Deposits
Demand
Deposits
Saving
Accounts
Other
Deposits
136,436
57,432
68,530
33,909
7,953
26,265
35,662
39,907
On a group level total deposits consist of demand deposits(25.3%), saving & similar deposits(9.7%),
term deposits (50.3% ) and other deposits(14.7%).
Saving & similar deposits and term deposits show a growth of 17% and 27% respectively in the
year ended 20.3.2009 in comparison with the previous year.
Breakdown of Term Investment Deposits
30,000
25,000
20,000
15,000
10,000
5,000
0
In Billion RLS
BSI
Group
1 Year
Deposits
829
2,007
51
124
2,689
3,202
2 Year
Deposits
3 Year
Deposits
4 Year
Deposits
5 Year
Deposits
Deposit
Certificate
6,737
17,836
6,325
2,629
12,591
29,706
I
nter-Bank loans
BSI Network has paid 23% of its loans to the services sector followed by loans to the Industry
and Mine sector (32%), to the construction and housing sector (18%) and loans to the agriculture
sector (16%).
Sector Allocation & Tenor Breakdown
200,000
150,000
100,000
50,000
0
In Billion RLS
2007
2008
Industry & Mine
Productive services
19,542
1,749
2,756
3,518
2,070
Construction & Housing
Agricultural
Internal T
rade
Export
Import
Total
61,480
64,165
39,492
44,856
30,364
36,076
31,784
29,468
16,819
184,851
199,288
B
reakdown of Loans Granted by Contract Type
The facilities granted to the public sector consist of 1.3% of total facilities, the greatest proportion
of which is related to Jo'aleh (30%), Instalment Sale (28%) and F/X facilities granted (24%)
according to the contracts.
The facilities granted to the private sector consist of 86.7% of total facilities, the greatest proportion
of which is related to Instalment Sale (41%), Civil Partnership (11%) and Mozarebe (6%).
Meanwhile, 12% of total facilities granted is due under letters of credit and Forex Bills.
2008
Capital Adequacy Ratio (BIn RLS)
Paid Capital
Legal reserves & other reserves
Retained Profit
Changes due to foreign exchange rate unification
Exchange rate Profit/ Loss
Total (main capital)
Complementary Capital
Complementary capital surplus to main capital
Total
Investment in banks & subordinated credit institutions
Capital Base
Risk Weighted Assets
Capital adequacy ratio(percent)
2,227
6,272
790
1,245
1,551
12,085
18,457
(6,372)
24,170
(1,874)
22,296
310,518
7.2%
2,227
3,990
4,719
1,245
1,733
13,914
18,625
(4,711)
27,828
(1,971)
25,857
323,932
8%
2007
C
apital Adequacy Ratio
According to regulations of Central Bank of
Iran and in all financial systems, the Capital
Adequacy Ratio is very important as a key
indicator. Appropriate and adequate capital is
one of the essential conditions to preserve the
banking system and therefore banks and credit
institutions must always keep a suitable ratio
between capital and their risk weighted assets
to ensure stability in their activities.
Capital Adequacy Ratio and Capital Base of the bank as of
20 March 2007 and 20 March 2008 are as follows:
F
inancial
S
tatements
E
xcerpts from the Auditors' Report
1.
The consolidated and non-consolidated
balance sheets of Bank Saderat Iran (BSI) as
of March 20, 2009 and the consolidated and
non-consolidated profit and loss accounts and
cash flow statements of BSI for the year ended
at the same date, together with descriptive
notes, have been audited by this organization.
The Board of Directors of the Bank is
responsible for the content of the financial
statements and it is the responsibility of this
organization to comment on the financial
statements based on the performed audit and
to report cases of non-compliance with
monetary and Banking rules as well as
regulations on usury-free banking, as stipulated
in the Commercial Code as amended and the
Bank's articles of association.
2.
The audit by this organization has been
accomplished based on auditing standards.
According to these standards, this organization
has programmed and performed an optimized
audit to reasonably ensure the non-existence
of significant mistakes and distortions. The
audit included random checks of evidence and
documents supporting the figures in the
financial statements. The audit also included
inspection of accounting policies implemented,
assessments made by the board of directors
and inspection of the overall accounts
presented. This organization believes the
performed audit produced a reasonable base
of opinion on the financial statements.
3.
In the opinion of this organization the above-
mentioned financial statements show that the
consolidated and non-consolidated financial
status of Bank Saderat Iran as of March 20,
2009 and the consolidated and non-
consolidated results of its operations and cash
flows for the fiscal year ended on the same date,
are in all important aspects consistent with the
accounting standards.
August 27,2009
Audit Organization
Alireza Asadi- Mir Majid Vakil Zadian
Assets:
Cash
Due from central banks
Due from banks & credit institutions
Due from Government
Facilities granted & claims from public sector
Facilities granted & claims from private sector
Due under letters of credit & forex bills
Participation bonds & other similar bonds
Investments & participations
Investment in affiliated companies
Fixed assets
Goodwill
Other assets
Items in transit
Total Assets
Liabilities:
Due to central bank
Due to banks & credit institutions
Demand deposits
Saving & similar deposits
Term investment deposits
Other deposits
Provision & other liabilities
Due under letters of credit & forex bills
Total liabilities
Shareholders’ equity:
Share capital
Reserves
Changes due to foreign exchanges rate unification
Exchange rate profit / (loss)
Retained profit /(loss)
Total bank`s shareholders’ equity
Minority interest
Total shareholders' equity
Total liabilities & shareholders' equity
Letters of credit
Letters of guarantee
Commitments
Managed & similar funds
20.03.2009
20.03.2008
Bank Saderat Iran Group
Consolidated Balance Sheet
As at 20 March ,2009
(Revised)
Note
billion Rls *million USD billion Rls million USD
*USD/RLS exchange rates as of 20.03.2008 and 20.03.2009 are 8970 and 9723 respectively.
Therefore,decrease in the USD figures in the presented financial statements,compared with the previous year,
is due to the increase in the exchange rate.
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
5,602
45,228
21,303
21,667
3,011
213,346
28,877
11,572
3,068
4,792
20,987
0
18,515
10,217
408,185
30,603
31,816
68,530
26,265
136,436
39,907
24,347
21,770
379,674
16,803
3,990
1,245
1,733
4,719
28,490
21
28,511
408,185
20,217
39,888
12,790
12,558
576
4,652
2,191
2,228
310
21,942
2,970
1,190
316
493
2,158
0
1,904
1,051
41,981
3,147
3,272
7,048
2,701
14,032
4,104
2,504
2,239
39,049
1,728
410
128
178
485
2,930
2
2,932
41,981
2,079
4,102
1,315
1,292
2,177
40,453
21,123
14,164
4,867
180,344
33,985
12,133
8,603
3,638
22,303
4,726
19,281
18,466
386,263
10,894
30,120
94,197
22,447
107,479
41,290
22,760
26,895
356,082
16,803
6,276
1,245
1,551
563
26,438
3,743
30,181
386,263
25,635
31,997
14,610
12,661
243
4,510
2,355
1,579
543
20,105
3,789
1,353
959
406
2,486
527
2,149
2,059
43,062
1,214
3,358
10,501
2,502
11,982
4,603
2,537
2,998
39,697
1,873
700
139
173
63
2,947
417
3,365
43,062
2,858
3,567
1,629
1,411
1- The bank's investment resources are divided into "Joint Investments "and "Own Investments" to distinguish
between Tehran deposit funds on the one side and Gharz-Al-Hassaneh funds and its own equity on the other
side.Further explanation can be found in the "banking industry "section.
