MIRA INFORM REPORT

Report Date :

19.08.2013

IDENTIFICATION DETAILS

Name :	ISLAMI BANK BANGLADESH LIMITED
Registered Office :	Islami Bank Tower, Islami Bank Tower 40, Dilkusha C/A ( 9th floor ) GPO Box No.23, Dhaka, 1000
Country :	Bangladesh
Financials (as on) :	31.12.2012
Date of Incorporation :	13.03.1993
Legal Form :	Public Independent
Line of Business :	Banking Company
No. of Employees :	12,188

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, 31^st, 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 and address

ISLAMI BANK BANGLADESH LIMITED

Islami Bank Tower, Islami Bank Tower 40

Dilkusha C/A ( 9th floor )

GPO Box No.23

Dhaka, 1000

Bangladesh

Tel:	880-2-9563040
Fax:	880-2-9564532
www.islamibankbd.com

Employees:

12,188

Company Type:

Public Independent

Traded:

Dhaka Stock Exchange:

ISLAMIBANK

Incorporation Date:

13-Mar-1993

Auditor:

ACNABIN

Financials in:	USD (In Millions)
Fiscal Year End:	31-Dec-2012
Reporting Currency:	Bangladesh Taka
Annual Sales:	301.3 ^1
Net Income:	68.6
Total Assets:	5,944.0 ^2
Market Value:	673.1
	(25-Jul-2013)

Business Description

Islami Bank Bangladesh Limited is a banking Company. The Company conducts its business on the Shari’ah principles of Mudaraba, Musharaka, Bai-Murabaha, Bai-Muajjal, Hire Purchase under Shirkatul Melk, Bai-Salam and Bai-as-Sarf. There is a Shari‘ah Supervisory Committee in the Bank who ensures that the activities of the Company are being conducted on the precepts of Islam. The Bank carries out its business activities through its Head Office in Dhaka, 14 Zonal Offices and 276 branches including 30 small and medium-sized enterprise (SME)/Agriculture branches in Bangladesh. The Company’s deposits include Al-Wadeeah Current Account, Mudaraba Savings Account, Mudaraba Term Deposit Receipt, Mudaraba Special Notice Account, Mudaraba Special Savings (Pension) Account and Mudaraba Hajj Savings Account. It investment modes include Bai- Muajjal, Bai-Murabaha and Hire Purchase under Shirkatul Meelk. For the three months ended 31 March 2013, Islami Bank Bangladesh Limited interest income increased 21% to BDT11.87B. Net interest income after loan loss provision decreased 23% to BDT2.95B. Net income decreased 71% to BDT581M. Net interest income after loan loss provision reflects decrease in interest earning assets and increase in interest bearing liabilities.

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:	6021 - National Commercial Banks

Key Executives

Name	Title
Mohammad Abdul Mannan	Managing Director, Director
Mohammad Nesar Uddin	Chief Financial Officer and Executive Vice President
Muhammad Abul Bashar	Deputy Managing Director
Abdus Sadeque Bhuiyan	Executive Vice President
Abu Nasser Muhammad Abduz Zaher	Chairman of the Board - Representative of Ibn Sina Pharmaceuticals Ltd.

Significant Developments

Topic	#*	Most Recent Headline	Date
Equity Investments	3	Islami Bank Bangladesh Ltd Updates On Change In Holding Interest Of Ibn Sina Trust	30-Sep-2012
Dividends	2	Islami Bank Bangladesh Ltd Proposes Bonus Share	14-May-2013
Debt Ratings	1	Credit Rating Information and Services Limited Rates Islami Bank Bangladesh 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
World Stock Reports: Chittagong Stock Exchange Ltd Securities Traded Statement: 14-08-2013 Plus News (2682 Words)	14-Aug-2013
IBBL observes 30th anniversary The New Nation (508 Words)	12-Aug-2013
World Stock Reports: Chittagong Stock Exchange Ltd Securities Traded Statement: 12-08-2013 Plus News (2542 Words)	12-Aug-2013
World Stock Reports: Chittagong Stock Exchange Ltd Securities Traded Statement: 06-08-2013 Plus News (2711 Words)	6-Aug-2013
World Stock Reports: Chittagong Stock Exchange Ltd Securities Traded Statement: 05-08-2013 Plus News (2698 Words)	5-Aug-2013

Financial Summary

As of 31-Mar-2013

Key Ratios	Company	Industry
Debt to Equity (MRQ)	0.07
Sales 5 Year Growth	24.55	11.33
Net Profit Margin (TTM) %	16.62	42.82
Return on Assets (TTM) %	0.91	5.01
Return on Equity (TTM) %	12.12	3.28

Stock Snapshot

Traded: Dhaka Stock Exchange: ISLAMIBANK

As of 25-Jul-2013

   Financials in: BDT

Recent Price	35.80	EPS	4.45
52 Week High	40.20	Price/Sales	2.12
52 Week Low	33.33	Dividend Rate	0.80
Avg. Volume (mil)	0.71	Price/Earnings	10.30
Market Value (mil)	52,397.88	Price/Book	1.13

	Price % Change	Rel S&P 500%
4 Week	-8.21%
13 Week	3.17%
52 Week	4.19%
Year to Date	-2.14%

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

Corporate Overview

Location
Islami Bank Tower, Islami Bank Tower 40
Dilkusha C/A ( 9th floor )
GPO Box No.23
Dhaka, 1000
Bangladesh

Tel:	880-2-9563040
Fax:	880-2-9564532

www.islamibankbd.com

Quote Symbol - Exchange
ISLAMIBANK - Dhaka Stock Exchange
Sales BDT(mil):	24,669.0
Assets BDT(mil):	482,649.5
Employees:	12,188
Fiscal Year End:	31-Dec-2012

Industry:

Commercial Banks

Incorporation Date:	13-Mar-1993
Company Type:	Public Independent
Quoted Status:	Quoted

Chairman of the Board - Representative of Ibn Sina Pharmaceuticals Ltd.:	Abu Nasser Muhammad Abduz Zaher

Industry Codes

ANZSIC 2006 Codes:
6221	-	Banking

ISIC Rev 4 Codes:
6419	-	Other monetary intermediation

NACE Rev 2 Codes:
6419	-	Other monetary intermediation

NAICS 2012 Codes:
52211	-	Commercial Banking

US SIC 1987:
6021	-	National Commercial Banks

UK SIC 2007:
64191	-	Banks

Business Description

Islami Bank Bangladesh Limited is a banking Company. The Company conducts its business on the Shari’ah principles of Mudaraba, Musharaka, Bai-Murabaha, Bai-Muajjal, Hire Purchase under Shirkatul Melk, Bai-Salam and Bai-as-Sarf. There is a Shari‘ah Supervisory Committee in the Bank who ensures that the activities of the Company are being conducted on the precepts of Islam. The Bank carries out its business activities through its Head Office in Dhaka, 14 Zonal Offices and 276 branches including 30 small and medium-sized enterprise (SME)/Agriculture branches in Bangladesh. The Company’s deposits include Al-Wadeeah Current Account, Mudaraba Savings Account, Mudaraba Term Deposit Receipt, Mudaraba Special Notice Account, Mudaraba Special Savings (Pension) Account and Mudaraba Hajj Savings Account. It investment modes include Bai- Muajjal, Bai-Murabaha and Hire Purchase under Shirkatul Meelk. For the three months ended 31 March 2013, Islami Bank Bangladesh Limited interest income increased 21% to BDT11.87B. Net interest income after loan loss provision decreased 23% to BDT2.95B. Net income decreased 71% to BDT581M. Net interest income after loan loss provision reflects decrease in interest earning assets and increase in interest bearing liabilities.

