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COMMERCIAL BANK OF SYRIA GENERAL MANAGEMENT
ANNUAL REPORT 2008
GENERAL MANAGEMENT Yousef Azmeh Square
P.O Box 933 Damascus
Syrian Arab Republic SWIFT:CMSYSYDA
Reuter:CMDA
E-mail:[email protected] Telex:411002-411206
Fax:00963 11 22 16 975/22 28 524 Tel:00963 11 22 18 891/22 18 890/22 22 481
www.cbs-bank.sy
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Foreword by The General Manager
Dr. Douraid Ahmad Dergham
In harmony with our commitment to the standard (your trust is our never-ending resources), we are sedulously working, within available potentials, on advancing the bank’s performances, broadening the spectrum of its services and updating variety of technologies in coherence with the latest worldwide banking accomplishments and in consistency with our customers needs. Subsequent to expanding the horizon of commercial business operations to include substantial retail loans, electronic functioning and Investments Credits, The bank is getting ready to add new and pioneering activities. We believe this initiave will play a vital role in the prosperity of banking essence in Syria and in diversifying forms of financing to make way for realizing the principle which will help in dealing with the world current crisis “ the best and cheapest services are made accessible, by the most competent, to the social economy”. We hope to proceed with Godspeed
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BOARD OF DIRECTORS
Chairman Moh.Yasser Mortada
General Manager –Vice Chairman Dr. Douraid Ahmad Dergham
Vice General Manager Ahmad Diab
Manger-Foreign Relations Dept-CBS Razouk Namek
Member Moh. Tarek Al- Sarraj
Member-Damas UC Faculty of Economy Dr. Mohammad Nasser
Member- Damas UC Faculty of Law Dr. Elias Hadad
Member-Labour Representative Jamal Al-kaderi
Member-Labour Representative Lina ramadan
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Board of Directors
General Managger
Internal corl Dept.
Plaaning Dept.
Accounts Dept.
Finance Dept
Risk Dept Loaning Dept.
For. Dept.
Tech. Dept
Legal Dept Adminis- Dept.
Gen. Sec.Dept.
Secratariat
office
Board's secretary
The bank's Secreary
Secratariat office
Human Resources
Salaraies &
Insurance
Personnel
Control
Secratariat office
Complaints &
consultancy
Advocates &
legal affairs
Secratariat office
Technical
support
Operations investments
& information securities
Studies 7 qualifications
e-payments (Visa)
Secratariat office
For. Ex & statistics
Operations division
Cash liquidity
Secratariat office
Loaning division
Studies division
Loaning Control Office
Secratariat office
Operating Risks
Islamic Risks
Marketing Risks
Division
Secratariat office
Plan expenditur
e and budget
Maintenances of
buildings & services
Secratariat office
Central accounts & audidting
For. Ex Accountancy
Secratariat office
Planning & Studies division
Training rehabilitating
& publications
Islamic Financing &
Tools
Issuing Unit
Cases sued
Secretary.Gen.
Vice General Manager
Internal auditing
For. Relation division
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GENERAL MANAGEMENT
Department
Name
Tel
Fax
E.mail
GERERAL MANAGER
Dr. Douraid Dergham
2459536 2249048 [email protected]
DEPUTY GENERAL MANAGER
Ahmad Diab
2458344
2249048
SECRETARIAL DEPARTMENT MANAGER
Mayssa Kudaimi
2458345
2214675 2228524
ADAMINISTRATIVE DEPARTMENT MANAGER
Sahar Nahlwi
2459505
2222830
LOAN & CREDIT DEPARTMENT MANAGER
Raghdaa Al-Yafi
2229559
2453371
FOREIGN RELATIONS DEPARTMENT MANAGER
Razouk Namek
2223916
2453334 2453796
[email protected] [email protected]
TECHNICAL DEPARTMENT MANAGER
Wasim Ahmad
2226680
2451790
INTERNAL CONTROL MANAGER
Ghayath Sulaiman
2322069
2322067
ACCOUNTS DEPARTMENT MANAGER
Jumanah Kassar
2216983
2450373
PLANNING & DEVELOPMENT DEPARTMENT MANAGER
Souhair Al-Halabi
2322068
2315954
FINANCIAL DEPARTMENT MANAGER
Amal Teeba
2214298
2214298
JUDICIAL & LEGAL DEPARTMENT MANAGER
Lina Al-Atassi
2322074
2325486
RISKS MANAGEMNT DEPT. MANAGER
Mazen Hamzeh
2236737 2245205
2241635
6
DAMASCUS BRANCHES Area Code (011)
Address Tel Operator Fax P.O.Box E-mail
General Management
Yousef Azmeh Square
2218890 2222481 2222481
2216975 2228524
933
Branch No.1
Moawiya Street Manager: Ilham Nijmeh
2228728
2225870 2225871 2225872
2222597
2231
Branch No.2
Al Nasr Street Manager: Sawsan Dawood
2222898
2243142 2222456 2210445
2218590
314
Branch No.3
Harika Square Manager: Hanaa Al-khatib
2216912
2210555 2210556 2210557
2215347
183
Branch No.4
Moawiya Street Manager: Nada Sa’dy
2224685
2211900 2211553 2214820
2211554
246
Branch No.5
Saadallah Jabri Street Manager: Mazenah Gamall Aldin
2225699
2212901 2212902 2212903