(Revised)
Bank Saderat Iran Group
Consolidated Profit & Loss Account
For the Year Ended 20 March, 2009
32
33
43
34
35
36
37
38
39
40
41
42
20.03.2009
20.03.2008
Note
billion Rls million USD billion Rls million USD
24,085
233
24,318
(14,285)
203
(14,082)
10,236
9,244
2,182
1,506
12,932
23,168
3,501
(3,490)
11
0
23,179
(5,740)
(101)
(13,798)
(436)
(20,075)
3,104
0
0
0
3,104
0
3,104
(293)
2,811
0
167
2,477
24
2,501
(1,469)
21
(1,448)
1,053
951
224
155
1,330
2,383
360
(359)
1
0
2,384
(590)
(10)
(1,419)
(45)
(2,065)
319
0
0
0
319
0
319
(30)
289
0
-
19,778
192
19,970
(11,393)
518
(10,875)
9,095
7,468
1,903
781
10,152
19,247
6,302
(4,437)
1,865
351
21,463
(6,067)
(63)
(12,999)
(1,047)
(20,176)
1,287
(210)
6
(204)
1,084
751
1,835
(310)
1,525
763
91
2,205
21
2,226
(1,270)
58
(1,212)
1,014
833
212
87
1,132
2,146
703
(495)
208
39
2,393
(676)
(7)
(1,449)
(117)
(2,249)
143
(23)
1
(23)
121
84
205
(35)
170
85
-
Income from joint investments:
1
Profit & compensation on delay of payment
Other revenues
Sub-total
Profit paid on depositors
Fees for management of investment deposits
Net depositors’ share
Bank's fees & income from joint investments
Income from own investments:
Profit & compensation on delay of payment
Commission received
Other revenues
Sub-total
Total banks' revenues
Operating revenues of subsidiaries
Operating expenses of subsidiaries
Sub-total
Profit from operating investments
Total bank's revenues & Operating revenues of
subsidiaries
Expenses:
Profit paid (except depositors' profit)
Commission paid
General expenses
Net Other Operating Revenues and Expenses
Total expenses
Operating profit
Financial expenses
Net other Incomes & non-operating expenses
Sub-total
Profit before calculation of bank's share of
subsidiary companies
Bank's share of the profit (loss) of subsidiary companies
Profit before tax
Tax
Net profit
Minority interest
EPS(RLS)
(Revised)
Bank Saderat Iran Group
Comprehensive Consolidated Statement of Earnings
For the Year Ended 20 March, 2009
44
20.03.2009
20.03.2008
Note
billion Rls million USD billion Rls million USD
Net profit of the year
Exchange rate profit / (loss)
Fiscal year profit
Prior year adjustments
Recognized comprehensive profit from last reporting date
Minority Interest
2,811
182
2,993
(227)
2,766
2
289
19
334
(23)
308
0
1,525
106
1,631
(3,930)
(2,299)
423
170
12
182
(438)
(256)
44
(Revised)
Bank Saderat Iran Group
Consolidated Statement of Earnings
For the Year Ended 20 March, 2009
44
20.03.2009
20.03.2008
Note
billion Rls million USD billion Rls million USD
Net profit of the year
Retained earnings at the beginning of the year
Prior year adjustments
Retained earnings at the beginning of the year - adjusted
Allocable profit
Consolidated year adjustments
Note 45, single article of Budget law of the year 2009
Legal reserve
R & D reserve
Other reserves
Dividend
Board members' Bonus
Sub-Total
Retained earnings at the end of the year
Minority Interest
2,811
790
(227)
563
3,374
3,396
(690)
(881)
0
(186)
(293)
(1)
(2,051)
4,719
2
289
81
(23)
58
347
349
(71)
(91)
0
(19)
(30)
(0)
(211)
485
0
1,525
4,405
(3,930)
475
2,000
624
(385)
(592)
(214)
(870)
0
0
(1,437)
563
610
170
491
(438)
53
223
70
(43)
(66)
(24)
(97)
0
0
(160)
63
68
(Revised)
Bank Saderat Iran Group
Consolidated Cash Flow Statement
For the Year Ended 20 March , 2009
20.03.2009
20.03.2008
billion Rls million USD billion Rls million USD
Operating Activities:
Net cash flow from operating activities
Interest & dividends:
Paid Interest from interbank Facilities
Dividends paid to mother company shareholders
Net cash flow from interest & dividends
Income tax:
Paid income tax
Investment activities:
Paid amount for direct investments & legal partnerships & goodwill
Received amounts from direct investments & Legal Participations
Paid amount for purchase of tangible fixed assets
Received amounts from sale of tangible fixed assets
Net cash flow from investment activities
Net cash flow before financing activities
Financing Activities :
Increase (decrease) in received financial Facilities
Exchange rate Profit (loss)
Net cash flow from financing activities
Net changes in cash
Cash balance at the beginning of the year
Cash balance at the end of the year
11,009
(1,871)
(385)
(2,256)
(343)
0
3,231
(2,119)
1,022
2,134
10,544
(1,988)
(182)
(2,170)
8,374
9,575
17,949
1,132
(192)
(40)
(40)
(35)
0
332
(218)
105
(113)
945
(204)
(19)
(223)
721
985
1,706
11,830
(2,989)
(496)
(3,485)
(901)
(3,566)
0
(2,141)
409
(5,298)
2,146
(5,719)
(106)
(5,825)
(3,679)
13,255
9,576
1,319
(333)
(55)
(389)
(100)
(398)
0
(239)
46
(591)
239
(638)
(12)
(649)
(410)
1,478
1,068
Bank Saderat Iran Network
Balance Sheet
As at 20 March , 2009
*USD/RLS exchange rates as of 20.03.2008 and 20.03.2009 are 8970 and 9723 respectively.
Therefore,decrease in the USD figures in the presented financial statements, compared with the
previous year, is due to the increase in the exchange rate.
Assets:
Cash
Due from central banks
Due from banks & credit institutions
Due from Government
Facilities granted & claims from public sector
Facilities granted & claims from private sector
Due under letters of credit & forex bills
Participation bonds & other similar bonds
Investments & participations
Fixed assets
Other assets
Items in transit
Total assets
Liabilities:
Due to central bank
Due to banks & credit institutions
Demand deposits
Saving & similar deposits
Term investment deposits
Other deposits
Due under letters of credit & forex bills
Other liabilities & provisions
Total liabilities
Shareholders’ equity:
Share capital
Reserves
Changes due to foreign exchanges rate unification
Retained profit / (loss)
Exchange rate profit / (loss)
Total shareholders’ equity
Total liabilities & shareholders' equity
Letters of credit
Letters of guarantee
Commitments
Managed & similar funds
20.03.2009
20.03.2008
5,603
45,228
21,303
21,667
3,011
213,346
28,877
11,545
4,206
20,987
18,598
10,217
404,588
30,603
31,834
68,530
26,265
136,436
39,907
21,770
24,293
379,638
16,803
3,987
1,245
1,182
1,733
24,950
404,588
20,217
39,888
12,790
12,558
576
4,652
2,191
2,228
310
21,942
2,970
1,187
433
2,158
1,913
1,051
41,611
3,147
3,274
7,048
2,701
14,032
4,104
2,239
2,499
39,045
1,728
410
128
122
178
2,566
41,611
2,079
4,102
1,315
1,292
1,849
40,453
21,123
14,164
4,867
183,530
33,985
11,991
7,691
20,367
12,409
18,466
370,895
10,894
30,121
94,300
22,447
107,479
41,290
26,895
17,824
351,250
16,803
2,448
1,245
(2,402)
1,551
19,645
370,895
26,396
24,734
6,086
12,097
206
4,510
2,355
1,579
543
20,460
3,789
1,337
857
2,271
1,383
2,059
41,348
1,214
3,358
10,513
2,502
11,982
4,603
2,998
1,987
39,158
1,873
273
139
(268)
173
2,190
41,348
2,943
2,757
678
1,349
billion Rls *million USD billion Rls million USD
Bank Saderat Iran Network
Profit & Loss Account
For the Year Ended 20 March, 2009
Income from joint investments:
Profit & compensation on delay of payment
Other Revenues
Sub-total
Profit paid on depositors
Fees for management of investment deposits
Net depositors’ share
Bank's income from joint investments
Income from own investments:
Profit & compensation on delay of payment
Received commission
Other Revenues
Sub-total
Total bank revenues
Expenses:
Paid interest (excluding depositors' profit)
Paid commission
General expenses
Other expenses
Total expenses
Profit before tax
Tax
Net Profit
20.03.2009
20.03.2008
billion Rls million USD billion Rls million USD
26,796
233
27,029
(14,285)
203
(14,082)
12,947
9,250
2,182
1,505
12,937
25,884
(5,740)
(101)
(13,791)
(432)
(20,064)
5,820
(293)
5,527
2,756
24
2,780
(1,469)
21
(1,448)
1,332
951
224
155
1,331
2,662
(590)
(10)
(1,418)
(44)
(2,064)
599
(30)
568
20,632
192
20,824
(11,393)
518
(10,875)
9,949
7,468
1,903
781
10,152
20,101
(6,067)
(63)
(12,692)
(867)
(19,689)
412
(103)
309
2,300
21
2,322
(1,270)
58
(1,212)
1,109
833
212
87
1,132
2,241
(676)
(7)
(1,415)
(97)
(2,195)
46
(11)
34
Bank Saderat Iran Network
Statement of Earnings
For the Year Ended 20 March , 2009
20.03.2009
20.03.2008
billion Rls million USD billion Rls million USD
Net profit of the year
Retained earnings at the beginning of the year
Prior year adjustments
Retained earnings at the beginning of the year - adjusted
Allocable profit:
Note 12, single article of Budget law of the year 2008
Reserves
Profit share
Sub-Total
Retained earnings at the end of the year
5,527
(2,175)
(227)
(2,402)
3,125
(690)
(971)
(282)
(1,943)
1,182
568
(224)
(23)
(247)
321
(71)
(100)
(29)
(171)
151
309
1,800
(3,869)
(2,069)
(1,760)
(385)
(257)
0
(642)
(2,402)
34
201
(431)
(231)
(196)
(43)
(29)
0
(72)
(268)
Bank Saderat Iran Network
Comprehensive Statement of Earnings
For the Year Ended 20 March, 2009
20.03.2009
20.03.2008
billion Rls million USD billion Rls million USD
Net profit /(loss) of the year
Unification of foreign exchange results
Exchange rate profit /(loss)
Fiscal year profit
Prior year adjustments
Sub- Total
5,527
1,245
182
6,954
(227)
6,727
568
128
19
715
(23)
692
309
1,245
106
1,660
(3,869)
(2,209)
34
139
12
185
(431)
(246)
Bank Saderat Iran Network
Cash Flow Statement
For the Year Ended 20 March, 2009
20.03.2009
20.03.2008
billion Rls million USD billion Rls million USD
Operating Activities:
Net cash flow from operating activities
Interest and dividends:
Received dividends
Paid dividends to depositors
Net cash flow from Interest and dividends
Income tax:
Income tax paid
Investment activities:
Paid amounts for direct investments & Legal Partnerships
Received amounts from direct investments & Legal Participations
Paid amounts for purchase of tangible fixed assets
Received amounts from sale of tangible fixed assets
Net cash flow from investment activities
Net cash flow before financing activities
Financing activities :
Net received (paid) from financial facilities
Received amounts from capital increase
Foreign exchange (profit) / loss
Net decrease (increase) in cash
Cash balance at the beginning of the year
Cash balance at the end of the year
10,366
(1,871)
(385)
(2,256)
(293)
0
3,232
(2,127)
1,587
(540)
7,277
(1,988)
8,521
182
8,703
9,246
17,949
1,066
(192)
(40)
(232)
(30)
0
332
(219)
163
(56)
748
(204)
876
19
895
951
1,846
147
(414)
(497)
(911)
(102)
(1,473)
0
(1,322)
50
(2,745)
(3,611)
0
(3,611)
(106)
(3,717)
12,963
9,246
16
(46)
(55)
(102)
(11)
(164)
0
(147)
6
(306)
(403)
0
(403)
(12)
(414)
1,445
1,031
(Revised)
Bank Saderat Iran
Balance Sheet
As at 20 March , 2009
Assets:
Cash
Due from central banks
Due from banks & credit institutions
Due from Government
Facilities granted & claims from public sector
Facilities granted & claims from private sector
Due under letters of credit & forex bills
Participation bonds & other similar bonds
Investments & participations
Fixed assets
Other assets
Items in transit
Total assets
Liabilities:
Due to central bank
Due to banks & credit institutions
Demand deposits
Saving & similar deposits
Term investment deposits
Other deposits
Provision & other liabilities
Due under letters of credit & forex bills
Total liabilities
Shareholders’ equity:
Share capital
Legal Reserves
Changes due to foreign exchanges rate unification
Retained profit / (loss)
Exchange rate profit / (loss)
Total shareholders’ equity
Total liabilities & shareholders' equity
Letters of credit
Letters of guarantee
Commitments
Managed & similar funds
20.03.2009
20.03.2008
5
6
7
8
9
10
11
12
13
15
17
18
19
20
21
22
23
24
25
26
27
28
29
30
2,028
25,711
12,779
12,735
2,532
103,101
15,778
10,614
6,746
18,503
12,593
12,823
235,943
29,970
20,767
33,909
7,953
57,432
35,662
14,940
11,560
212,193
16,803
2,101
1,245
2,831
770
23,750
235,943
11,011
21,437
6,762
8,598
209
2,644
1,314
1,310
260
10,604
1,623
1,092
694
1,903
1,295
1,319
24,266
3,082
2,136
3,488
818
5,907
3,668
1,537
1,189
21,824
1,728
216
128
291
79
2,443
24,266
1,132
2,205
695
884
535
18,051
15,881
7,339
3,675
85,712
20,332
9,164
6,004
18,325
8,718
4,453
198,189
9,791
24,155
35,941
6,825
37,100
37,340
11,199
16,208
178,559
16,803
947
1,245
(1)
636
19,630
198,189
15,613
16,962
12,782
8,544
60
2,012
1,770
818
410
9,555
2,267
1,022
669
2,043
972
496
22,095
1,092
2,693
4,007
761
4,136
4,163
1,248
1,807
19,906
1,873
106
139
0
71
2,188
22,095
1,741
1,891
1,425
953
Note
billion Rls *million USD billion Rls million USD
*USD/RLS exchange rates as of 20.03.2008 and 20.03.2009 are 8970 and 9723 respectively.