More Business Descriptions

Provision of interest-free commercial banking services based on Islamic Shariah law

Commercial Banking Services

Islami Bank Bangladesh Limited (Islami Bank) is a commercial banking services provider. The bank’s product portfolio includes investment modes, deposit, rural development and special schemes. It provides financial products and services to individual customers, corporate customers, government, small and medium enterprises and institution. Islami Bank also offers foreign exchange and small and medium enterprises (SMEs) services. The bank serves to customers in Southeast Asia. The bank’s activities include maintaining deposit accounts, make investments, conduct foreign exchange business, extend other banking services, and to conduct social welfare activities through Islami Bank Foundation. It offers various deposit schemes such as Al-Wadeeah Current Account, Mudaraba Term Deposit Receipt, Mudaraba Savings Bond Scheme, Mudaraba Savings Account, Mudaraba Special Notice Account, Mudaraba Special Savings (Pension) Account, Mudaraba Hajj Savings Account, Mudaraba Foreign Currency Deposit Scheme (Savings), Mudaraba Waqf Cash Deposit Account, Mudaraba Monthly Profit Deposit Scheme and Mudaraba Muhor Savings Deposit Scheme. Islami Bank’s investment services include Bai- Muajjal, Bai- Murabaha, Hire purchase under Shirkatul Meelk, Mudarabah, Musharaka, Bai- Salam and Equity and entrepreneurship Fund of Bangladesh Bank. The bank also offers various Investment schemes such as household durables scheme (HDS), real estate investment program, micro industries investment scheme, car investment scheme, transport investment program, small business investment scheme, agriculture implements investment scheme, investment scheme for doctors and micro industries investment scheme. It has the rural development scheme that offers investment facilities to rural housing, agricultural, other farming and off-farming activities in the rural areas. Islami Bank offers finance for self-employment, educational services, safe drinking water, sanitation and medicare facilities and income generating activities. The bank also offers finance for the investment needs of agriculture and rural sector; and automated teller machine services. It also provides locker and inter-bank financial telecommunication services and also offers foreign exchange services. The foreign exchange business of Islami Bank offers remittance arrangements and NBR services.Islami Bank offers services such as NRB services, SME services, foreign exchange business services, locker services and offshore banking services. It operates through 12 zonal offices, 246 branches, and 30 SME/agriculture branches.

Islami Bank Bangladesh Limited (Islami Bank) is a commercial banking services provider. The bank’s product portfolio includes investment modes, deposit, rural development and special schemes. Its activities include maintaining deposit accounts, make investments, conduct foreign exchange business, extend other banking services, and to conduct social welfare activities through Islami Bank Foundation. Islami Bank offers various deposit schemes such as Al-Wadeeah Current Account, Mudaraba Term Deposit Receipt, Mudaraba Savings Bond Scheme, and Mudaraba Savings Account. The bank’s investment services include Bai- Muajjal, Bai- Murabaha, Hire purchase under Shirkatul Meelk, Mudarabah, Musharaka, Bai- Salam and Equity and entrepreneurship Fund of Bangladesh Bank. It has the rural development scheme that offers investment facilities to rural housing, agricultural, other farming and off-farming activities in the rural areas. The bank offers NRB services, SME service, foreign exchange, locker service, and offshore banking services. Islami Bank is headquartered in Dhaka, Bangladesh.The bank reported interest income of (Bangladeshi Taka) BDT 43,672.23 million during the fiscal year ended December 2012, an increase of 36.39% over 2011. The net interest income after loan loss provision of the bank was BDT 14,258.76 million during the fiscal year 2012, an increase of 30.28% over 2011. The net profit of the bank was BDT 5,616.75 million during the fiscal year 2012, an increase of 21.45% over 2011.

Financial Data

Financials in:	BDT(mil)
Revenue:	24,669.0
Net Income:	5,616.8
Assets:	482,649.5
Long Term Debt:	3,000.0
Total Liabilities:	442,988.2
Date of Financial Data:	31-Dec-2012

1 Year Growth

22.6%

21.5%

24.0%

Market Data

Quote Symbol:	ISLAMIBANK
Exchange:	Dhaka Stock Exchange
Currency:	BDT
Stock Price:	35.8
Stock Price Date:	07-25-2013
52 Week Price Change %:	4.2
Market Value (mil):	52,397,880.0
SEDOL:	6459833
ISIN:	BD0104ISBNK0
Equity and Dept Distribution:
04/2010, Scrip Issue, 2 new shares for every 10 shares held 12/2011, 10-for-1 Stock split.04/2012, Bonus Issue, 25 new shares for every 100 shares held. 04/2013, Scrip Issue, 17 new shares for every 100 shares held.

Key Corporate Relationships

Auditor:	ACNABIN
Auditor:	A Qasem & Co, ACNABIN, ACNABIN

Competitors Report

CompanyName	Location	Employees	Ownership
Bangladesh Bank	Dhaka, Bangladesh	4,951	Private

