|
Report Date : |
19.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
CITY BANK LTD |
|
|
|
|
Registered Office : |
City Bank Center, 136 Gulshan Avenue, Gulshan-2 Dhaka, 1212 |
|
|
|
|
Country : |
Bangladesh |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
27.03.1983 |
|
|
|
|
Legal Form : |
Public Independent |
|
|
|
|
Line of Business : |
Subject provides all kinds of commercial banking, consumer banking, trade services, small and medium enterprises (SME), Retail, custody and clearing services to its customers through its branches and SME Service Centering Bangladesh. |
|
|
|
|
No. of Employees : |
2,772 |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Bangladesh |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
BANGLADESH - ECONOMIC OVERVIEW
In real terms Bangladesh's economy has grown 5.8% per year
since 1996 despite political instability, poor infrastructure, corruption,
insufficient power supplies, and slow implementation of economic reforms.
Bangladesh remains a poor, overpopulated, and inefficiently-governed nation.
Although more than half of GDP is generated through the service sector, 45% of
Bangladeshis are employed in the agriculture sector with rice as the
single-most-important product. Bangladesh's growth was resilient during the
2008-09 global financial crisis and recession. Garment exports, totaling $12.3
billion in FY09 and remittances from overseas Bangladeshis, totaling $11
billion in FY10, accounted for almost 12% of GDP.
Source
: CIA
City Bank Ltd
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Business
Description
|
City Bank Limited (the Bank) provides all kinds of commercial banking,
consumer banking, trade services, small and medium enterprises (SME), Retail,
custody and clearing services to its customers through its branches and SME
Service Centering Bangladesh. Through the Islamic Banking Branch the Bank
extends all types of Islamic Shariah Compliant finance, such as lease, hire
purchase shirkatul melk, bai muazzal, household scheme, and different types
of deposit like mudaraba / manarah savings deposits, mudaraba /manarah term
deposits, al-wadeeah current deposits and monthly /quarterly profit paying
scheme. The Bank offers financial services, including current and saving
accounts, personal loans, period deposit. As of December 31, 2011, the Bank
had 90 branches and 12 SME centers/ Agri Branches all over Bangladesh. The
Bank had no overseas branches. Out of the above 90 branches, one branch is
designated as Islamic Banking Branch. The Bank had 122 automated teller
machine and 12 SME centers. For the fiscal year ended 31 December 2011, City
Bank Ltd interest income increased 33% to BDT9.44B. Net interest income after
loan loss provision increased 22% to BDT3.7B. Net income increased 10% to
BDT2.06B. Net interest income after loan loss provision reflects increase in
interest earning assets and decrease in interest bearing liabilities. |
Industry
|
Industry |
|
|
ANZSIC 2006: |
|
|
ISIC Rev 4: |
|
|
NACE Rev 2: |
|
|
NAICS 2012: |
|
|
UK SIC 2007: |
|
|
US SIC 1987: |
6719 - Offices of Holding Companies, Not Elsewhere
Classified |
Key Executives
|
Significant
Developments
|
Stock
Snapshot
|
1 - Profit &
Loss Item Exchange Rate: USD 1 = BDT 74.04171
2 - Balance Sheet Item Exchange Rate: USD 1 = BDT 81.83
|
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Executives
Report
|
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
|
Period Length |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
|
Exchange Rate
(Period Average) |
74.041708 |
69.60265 |
|
Auditor |
Hoda Vasi
Chowdhury & Co |
Hoda Vasi
Chowdhury & Co |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