Therefore,decrease in the USD figures in the presented financial statements, compared with the previous year,
is due to the increase in the exchange rate.
(Revised)
Bank Saderat Iran
Statement of Earnings
For the Year Ended 20 March, 2009
44
20.03.2009
20.03.2008
Note
billion Rls million USD billion Rls million USD
Net profit of the year
Retained earnings at the beginning of the year
Prior year adjustments
Retained earnings at the beginning of the year - adjusted
Allocable profit
Note 45, single article of Budget low of the year 2009
Legal Reserve
Other Reserve
Sub Total
Retained earnings at the end of the year
4,143
664
(665)
(1)
4,142
(690)
(621)
0
(1,311)
2,831
426
68
(68)
0
426
(71)
(64)
0
(135)
291
902
1,402
(1,659)
(257)
645
(384)
(144)
(116)
(646)
(1)
101
156
(185)
(29)
72
(43)
(16)
(13)
(72)
(0)
(Revised)
Bank Saderat Iran
Profit & Loss Account
For the Year Ended 20 March , 2009
Income from joint investments:
Profit & compensation on delay of payment
Other revenues
Sub-total
Paid profit on depositors
Fees for management of investment deposits
Net depositors’ share
Bank's income from joint investments
Income from own investments:
Profit & compensation on delay of payment
Received commission
Other revenues
Sub-total
Total bank revenues
Expenses:
Paid profit (except depositors' profit)
Paid commission
General Expenses
Other Expenses
Total expenses
Profit before tax
Tax
Net profit
EPS (RLS)
32
33
43
34
35
36
39
40
41
42
20.03.2009
20.03.2008
Note
billion Rls million USD billion Rls million USD
974
8
982
(584)
8
(576)
407
881
136
126
1,143
1,549
(580)
(7)
(510)
(12)
(1,109)
440
(15)
425
-
8,440
58
8,498
(4,153)
185
(3,968)
4,530
6,723
1,222
456
8,401
12,931
(5,597)
(43)
(5,828)
(561)
(12,029)
902
0
902
54
941
6
947
(463)
21
(442)
505
749
136
51
937
1,442
(624)
(5)
(650)
(63)
(1,341)
101
0
101
-
9,471
79
9,550
(5,677)
80
(5,597)
3,953
8,563
1,322
1,225
11,110
15,063
(5,640)
(71)
(4,960)
(115)
(10,786)
4,277
(134)
4,143
241
(Revised)
Bank Saderat Iran
Cash Flow Statement
For the Year Ended 20 March , 2009
20.03.2009
20.03.2008
billion Rls million USD billion Rls million USD
Operating Activities:
Net cash flow from operating activities
Interest and Dividends :
Paid dividends to financial activities
Paid dividends to depositors
Sub-Total
Income tax:
Paid income tax
Investment activities:
Increase/decrease in direct investments & Legal partnerships
Paid amounts for purchase of tangible fixed assets
Received amounts from sale of tangible fixed assets
Net cash flow from investment activities
Net cash flow before financing activities
Financing activities :
Increase /decrease in received financial activities
Exchange rate profit (loss)
Net cash flow from financing activities
Net cash flow
Cash balance at the beginning of the year
Cash balance at the end of the year
8,394
(1,870)
(385)
(2,255)
(409)
(742)
(1,369)
952
(1,159)
4,571
1,867
(134)
1,733
6,304
8,140
14,444
863
(192)
(40)
(232)
(42)
(76)
(141)
98
(119)
470
192
(14)
178
648
837
1,486
2,082
(2,778)
(496)
(3,274)
(480)
(1,553)
(943)
262
(2,234)
(3,906)
864
(63)
801
(3,105)
11,245
8,140
232
(310)
(55)
(365)
(54)
(173)
(105)
29
(249)
(435)
96
(7)
89
(346)
1,254
907
(Revised)
Bank Saderat Iran
Comprehensive Statement of Earnings
For the Year Ended 20 March, 2009
44
20.03.2009
20.03.2008
Note
billion Rls million USD billion Rls million USD
426
14
440
(68)
371
Net profit of the year
Exchange rate profit (loss)
Comprehensive Profit
Prior year adjustments
Recognized comprehensive Profit
902
63
965
(1,659)
(694)
101
7
108
(185)
(77)
4,143
134
4,277
(665)
3,612
1.
Basis for Preparation of the Financial Statements
The Group's Consolidated financial statements as well as Bank Saderat Iran have been prepared
on a historical cost basis while the current values have also been applied if needed. In addition,
immovable properties and goodwill of the Bank have been revaluated in 1992 and 2004 and the
changes have duly been reflected in the accounts.
2.
Significant Accounting Policies
2.1.
Investments
Evaluation Method
Long-term Investments:
Investments in subsidiaries included
in the consolidation
Included in the consolidation
Cost price (after provision in case of a
permanent decrease in the value of the
investment)
Investments in affiliated companies
Net worth
Cost price (after provision in case of a
permanent decrease in the value of the
investment)
Other long-term investments
Cost price (after provision in case of a
permanent decrease in the value of the
investment)
Cost price (after provision in case of a
permanent decrease in the value of the
investment)
Current investment:
Immediate disposal investments
Lower cost price and net market value
of the whole investments
Lower cost price and net market value
of the whole investment
Other current investments
Lower cost price and net market value
of each investments
Lower cost price and net market value
of each investment
Revenue Recognition Method:
Investments in subsidiaries included
in the consolidation
Included in the consolidation
Investments in affiliated companies
Net worth
At the time of approval of dividends by the
GAM of the investee company (until the
approval date of financial statements)
At the time of approval of dividends by the
GAM of the investee company (until the
approval date of financial statements)
At the time of approval of dividends by the
GAM of the investee company (until the
balance sheet date)
Other long-and short Term investments
At the time of approval of dividends by the
GAM of the investee company (until the
approval date of financial statements)
Group
BSI
Bank Saderat Iran
Notes to the Financial Statments
For the Year Ended 20 March, 2009
Assets
Depreciation Depreciation method
Building & equipments
Motor vehicles
Furniture & computer hardware
Computer hardware (P.C)
7 %
25 %
10 years
10 years
Reducing Balance
Reducing Balance
Straight line
Straight line
The depreciation at revaluated buildings of the Bank at the end of 2004 is calculated with the
depreciation schedule pursuant to Article 151 of the Direct Taxation Act at the rate of 3.5 percent
and declining procedure.
Note: Depreciation of fixed assets of the foreign units are calculated according to the depreciation
schedule of the host country.
2.2.
Tangible Fixed Assets
2.2.1.
Tangible Fixed assets are recorded at cost
price. Renovation and substantial repairs, which
significantly increase the capacity or useful life
of the fixed assets, are considered as capital
expenditures and are depreciated over the
remaining useful life of such assets. Maintenance
expenses and minor repairs , which are sustained
to preserve the economic interests expected by
trade units, are considered as current expenses,
under profit & loss Account.
2.2.2.
Immovable assets and goodwill were
revaluated in 1992 and 2004 by an amount of
RLS.930 billion and Rls.13,646 billion
respectively , both as assets and as the increase
in capital from the early 2006, based on
depreciation schedule pursuant to article 151 of
the Direct Taxation Act, depreciation is no longer
calculated for the goodwill.
2.2.3.
With respect to decree number 1077 issued
by the Monetary and Credit Council dated
(17.2.2007) from 2006 the depreciation of fixed
assets are calculated based on depreciation
schedule pursuant to article 151 of the Direct
Taxation Act. Some of the rates and methods of
depreciation are set out as below:
2.3.
