|
Report Date : |
19.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
MUTUAL TRUST BANK LTD |
|
|
|
|
Registered Office : |
MTB Centre, Plot 5, Block SE(D), 26 Gulshan Avenue, Dhaka, 1212 |
|
|
|
|
Country : |
Bangladesh |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
29.09.1999 |
|
|
|
|
Legal Form : |
Public Independent |
|
|
|
|
Line of Business : |
The principal activities of the bank were to provide all kinds of commercial banking services to its customers through its branches in Bangladesh, such as accepting deposits, corporate and retail banking, personal financial services and project finance, |
|
|
|
|
No. of Employees : |
1,317 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Bangladesh |
B1 |
B1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
BANGLADESH - ECONOMIC OVERVIEW
In real terms Bangladesh's economy has grown 5.8% per year since
1996 despite political instability, poor infrastructure, corruption,
insufficient power supplies, and slow implementation of economic reforms.
Bangladesh remains a poor, overpopulated, and inefficiently-governed nation.
Although more than half of GDP is generated through the service sector, 45% of
Bangladeshis are employed in the agriculture sector with rice as the
single-most-important product. Bangladesh's growth was resilient during the
2008-09 global financial crisis and recession. Garment exports, totaling $12.3
billion in FY09 and remittances from overseas Bangladeshis, totaling $11
billion in FY10, accounted for almost 12% of GDP.
Source
: CIA
Mutual Trust Bank
Ltd
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Business
Description
|
Mutual Trust Bank Limited (MTB) is a Bangladesh-based company. The
principal activities of the bank were to provide all kinds of commercial banking
services to its customers through its branches in Bangladesh, such as
accepting deposits, corporate and retail banking, personal financial services
and project finance, The Bank approximately has 80 branches, 15 small and
medium enterprises (SME)/Agri Branches and five Booths all over Bangladesh.
The booth is located at Hazrat Shahjalal International Airport, Dhaka and
Shah Amanat Airport,Chittagong. The principal activities of its Off-Shore
Banking Unit (OBU) were to provide all kinds of commercial banking services
to its customers in foreign currencies approved by the Bangladesh Bank. The
Company’s subsidiaries include MTB Securities Limited (MTBSL), MTB Exchange
(UK) Limited (MTB UK) and MTB Capital Limited (MTBCL). For the fiscal year
ended 31 December 2010, Mutual Trust Bank Ltd interest income increased 4% to
BDT4.46B. Net interest income after loan loss provision increased 4% to
BDT657.8M. Net income increased 20% to BDT988.3M. Net interest income after
loan loss provision reflects increase in interest earning assets and decrease
in interest bearing liabilities. Net income benefited from Interest Paid on
Deposit and Borrowing. |
Industry
|
Industry |
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ANZSIC 2006: |
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ISIC Rev 4: |
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NACE Rev 2: |
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NAICS 2012: |
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UK SIC 2007: |
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US SIC 1987: |
Key Executives
|
Significant
Developments
|
Stock
Snapshot
|
1 - Profit &
Loss Item Exchange Rate: USD 1 = BDT 81.86564
2 - Balance Sheet Item Exchange Rate: USD 1 = BDT 81.2
|
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Executives Report
|
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
31-Dec-2010 |
