MIRA INFORM REPORT
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Report Date : |
10.04.2012 |
IDENTIFICATION DETAILS
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Correct Name : |
PREMIER BANK LTD |
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Registered Office : |
Iqbal Centre (4th Floor), 42 Kemal Atatu, |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
10.06.1999 |
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Legal Form : |
Public Independent Company |
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Line of Business : |
Provides Commercial Banking Services |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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Bangladesh |
b1 |
b1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name & address
Premier Bank Ltd
IQBAL CENTRE (4th Floor), 42 Kemal Atatu
Dhaka, 1213
Bangladesh
Tel: 880-29-887581
Fax: 880-29-815393
synthesis
Employees: NA
Company Type: Public Independent
Traded:
Dhaka: PREMIERBAN
Incorporation Date:
10-Jun-1999
Auditor: Hoda Vasi Chowdhury & Co
Financials in: USD
(Millions)
Fiscal Year End:
31-Dec-2010
Reporting Currency:
Bangladesh Taka
Annual Sales: 118.5
1
Net Income: 25.5
Total Assets: 968.3
2
Business Description
The Premier Bank
Ltd is a Bangladesh-based company. The Bank’s products include deposit
products, loan products and customer services. The deposit products include
fixed deposits, current account, savings account, premier genius account,
premier 50+ account, double benefit scheme, monthly income scheme, monthly
savings scheme and education savings scheme. The loan products include personal
loan, consumer credit scheme, house building loan, doctor’s loan, small and
medium enterprises (SME) finance, women entrepreneur finance, student credit
programme, lease finance and visa credit card. The customer services include
Islamic banking services, evening banking services, remittance services, SME
service centre, call centre, visa debit card and automated teller machines,
international services and brokerage house. For the fiscal year ended 31
December 2010, Premier Bank LTD's interest income increased 17% to BDT4.98B.
Net interest income after loan loss provision decreased less than 1% to
BDT1.24B. Net income increased 63% to BDT1.77B. Interest income reflects an
increase income from interest and offset by higher interest paid on deposits
and borrowings. Net income was offset by higher income from investment and an
increase in other operating income.
Industry
Industry Public Sector and Government
ANZSIC 2006: 7552 - Foreign
Government Representation
NACE 2002: 7521 - Foreign
affairs
NAICS 2002: 92812 -
International Affairs
UK SIC 2003: 7521 - Foreign
affairs
US SIC 1987: 9721 -
International Affairs
Key Executives
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Name |
Title |
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Niaz Habib |
Managing Director |
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H. B. M. Iqbal |
Chairman of the Board |
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B. H. Haroon |
Vice Chairman of the Board |
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Parsa Sanjana Amin |
Director |
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Moin Iqbal |
Director |
news
|
Title |
Date |
|
Cox City Club beat Agrani Bank |
7-Apr-2012 |
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International Bank of Chicago Completes
Acquisition of Premier Bank |
4-Apr-2012 |
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Agrani Bank, Beani Bazar split points in
Premier League |
4-Apr-2012 |
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Ctg Abahani beat Wari Club |
2-Apr-2012 |
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Uttar Baridhara, Beanibazar share points
in BCL New Nation (Bangladesh) (113 Words) |
31-Mar-2012 |
1 - Profit & Loss Item Exchange Rate: USD 1 = BDT 69.60265
2 - Balance Sheet Item Exchange Rate: USD 1 = BDT 70.475
Corporate Overview
Location
IQBAL CENTRE (4th Floor), 42 Kemal Atatu
Dhaka, 1213
Bangladesh
Tel: 880-29-887581
Fax: 880-29-815393
Quote Symbol - Exchange
PREMIERBAN - Dhaka
Sales BDT(mil): 8,250.8
Assets BDT(mil) 68,240.4
Employees: NA
Fiscal Year End: 31-Dec-2010
Industry: Public
Sector and Government
Incorporation Date: 10-Jun-1999
Company Type: Public
Independent
Quoted Status: Quoted
Chairman of the Board: H. B. M.
