|
Report Date : |
19.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
ONE BANK LTD |
|
|
|
|
Registered Office : |
2/F HRC Bhaban, 46, Kawran Bazar C/A Dhaka, 1215 |
|
|
|
|
Country : |
Bangladesh |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
12.05.1999 |
|
|
|
|
Legal Form : |
Public Parent |
|
|
|
|
Line of Business : |
The Bank carries on, undertakes and transacts all kinds of banking activities with its customers in Bangladesh and abroad |
|
|
|
|
No. of Employees : |
1,472 |
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
ONE Bank Ltd
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Business
Description
|
ONE Bank Limited. is a Bangladesh-based commercial bank. The Bank carries
on, undertakes and transacts all kinds of banking activities with its
customers in Bangladesh and abroad. As of December 31, 2010, the number of
the branches of the Bank was 50 and the number of booths was eight. The
Bank’s retail banking products include deposit products, loan products, and
credit cards and automated teller machine (ATM) cards. Its corporate banking
products include deposits and finances. The Bank also provides small and
medium enterprises (SME) products and services. For the fiscal year ended 31
December 2010, ONE Bank Ltd interest income increased 20% to BDT5.06B. Net
interest income after loan loss provision increased from BDT566M to BDT1.63B.
Net income increased from BDT726.7M to BDT1.89B. Net interest income after
loan loss provision reflects increase in interest earning assets and decrease
in interest bearing liabilities. Net income was partially offset by Salaries
and allowances Rent, taxes. |
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 69.60265
2 - Balance Sheet Item Exchange Rate: USD 1 = BDT 70.475
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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ONE Bank Ltd |
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|
|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Dhaka |
Bangladesh |
Banking |
64.2 |
1,472 |
|
|
Division |
Dhaka |
Bangladesh |
Banking |
|
|
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 |
Unqualified |
|
|
|
|
|
Interest & Fees on Loans |
72.6 |
61.3 |
|
Interest Income, Bank |
72.6 |
61.3 |
|
Interest on Deposit |
45.9 |
46.3 |
|
Total Interest Expense |
45.9 |
46.3 |
|
Net Interest Income |
26.8 |
15.0 |
|
|
|
|
|
Loan Loss Provision |
3.4 |
6.8 |
|
Net Interest Income after Loan Loss Provision |
23.4 |
8.2 |
|
|
|
|
|
Commissions & Fees from Securities
Activities |
34.8 |
20.5 |
|
Other Revenue |
2.6 |
2.6 |
|
Non-Interest Income, Bank |
37.4 |
23.1 |
|
Labor & Related Expenses |
-12.5 |
-7.1 |
|
Depreciation Expense |
-2.0 |
-1.7 |
|
Other Expense |
-7.9 |
-6.1 |
|
Non-Interest Expense, Bank |
-22.3 |
-15.0 |
|
Income Before Tax |
38.5 |
16.3 |
|
|
|
|
|
Total Income Tax |
11.4 |
5.8 |
|
Income After Tax |
27.1 |
10.5 |
|
|
|
|
|
Net Income Before Extraord Items |
27.1 |
10.5 |
|
Net Income |
27.1 |
10.5 |
|
|
|
|
|
Income Available to Common Excl Extraord Items |
27.1 |
10.5 |
|
|
|
|
|
Income Available to Common Incl Extraord Items |
27.1 |
10.5 |
|
|
|
|
|
Basic/Primary Weighted Average Shares |
30.8 |
30.8 |
|
Basic EPS Excl Extraord Items |
0.88 |
0.34 |
|
Basic/Primary EPS Incl Extraord Items |
0.88 |
0.34 |
|
Diluted Net Income |
27.1 |
10.5 |
|
Diluted Weighted Average Shares |
30.8 |
30.8 |
|
Diluted EPS Excl Extraord Items |
0.88 |
0.34 |
|
Diluted EPS Incl Extraord Items |
0.88 |
0.34 |
|
Dividends per Share - Common Stock Primary Issue |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
|
Depreciation, Supplemental |
2.0 |
1.7 |
|
Normalized Income Before Tax |
38.5 |
16.3 |
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
11.4 |
5.8 |
|
Normalized Income After Tax |
27.1 |
10.5 |
|
|
|
|
|
Normalized Inc. Avail to Com. |
27.1 |
10.5 |
|
|
|
|
|
Basic Normalized EPS |
