MIRA INFORM REPORT
|
Report Date : |
29.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
AGRANI BANK LTD |
|
|
|
|
Registered Office : |
9/D Dilkusha C/A, Dhaka, 1000 |
|
|
|
|
Country : |
Bangladesh |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Year of Establishment : |
1972 |
|
|
|
|
Legal Form : |
Private Independent Company |
|
|
|
|
Line of Business : |
Subject operate as commercial bank |
|
|
|
|
No. of Employees
: |
12370 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
Payment
Behaviour : |
Regular |
|
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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Bangladesh |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name & address
Agrani Bank Ltd
9/D Dilkusha C/A
DHAKA, 1000
Bangladesh
Tel: 880 (2) 956 6153
Fax: 880 (2) 956 3662
Web: www.agranibank.org
Branch Office
Bhaban Motijheel
Commercial Area,
P O Box 531, 1000
Dhaka, Bangladesh
synthesis
Employees: 12,370
Company Type: Private
Independent
Incorporation Date: 1972
Auditor: ACNABIN
Financials in: USD
(Millions)
Fiscal Year End:
31-Dec-2010
Reporting Currency:
Bangladesh Taka
Annual Sales: 345.1
1
Net Income: 50.5
Total Assets: 3,758.1 2
Business Description
Agrani Bank, Ltd.
is a Bangladesh-based company that operates as a commercial bank. The Company
offers private, retail and corporate banking. The bank offers personal,
corporate business, agri and rural banking, small and medium enterprises
financing, non-resident Bangladeshi (NRB), merchant banking, Islami banking and
treasury services. The bank has 11 Circle offices, 25 Divisions in head office,
54 zonal offices and 876 branches including 27 corporate and 40 AD (authorized
dealer) branches. For the fiscal year 31 December 2010, Agrani Bank Ltd's
interest income increased 38% to BDT14B. Net interest income after LLP
increased 92% to BDT6.02B. Net income totaled BDT3.52B up from BDT1.36B. Net
interest income reflects an increase in interest income, also reflects decreased
provision for loan loss. Net income reflects increased investment income and a
rise in commission, exchange earnings & brokerage.
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
|
Name |
Title |
|
Syed Abdul Hamid |
Chief Executive Officer, Managing
Director, Director |
|
A.K.M Mujibur Rahman |
General Manager - Agrani SME Financing
Company Ltd. |
|
Md. Mofazzal Hussain |
Deputy Managing Director |
|
Dewan Mujibar Rahman |
Deputy General Manager-International |
|
Khondoker Bazlul Hoque |
Chairman of the Board |
news
|
Title |
Date |
|
Former secretary Faizullah passes away |
19-Feb-2012 |
|
Cox City beat Agrani Bank by 2-1 goals |
15-Feb-2012 |
|
Agrani Bank win over Beanibazar in BCL
football |
12-Feb-2012 |
|
Agrani Bank earn 2-0 victory over
Beanibazar SC |
10-Feb-2012 |
|
Citi microentrepreneurship awards 2011
launched |
10-Feb-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
9/D Dilkusha C/A
DHAKA, 1000
Bangladesh
Tel: 880 (2) 956 6153
Fax: 880 (2) 956 3662
Web: www.agranibank.org
Sales BDT(mil): 24,016.9
Assets BDT(mil): 264,852.0
Employees: 12,370
Fiscal Year End: 31-Dec-2010
Industry: Public
Sector and Government
Incorporation Date: 1972
Company Type: Private
Independent
Quoted Status: Not
Quoted
Chief Executive Officer,
Managing Director, Director: Syed
Abdul Hamid
Contents
· Industry Codes
· Business Description
· Financial Data
· Subsidiaries
· 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
Agrani Bank, Ltd.
is a Bangladesh-based company that operates as a commercial bank. The Company
offers private, retail and corporate banking. The bank offers personal,
corporate business, agri and rural banking, small and medium enterprises
financing, non-resident Bangladeshi (NRB), merchant banking, Islami banking and
treasury services. The bank has 11 Circle offices, 25 Divisions in head office,
54 zonal offices and 876 branches including 27 corporate and 40 AD (authorized
dealer) branches. For the fiscal year 31 December 2010, Agrani Bank Ltd's
interest income increased 38% to BDT14B. Net interest income after LLP
increased 92% to BDT6.02B. Net income totaled BDT3.52B up from BDT1.36B. Net
interest income reflects an increase in interest income, also reflects
decreased provision for loan loss. Net income reflects increased investment
income and a rise in commission, exchange earnings & brokerage.