Consolidated Goodwill
Consolidated accounting of commercial
entities is conducted by the purchase method.
Surplus of cost price of attracting investments
in consolidated companies to the group's share
in the net fair value of their assessable assets
and liabilities at the time of purchase is
recognized as goodwill and depreciated on a
straight line basis over 20 years. Goodwill which
is derived from ownership of a subsidiary is
reflected in the consolidated balance sheet as
the book value of long-term investment.
2.4.
Recognition of Bank's Revenues
Registration of all bank's group consolidated
revenues are recognized with the credit method
in accordance with related accounting
standards.
2.5.
Foreign Currency Exchange Rate
2.5.1.
Local Units: Monetary items in foreign
currency are exchanged at the exchange rate of
the balance sheet date and non-monetary items
(cost price) in foreign currency are exchanged
at the exchange rate of disposal date. The
derived differences are recognized and recorded
as revenues or expenses of the occurrence
period.
2.5.2.
Foreign Units: All monetary and non-
monetary items (except for shareholders'
equity) of foreign units are exchanged at the
exchange rate of the balance sheet date.
Shareholders' equity is exchanged at the
exchange rate of equity formation date. Profit
and Loss figures are exchanged at the average
rate of the fiscal year.The differences caused
by conversion in financial statements are
recognized and recorded as shareholders'
equity.
2.6.
Provision for Doubtful Debts
2.6.1.
Local Units:
A)
General Provision: In line with the prevailing
banking regulations as administered and
enforced by the Central Bank of Iran, all banks
are required to set aside 1.5% of their loan
portfolio as a general provision for doubtful
debts.
B)
Specific Provision: The amount of specific
provision for each category is calculated as
follows:
a.
Overdue Debts.
10%
b.
Outstanding Debts 20%
c.
Doubtful Debts
50 to 100%
d.
Advances which are overdue
for 5 years or more (including
principal + interest) 100%
2.6.2.
Foreign Units:
Provisions for doubtful debts of foreign units
are made based on the host country's accounting
rules and regulations and independent auditors'
comments. The debtors' situation in the bank
attorneys' point of views acts as basis for debt
provisions.In some cases, a general provision
is made in the accounts in proportion to the
total debts.
2.7.
Provision for Work Termination
Benefits
Provision for employees' termination benefits
is calculated and recorded based on each
employee's most recent monthly base salary
for each year of employment.
2.8.
Categorization of Assets
The facilities granted by the bank, which are
in accordance with directive issued by the
Monetary and Credit Council are categorized
and evaluated according to the period of
payment delayed, customer's credit report,
situation and condition of the customer's
activity, as shown below:
1)
Current group
2)
Overdue group
3)
Outstanding group
4)
Doubtful group
2-9.
Obligations related to retirement
benefits
Present value of the obligations related to
retirement benefits relevant to the staff's
services in the previous years (the retired and
pensioners included in the retirement plan) is
calculated based on actual assumptions.
2-10.
Due from Government
Due from government is divided into two parts:
The first part consists of the obligations of
the government , expected in the principles of
granting facilities, which has been considered
directly as government's debt and the second
part, secured by the Organization of
Management & Planning is overdue and
classified as due from the government under
following conditions:
a)
Outstanding granted facilities resulted from
failure of the borrower to repay the loan, non
sufficiency of the related securities or
uselessness of the bank's actions to collect the
loan.
b)
Overdue granted facilities related to the
execution of the plans relevant to the acquisition
of the capital assets.
c)
Granted facilitates to Ministry and Public
Institution.
3.
Basis for Paid Interest on Depositors
In implementation of the Non-Usury
Banking Operation Act approved in 1983 and
related regulations and also in line with the
Central Bank of Iran Decree No.1799 dated
08.01.2003, all interest received from financial
facilities, investments in shares and
participation bonds are recognized as profit
and depositor's share of profit is proportional
to their net balance.
According to the agreement between Bank
Saderat Iran, its provincial subsidiaries and
depositors, the Bank is the legal attorney of the
depositors to invest their money. The basis for
calculation of interest paid on deposits are the
deposits held by the entire Bank Saderat Group
(Bank Saderat Iran and provincial banks).
4.
Basis for Consolidation
4.1.
Consolidated financial statements are
derived from the financial statements of Bank
Saderat Iran and its subsidiaries after deduction
of intra-group transactions and uncertain profit
and loss.
4.2.
The operational outcome of purchased and
sold subsidiaries are included in the consolidated
profit and loss statement from the time of such
transfers.
4.3.
The fiscal years of Ghadir Investment
Company, Bank Saderat PLC and Bank Saderat
Tashkent end on December 21 and December
31 respectively. The results are reflected in the
consolidated accounts without any changes. In
case of any significant changes in the accounts,
they are reflected as adjustment in the accounts.
5.
Cash
Billion Rls
Consolidated
Non - consolidated
March-20,2009
March-20,2008
March-20,2009
March-20,2008
Cash in Rials
Cash in Forex
Cash with banks
Cash in Transit
Petty Cash
Total
5,060
425
9
92
16
5,602
1,090
720
321
30
16
2,177
1,922
106
-
-
-
2,028
448
87
-
-
-
535
6.
Due from Central Banks
Billion Rls
Consolidated
Non - consolidated
March-20,2009
March-20,2008
March-20,2009
March-20,2008
Statutory deposits
Current accounts with Central Bank
Current accounts with other Central Banks
Term deposits with Central Bank
Advance payments for Forex with Central Bank
Forex demand deposits with Central Bank
Others
Total
33,917
5,230
2,142
463
15
3,450
11
45,228
36,713
-
2,485
1,218
15
12
10
40,453
14,416
5,230
2,142
462
11
3,450
-
25,711
14,324
-
2,485
1,219
11
12
-
18,051
7.
Due from Banks and Credit Institutions
Billion Rls
Consolidated
Non - consolidated
March-20,2009
March-20,2008
March-20,2009
March-20,2008
Foreign branches loans to Iranian banks
Loans to foreign banks
Forex balance with other banks
Loans & credit to local banks
Clearing other banks' cheques
Demand deposits with local banks
Deposits with other banks
Sub-total
Doubtful debts provision
Total
5,351
5,725
3,518
2,382
2,105
1,878
380
21,339
(36)
21,303
10,535
5,270
3,604
1,102
524
90
16
21,141
(18)
21,123
5,368
-
3,966
2,377
488
616
-
12,815
(36)
12,779
10,741
-
3,901
1,098
157
-
-
15,897
(16)
15,881
8.
Due from Government
Billion Rls
Consolidated
Non - consolidated
March-20,2009
March-20,2008
March-20,2009
March-20,2008
Due from Government
Principal & profit of participation Bonds matured and
secured by Government
Provision for doubtful debts
Total
15,224
6,686
(243)
21,667
11,134
3,227
(197)
14,164
6,179
6,683
(127)
12,735
4,174
3,227
(62)
7,339
9.
Facilities Granted and Claims from Public Sector
Billion Rls
Consolidated
Non - consolidated
March-20,2009
March-20,2008
March-20,2009
March-20,2008
Loans
Overdue debts
Outstanding debts
Bad debts
Doubtful
debts provision
Total
2,611
149
2
596
(347)
3,011
4,807
88
51
251
(330)
4,867
2,127
149
1
595
(340)
2,532
3,605
82
46
249
(307)
3,675
9-1.
Facilities granted to public sector are categorized in following contracts:
Billion Rls
Consolidated
Non - consolidated
March-20,2009
March-20,2008
March-20,2009
March-20,2008
Instalment sale
Civil partnership
Hire purchase Loans
Modharabah
Forward deals
Jo'aaleh
Qard-al-hasanah
L/Cs paid debtors
L/Gs paid debtors
Former Housing Loans
Granted facilities in Forex
Profit received from financial facilities
Total
Less : profit of future years
Outstanding profit
Uncollected fulfilled profit
Total
953
114
114
0
0
1,016
42
95
0
0
817
209
3,360
(285)
(206)
(258)
2,611
1,671
243
112
1,000
0
945
56
72
2
1
1,100
382
5,584
(384)
(212)
(181)
4,807
646
113
113
-
-
805
42
94
-
-
818
208
2,839
(248)
(258)
(206)
2,127
758
243
112
1,000
-
596
56
62
0
-
1,100
318
4,245
(248)
(212)
(180)
3,605
10.
Facilities Granted and Claims from Private Sector
Billion Rls
Consolidated
Non - consolidated
March-20,2009
March-20,2008
March-20,2009
March-20,2008
Facilities granted
Overdue debts
Outstanding debts
Doubtful debts
Doubtful debts Provision
Total
189,715
4,765
14,176
22,976
(18,286)
213,346
162,775
4,054
14,949
13,978
(15,412)
180,344
89,227
1,674
8,704
14,986
(11,490)
103,101
72,682
1,393
12,883
9,082
(10,328)
85,712
10.1.