Iqbal
Contents
· Industry Codes
· Business Description
· Financial Data
· Key Corporate Relationships
Industry Codes
ANZSIC 2006 Codes:
7552 - Foreign Government Representation
NACE 2002 Codes:
7521 - Foreign affairs
NAICS 2002 Codes:
92812 - International Affairs
US SIC 1987:
9721 - International Affairs
UK SIC 2003:
7521 - Foreign affairs
Business
Description
The Premier Bank
Ltd is a Bangladesh-based company. The Bank’s products include deposit
products, loan products and customer services. The deposit products include
fixed deposits, current account, savings account, premier genius account,
premier 50+ account, double benefit scheme, monthly income scheme, monthly savings
scheme and education savings scheme. The loan products include personal loan,
consumer credit scheme, house building loan, doctor’s loan, small and medium
enterprises (SME) finance, women entrepreneur finance, student credit
programme, lease finance and visa credit card. The customer services include
Islamic banking services, evening banking services, remittance services, SME
service centre, call centre, visa debit card and automated teller machines,
international services and brokerage house. For the fiscal year ended 31
December 2010, Premier Bank LTD's interest income increased 17% to BDT4.98B.
Net interest income after loan loss provision decreased less than 1% to
BDT1.24B. Net income increased 63% to BDT1.77B. Interest income reflects an
increase income from interest and offset by higher interest paid on deposits
and borrowings. Net income was offset by higher income from investment and an
increase in other operating income.
More Business
Descriptions
Commercial banking services operating under Islamic principles
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Executive report
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Board of
Directors |
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Chairman of the Board |
Chairman |
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Vice Chairman of the Board |
Vice-Chairman |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Independent Director |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Executives |
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Managing Director |
Managing Director |
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Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
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|
31-Dec-2010 |
31-Dec-2009 |
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Period Length |
12 Months |
12 Months |
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UpdateType/Date |
Updated Normal |
Updated Normal |
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Filed Currency |
BDT |
BDT |
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Exchange Rate
(Period Average) |
69.60265 |
69.026932 |
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Auditor |
Hoda Vasi
Chowdhury & Co |
Hoda Vasi
Chowdhury & Co |
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Auditor Opinion |
Unqualified |
Unqualified |
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Interest & Fees on Loans |
71.5 |
61.5 |
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Interest Income, Bank |
71.5 |
61.5 |
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Interest on Deposit |
49.9 |
47.9 |
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Total Interest Expense |
49.9 |
47.9 |
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Net Interest Income |
21.6 |
13.5 |
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Loan Loss Provision |
3.8 |
-4.6 |
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Net Interest Income after Loan Loss Provision |
17.9 |
18.1 |
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Commissions & Fees from Securities
Activities |
36.4 |
16.9 |
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Other Revenue |
10.6 |
5.1 |
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Non-Interest Income, Bank |
47.0 |
22.0 |
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Labor & Related Expenses |
-8.8 |
-7.4 |
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Depreciation Expense |
-1.2 |
-0.8 |
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Other Expense |
-18.5 |
-7.6 |
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Non-Interest Expense, Bank |
-28.5 |
-15.8 |
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Income Before Tax |
36.3 |
24.3 |
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Total Income Tax |
10.9 |
8.6 |
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Income After Tax |
25.5 |
15.8 |
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Net Income Before Extraord Items |
25.5 |
15.8 |
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Net Income |
25.5 |
15.8 |
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Income Available to Common Excl Extraord Items |