Executives Report

Board of Directors

Name	Title	Function
Abu Nasser Muhammad Abduz Zaher	Chairman of the Board - Representative of Ibn Sina Pharmaceuticals Ltd.	Chairman
Biography: Prof. Abu Nasser Muhammad Abduz Zaher is Chairman of the Board of Islami Bank Bangladesh Ltd. He is a Representative of Ibn Sina Pharmaceuticals Ltd. He achieved his Masters Degree in English literature from the University of Rajshahi. He started his professional life with teaching at Khandaker Mosharrof Hossain Degree College in the early seventies. Later he joined at the Royal Embassy of Kingdom of Saudi Arabia in Dhaka, Bangladesh as the Secretary and performed duties for about 13 years. He is now the Managing Director of Ibn Sina Pharmaceuticals Ltd., a prominent Pharmaceutical Company in Bangladesh. He is also the Chairman of Islamic Banks Consultative Forum (IBCF), Industrialists and Businessmen Welfare Foundation (IBWF). He is the Vice Chairman of Bangladesh Association of Banks (BAB). He is the Advisor of Bangladesh Association of Pharmaceutical Industries. He is also a Board Member of General Council for Islamic Banks & Financial Institutions(CIBAFI). He is an honoured personality for his pioneer steps in establishment of Islamic banking systems as well as Islamic Economics. was the Director of IBBL in different times and was the Chairman of the Executive Committee. He is a Founding Member of Fouad Al Khateeb Foundation, Badhsa Faisal Institute, Ibn Sina Trust Dhaka, Manarat International School & College, Ibn Tymia College, Islamic Education Society, Bangladesh Islamic Centre and Syndicate member of the Manarat International University of Bangladesh. is playing vital role in social welfare related works. He is related with founding and development of hundreds of educational institutions. He patronized to establish many private hospitals and helped thousands of people for treatment. He helped many poor people to avail housing facility, many poor students in their education and marriage of many poor brides. visited Saudi Arabia several times. Age: 65 Education: Rajshahi University, M (English Literature)
Yousif Abdullah Al-Rajhi	Vice Chairman of the Board - Representative of Al-Rajhi Co. for Industry & Trade, Riyadh, K.S.A.	Vice-Chairman
Biography: Janab Yousif Abdullah Al-Rajhi is Vice Chairman of the Board of Islami Bank Bangladesh Ltd. He is a Representative of Al-Rajhi Co. for Industry & Trade, Riyadh, K.S.A. He is a foreign Director of the Bank. He served as a Branch Manager of Al-Rajhi Banking & Investment Corporation from 1987 to 1998, he also served as Project Finance manager of Al-Rajhi Banking & Investment Corporation from 1992 to 1995 and served as DGM of Al-Rajhi Company for Industry & Trade from 1996 till recent promotion to the rank of General Manager.
Mustafa Anwar	Vice Chairman of the Board	Vice-Chairman
Biography: Engr. Mustafa Anwar is Vice Chairman of the Board of lami Bank Bangladesh Limited. He is the former Engineer of Bangladesh Water Development Board (BWDB). Engr. Mustafa Anwar is Chairman & Managing Director of Birds Group. He is also Managing Director of CGC Ltd. He is Chairman & Advisor of several standing Committee of BGMEA. He completed his graduation in Civil Engineering. He is engaged in various social, educational and cultural organizations such as Ex-President & Founder member of Moitri Samity (Socio-Cultural organization); Editor, The Weekly Bikram; Trustee, Darul Ehsan University, Dhaka and Chairman, Shikor International School, Dhaka.
Salauddin Ahmed	Director	Director/Board Member
Mohammad Abdullah Al Jalahma	Director - Representative of Kuwait Awqaf Public Foundation	Director/Board Member
Biography: Janab Mohammad Abdullah Al Jalahma is a Director of Islami Bank Bangladesh Ltd., since April 06, 2009. He is a Representative on behalf of Kuwait Awqaf Public Foundation. At present he is a Deputy Secretary General of Kuwait Awqaf Public Foundation, Kuwait.
Abdulhameed Fouad Al-Khateeb	Director	Director/Board Member
Biography: Dr. Abdulhameed Fouad Al-Khateeb is a Director of Islami Bank Bangladesh Ltd., since September 1, 2006. He is a Saudi National having Ph.D in Biomedical Engineering and Asstt. Professor King Abdul Aziz University, Jeddah, KSA.
Abdullah Abdul Aziz Al-Rajhi	Director	Director/Board Member
Humayun Bokhteyar	Depositor Director	Director/Board Member
Biography: Janab Humayun Bokhteyar, ACPA, FCA, is a Depositor Director of Islami Bank Bangladesh Limited since September 01, 2010. He obtained Chartered Accountancy Degree from Bangladesh and Australia. He has long senior level financial management experience with services and manufacturing sectors in Bangladesh and Australia. He is also practicing as a Chartered Accountant over 10 years. He has excellent knowledge Financial Accounting, Financial Management, Auditing, Taxation, Company Law & Secretarial services. He is also member of Australian Society of Certified Practicing Accountants, Australian Computer Society, The Australian Society of CPA’S and Associate of cost and Executive Accountant (ACEA) UK. He is the founder and Managing Partner of public Accounting and Auditing firm M/s Bokhteyar Humayun & Co., Chartered Accountant.
Md Abul Hossain	Director	Director/Board Member
Md. Khurshed Hossain	Director - Representative of ICB Asset Management Co. Ltd.	Director/Board Member
Biography: Janab Md. Khurshed Hossain is a Director of Islami Bank Bangladesh Ltd., since July 24, 2010. He is a representative of Investment Corporation of Bangladesh (ICB) Asset Management Co. Ltd. Having completed his MBA from USA. He started his career as a Banker. He has a long year experience in Banking Sector. Presently he serves as a General Manager, Investment Corporation of Bangladesh, a state-owned organization. Source: Reuters
A K M Sadrul Islam	Independent Director	Director/Board Member
Mohammed Nazrul Islam	Director	Director/Board Member
Biography: Janab Mohammed Nazrul Islam is a Director of Islami Bank Bangladesh Ltd. He obtained M. Sc. in Applied Geophysics from the University of Punjab, Lahore in 1979. He worked as teaching staff under the Ministry of Education, Kingdom of Saudi Arabia in different colleges from 1979 to 2003. Then retired and back to home. Now engaged in textile business and Chairman : Jex Textile (Pvt.) Ltd. Director : Baraka Textile Mills Ltd. Education: University of Punjab, MS
Md. Shahidul Islam	Director	Director/Board Member
Biography: Janab Md. Shahidul Islam is a Director of Islami Bank Bangladesh Ltd. He is the Chairman of Audit Committee of Islami Bank Bangladesh Limited. He is the Managing Director of Green Park Housing Ltd., Dhaka. He is associated with a number of social welfare organizations including Islami Bank Foundation. He spent a long time in K.S.A. He obtained Diploma in Arabic language from King Abdul Aziz University, K.S.A. On his return home, he has embarked in business. He is a Director of the “Daily Sangram� a National Daily. Source: Reuters
Md. Eskander Ali Khan	Director	Director/Board Member
Biography: Engr. Md. Eskander Ali Khan is a Director of slami Bank Bangladesh Limited. He is the Chairman of the Executive Committee of the Bank. He is a business man in Developer and Poultry Hatchery in Bangladesh. He completed his masters in Electrical Engineering from Bangladesh University of Engineering and Technology (BUET). He has 25 years experience as electrical engineer in UAE & Bangladesh. Education: Bangladesh University of Engineering and Technology, M (Electrical Engineering)
Muhammad Dawood Khan	Director	Director/Board Member
Biography: Engr. Muhammad Dawood Khan is a Director of Islami Bank Bangladesh Ltd. He is having experience over 30 years, who obtained B. Sc in Electrical & Electronic Engineering and Post-Graduate Diploma in Organizational Behaviour, Human Resource and Total Quality Management from Japan. He was responsible as a Principal Senior Engineer for 13 years in Long Distance Communication Department of Ministry of Posts, Telegraphs and Telephones, Kingdom of Saudi Arabia. Now he is the Chairman & Managing Director of DeshTech Group of Companies. Source: Reuters
Mohammad Abdul Mannan	Managing Director, Director	Director/Board Member
Biography: Janab Mohammad Abdul Mannan is Managing Director, Director of Islami Bank Bangladesh Limited. He joined the bank at the time of its inception in 1983 as Public Relations Officer. Later, he worked in its Nawabpur & Islampur Branch and served as Branch Incumbent in different capacities in Jessore, Mouchak and Head Office Complex Corporate branch for more than a decade with Success. He moved to Saudi Arabia in 1995 as the Banks marketing & development representative for KSA and subsequently he was simultaneously assigned to five other Gulf States, namely Kuwait, Qatar, Oman, Bahrain and the U.A.E. He served in those GCC countries till June 2000 and did groundwork for facilitating expatriate remittance to the country as well as to the bank. After returning from his assignment in abroad he took the charge of Head Office Complex Corporate Branch in August 2000 and under his leadership the branch became one of the top branch of the bank within a short time. He was promoted to the post of Executive Vice President in January 2003. Mr. Mannan took the charge of International Banking Wing in August 2005. He was promoted as Deputy Executive President in 2006. He gained diverse exposure by attending various national and international Training Programs, Seminars, Conferences and Workshops including the Global Leadership Development Program (GLDP), a flagship program of International Centre for Leadership in Finance (ICLIF) an organization of the Central Bank of Malaysia. He is a Fellow of the ICLIF. In his journey to this stage, he visited Germany, France, UK, USA, Canada, Japan, Iran, Malaysia, Saudi Arabia, Kuwait, Qatar, Bahrain, Oman, the U.A.E., China and Pakistan. He performed the holy Hajj four times during 1996 to 1999. Before joining IBBL in 1983, Mohammad Abdul Mannan was a senior journalist who worked in the field for about 17 (seventeen) years since 1969. He was Assistant Secretary General of Bangladesh Federal Union of Journalists (BFUJ) during 1980-83. Age: 61
Hafizul Islam Mian	Director	Director/Board Member
Biography: Janab Hafizul Islam Mian is a Director of Islami Bank Bangladesh Limited since April 17, 2009. He represents Islamic Education Society. He was Additional Secretary, Government of the Peoples Republic of Bangladesh. He is an established businessman.
Mohammad Adnan Midani	Director - Representative of Islamic Development Bank	Director/Board Member
Biography: Janab Mohamad Adnan Midani is a Director of Islami Bank Bangladesh Limited since May 19, 2010. He is a Representative of Islamic Development Bank. He is Chartered Accountant by profession. He is the Lead Internal Auditor, Group Internal Audit Department, Islamic Development Bank, Jeddah, KSA.
Mominul Islam Patwary	Director	Director/Board Member
Md. Abdus Salam	Depositor Director	Director/Board Member
Biography: Janab Md. Abdus Salam, FCA, FCS, is a Depositor Director of Islami Bank Bangladesh Limited since March 23, 2010. He obtained both Chartered Accountancy and Chartered Secretary degrees. He is also Vice President of ICAB and was a Vice President of ICSB. He is a Director of Ibn Sina Pharmaceuticals Industries Ltd. and chairman of the Audit Committee of IPI. He has been representing ICAB in education, training & CPD (Continuing Professional Development) Committee of SAFA (South Asian Federation of Accountants).
NRM Borhan Uddin	Independent Director	Director/Board Member
Biography: Professor NRM Borhan Uddin is an Independent Director of Islami Bank Bangladesh Limited since July 24, 2010. He obtained Ph.D. Degree in Management from Stevens Institute of Technology, New Jersy, USA. At present he is the Vice Chancellor of City University. He was a Member of Board of Directors of ICB Securities Trading Company Limited and Micro Group of Companies. Education: Stevens Institute of Technology, PHD (Management)