0.88 |
0.34 |
|
Diluted Normalized EPS |
0.88 |
0.34 |
|
Bank Total Revenue |
64.2 |
38.1 |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
31-Dec-2010 |
31-Dec-2009 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
|
Filed Currency |
BDT |
BDT |
|
Exchange Rate |
70.475 |
69.26 |
|
Auditor |
Hoda Vasi
Chowdhury & Co |
Hoda Vasi Chowdhury
& Co |
|
Auditor Opinion |
Unqualified |
Unqualified |
|
|
|
|
|
Cash & Due from Banks |
89.5 |
67.5 |
|
Other Short Term Investments |
28.6 |
27.1 |
|
Securities Held |
82.0 |
70.9 |
|
Total Investment Securities |
82.0 |
70.9 |
|
Other Earning Assets |
4.6 |
4.7 |
|
Other Earning Assets, Total |
115.2 |
102.7 |
|
Net Loans |
548.8 |
430.6 |
|
Property/Plant/Equipment - Net |
8.8 |
6.3 |
|
Other Assets |
70.8 |
44.9 |
|
Other Assets, Total |
70.8 |
44.9 |
|
Total Assets |
833.0 |
652.1 |
|
|
|
|
|
Interest Bearing Deposits |
714.0 |
563.1 |
|
Total Deposits |
714.0 |
563.1 |
|
Long Term Debt |
3.0 |
9.1 |
|
Total Long Term Debt |
3.0 |
9.1 |
|
Total Debt |
3.0 |
9.1 |
|
|
|
|
|
Other Liabilities |
47.0 |
35.6 |
|
Other Liabilities, Total |
47.0 |
35.6 |
|
Total Liabilities |
764.0 |
607.8 |
|
|
|
|
|
Common Stock |
29.2 |
22.5 |
|
Common Stock |
29.2 |
22.5 |
|
Retained Earnings (Accumulated Deficit) |
23.8 |
14.6 |
|
Other Equity |
16.1 |
7.2 |
|
Other Equity, Total |
16.1 |
7.2 |
|
Total Equity |
69.0 |
44.3 |
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
833.0 |
652.1 |
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
30.8 |
23.3 |
|
Total Common Shares Outstanding |
30.8 |
23.3 |
|
Total Risk-Weighted Capital |
0.9 |
0.5 |
|
Tier 1 Capital % |
7.91% |
9.08% |
|
Total Capital % |
9.69% |
10.90% |
|
|
|
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 |
Unqualified |
|
|
|
|
|
Cash Receipts |
7.1 |
5.4 |
|
Cash Payments |
-13.5 |
-8.0 |
|
Cash Taxes Paid |
-8.5 |
-5.3 |
|
Cash Interest Paid |
-50.2 |
-43.1 |
|
Other Assets |
-153.9 |
-127.5 |
|
Other Liabilities |
157.6 |
166.6 |
|
Other Operating Cash Flow |
96.6 |
75.0 |
|
Changes in Working Capital |
100.3 |
114.1 |
|
Cash from Operating Activities |
35.2 |
62.9 |
|
|
|
|
|
Sale/Maturity of Investment |
130.8 |
153.9 |
|
Purchase of Investments |
-134.7 |
-194.8 |
|
Other Investing Cash Flow |
-3.5 |
-1.2 |
|
Other Investing Cash Flow Items, Total |
-7.5 |
-42.1 |
|
Cash from Investing Activities |
-7.5 |
-42.1 |
|
|
|
|
|
Net Change in Cash |
27.7 |
20.8 |
|
|
|
|
|
Net Cash - Beginning Balance |
67.2 |
46.9 |
|
Net Cash - Ending Balance |
94.9 |
67.7 |
|
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 |
Unqualified |
|
|
|
|
|
Interest income |
72.6 |
61.3 |
|
Total Revenue |
72.6 |
61.3 |
|
|
|
|
|
Interest paid on deposits & borrowings e |
45.9 |
46.3 |
|
Provison for loans & advances- specific |
1.2 |
4.9 |
|
Provison for loans & advances-general pr |
2.1 |
1.9 |
|
Total Operating Expense |
49.2 |
53.1 |
|
|
|
|
|
Income from investments |
22.8 |
10.7 |
|
Commission, Exchange and Brokerage |
12.0 |
9.8 |
|
Other operating income |
2.6 |
2.6 |
|
Salaries and allowances Rent, taxes, ins |
-12.4 |
-7.1 |
|
Rents taxes insurance & electricity etc |
-2.2 |
-1.7 |
|
Legal expenses |
-0.1 |
-0.1 |
|
Postage stamps telecommunication etc |
-0.6 |
-0.5 |
|
Directors fees |
0.0 |
0.0 |
|
Auditors fee |
0.0 |
0.0 |
|
Stationary printings advertisements etc |
-1.0 |
-0.9 |
|
Managing Directors salary and allowances |
-0.1 |
-0.1 |
|
Depreciation, leasing expense and repair |
-2.0 |
-1.7 |
|
Other expenses |
-2.3 |
-1.7 |
|
Provision for off balance sheet items |
-1.1 |
-0.6 |
|
Provision for diminution value of share |
-0.4 |
-0.5 |
|
Total Non-Interest Revenue |
37.4 |
23.1 |
|
|
|
|
|
Total Non-Interest Expense |
-22.3 |
-15.0 |
|
|
|
|
|
Net Income Before Taxes |
38.5 |
16.3 |
|
|
|
|
|
Provision for Income Taxes |
11.4 |
5.8 |
|
Net Income After Taxes |
27.1 |
10.5 |
|
|
|
|
|
