MIRA INFORM REPORT

 

 

Report Date :

19.08.2013

 

IDENTIFICATION DETAILS

 

Name :

EASTERN BANK LTD

 

 

Registered Office :

10 Dilkusha Commercial Area, Dhaka, 1000

 

 

Country :

Bangladesh

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

08.08.1992

 

 

Legal Form :

Public Independent

 

 

Line of Business :

The Bank offers products, such as savings and current accounts, personal loans, debit cards, credit cards, pre-paid cards, Internet banking, corporate banking, small and medium enterprises (SME) banking, investment banking, treasury and syndication services.

 

 

No. of Employees :

1,343

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

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

 


 

 

Company name & address

 

EASTERN BANK LTD

                                                                                                                                                              

 

10 Dilkusha Commercial Area

Dhaka, 1000

Bangladesh

Tel:          880-2-9556360

Fax:         880-2-9562364

Website: www.ebl-bd.com

 

 

Synthesis

 

Employees:                  1,343

Company Type:            Public Independent

Traded:                         Dhaka Stock Exchange: EBL

Incorporation Date:        08-Aug-1992

Auditor:                        Rahman Rahman Huq

Financials in:                 (USD (mil)

Fiscal Year End:           31-Dec-2012

Reporting Currency:      Bangladesh Taka

Annual Sales:                96.6  1

Net Income:                  30.9

Total Assets:                1,447.8  2

Market Value:                206.5

                                    (25-Jul-2013)

 

 

Business Description

      

 

Eastern Bank Ltd (EBL) is a Bangladesh-based company. The Bank offers products, such as savings and current accounts, personal loans, debit cards, credit cards, pre-paid cards, Internet banking, corporate banking, small and medium enterprises (SME) banking, investment banking, treasury and syndication services. EBL offers a range of depository, loan and card products. As of February 1, 2012, the Bank had a network of 59 Branches, 116 automated teller machines (ATMs) and 21 Kiosks countrywide. EBL Matribhumi, a product for expatriate Bangladeshis, insurance covered monthly savings scheme, VISA corporate cards, remittance card and mobile -based remittance solutions. On the SME banking window EBL offered products, such as EBL Uddom and EBL Mukti. As of February 1, 2012, the Bank had its presence in 11 cities/towns in the country, including Dhaka, Chittagong, Sylhet, Khulna, Rajshahi Rangpur and Cox's Bazar. For the fiscal year ended 31 December 2011, Eastern Bank Ltd interest income increased 39% to BDT9.75B. Net interest income after loan loss provision increased 2% to BDT2.65B. Net income increased 2% to BDT2.53B. Net interest income after loan loss provision reflects increase in interest earning assets and decrease in interest bearing liabilities. Net income also reflects Other opearting income increase of 88% to BDT416.8M (income).

 

 

Industry      

 

 

Industry               Banking

ANZSIC 2006:      6221 - Banking

ISIC Rev 4:           6419 - Other monetary intermediation

NACE Rev 2:        6419 - Other monetary intermediation

NAICS 2012:        52211 - Commercial Banking

UK SIC 2007:       64191 - Banks

US SIC 1987:       6029 - Commercial Banks, Not Elsewhere Classified

 

                          

Key Executives   

   

 

Name                                                   Title

Ali Reza Iftekhar                                    Chief Executive Officer, Managing Director, Director

Abul Moqsud                                        Executive Vice President, Head - Credit Risk Management

Md. Safiar Rahman                               Senior Executive Vice President, Company Secretary

A. M. M. Moyen Uddin                          Executive Vice President, Head - Information Techonology

S. M. Akhtaruzzaman Chowdhury           Senior Executive Vice President, Head - Operations

 

 

 Significant Developments    

 

 

Topic             #*   Most Recent Headline                                                                                         Date

Dividends       1    Eastern Bank Ltd Recommends Cash Dividend                                                  28-Feb-2013

Debt Ratings  1    Credit Rating Information and Services Limited Rates Eastern Bank Ltd With AA 30-May-2013

 

 

* number of significant developments within the last 12 months                                                                     

 

News   

 

 

Title

Date

World Stock Reports: Chittagong Stock Exchange Ltd Securities Traded Statement: 15-08-2013
Plus News (2902 Words)

15-Aug-2013

Letter to the editor: One banker's take on what it means to be a community bank
Boston Business Journal (80 Words)

15-Aug-2013

More floods expected in Sudan after 53 die
Agence France-Presse (244 Words)

15-Aug-2013

Carter Validus Mission Critical REIT Closes on $225,000,000 Credit Facility.
Entertainment Close-up (217 Words)

15-Aug-2013

Bones and granite: an afternoon in Laurel Hill Cemetery
Chestnut Hill Local (1134 Words)

14-Aug-2013

World Stock Reports: Chittagong Stock Exchange Ltd Securities Traded Statement: 14-08-2013
Plus News (2682 Words)

14-Aug-2013

 

 

Stock Snapshot

 

 

Traded: Dhaka Stock Exchange: EBL

 

As of 25-Jul-2013

   Financials in: BDT

Recent Price

26.30

 

EPS

4.14

52 Week High

39.20

 

Price/Sales

2.03

52 Week Low

24.60

 

Dividend Rate

2.00

Avg. Volume (mil)

0.19

 

Price/Book

1.11

Market Value (mil)

16,074.03

 

 

 

 

Price % Change

Rel S&P 500%

4 Week

-3.66%

 

13 Week

1.15%

 