Executives

Name	Title	Function
Muhammad Abul Bashar	Deputy Managing Director	Managing Director
Age: 59
Rafi Ahmed Begh	Deputy Managing Director	Managing Director
Age: 57
Md. Shamsul Haque	Deputy Managing Director	Managing Director
Nurul Islam Khalifa	Deputy Managing Director	Managing Director
Age: 59
A. K. M. Abdul Malek Chowdhury	Deputy Managing Director	Managing Director
Mohammad Abdul Mannan	Managing Director, Director	Managing Director
Biography: Janab Mohammad Abdul Mannan is Managing Director, Director of Islami Bank Bangladesh Limited. He joined the bank at the time of its inception in 1983 as Public Relations Officer. Later, he worked in its Nawabpur & Islampur Branch and served as Branch Incumbent in different capacities in Jessore, Mouchak and Head Office Complex Corporate branch for more than a decade with Success. He moved to Saudi Arabia in 1995 as the Banks marketing & development representative for KSA and subsequently he was simultaneously assigned to five other Gulf States, namely Kuwait, Qatar, Oman, Bahrain and the U.A.E. He served in those GCC countries till June 2000 and did groundwork for facilitating expatriate remittance to the country as well as to the bank. After returning from his assignment in abroad he took the charge of Head Office Complex Corporate Branch in August 2000 and under his leadership the branch became one of the top branch of the bank within a short time. He was promoted to the post of Executive Vice President in January 2003. Mr. Mannan took the charge of International Banking Wing in August 2005. He was promoted as Deputy Executive President in 2006. He gained diverse exposure by attending various national and international Training Programs, Seminars, Conferences and Workshops including the Global Leadership Development Program (GLDP), a flagship program of International Centre for Leadership in Finance (ICLIF) an organization of the Central Bank of Malaysia. He is a Fellow of the ICLIF. In his journey to this stage, he visited Germany, France, UK, USA, Canada, Japan, Iran, Malaysia, Saudi Arabia, Kuwait, Qatar, Bahrain, Oman, the U.A.E., China and Pakistan. He performed the holy Hajj four times during 1996 to 1999. Before joining IBBL in 1983, Mohammad Abdul Mannan was a senior journalist who worked in the field for about 17 (seventeen) years since 1969. He was Assistant Secretary General of Bangladesh Federal Union of Journalists (BFUJ) during 1980-83. Age: 61
Md. Habibur Rahman Bhuiyan	Deputy Managing Director	Managing Director
Mohammad Nesar Uddin	Chief Financial Officer and Executive Vice President	Finance Executive
Barrister Mohammed Belayet Hossain	Director	Other
Abdus Sadeque Bhuiyan	Executive Vice President	Other
Age: 54
Janab Professor Nrm Borhan Uddin	Director	Other
Areef Suleman	Director	Other

Significant Developments

Credit Rating Information and Services Limited Rates Islami Bank Bangladesh Ltd With AA+

May 30, 2013

Credit Rating Information and Services Limited (CRISL) has rated Islami Bank Bangladesh Ltd as AA+ in the long term and ST-1 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.

Islami Bank Bangladesh Ltd Proposes Bonus Share

May 14, 2013

Islami Bank Bangladesh Ltd announced that it has proposed bonus share at 17% for the year 2012.

Islami Bank Bangladesh Ltd Recommends Cash Dividend

Mar 31, 2013

Islami Bank Bangladesh Ltd announced that the Board of Directors has recommended cash dividend at 8% (i.e. BDT0.80 per share of BDT10.00 each) and stock dividend at 17% for the year ended on December 31, 2012. Record date on April 11, 2013.

Islami Bank Bangladesh Ltd Updates On Change In Holding Interest Of Ibn Sina Trust

Sep 30, 2012

Islami Bank Bangladesh Ltd announced that Ibn Sina Trust, one of the Corporate Sponsors of the Company, has further reported that it has completed its sale of 500,000 shares of the Company at prevailing market price through Stock Exchange as announced earlier.

Islami Bank Bangladesh Ltd Announces Change In Holding Interest Of Ibn Sina Trust

Sep 16, 2012

Islami Bank Bangladesh Ltd announced that Ibn Sina Trust, one of the Corporate Sponsors of the Company, has expressed its intention to sell 500,000 shares out of its total holding of 28,959,512 shares of the Company at prevailing market price through Stock Exchange within next 30 working days.

Islami Bank Bangladesh Ltd Announces Change In Holding Interest Of Ibn Sina Trust

Sep 10, 2012

Islami Bank Bangladesh Ltd announced that Ibn Sina Trust, one of the Corporate Sponsors of the Company, has expressed its intention to sell 500,000 shares out of its total holding of 29,459,512 shares of the Company at prevailing market price through Stock Exchange within next 30 working days.