Facilities granted to private sector are as follows:
Billion Rls
Consolidated
Non - consolidated
March-20,2009
March-20,2008
March-20,2009
March-20,2008
Instalment sale
Civil partnership
Hire purchase
Mozarebeh
Salaf
Jo'aaleh
Qard-al-hasanah
Debt purchase
L/Cs paid debtors
L/Gs paid debtors
Housing loans (previously extended)
Granted facilities in Forex
Interest receivable from facilities
Customers debt for foreign exchange difference
Instalment sales for foreign exchange difference
Excess withdrawal
Loan & credit
Purchased documents & bills
Loans & credit granted to clients of Bank Saderat PLC
Sub Total
Less: Profit of coming years
Amounts received from Mozarebeh
Outstanding profit
Uncollected fulfilled profit
87,741
24,467
832
11,739
5,597
9,682
10,949
8,009
5,751
234
1,649
9,986
9,780
398
2
7,572
5,199
10,832
2,391
212,810
(15,853)
(2)
(5,692)
(1,548)
189,715
76,084
20,367
1,427
14,631
7,413
9,707
8,289
1,623
5,774
124
2
8,202
6,165
372
11
7,386
5,108
8,430
2,714
183,829
(14,562)
(5)
(5,154)
(1,333)
162,775
28,952
6,053
502
6,602
1,827
5,624
2,738
7,945
3,176
112
0
9,319
3,739
339
0
7,572
5,199
10,832
0
100,531
(5,850)
(1)
(4,914)
(539)
89,227
25,925
4,583
638
8,276
1,369
5,120
2,094
1,322
3,386
38
-
7,465
2,039
339
-
7,386
5,108
8,430
0
83,518
(5,611)
(2)
(4,762)
(462)
72,681
Billion Rls
Consolidated
Non - consolidated
March-20,2009
March-20,2008
March-20,2009
March-20,2008
Due from term bills of exchange & L/Cs
Provision for doubtful debts
Total
29,037
(160)
28,877
34,142
(157)
33,985
15,842
(64)
15,778
20,395
(63)
20,332
11.
The Bank Claims under L/Cs & Forex Bills
Net balance of L/Cs & Forex bills debtors for Rls.28,877 billion is related to the clients' liabilities
concerning Finance & Usance L/Cs by semi annual maturity which is described as follows:
12.
Participation Bonds and Other Similar Bonds
Billion Rls
Consolidated
Non - consolidated
March-20,2009
March-20,2008
March-20,2009
March-20,2008
Public sector participation bonds
Debt securities bonds
Private & public bonds
Private sector participation
Total
11,137
1
377
57
11,572
10,263
1,312
558
0
12,133
10,264
-
350
0
10,614
8,619
-
545
0
9,164
13.
Investments and Participations
Billion Rls
Consolidated
Non - consolidated
March-20,2009
March-20,2008
March-20,2009
March-20,2008
-
3,598
-
-
2,208
1,772
102
7,680
(1,676)
6,004
Investment in unlisted companies
Legal participations
Investment in listed companies
Investment deposits
Investment in provincial subsidiary banks
Share & foreign participations
Direct investments
Sub-total
Provision
Total
4
3,495
73
53
-
491
-
4,116
(1,048)
3,068
4,397
3,414
999
467
-
433
-
9,710
(1,107)
8,603
-
3,601
-
-
2,208
1,869
116
7,794
(1,048)
6,746
14.
Investment in Affiliated Companies
Billion Rls
Consolidated
March-20,2009
1,201
3,642
(51)
4,792
Investment in Ghadir Investment Co. ( affiliated company)
Increase in investment share resulted from previous years' dividend
Provision for decrease in share value
Total
15.
Fixed Assets
Billion Rls
Accumulated
Depreciation
Book value
March-20,2009
March-20,2008
March-20,2009
March-20,2008
Consolidated
Movable assets:
Furniture
Vehicles
Machinery
Equipment & Moulds
Total
Immovable assets:
Land
Building
Total
Goodwill
Assets under Completion
Orders & capital prepayments
Trusts
Capital items in warehouse
Sub-total
Total
2,719
164
81
1
2,965
6,049
10,545
16,594
2,165
1,828
263
5
(6)
4,255
23,814
Cost Price
1,474
42
47
1
1,564
6,049
9,119
15,168
2,165
1,828
263
5
(6)
4,255
20,987
1,060
67
397
29
1,553
6,022
9,080
15,102
2,129
3,147
339
11
22
5,648
22,303
1,245
122
34
0
1,401
0
1,426
1,426
0
0
0
0
0
0
2,827
Table of accumulated depreciation cost price of fixed Assets of Bank's principal company is as follows:
Billion Rls
Accumulated
Depreciation
Book value
March-20,2008
March-20,2009
Consolidated
Movable assets:
Furniture
Vehicles
Total
Immovable assets:
Land
Building
Total
Goodwill
Assets under Completion
Orders & capital prepayments
Total
March-20,2008
923
40
963
5,565
9,983
15,548
2,151
1,610
128
20,400
428
10
438
5,565
8,611
14,176
2,151
1,610
128
18,503
250
10
260
5,521
8,350
13,871
2,111
1,917
166
18,325
Billion Rls
Accumulated Depreciation
March-20,2009
Consolidated
Movable assets:
Furniture
Vehicles
Total
Immovable assets:
Land
Building
Total
Goodwill
Total
495
30
525
0
1,372
1,372
0
1,897
17.
Other Assets
Billion Rls
Consolidated
Non - consolidated
March-20,2009
March-20,2008
March-20,2009
March-20,2008
Receivable profit and commissions
Receivable accounts and commercial documents
Total store inventory
Governments share profit
BSI Provincial Banks for sale of Ghadir Share
Participation bonds
Tax advance payments
Possessory Collaterals
Difference of L/Cs exchange rate (Debt to Central Bank)
Overseas branches debtors
Others
Total
Less:
Provisions for doubtful debts
Coming years profit by government
Total
3,245
1,328
151
3,703
6,001
1,738
864
401
319
223
4,353
22,326
(108)
(3,703)
18,515
4,637
3,899
3,066
3,031
-
2,322
874
508
317
116
3,731
22,501
(189)
(3,031)
19,281
1,785
1,184
80
320
-
1,057
796
66
224
223
7,236
12,971
(58)
(320)
12,593
2,369
-
85
356
-
1,853
781
55
288
116
3,233
9,136
(62)
(356)
8,718
16.
Goodwill
Billion Rls
Consolidated
March-20,2008
Cost price at the beginning of the year
Acquired goodwill during the year
Assigned goodwill share during the year
Transfer to goodwill from acquiring affiliated companies
Cost price at the end of the year
Accumulated depreciation at the beginning of the year
Depreciation of the year
Adjustments
Depreciation of assigned goodwill share during the fiscal year
Accumulated depreciation at the end of the year
Book value
Loss from decreasing value of investments-affiliated companies
Amount at the end of the year
4,981
844
(73)
-
5,752
635
399
3
(11)
1,026
4,726
-
4,726
18.
Items in transit
Billion Rls
Consolidated
March 20,2009
March 20,2008
Debit items:
Capital paid to foreign branches
Loans & credit to foreign branches
Forex demand deposits with foreign branches
Forex Term deposits with foreign branches
Loans & credit granted to other foreign branches
Demand deposits with other foreign branches
Term deposits with other foreign branches
Due from Head Office/demand deposits with H/O
Due from Head Office/Term deposits with H/O
Due from Head Office/Network Finance
Due from Head Office/Network Refinance
Due from Head Office/Network discount of L/Cs
Total claims from Head Office
Branches Account
Head Office account
Head Office account /Forex
Total debit items
Final Balance
Credit items:
Capital of foreign branches
Loans & credit received from Head Office
Forex Head Office demand deposits
Forex Head Office Term deposits
Loans & credit received from other foreign branches
Demand deposits of other foreign branches
Term deposits of other foreign branches
Demand deposits of foreign branches with Head Office
Term deposits of foreign branches with Head Office
Finance by foreign branches
Refinance by foreign branches
Discount of L/Cs foreign branches
Debit account to foreign branches
Branches' Account
Head Office account
Head Office account / Forex
Total credit items
3,564
1,044
2,036
2,383
10
9,819
4,480
2,939
1,057
173
13,448
111
6,788
5,570
126
5,387
1,815
2,702
153
4,033
112
9,687
101
5,284
1,815
2,947
671
252
4,034
112
9,668
893
10,818
45,599
48,404
4,884
131,729
14,959
0
38,014
0
82,403
670
10,700
64,279
38,669
4,962
141,946
10,217
2,658
1,042
1,394
2,293
10
10,088
4,539
893
14,878
55,622
0
283
100,869
18,466
2,412
1,056
(542)
13,445
111
7,307
5,641
18.
Items in transit are divided as follows:
Billion Rls
Consolidated
March 20,2009
March 20,2008
Debit items:
Capital paid to foreign branches
Loans& credit to foreign branches
Forex demand deposits with foreign branches
Forex Term deposits with foreign branches
Loans & credit granted to other foreign branches
Demand deposits with other foreign branches
Term deposits with other foreign branches
Due from Head Office/demand deposits with H/O
Due from Head Office/Term deposits with H/O
Due from Head Office/Network Finance
Due from Head Office/Network Refinance
Due from Head Office/Network discount of L/Cs
Total claims from Head Office
Branches Account
Head Office account
Head Office account /Forex
Total debit items
Final Balance
Credit items:
Capital of foreign branches
Loans & credit received from Head Office
Forex Head Office demand deposits
Forex Head Office Term deposits
Loans & credit received from other foreign branches
Demand deposits of other foreign branches
Term deposits of other foreign branches
Demand deposits of foreign branches with Head Office
Term deposits of foreign branches with Head Office
Finance by foreign branches
Refinance by foreign branches
Discount of L/Cs foreign branches
Debit account to foreign branches
Branches' Account
Head Office account
Head Office account / Forex
Total credit items
166
5,347
1,815
2,702
670
101
5,284
1,815
2,947
670
3,564
1,044
2,036
2,763
10
9,819
4,480
10,700
11,641
4,372
0
50,429
12,823
2,658
1,042
1,394
2,293
0
10,088
4,539
10,817
0
0
4,775
37,606
153
4,033
112
9,687
893
252
4,034
112
4,488
894
2,939
1,057
173
13,448
111
6,788
5,570
14,878
9,999
-
-
54,963
4,453
2,412
1,056
(542)
13,445
111
7,307
5,641
9,780
0
8,613
2,687
50,510
19.