25.5 |
15.8 |
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Income Available to Common Incl Extraord Items |
25.5 |
15.8 |
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Basic/Primary Weighted Average Shares |
291.5 |
291.5 |
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Basic EPS Excl Extraord Items |
0.09 |
0.05 |
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Basic/Primary EPS Incl Extraord Items |
0.09 |
0.05 |
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Diluted Net Income |
25.5 |
15.8 |
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Diluted Weighted Average Shares |
291.5 |
291.5 |
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Diluted EPS Excl Extraord Items |
0.09 |
0.05 |
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Diluted EPS Incl Extraord Items |
0.09 |
0.05 |
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Dividends per Share - Common Stock Primary Issue |
0.00 |
0.00 |
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Gross Dividends - Common Stock |
0.0 |
0.0 |
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Depreciation, Supplemental |
0.9 |
0.6 |
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Normalized Income Before Tax |
36.3 |
24.3 |
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Inc Tax Ex Impact of Sp Items |
10.9 |
8.6 |
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Normalized Income After Tax |
25.5 |
15.8 |
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Normalized Inc. Avail to Com. |
25.5 |
15.8 |
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Basic Normalized EPS |
0.09 |
0.05 |
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Diluted Normalized EPS |
0.09 |
0.05 |
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Bank Total Revenue |
118.5 |
83.5 |
Annual Balance Sheet
Financials in: USD (mil)
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|
31-Dec-2010 |
31-Dec-2009 |
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UpdateType/Date |
Updated Normal |
Updated Normal |
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Filed Currency |
BDT |
BDT |
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Exchange Rate |
70.475 |
69.26 |
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Auditor |
Hoda Vasi
Chowdhury & Co |
Hoda Vasi Chowdhury
& Co |
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Auditor Opinion |
Unqualified |
Unqualified |
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Cash & Due from Banks |
100.3 |
62.9 |
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Other Short Term Investments |
71.6 |
22.5 |
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Securities Held |
103.4 |
84.8 |
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Total Investment Securities |
103.4 |
84.8 |
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Other Earning Assets, Total |
175.0 |
107.3 |
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Net Loans |
572.9 |
468.0 |
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Property/Plant/Equipment - Net |
9.3 |
7.6 |
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Other Assets |
110.8 |
37.7 |
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Other Assets, Total |
110.8 |
37.7 |
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Total Assets |
968.3 |
683.6 |
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Non-Interest Bearing Deposits |
173.3 |
128.6 |
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Interest Bearing Deposits |
587.6 |
403.6 |
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Total Deposits |
760.9 |
532.2 |
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Long Term Debt |
33.9 |
27.9 |
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Total Long Term Debt |
33.9 |
27.9 |
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Total Debt |
33.9 |
27.9 |
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Other Liabilities |
84.5 |
56.5 |
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Other Liabilities, Total |
84.5 |
56.5 |
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Total Liabilities |
879.2 |
616.6 |
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Common Stock |
41.4 |
32.4 |
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Common Stock |
41.4 |
32.4 |
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Retained Earnings (Accumulated Deficit) |
47.7 |
34.6 |
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Total Equity |
89.1 |
67.0 |
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Total Liabilities & Shareholders’ Equity |
968.3 |
683.6 |
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Shares Outstanding - Common Stock Primary
Issue |
291.5 |
224.2 |
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Total Common Shares Outstanding |
291.5 |
224.2 |