News

World Stock Reports: Chittagong Stock Exchange Ltd Securities Traded Statement: 15-08-2013 Plus News (2902 Words)	15-Aug-2013
World Stock Reports: Chittagong Stock Exchange Ltd Securities Traded Statement: 14-08-2013 Plus News (2682 Words)	14-Aug-2013
IBBL observes 30th anniversary The New Nation (508 Words)	12-Aug-2013
World Stock Reports: Chittagong Stock Exchange Ltd Securities Traded Statement: 12-08-2013 Plus News (2542 Words)	12-Aug-2013
World Stock Reports: Chittagong Stock Exchange Ltd Securities Traded Statement: 06-08-2013 Plus News (2711 Words)	06-Aug-2013
World Stock Reports: Chittagong Stock Exchange Ltd Securities Traded Statement: 05-08-2013 Plus News (2698 Words)	05-Aug-2013
IBBL distributing iftar among people The New Nation (80 Words)	04-Aug-2013
Cash Waqf gets popularity Financial Express Bangladesh (828 Words)	03-Aug-2013
World Stock Reports: Chittagong Stock Exchange Ltd Securities Traded Statement: 01-08-2013 Plus News (2857 Words)	02-Aug-2013
World Stock Reports: Chittagong Stock Exchange Ltd Securities Traded Statement: 31-07-2013 Plus News (2853 Words)	02-Aug-2013
Remittance trend remains positive The New Nation (243 Words)	01-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	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2012	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009
Filed Currency	BDT	BDT	BDT	BDT	BDT
Exchange Rate (Period Average)	81.86564	74.041708	69.60265	69.026932	68.582616
Auditor	ACNABIN	ACNABIN	ACNABIN	Howladar Yunus & Co.	Howladar Yunus & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Interest & Dividends on Investment Securities	23.8	10.6	5.4	1.3	0.8
Other Interest Income	509.7	421.9	350.4	308.3	284.2
Interest Income, Bank	533.5	432.5	355.8	309.6	285.0
Interest on Deposit	316.0	248.5	207.9	189.4	177.3
Total Interest Expense	316.0	248.5	207.9	189.4	177.3
Net Interest Income	217.5	183.9	147.9	120.1	107.6
Loan Loss Provision	43.3	36.1	16.0	18.3	16.5
Net Interest Income after Loan Loss Provision	174.2	147.8	131.9	101.8	91.1
Commissions & Fees from Securities Activities	64.3	71.5	57.4	49.8	48.7
Fees for Other Customer Services	0.4	0.3	0.4	0.2	0.2
Investment Securities Gains	5.9	4.5	7.0	1.7	6.0
Other Unusual Income	0.0	0.0	0.0	0.0	0.0
Other Revenue	11.9	10.5	9.2	3.8	3.6
Non-Interest Income, Bank	83.9	87.9	77.8	58.4	61.4
Labor & Related Expenses	-73.0	-63.2	-61.8	-45.6	-41.6
Depreciation Expense	-6.2	-5.5	-5.0	-4.0	-3.3
Other Unusual Expense	0.0	0.0	0.0	-	-
Other Expense	-29.4	-29.8	-20.9	-16.2	-15.2
Non-Interest Expense, Bank	-108.6	-98.5	-87.7	-65.9	-60.0
Income Before Tax	149.5	137.2	122.0	94.4	92.6
Total Income Tax	80.9	74.7	57.5	45.1	53.6
Income After Tax	68.6	62.5	64.4	49.3	39.0
Minority Interest	0.0	0.0	0.0	0.0	-
Net Income Before Extraord Items	68.6	62.5	64.4	49.3	39.0
Net Income	68.6	62.5	64.4	49.3	39.0
Income Available to Common Excl Extraord Items	68.6	62.5	64.4	49.3	39.0
Income Available to Common Incl Extraord Items	68.6	62.5	64.4	49.3	39.0
Basic/Primary Weighted Average Shares	1,251.0	1,251.0	1,463.6	1,084.2	903.5
Basic EPS Excl Extraord Items	0.05	0.05	0.04	0.05	0.04
Basic/Primary EPS Incl Extraord Items	0.05	0.05	0.04	0.05	0.04
Diluted Net Income	68.6	62.5	64.4	49.3	39.0
Diluted Weighted Average Shares	1,251.0	1,251.0	1,463.6	1,084.2	903.5
Diluted EPS Excl Extraord Items	0.05	0.05	0.04	0.05	0.04
Diluted EPS Incl Extraord Items	0.05	0.05	0.04	0.05	0.04
Dividends per Share - Common Stock Primary Issue	0.00	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	0.0	0.0	0.0	0.0
Depreciation, Supplemental	6.2	5.5	5.0	4.0	3.3
Total Special Items	-1.4	-1.1	-3.7	-3.0	-2.9
Normalized Income Before Tax	148.1	136.1	118.2	91.5	89.6
Effect of Special Items on Income Taxes	-0.8	-0.6	-1.8	-1.4	-1.7
Inc Tax Ex Impact of Sp Items	80.1	74.2	55.8	43.7	51.9
Normalized Income After Tax	68.0	62.0	62.5	47.8	37.8
Normalized Inc. Avail to Com.	68.0	62.0	62.5	47.8	37.8
Basic Normalized EPS	0.05	0.05	0.04	0.04	0.04
Diluted Normalized EPS	0.05	0.05	0.04	0.04	0.04
Rental Expenses	2.7	2.5	2.1	1.5	-
Advertising Expense, Supplemental	1.4	1.0	0.9	0.4	0.6
Research & Development Exp, Supplemental	1.8	6.3	1.9	-	-
Bank Total Revenue	301.3	271.8	225.7	178.6	169.1
Current Tax - Domestic	80.3	74.3	57.6	44.7	53.2
Current Tax - Total	80.3	74.3	57.6	44.7	53.2
Deferred Tax - Domestic	0.6	0.4	0.0	0.4	0.4
Deferred Tax - Total	0.6	0.4	0.0	0.4	0.4
Income Tax - Total	80.9	74.7	57.5	45.1	53.6

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
UpdateType/Date	Updated Normal 31-Dec-2012	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009
Filed Currency	BDT	BDT	BDT	BDT	BDT
Exchange Rate	81.199997	81.83	70.475	69.26	68.91
Auditor	ACNABIN	ACNABIN	ACNABIN	Howladar Yunus & Co.	Howladar Yunus & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Cash & Due from Banks	1,131.3	896.2	846.2	812.9	645.6
Interest-earning Deposits	0.2	0.1	0.1	0.1	0.1
Total Investment Securities	4,592.6	3,736.9	3,713.7	3,098.7	2,612.9
Other Earning Assets, Total	4,592.8	3,737.0	3,713.9	3,098.8	2,613.0
Buildings	74.5	46.8	51.3	50.3	33.1
Land/Improvements	92.6	29.9	34.8	35.3	22.8
Machinery/Equipment	43.0	32.4	30.6	25.8	22.2
Construction in Progress	0.9	1.1	1.0	0.6	0.5
Other Property/Plant/Equipment	0.2	0.2	0.2	0.0	0.0
Property/Plant/Equipment - Gross	211.2	110.3	117.9	112.0	78.7
Accumulated Depreciation	-28.7	-23.4	-22.0	-18.0	-14.7
Property/Plant/Equipment - Net	182.5	86.9	95.9	94.0	64.0
Other Assets	37.4	38.2	37.7	12.5	27.9
Other Assets, Total	37.4	38.2	37.7	12.5	27.9
Total Assets	5,944.0	4,758.3	4,693.7	4,018.2	3,350.4
Accounts Payable	51.9	35.0	42.3	36.8	33.5
Other Deposits	585.4	472.4	503.7	343.6	300.8
Total Deposits	5,094.0	4,142.6	4,100.1	3,490.4	2,899.5
Long Term Debt	36.9	36.7	42.6	43.3	43.5
Total Long Term Debt	36.9	36.7	42.6	43.3	43.5
Total Debt	36.9	36.7	42.6	43.3	43.5
Deferred Income Tax - LT Liability	2.9	2.4	2.3	2.4	2.0
Deferred Income Tax	2.9	2.4	2.3	2.4	2.0
Minority Interest	0.0	0.0	0.0	0.0	-
Other Liabilities	269.8	204.3	172.7	155.1	167.8
Other Liabilities, Total	269.8	204.3	172.7	155.1	167.8
Total Liabilities	5,455.5	4,420.9	4,360.0	3,727.9	3,146.4
Common Stock	154.1	122.3	105.2	89.2	69.0
Common Stock	154.1	122.3	105.2	89.2	69.0
Additional Paid-In Capital	0.0	0.0	0.0	0.0	0.0
Retained Earnings (Accumulated Deficit)	192.3	161.4	158.4	123.2	95.1
Unrealized Gain (Loss)	142.0	53.8	70.0	77.8	39.9
Total Equity	488.4	337.5	333.7	290.3	204.0
Total Liabilities & Shareholders’ Equity	5,944.0	4,758.3	4,693.7	4,018.2	3,350.4
Shares Outstanding - Common Stock Primary Issue	1,251.0	1,463.6	1,463.6	903.5	903.5
Total Common Shares Outstanding	1,251.0	1,463.6	1,463.6	903.5	903.5
Number of Common Shareholders	60,302	60,550	58,923	52,164	33,686
Tier 1 Capital %	9.08%	9.09%	-	-	-
Total Capital %	13.53%	13.13%	11.06%	-	-
Total Long Term Debt, Supplemental	36.9	36.7	42.6	43.3	43.5
Long Term Debt Maturing within 1 Year	-	-	-	0.0	0.0
Long Term Debt Maturing in Year 2	-	-	-	0.0	0.0
Long Term Debt Maturing in Year 3	-	-	-	0.0	0.0
Long Term Debt Maturing in Year 4	-	-	-	0.0	0.0
Long Term Debt Maturing in Year 5	-	-	-	0.0	0.0
Long Term Debt Maturing in 2-3 Years	-	-	-	0.0	0.0
Long Term Debt Maturing in 4-5 Years	-	-	-	0.0	0.0
Long Term Debt Matur. in Year 6 & Beyond	36.9	36.7	42.6	43.3	43.5