52 Week

-27.55%

 

Year to Date

-17.03%

 

 

 

 

 

1 - Profit & Loss Item Exchange Rate: USD 1 = BDT 81.86564
2 - Balance Sheet Item Exchange Rate: USD 1 = BDT 81.2

 

 

 

 

 

 

 

 

Eastern Bank Ltd

Corporate Overview

Location
10 Dilkusha Commercial Area
Dhaka, 1000
Bangladesh

 

Tel:

880-2-9556360

Fax:

880-2-9562364

 

www.ebl-bd.com

Quote Symbol - Exchange

EBL - Dhaka Stock Exchange

Sales BDT(mil):

7,908.0

Assets BDT(mil):

117,564.3

Employees:

1,343

Fiscal Year End:

31-Dec-2012

 

 

 

Industry:

Commercial Banks

Incorporation Date:

08-Aug-1992

Company Type:

Public Independent

Quoted Status:

Quoted

 

Chief Executive Officer, Managing Director, Director:

Ali Reza Iftekhar

 

Industry Codes

 

ANZSIC 2006 Codes:

6221

-

Banking

6230

-

Non-Depository Financing

6411

-

Financial Asset Broking Services

 

ISIC Rev 4 Codes:

6419

-

Other monetary intermediation

6612

-

Security and commodity contracts brokerage

6492

-

Other credit granting

 

NACE Rev 2 Codes:

6419

-

Other monetary intermediation

6492

-

Other credit granting

6612

-

Security and commodity contracts brokerage

 

NAICS 2012 Codes:

52211

-

Commercial Banking

522291

-

Consumer Lending

523110

-

Investment Banking and Securities Dealing

 

US SIC 1987:

6029

-

Commercial Banks, Not Elsewhere Classified

6211

-

Security Brokers, Dealers, and Flotation Companies

6141

-

Personal Credit Institutions

 

UK SIC 2007:

64191

-

Banks

6612

-

Security and commodity contracts brokerage

6492

-

Other credit granting

 

 

Business Description

 

Eastern Bank Ltd (EBL) is a Bangladesh-based company. The Bank offers products, such as savings and current accounts, personal loans, debit cards, credit cards, pre-paid cards, Internet banking, corporate banking, small and medium enterprises (SME) banking, investment banking, treasury and syndication services. EBL offers a range of depository, loan and card products. As of February 1, 2012, the Bank had a network of 59 Branches, 116 automated teller machines (ATMs) and 21 Kiosks countrywide. EBL Matribhumi, a product for expatriate Bangladeshis, insurance covered monthly savings scheme, VISA corporate cards, remittance card and mobile -based remittance solutions. On the SME banking window EBL offered products, such as EBL Uddom and EBL Mukti. As of February 1, 2012, the Bank had its presence in 11 cities/towns in the country, including Dhaka, Chittagong, Sylhet, Khulna, Rajshahi Rangpur and Cox's Bazar. For the fiscal year ended 31 December 2011, Eastern Bank Ltd interest income increased 39% to BDT9.75B. Net interest income after loan loss provision increased 2% to BDT2.65B. Net income increased 2% to BDT2.53B. Net interest income after loan loss provision reflects increase in interest earning assets and decrease in interest bearing liabilities. Net income also reflects Other opearting income increase of 88% to BDT416.8M (income).

 

 

More Business Descriptions

 

Commercial banking services, including personal, corporate, international trade, foreign exchange, lease finance and capital market services

 

 

Commercial Banking Services

 

 

 

 

 

 

 

Financial Data

 

Financials in:

BDT(mil)

 

Revenue:

7,908.0

Net Income:

2,532.7

Assets:

117,564.3

Long Term Debt:

21,652.5

 

Total Liabilities:

103,122.8

 

 

 

Date of Financial Data:

31-Dec-2012

 

1 Year Growth

NA

NA

NA

 

 

Key Corporate Relationships

 

Auditor:

Rahman Rahman Huq

 

Auditor:

Rahman Rahman Huq, Rahman Rahman Huq

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Executives Report

 

Board of Directors

 

Name

Title

Function

Mohd. Noor Ali

 

Chairman of the Board

Chairman

Biography:

Mr. Mohd. Noor Ali is a Chairman of the Board of Eastern Bank Ltd. He re-joined as Director of the Bank in May 2008 and subsequently the Board unanimously elected him as the chairman of the Board of Directors of Eastern Bank Limited on April 04, 2010. He is the Chairman & Managing Director of Unique Group, the business conglomerate in Bangladesh, having interest in Real Estate, Hotel Services, Ceramic Industry, Air Travel, Aviation Services, Electrical Power Plants, Tourism, Manpower Export, Banking Services, Housing Finance & Investment, Supply, Indenting, Commission Agents, Human Resources Development and many other. Mr. Ali is perhaps the only Bangladeshi who has ventured to set up a 5-Star Hotel in private sector. The Westin Dhaka is already popular amongst the local and foreign community. He accomplished his honors & Masters of Social Science in Sociology from the University of Dhaka. He is also involved in many social activities and member of various trade associations.

 

Age: 60

 

Education:

University of Dhaka, M (Sociology)

 

A. M. Shaukat M. Ali

 

Director

Director/Board Member

 

 

Biography:

Mr. A. M Shaukat Ali is a Director of Eastern Bank Ltd. He is an Engineer having interest in the field of banking, hospital, construction etc. graduated in Civil Engineering from the University of Dhaka in 1961. In 1977, he received higher education in Japan in construction engineering. He held the position of Project Director of World Bank, Asian Development Bank (ADB) Projects under the Ministry of Health & Family Planning from the year 1987 to 1993. From 1993 to 1999, he was the Chairman of Project Builders Limited. He is the Chairman of Engineering Consultants & Associates Limited. He is also the sponsor Director of Samorita Hospital.