2216102
1
Branch No.6 Yousef Azmeh Square Manage: Yaser Al- Massri
2224580
2225102 2244123 2214714
2227154
2655
Branch No.7 29 Ayyar Street Manager: Mhd Ali Jokhadar
2318030
2314675 2318033 2318034
2318038
3179
Branch No.8 Port Said Street Manager: Ghada Haddad
2323106
2312777 2311522
2319258
1178
Branch No.9 Kouatli Street Manager: Rajaa Sulaiman
2240909
2228132 2226451 2216141
2228132
5972
Branch No.10 Borj El-Rouss Manager: Bashar Hana
5422896
5422895 5422897
5423305
22241
7
Address Tel Operator Fax P.O.Box E-mail
Branch No.11
Osman Bin Affan Street Manager: Samia Anas
2127855
2128482 2126302 2138265
2123790
6305
Branch No.12
Jisr ELAbiad Manager: Fawaz Al-Fara
3320356
3342912 3320662 3349552
3320579
12081
Branch No.13
Mazzah Jabal Manager: Hanan Darwish
6610645
6615986 6669386 6615987
6624196
16005
Branch No.14
AL Thaura Street Manager: Sahar Jarjourah
2312850
2312851 2312852 2312531
2312853
11972
Branch No.15
Yarmouk Street Manager: Amal Sarakbi
6313107
6313101 6313103 6313001
6313102
29072
Branch No.16
Meyssat Street Manager: Badawieh Suwakieh
2757950
2758083 2758084
2757979
11893
Branch No.17 Bab Touma Street Manager: Maher Al-Zubi
5415697
5415736 5415734
5415686
2041
Rawdah Branch Rawda Area-Zuhair Bin Abi Salma st. Manager: Eman Obaid
3317197
3317334 3328001 3328002 3317093
3857
Barzeh Branch Barzeh Housings – behind Hamish hosp. Manager: Moutaz Al-Saleh
5144959
5144947
5144993
-
Free Zone
Osman Bin Affan Street Manager: Samia Anas
2127855
2128482 2126302 2138265
2123790
5528
Douma Branch
Jamal Abdulnaser Street Manager: Nada Mourad
5743010 5743018
5743019 5323033
561
Al-TAL Branch
Manager: Khaled Sabbag
5942133
5942055 5942112 -
Al-Zabadani Branch
Manager: salwa Ghanem
7119410
7119430 7119440 7119420
8
ALEPPO BRANCHES Area Code (021)
Address Tel Operator Fax P.O.Box E-mail
Branch No.1
Kastal Hajjarin Street Manager: Riad Abiad
3315622
3315602 3315606 3315220
3315630
2
Branch No.2
EL-Azmeh Street Manager: Mahmoud Issa
2122904
2119106 2119107 2119105
887
Branch No.3
Wara El-Jammeh Manager: Rameeza Al- Soubai
3622550
3620150 3620151 3620152
3620157
449
Branch No.5
Kastal Hajjarin Street Manager: Shaza Attar
2216201 2216439
2216430
6760
Branch No.6
Ugarit Street Manager: Mhd Abdo Lababidi
2114865
2115547 2119358 2123784
2120890
363
Branch No.7
Zahra Street. Manager: Masaleh AlSharak Abi Aldarar
4643805
4643801 4643802 4643803
4643804
1410
Branch No.8
Kastal Hajjarin St. Manager: Yousif Haskour
3315625
3321720 3321710
3315504
9588
Free Zone
Kastal Hajjarin St. Manager: Riad Abiad
3315622 3315711 3315630
6690
LATTAKIA BRANCHES Area Code (041)
Address Tel Operator Fax P.O.Box E-mail
Branch No.1 Adnan Malki Street Manager: Dr. Imad Habib
471650 471160
471643 471645
471649
125
Branch No.2 8 Azar Street Manager: Fareedah ALAwad
479763
461018 463066 463793
479761
808
Branch No.3 Kouatli Street Manager: Samia Janoudi
477153
475964 475982
470059
575
Free Zone Kouatli Street Manager: Samia Janoudi
477153
475964 475982
477253
808
Jableh Branch Al Kalaa str. Insurance Bldg. Manager: Khouzama AlKhayir
820752 820756 820751
820757
9
HOMS BRANCHES Area Code (031)
Address Tel Operator Fax P.O.BoX E-mail
Branch No.1 Hisham Ebn Abdulmalek Manager: Ahmad A. Oudeh
2485314
2485270 2485271 2485274
2211823
417
Branch No.2 Al-Walid Street Manager Abdul Aziz Al-Subai
2485501
2478897 2478798 2483719
2478799
132
Branch No.3
AL-Abbas Street Manager: Abdel Rahim Afara
2467839
2475215 2464505 2464439
2475103
203
Branch No.4 Kouatli Street Manager: Randa Al-keishi
2481231
2482270 2482271 2477185
2481232
4745
HAMA BRANCHES Area Code (033)
Address Tel Operator Fax P.O.Box
Branch No.1 Kouatli Street Manager: Souhair Al- Daieh
510919 510917
510918
515726
16
Branch No.2
Kouatli Street Acting Manager: Amer Shahda
210963 210961
210962 229749
229
Branch No.3 Dabagha Street Manager: Amal AL-Haiba
518822
518821 518823 517824
523446
5
TARTOUS BRANCHES Area Code (043)
Address Tel Operator Fax P.O.Box
Branch No.1
M.Abdul Razzak Street Manager: Mohammad Aziz
327588
324601 324602
221153
10
Branch No.2 Marfaa Street Manager: Da’d Mohammad
323803
323804 323805
323806
372
Free Zone M.Abdul Razzak Street Manager: Mohammad Aziz
315800
324601 324602
221153
10
Safita Al-Hurria St. Manager: Najib Hanna
539345
539340
539344
Banias Branch Al-Kosour Str. Kadmous intersection. Manager: Kinana Asaad
727234 724603 726609
727212
10
DARAA BRANCHES Area Code (015)
Address Tel Operator Fax P.O.Box
Branch No.1
AL-Mahatta Street Manager: Amjad Awad
234665
231410 230582
231250
Free Zone
AL-Mahatta Street Manager: Amjad Awad
234665
480002
231250
OTHER BRANCHES
Address Tel Operator Fax P.O.Box