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2012	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009
Filed Currency	BDT	BDT	BDT	BDT	BDT
Exchange Rate (Period Average)	81.86564	74.041708	69.60265	69.026932	68.582616
Auditor	ACNABIN	ACNABIN	ACNABIN	Howladar Yunus & Co.	Howladar Yunus & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Cash Receipts	514.2	432.5	355.6	309.6	285.0
Cash Payments	-3.9	-3.2	-2.7	-2.2	-1.9
Cash Taxes Paid	-59.7	-54.8	-46.3	-52.1	-34.8
Other Assets	-818.1	-601.5	-720.6	-487.6	-522.9
Other Liabilities	931.1	660.3	668.6	583.0	477.7
Other Operating Cash Flow	-312.5	-231.4	-203.8	-183.6	-152.1
Changes in Working Capital	-199.4	-172.6	-255.8	-88.2	-197.3
Cash from Operating Activities	251.2	201.9	50.8	167.1	51.0
Purchase of Fixed Assets	-11.7	-9.9	-8.2	-4.7	-9.2
Capital Expenditures	-11.7	-9.9	-8.2	-4.7	-9.2
Sale/Maturity of Investment	14.3	0.0	-	-	-
Purchase of Investments	-137.5	-39.2	-18.6	-43.5	189.5
Other Investing Cash Flow Items, Total	-123.2	-39.2	-18.6	-43.5	189.5
Cash from Investing Activities	-134.9	-49.1	-26.8	-48.1	180.4
Other Financing Cash Flow	-8.6	0.0	-9.6	0.0	0.0
Financing Cash Flow Items	-8.6	0.0	-9.6	0.0	0.0
Sale/Issuance of Common	0.0	0.0	0.0	-	-
Common Stock, Net	0.0	0.0	0.0	-	-
Issuance (Retirement) of Stock, Net	0.0	0.0	0.0	-	-
Long Term Debt Issued	0.0	0.0	0.0	0.0	0.0
Long Term Debt, Net	0.0	0.0	0.0	0.0	0.0
Issuance (Retirement) of Debt, Net	0.0	0.0	0.0	0.0	0.0
Cash from Financing Activities	-8.6	0.0	-9.6	0.0	0.0
Foreign Exchange Effects	0.0	0.0	-	-	-
Net Change in Cash	107.7	152.8	14.4	118.9	231.3
Net Cash - Beginning Balance	702.2	623.5	648.9	535.3	538.8
Net Cash - Ending Balance	809.9	776.4	663.3	654.3	658.5
Depreciation	-	-	-	-	3.3

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	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2012	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009
Filed Currency	BDT	BDT	BDT	BDT	BDT
Exchange Rate (Period Average)	81.86564	74.041708	69.60265	69.026932	68.582616
Auditor	ACNABIN	ACNABIN	ACNABIN	Howladar Yunus & Co.	Howladar Yunus & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Income From General Investment	509.7	421.9	350.4	308.3	284.2
Investment Income	23.8	10.6	5.4	1.3	0.8
Total Revenue	533.5	432.5	355.8	309.6	285.0
Profit Paid on Deposits	316.0	248.5	207.9	189.4	177.3
Loan Loss Provisions	43.3	36.1	16.0	18.3	16.5
Total Operating Expense	359.3	284.6	223.9	207.7	193.8
Income From Investment In Shares/Securit	5.9	4.5	7.0	1.7	6.0
Commission, Exchange & Brokerage	64.3	71.5	57.4	49.8	48.7
Rent On Locker	0.1	0.1	0.1	0.0	0.0
Telephone/Trunk Call Charge Recoevered	0.1	0.2	0.4	0.6	0.5
P & T Charge Recovered	0.7	0.8	0.8	0.8	0.8
Legal Expenses Recovered	0.1	0.0	0.0	0.0	0.1
E & TA Fees Recovered	0.0	0.0	0.0	0.0	0.0
Income from ATM & Swift	2.4	1.8	1.5	1.1	1.0
Account maintenance charges realised	6.1	5.9	5.4	0.1	0.1
Service Charges Recovered	0.3	0.3	0.4	0.2	0.1
Service Charges recovered: OBU	0.0	0.0	0.0	-	-
Rent On Premises Realised	0.0	0.0	0.0	0.0	0.0
Sale Proceeds Of Tender Schedule	0.0	0.0	0.0	0.1	0.0
Profit On Sale Of Bank's Car	0.1	0.0	0.0	0.0	0.1
W/O Investment Recovery	1.3	1.0	3.7	2.9	2.8
Recruitment Fees Recovered	0.3	0.0	0.2	0.3	0.1
MICR Cheque Charge Realised	0.1	0.0	0.0	-	-
Others	2.1	1.7	0.7	0.8	1.0
Salary & Allowances	-72.8	-62.9	-61.6	-45.6	-41.3
Rent, taxes, insurances, electricity etc	-8.0	-6.8	-6.0	-1.5	-1.3
Legal Expenses	-0.2	-0.2	-0.2	-0.2	-0.2
Postage, stamps and telecommunication et	-1.4	-1.3	-1.2	-0.5	-0.5
Stationery, printing and advertisement e	-3.3	-2.7	-2.1	-1.0	-0.7
Chief Executive's Salary & Fees	-0.1	-0.1	-0.1	-0.1	-0.1
Directors' Fees & Expenses	-0.1	-0.1	-0.1	-0.1	-0.1
Shariah Council's Meeting Fees & Expense	0.0	0.0	0.0	0.0	0.0
Auditors' Fees	0.0	0.0	0.0	0.0	0.0
Depreciation and repair to banks asset	-6.2	-5.5	-5.0	-4.0	-3.3
Zakat Expenses	-4.0	-3.6	-3.2	-2.5	-1.9
Bank Charges	-0.4	-0.3	-0.3	-0.2	-0.1
Staff Welfare	-0.2	-0.1	-0.1	0.0	-0.3
Recruitment Expenses	-0.1	-0.1	-0.1	-	-
Loss on sale of Bank's Fixed Asset	0.0	0.0	0.0	-	-
Other Expenses	-12.0	-14.7	-7.6	-5.3	-5.7
Insurance	-	-	-	-2.1	-1.8
Electricity & Lighting	-	-	-	-1.3	-1.1
Swift Charges	-	-	-	-0.3	-0.2
Telephone	-	-	-	-0.4	-0.5
Fax & Internet	-	-	-	-0.1	-0.1
Stamps	-	-	-	0.0	0.0
Paper & Table Stationery	-	-	-	-0.2	-0.2
Advertisement & Publicity	-	-	-	-0.4	-0.6
Total Non-Interest Revenue	83.9	87.9	77.8	58.4	61.4
Total Non-Interest Expense	-108.6	-98.5	-87.7	-65.9	-60.0
Net Income Before Taxes	149.5	137.2	122.0	94.4	92.6
Provision for Income Taxes	80.9	74.7	57.5	45.1	53.6
Net Income After Taxes	68.6	62.5	64.4	49.3	39.0
Minority Interest	0.0	0.0	0.0	0.0	-
Net Income Before Extra. Items	68.6	62.5	64.4	49.3	39.0
Net Income	68.6	62.5	64.4	49.3	39.0
Income Available to Com Excl ExtraOrd	68.6	62.5	64.4	49.3	39.0
Income Available to Com Incl ExtraOrd	68.6	62.5	64.4	49.3	39.0
Basic Weighted Average Shares	1,251.0	1,251.0	1,463.6	1,084.2	903.5
Basic EPS Excluding ExtraOrdinary Items	0.05	0.05	0.04	0.05	0.04
Basic EPS Including ExtraOrdinary Items	0.05	0.05	0.04	0.05	0.04
Diluted Net Income	68.6	62.5	64.4	49.3	39.0
Diluted Weighted Average Shares	1,251.0	1,251.0	1,463.6	1,084.2	903.5
Diluted EPS Excluding ExtraOrd Items	0.05	0.05	0.04	0.05	0.04
Diluted EPS Including ExtraOrd Items	0.05	0.05	0.04	0.05	0.04
DPS-Fully Paid Ord. Shrs	0.00	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	0.0	0.0	0.0	0.0
Normalized Income Before Taxes	148.1	136.1	118.2	91.5	89.6
Inc Tax Ex Impact of Sp Items	80.1	74.2	55.8	43.7	51.9
Normalized Income After Taxes	68.0	62.0	62.5	47.8	37.8
Normalized Inc. Avail to Com.	68.0	62.0	62.5	47.8	37.8
Basic Normalized EPS	0.05	0.05	0.04	0.04	0.04
Diluted Normalized EPS	0.05	0.05	0.04	0.04	0.04
Depreciation, Supplemental	6.2	5.5	5.0	4.0	3.3
Research & Development Exp, Supplemental	1.8	6.3	1.9	-	-
Advertising Expense, Supplemental	1.4	1.0	0.9	0.4	0.6
Rental Expense, Supplemental	2.7	2.5	2.1	1.5	-
Current Tax	80.3	74.3	57.6	44.7	53.2
Current Tax - Total	80.3	74.3	57.6	44.7	53.2
Deferred Tax	0.6	0.4	0.0	0.4	0.4
Deferred Tax - Total	0.6	0.4	0.0	0.4	0.4
Income Tax - Total	80.9	74.7	57.5	45.1	53.6