Interest & Fees on Loans |
127.4 |
102.0 |
|
Interest Income, Bank |
127.4 |
102.0 |
|
Interest on Deposit |
67.9 |
50.5 |
|
Total Interest Expense |
67.9 |
50.5 |
|
Net Interest Income |
59.6 |
51.5 |
|
|
|
|
|
Loan Loss Provision |
9.6 |
7.8 |
|
Net Interest Income after Loan Loss Provision |
50.0 |
43.7 |
|
|
|
|
|
Commissions & Fees from Securities
Activities |
37.5 |
47.9 |
|
Other Revenue |
10.2 |
6.4 |
|
Non-Interest Income, Bank |
47.7 |
54.3 |
|
Labor & Related Expenses |
-24.9 |
-24.0 |
|
Depreciation Expense |
-6.0 |
-5.1 |
|
Other Expense |
-18.9 |
-25.4 |
|
Non-Interest Expense, Bank |
-49.9 |
-54.4 |
|
Income Before Tax |
47.8 |
43.5 |
|
|
|
|
|
Total Income Tax |
20.1 |
16.7 |
|
Income After Tax |
27.8 |
26.9 |
|
|
|
|
|
Minority Interest |
0.0 |
0.0 |
|
Net Income Before Extraord Items |
27.8 |
26.9 |
|
Net Income |
27.8 |
26.9 |
|
|
|
|
|
Income Available to Common Excl Extraord Items |
27.8 |
26.9 |
|
|
|
|
|
Income Available to Common Incl Extraord Items |
27.8 |
26.9 |
|
|
|
|
|
Basic/Primary Weighted Average Shares |
69.5 |
42.8 |
|
Basic EPS Excl Extraord Items |
0.40 |
0.63 |
|
Basic/Primary EPS Incl Extraord Items |
0.40 |
0.63 |
|
Dilution Adjustment |
0.0 |
- |
|
Diluted Net Income |
27.8 |
26.9 |
|
Diluted Weighted Average Shares |
69.5 |
42.8 |
|
Diluted EPS Excl Extraord Items |
0.40 |
0.63 |
|
Diluted EPS Incl Extraord Items |
0.40 |
0.63 |
|
Dividends per Share - Common Stock Primary Issue |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
|
Depreciation, Supplemental |
6.0 |
5.1 |
|
Normalized Income Before Tax |
47.8 |
43.5 |
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
20.1 |
16.7 |
|
Normalized Income After Tax |
27.8 |
26.9 |
|
|
|
|
|
Normalized Inc. Avail to Com. |
27.8 |
26.9 |
|
|
|
|
|
Basic Normalized EPS |
0.40 |
0.63 |
|
Diluted Normalized EPS |
0.40 |
0.63 |
|
Bank Total Revenue |
107.3 |
105.8 |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
31-Dec-2011 |
31-Dec-2010 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
|
Exchange Rate |
81.83 |
70.475 |
|
Auditor |
Hoda Vasi
Chowdhury & Co |
Hoda Vasi
Chowdhury & Co |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
Cash & Due from Banks |
105.5 |
125.1 |
|
Other Short Term Investments |
109.4 |
51.1 |
|
Securities Held |
119.9 |
127.4 |
|
Total Investment Securities |
119.9 |
127.4 |
|
Other Earning Assets, Total |
229.3 |
178.4 |
|
Net Loans |
919.1 |
796.2 |
|
Property/Plant/Equipment - Net |
73.2 |
45.8 |
|
Other Assets |
91.9 |
141.3 |
|
Other Assets, Total |
91.9 |
141.3 |
|
Total Assets |
1,419.1 |
1,286.8 |
|
|
|
|
|
Accounts Payable |
13.2 |
9.3 |
|
Non-Interest Bearing Deposits |
120.5 |
210.2 |
|
Interest Bearing Deposits |
888.3 |
728.8 |
|
Total Deposits |
1,008.8 |
939.1 |
|
Long Term Debt |
30.7 |
39.8 |
|
Total Long Term Debt |
30.7 |
39.8 |
|
Total Debt |
30.7 |
39.8 |
|
|
|
|
|
Minority Interest |
0.0 |
0.0 |
|
Other Liabilities |
147.4 |
134.8 |
|
Other Liabilities, Total |
147.4 |
134.8 |
|
Total Liabilities |
1,200.2 |
1,123.0 |
|
|
|
|
|
Common Stock |
61.8 |
55.2 |
|
Common Stock |
61.8 |
55.2 |
|
Additional Paid-In Capital |
23.5 |
27.3 |
|
Retained Earnings (Accumulated Deficit) |
133.6 |
81.3 |
|
Total Equity |
218.9 |
163.7 |
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
1,419.1 |
1,286.8 |
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
69.5 |
53.5 |
|
Total Common Shares Outstanding |
69.5 |
53.5 |
|
Total Risk-Weighted Capital |
- |
15.8 |
|
Tier 1 Capital % |
9.63% |
8.34% |
|
Total Capital % |
12.79% |
11.15% |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
31-Dec-2011 |
31-Dec-2010 |
|
Period Length |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