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Total Risk-Weighted Capital |
1.0 |
0.5 |
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Tier 1 Capital % |
8.72% |
12.82% |
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Total Capital % |
10.01% |
15.14% |
Annual Cash Flows
Financials in: USD (mil)
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|
31-Dec-2010 |
31-Dec-2009 |
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Period Length |
12 Months |
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UpdateType/Date |
Updated Normal |
Updated Normal |
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Filed Currency |
BDT |
BDT |
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Exchange Rate
(Period Average) |
69.60265 |
69.026932 |
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Auditor |
Hoda Vasi
Chowdhury & Co |
Hoda Vasi
Chowdhury & Co |
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Auditor Opinion |
Unqualified |
Unqualified |
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Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
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|
31-Dec-2010 |
31-Dec-2009 |
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Period Length |
12 Months |
12 Months |
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UpdateType/Date |
Updated Normal |
Updated Normal |
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Filed Currency |
BDT |
BDT |
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Exchange Rate
(Period Average) |
69.60265 |
69.026932 |
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Auditor |
Hoda Vasi
Chowdhury & Co |
Hoda Vasi
Chowdhury & Co |
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Auditor Opinion |
Unqualified |
Unqualified |
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Interest income/Profit on islamic invest |
71.5 |
61.5 |
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Total Revenue |
71.5 |
61.5 |
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Interest paid on deposits, borrowings et |
49.9 |
47.9 |
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Provision against loans and advances |
3.8 |
-4.6 |
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Total Operating Expense |
53.7 |
43.4 |
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Investment Income |
26.2 |
8.5 |
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Commission, exchange and brokerage |
10.2 |
8.4 |
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Other opearting income |
10.6 |
5.1 |
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Salary and allowances |
-8.7 |
-7.2 |
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Rents, taxes, insurance, electricity etc |
-6.8 |
-3.4 |
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Legal expenses |
0.0 |
0.0 |
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Postage, stamp, telecommunication etc |
-0.4 |
-0.4 |
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Stationary, printing, advertisement etc |
-3.1 |
-1.5 |
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Chief executives salary and fees |
-0.1 |
-0.1 |
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Directors fees |
0.0 |
0.0 |
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Auditors fees |
0.0 |
0.0 |
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Charges on loan losses |
-3.7 |
-0.7 |
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Depreciation and repair of bank assets |
-1.2 |
-0.8 |
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Other expenses |
-3.5 |
-1.2 |
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Provision for off balance sheet exposure |
-1.2 |
-0.3 |
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Provision for investment in shares |
0.0 |
0.0 |
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Other provisions |
0.2 |
-0.1 |
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Total Non-Interest Revenue |
47.0 |
22.0 |
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Total Non-Interest Expense |
-28.5 |
-15.8 |
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Net Income Before Taxes |
36.3 |
24.3 |
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Provision for Income Taxes |
10.9 |
8.6 |
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Net Income After Taxes |
25.5 |
15.8 |
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Net Income Before Extra. Items |
25.5 |
15.8 |
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Net Income |
25.5 |
15.8 |
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Income Available to Com Excl ExtraOrd |
25.5 |
15.8 |
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Income Available to Com Incl ExtraOrd |
25.5 |
15.8 |
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Basic Weighted Average Shares |
291.5 |
291.5 |