 

Education:

University of Dhaka, BS (Civil Engineering)

 

A. Q.I. Chowdhury

 

Director

Director/Board Member

 

 

Biography:

Mr. A. Q. I. Chowdhury, OBE is a Director of Eastern Bank Ltd. He joined the Board of EBL, first on 21st May 2006 and subsequently on 30th March 2011. He also served as the Chairman of the Board of Directors of EBL from 2006 to 2008. At present, he is the Managing Director and CEO of JF (Bangladesh) Ltd - formerly, James Finlay Limited. He has been awarded the Order of British Empire (OBE) by her Majesty, the Queen of England for his contributions in the field of Trade and Commerce as a high-profile Business Executive. Under his aegis, James Finlay received National Export Trophy a number of times and won the prestigious British Monarchy accredited RIO Tinto Award. In his wide professional affiliations, he held a number of positions in different capacities during his 36 years tenure with James Finlay which also includes offices as Chairman of Eastern Bank Limited, Bangladesh Tea Association, Vice President of Bangladesh Employers' Federation. Member of Bangladesh Tea Board, Representative of the Tripartite Labour Consultative Committee & many others. He is the Chairman of Royal Capital Ltd. & also was the Vice President of Chittagong Stock Exchange (CSE). Besides being involved on various Chamber and Trade Bodies, he is also associated with World Forum like UN Private Sector Forum - Millennium Development Goals and Food sustainability & CEO Water Mandate of UN Global Compact. He is a member of the Steering Committee of the CEO Water Mandate of UN Global Compact. He also represented South Asia Region in International Labour Organization (ILO) in Geneva.

 

Md. Showkat Ali Chowdhury

 

Director

Director/Board Member

 

 

Biography:

Md. Showkat Ali Chowdhury is a Director of Eastern Bank Ltd. He is a businessman of the country and involved in the businesses of Ship Recycling, Garments Industries, Real Estate, Power Generation & Engineering Services, Container Terminal & Handling, Insurance Company, Share Brokers, and Tea plantation & Production. Mr. Chowdhury accomplished his Bachelor of Arts Degree from the Chittagong University. He is a life member of SAARC Chamber of Commerce & Industry (SAARC CCI), Bhatiary Golf & Country Club Limited, Chittagong Press Club Limited, Chattagram Maa O Shisu General Hospital, Director of Chittagong Metropolitan Chamber of Commerce & Industry (CMCCI) and member of Chittagong Club Limited, Chittagong Senior’s Club Limited and Bangladesh Ship Breakers Association. He is also involved in many other social activities. He is a widely travelled person across the globe.

 

Education:

Chittagong University, BA

 

M. Ghaziul Haque

 

Director

Director/Board Member

 

 

Biography:

Mr. M. Ghaziul Haque is a Director of Eastern Bank Ltd. He joined the EBL Board on 09.12.1993 with an interval between 21.05.2006 to 30.03.2011. In addition, Mr. Haque also served as the Chairman of the Board of Directors of EBL from 30 August 2000 to 21 May 2006. Mr. Haque graduated from the Chittagong Government College under Dhaka University in 1955 and started his career with the reputed British Company Bird & Co. Limited the same year and rose to the top to serve the organization as Managing Director in 1976. In 1980 he left Bird & Co. (Now Birds Bangladesh Agencies Limited) to venture into business and started off as a partner with Aquamarine Limited, a Chittagong-based Shipping Company. Ten years later, he along with his partner formed a joint venture company Maersk Bangladesh Limited with the world's Shipping Company Maersk Lines, Copenhagen, Denmark. He served as the Chairman of the company till 1997. Mr. Haque is the Chairman of MGH Group. He is also involved in many social activities and a widely travelled person across the Globe on business trips.

 

Education:

Dhaka University

 

Gazi Md. Shakhawat Hossain

 

Director - Representative of M/S Unique Eastern (Pvt) Ltd.

Director/Board Member

 

 

Biography:

Mr. Gazi Md. Shakhawat Hossain is a Director - Representative of M/S Unique Eastern (Pvt) Ltd. of Eastern Bank Ltd. He is the Chairman of Bay Hill Hotel & Resorts Ltd, Managing Director of Purnima Construction (Pvt.) Ltd, Member of Policy Committee of Westin Hotel and also Director of Unique Hotel & Resorts Ltd. Mr. Hossain obtained Masters in Commerce (Accounting) from the University of Dhaka.

 

Age: 44

 

Education:

University of Dhaka, M (Commerce)

 

Mir Nasir Hossain

 

Director

Director/Board Member

 

 

Biography:

Mr. Mir Nasir Hossain is a Director of Eastern Bank Ltd. He is a entrepreneur of the country and is involved in diverse area of businesses like Construction, Ceramic Tiles Manufacturing, Telecom, Bank, Insurance etc. Academically, he accomplished his post Graduation majored in Accounting from the University of Dhaka. Mr. Hossain is a Former President of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), the Apex Trade Body of Country. He was the Senior Vice President of SAARC Chamber of Commerce and Industry (SCCI), Vice President of Confederation of Asia Pacific Chambers of Commerce and Industry (CACCI). He is also deeply involved in many social activities. He is a widely travelled person across the globe on business trips on different occasions including attending conference, seminar, symposium etc.