More Business
Descriptions
· Commercial banking services
· Commercial Banking
|
||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
|
|
|
|
||||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||
Executive report
|
Board of
Directors |
|
|
|
|
|||
|
Chairman of the Board |
Chairman |
|
|||
|
Chairman |
Chairman |
|
|||
|
Chief Executive Officer, Managing Director, Director |
Director/Board Member |
|
|||
|
Director |
Director/Board Member |
|
|||
|
Director |
Director/Board Member |
|
|||
|
Director |
Director/Board Member |
|
|||
|
Director |
Director/Board Member |
|
|||
|
||||||
|
Director |
Director/Board Member |
|
|
||
|
Director |
Director/Board Member |
|
|
||
|
Director |
Director/Board Member |
|
|
||
|
Director |
Director/Board Member |
|
|
||
|
Director |
Director/Board Member |
|
|
||
|
Director |
Director/Board Member |
|
|
||
|
Director |
Director/Board Member |
|
|
||
|
Director |
Director/Board Member |
|
|
||
|
Executives |
|
|
|
|
|||
|
Chief Executive Officer, Managing Director, Director |
Chief Executive Officer |
|
|||
|
General Manager - Internation Division |
Division Head Executive |
|
|||
|
General Manager - Loan Recovery |
Division Head Executive |
|
|||
|
General Manager - Loan |
Division Head Executive |
|
|||
|
General Manager - Dhaka Circle-3 |
Division Head Executive |
|
|||
|
||||||
|
General Manager - Central Account Division |
Division Head Executive |
|
|
||
|
General Manager |
Division Head Executive |
|
|
||
|
General Manager - Operation |
Division Head Executive |
|
|
||
|
General Manager - Dhaka Circle-1, ID(FRMD),Operation |
Division Head Executive |
|
|
||
|
General Manager - Islamic Banking Unit |
Division Head Executive |
|
|
||
|
General Manager - Laldighi East Corp Br |
Division Head Executive |
|
|
||
|
General Manager - Agrani SME Financing Company Ltd. |
Division Head Executive |
|
|
||
|
Deputy General Manager-International |
Division Head Executive |
|
|
||
|
General Manager - Principal Branch |
Division Head Executive |
|
|
||
|
Deputy Managing Director |
Other |
|
|
||
|
Deputy Managing Director |
Other |
|
|
||
Annual Income Statement
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 |
ACNABIN |
ACNABIN |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
Other Interest Income |
201.1 |
146.6 |
|
Interest Income, Bank |
201.1 |
146.6 |
|
Interest on Deposit |
101.8 |
88.1 |
|
Total Interest Expense |
101.8 |
88.1 |
|
Net Interest Income |
99.3 |
58.5 |
|
|
|
|
|
Loan Loss Provision |
12.8 |
13.2 |
|
Net Interest Income after Loan Loss Provision |
86.5 |
45.3 |
|
|
|
|
|
Commissions & Fees from Securities
Activities |
39.6 |
30.8 |
|
Investment Securities Gains |
93.1 |
53.5 |
|
Other Revenue |
11.3 |
6.2 |
|
Non-Interest Income, Bank |
143.9 |
90.5 |
|
Labor & Related Expenses |
-64.8 |
-44.1 |
|
Depreciation Expense |
-3.2 |
-1.9 |
|
Other Expense |
-70.4 |
-42.6 |
|
Non-Interest Expense, Bank |