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Basic EPS Excluding ExtraOrdinary Items |
0.09 |
0.05 |
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Basic EPS Including ExtraOrdinary Items |
0.09 |
0.05 |
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Diluted Net Income |
25.5 |
15.8 |
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Diluted Weighted Average Shares |
291.5 |
291.5 |
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Diluted EPS Excluding ExtraOrd Items |
0.09 |
0.05 |
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Diluted EPS Including ExtraOrd Items |
0.09 |
0.05 |
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DPS-Ordinary shares |
0.00 |
0.00 |
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Gross Dividends - Common Stock |
0.0 |
0.0 |
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Normalized Income Before Taxes |
36.3 |
24.3 |
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Inc Tax Ex Impact of Sp Items |
10.9 |
8.6 |
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Normalized Income After Taxes |
25.5 |
15.8 |
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Normalized Inc. Avail to Com. |
25.5 |
15.8 |
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Basic Normalized EPS |
0.09 |
0.05 |
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Diluted Normalized EPS |
0.09 |
0.05 |
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Depreciation, Supplemental |
0.9 |
0.6 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2010 |
31-Dec-2009 |
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UpdateType/Date |
Updated Normal |
Updated Normal |
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Filed Currency |
BDT |
BDT |
|
Exchange Rate |
70.475 |
69.26 |
|
Auditor |
Hoda Vasi Chowdhury
& Co |
Hoda Vasi
Chowdhury & Co |
|
Auditor Opinion |
Unqualified |
Unqualified |
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Cash in hand |
6.9 |
5.5 |
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Balances with Bangladesh bank and its ag |
45.6 |
46.5 |
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Balances with other banks and financial |
34.7 |
8.9 |
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Balances with other banks and financial |
13.0 |
1.9 |
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Money at call on short notice |
30.4 |
13.3 |
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Investment-Government |
103.4 |
84.8 |
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Investment-Others |
41.2 |
9.2 |
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Loans, cash credits, overdrafts etc |
572.9 |
468.0 |
|
Bills purchased and discounted |
85.5 |
18.1 |
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Fixed assets including premises, furnitu |
9.3 |
7.6 |
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Other assets |
25.4 |
19.6 |
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Total Assets |
968.3 |
683.6 |
|
|
|
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Savings banks deposits |
42.9 |
44.6 |
|
Fixed deposits |
544.7 |
359.0 |
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Current deposits and other assets |
173.3 |
128.6 |
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Bills payable |
15.2 |
7.5 |
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Other liabilities |
69.3 |
49.0 |
|
Borrowings from other banks, financial i |
33.9 |
27.9 |
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Total Long Term Debt |
33.9 |
27.9 |
|
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|
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Total Liabilities |
879.2 |
616.6 |
|
|
|
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Paid up capital |
41.4 |
32.4 |
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Statutory reserve |
23.4 |
16.6 |
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Other reserve |
4.3 |
6.3 |
|
Retained earnings |
20.0 |
11.7 |
|
Total Equity |
89.1 |
67.0 |
|
|
|
|
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Total Liabilities & Shareholders' Equity |
968.3 |
683.6 |
|
|
|
|
|
S/O-Ordinary shares |
291.5 |
224.2 |
|
Total Common Shares Outstanding |
291.5 |
224.2 |
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Total Capital % |
10.01% |
15.14% |
|
Tier 1 Capital % |
8.72% |
12.82% |
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Total Risk-Weighted Capital |
973.1 |
473.6 |
Financial Health
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
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Annual Ratios
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
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31-Dec-2010 |
31-Dec-2009 |
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Financial Strength |
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Long Term Debt/Equity |
0.38 |
0.42 |