 

Education:

University of Dhaka (Accounting)

 

Ali Reza Iftekhar

 

Chief Executive Officer, Managing Director, Director

Director/Board Member

 

 

Biography:

Mr. Ali Reza Iftekhar is a Chief Executive Officer, Managing Director, Director of Eastern Bank Ltd. He has been in the banking industry for last 26 years in local and multinational banks in various capacities and started banking career in erstwhile (BCCI) Bank of Credit & Commerce International (Overseas) Ltd. He also worked in Banque Indosuez, Standard Chartered Bank (SCB) and Standard Chartered Grindlays' Bank in different senior positions. He was also posted abroad in Standard Chartered Bank, Dubai and worked in Regional Credit Management. Mr. Iftekhar joined EBL as Deputy Managing Director (DMD) on 1st July 2004 and was promoted to Additional Managing Director on May 27, 2006. Considering his contributions to Business Growth, Risk Management, Compliance and HRD etc. he was appointed as Managing Director and CEO of the Bank on August 29, 2007. He is certified as "Credit Professional" by Omega of UK and also certified as "Trade Professional" by Standard Chartered Bank, UK. He is also a Director of International Leasing and Financial Services Limited (ILFSL).

Source: Reuters

Education:

University of Dhaka (Marketing)

 

 

Asif Mahmood

 

Director - Representative of Aquamarine Distributions Ltd.

Director/Board Member

 

 

Biography:

Mr. Asif Mahmood is a Director - Representative of Aquamarine Distributions Ltd. of Eastern Bank Ltd. He is the Chairman of Advance Technology Computers Limited, Tech Valley Networks Limited, ADN Technologies Ltd, InGen Technology Limited, Bangladesh News 24 Hours Limited, InGen Industries Ltd, Vice-Chairman of InGen Motors Limited and Chairman & Managing Director of Advanced Data Networks System Ltd. He is also the Director of Tech Valley Computers Ltd. and Valley Power Solutions Ltd. Mr. Mahmood accomplished his Mechanical Engineering Degree from NIT, Durgapur, India. As well, he obtained various professional Trainings in IT & Telecommunication from abroad. He also represents world companies such as SingTel, CISCO and Oracle.

 

Education:

National Institutes of Technology,Durgapur (Mechanical Engineering)

 

Ormaan Rafay Nizam

 

Director from the Depositors

Director/Board Member

 

 

Biography:

Mr. Ormaan Rafay Nizam is a Director from the Depositors of Eastern Bank Ltd., since November 29, 2008 as Director from the Depositors. He is also the Director of National Brokers Limited, the oldest tea Broking Company in Bangladesh. He obtained his Bachelor degree in Commerce from Chittagong University and completed higher education from London School of Education (LSE).

 

Education:

Chittagong University, B (Commerce)

 

Meah Mohammed Abdur Rahim

 

Independent Director & Director from the Depositors

Director/Board Member

 

 

Biography:

Mr. Meah Mohammed Abdur Rahim is an Independent Director & Director from the Depositors of Eastern Bank Ltd. He is a businessman. Mr. Rahim is the Managing Director of Ancient Steamship Company Limited and Managing Director of Hudig & Meah (Bangladesh) Limited. Academically & professionally, Mr. Rahim obtained Bachelor of Commerce Degree, Diploma in Banking & Business Studies as well Diploma in Shipping, A.I.C.S etc. He is involved in many social activities and is also a widely travelled person across the globe on business trips.

 

 

 

Executives

 

 

Name

Title

Function

 

Ali Reza Iftekhar

 

Chief Executive Officer, Managing Director, Director

Chief Executive Officer

 

Biography:

Mr. Ali Reza Iftekhar is a Chief Executive Officer, Managing Director, Director of Eastern Bank Ltd. He has been in the banking industry for last 26 years in local and multinational banks in various capacities and started banking career in erstwhile (BCCI) Bank of Credit & Commerce International (Overseas) Ltd. He also worked in Banque Indosuez, Standard Chartered Bank (SCB) and Standard Chartered Grindlays' Bank in different senior positions. He was also posted abroad in Standard Chartered Bank, Dubai and worked in Regional Credit Management. Mr. Iftekhar joined EBL as Deputy Managing Director (DMD) on 1st July 2004 and was promoted to Additional Managing Director on May 27, 2006. Considering his contributions to Business Growth, Risk Management, Compliance and HRD etc. he was appointed as Managing Director and CEO of the Bank on August 29, 2007. He is certified as "Credit Professional" by Omega of UK and also certified as "Trade Professional" by Standard Chartered Bank, UK. He is also a Director of International Leasing and Financial Services Limited (ILFSL).

 

Education:

University of Dhaka (Marketing)

 

 

Md. Fakhrul Alam

 

Deputy Managing Director - Corporate, Treasury and Investment Banking

Managing Director

 

 

Muklesur Rahman

 

Deputy Managing Director - Consumer Banking

Managing Director

 

 

 

Hassan O. Rashid

 

Deputy Managing Director

Managing Director

 

 

S. M. Akhtaruzzaman Akhtaruzzaman

 

Senior Executive VP & Head-Operations

Operations Executive

 

 

S. M. Akhtaruzzaman Chowdhury

 

Senior Executive Vice President, Head - Operations

Operations Executive

 

 

Md. Safiar Rahman

 

Senior Executive Vice President, Company Secretary

Company Secretary

 

 

Biography:

Mr. Md. Safiar Rahman is the Senior Executive Vice President, Company Secretary of Eastern Bank Ltd. He holds FCS.