-138.4 |
-88.6 |
|
Income Before Tax |
92.1 |
47.2 |
|
|
|
|
|
Total Income Tax |
41.5 |
27.6 |
|
Income After Tax |
50.5 |
19.6 |
|
|
|
|
|
Net Income Before Extraord Items |
50.5 |
19.6 |
|
Net Income |
50.5 |
19.6 |
|
|
|
|
|
Income Available to Common Excl Extraord Items |
50.5 |
19.6 |
|
|
|
|
|
Income Available to Common Incl Extraord Items |
50.5 |
19.6 |
|
|
|
|
|
Diluted Net Income |
50.5 |
19.6 |
|
Depreciation, Supplemental |
3.2 |
1.9 |
|
Normalized Income Before Tax |
92.1 |
47.2 |
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
41.5 |
27.6 |
|
Normalized Income After Tax |
50.5 |
19.6 |
|
|
|
|
|
Normalized Inc. Avail to Com. |
50.5 |
19.6 |
|
|
|
|
|
Bank Total Revenue |
345.1 |
237.1 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2010 |
31-Dec-2009 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
|
Exchange Rate |
70.475 |
69.26 |
|
Auditor |
ACNABIN |
ACNABIN |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
Cash & Due from Banks |
227.3 |
180.8 |
|
Fed Funds Sold/Securities Purch Under Resale
Agrmnt |
0.0 |
24.5 |
|
Other Short Term Investments |
623.1 |
590.5 |
|
Other Earning Assets, Total |
623.1 |
615.0 |
|
Net Loans |
2,242.0 |
1,731.9 |
|
Property/Plant/Equipment - Net |
77.1 |
41.6 |
|
Other Assets |
588.5 |
521.5 |
|
Other Assets, Total |
588.5 |
521.5 |
|
Total Assets |
3,758.1 |
3,090.7 |
|
|
|
|
|
Accounts Payable |
56.8 |
42.4 |
|
Interest Bearing Deposits |
2,346.1 |
1,953.8 |
|
Total Deposits |
2,870.9 |
2,358.5 |
|
Long Term Debt |
88.2 |
17.2 |
|
Total Long Term Debt |
88.2 |
17.2 |
|
Total Debt |
88.2 |
17.2 |
|
|
|
|
|
Other Liabilities |
519.2 |
507.4 |
|
Other Liabilities, Total |
519.2 |
507.4 |
|
Total Liabilities |
3,535.1 |
2,925.5 |
|
|
|
|
|
Additional Paid-In Capital |
77.5 |
71.7 |
|
Retained Earnings (Accumulated Deficit) |
145.5 |
93.5 |
|
Total Equity |
223.0 |
165.2 |
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
3,758.1 |
3,090.7 |
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
54.7 |
54.7 |
|
Total Common Shares Outstanding |
0.0 |
0.0 |
Annual Cash Flows
Financials in: USD (mil)
|
|
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 |
ACNABIN |
ACNABIN |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
Cash Receipts |
267.8 |
196.6 |
|
Cash Payments |
-97.2 |
-83.4 |
|
Other Assets |
-539.4 |
-217.6 |
|
Other Liabilities |
537.3 |
295.2 |
|
Other Operating Cash Flow |
-31.7 |
-30.6 |
|
Changes in Working Capital |
-33.8 |
46.9 |
|
Cash from Operating Activities |
136.8 |
160.2 |
|
|
|
|
|
Principal Payments from Securities |
-160.7 |
-19.2 |
|
Other Investing Cash Flow |
-41.8 |
-97.0 |
|
Other Investing Cash Flow Items, Total |
-202.5 |
-116.2 |
|
Cash from Investing Activities |
-202.5 |
-116.2 |
|
|
|
|
|
Long Term Debt
Reduction |
-8.5 |
-3.0 |
|
Long Term Debt, Net |
72.2 |
-13.2 |
|
Issuance (Retirement) of Debt, Net |
72.2 |
-13.2 |
|