Due to Central Bank
Billion Rls
Consolidated
Non - consolidated
March 20,2009
March 20,2008
March 20,2009
March 20,2008
Facilities received from FX Reserve
Government petty cash (Central Bank)
Due to Central Bank for the balance of the current account
Others
Total
9,839
-
-
20,764
30,603
8,015
1,743
1,071
65
10,894
9,207
-
-
20,763
29,970
7,340
1,412
974
65
9,791
20.
Due to Banks and Credit Institutions
Billion Rls
Consolidated
Non - consolidated
March 20,2009
March 20,2008
March 20,2009
March 20,2008
Term deposits of banks
Loans & credits received from banks
Demand deposits of banks
Others
Total
21,486
5,958
4,151
221
31,816
24,053
3,802
2,020
245
30,120
16,521
24
4,161
61
20,767
17,098
3,930
3,005
122
24,155
21.
Demand Deposits
Billion Rls
Consolidated
Non - consolidated
March 20,2009
March 20,2008
March 20,2009
March 20,2008
Interest Free Current Account in Rials /Forex
Sold bank cheques
Payment orders on Bank Saderat
Sundry creditors
Others
Total
44,571
4,737
11,542
5,654
2,026
68,530
45,122
24,564
16,218
6,333
1,960
94,197
18,785
3,073
8,739
2,342
970
33,909
16,289
10,113
4,922
3,453
1,164
35,941
22.
Saving & Similar Accounts
Billion Rls
Consolidated
Non - consolidated
March 20,2009
March 20,2008
March 20,2009
March 20,2008
Interest Free Saving Accounts in Rials
Interest Free Saving Accounts in Forex
Others
Total
24,448
1,807
10
26,265
21,044
1,392
11
22,447
6,271
1,677
5
7,953
5,560
1,259
6
6,825
23.
Term Investment Deposits
Billion Rls
Consolidated
Non - consolidated
March 20,2009
March 20,2008
March 20,2009
March 20,2008
Short-term deposits
Long-term deposits
Others
Total
58,523
59,200
18,713
136,436
52,579
48,758
6,142
107,479
22,969
25,526
8,937
57,432
18,183
16,987
1,930
37,100
24.
Other Deposits
Billion Rls
Consolidated
Non - consolidated
March 20,2009
March 20,2008
March 20,2009
March 20,2008
Term deposits in Forex
Advances received under letters of credit
Letter of guarantee cash deposits
Others
Total
31,550
4,193
3,426
738
39,907
33,024
4,596
2,708
962
41,290
31,146
2,794
1,546
176
35,662
32,851
3,118
1,177
194
37,340
25.
Provision and other Liabilities
Billion Rls
Consolidated
Non - consolidated
March 20,2009
March 20,2008
March 20,2009
March 20,2008
Provision for expenses
Present value of future commitments of the staff retirement
fund
Provision for work termination benefit
Payable accounts and documents
Funds received from sales of participation bonds
Provision for short - term & long - term deposits interest
Principal & interest received from the Central Bank for
participation bonds
Tax provision
Staff leave of absence
Domestic creditors (foreign branches)
Others
Total
3,674
6,440
2,198
99
1,284
921
286
837
609
498
7,501
24,347
2,638
5,279
2,091
1,763
1,328
708
684
887
-
390
6,992
22,760
2,544
2,687
627
-
1,266
448
399
600
203
469
5,697
14,940
2,041
2,202
569
-
1,225
299
680
326
-
395
3,462
11,199
26.
Due under Letters of Credit & Forex Bills
The Bank's liabilities for Rls.21,770 billion is related to the Deferred Payment L/Cs and Forex
Bills , the documents of which have been delivered to the applicant and bank is liable to pay at the
maturity.
At the maturity date, the due amount, is usually funded by the applicant and effected to beneficiary.
27.
Share Capital
Bank Saderat Iran was established on 7 September 1952 in Tehran Company Registration Department
under registration No.3833 and its capital reached to 18 Billion Rials by the year 1991. In the year
1992 , the bank's capital was increased by 948 Billion Rials from surplus resulted from revaluation
of some of fixed assets and investment in the provincial banks .
In the year 2000 , according to article 93 of the law of the third economic , social and cultural program
of the Islamic Republic of Iran and process-verbal No.396 dated 11 March 2000 of the banks'
Extraordinary General Assembly , capital of the bank increased by 1,887 Billion Rials .
In execution of the content of the Note 2 of article 161 of the amendment of the Commercial Code,
approval of the year 1995 and article 62 of the Law of Third Economic Development , the bank's
capital increased by 16,803 Billion Rials from revaluation of fixed assets and reserve for exchange
rate profit (loss). Meanwhile , all shares belong to the government .
28.
Reserves
Billion Rls
Consolidated
Non - consolidated
March 20,2009
March 20,2008
March 20,2009
March 20,2008
Legal reserve
Capital reserve
Other reserves
Total
2,181
204
1,605
3,990
1,645
204
4,427
6,276
1,446
204
451
2,101
701
204
42
947
29.
Changes due to Foreign Exchanges Rate Unification
Forex adjustment due to fixed exchange rate in the amount of Rls 1,245 billion relates to the statutory
balance exchange rate in early 2002 in accordance with Central Bank rules and regulations. After
auditing, this amount was reflected in the shareholders' equity as "Due to the Government".
30.
Exchange Rate Profit (Loss)
Adjustment for assets and liabilities in the amount of Rls 1,733 billion was made into shareholders'
equity in accordance with Central Bank Decree No. 1844, approvezd on 19.01.2003.
31.
Minority Interest
Billion Rls
Consolidated
March 20,2009
March 20,2008
Share capital
Reserves
Accumulated profit (loss)
Total
19
0
2
21
1,991
1,142
610
3,743
32.
Profit and Compensation on Delay of Payment
Billion Rls
Consolidated
Non - consolidated
March 20,2009
March 20,2008
March 20,2009
March 20,2008
Interest received from financial facilities
Delay penalties received from facilities
Interest from participation bonds
Interest received from investments and participations
Others
Total
14,412
4,865
2,208
-
2,600
24,085
14,008
3,879
1,886
-
5
19,778
5,407
1,832
2,087
-
145
9,471
5,251
1,391
1,674
-
124
8,440
33.
Other Revenues:
Other revenues in the amount of Rls 233 billion relates to the prizes of statutory deposits of Bank
Saderat Iran, Network which were calculated and made in the accounts in accordance with the
directive of the Central Bank of Iran at a rate of 1% on the average balance of statutory deposits
during the year.
34.
Profit & Compensation on Delay of Payment for Non- Interest Revenues:
Billion Rls
Consolidated
Non - consolidated
March 20,2009
March 20,2008
March 20,2009
March 20,2008
Non-interest revenue from other amounts due
Interest received on paid letters of credit
Interest received from inter-bank loans
Profit of Loans & credits granted to Banks
Forex received revenue from facilities granted
Bank Saderat PLC, Bank Saderat Tashkent revenues
Qhard-al hasaneh and compensation on delay of payment
Prizes for other deposits
Others
Total
2,114
318
732
1,074
190
821
626
86
3,283
9,244
1,521
841
679
928
219
939
348
73
1,920
7,468
1,521
257
732
1,027
190
-
98
47
4,691
8,563
1,014
841
679
348
220
-
63
46
3,512
6,723
35.
Fees & Commissions Received
Billion Rls
Consolidated
Non - consolidated
March 20,2009
March 20,2008
March 20,2009
March 20,2008
Letters of credit
Purchased and discounted L/Cs
Guarantees
Foreign branches & brokerage
International Division
Forex transactions
Domestic Branches
International Affairs
Fees on state accounts (Representation of CBI)
Others
Total
419
103
464
223
414
131
38
38
42
310
2,182
249
324
92
176
155
23
62
43
30
68
1,222
425
324
376
178
156
92
68
53
40
191
1,903
215
103
127
223
414
39
39
25
29
108
1,322
36.
Other Revenues
Billion Rls
Consolidated
Non - consolidated
March 20,2009
March 20,2008
March 20,2009
March 20,2008
Disposal of movable & immovable assets
Miscellaneous revenues of foreign branches
Post, phone & telegraph
Interest received from transactions in Forex
Others
Total
113
158
29
79
1,127
1,506
247
105
42
115
272
781
60
158
16
79
912
1,225
19
98
21
115
203
456
Billion Rls
Consolidated
Non - consolidated
March 20,2009
March 20,2008
March 20,2009
March 20,2008
Profit paid by foreign branches
Profit paid for usage of resources of other branches
Expenses of resources deficit (Central Bank & Bank Melli Iran)
Others
Total
2,300
1,871
61
1,508
5,740
2,340
1,071
1,750
906
6,067
2,300
1,870
62
1,408
5,640
1,853
1,071
1,750
923
5,597
37.
Operating Revenues of Subsidiaries
Operating revenues of subsidiaries in the amount of Rls.3,501 billion is mainly related to Sepehr
exchange company in the amount of Rls.3,495 billion being sale of exchange in the form of payment
order and according to reference rate of Central Bank of Iran or agreed rate to customer .
38.
Operating Expenses of Subsidiaries
Cost price from sale of good & presented services in the amount of Rls.3,490 billion is totally
related to Sepehr exchange company.
39.
Profit paid (except profit of depositors)
Profit paid (except profit of depositors) in the amount of Rls 5,740 billion ( the profit paid in the
previous fiscal year was 6,067 billion) relates to profit paid to Forex Term Investments by foreign
branches , Bank Saderat PLC and Bank Saderart Tashkent. The profits paid for the facilities received
from the banks in the Network are as follows:
43.
Interest Paid on Depositors
Billion Rls
Consolidated
Non - consolidated
March 20,2009
March 20,2008
March 20,2009
March 20,2008
Depositors' share of profit
Profit paid to depositors
Payment deficit
Attorney fees to apply investment deposits
Payable down payment difference balance in comparison
to final payments
14,285
(14,082)
203
(203)
0
11,393
(10,875)
518
(518)
0
5,677
(5,596)
80
(80)
0
4,153
(3,968)
185
(185)
0
41.