 

Abul Moqsud

 

Executive Vice President, Head - Credit Risk Management

Finance Executive

 

 

Malick Musfique Reza

 

Executive Vice President, Head - Finance

Finance Executive

 

 

 

Md. Sirajul Islam

 

Executive Vice President, Head - Human Resources

Human Resources Executive

 

 

 

A. M. M. Moyen Uddin

 

Executive Vice President, Head - Information Techonology

Information Executive

 

 

Mahbubul Alam Tayiab

 

Senior Executive Vice President, Head - Internal Control & Compliance

Legal Executive

 

 

Syed Rafiqul Haq

 

Senior Executive Vice President, Area Head - Corporate Banking, Dhaka

Key Banking Contact

 

 

Sami Karim

 

Senior Executive Vice President, Head - SAMD (SME-S & CNB)

Other

 

 

Omar F. Khandaker

 

IT Consultant

Other

 

 

Akhtar Kamal Talukder

 

Senior Executive Vice President, Head - SAMD (Corporate & SME-M)

Other

 

 

 

Significant Developments

 

 

 

 

Credit Rating Information and Services Limited Rates Eastern Bank Ltd With AA

May 30, 2013


Credit Rating Information and Services Limited (CRISL) has rated Eastern Bank Ltd as AA in the long term and ST-2 in the short term in consideration of financials of the Company up to December 31, 2012 (audited) and other relevant quantitative as well as qualitative information up to the date of rating declaration.

Eastern Bank Ltd Recommends Cash Dividend

Feb 28, 2013


Eastern Bank Ltd announced that the Board of Directors has recommended cash dividend at 20% (at BDT2.00 per share of BDT10.00 each) for the year ended on December 31, 2012.

 

 

News

 

 

World Stock Reports: Chittagong Stock Exchange Ltd Securities Traded Statement: 15-08-2013
Plus News (2902 Words)

15-Aug-2013

 

 

Letter to the editor: One banker's take on what it means to be a community bank
Boston Business Journal (80 Words)

15-Aug-2013

 

 

More floods expected in Sudan after 53 die
Agence France-Presse (244 Words)

15-Aug-2013

 

 

Carter Validus Mission Critical REIT Closes on $225,000,000 Credit Facility.
Entertainment Close-up (217 Words)

15-Aug-2013

 

 

Bones and granite: an afternoon in Laurel Hill Cemetery
Chestnut Hill Local (1134 Words)

14-Aug-2013

 

 

World Stock Reports: Chittagong Stock Exchange Ltd Securities Traded Statement: 14-08-2013
Plus News (2682 Words)

14-Aug-2013

 

 

Kyivans fight developers for public space on the citys eastern bank
KPNews.com (248 Words)

14-Aug-2013

 

 

Kyivans fight developers for public space
KPNews.com (233 Words)

14-Aug-2013

 

 

World Stock Reports: Chittagong Stock Exchange Ltd Securities Traded Statement: 12-08-2013
Plus News (2542 Words)

12-Aug-2013

 

 

Carter Validus Mission Critical REIT Increases Credit Facility to $225,000,000
Business Wire (453 Words)

12-Aug-2013

 

 

: Save and stand to win S$10,000 cash *.Get up to 0.85%p.a.* interest when you save with UOB.
Company and Organization Website News (293 Words)

12-Aug-2013

 



Annual Income Statement

 

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

Period Length

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2012

Updated Normal
31-Dec-2011

Reclassified Normal
31-Dec-2011

Filed Currency

BDT

BDT

BDT

Exchange Rate (Period Average)

81.86564

74.041708

69.60265

Auditor

 

Rahman Rahman Huq

Rahman Rahman Huq

Auditor Opinion

 

Unqualified

Unqualified

 

 

 

 

    Interest & Fees on Loans

-

131.6

100.5

Interest Income, Bank

-

131.6

100.5

    Interest on Deposit

-

86.1

57.6

Total Interest Expense

-

86.1

57.6

Net Interest Income

-

45.5

42.9

 

 

 

 

Loan Loss Provision

-

9.8

5.5

Net Interest Income after Loan Loss Provision

-

35.7

37.4

 

 

 

 

    Commissions & Fees from Securities Activities

-

55.6

48.8

    Other Unusual Income

-

0.0

0.0

    Other Revenue

-

5.6

3.3

Non-Interest Income, Bank

-

61.3

52.5

    Labor & Related Expenses

-

-20.3

-16.9

    Other Unusual Expense

-

0.0

0.0

    Other Expense

-

-20.0

-13.9

Non-Interest Expense, Bank

-

-40.3

-30.8

Income Before Tax

-

56.7

59.0

 

 

 

 

Total Income Tax

-

22.2

22.9

Income After Tax

-

34.5

36.1

 

 

 

 

    Minority Interest

-

-0.3

-0.4

Net Income Before Extraord Items

-

34.2

35.7

Net Income

-

34.2

35.7

 

 

 

 

Income Available to Common Excl Extraord Items

-

34.2

35.7

 

 

 

 

Income Available to Common Incl Extraord Items

-

34.2

35.7

 

 

 

 

