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