31-Dec-2009 |
|
Period Length |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
|
Exchange Rate
(Period Average) |
69.60265 |
69.026932 |
|
Auditor |
Hoda Vasi
Chowdhury & Co |
Hoda Vasi
Chowdhury & Co |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
Interest & Fees on Loans |
64.0 |
62.0 |
|
Interest Income, Bank |
64.0 |
62.0 |
|
Interest on Deposit |
47.2 |
49.4 |
|
Total Interest Expense |
47.2 |
49.4 |
|
Net Interest Income |
16.8 |
12.6 |
|
|
|
|
|
Loan Loss Provision |
7.3 |
3.4 |
|
Net Interest Income after Loan Loss Provision |
9.5 |
9.2 |
|
|
|
|
|
Commissions & Fees from Securities
Activities |
29.5 |
22.0 |
|
Other Revenue |
2.6 |
2.2 |
|
Non-Interest Income, Bank |
32.1 |
24.2 |
|
Labor & Related Expenses |
-8.0 |
-7.2 |
|
Depreciation Expense |
-1.4 |
-0.9 |
|
Other Expense |
-10.7 |
-5.2 |
|
Non-Interest Expense, Bank |
-20.1 |
-13.3 |
|
Income Before Tax |
21.4 |
20.2 |
|
|
|
|
|
Total Income Tax |
7.2 |
8.3 |
|
Income After Tax |
14.2 |
11.9 |
|
|
|
|
|
Minority Interest |
0.0 |
0.0 |
|
Net Income Before Extraord Items |
14.2 |
11.9 |
|
Net Income |
14.2 |
11.9 |
|
|
|
|
|
Income Available to Common Excl Extraord Items |
14.2 |
11.9 |
|
|
|
|
|
Income Available to Common Incl Extraord Items |
14.2 |
11.9 |
|
|
|
|
|
Basic/Primary Weighted Average Shares |
23.3 |
23.3 |
|
Basic EPS Excl Extraord Items |
0.61 |
0.51 |
|
Basic/Primary EPS Incl Extraord Items |
0.61 |
0.51 |
|
Diluted Net Income |
14.2 |
11.9 |
|
Diluted Weighted Average Shares |
23.3 |
23.3 |
|
Diluted EPS Excl Extraord Items |
0.61 |
0.51 |
|
Diluted EPS Incl Extraord Items |
0.61 |
0.51 |
|
Dividends per Share - Common Stock Primary Issue |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
|
Depreciation, Supplemental |
1.3 |
0.8 |
|
Normalized Income Before Tax |
21.4 |
20.2 |
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
7.2 |
8.3 |
|
Normalized Income After Tax |
14.2 |
11.9 |
|
|
|
|
|
Normalized Inc. Avail to Com. |
14.2 |
11.9 |
|
|
|
|
|
Basic Normalized EPS |
0.61 |
0.51 |
|
Diluted Normalized EPS |
0.61 |
0.51 |
|
Bank Total Revenue |
48.8 |
36.9 |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
31-Dec-2010 |
31-Dec-2009 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
|
Exchange Rate |
70.475 |
69.26 |
|
Auditor |
Hoda Vasi
Chowdhury & Co |
Hoda Vasi
Chowdhury & Co |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
Cash & Due from Banks |
94.4 |
96.9 |
|
Other Short Term Investments |
16.3 |
8.3 |
|
Securities Held |
114.5 |
129.4 |
|
Total Investment Securities |
114.5 |
129.4 |
|
Other Earning Assets, Total |
130.8 |
137.7 |
|
Net Loans |
535.0 |
454.7 |
|
Property/Plant/Equipment - Net |
10.9 |
6.4 |
|
Other Assets |
55.4 |
66.2 |
|
Other Assets, Total |
55.4 |
66.2 |
|
Total Assets |
826.5 |
762.0 |
|
|
|
|
|
Accounts Payable |
7.5 |
7.6 |
|
Non-Interest Bearing Deposits |
121.9 |
94.0 |
|
Interest Bearing Deposits |
521.1 |
509.9 |
|
Total Deposits |
643.0 |
603.9 |
|
Long Term Debt |
69.7 |
51.3 |
|
Total Long Term Debt |
69.7 |
51.3 |
|
Total Debt |
69.7 |
51.3 |
|
|
|
|
|
Minority Interest |
0.0 |
0.0 |
|
Other Liabilities |
44.1 |
46.0 |
|
Other Liabilities, Total |
44.1 |
46.0 |
|
Total Liabilities |
764.3 |
708.8 |
|
|
|
|
|
Common Stock |
30.1 |
25.5 |
|
Common Stock |
30.1 |
25.5 |
|
Retained Earnings (Accumulated Deficit) |
32.1 |
27.7 |
|
Translation Adjustment |
0.0 |
0.0 |
|
Other Equity, Total |
0.0 |
0.0 |
|
Total Equity |
62.1 |
53.2 |
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
826.5 |
762.0 |
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
23.3 |
19.4 |
|
Total Common Shares Outstanding |
23.3 |
19.4 |
|
Total Risk-Weighted Capital |
0.8 |
0.6 |
|