Basic/Primary Weighted Average Shares

-

611.2

611.2

Basic EPS Excl Extraord Items

-

0.06

0.06

Basic/Primary EPS Incl Extraord Items

-

0.06

0.06

Dilution Adjustment

-

0.0

0.0

Diluted Net Income

-

34.2

35.7

Diluted Weighted Average Shares

-

611.2

611.2

Diluted EPS Excl Extraord Items

-

0.06

0.06

Diluted EPS Incl Extraord Items

-

0.06

0.06

Dividends per Share - Common Stock Primary Issue

-

0.05

0.08

Gross Dividends - Common Stock

-

21.4

2.3

Depreciation, Supplemental

-

1.9

1.5

Total Special Items

-

0.0

-0.4

Normalized Income Before Tax

-

56.7

58.7

 

 

 

 

Effect of Special Items on Income Taxes

-

0.0

-0.1

Inc Tax Ex Impact of Sp Items

-

22.2

22.8

Normalized Income After Tax

-

34.5

35.9

 

 

 

 

Normalized Inc. Avail to Com.

-

34.2

35.5

 

 

 

 

Basic Normalized EPS

-

0.06

0.06

Diluted Normalized EPS

-

0.06

0.06

Amort of Intangibles, Supplemental

-

0.2

0.1

Bank Total Revenue

-

106.8

95.3

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

UpdateType/Date

Updated Normal
31-Dec-2012

Updated Normal
31-Dec-2011

Restated Normal
31-Dec-2011

Filed Currency

BDT

BDT

BDT

Exchange Rate

81.199997

81.83

70.475

Auditor

 

Rahman Rahman Huq

Rahman Rahman Huq

Auditor Opinion

 

Unqualified

Unqualified

 

 

 

 

Cash & Due from Banks

-

118.6

119.4

    Other Short Term Investments

-

82.1

42.6

        Securities Held

-

156.9

96.9

    Total Investment Securities

-

156.9

96.9

    Other Earning Assets

-

3.0

3.5

Other Earning Assets, Total

-

242.1

143.0

Net Loans

-

970.7

773.3

Property/Plant/Equipment - Net

-

54.6

51.5

    Other Assets

-

50.8

84.0

Other Assets, Total

-

50.8

84.0

Total Assets

-

1,436.7

1,171.1

 

 

 

 

    Non-Interest Bearing Deposits

-

91.2

78.3

    Interest Bearing Deposits

-

817.8

702.5

Total Deposits

-

909.1

780.8

    Long Term Debt

-

264.6

131.4

Total Long Term Debt

-

264.6

131.4

Total Debt

-

264.6

131.4

 

 

 

 

Minority Interest

-

1.8

2.1

    Other Liabilities

-

84.7

85.0

Other Liabilities, Total

-

84.7

85.0

Total Liabilities

-

1,260.2

999.3

 

 

 

 

    Common Stock

-

55.3

41.4

Common Stock

-

55.3

41.4

Retained Earnings (Accumulated Deficit)

-

130.6

144.4

    Translation Adjustment

-

0.2

0.0

    Other Equity

-

-9.6

-14.0

Other Equity, Total

-

-9.4

-14.0

Total Equity

-

176.5

171.8

 

 

 

 

Total Liabilities & Shareholders’ Equity

-

1,436.7

1,171.1

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

-

611.2

394.3

Total Common Shares Outstanding

-

611.2

394.3

Total Risk-Weighted Capital

-

1.6

1.5

Tier 1 Capital %

-

8.57%

8.14%

Total Capital %

-

10.93%

10.92%

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

Period Length

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2012

Updated Normal
31-Dec-2011

Restated Normal
31-Dec-2011

Filed Currency

BDT

BDT

BDT

Exchange Rate (Period Average)

81.86564

74.041708

69.60265

Auditor

 

Rahman Rahman Huq

Rahman Rahman Huq

Auditor Opinion

 

Unqualified

Unqualified

 

 

 

 

Cash Receipts

-

29.4

19.3

Cash Payments

-

-28.3

-23.5

Cash Taxes Paid

-

-18.8

-20.1

Cash Interest Paid

-

-73.0

-60.5

    Other Assets

-

-401.3

-176.3

    Other Liabilities

-

244.2

114.9

    Other Operating Cash Flow

-

154.3

126.3

Changes in Working Capital

-

-2.8

64.9

Cash from Operating Activities

-

-93.5

-19.7

 

 

 

 

    Purchase of Fixed Assets

-

-13.6

-2.8

Capital Expenditures

-

-13.6

-2.8

    Sale of Fixed Assets

-

0.0

0.0

    Investment, Net

-

-7.2

-8.7

    Other Investing Cash Flow

-

0.0

2.2

Other Investing Cash Flow Items, Total

-

-7.1

-6.5

Cash from Investing Activities

-

-20.7

-9.3

 

 

 

 

    Cash Dividends Paid - Common

-

0.0

-7.2

Total Cash Dividends Paid

-

0.0

-7.2

        Long Term Debt Issued

-

167.4

6.1

    Long Term Debt, Net

-

167.4

6.1

Issuance (Retirement) of Debt, Net

-

167.4

6.1

Cash from Financing Activities

-

167.4

-1.1

 

 

 

 

Net Change in Cash

-

53.2

-30.1

 

 

 

 

Net Cash - Beginning Balance

-

113.7

151.1

Net Cash - Ending Balance

-

166.9

120.9

 

 

     Annual Income Statement

 

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
31-Dec-2011

Reclassified Normal
31-Dec-2011

Filed Currency

BDT

BDT

Exchange Rate (Period Average)

