Confirmation of Financial Statements on the Disaster of Sarmayeh Bank
The detrimental performance of Eslami, who falsely claims ties to security forces, shows that the accumulated loss of 756 trillion rials, equivalent to a 300,000 tomans subsidy for 252 million citizens or about 472 million dollars, is Eslami’s heavy legacy for Sarmayeh Bank by the end of the year 1404. The bank’s imbalance continues even under the new management.
According to Iran Gate, the unaudited financial statements of Sarmayeh Bank for the year ending 1404 once again present a worrying picture of the state of one of the most controversial banks in the country. This image speaks less of an economic entity and more of a chronic and deep-rooted crisis that has persisted for years without an effective solution in sight.
Based on these financial statements, the operational loss of Sarmayeh Bank has reached 39 trillion and 757 billion rials. Additionally, the net loss of the bank by the end of 1404 is reported to be 110 trillion and 868 billion rials, and the basic loss per share has reached a hefty 27,717 rials. However, what draws more attention than any other figure is the accumulated loss of 756 trillion and 133 billion rials of the bank, a number that alone suffices to describe the depth of the crisis. Alongside this figure, the registration of negative equity of 751 trillion and 159 billion rials also shows that the gap created in the bank’s financial structure has reached a stage where it can no longer be considered merely a period of loss or a result of the country’s economic conditions. The magnitude of this loss is better understood when compared to more tangible benchmarks. The accumulated loss of Sarmayeh Bank is equivalent to over 75 trillion tomans. Assuming a subsidy of 300,000 tomans, this amount would equal the payment of subsidies to over 252 million citizens, a number nearly three times the population of Iran. Moreover, this level of accumulated loss, with a dollar rate of 160,000 tomans, is estimated to be about 472 million dollars, a figure sufficient for executing dozens of major national and infrastructure projects. The fundamental question is how a bank has reached such a point. What decisions in past years have led to the accumulation of over 756 trillion rials in losses? More importantly, who is responsible for this situation, and why has there been no clear response regarding the factors that shaped this crisis? The operational loss of nearly 40 trillion rials shows that even the bank’s core activities have yet to find the capacity to generate profit. In reality, the bank is not only grappling with the heavy legacy of past years but is also continuing to generate losses in its ongoing operations. This indicates that the crisis of Sarmayeh Bank is not merely a thing of the past and continues to flow within the bank’s daily activities. On the other hand, a net loss of over 110 trillion rials also raises the question of what the bank’s management plan is to halt the current erosive trend. If there is a specific strategy for exiting the crisis, why are its effects not seen in the bank’s financial statements and performance reports? Notably, managerial changes have so far failed to untangle the bank’s problems. With the appointment of Mousa Eslami as the CEO of Sarmayeh Bank, it was expected that financial reforms would be pursued more rapidly and signs of controlling imbalances would be seen in the bank’s performance reports. However, a review of the monthly reports published in recent months shows that the bank’s imbalance remains, and the trend of revenues and expenses still significantly deviates from optimal conditions. This issue has raised serious doubts about the effectiveness of the reform programs. Does the new management have the necessary tools to reform the bank’s structure? Has a scheduled plan been developed to reduce the accumulated loss? Are the shareholders and the public aware of the details of this plan? So far, there has been no clear answer to these questions. In a situation where the country’s banking system is grappling with the challenge of imbalance, the condition of Sarmayeh Bank has moved beyond a typical imbalance and turned into a structural crisis. A bank with negative equity of more than 751 trillion rials cannot be revived merely with minor reforms and temporary measures and requires fundamental, transparent, and sometimes costly decisions. The central bank, major shareholders, and regulatory bodies cannot remain indifferent to such a situation. The dimensions of the crisis in Sarmayeh Bank have grown so large that it can no longer be regarded as merely an internal issue. The continuation of this trend affects not only the shareholders but also public trust in the banking system.