General Expenses
Billion Rls
Consolidated
Non - consolidated
March 20,2009
March 20,2008
March 20,2009
March 20,2008
Personnel expenses
Provision for doubtful debts
Administrative expenses
Depreciation
Others
Total
6,164
2,312
3,619
535
1,168
13,798
5,623
3,492
2,770
469
645
12,999
1,818
617
1,684
357
484
4,960
1,710
2,272
1,253
339
254
5,828
40.
Commission Paid
Commission paid in the amount of Rls. 101 billion is mainly included to commission paid by BSI
Network .
42.
Other Operating Revenues and Expenses:
Net other operating revenues and expenses are as follows:
42-1-Cost of Qard - al -Hassaneh Prizes in the amount of Rls. 436 billion is related to BSI Network.
45.
Transactions included in Article 129, Amendment of commercial law and with affiliated persons
A.Transactions included in Article 129, Amendment of commercial law:
There has been one transaction under Article 129, Amendment of Commercial law.
B.Transactions with the affiliated persons:
Transactions with the affiliated persons during the fiscal year 2008- 2009, were as follows:
Name of the Company
Type of affiliation
Kharazmi Company
Repairing and keeping ATM machines,
Supporting and maintaining traveler's
cheque system, comprehensive provision
system,
Human resources comprehensive system
Treasury and SWIFT comprehensive system
Description
Income resulted from rental of BSI's
immovable properties to be used by the
provinces for one year
Provinces' joint expense
Resource surplus profit
Bank Saderat Iran
Provinces
Bank Saderat Iran
Provinces
Bank Saderat Iran
Provinces
Joint Member of
Board of Director
Shareholders:
Bank Saderat Iran
Shareholders:
Bank Saderat Iran
Shareholders:
Bank Saderat Iran
Amount Million Rls
72,009
110,841
240,586
939,700
44.
Prior year Adjustments
March 20,2009
Group
319
5
324
(203)
(164)
(4)
(180)
(551)
(227)
Receivable profit & commissions
Administrative expenses
Total credit items
Tax
FX transactions Profit (loss)
Legal reserve
Others
Total debit items
Total
Billion Rls
47.
Commitments
47.1.
Capital Commitments:
At the balance sheet date the bank's capital commitments stood on Rls. 126 billion related mainly
to the purchase of properties (building and office equipments) and renewing branches and offices
as well as the purchase price of movable properties including administrative machineries , computers
and furniture.
48.
Contingent Liabilities
At the balance sheet date, the Bank had no significant contingent liabilities.
46.
Comparison of Approved Budget & Performance
Billion Rls
Non - consolidated
Supplement
Budget
Performance
Revenues:
Interest received
Non-interest revenues
Operating expenses:
Wage
Privilege
Extraordinary
Retirement & Saving
Bonus
Administrative expenses
Present value of future commitments
of the staff retirement fund
Depreciation
Doubtful debts
Work termination benefit
Profit (loss)
Land & building
Machineries & major
equipments
Vehicles
Furniture & Administrative
equipments
Automation
Goodwill
Researches Exports
Total
10,328
11,007
13,472
489
193
804
451
22
1,592
0
783
2,399
350
780
9,550
11,189
11,502
493
157
881
126
22
1,684
484
357
617
139
4,277
1,400
17
22
32
327
81
1,879
1,114
5
3
19
210
18
1,369
Non - consolidated
March ,20,2009
March ,20,2009
Supplement
Budget
Performance
Billion Rls
Shareholders’ Group
Number of persons
Number of share
Percentage ownership
Real Persons
Legal Persons
Personnel
Government of Islamic Republic of Iran
Edalat Shares Brokerage Company
Total
4,163
63
29,257
1
1
33,485
620,529,003
387,650,997
840,150,000
8,233,470,000
6,721,200,000
16,803,000,000
3.69
2.31
5
49
40
100
49.
Post -Balance sheet events
Post Balance sheet events equal to 6% of Bank Saderat Iran's shares presented by Stock Exchange
Company and assigned to real and legal persons.
Combination of Bank's Shareholders group in real and legal persons separately and percentage of
each group ownership is as follows:
B
ank Saderat Iran Subsidiaries
& Branches Abroad
98
BANK SADERAT IRAN
FRANKFURT BRANCH
NO.3408
FRIEDENS STRASSE 4,
60311 FRANKFURT AM MAIN
GERMANY
TEL :004969 209740
FAX : 004969 252773
SWIFT : BSIR DE FF
WEB SITE:WWW.BANKSADERAT.DE
E-MAIL : FRANKFURT @ BANKSADERAT . DE
GENERAL MANAGER : MR. MOHAMMAD SHAMSAEI
BANK SADERAT IRAN
ALMAKTOUM BRANCH
NO .2624
AL-MAKTOUM ROAD P.O.BOX 4182
DEIRA , DUBAI
UAE
TEL :009714 6035555 - 6035310
FAX :009714 2234460
SWIFT : BSIRAEAD
E - MAIL : SADERAT @ EMIRATES . NET . AE
MANAGER : MR . MEHRAN ARJANG
EUROPE
UNITED ARAB EMIRATES(UAE)
BANK SADERAT IRAN
PARIS BRANCH
NO . 636
16,RUE DE LA PAIX
75002 PARIS
FRANCE
TEL : 0033 14 4860250-4860290
FAX : 0033 14 2616153
SWIFT : BSIR FR PP
E-MAIL : S.CHHIN@BSIPARIS.COM
WEB SITE : WWW.BSIPARIS .COM
MANAGER : MR . MAHDI NALAEI
BANK SADERAT IRAN
HAMBURG BRANCH
NO . 635
DEICHSTRASSE 11
20459 HAMBURG
GERMANY
P . O . BOX 112227
TEL : 004940 370050
FAX : 004940 373484
SWIFT : BSIR DE HH
WEB SITE :WWW.BANK SADERAT.DE
E - MAIL : HAMBURG @ BANKSADERAT . DE
MANAGER : MR. MANSOUR TAFAZOLI
BANK SADERAT IRAN
ATHENS BRANCH
NO . 3400
25-29 PANEPISTIMIOU STR.
10564 ATHENS
GREECE
TEL : 0030210 3249531, 3249577 , 3249490
FAX :0030210 3251154
SWIFT : BSIR GR AA
E - MAIL : BSI3400 @ OTENET . GR
MANAGER : MR . MANOUCHEHR BAKHTIYARI
BANK SADERAT IRAN
REGIONAL OFFICE , DUBAI
AL-MAKTOUM ROAD
P.O.BOX 4182
DEIRA , DUBAI
UAE
TEL :009714 6035240 - 6035230 -6035284
FAX :009714 2215961 - 2270593
SWIFT : BSIRAEAD
WEB SITE :WWW.BANK SADERAT.AE
E - MAIL : SADERAT @ EMIRATES . NET . AE
ASST . REGIONAL MANAGER : MR . ABDOLREZA
SHABAHANGI & MR. MOHAMMAD YOUSEFI
BANK SADERAT IRAN
MURSHID BAZAR BRANCH
NO . 2898
MURSHID BAZAR
P.O.BOX 4182
DEIRA , DUBAI
UAE
TEL :009714 2264805 - 2265834
FAX : 009714 2266543
SWIFT : BSIR AE AD
MANAGER :MR . AKBAR ALIVERDI
BANK SADERAT IRAN
BUR DUBAI BRANCH
NO . 2533
AL FAHIDI ROAD
P.O.BOX 4182
DUBAI , UAE
TEL :009714 3511110 - 3551332
FAX :009714 3529415
SWIFT : BSIR AE AD
MANAGER : MR . FERDOUS ZOLFAGHARIAN
BANK SADERAT IRAN
SHAYKH ZAYED BRANCH
NO . 4350
SHAYKH ZAYED ROAD
DUBAI , U.A.E.
TEL :009714 3311187 - 3311069
FAX :009714 3311027
SWIFT : BSIR AE AD
MANAGER : MR . SAEED MIRZAIYAN
BANK SADERAT IRAN
SHARJAH BRANCH
NO . 2776
ALARODA ROAD
P.O.BOX 316
SHARJAH , U.A.E
TEL : 009716 5686290
FAX : 009716 5680289
SWIFT : BSIR AE AD
E - MAIL : SADERAT @ EMIRATES . NET . AE
MANAGER :: MR . ALI SANJARI
BANK SADERAT IRAN
ABU DHABI BRANCH
NO . 2690
HAMDAN STR .
P.O.BOX 700
ABU DHABI , DUBAI
TEL : 009712 6225155 - 6222061
FAX : 009712 6225062
SWIFT : BSIR AE AD
CONTACT NAME :MR . HOOMAN POURMOHAMMAD
BANK SADERAT IRAN
AJMAN BRANCH
NO . 2900
LIWARA STR .