74.041708

69.60265

Auditor

Rahman Rahman Huq

Rahman Rahman Huq

Auditor Opinion

Unqualified

Unqualified

 

 

 

    Interest income

131.6

100.5

Total Revenue

131.6

100.5

 

 

 

    Interest paid on deposits, borrowings et

86.1

57.6

    Provision for loans & advances-Specific

4.3

1.9

    Provision for loans & advances- General

5.4

3.6

Total Operating Expense

95.9

63.1

 

 

 

    Income from investments

26.2

29.5

    Commission, exchange and brokerage

29.4

19.3

    Other opearting income

5.6

3.2

    Salary and allowances

-20.1

-16.7

    Rents, taxes, insurance, electricity etc

-3.5

-2.8

    Legal and professional expenses

-0.6

-0.5

    Postage, stamp, telecommunication etc

-1.1

-0.9

    Stationary, printing, advertisement etc

-2.8

-2.4

    Managing directors salary and allowances

-0.2

-0.2

    Directors' fees and expenses

0.0

0.0

    Auditors fees

0.0

0.0

    Charges on loan losses

0.0

0.0

    Repairs, maintenance and depreciation

-4.2

-3.4

    Loss on sale of fixed assets

0.0

0.0

    Other office operating expenses

-4.3

-3.4

    Extraordinary income (exchange equalisat

0.0

0.3

    Gain from bargain purchase

0.0

0.1

    Other income of subsidiaries

0.0

0.1

    Other provisions

-3.4

-0.5

Total Non-Interest Revenue

61.3

52.5

 

 

 

Total Non-Interest Expense

-40.3

-30.8

 

 

 

Net Income Before Taxes

56.7

59.0

 

 

 

Provision for Income Taxes

22.2

22.9

Net Income After Taxes

34.5

36.1

 

 

 

    Non controlling Interest

-0.3

-0.4

Net Income Before Extra. Items

34.2

35.7

Net Income

34.2

35.7

 

 

 

Income Available to Com Excl ExtraOrd

34.2

35.7

 

 

 

Income Available to Com Incl ExtraOrd

34.2

35.7

 

 

 

Basic Weighted Average Shares

611.2

611.2

Basic EPS Excluding ExtraOrdinary Items

0.06

0.06

Basic EPS Including ExtraOrdinary Items

0.06

0.06

Dilution Adjustment

0.0

0.0

Diluted Net Income

34.2

35.7

Diluted Weighted Average Shares

611.2

611.2

Diluted EPS Excluding ExtraOrd Items

0.06

0.06

Diluted EPS Including ExtraOrd Items

0.06

0.06

DPS-Ordinary shares

0.05

0.08

Gross Dividends - Common Stock

21.4

2.3

Normalized Income Before Taxes

56.7

58.7

 

 

 

Inc Tax Ex Impact of Sp Items

22.2

22.8

Normalized Income After Taxes

34.5

35.9

 

 

 

Normalized Inc. Avail to Com.

34.2

35.5

 

 

 

Basic Normalized EPS

0.06

0.06

Diluted Normalized EPS

0.06

0.06

Depreciation, Supplemental

1.9

1.5

Amort of Intangibles, Supplemental

0.2

0.1

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Dec-2011

31-Dec-2010

UpdateType/Date

Updated Normal
31-Dec-2011

Restated Normal
31-Dec-2011

Filed Currency

BDT

BDT

Exchange Rate

81.83

70.475

Auditor

Rahman Rahman Huq

Rahman Rahman Huq

Auditor Opinion

Unqualified

Unqualified

 

 

 

    Cash in hand

13.4

10.3

    Balances with Bangladesh bank and its ag

60.2

41.9

    Balances with other banks and financial

43.8

51.7

    Balances with other banks and financial

1.2

15.5

    Money at call and short notice

32.4

0.0

    Investment-Government

156.9

96.9

    Investment-Others

49.7

42.6

    Loans, cash credits, overdrafts etc

970.7

773.3

    Bills purchased and discounted

19.9

58.3

    Fixed assets including premises, furnitu

54.6

51.5

    Other assets

30.9

25.7

    Non banking assets

3.0

3.5

Total Assets

1,436.7

1,171.1

 

 

 

    Current deposits and other assets

91.2

78.3

    Bills payable

9.9

15.3

    Savings bank deposits

160.8

182.4

    Fixed deposits

656.8

519.8

    Bearer certificates of deposits

0.3

0.3

    Other liabilities

74.7

69.7

    Borrowing from other banks, financial in

264.6

131.4

Total Long Term Debt

264.6

131.4

 

 

 

    Non controlling Interest

1.8

2.1

Total Liabilities

1,260.2

999.3

 

 

 

    Share capital-Paid up capital

55.3

41.4

    Statutory reserve

43.4

38.7

    Dividend equalisation reserve

4.4

5.1

    Reserve against pre-take over loss

19.0

22.1

    Pre-take over loss

-9.6

-14.0

    Reserve for amortisation of treasury sec

0.0

0.0

    Assets revaluation reserve

32.4

37.6

    Reserve for revaluation of treasury secu

5.0

11.7

    Reserve for building fund

0.0

0.0

    General reserve

2.0

2.3

    Retained earnings

21.6

23.7

    Foreign currency translation gain

0.2

0.0

    Reserve against non banking assets

2.9

3.3

Total Equity

176.5

171.8

 

 

 

Total Liabilities & Shareholders' Equity

1,436.7

1,171.1

 

 

 