Sweida Sultan Atrach Street Manager: Wafa Al Massri
016/233920
016/231860 016/231791 016/234704
016/241960
21
Dier Ezzor Main Street Manager: Nadia Al-dully
051/212004
051/214725 051/214724 051/221205
051/222460
1
Hassakeh Jamal Abdulnaser Street Manager: Souhaila Afram
052/312718 052/310487
052/310489
051/310356
436
Idleb
Al-Jalaa Street Manager: Riad Abiad In Charge of the Branch
023/241363 023/239522
023/210697
023/238420
2
Rakka Rais Square Manager: Ahmad Ojeily
022/210695 022/210696
022/226983
022/210698
43
Kameshli Kouatli Street Manager: Nora Shammas
052/433153 052/420670
052/420671
052/420630
13
Al-Boukamal The Main str. Manager: Mahmoud Al-Hasou
051/746738
051/746795
051/746743
Al-Miadeen The Main str. Manager: Saleh Al-Hussain
051/713037
051/713031 051/713032 051/713033
051/713582
11
Exchange Centers & Points of Sale
Subsidiaries to Bank Branches
Damascus Branches No. Name
Linked to (Branch name) Address and phone No.
1- Yousef Azmeh Liquid Assets(cash) center Yousef Azmeh Sq.( 22251003) 2- Jdaideh Yabous Liquid Assets(cash) center Jdaideh Yabous at Lebanon’s Border(3914232) 3- Jdaideh Yabous Liquid Assets(cash) center Custom s Building (3914231) 4- Adra Douma Branch Inside Adra Free Zone ( 5812553) 5- Al Tanaf Liquid Assets(cash) center At the Syrian-Iraqi borders 6- Sit Zainab Liquid Assets(cash) center Next to Sit Zainab's Shrine (6470134) 7- Adra Customs Douma Branch In Adra customs' Unit 8- Airport Liquid Assets(cash) center Damascus Airport (2450054) 9- Dedeman Liquid Assets(cash) center Dedeman Hotel (2229200) 10- Happy Land Liquid Assets(cash) center The 5th bridge on the way leading to the Airport(
open just in summer) 11- Al Adel Liquid Assets(cash) center Alnasir Str. Close to Judges Parking lots
Aleppo Branches No. Name Linked to (Branch name) Address and phone No. 12- Muselmieh 1 Aleppo Muselmieh Street (No Phone) 13- Azaz- Salameh 2 Aleppo Azaz (7850743) 14- Airport (2Points) 3 Aleppo Aleppo Airport (4216850)
Homs Branches No. Name Linked to (Branch name) Address and phone No. 15- Dabboussieh 1 Homs Al-Dabboussieh-The borders (710719) 16- Palmyra 2 Homs Close to the Museum (912286-911473) 17- Jousieh 3 Homs Jousieh borders (861435)
Lattakia Branches No. Name Linked to (Branch name) Address and phone No. 18- The port 1Lattakia The port boundaries (354130) 19- Kasab 1Lattakia At The Turkish Borders(711942) 20- Martyr Bassel AlAsad
Airport 1Lattakia Hemimim (827195)
21- Meridian 2 Lattakia Meridian Hotel ( 428736) 22- The Port Free zone 3 Lattakia The port free zone complex(326403)
12
Tartous Branches
No. Name Linked to (Branch name) Address and phone No. 23- Arida 1 Tartous Lebanon’s borders (651929) 24- Madinah 2 Tartous Abdel Aziz Street (328983) 25- The Port 2 Tartous The Port boundaries
Hama Branches
No. Name Linked to (Branch name) Address and phone No. 26- Hama
2Hama Baroudieh Ali Bin Abi Taleb Street(424992)
Daraa Branches
Idleb Branch
Kameshli Branches
No. Name Linked to (Branch name) Address and phone No. 27- Old Daraa Borders Daraa Al Ramtha Road(231644) 28- Nasib (For trucks Liquid Assets(cash) center Nasib border’s center (251391) 29- Nasib (for cars) Liquid Assets(cash) center Nasib border’s center (251408) 30- Busra Daraa Busra Square against the Citadel (792799) 31- Free zone Daraa Syrian-Jordanian Free Zone (251392)
No. Name Linked to (Branch name) Address and phone No. 32- Bab Alhawa Idleb Branch At the Turkish borders (244343)
No. Name Linked to (Branch name) Address and phone No. 33- Nesibin Kameshli Branches At the Turkish borders (052-427910) 34- Yarubia Kameshli Branches At the Iraqi borders (052-752727) 35- Yarubia Free
Zone Kameshli Branches At the Iraqi borders(052-752727)
13
Banking services offices
Fax No. Tel. No Linked to branch Address Name 456028 354130 /1/ Lattakia branch Port of Lattakia Port of Lattakia 411609 425526 /1/ Lattakia branch University Dormitory Tishreen University 426402 326403 /3/ Lattakia branch Free Zone Dormitory Latakkia free zone 325163 325163 /2/ Tartous branch Port of Tartous Port of Tartous 310720 310721 /1/ Tratous branch Free Zone Dormitory Tartous Free Zone 78364137836412/8/ Damascus branch University Dormitory Al-Kalamoun
University 58501585850156Douma branch Insid the Free Zone Area Adra Free Zone 26366322636631Aleppo /3/ branch The university 's Dormitory Aleppo University 566470 566471 Safita branch Dreikish Area Dreikish 32150416185930/6/ Damascus branch Dumar housing proj. Shell
head quarters Shell
52392645239488/9/ Damascus Branch Martyr Bassel AlAsad Sqr. Al Baladieh Bldg
Erbin
32272943227147/6/ Damascus branch Dahiet Al Firdous Jimraia 787843 /2/ Hama Branch Al Firdous str. Next to Al