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Total Debt/Equity |
0.38 |
0.42 |
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Long Term Debt/Total Capital |
0.28 |
0.29 |
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Total Debt/Total Capital |
0.28 |
0.29 |
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Payout Ratio |
0.00% |
0.00% |
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Effective Tax Rate |
29.90% |
35.21% |
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Total Capital1 |
123.0 |
94.8 |
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Efficiency |
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Asset Turnover |
0.14 |
- |
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Receivables Turnover |
0.23 |
- |
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Days Receivables Outstanding |
1,609.99 |
- |
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Profitability |
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Pretax Margin |
50.77% |
39.59% |
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Net Profit Margin |
35.59% |
25.65% |
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Management Effectiveness |
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Return on Assets |
3.07% |
- |
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Return on Equity |
32.47% |
- |
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1-ExchangeRate: BDT to USD Period End Date |
70.475 |
69.26 |
Annual Income Statement
Standardized
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2010 |
31-Dec-2009 |
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Period Length |
12 Months |
12 Months |
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UpdateType/Date |
Updated Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
|
Exchange Rate
(Period Average) |
69.60265 |
69.026932 |
|
Auditor |
Hoda Vasi
Chowdhury & Co |
Hoda Vasi
Chowdhury & Co |
|
Auditor Opinion |
Unqualified |
Unqualified |
|
|
|
|
|
Interest & Fees on Loans |
71.5 |
61.5 |
|
Interest Income, Bank |
71.5 |
61.5 |
|
Interest on Deposit |
49.9 |
47.9 |
|
Total Interest Expense |
49.9 |
47.9 |
|
Net Interest Income |
21.6 |
13.5 |
|
|
|
|
|
Loan Loss Provision |
3.8 |
-4.6 |
|
Net Interest Income after Loan Loss Provision |
17.9 |
18.1 |
|
|
|
|
|
Commissions & Fees from Securities
Activities |
36.4 |
16.9 |
|
Other Revenue |
10.6 |
5.1 |
|
Non-Interest Income, Bank |
47.0 |
22.0 |
|
Labor & Related Expenses |
-8.8 |
-7.4 |
|
Depreciation Expense |
-1.2 |
-0.8 |
|
Other Expense |
-18.5 |
-7.6 |
|
Non-Interest Expense, Bank |
-28.5 |
-15.8 |
|
Income Before Tax |
36.3 |
24.3 |
|
|
|
|
|
Total Income Tax |
10.9 |
8.6 |
|
Income After Tax |
25.5 |
15.8 |
|
|
|
|
|
Net Income Before Extraord Items |
25.5 |
15.8 |
|
Net Income |
25.5 |
15.8 |
|
|
|
|
|
Income Available to Common Excl Extraord Items |
25.5 |
15.8 |
|
|
|
|
|
Income Available to Common Incl Extraord Items |
25.5 |
15.8 |
|
|
|
|
|
Basic/Primary Weighted Average Shares |
291.5 |
291.5 |
|
Basic EPS Excl Extraord Items |
0.09 |
0.05 |
|
Basic/Primary EPS Incl Extraord Items |
0.09 |
0.05 |
|
Diluted Net Income |
25.5 |
15.8 |
|
Diluted Weighted Average Shares |
291.5 |
291.5 |
|
Diluted EPS Excl Extraord Items |
0.09 |
0.05 |
|
Diluted EPS Incl Extraord Items |
0.09 |
0.05 |
|
Dividends per Share - Common Stock Primary Issue |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
|
Depreciation, Supplemental |
0.9 |
0.6 |
|
Normalized Income Before Tax |
36.3 |
24.3 |
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
10.9 |
8.6 |
|
Normalized Income After Tax |
25.5 |
15.8 |
|
|
|
|
|
Normalized Inc. Avail to Com. |
25.5 |
15.8 |
|
|
|
|
|
Basic Normalized EPS |
0.09 |
0.05 |
|
Diluted Normalized EPS |
0.09 |
0.05 |
|
Bank Total Revenue |
118.5 |
83.5 |
Annual Balance Sheet
Standardized
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2010 |
31-Dec-2009 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
|
Exchange Rate |
70.475 |
69.26 |
|
Auditor |
Hoda Vasi
Chowdhury & Co |
Hoda Vasi
Chowdhury & Co |
|
Auditor Opinion |
Unqualified |
Unqualified |
|
|
|
|
|
Cash & Due from Banks |
100.3 |
62.9 |
|
Other Short Term Investments |
71.6 |
22.5 |
|
Securities Held |
103.4 |
84.8 |
|
Total Investment Securities |
103.4 |
84.8 |
|
Other Earning Assets, Total |
175.0 |
107.3 |
|
Net Loans |
572.9 |
468.0 |
|
Property/Plant/Equipment - Net |
9.3 |
7.6 |
|
Other Assets |
110.8 |
37.7 |
|
Other Assets, Total |
110.8 |
37.7 |
|
Total Assets |
968.3 |
683.6 |
|
|
|
|
|
Non-Interest Bearing Deposits |
173.3 |
128.6 |
|
Interest Bearing Deposits |
587.6 |
403.6 |
|
Total Deposits |
760.9 |
532.2 |
|
Long Term Debt |
33.9 |
27.9 |
|
Total Long Term Debt |
33.9 |
27.9 |
|
Total Debt |
33.9 |
27.9 |
|
|
|
|
|
Other Liabilities |
84.5 |
56.5 |
|
Other Liabilities, Total |
84.5 |
56.5 |
|
Total Liabilities |
879.2 |
616.6 |
|
|
|
|
|
Common Stock |
41.4 |
32.4 |