Tier 1 Capital % |
7.92% |
7.65% |
|
Total Capital % |
11.49% |
9.20% |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
31-Dec-2010 |
31-Dec-2009 |
|
Period Length |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
|
Exchange Rate
(Period Average) |
69.60265 |
69.026932 |
|
Auditor |
Hoda Vasi
Chowdhury & Co |
Hoda Vasi
Chowdhury & Co |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
Cash Receipts |
11.5 |
6.1 |
|
Cash Payments |
-6.9 |
-5.4 |
|
Cash Taxes Paid |
-9.0 |
-5.0 |
|
Cash Interest Paid |
-49.3 |
-47.2 |
|
Other Assets |
-13.1 |
-44.6 |
|
Other Liabilities |
71.2 |
166.7 |
|
Other Operating Cash Flow |
73.0 |
73.4 |
|
Loans, Gains/Losses |
-82.5 |
-76.0 |
|
Changes in Working Capital |
48.5 |
119.5 |
|
Cash from Operating Activities |
-5.1 |
67.9 |
|
|
|
|
|
Purchase of Fixed Assets |
-5.9 |
-1.9 |
|
Capital Expenditures |
-5.9 |
-1.9 |
|
Purchase of Investments |
-8.2 |
-4.9 |
|
Other Investing Cash Flow Items, Total |
-8.2 |
-4.9 |
|
Cash from Investing Activities |
-14.0 |
-6.8 |
|
|
|
|
|
Foreign Exchange Effects |
0.0 |
0.0 |
|
Net Change in Cash |
-19.2 |
61.1 |
|
|
|
|
|
Net Cash - Beginning Balance |
126.3 |
66.2 |
|
Net Cash - Ending Balance |
107.1 |
127.3 |
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per share
items (actual units) |
|
|
|
|
|
|
31-Dec-2010 |
31-Dec-2009 |
|
Period Length |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
|
Exchange Rate (Period
Average) |
69.60265 |
69.026932 |
|
Auditor |
Hoda Vasi
Chowdhury & Co |
Hoda Vasi
Chowdhury & Co |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
Interest Income |
64.0 |
62.0 |
|
Total Revenue |
64.0 |
62.0 |
|
|
|
|
|
Interest Paid on Deposit and Borrowing, |
47.2 |
49.4 |
|
Provision against Loans & Advances inclu |
7.3 |
3.4 |
|
Total Operating Expense |
54.6 |
52.8 |
|
|
|
|
|
Income from Investments |
15.0 |
12.4 |
|
Commission, Exchange and Brokerage |
14.5 |
9.6 |
|
Other Operating Income |
2.6 |
2.2 |
|
Salary and Allowances |
-7.8 |
-7.1 |
|
Rent, Tax, Insurance, Electricity |
-4.1 |
-1.7 |
|
Legal Expense |
0.0 |
0.0 |
|
Postage, Stamps and Telephone |
-0.7 |
-0.4 |
|
Printing, Stationery, Advertisement |
-1.1 |
-0.5 |
|
Managing Director's Remuneraon |
-0.1 |
-0.1 |
|
Directors' Fee |
0.0 |
0.0 |
|
Audit Fee |
0.0 |
0.0 |
|
Depreciation on and Repair to Property |
-1.4 |
-0.9 |
|
Other Expenditure |
-4.8 |
-2.6 |
|
Less: Provision against Investment in Qu |
0.0 |
0.0 |
|
Total Non-Interest Revenue |
32.1 |
24.2 |
|
|
|
|
|
Total Non-Interest Expense |
-20.1 |
-13.3 |
|
|
|
|
|
Net Income Before Taxes |
21.4 |
20.2 |
|
|
|
|
|
Provision for Income Taxes |
7.2 |
8.3 |
|
Net Income After Taxes |
14.2 |
11.9 |
|
|
|
|
|
Minority Interest |
0.0 |
0.0 |
|
Net Income Before Extra. Items |
14.2 |
11.9 |
|
Net Income |
14.2 |
11.9 |
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
14.2 |
11.9 |
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
14.2 |
11.9 |
|
|
|
|
|
Basic Weighted Average Shares |
23.3 |
23.3 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.61 |
0.51 |
|
Basic EPS Including ExtraOrdinary Items |
0.61 |
0.51 |
|
Diluted Net Income |
14.2 |
11.9 |
|
Diluted Weighted Average Shares |
23.3 |
23.3 |
|
Diluted EPS Excluding ExtraOrd Items |
0.61 |
0.51 |
|
Diluted EPS Including ExtraOrd Items |
0.61 |
0.51 |
|
DPS-Ordinary Share |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
21.4 |
20.2 |
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
7.2 |
8.3 |
|
Normalized Income After Taxes |
14.2 |
11.9 |
|
|
|
|
|
Normalized Inc. Avail to Com. |
14.2 |
11.9 |
|
|
|
|
|
Basic Normalized EPS |
0.61 |
0.51 |
|
Diluted Normalized EPS |
0.61 |
0.51 |
|
Depreciation, Supplemental |
1.3 |