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
UpdateType/Date	Updated Normal 31-Dec-2012	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009
Filed Currency	BDT	BDT	BDT	BDT	BDT
Exchange Rate	81.199997	81.83	70.475	69.26	68.91
Auditor	ACNABIN	ACNABIN	ACNABIN	Howladar Yunus & Co.	Howladar Yunus & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Cash in hand	77.7	56.9	53.7	35.8	45.1
Bank Balance	436.8	439.6	500.4	505.4	409.6
Financial Institutions	214.7	160.6	53.0	84.6	19.1
Financial Institutions-Outside Banglades	87.3	45.4	48.0	26.3	62.5
Investments in Shares &	289.5	170.2	165.6	160.4	109.0
Investments in Shares &-Other	25.3	23.5	25.6	0.4	0.4
General Investment	4,193.1	3,517.8	3,452.1	2,929.3	2,464.5
Bills Purchased & Discontinued	399.5	219.1	261.7	169.4	148.4
Land	92.6	29.9	34.8	35.3	22.8
Building	74.5	46.8	51.3	50.3	33.1
Construction/Work-in-process	0.9	1.1	1.0	0.6	0.5
Furniture & Fixtures	8.1	6.4	6.2	5.5	4.8
Mechanical appliances	28.8	20.5	19.0	15.4	12.8
Motor Vehicles	6.1	5.5	5.3	5.0	4.6
Books	0.0	0.0	0.0	0.0	0.0
Islami Bank Securities Limited	0.1	0.1	0.1	0.0	-
Depreciation	-28.7	-23.4	-22.0	-18.0	-14.7
Stock Of Stationery In Hand	1.1	1.0	1.1	0.8	0.8
Stamps In Hand	0.1	0.1	0.1	0.1	0.0
Advances Rent Paid	5.8	3.9	2.8	2.1	1.8
Security Deposits	0.2	0.1	0.1	0.1	0.1
Suspenses Accounts	19.0	12.9	10.5	7.5	4.5
Clearing adjustment	0.0	0.0	0.0	-	-
Accrued Income	8.0	4.5	4.6	2.0	5.9
Deferred revenue expenses	0.0	0.0	0.0	0.0	0.0
IB General Accounts	0.0	14.3	14.7	0.0	0.5
F.C. clearing adjustment	2.0	1.1	3.2	0.0	14.3
Receivables from Seylon Bank PLC	0.4	0.0	-	-	-
Other Assets	1.0	0.3	0.8	0.0	-
Total Assets	5,944.0	4,758.3	4,693.7	4,018.2	3,350.4
Mudaraba Savings Deposits	1,859.8	1,613.7	1,577.1	1,372.8	1,124.6
Mudaraba Term Deposits	1,198.0	796.4	725.9	653.6	532.7
Other Mudaraba Deposits	1,450.8	1,260.1	1,293.5	1,120.5	941.4
deposit accounts	585.4	472.4	503.7	343.6	300.8
Bills Payable	51.9	35.0	42.3	36.8	33.5
Other liabilities	269.8	204.3	172.7	155.1	167.8
Mudaraba Perpetual Bond	36.9	36.7	42.6	43.3	43.5
Total Long Term Debt	36.9	36.7	42.6	43.3	43.5
Minority Interest	0.0	0.0	0.0	0.0	-
Deferred Tax Liabilities	2.9	2.4	2.3	2.4	2.0
Total Liabilities	5,455.5	4,420.9	4,360.0	3,727.9	3,146.4
Paid - up Capital	154.1	122.3	105.2	89.2	69.0
Share Premium	0.0	0.0	0.0	0.0	0.0
Statutory Reserve	153.0	122.3	112.6	90.2	71.7
General & Other Reserves	2.0	2.3	8.7	6.3	2.8
Assets Revaluation Reserves	141.6	52.6	61.2	62.3	33.0
Revaluation Reserves Of Securities	0.4	1.1	8.8	15.6	6.9
Retained Earnings	37.4	36.9	37.1	26.8	20.7
Total Equity	488.4	337.5	333.7	290.3	204.0
Total Liabilities & Shareholders' Equity	5,944.0	4,758.3	4,693.7	4,018.2	3,350.4
S/O-Fully Paid Ord. Shrs	1,251.0	1,463.6	1,463.6	903.5	903.5
Total Common Shares Outstanding	1,251.0	1,463.6	1,463.6	903.5	903.5
Tier 1 Capital %	9.08%	9.09%	-	-	-
Total Capital %	13.53%	13.13%	11.06%	-	-
Number of Common Shareholders	60,302	60,550	58,923	52,164	33,686
Long Term Debt Maturing within 1 Year	-	-	-	0.0	0.0
Long Term Debt Maturing in Year 5	-	-	-	0.0	0.0
Long Term Debt - Remaining Maturities	36.9	36.7	42.6	43.3	43.5
Total Long Term Debt, Supplemental	36.9	36.7	42.6	43.3	43.5