|
Common Stock |
41.4 |
32.4 |
|
Retained Earnings (Accumulated Deficit) |
47.7 |
34.6 |
|
Total Equity |
89.1 |
67.0 |
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
968.3 |
683.6 |
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
291.5 |
224.2 |
|
Total Common Shares Outstanding |
291.5 |
224.2 |
|
Total Risk-Weighted Capital |
1.0 |
0.5 |
|
Tier 1 Capital % |
8.72% |
12.82% |
|
Total Capital % |
10.01% |
15.14% |
Annual Income Statement
As Reported
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2010 |
31-Dec-2009 |
|
Period Length |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
|
Exchange Rate
(Period Average) |
69.60265 |
69.026932 |
|
Auditor |
Hoda Vasi
Chowdhury & Co |
Hoda Vasi
Chowdhury & Co |
|
Auditor Opinion |
Unqualified |
Unqualified |
|
|
|
|
|
Interest income/Profit on islamic invest |
71.5 |
61.5 |
|
Total Revenue |
71.5 |
61.5 |
|
|
|
|
|
Interest paid on deposits, borrowings et |
49.9 |
47.9 |
|
Provision against loans and advances |
3.8 |
-4.6 |
|
Total Operating Expense |
53.7 |
43.4 |
|
|
|
|
|
Investment Income |
26.2 |
8.5 |
|
Commission, exchange and brokerage |
10.2 |
8.4 |
|
Other opearting income |
10.6 |
5.1 |
|
Salary and allowances |
-8.7 |
-7.2 |
|
Rents, taxes, insurance, electricity etc |
-6.8 |
-3.4 |
|
Legal expenses |
0.0 |
0.0 |
|
Postage, stamp, telecommunication etc |
-0.4 |
-0.4 |
|
Stationary, printing, advertisement etc |
-3.1 |
-1.5 |
|
Chief executives salary and fees |
-0.1 |
-0.1 |
|
Directors fees |
0.0 |
0.0 |
|
Auditors fees |
0.0 |
0.0 |
|
Charges on loan losses |
-3.7 |
-0.7 |
|
Depreciation and repair of bank assets |
-1.2 |
-0.8 |
|
Other expenses |
-3.5 |
-1.2 |
|
Provision for off balance sheet exposure |
-1.2 |
-0.3 |
|
Provision for investment in shares |
0.0 |
0.0 |
|
Other provisions |
0.2 |
-0.1 |
|
Total Non-Interest Revenue |
47.0 |
22.0 |
|
|
|
|
|
Total Non-Interest Expense |
-28.5 |
-15.8 |
|
|
|
|
|
Net Income Before Taxes |
36.3 |
24.3 |
|
|
|
|
|
Provision for Income Taxes |
10.9 |
8.6 |
|
Net Income After Taxes |
25.5 |
15.8 |
|
|
|
|
|
Net Income Before Extra. Items |
25.5 |
15.8 |
|
Net Income |
25.5 |
15.8 |
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
25.5 |
15.8 |
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
25.5 |
15.8 |
|
|
|
|
|
Basic Weighted Average Shares |
291.5 |
291.5 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.09 |
0.05 |
|
Basic EPS Including ExtraOrdinary Items |
0.09 |
0.05 |
|
Diluted Net Income |
25.5 |
15.8 |
|
Diluted Weighted Average Shares |
291.5 |
291.5 |
|
Diluted EPS Excluding ExtraOrd Items |
0.09 |
0.05 |
|
Diluted EPS Including ExtraOrd Items |
0.09 |
0.05 |
|
DPS-Ordinary shares |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
36.3 |
24.3 |
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
10.9 |
8.6 |
|
Normalized Income After Taxes |
25.5 |
15.8 |
|
|
|
|
|
Normalized Inc. Avail to Com. |
25.5 |
15.8 |
|
|
|
|
|
Basic Normalized EPS |
0.09 |
0.05 |
|
Diluted Normalized EPS |
0.09 |
0.05 |
|
Depreciation, Supplemental |
0.9 |
0.6 |
Annual Balance Sheet
As Reported
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2010 |
31-Dec-2009 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
|
Exchange Rate |
70.475 |
69.26 |
|
Auditor |
Hoda Vasi
Chowdhury & Co |
Hoda Vasi
Chowdhury & Co |
|
Auditor Opinion |
Unqualified |
Unqualified |
|
|
|
|
|
Cash in hand |
6.9 |
5.5 |
|
Balances with Bangladesh bank and its ag |
45.6 |
46.5 |
|
Balances with other banks and financial |
34.7 |
8.9 |
|
Balances with other banks and financial |
13.0 |
1.9 |
|
Money at call on short notice |
30.4 |
13.3 |
|
Investment-Government |
103.4 |
84.8 |
|
Investment-Others |
41.2 |
9.2 |
|
Loans, cash credits, overdrafts etc |
572.9 |
468.0 |
|
Bills purchased and discounted |
85.5 |
18.1 |
|
Fixed assets including premises, furnitu |
9.3 |
7.6 |
|
Other assets |
25.4 |
19.6 |
|
Total Assets |
968.3 |
683.6 |
|
|
|
|
|
Savings banks deposits |
42.9 |
44.6 |
|
Fixed deposits |
544.7 |
359.0 |
|
Current deposits and other assets |
173.3 |
128.6 |
|
Bills payable |
15.2 |
7.5 |
|
Other liabilities |
69.3 |
49.0 |
|
Borrowings from other banks, financial i |
33.9 |
27.9 |
|
Total Long Term Debt |
33.9 |
27.9 |
|
|
|
|
|
Total Liabilities |
879.2 |
616.6 |
|
|
|
|
|
Paid up capital |
41.4 |
32.4 |
|
Statutory reserve |
23.4 |
16.6 |
|
Other reserve |
4.3 |
6.3 |
|
Retained earnings |
20.0 |
11.7 |
|
Total Equity |
89.1 |
67.0 |
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
968.3 |
683.6 |
|
|
|
|
|
S/O-Ordinary shares |
291.5 |
224.2 |
|
Total Common Shares Outstanding |
291.5 |
224.2 |
|
Total Capital % |
10.01% |
15.14% |
|
Tier 1 Capital % |
8.72% |
12.82% |
|
Total Risk-Weighted Capital |
973.1 |
473.6 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.28 |
|
UK Pound |
1 |
Rs.81.38 |
|
Euro |
1 |
Rs.67.01 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.