Cash from Financing Activities |
72.2 |
-13.2 |
|
|
|
|
|
Foreign Exchange Effects |
19.4 |
16.8 |
|
Net Change in Cash |
25.9 |
47.5 |
|
|
|
|
|
Net Cash - Beginning Balance |
204.5 |
158.7 |
|
Net Cash - Ending Balance |
230.4 |
206.2 |
Annual Income Statement
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 |
ACNABIN |
ACNABIN |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
Interest income |
201.1 |
146.6 |
|
Total Revenue |
201.1 |
146.6 |
|
|
|
|
|
Interest paid on deposits, borrowings et |
101.8 |
88.1 |
|
Provision for loans and advances |
12.8 |
13.2 |
|
Total Operating Expense |
114.6 |
101.3 |
|
|
|
|
|
Investment income |
93.1 |
53.5 |
|
Commission, exchange earnings and broker |
39.6 |
30.8 |
|
Other operating income |
11.3 |
6.2 |
|
Salary and allowance |
-64.8 |
-44.1 |
|
Rent, taxes, insurance, electricity etc. |
-4.8 |
-3.9 |
|
Legal expenses |
-0.1 |
-0.2 |
|
Postage, stamp, telecommunication etc. |
-1.4 |
-1.3 |
|
Stationery, printing, advertisement etc. |
-2.0 |
-1.4 |
|
Chief Executive's salary and fees |
-0.1 |
-0.1 |
|
Directors' fees |
-0.1 |
0.0 |
|
Auditors' fees |
0.0 |
0.0 |
|
Depreciation and repair of bank's assets |
-3.2 |
-1.9 |
|
Other expenses |
-10.8 |
-2.7 |
|
Amortization of Valuation Adjustment |
-19.1 |
-19.3 |
|
Other provision |
-32.1 |
-13.7 |
|
Total Non-Interest Revenue |
143.9 |
90.5 |
|
|
|
|
|
Total Non-Interest Expense |
-138.4 |
-88.6 |
|
|
|
|
|
Net Income Before Taxes |
92.1 |
47.2 |
|
|
|
|
|
Provision for Income Taxes |
41.5 |
27.6 |
|
Net Income After Taxes |
50.5 |
19.6 |
|
|
|
|
|
Net Income Before Extra. Items |
50.5 |
19.6 |
|
Net Income |
50.5 |
19.6 |
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
50.5 |
19.6 |
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
50.5 |
19.6 |
|
|
|
|
|
Diluted Net Income |
50.5 |
19.6 |
|
Normalized Income Before Taxes |
92.1 |
47.2 |
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
41.5 |
27.6 |
|
Normalized Income After Taxes |
50.5 |
19.6 |
|
|
|
|
|
Normalized Inc. Avail to Com. |
50.5 |
19.6 |
|
|
|
|
|
Depreciation, Supplemental |
3.2 |
1.9 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2010 |
31-Dec-2009 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
|
Exchange Rate |
70.475 |
69.26 |
|
Auditor |
ACNABIN |
ACNABIN |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
Cash in Hand (including foreign currenci |
36.9 |
23.1 |
|
Balance with Bangladesh Bank and its age |
147.8 |
114.6 |
|
In Bangladesh |
34.5 |
40.1 |
|
Outside Bangladesh |
8.1 |
3.0 |
|
money at call and short notice: |
0.0 |
24.5 |
|
Government |
429.4 |
548.1 |
|
Others |
193.8 |
42.4 |
|
Loans, Cash Credit & Over Draft etc. |
2,242.0 |
1,731.9 |
|
Bills Discounted and Purchased |
74.6 |
33.0 |
|
Fixed assets including land, building, f |
77.1 |
41.6 |
|
other assets: |
514.0 |
488.4 |
|
Total Assets |
3,758.1 |
3,090.7 |
|
|
|
|
|
Current deposits & other accounts |
