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Chairman's Statement | Overview of the Bank
Balance Sheet | Statement of Profit & Loss | Statement of Cash Flow

Annual Report 1999-2000

The Chairman’s Statement

With over 40 years of experience in extending banking services, the people's trust, deposits and its own high capabilities, Bank Refah aims to implement the government’s macroeconomic policies by offering invaluable services, especially with regard to non-oil exports and agro-industrial production. Apart from pursuing its organizational expansion plan, Bank Refah has devised a five-year operational program within the framework of the Third Economic Development Plan (2000-2005) and predicts a significant growth rate in its resources and expenditures.

By utilizing the experiences of senior experts, worldwide scientific achievements, young and educated manpower and regular training courses, along with the expansion of its banking network, Bank Refah offers the most satisfactory services to its customers.

For the first time in Iran, Bank Refah established the Current-Refah account, which enables any payment/receipt from the same current account in all branches of its network, and also launched the telephone-banking system.

Bank Refah has also been considerably active in the cultural field. It was awarded the Crystal Prize at the 12th Tehran International Book Fair for its excellent services and for its assistance to authors and artists. During 1999-2000, the bank’s growth has been consistent in terms of absorbing resources and granting facilities. It ranked first amongst the country’s commercial banks and was commended for its remarkable endeavors by officials, especially by President Seyyed Mohammad Khatami.

Deposits in Bank Refah during the fiscal year 1998-99 showed a 28.83% growth compared to the previous year and a 58% increase during 1999-2000 compared to the preceding year.

We also hope our esteemed customers and representatives will find Bank Refah more reliable and effective.

Parviz Ahmadi
Chairman and Managing Director

Overview of the Bank

Bank Refah History

Bank Refah was founded with an initial investment of 400 million I.R.R. by Social Security Organization. This Organization owned 46 % shares of the bank and the remaining shares will be transferred to SSO. Consequently, in the near future Bank Refah will be the first state-owned bank to have converted into a public-owned bank and allowed selling its shares. The Bank’s capital assets after modifications were raised to 95 billion I.R.R. Bank Refah Activities Bank Refah started its activities by offering all banking services to Social Security Organization’s insured and granting loans to housing, customer and credit cooperatives, professionals and small-scale industrialists, within the framework of monetary and banking regulations. It is active in facilitating domestic and foreign trade, services, production, industry, agriculture, export, import, housing, transactions. Bank Refah in line with the government’s economic policies, has placed attraction of the people’s surplus cash and directing it toward productive sectors on top of its agenda. The main activities of the bank in terms of allocating resources to natural and legal persons are as follows:

A-Resource Augmentation

By adapting appropriate policies for attracting cash and augmenting resources, the bank’s deposits in 1998-99 had a 28 % growth, which increased to 58.5 % during 1999-2000. As a result, Bank Refah ranked first among the country’s commercial banks in this respect.

B–Resource Allocation

Bank Refah, within the framework of Islamic transactions and the Central Bank of Iran, allocated considerable facilities to productive, industrial and agricultural sectors. The volume of facilities granted hit 2,735 billion I.R.R by March 1999 and 5,145 billion I.R.R by March 2000, demonstrating an increase of 83.9 % in comparison with the previous year.

Bank Refah Foreign Exchange Operations

Bank Refah’s foreign exchange activities and international banking operations are conducted through 12 branches in Tehran and 11 branches in other cities as well as more than 70 selected representative banks throughout the world. Bank Refah has a good reputation as a commercial bank for facilitating international transactions and fulfilling its obligation in due time.

• Establishing S.W.I.F.T site applying the latest version of S.W.I.F.T in the Bank and to join the international S.W.I.F.T networks.
• Increasing residue of granted facilities for exports from 50 billion I.R.R in 1997-98 up to 365 billion I.R.R in 2000-2001.
• Establishing International Correspondent relations.
• Preparing Foreign Exchange Credit Card to be used in foreign countries through Internet.
• Increasing Stock Exchange Activities
• Buying Shares of Europish-Iranish Bank

Bank Refah Network

Bank Refah Training Courses

 To increase the knowledge and capabilities of its staffs, Bank Refah’s Training Department has held about 100 courses as follows:

Bank Refah Achievements

• Receiving ISO-9001:2000 certificate from DQS Institution in Germany for the best quality services and productivity 
• Receiving Crystal Prize at the 12^th Tehran International Book Fair for its excellent services 
• Getting the first position among the commercial banks for applying well-receiving system of its clients in accordance with the aim of putting clients at the center (client-at-center) 
• Buying the shares of Europish-Iranish in a tender 
• Receiving appreciation prize for Nashr Services 
• Receiving honor prize for getting great changes in banking services from President Khatami.

Financial Statements

Balance Sheet

On March 20,2000

Statement of Profit and Loss

For Fiscal Year Ended in March 20,2000

Statement of Cash Flow

On March 20,2000

Back

Bank Refah was founded in June 1960, in accordance with Note 39 of the previous year's Budget Law, with the aim of providing welfare and facilities in order to meet the workers' needs. Its initial investment of 400 million I.R.R. was designated by Social Security Organization. In 1979, following the bill on administration of banking affairs and nationalization of the banks, Bank Refah was considered as a commercial bank and in July 1993, it was being supported by S.S.O owning 46% shares of the bank.