    S/O-Ordinary shares

611.2

394.3

Total Common Shares Outstanding

611.2

394.3

Tier 1 Capital %

8.57%

8.14%

Total Capital %

10.93%

10.92%

Total Risk-Weighted Capital

1,589.7

1,489.5

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Dec-2011

31-Dec-2010

Period Length

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2011

Restated Normal
31-Dec-2011

Filed Currency

BDT

BDT

Exchange Rate (Period Average)

74.041708

69.60265

Auditor

Rahman Rahman Huq

Rahman Rahman Huq

Auditor Opinion

Unqualified

Unqualified

 

 

 

    Cash Receipts

29.4

19.3

    Cash Payments

-28.3

-23.5

    Interest received

128.8

99.5

    Cash Interest Paid

-73.0

-60.5

    Income taxes paid

-18.8

-20.1

    Dividend received

1.0

1.0

    Income from investment

25.2

27.9

    Recoveries of loans priviously written o

4.1

1.7

    Received from other operating activities

1.6

1.5

    Paid for other operating activities

-6.4

-5.2

    Changes in trading securities

-94.1

-6.2

    Loans and advances to customers (other t

-300.4

-156.1

    Other assets

-9.7

-14.1

    Foreign currency translation gain

0.2

0.0

    Recovery from BCCI assets

2.7

0.1

    Deposits from other banks

0.1

0.1

    Deposits from customers (other than bank

244.8

102.1

    Other liabilities

-0.7

12.7

Cash from Operating Activities

-93.5

-19.7

 

 

 

    Changes in nontrading securities

-7.2

-8.7

    Purchase of property, plant and equipmen

-13.6

-2.8

    Sale proceeds of fixed assets

0.0

0.0

    Non controlling Interest

0.0

2.2

Cash from Investing Activities

-20.7

-9.3

 

 

 

    Borrowings from other banks, financial i

167.4

6.1

    Dividend paid (Cash dividend)

0.0

-7.2

Cash from Financing Activities

167.4

-1.1

 

 

 

Net Change in Cash

53.2

-30.1

 

 

 

Net Cash - Beginning Balance

113.7

151.1

Net Cash - Beginning Balance

166.9

120.9

 

 

Financial Health

 

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

Key Indicators USD (mil)

 

Quarter
Ending

Quarter
Ending
Yr Ago

Annual
Year End

1 Year
Growth

3 Year
Growth

5 Year
Growth

Banking Industry Specific USD (mil)

 

31-Dec-2011

31-Dec-2010

 

 

 

 

Interest Income, Bank (?)

131.6

100.5

 

 

 

 

Total Interest Expense (?)

86.1

57.6

 

 

 

 

Loan Loss Provision (?)

9.8

5.5

 

 

 

 

Cash & Due from Banks (?)

118.6

119.4

 

 

 

 

Total Deposits (?)

909.1

780.8

 

 

 

 

1-ExchangeRate: BDT to USD Average for Period

74.041708

69.602650

 

 

 

 

3-ExchangeRate: BDT to USD Period End Date

81.830000

70.475000

 

 

 

 

Key Ratios

 

31-Dec-2011

31-Dec-2010

Profitability

Pretax Margin (?)

43.09%

58.73%

Net Profit Margin (?)

25.99%

35.52%

Financial Strength

Long Term Debt/Equity (?)

1.50

0.76

Total Debt/Equity (?)

1.50

0.76

Management Effectiveness

Return on Assets (?)

2.55%

-

Return on Equity (?)

19.08%

-

Efficiency

Receivables Turnover (?)

0.12

-

Asset Turnover (?)

0.08

-

Market Valuation USD (mil)

Enterprise Value (?)

361.9

.

Enterprise Value/EBITDA (TTM) (?)

6.46

Market Cap as of 25-Jul-2013 (?)

206.5

.

 

 

1-ExchangeRate: BDT to USD on 25-Jul-2013

77.844759

 

 

 

2-ExchangeRate: BDT to USD on 25-Jul-2013

77.844759

 

 

 

 

     Annual Ratios

 

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 



 

 

31-Dec-2011

31-Dec-2010

Financial Strength

Long Term Debt/Equity (?)

1.50

0.76

Total Debt/Equity (?)

1.50

0.76

Long Term Debt/Total Capital (?)

0.60

0.43

Total Debt/Total Capital (?)

0.60

0.43

Payout Ratio (?)

84.46%

135.28%

Effective Tax Rate (?)

39.22%

38.81%

Total Capital1 (?)

441.1

303.1

 

 

 

Efficiency

Asset Turnover (?)

0.08

-

Receivables Turnover (?)

0.12

-

Days Receivables Outstanding (?)

3,090.78

-

 

 

 

Profitability

Pretax Margin (?)

43.09%

58.73%

Net Profit Margin (?)

25.99%

35.52%

 

 

 

Management Effectiveness

Return on Assets (?)

2.55%

-

Return on Equity (?)

19.08%

-

 

 

 

Valuation

Free Cash Flow/Share2 (?)

-0.16

-0.06

Operating Cash Flow/Share 2 (?)

-0.14

-0.05

1-ExchangeRate: BDT to USD Period End Date

81.83

70.475

2-ExchangeRate: BDT to USD Average for Period

81.83

70.475

 

 

FOREIGN EXCHANGE RATES

 

Currency

Unit

Indian Rupees

US Dollar

1

Rs.61.81

UK Pound

1

Rs.96.56

Euro

1

Rs.82.45

 

INFORMATION DETAILS

 

Report Prepared by :

NLM

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.