Dear shareholders, Board of Directors, clients and partners,
I am pleased to share the achievements of the year 2018.
In the reporting period, our total assets increased by 149% to MNT 500 billion, the volume of funds increased by 169% to MNT 424 billion and the share capital grew by 56% to MNT 78 billion.
TransBank contributed significantly to the Mongolian economy in 2018 through the creation of more than 40 new jobs. The Bank made payments of MNT 265.9 million in social insurance and MNT 1.4 billion in corporate income tax.
In addition, the Bank contributed to Mongolia’s economic development and supported our small, medium and large business clients by providing a total of MNT 534.5 billion in loans, representing an annual growth rate of 14.4%.
We continue to improve our competitiveness, reputation and value in the banking sector. Our comeptitive position and overall perfomance is illustrated bythe following indicators. In 2018, the Bank was ranked:
- 2nd in terms of private sector growth
- 3rd in terms of total funding growth
- 3rd in terms of equity growth
- 1st in terms of net profit growth
- 1st in terms of non-performing loans
- 4th in terms of CAR
During 2018, there was a steady increase in interest income, net interest income and pre-tax profit. After tax profit doubled to MNT 3.8 billion.
Under the Government of Mongolia program, the capital adequacy assessment, conducted by PwC and the Bank of Mongolia, assessed the Bank as "Sufficient" in terms of Asset Quality Assessment (AQR). This assessment was audited by KPMG. One of the world's top three rating firms, Moody's International, rated TransBank's prospects as "Sustainable". This rating was the same as other systemic banks operating in the Mongolian banking sector.
One of the Bank’s major achievements in 2018 was to introduce International Financial Reporting Standards 9, 15 and 16.
In 2019, the Bank will continue to provide comprehensive financial services based on its customers’ needs to standards that exceed expectations, and will replicate the success that has been achieved in 2018. This will allow the bank to fulfill its mission of becoming a highly influential bank that contributes to Mongolia’s economic development.
Lastly, I would like to convey my warmest regards to our Bank’s current and future clients, all of whom share our goal of making a signficant contribution to Mongolia’s future prosperity.
On behalf of TransBank’s management team and members of staff, I would like to wish you all the best in your future endeavors.
Chief Executive Officer