Net Income Before Extra. Items |
27.1 |
10.5 |
|
Net Income |
27.1 |
10.5 |
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
27.1 |
10.5 |
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
27.1 |
10.5 |
|
|
|
|
|
Basic Weighted Average Shares |
30.8 |
30.8 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.88 |
0.34 |
|
Basic EPS Including ExtraOrdinary Items |
0.88 |
0.34 |
|
Diluted Net Income |
27.1 |
10.5 |
|
Diluted Weighted Average Shares |
30.8 |
30.8 |
|
Diluted EPS Excluding ExtraOrd Items |
0.88 |
0.34 |
|
Diluted EPS Including ExtraOrd Items |
0.88 |
0.34 |
|
DPS-Common Stock |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
38.5 |
16.3 |
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
11.4 |
5.8 |
|
Normalized Income After Taxes |
27.1 |
10.5 |
|
|
|
|
|
Normalized Inc. Avail to Com. |
27.1 |
10.5 |
|
|
|
|
|
Basic Normalized EPS |
0.88 |
0.34 |
|
Diluted Normalized EPS |
0.88 |
0.34 |
|
Depreciation, Supplemental |
2.0 |
1.7 |
|
|
|
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 |
Unqualified |
|
|
|
|
|
Cash in hand ( including foreign currenc |
5.2 |
3.7 |
|
Cash with Bangladesh Bank |
62.1 |
50.2 |
|
Balance with other banks and financial i |
16.3 |
8.0 |
|
Balance with other banks and financial i |
5.9 |
5.5 |
|
Money at call and short notice |
4.3 |
0.0 |
|
Investmebts-Government |
82.0 |
70.9 |
|
Investments-Others |
24.3 |
27.1 |
|
Loans, cash credit, overdraft etc. |
548.8 |
430.6 |
|
Bills purchased and discounted |
49.9 |
39.1 |
|
Fixed Assets including premises, furnitu |
8.8 |
6.3 |
|
Other Assets |
20.9 |
5.8 |
|
Non-banking Assets |
4.6 |
4.7 |
|
Total Assets |
833.0 |
652.1 |
|
|
|
|
|
Current accounts and other accounts |
92.3 |
74.4 |
|
Bills payable |
7.9 |
5.3 |
|
Savings deposits |
49.6 |
37.8 |
|
Term deposits |
572.1 |
450.9 |
|
Other Liabilities |
39.1 |
30.3 |
|
Borrowings from other banks financial in |
3.0 |
9.1 |
|
Total Long Term Debt |
3.0 |
9.1 |
|
|
|
|
|
Total Liabilities |
764.0 |
607.8 |
|
|
|
|
|
Paid-up Capital |
29.2 |
22.5 |
|
Statutory Reserve |
20.6 |
13.2 |
|
Surplus in Profit & Loss Account |
3.2 |
0.1 |
|
Revaluation Reserve for HTM Securities |
0.0 |
1.3 |
|
Proposed Bonus Share |
16.1 |
7.2 |
|
Total Equity |
69.0 |
44.3 |
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
833.0 |
652.1 |
|
|
|
|
|
S/O-Common Stock |
30.8 |
23.3 |
|
Total Common Shares Outstanding |
30.8 |
23.3 |
|
Total Capital % |
9.69% |
10.90% |
|
Tier 1 Capital % |
7.91% |
9.08% |
|
Total Risk-Weighted Capital |
872.3 |
473.2 |
|
|
|
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 |
Unqualified |
|
|
|
|
|
Cash Receipts |
7.1 |
5.4 |
|
Cash Payments |
-13.5 |
-8.0 |
|
Interest receipts |
77.7 |
63.9 |
|
Cash Interest Paid |
-50.2 |
-43.1 |
|
Dividend receipts |
0.5 |
0.5 |
|
Cash Taxes Paid |
-8.5 |
-5.3 |
|
Receipts from other operating activities |
24.6 |
13.6 |
|
Payment for other operating activities |
-6.2 |
-3.0 |
|
Loans and advances to customers |
-138.7 |
-133.8 |
|
Other current assets |
-15.1 |
6.3 |
|
Borrowing from other banking companies, |
-6.1 |
6.4 |
|
Deposits from banks |
-16.1 |
10.4 |
|
Deposits from customers |
178.0 |
147.8 |
|
Other liabilities |
1.7 |
1.9 |
|
Cash from Operating Activities |
35.2 |
62.9 |
|
|
|
|
|
Payments for purchase of securities |
-134.7 |
-194.8 |
|
Receipts from sale of securities |
130.8 |
153.9 |
|
Net Purchase/sale of fixed assets |
-3.5 |
-1.2 |
|
Cash from Investing Activities |
-7.5 |
-42.1 |
|
|
|
|
|
Net Change in Cash |
27.7 |
20.8 |
|
|
|
|
|
Net Cash - Beginning Balance |
67.2 |
46.9 |
|
Net Cash - Ending Balance |
94.9 |
67.7 |
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
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|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.82 |
|
|
1 |
Rs.96.57 |
|
Euro |
1 |
Rs.82.45 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.