524.8 |
404.7 |
|
Bills payable |
56.8 |
42.4 |
|
Savings bank deposits |
1,137.0 |
1,005.7 |
|
Fixed deposits |
1,209.1 |
948.1 |
|
Borrowings from other banks, Financial i |
88.2 |
17.2 |
|
Total Long Term Debt |
88.2 |
17.2 |
|
|
|
|
|
Other Liabilities |
519.2 |
507.4 |
|
Total Liabilities |
3,535.1 |
2,925.5 |
|
|
|
|
|
Paid-up Capital |
77.5 |
71.7 |
|
Statutory Reserve |
37.9 |
20.1 |
|
General Reserve |
0.1 |
0.1 |
|
Asset Revaluation Reserve |
30.9 |
0.0 |
|
Revaluation & Amortization Reserve |
12.8 |
29.8 |
|
Retained surplus |
63.8 |
43.5 |
|
Total Equity |
223.0 |
165.2 |
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
3,758.1 |
3,090.7 |
|
|
|
|
|
S/O-Common Stock |
54.7 |
54.7 |
|
Total Common Shares Outstanding |
0.0 |
0.0 |
Annual Cash Flows
Financials in: USD (mil)
|
|
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 |
ACNABIN |
ACNABIN |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
Cash Receipts |
267.8 |
196.6 |
|
Cash Payments |
-97.2 |
-83.4 |
|
Dividend receipts |
7.0 |
0.1 |
|
Fees and commission receipts |
19.3 |
14.1 |
|
Recovery of loans previously written off |
8.4 |
3.3 |
|
Cash payment to employees |
-57.0 |
-44.2 |
|
Cash payments to suppliers |
-1.9 |
-1.4 |
|
Receipts from other operating activities |
11.3 |
6.3 |
|
Payments for other operating activities |
-18.9 |
-8.9 |
|
Treasury bills |
80.3 |
20.0 |
|
Repo |
0.0 |
-76.1 |
|
Fund advanced to customers |
-589.3 |
-128.6 |
|
Other assets |
-30.3 |
-33.1 |
|
Deposit from customers |
575.3 |
282.0 |
|
Other liabilities |
-38.0 |
13.1 |
|
Cash from Operating Activities |
136.8 |
160.2 |
|
|
|
|
|
Other bond |
-45.1 |
-101.1 |
|
Debenture |
3.3 |
4.1 |
|
Purchase of securities |
-157.3 |
-14.5 |
|
Purchase/ sales of properties, plant & e |
-4.7 |
-5.7 |
|
Proceeds from sale of properties, plant |
1.3 |
1.0 |
|
Cash from Investing Activities |
-202.5 |
-116.2 |
|
|
|
|
|
Payment of long term borrowings |
-8.5 |
-3.0 |
|
Receipt from other borrowings |
80.7 |
-10.2 |
|
Cash from Financing Activities |
72.2 |
-13.2 |
|
|
|
|
|
Foreign Exchange Effects |
19.4 |
16.8 |
|
Net Change in Cash |
25.9 |
47.5 |
|
|
|
|
|
Cash & cash equivalents at the beginning |
204.5 |
158.7 |
|
Cash & cash equivalents at the end of ye |
230.4 |
206.2 |
Financial Health
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Annual Ratios
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|||
|
|
31-Dec-2010 |
31-Dec-2009 |
|
|
Financial Strength |
|||
|
0.40 |
0.10 |
||
|
0.40 |
0.10 |
||
|
0.28 |
0.09 |
||
|
0.28 |
0.09 |
||
|
45.11% |
58.39% |
||
|
311.2 |
182.4 |
||
|
|
|
|
|
|
Efficiency |
|||
|
0.10 |
- |
||
|
0.17 |
- |
||
|
2,112.10 |
- |
||
|
|
|
|
|
|
Profitability |
|||
|
45.77% |
32.18% |
||
|
25.12% |
13.39% |
||
|
|
|
|
|
|
Management Effectiveness |
|||
|
1.47% |
- |
||
|
25.90% |
- |
||
|
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 |
|