P.O.BOX 16
AJMAN , DUBAI
TEL : 009716 7422232 - 7422460
FAX : 009716 7426190
SWIFT : BSIR AE AD
MANAGER : MR . MOHSEN ASSARZADEH
UNITED ARAB EMIRATES(UAE)
BANK SADERAT IRAN
AL EIN BRANCH
NO . 1741
AL AIN ROAD
P.O.BOX 1140
AL EIN , ABU DHABI , U.A.E
TEL : 009713 7641557 - 7510200
FAX :009713 7668875
SWIFT : BSIR AE AD
MANAGER : MR . JASEM KHALIFI
MIDDLE EAST & CENTRAL ASIA
BANK SADERAT IRAN
DOHA MAIN BRANCH
NO . 2623
GRAND HAMAD AVE ,
P.O.BOX 2256
DOHA - QATAR
TEL : 00974 4414646
FAX : 00974 4430121
SWIFT : BSIR QA QA
E - MAIL : BSIIRAN @ QATAR . NET . QA
MANAGER: MR . HOSSEIN BOORGHANI
FARAHANI
BANK SADERAT IRAN
DOHA BRANCH
NO . 4557
SALWA ROAD ,
P.O.BOX 4425
DOHA - QATAR
TEL : 00974 4510044-4510033
FAX : 00974 4456054
SWIFT : BSIR QA QA
E - MAIL : BSIIRAN @ QATAR . NET . QA
MANAGER: MR. FARAHANI
BANK SADERAT IRAN
MUSCAT BRANCH
NO . 3409
P.O.BOX 1269 RUWI
POSTAL CODE 112
SULTANATE OF OMAN
TEL : 00968 24833923,24831669,24832006
FAX : 00968 24836478
SWIFT : BSIROMRX
E - MAIL : BSI3409 @ OMANTEL . NET . OM
MANAGER : MR . HOSSEIN PARTOVI
BANK SADERAT IRAN
REGIONAL OFFICE , BEIRUT
3RD FLOOR- MTECO CENTER -MAR ELIAS
FACING AL HELLOW BARRACK
P.O.BOX 5126
BEIRUT , LEBANON
TEL : 00961 1 706910-14
FAX : 00961 1 706915
MANAGER TEL : 00961 1 706914
SWIFT : BSIR LB BE
E - MAIL : INFO@BSI- LEBANON.COM
: M.ESTILI@BSI-LEBANON .COM
WEB SITE :WWW. BSI-LEBANON .COM
REGIONAL MANAGER : MR . MOHAMMAD
REZA ESTILI
BANK SADERAT IRAN
BEIRUT MAIN BRANCH
NO : 637
1ST FLOOR,- ROSE BLDG. - VERDUN STREET
P.O.BOX 5126 ( BEIRUT )
P.O.BOX 6717 ( HAMRA )
BEIRUT,LEBANON
TEL :00961 1 341067,347924,347936
FAX : 00961 1 341067 EXT: 5
SWIFT : BSIR LB BE
E - MAIL : INFO@BSI- LEBANON.COM
:M.TADI@BSI-LEBANON.COM
MANAGER: Mr. MAHDI TADI
BANK SADERAT IRAN
ALGHOBEIRY BRANCH
NO . 3528
1 ST FLOOR ,JAWHARA BLDG .
ABDALLAH EL HAJJE ST.,GHOBEIRY BLVD .
GHOBEIRY - LEBANON
TEL : 00961 1 542575 ,542417,542763
FAX: 00961 1 542765
SWIFT : BSIR LB BE
E - MAIL : INFO@BSI- LEBANON.COM
:M.MOLLAEI@BSI-LEBANON.COM
CONTACT NAME : MR . MAKKI MOLLAEE
BANK SADERAT IRAN
BAALBACK BRANCH
NO . 3418
RAS ELAIN ST .
NEXT TO THE POST OFFICE ,
BAALBACK - LEBANON
TEL : 00961 8 371841 , 373857-8
FAX : 00961 8 373857 EXT: 116
SWIFT : BSIR LB BE
E - MAIL : INFO@BSI- LEBANON.COM
:M.KHALIFE@BSI-LEBANON.COM
ASST. MANAGER: MR. MAHDI KHALIFEH ARANI
BANK SADERAT IRAN
ASHKHABAD BRANCH
NO . 3260
BUILDING 181-A
MAKHTOOMGHOLI AVE .
ASHKHABAD - TURKMENISTAN
TEL : 0099 312 346767- 343744
FAX : 0099 312 342070
E-MAIL:SADERAT@ONLINE.TM
MANAGER : MR . RASOUL SALEHI OSKOUI
BANK SADERAT IRAN
SAIDA BRANCH
NO .4338
RIAD ELSOLOH ST.,MARTYRS SQ..
SAIDA - LEBANON
TEL :00961 7 753835-753837
FAX : 00961 7 753836
SWIFT : BSIR LB BE
E - MAIL : INFO@BSI- LEBANON.COM
: M.LAVASANI@BSI-LEBANON.COM
CONTACT NAME : MR.MOHAMMAD JAFAR
NAVAEE LAVASANI
BANK SADERAT IRAN
BORJ AL BARAJNEH BRANCH
NO . 4280
HOLOM CENTER.,MAIN ROAD,
KAFAAT CROSS ROAD,
MREYJEH,MAMOURA
LEBANON
TEL : 00961 1 471201-2
FAX : 00961 1 471200 EXT: 26
SWIFT : BSIR LB BE
E - MAIL : INFO@BSI- LEBANON.COM
:M.SAHEBKARI@BSI-LEBANON.COM
ASST . MANAGER: MR.MOHAMMAD
REZA SAHEBKARI
BANK SADERAT PLC
NO . 634
5 LOTHBURY
LONDON EC2R 7HD
UK
TEL : 0044 20 76000133
FAX : 0044 20 77963216
SWIFT : BSPLGB2L
E- MAIL : ENQUIRIES @SADERAT - PLC . COM
WEB SITE : WWW. SADERAT - PLC .COM
MANAGING DIRECTOR : MR . SHAHROKH IRANZAD
SUBSIDIARIES
ARIAN BANK
JOINT VENTURE
HEAD OFFICE AND MAIN BRANCH
NO.56,OPPOSITE OF SECURITY DEPARTMENT,
TORABOZ KHAN STR.
SHAHRE - NOW KABUL, AFGHANISTAN
TEL : 0093020 2203994-7
FAX: 0093020 2204010
E- MAIL:CEO@ARIAN-BANK .COM.AF
SWIFT : AFABAFKA
MANAGING DIRECTOR : MR. HASSAN BAHADORI
MANAGER : MR.MOHAMMADRAHIM RAHIMZADEH
FUTURE BANK B.S.C ( C )
JOINT VENTURE
P.O.BOX : 785
CITY CENTRE BLDG.199,
ROAD 203,BLOCK 304,
GOVERNMENT AVE.,MANAMA
KINGDOM OF BAHRAIN
TEL : 00973 17 505015-16,505000
FAX : 00973 17 224402
SWIFT : FUBBBHBM
WEB SITE :WWW.FUTUREBANK.COM.BH
E-MAIL : INFO@FUTUREBANK.COM. BH
CHIEF EXECUTIVE OFFICER & MANAGING
DIRECTOR : DR .V. SEIF
JOINT VENTURE
ARIAN BANK
JOINT VENTURE
HARAT BRANCH
HARAT BRANCH
GROUND FLOOR
OTAGH TEJARAT BUILDING
BANK KHOON ROAD
HARAT - AFGHANISTAN
TEL :00930 40 226712
FAX : 00930 40 226261
SWIFT : AFABAFKA
E- MAIL:ARIANBANK_HB@YAHOO .COM
MANAGER : MR. JALIL VOJDAN NASERI
BANK SADERAT TASHKENT
NO .4223
NO . 10, ANTOOAN CHEKHOF STR .
TASHKENT 700060
UZBEKISTAN
TEL : 0099871 1401652 - 2521161
FAX : 0099871 1401654 - 55
SWIFT : BSIR UZ 22
E- MAIL : BSIUZB@BCC. COM.UZ
E- MAIL : FATHITASHKANT@YAHOO.COM
MANAGING DIRECTOR : MR . SIAVASH FATHI
WEB SITE : WWW.SADERABANK.UZ
List of Contact Persons
of Bank Saderat Iran
BANK SADERAT IRAN
SEPEHR TOWER
43. SOMAYEH AVE.P.O.BOX:15745-631 TEHRAN -IRAN
CHAIRMAN & MANAGING DIRECTOR & BOARD OF DIRECTORS:
(TELEPHONE) (FAX)
DR. HAMID BORHANI
0098(21)88307822 0098(21)88306095
CHAIRMAN & MANAGING DIRECTOR
BOARD MEMBERS:
MR.GHOLAMREZA HAJIZADEH
0098(21)88836018 0098(21)88836759
MR.GHODRATOLLAH SHARIFI
0098(21)88307818 0098(21)88834820
MR.MAHDI FATTAHI
0098(21)88826696 0098(21)88832815
DR.HOJATOLLAH SAYDI
0098(21)88807824 0098(21)88832752
MR.BAHMAN VAKILI
0098(21)88832402 0098(21)88306095
INTERNATIONAL DIVISION:
MR. GHOLAM SOURI
0098(21)88834792 0098(21)88839546
DIRECTOR, INTERNATIONAL DIVISION
MR. MOHSEN HOSSEINI HOSSEINPOUR 0098(21)88302699 0098(21)88839539
MANAGER, FOREIGN DEPT.
MR.MOSTAFA POURJAVAD
0098(21)88834010 0098(21)88839539
ASST.MANAGER, FOREIGN DEPT.
MR. HOSSEIN ZOHREHVAND
0098(21)88823618 0098(21)88832603
ASST.MANAGER, FOREIGN DEPT.
IN TREASURY OPERATIONS
MR.HASSAN HATAMI
0098(21)88836905 0098(21)88836909
MANAGER, F/X OPERATIONS DEPT.
MR. MAHMOUD REZA GOSHADROO 0098(21)88836905 0098(21)88836909
ASST. MANAGER, F/X OPERATIONS DEPT.
MR. ALIREZA ALAEE
0098(21)88836905 0098(21)88836909
ASST. MANAGER, F/X OPERATIONS DEPT.
MR.MAJID AHMADZADEH
0098(21)88834823 0098(21)88836452
MANAGER, F/X ACCOUNTS DEPT.
MR. SEIFOLLAH FARZANMEHR
0098(21)88834823 0098(21)88836452
ASST .MANAGER, F/X ACCOUNTS DEPT.
DEALING ROOM'S REUTERS DEALING CODE: BSIM
INTERNATIOANL DIVISION SWIFT CODE: BSIR IR TH
INTERNATIONAL DIVISION TELEX NUMBERS; 212352, 226648, SABK IR
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