Baladia Bldg. AlSkeilbieh
757232 Idleb Branch AlKosour str Next to the Education Center
Salkin
625652 Idleb Branch The End of Alassi bridge, next to Electricity Organisation Bld.
Jisr Al Shougour
512071 Idleb Branch Abou Alaa Al Marrai sq. next to the Museum
Marraet AlNouman
719291 Idleb Branch Mr. President Sq. against the Extinguisher center
Jericho
7732530/1/ Homs Mar. Youhana Sq. Marmarrita 586357 Safita Inside the Resort campus Mashta Elhulou 7448733/1/ Homs Branch Al Hawash, Main Road, next
to Police Station Al Hawash
5357261Barzeh Branch In The shopping center next to the Military Institution
Dahiaet Al asad
2229200/6/ Damascus Branch Inside the Hotel Bldg DedeMan services 321591 Al Hasakeh Branch Jamal Abdelnaser Str. Next to
the Grand Mosque Al Hasakeh
859876 Deraa Branch Shiek Miskin, The Main Intersection
Al Shikh Miskin
/1/ Lattakia Branch Villagers Union Bldg Al Hiffeh Deraa Branch The Northern Str. Damascus
Road Al Sanamin
59186815918680/1/ Homs Branch Palmyra Palmyra /13/ Damascus Branch Katana
14
CBS Swift Codes
CMSYSYDAXXX COMMERCIAL BANK OF SYRIA DAMASCUS H.O CMSYSYDADA 1 COMMERCIAL BANK OF SYRIA DAMASCUS 1 CMSYSYDADA 2 COMMERCIAL BANK OF SYRIA DAMASCUS 2 CMSYSYDADA 3 COMMERCIAL BANK OF SYRIA DAMASCUS 3 CMSYSYDADA 4 COMMERCIAL BANK OF SYRIA DAMASCUS 4 CMSYSYDADA 5 COMMERCIAL BANK OF SYRIA DAMASCUS 5 CMSYSYDADA 6 COMMERCIAL BANK OF SYRIA DAMASCUS 6 CMSYSYDADA 7 COMMERCIAL BANK OF SYRIA DAMASCUS 7 CMSYSYDADA 8 COMMERCIAL BANK OF SYRIA DAMASCUS 8 CMSYSYDADA 9 COMMERCIAL BANK OF SYRIA DAMASCUS 9 CMSYSYDADA 10 COMMERCIAL BANK OF SYRIA DAMASCUS 10 CMSYSYDADA 11 COMMERCIAL BANK OF SYRIA DAMASCUS 11 CMSYSYDADA 12 COMMERCIAL BANK OF SYRIA DAMASCUS 12 CMSYSYDADA 13 COMMERCIAL BANK OF SYRIA DAMASCUS 13 CMSYSYDADA 14 COMMERCIAL BANK OF SYRIA DAMASCUS 14 CMSYSYDADA 15 COMMERCIAL BANK OF SYRIA DAMASCUS 15 CMSYSYDADA 16 COMMERCIAL BANK OF SYRIA DAMASCUS 16 CMSYSYDADA 17 COMMERCIAL BANK OF SYRIA DAMASCUS 17 CMSYSYDADA 18 COMMERCIAL BANK OF SYRIA DAMASCUS 18 CMSYSYDADFZ COMMERCIAL BANK OF SYRIA DAMASCUS FREE ZONE CMSYSYDADUM COMMERCIAL BANK OF SYRIA DAMASCUS DUMA CMSYSYDAAL 1 COMMERCIAL BANK OF SYRIA ALEPPO 1 CMSYSYDAAL 2 COMMERCIAL BANK OF SYRIA ALEPPO 2 CMSYSYDAAL 3 COMMERCIAL BANK OF SYRIA ALEPPO 3 CMSYSYDAAL 4 COMMERCIAL BANK OF SYRIA ALEPPO 4 CMSYSYDAAL 5 COMMERCIAL BANK OF SYRIA ALEPPO 5 CMSYSYDAAL 6 COMMERCIAL BANK OF SYRIA ALEPPO 6 CMSYSYDAAL 7 COMMERCIAL BANK OF SYRIA ALEPPO 7 CMSYSYDAAL 8 COMMERCIAL BANK OF SYRIA ALEPPO 8 CMSYSYDAALZ COMMERCIAL BANK OF SYRIA ALEPPO FREE ZONE CMSYSYDADR1 COMMERCIAL BANK OF SYRIA DARAA CMSYSYDADZ1 COMMERCIAL BANK OF SYRIA DEIR ALZZOR CMSYSYDAHA1 COMMERCIAL BANK OF SYRIA HAMA 1 CMSYSYDAHA2 COMMERCIAL BANK OF SYRIA HAMA 2 CMSYSYDAHA3 COMMERCIAL BANK OF SYRIA HAMA 3 CMSYSYDAHO1 COMMERCIAL BANK OF SYRIA HOMS 1 CMSYSYDAHO2 COMMERCIAL BANK OF SYRIA HOMS 2 CMSYSYDAHO3 COMMERCIAL BANK OF SYRIA HOMS 3 CMSYSYDAHO4 COMMERCIAL