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 |
ACNABIN |
ACNABIN |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
Other Interest Income |
201.1 |
146.6 |
|
Interest Income, Bank |
201.1 |
146.6 |
|
Interest on Deposit |
101.8 |
88.1 |
|
Total Interest Expense |
101.8 |
88.1 |
|
Net Interest Income |
99.3 |
58.5 |
|
|
|
|
|
Loan Loss Provision |
12.8 |
13.2 |
|
Net Interest Income after Loan Loss Provision |
86.5 |
45.3 |
|
|
|
|
|
Commissions & Fees from Securities
Activities |
39.6 |
30.8 |
|
Investment Securities Gains |
93.1 |
53.5 |
|
Other Revenue |
11.3 |
6.2 |
|
Non-Interest Income, Bank |
143.9 |
90.5 |
|
Labor & Related Expenses |
-64.8 |
-44.1 |
|
Depreciation Expense |
-3.2 |
-1.9 |
|
Other Expense |
-70.4 |
-42.6 |
|
Non-Interest Expense, Bank |
-138.4 |
-88.6 |
|
Income Before Tax |
92.1 |
47.2 |
|
|
|
|
|
Total Income Tax |
41.5 |
27.6 |
|
Income After Tax |
50.5 |
19.6 |
|
|
|
|
|
Net Income Before Extraord Items |
50.5 |
19.6 |
|
Net Income |
50.5 |
19.6 |
|
|
|
|
|
Income Available to Common Excl Extraord Items |
50.5 |
19.6 |
|
|
|
|
|
Income Available to Common Incl Extraord Items |
50.5 |
19.6 |
|
|
|
|
|
Diluted Net Income |
50.5 |
19.6 |
|
Depreciation, Supplemental |
3.2 |
1.9 |
|
Normalized Income Before Tax |
92.1 |
47.2 |
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
41.5 |
27.6 |
|
Normalized Income After Tax |
50.5 |
19.6 |
|
|
|
|
|
Normalized Inc. Avail to Com. |
50.5 |
19.6 |
|
|
|
|
|
Bank Total Revenue |
345.1 |
237.1 |
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 |
ACNABIN |
ACNABIN |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
Cash & Due from Banks |
227.3 |
180.8 |
|
Fed Funds Sold/Securities Purch Under Resale
Agrmnt |
0.0 |
24.5 |
|
Other Short Term Investments |
623.1 |
590.5 |
|
Other Earning Assets, Total |
623.1 |
615.0 |
|
Net Loans |
2,242.0 |
1,731.9 |
|
Property/Plant/Equipment - Net |
77.1 |
41.6 |
|
Other Assets |
588.5 |
521.5 |
|
Other Assets, Total |
588.5 |
521.5 |
|
Total Assets |
3,758.1 |
3,090.7 |
|
|
|
|
|
Accounts Payable |
56.8 |
42.4 |
|
Interest Bearing Deposits |
2,346.1 |
1,953.8 |
|
Total Deposits |
2,870.9 |
2,358.5 |
|
Long Term Debt |
88.2 |
17.2 |
|
Total Long Term Debt |
88.2 |
17.2 |
|
Total Debt |
88.2 |
17.2 |
|
|
|
|
|
Other Liabilities |
519.2 |
507.4 |
|
Other Liabilities, Total |
519.2 |
507.4 |
|
Total Liabilities |
3,535.1 |
2,925.5 |
|
|
|
|
|
Additional Paid-In Capital |
77.5 |
71.7 |
|
Retained Earnings (Accumulated Deficit) |
145.5 |
93.5 |
|
Total Equity |
223.0 |
165.2 |
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
3,758.1 |
3,090.7 |
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
54.7 |
54.7 |
|
Total Common Shares Outstanding |
0.0 |
0.0 |
Annual Cash Flows
Standardized
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 |
ACNABIN |
ACNABIN |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
Cash Receipts |
267.8 |