0.8 |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
31-Dec-2010 |
31-Dec-2009 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
|
Exchange Rate |
70.475 |
69.26 |
|
Auditor |
Hoda Vasi
Chowdhury & Co |
Hoda Vasi
Chowdhury & Co |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
Cash In Hand (Including Foreign Currency |
7.4 |
5.0 |
|
Cash With Bangladesh Bank and its agent |
41.7 |
39.8 |
|
Balance with Other Banks In Bangladesh |
40.2 |
48.2 |
|
Balance with Other Banks Outside Bangl |
5.1 |
3.9 |
|
Investments Government |
114.5 |
129.4 |
|
Investments Others |
16.3 |
8.3 |
|
Loans, Cash Credit, Overdras, etc. |
535.0 |
454.7 |
|
Bills Purchased and Discounted |
28.0 |
34.5 |
|
Fixed Asset including Premises, Furnitur |
10.9 |
6.4 |
|
Other Assets |
27.4 |
31.7 |
|
Total Assets |
826.5 |
762.0 |
|
|
|
|
|
Current Deposit & Other Accounts |
121.9 |
94.0 |
|
Bills Payable |
7.5 |
7.6 |
|
Savings Deposit |
80.2 |
73.7 |
|
Fixed Deposit |
362.9 |
378.7 |
|
Deposit-Products |
78.0 |
57.5 |
|
Other Liabilities |
44.1 |
46.0 |
|
Borrowing from other Banks, Financial In |
33.1 |
51.3 |
|
Subordinated Debt |
36.6 |
0.0 |
|
Total Long Term Debt |
69.7 |
51.3 |
|
|
|
|
|
Minority Interest |
0.0 |
0.0 |
|
Total Liabilities |
764.3 |
708.8 |
|
|
|
|
|
Paid up Capital |
30.1 |
25.5 |
|
Statutory Reserve |
18.1 |
14.2 |
|
Revaluaon Reserve on Investment in Secur |
1.3 |
5.5 |
|
Foreign Currency Translaon Gain |
0.0 |
0.0 |
|
General Reserve |
5.1 |
2.3 |
|
Retained Earnings |
7.5 |
5.7 |
|
Total Equity |
62.1 |
53.2 |
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
826.5 |
762.0 |
|
|
|
|
|
S/O-Ordinary Share |
23.3 |
19.4 |
|
Total Common Shares Outstanding |
23.3 |
19.4 |
|
Total Risk-Weighted Capital |
769.0 |
623.1 |
|
Tier 1 Capital % |
7.92% |
7.65% |
|
Total Capital % |
11.49% |
9.20% |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
|
|
|
31-Dec-2010 |
31-Dec-2009 |
|
Period Length |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
|
Exchange Rate
(Period Average) |
69.60265 |
69.026932 |
|
Auditor |
Hoda Vasi
Chowdhury & Co |
Hoda Vasi
Chowdhury & Co |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
Cash Receipts |
11.5 |
6.1 |
|
Cash Payments |
-6.9 |
-5.4 |
|
Cash Interest Paid |
-49.3 |
-47.2 |
|
Cash Taxes Paid |
-9.0 |
-5.0 |
|
Interest Received |
78.0 |
72.7 |
|
Dividend Income |
0.2 |
0.2 |
|
Recoveries of Loans previously written o |
0.0 |
0.0 |
|
Cash Received From Other Operatonal Inco |
5.5 |
5.8 |
|
Cash Paid for Other Operational Expense |
-10.8 |
-5.2 |
|
Investment in Treasury Bond |
-9.8 |
-36.1 |
|
Loans & Advances |
-82.5 |
-76.0 |
|
Other Asset |
-3.4 |
-8.5 |
|
Bank Deposit |
-1.7 |
-11.2 |
|
Customers' Deposit |
55.1 |
132.7 |
|
Subordinated debt |
35.9 |
0.0 |
|
Borrowing from Other Banks, Financial In |
-17.5 |
51.4 |
|
Other Liabilities |
-0.7 |
-6.2 |
|
Cash from Operating Activities |
-5.1 |
67.9 |
|
|
|
|
|
Investment in Shares & Bonds |
-8.2 |
-4.9 |
|
Capital Expenditure |
-5.9 |
-1.9 |
|
Cash from Investing Activities |
-14.0 |
-6.8 |
|
|
|
|
|
Foreign Exchange Effects |
0.0 |
0.0 |
|
Net Change in Cash |
-19.2 |
61.1 |
|
|
|
|
|
Net Cash - Beginning Balance |
126.3 |
66.2 |
|
Net Cash - Ending Balance |
107.1 |
127.3 |
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per share
items (actual units) |
|
|
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Financials in: USD (mil) |
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Except for share items (millions) and per
share items (actual units) |
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.82 |
|
|
1 |
Rs.96.57 |
|
Euro |
1 |
Rs.82.45 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.