|
Exchange Rate
(Period Average) |
74.041708 |
69.60265 |
|
Auditor |
Hoda Vasi
Chowdhury & Co |
Hoda Vasi
Chowdhury & Co |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
Cash Receipts |
11.0 |
12.9 |
|
Cash Payments |
-25.9 |
-23.6 |
|
Cash Taxes Paid |
-16.8 |
-9.0 |
|
Cash Interest Paid |
-59.4 |
-48.4 |
|
Other Assets |
15.0 |
-2.2 |
|
Other Liabilities |
221.1 |
81.7 |
|
Other Operating Cash Flow |
133.3 |
119.9 |
|
Loans, Gains/Losses |
-221.8 |
-245.1 |
|
Changes in Working Capital |
147.6 |
-45.7 |
|
Cash from Operating Activities |
56.5 |
-113.8 |
|
|
|
|
|
Purchase of Fixed Assets |
-13.1 |
-9.6 |
|
Capital Expenditures |
-13.1 |
-9.6 |
|
Sale/Maturity of Investment |
1.1 |
0.0 |
|
Purchase of Investments |
0.0 |
-19.8 |
|
Other Investing Cash Flow Items, Total |
1.1 |
-19.8 |
|
Cash from Investing Activities |
-12.0 |
-29.5 |
|
|
|
|
|
Sale/Issuance of
Common |
0.0 |
55.3 |
|
Common Stock, Net |
0.0 |
55.3 |
|
Issuance (Retirement) of Stock, Net |
0.0 |
55.3 |
|
Cash from Financing Activities |
0.0 |
55.3 |
|
|
|
|
|
Foreign Exchange Effects |
8.5 |
4.2 |
|
Net Change in Cash |
53.0 |
-83.7 |
|
|
|
|
|
Net Cash - Beginning Balance |
229.4 |
327.8 |
|
Net Cash - Ending Balance |
282.4 |
244.1 |
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
|
Period Length |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
|
Exchange Rate
(Period Average) |
74.041708 |
69.60265 |
|
Auditor |
Hoda Vasi
Chowdhury & Co |
Hoda Vasi Chowdhury
& Co |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
Interest income |
127.4 |
102.0 |
|
Total Revenue |
127.4 |
102.0 |
|
|
|
|
|
Interest/profit paid on deposits |
67.9 |
50.5 |
|
Provision for loans & advances |
9.6 |
7.8 |
|
Total Operating Expense |
77.5 |
58.3 |
|
|
|
|
|
Investment income |
18.0 |
30.7 |
|
Commissions, exchange and borrowings |
19.5 |
17.1 |
|
Other operating income |
10.2 |
6.4 |
|
Salaries & allowance |
-24.7 |
-23.7 |
|
Rent, Taxes, Insurance, Electricity etc. |
-5.5 |
-4.7 |
|
Legal expenses |
-0.2 |
-0.2 |
|
Postage, Stamp, Telecommunication, etc |
-0.8 |
-0.6 |
|
Stationery, printing, advertisement |
-3.7 |
-3.9 |
|
Chief Executive salary & fees |
-0.2 |
-0.2 |
|
Directors fees |
0.0 |
0.0 |
|
Auditors fees |
0.0 |
0.0 |
|
Depreciation & repair of banks assets |
-6.0 |
-5.1 |
|
Other expenses |
-8.5 |
-7.9 |
|
Provision for off balance sheet exposure |
0.0 |
-1.4 |
|
Provision for gratuity |
0.0 |
-2.5 |
|
Provision for diminution in value of inv |
0.0 |
-0.6 |
|
Other provisions |
-0.2 |
-3.5 |
|
Total Non-Interest Revenue |
47.7 |
54.3 |
|
|
|
|
|
Total Non-Interest Expense |
-49.9 |
-54.4 |
|
|
|
|
|
Net Income Before Taxes |
47.8 |
43.5 |
|
|
|
|
|
Provision for Income Taxes |
20.1 |
16.7 |
|
Net Income After Taxes |
27.8 |
26.9 |
|
|
|
|
|
Minority Interest |
0.0 |
0.0 |
|
Net Income Before Extra. Items |
27.8 |
26.9 |
|
Net Income |
27.8 |
26.9 |
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
27.8 |
26.9 |
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
27.8 |
26.9 |
|
|
|
|
|
Basic Weighted Average Shares |
69.5 |
42.8 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.40 |
0.63 |
|
Basic EPS Including ExtraOrdinary Items |
0.40 |
0.63 |
|
Dilution Adjustment |
0.0 |
- |
|
Diluted Net Income |
27.8 |
26.9 |
|
Diluted Weighted Average Shares |
69.5 |
42.8 |
|
Diluted EPS Excluding ExtraOrd Items |
0.40 |
0.63 |
|
Diluted EPS Including ExtraOrd Items |
0.40 |
0.63 |
|
DPS-Fully Paid Ord. Shrs |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
47.8 |
43.5 |
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
20.1 |
16.7 |
|
Normalized Income After Taxes |
27.8 |
26.9 |
|
|
|
|
|