BANK OF SYRIA HOMS 4 CMSYSYDAHS1 COMMERCIAL BANK OF SYRIA HASSAKH CMSYSYDAID1 COMMERCIAL BANK OF SYRIA IDLIB CMSYSYDAKA1 COMMERCIAL BANK OF SYRIA KAMECHLI CMSYSYDALA1 COMMERCIAL BANK OF SYRIA LATTAKIA 1 CMSYSYDALA2 COMMERCIAL BANK OF SYRIA LATTAKIA 2 CMSYSYDALA3 COMMERCIAL BANK OF SYRIA LATTAKIA 3 CMSYSYDALAZ COMMERCIAL BANK OF SYRIA LATTAKIA FREE ZONE CMSYSYDARK1 COMMERCIAL BANK OF SYRIA AL RAKKA CMSYSYDASW1 COMMERCIAL BANK OF SYRIA AL SWEIDA CMSYSYDATA1 COMMERCIAL BANK OF SYRIA TARTOUS 1 CMSYSYDATA2 COMMERCIAL BANK OF SYRIA TARTOUS 2 CMSYSYDATFZ COMMERCIAL BANK OF SYRIA TARTOUS FREE ZONE
15
COMMERCIAL BANK OF SYRIA
BUDGET AND CLOSING ACCOUNTS FOR THE YEAR 2008
The general budget of the bank at the end of 2008 amounted to /1,372,794/ millions SYP as compared to /1,359,266/ millions SYP at the end of 2007 i.e. by an increase of /13,528/ millions SYP at a ratio of 1%. The following table shows the total budget of the bank at the end of 2008, as compared to the total budget at the end of 2007, based on the applied rate of exchange:/SYP 46.55/ per U.S dollar as follows: In Million Syrian Pounds
Items 2008 2007 Development Percentage Total Ordinary Account. 853,393 826,811 26,582+ 3%
Total Regular Account 519,401 532,455 -13,054 2 %
Total 1,372,794 1,359,266 13,528+ 1 %
16
The following shows the increases & decreases in the following principal accounts:
Assets:
In Million Syrian Pounds
-cash in hand 20,094+ -External foreign assets -79,320 -Cash investments and other debtor account 166,512+ -Financial investments and participation 5,920+ -Specialized banks 80,194 - -Transitional accounts and other assets 6,430 -
Total increase 26,582+
Liabilities
In Million Syrian Pounds -Deposits and other creditor current accounts 27,597+ -Central Bank’s contribution 12,361+ -Provisions 8,922 + -Liabilities towards foreign correspondents 3,412 - -Specialized banks 719 + -Loans and other creditor accounts 9,837+ -Reserves 6,045+ -Transitional accounts and other liabilities 1,044 + -Net Profits 7,732 + Differences in State's exchange rate modification - Public Sector - 30,000 Profits Estimates - 14,263
Total increase 26,582+ Contingent Accounts: In Million Syrian Pounds
-Import documentary credits 4,305+ -Export documentary credits - 8,805 -Collection of documentary bills and Bonds 472+ -Guarantees acceptances and reserve securities 4,535 - -Warranties in kind(goods,bills,bonds,real-estates) 1,093+ - Central Bank credits 11,200 + - Export Funding 216+ -Other regular accounts - 17,000
Total - 13,054
17
The following is a brief analysis of the most important accounts of the budget:
First-Assets:
1-Cash in Safes: The total cash assets amounted to /89,081/millions SYP at the end of 2008 as compared to /68,987/millions SYP at the end of 2007 i.e. an increase of /20,094/millions SYP. These assets represent 7.5% of the total deposits on demand, and at a 15% of the total time deposits.