196.6 |
|
Cash Payments |
-97.2 |
-83.4 |
|
Other Assets |
-539.4 |
-217.6 |
|
Other Liabilities |
537.3 |
295.2 |
|
Other Operating Cash Flow |
-31.7 |
-30.6 |
|
Changes in Working Capital |
-33.8 |
46.9 |
|
Cash from Operating Activities |
136.8 |
160.2 |
|
|
|
|
|
Principal Payments from Securities |
-160.7 |
-19.2 |
|
Other Investing Cash Flow |
-41.8 |
-97.0 |
|
Other Investing Cash Flow Items, Total |
-202.5 |
-116.2 |
|
Cash from Investing Activities |
-202.5 |
-116.2 |
|
|
|
|
|
Long Term Debt
Reduction |
-8.5 |
-3.0 |
|
Long Term Debt, Net |
72.2 |
-13.2 |
|
Issuance (Retirement) of Debt, Net |
72.2 |
-13.2 |
|
Cash from Financing Activities |
72.2 |
-13.2 |
|
|
|
|
|
Foreign Exchange Effects |
19.4 |
16.8 |
|
Net Change in Cash |
25.9 |
47.5 |
|
|
|
|
|
Net Cash - Beginning Balance |
204.5 |
158.7 |
|
Net Cash - Ending Balance |
230.4 |
206.2 |
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 |
ACNABIN |
ACNABIN |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
Interest income |
201.1 |
146.6 |
|
Total Revenue |
201.1 |
146.6 |
|
|
|
|
|
Interest paid on deposits, borrowings et |
101.8 |
88.1 |
|
Provision for loans and advances |
12.8 |
13.2 |
|
Total Operating Expense |
114.6 |
101.3 |
|
|
|
|
|
Investment income |
93.1 |
53.5 |
|
Commission, exchange earnings and broker |
39.6 |
30.8 |
|
Other operating income |
11.3 |
6.2 |
|
Salary and allowance |
-64.8 |
-44.1 |
|
Rent, taxes, insurance, electricity etc. |
-4.8 |
-3.9 |
|
Legal expenses |
-0.1 |
-0.2 |
|
Postage, stamp, telecommunication etc. |
-1.4 |
-1.3 |
|
Stationery, printing, advertisement etc. |
-2.0 |
-1.4 |
|
Chief Executive's salary and fees |
-0.1 |
-0.1 |
|
Directors' fees |
-0.1 |
0.0 |
|
Auditors' fees |
0.0 |
0.0 |
|
Depreciation and repair of bank's assets |
-3.2 |
-1.9 |
|
Other expenses |
-10.8 |
-2.7 |
|
Amortization of Valuation Adjustment |
-19.1 |
-19.3 |
|
Other provision |
-32.1 |
-13.7 |
|
Total Non-Interest Revenue |
143.9 |
90.5 |
|
|
|
|
|
Total Non-Interest Expense |
-138.4 |
-88.6 |
|
|
|
|
|
Net Income Before Taxes |
92.1 |
47.2 |
|
|
|
|
|
Provision for Income Taxes |
41.5 |
27.6 |
|
Net Income After Taxes |
50.5 |
19.6 |
|
|
|
|
|
Net Income Before Extra. Items |
50.5 |
19.6 |
|
Net Income |
50.5 |
19.6 |
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
50.5 |
19.6 |
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
50.5 |
19.6 |
|
|
|
|
|
Diluted Net Income |
50.5 |
19.6 |
|
Normalized Income Before Taxes |
92.1 |
47.2 |
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
41.5 |
27.6 |
|
Normalized Income After Taxes |
50.5 |
19.6 |
|
|
|
|
|
Normalized Inc. Avail to Com. |
50.5 |
19.6 |
|
|
|
|
|
Depreciation, Supplemental |
3.2 |
1.9 |
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 |
ACNABIN |
ACNABIN |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
Cash in Hand (including foreign currenci |
36.9 |
23.1 |
|