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2012	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009
Filed Currency	BDT	BDT	BDT	BDT	BDT
Exchange Rate (Period Average)	81.86564	74.041708	69.60265	69.026932	68.582616
Auditor	ACNABIN	ACNABIN	ACNABIN	Howladar Yunus & Co.	Howladar Yunus & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Cash Receipts	514.2	432.5	355.6	309.6	285.0
Cash Payments	-3.9	-3.2	-2.7	-2.2	-1.9
Profit paid on mudaraba deposit	-296.7	-229.0	-198.6	-184.3	-155.4
Income/ Dividend receipt from Investment	5.9	4.5	4.6	3.9	3.0
Fees & Commission receipt in Cash	64.3	71.5	57.4	49.8	48.7
Recovery from written off investments	1.3	1.0	3.7	2.9	2.8
Payments to employees	-72.9	-63.0	-61.7	-45.7	-41.4
Cash Taxes Paid	-59.7	-54.8	-46.3	-52.1	-34.8
Receipts from other Operating Activities	12.4	10.8	9.5	4.1	4.0
Payments from other Operating Activities	-26.7	-27.3	-18.7	-14.3	-13.7
Increase/decrease of investments to cust	-819.4	-595.1	-676.8	-500.7	-512.3
Increase/decrease of other assets	1.3	-6.3	-43.8	13.1	-10.6
Increase/decrease of deposits from other	-5.3	6.8	0.8	1.0	-0.6
Increase/decrease of other liabilities a	933.0	647.9	683.7	595.4	474.8
Increase/decrease of other liabilities	3.5	5.6	-15.9	-13.4	3.5
Cash from Operating Activities	251.2	201.9	50.8	167.1	51.0
Proceeds from sale of securities	14.3	0.0	-	-	-
Payment for purchase of securities/BGIIB	-137.5	-39.2	-14.4	-43.5	189.5
Payment for Purchase Of Securities/Membe	0.0	0.0	-4.2	0.0	-
Purchase/Sale Of Property,Plant & Equipm	-11.7	-9.9	-8.2	-4.7	-9.2
Cash from Investing Activities	-134.9	-49.1	-26.8	-48.1	180.4
Receipts from issue of debt instruments	0.0	0.0	0.0	0.0	0.0
Receipts from issuing Ordinary Share/ Ri	0.0	0.0	0.0	-	-
Dividend paid in Cash	-8.6	0.0	-9.6	0.0	0.0
Cash from Financing Activities	-8.6	0.0	-9.6	0.0	0.0
Foreign Exchange Effects	0.0	0.0	-	-	-
Net Change in Cash	107.7	152.8	14.4	118.9	231.3
Depreciation	-	-	-	-	3.3
Cash,Begining Of Year	702.2	623.5	648.9	535.3	538.8
Cash,End Of Year	809.9	776.4	663.3	654.3	658.5

Financial Health

Financials in: USD (mil)

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

Key Indicators USD (mil)
Â	Quarter Ending 31-Mar-2013	Quarter Ending Yr Ago	Annual Year End 31-Dec-2012	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1 (?)	84.1	13.01%	301.3	22.59%	26.02%	24.37%
Income Available to Common Excl Extraord Items1 (?)	7.3	-70.50%	68.6	21.45%	18.17%	31.52%
Basic EPS Excl Extraord Items1 (?)	0.01	-70.50%	0.05	21.45%	12.67%	16.93%
Capital Expenditures2 (?)	2.5	2.00%	11.7	31.67%	43.75%	17.13%
Cash from Operating Activities2 (?)	-48.5	-	251.2	37.53%	21.25%	-
Free Cash Flow (?)	-51.6	-	241.4	37.83%	20.47%	-
Total Assets3 (?)	6,677.9	28.20%	5,944.0	23.95%	20.14%	20.32%
Total Liabilities3 (?)	6,163.3	27.58%	5,455.5	22.45%	19.71%	19.72%
Total Long Term Debt3 (?)	38.4	0.00%	36.9	0.00%	0.00%	0.00%
Total Common Shares Outstanding3 (?)	1,251.0	-14.53%	1,251.0	-14.53%	11.46%	17.61%
1-ExchangeRate: BDT to USD Average for Period	79.087523	Â	81.865640	Â	Â	Â
2-ExchangeRate: BDT to USD Average for Period	79.087523	Â	81.865640	Â	Â	Â
3-ExchangeRate: BDT to USD Period End Date	78.174971	Â	81.199997	Â	Â	Â

Banking Industry Specific USD (mil)
Â	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Interest Income, Bank1 (?)	533.5	432.5	355.8	309.6	285.0
Total Interest Expense1 (?)	316.0	248.5	207.9	189.4	177.3
Loan Loss Provision1 (?)	43.3	36.1	16.0	18.3	16.5
Cash & Due from Banks3 (?)	1,131.3	896.2	846.2	812.9	645.6
Total Deposits3 (?)	5,094.0	4,142.6	4,100.1	3,490.4	2,899.5
1-ExchangeRate: BDT to USD Average for Period	81.865640	74.041708	69.602650	69.026932	68.582616
3-ExchangeRate: BDT to USD Period End Date	81.199997	81.830000	70.475000	69.260000	68.910000

Key Ratios
Â	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Profitability
Pretax Margin (?)	28.02%	31.73%	34.28%	30.50%	32.48%
Net Profit Margin (?)	12.86%	14.44%	18.11%	15.93%	13.69%
Financial Strength
Long Term Debt/Equity (?)	0.08	0.11	0.13	0.15	0.21
Total Debt/Equity (?)	0.08	0.11	0.13	0.15	0.21
Management Effectiveness
Return on Assets (?)	1.29%	1.28%	1.47%	1.34%	1.27%
Return on Equity (?)	16.70%	18.09%	20.57%	19.92%	21.16%
Efficiency
Asset Turnover (?)	0.06	0.06	0.05	0.05	0.05

Market Valuation USD (mil)
P/E (TTM) (?)	10.24	.	Enterprise Value2 (?)	-818.2
Price/Sales (TTM) (?)	2.06	.	Price/Book (MRQ) (?)	1.11
Enterprise Value/EBITDA (TTM) (?)	-5.61	.	Market Cap1 (?)	673.1
1-ExchangeRate: BDT to USD on 25-Jul-2013	77.844759
2-ExchangeRate: BDT to USD on 31-Mar-2013	78.174971

Annual Ratios

Financials in: USD (mil)

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

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Financial Strength
Long Term Debt/Equity (?)	0.08	0.11	0.13	0.15	0.21
Total Debt/Equity (?)	0.08	0.11	0.13	0.15	0.21
Long Term Debt/Total Capital (?)	0.07	0.10	0.11	0.13	0.18
Total Debt/Total Capital (?)	0.07	0.10	0.11	0.13	0.18
Payout Ratio (?)	0.00%	0.00%	0.00%	0.00%	0.00%
Effective Tax Rate (?)	54.10%	54.48%	47.17%	47.78%	57.86%
Total Capital1 (?)	525.4	374.1	376.3	333.6	247.6
Efficiency
Asset Turnover (?)	0.06	0.06	0.05	0.05	0.05
Profitability
Pretax Margin (?)	28.02%	31.73%	34.28%	30.50%	32.48%
Net Profit Margin (?)	12.86%	14.44%	18.11%	15.93%	13.69%
Management Effectiveness
Return on Assets (?)	1.29%	1.28%	1.47%	1.34%	1.27%
Return on Equity (?)	16.70%	18.09%	20.57%	19.92%	21.16%
Valuation
Free Cash Flow/Share2 (?)	0.19	0.12	0.03	0.18	0.05
Operating Cash Flow/Share 2 (?)	0.20	0.12	0.03	0.18	0.06
1-ExchangeRate: BDT to USD Period End Date	81.199997	81.83	70.475	69.26	68.91
2-ExchangeRate: BDT to USD Average for Period	81.199997	81.83	70.475	69.26	68.91

Current Market Multiples
Market Cap/Earnings (TTM) (?)	11.99
Market Cap/Equity (MRQ) (?)	1.30
Market Cap/Revenue (TTM) (?)	1.15
Market Cap/EBIT (TTM) (?)	4.82
Market Cap/EBITDA (TTM) (?)	4.59
Enterprise Value/Earnings (TTM) (?)	-14.63
Enterprise Value/Equity (MRQ) (?)	-1.59
Enterprise Value/Revenue (TTM) (?)	-1.40
Enterprise Value/EBIT (TTM) (?)	-5.88
Enterprise Value/EBITDA (TTM) (?)	-5.61

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.82
UK Pound	1	Rs.96.57
Euro	1	Rs.82.45

INFORMATION DETAILS

Report Prepared by :

SDA

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%)

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