2-Cash investments: Cash investments amounted to /438,599/millions SYP at the end of 2008, as compared to /272,700/millions SYP at the end of 2007, i.e. an increase of /165,899/millions SYP, at a ratio of 61%. These cash investments represent amounts used in providing facilities to different economic activities in the country, and they reflect the great role of the bank in financing the internal and external trade to meet the country’s demands and needs for effective participation in the economic development plans. The investments, referred to, were distributed among the following principal accounts: In Million Syrian Pounds
Accounts 2008 2007 Development Percentage
Portfolio of discounted accounts 1,399 1,411 12 - -1 %
Current debtor accounts against guarantees in kind
142,000 138,946 3,054+ 2 %
Current debtor accounts against other collateral securities
292,332 129,943 162,389+ 125 %
Outstanding Debts 2,868 2,400 468+ 19 %
Total 438,599 272,700 165,899+ 61%
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3-Assets with Foreign Correspondents: Our total assets with correspondents, at the end of the year 2008,amounted to /219,693/ millions SYP, compared to /299,013/millions SYP, i.e. by a decrease of /79,320/millions SYP at a ratio of 27 %
4-Financial Investments: The Bank’s investments and participation in financial institutions and other companies amounted to /51,418/ millions SYP at the end of 2008 as compared to /45,498/ millions SYP at the end of 2007. I.e. by an increase of /5,920/ millions SYP arising from the Bank’s acquisition of more bonds in the state’s bonds against legal and special reserves deducted from the profits in compliance with legislations in force as shown in the following table: In Million Syrian Pounds
Accounts 2008 2007 Development Percentage
Acquisition of General State Bonds against deposits and reserves 51,197 45,273 +5,924 13 %
Foreign Participation in banks and financial institutions 221 225 - 4 -
TOTAL 51,418 45,498 +5,920 13 %
Bearing in mind that these participations were entered at their nominal value.
5-Fixed Funds and other Assets: The total amounts of fixed funds, after deducting incurred depreciation, were /1,673/millions SYP as compared to /1,737/millions SYP at the end of 2007, i.e. by a decrease of /64/millions SYP. These funds represent the value of real estates and buildings owned by the bank, values of furniture and tools, expenses of establishments, key money, vehicles and stored publications and stationery required by the nature of the bank activities process.
19
Second-Liabilities:
1-Deposits and Creditor Current Accounts: The total of deposits and current creditor accounts amounted to /392,579/ millions SYP at the end of 2008, as compared to /364,982/ millions SYP at the end of 2007, i.e. by an increase of /27,597/ millions SYP, at a ratio of 8 % as follows:
Deposits in Syrian Pounds: In Million Syrian Pounds
Accounts 2008 2007 Development Percentage
Deposits on demand 188,640 165,049 23,591+ +14 %
Savings and time deposits 119,842 122,389 2,547- - 2 %
Total /A/ 308,482 287,438 21,044+ +7 %
Deposits in Foreign Currencies: In Million Syrian Pounds
Accounts 2008 2007 Development Percentage
Deposits on demand 71,082 63,433 7,649 + 12 %
Savings and time deposits 13,015 14,111 1,096 - 8 %
Total /B/ 84,097 77,544 6,553+ 8 %
Gross Total: In Million Syrian Pounds
Accounts 2008 2007 Development Percentage
Deposits on demand 259,722 228,482 31,240+ 14 %
Savings and time deposits 132,857 136,500 3,643- 3 %
Total /C/ 392,579 364,982 27,597+ 8 %
2-Resident Banks: The balances of current creditor accounts of specialized banks amounted to /3,579/ millions SYP at the end of 2008 as compared to /2,860/ millions SYP in the previous year, which represents an increase by /719/ millions SYP. These balances pertain to operations of exchanging banking services with the mentioned banks.
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3-Loans and credits from Central Bank of Syria: The balance of the bank’s operations with Central Bank of Syria amounted to /101,778/ millions SYP at the end of 2008, as compared to /89,417/ millions SYP at the end of 2007 which represents an increase by /12,361/ millions SYP. These balances represent the following: In Million Syrian Pounds
Accounts 2008 2007 Development Percentage
Loans and Credits for grains financing 100,000 88,000 12,000 + 14 %
Operations of state payments agreements 65 65 - -
Central Bank of Syria/Foreign currency account 1,713 1,352 361 + 27 %
Total 101,778 89,417 12,361 + 14 %
4-Foreign Correspondents: Our total liabilities towards our Foreign Correspondents at the end of 2008 amounted to around /391/ millions SYP as compared to /3,803/ millions SYP, at the end of 2007, which represents a decrease by /3,412/ millions SYP. 5-Provisions and other Creditor Accounts: The total of these accounts amounted to /211,837/ millions SYP at the end of 2008 as compared to /193,077/ millions SYP at the end of 2007, i.e. by an increase of /18,760/ millions SYP, at a ratio of 9 %. These accounts represent advanced securities collected for opening documentary letters of credit, and advanced securities collected for the delivery of bills of lading, import bills of collection, issued letters of guarantees, borrowed funds, provisions, and other creditor accounts. 6-Private Funds: The total of private funds represented by the capital and reserves amounted to /97,577/ millions SYP at the end of 2008, as compared to /91,532/ millions SYP at the end of 2007. I.e. an increase of /6,045/ millions SYP at a ratio of 7 %, as a consequence to capital increase and the proportional retention of profits against reserves (legal and special) pursuant to current prevailing laws, plus other retentions against reserves to finance the bank’s investment projects.