Balance with Bangladesh Bank and its age |
147.8 |
114.6 |
|
In Bangladesh |
34.5 |
40.1 |
|
Outside Bangladesh |
8.1 |
3.0 |
|
money at call and short notice: |
0.0 |
24.5 |
|
Government |
429.4 |
548.1 |
|
Others |
193.8 |
42.4 |
|
Loans, Cash Credit & Over Draft etc. |
2,242.0 |
1,731.9 |
|
Bills Discounted and Purchased |
74.6 |
33.0 |
|
Fixed assets including land, building, f |
77.1 |
41.6 |
|
other assets: |
514.0 |
488.4 |
|
Total Assets |
3,758.1 |
3,090.7 |
|
|
|
|
|
Current deposits & other accounts |
524.8 |
404.7 |
|
Bills payable |
56.8 |
42.4 |
|
Savings bank deposits |
1,137.0 |
1,005.7 |
|
Fixed deposits |
1,209.1 |
948.1 |
|
Borrowings from other banks, Financial i |
88.2 |
17.2 |
|
Total Long Term Debt |
88.2 |
17.2 |
|
|
|
|
|
Other Liabilities |
519.2 |
507.4 |
|
Total Liabilities |
3,535.1 |
2,925.5 |
|
|
|
|
|
Paid-up Capital |
77.5 |
71.7 |
|
Statutory Reserve |
37.9 |
20.1 |
|
General Reserve |
0.1 |
0.1 |
|
Asset Revaluation Reserve |
30.9 |
0.0 |
|
Revaluation & Amortization Reserve |
12.8 |
29.8 |
|
Retained surplus |
63.8 |
43.5 |
|
Total Equity |
223.0 |
165.2 |
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
3,758.1 |
3,090.7 |
|
|
|
|
|
S/O-Common Stock |
54.7 |
54.7 |
|
Total Common Shares Outstanding |
0.0 |
0.0 |
Annual Cash Flows
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 |
ACNABIN |
ACNABIN |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
Cash Receipts |
267.8 |
196.6 |
|
Cash Payments |
-97.2 |
-83.4 |
|
Dividend receipts |
7.0 |
0.1 |
|
Fees and commission receipts |
19.3 |
14.1 |
|
Recovery of loans previously written off |
8.4 |
3.3 |
|
Cash payment to employees |
-57.0 |
-44.2 |
|
Cash payments to suppliers |
-1.9 |
-1.4 |
|
Receipts from other operating activities |
11.3 |
6.3 |
|
Payments for other operating activities |
-18.9 |
-8.9 |
|
Treasury bills |
80.3 |
20.0 |
|
Repo |
0.0 |
-76.1 |
|
Fund advanced to customers |
-589.3 |
-128.6 |
|
Other assets |
-30.3 |
-33.1 |
|
Deposit from customers |
575.3 |
282.0 |
|
Other liabilities |
-38.0 |
13.1 |
|
Cash from Operating Activities |
136.8 |
160.2 |
|
|
|
|
|
Other bond |
-45.1 |
-101.1 |
|
Debenture |
3.3 |
4.1 |
|
Purchase of securities |
-157.3 |
-14.5 |
|
Purchase/ sales of properties, plant & e |
-4.7 |
-5.7 |
|
Proceeds from sale of properties, plant |
1.3 |
1.0 |
|
Cash from Investing Activities |
-202.5 |
-116.2 |
|
|
|
|
|
Payment of long term borrowings |
-8.5 |
-3.0 |
|
Receipt from other borrowings |
80.7 |
-10.2 |
|
Cash from Financing Activities |
72.2 |
-13.2 |
|
|
|
|
|
Foreign Exchange Effects |
19.4 |
16.8 |
|
Net Change in Cash |
25.9 |
47.5 |
|
|
|
|
|
Cash & cash equivalents at the beginning |
204.5 |
158.7 |
|
Cash & cash equivalents at the end of ye |
230.4 |
206.2 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.14 |
|
UK Pound |
1 |
Rs.77.86 |
|
Euro |
1 |
Rs.66.06 |
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.