Normalized Inc. Avail to Com. |
27.8 |
26.9 |
|
|
|
|
|
Basic Normalized EPS |
0.40 |
0.63 |
|
Diluted Normalized EPS |
0.40 |
0.63 |
|
Depreciation, Supplemental |
6.0 |
5.1 |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
31-Dec-2011 |
31-Dec-2010 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
|
Exchange Rate |
81.83 |
70.475 |
|
Auditor |
Hoda Vasi
Chowdhury & Co |
Hoda Vasi
Chowdhury & Co |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
Cash in hand |
18.1 |
21.3 |
|
Cash balance with Bangladesh bank |
73.9 |
66.5 |
|
Balance with other bank in bangladesh |
11.1 |
34.1 |
|
Balance with other banks outside banglad |
2.5 |
3.1 |
|
Money at call & short notice |
30.5 |
1.4 |
|
Investment government |
119.9 |
127.4 |
|
Investment other |
78.9 |
49.7 |
|
Loans & advances/ investment |
919.1 |
796.2 |
|
Bills purchased & discounted |
21.4 |
62.9 |
|
Fixed assets including premises & furnit |
73.2 |
45.8 |
|
Non - banking assets |
2.5 |
0.0 |
|
Other assets |
67.9 |
78.4 |
|
Total Assets |
1,419.1 |
1,286.8 |
|
|
|
|
|
Current deposits and other accounts |
120.5 |
210.2 |
|
Bills payable |
13.2 |
9.3 |
|
Savings bank deposits |
204.6 |
213.5 |
|
Fixed deposits |
683.7 |
515.3 |
|
Other liabilities |
147.4 |
134.8 |
|
Borrowings from other banks, financial i |
30.7 |
39.8 |
|
Total Long Term Debt |
30.7 |
39.8 |
|
|
|
|
|
Minority Interest |
0.0 |
0.0 |
|
Total Liabilities |
1,200.2 |
1,123.0 |
|
|
|
|
|
Paid up capital |
61.8 |
55.2 |
|
Statutory reserves |
32.6 |
28.1 |
|
Share premium |
23.5 |
27.3 |
|
Other reserves |
80.7 |
32.5 |
|
Surplus in profit & loss account/retaine |
20.3 |
20.7 |
|
Total Equity |
218.9 |
163.7 |
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
1,419.1 |
1,286.8 |
|
|
|
|
|
S/O-Fully Paid Ord. Shrs |
69.5 |
53.5 |
|
Total Common Shares Outstanding |
69.5 |
53.5 |
|
Tier 1 Capital % |
9.63% |
8.34% |
|
Total Capital % |
12.79% |
11.15% |
|
Total Risk-Weighted Capital |
- |
15,757.2 |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
|
Period Length |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
|
Exchange Rate
(Period Average) |
74.041708 |
69.60265 |
|
Auditor |
Hoda Vasi
Chowdhury & Co |
Hoda Vasi
Chowdhury & Co |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
Cash Receipts |
11.0 |
12.9 |
|
Cash Payments |
-25.9 |
-23.6 |
|
Interest receipts in cash |
123.6 |
100.6 |
|
Interest payments |
-59.4 |
-48.4 |
|
Dividend receipts |
2.0 |
1.4 |
|
Recoveries of loans previously written o |
1.3 |
0.3 |
|
Income taxes paid |
-16.8 |
-9.0 |
|
Receipts from other operating activities |
26.3 |
35.8 |
|
Payments for other operating activities |
-19.9 |
-18.1 |
|
Loans and advances to customers |
-221.8 |
-245.1 |
|
Other assets |
15.0 |
-2.2 |
|
Deposits from other banks / borrowings |
56.0 |
3.5 |
|
Deposits from customers |
166.9 |
86.6 |
|
Other liabilities |
-1.8 |
-8.4 |
|
Cash from Operating Activities |
56.5 |
-113.8 |
|
|
|
|
|
Proceeds from sale of securities |
1.1 |
0.0 |
|
Payments for purchases of securities |
0.0 |
-19.8 |
|
Capital Expenditure |
-13.1 |
-9.6 |
|
Cash from Investing Activities |
-12.0 |
-29.5 |
|
|
|
|
|
Receipts from issue of ordinary shares |
0.0 |
55.3 |
|
Cash from Financing Activities |
0.0 |
55.3 |
|
|
|
|
|
Foreign Exchange Effects |
8.5 |
4.2 |
|
Net Change in Cash |
53.0 |
-83.7 |
|
|
|
|
|
Net Cash - Beginning Balance |
229.4 |
327.8 |
|
Net Cash - Ending Balance |
282.4 |
244.1 |
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
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Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.82 |
|
|
1 |
Rs.96.57 |
|
Euro |
1 |
Rs.82.45 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.