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Third-Contingent Accounts:
1-Import Documentary Letters of Credit: The total value of import documentary letters of credit (unutilized) amounted to /178,077/millions SYP at the end of 2008, as compared to /173,772/millions SYP at the end of 2007,i.e. an increase of /4,305/ millions SYP at a ratio of 2 %. 2-Export Documentary Letters of Credit: The total value of documentary Letters of Credit opened for export (unpaid) amounted to /22,239/ millions SYP at the end of 2008, as compared to /31,044/millions SYP in 2007, i.e. a decrease of /8,805/millions SYP at a ratio of 28 %. 3-Documentary Bills of Collection: The total value of import documents letters of credit and bills of lading received under collection amounted to /21,922/ millions SYP at the end of 2008, as compared to /25,478/ millions SYP at the end of 2007, i.e. a decrease of /3,556/ millions SYP at a ratio of 14 %. The total value of exports bills of lading consigned for collection amounted to /4,434/ millions SYP as compared to /423/ millions SYP at the end of 2007 i.e. an increase of /4,011/ millions SYP at a ratio of 948 %. 4-Guarantees and Acceptances: The balance of guarantees and acceptances amounted to /67,707/ millions SYP at the end of 2008, as compared to /72,242/ millions SYP at the end of 2007, i.e. a decrease of /4,535/ millions SYP, at a ratio of 6 %. 5-Collateral Securities for Loaning and Credit Operations: The balance of the value of collateral securities for loaning and credit operations amounted to /75,006/millions SYP at the end of 2008, as compared to /73,913/millions SYP at the end of 2007,i.e. an increase of /1,093/millions SYP, at a ratio of 1 % . 6-Other Contingent Accounts: The total value of these accounts amounted to /150,016/ millions SYP at the end of 2008, as compared to /155,582/millions SYP at the end of 2007. Which represents a decrease of /5,566/ millions SYP, at a ratio of 4 %. The balances of these accounts represent the value of loans and credits granted by the Central Bank of Syria that amounted in 2008, to /101,778/millions SYP, as compared to /89,417/ millions SYP at the end of 2007. In addition to the values of commercial bills deposited under collection and insurance, beside other contingent accounts required by the nature of the bank activities process.
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Fourth-Profits and Loss Accounts
The results of the bank operations for the fiscal year 2008 registered net profits amounting to /22,844/ millions SYP, as compared to /15,112/ millions SYP, i.e. an increase of /7,732/ millions SYP at a ratio of 51 %.
Profits & Loss Accounts in 2008 as compared to 2007
In Million Syrian Pounds
2007 2008 Statement 2007 2008 Statement
40,101 40,046 Received interests & Commissions 1,608 1,688 General Expenditures
122,225 5,125 Exchange differences (actual) 7,303 7,725 Paid-up interests & commissions 46,121 263,925 Exchange differences(estimated)( 126,452 2,469 Exchange differences( actual)
230 7,217 Carried-over revenues45,555 278,188 Exchange differences( estimated) 1,152 1,386 Other investments' income 2,483 2,515 Provisions & Depreciations
0 5 Profits of selling the bank's assets 25 111 Carried- over expenditures 13 6 Profits of free zones branches 3 3 Other investments' expenditures 0 0 Loss in selling the bank's assets 26,413 25,011 Gross Profits
209,842 317,710 Total 209,842 317,710 Total 26,413 25,011 Gross Profits 6,957 10,719 Income tax provision
1889 2,856 Legal reserves 1889 2,856 Specific reserves 566 0 Unrealized net profits(estimated)
0
14,263
Net carried-over loss( estimated loss)
15,112 22,843 The state's portion of the profits 26,413 39,274 Total 26,413 39,274 Total
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Profits & Loss Accounts in 2008 as compared to 2007
In Thousands U.S.A Dollars
End of 2007 End of 2008 Statement End of 2007 End of 2008 Statement 831,978 860,286 Received interests & Commissions 33,352 36,269 General Expenditures
2,535,785 110,090 Exchange differences (actual) 151,514 165,958 Paid-up interests & commissions
956,872 5,669,714 Exchange differences(estimated) 2,623,512 53,040 Exchange differences (actual)
4,768 155,037 Carried-over revenues945,128 5,976,112 Exchange differences (estimated)
23,898 29,766 Other investments' income 51,507 54,024 Provisions & Depreciations
2 118 Profits of selling the bank's assets 512 2,382 Carried- over expenditures
269 129 Profits of free zones branches 52 53 Other investments' expenditures
0 5 Loss in selling the bank's assets
547,995 537,297 Gross Profits 4,353,572 6,825,140 Total 4,353,572 6,825,140 Total
547,995 537,297 Gross Profits 144,342 230,273 Income tax provision 39,191 61,342 Legal reserves 39,191 61,342 Specific reserves
-11,744 0 Unrealized net profits (estimated)
0 306,398 Net carried-over loss( estimated loss)
313,527 490,738 The state's portion of the
profits 547,995 843,695 Total 547,995 843,695 Total
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Five Years Highlights On Financial Developments 2004-2008
In Million Syrian Pounds
Accounts at 31/12 2004 2005 2006 2007 2008
Cash at Central Bank and branches’ safes
34,513 76,568 68,150 68,987 89,081
under-Demand Deposits & Current creditor Accounts
243,888 268,945 227,615 228,482 259,722
Time & Saving Deposits 139,774 126,930 129,039 136,500 132,856 Central Bank Loans & reimbursement of deductions
86,955 84,018 100,239 89,417 101,778
Other Creditor Accounts 114,656 137,693 133,070 172,155 182,224 Provisions 183,878 175,608 88,628 19,965 28,887 Paid-up Capital & Reserves 13,026 15,754 87,452 91,532 97,577 Import Documentary Credits 82,161 120,718 148,585 173,772 178,077
Export Documentary Credits 24,753 23,262 18,587 31,044 22,239 Guarantees & Acceptances 83,350 84,455 72,678 72,242 67,707 Total Assets 839,290 861,355 811,379 826,811 853,393 Total Balance Sheet 1,250,539 1,313,209 1,292,695 1,359,266 1,372,794
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Activities Development Of The Commercial Bank of Syria
2004-2008 In Million Syrian Pounds
Description 2004 2005 2006 2007 2008 Deposits Amounts 383,662 395,875 356,655 364,982 392,579 Public Sector 185,734 209,133 166,605 169,403 197,288 Private Sector 195,378 183,611 186,729 192,151 191,475 Joint Sector 274 345 289 249 189 Cooperative Sector 2,276 2,786 3,032 3,179 3,627 Cash Investments 128,512 154,118 196,762 272,700 438,599 Branches 53 54 53 56 59 Banking Offices - 4 7 10 29 Employees 4,221 4,422 4,303 4,202 4,275 Exchange Centers 50 50 50 50 50 Gross Profit 37,231 13,637 38,974 26,413 25,011 Net Profit 19,653 7,391 20,553 15,112 22,844 Gross Profits(excluding exchange differences ) 4,101 17,032 25,223 30,075 36,618
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CLOSING BALANCE SHEET at 31/12/2008 as compared to 31/12/2007 In Thousands U.S.A Dollars
ASSETS 31/12/2008 31/12/2007 LIABILITIES 31/12/2008 31/12/2007
Cash in safes& Central Bank 1,913,665 1,431,270 Deposits on Demand& Creditor Current Accounts 5,579,423 4,740,299
Resident Banks 723,739 2,362,741 Time & Saving Deposits 2,854,068 2,831,960 Correspondents Abroad 4,719,517 6,203,592 Resident Banks 76,887 59,340 Portfolio of discounted Bills 30,283 29,276 Loans & Credits of Central Bank 2,186,419 1,855,125
Correspondents Abroad 8,402 78,896 Loans, Credits &Debtor Current Accounts(guaranteed in Kind) 3,050,487
2,882,699
Borrowed Funds 15,591 19,860
Other Creditor Accounts 3,914,582 3,571,688 Loans, Credits & Debtor current accounts( for other collateral) 6,279,959 2,695,909
Settlement &Transitional Accounts 194,110 165,803 Other Debtor Accounts 375,276 340,219 Provisions 620,566 414,208 Financial Investments & Participation 1,104,566 943,945 Reserves 592,418 446,714
Paid up Capital 1,503,759 1,452,282 Settlements &Transitional Accounts 99,387 228,065 Differences in State's exchange rate
modification - Public Sector 590,099 1,192,305
Unrealized carried-over net profits - 294,237 11,745 Fixed Funds& Other Assets(less Depreciation 35,945.82 36,037
Net Profits 490,738 313,528 TOTAL 18,332,825 17,153,753 TOTAL 18,332,825 17,153,753 Contingent Accounts
Import Documentary Credits 3,825,505 3,605,222
Export Documentary Credits 477,738 644,076
Auxiliary Guarantees, acceptances Bonds 1,454,511 1,498,796 Other Contingent Accounts 5,400,166 5,298,694
Equivalent Contingent Accounts 11,157,920 11,046,788
TOTAL BALANCE SHEET 29,490,745 28,200,541 TOTAL BALANCE SHEET 29,490,745 28,200,541
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CLOSING BALANCE SHEET at 31/12/2008 as compared to 31/12/2007
In Million Syrian Pounds
ASSETS 31/12/2008 31/12/2007 LIABILITIES 31/12/2008 31/12/2007
Cash in safes& Central Bank 89,081 68,987 Deposits on Demand& Creditor Current Accounts 259,722 228,482
Resident Banks 33,690 113,884 Time & Saving Deposits 132,857 136,501 Correspondents Abroad 219,693 299,013 Resident Banks 3,579 2,860 Portfolio of discounted Bills 1,410 1,411 Loans & Credits of Central Bank 101,778 89,417
Correspondents Abroad 391 3,803 Loans, Credits &Debtor Current Accounts(guaranteed in Kind) 142,000 138,946
Borrowed Funds 726 957
Other Creditor Accounts 182,224 172,155 Loans, Credits & Debtor current accounts( for other collateral) 292,332 129,942
Settlement &Transitional Accounts 9,036 7,992 Other Debtor Accounts 17,469 16,399 Provisions 28,887 19,965 Financial Investments & Participation 51,418 45,498 Reserves 27,577.06 21,532
Paid up Capital 70,000 70,000 Settlements &Transitional Accounts 4,627 10,993 Differences in State's exchange rate
modification - Public Sector 27,469 57,469.09
Unrealized carried-over net profits -13,697 566 Fixed Funds& Other Assets(less Depreciation 1,673 1,737
Net Profits 22,844 15,112 TOTAL ASSETS 853,393 826,811 TOTAL LIABILITIES 853,393 826,811 Contingent Accounts Import Documentary Credits 178,077 173,772 Export Documentary Credits 22,239 31,044 Auxiliary Guarantees, acceptances Bonds 67,707 72,242 Other Contingent Accounts 251,378 255,397 TOTAL Contingent Accounts 519,401 532,455 Equivalent Contingent Accounts 519,401 532,455 TOTAL BALANCE SHEET 1,372,794 1,359,266 TOTAL BALANCE SHEET 1,372,794 1,359,266