MIRA INFORM REPORT

Report Date :

19.08.2013

IDENTIFICATION DETAILS

Name :	PRIME BANK LTD
Registered Office :	Adamjee Court Annex Building-2 119-120 Motijheel C/A Motijheel C/A, Dhaka, 1000
Country :	Bangladesh
Financials (as on) :	31.12.2012
Date of Incorporation :	17.04.1995
Legal Form :	Public Parent
Line of Business :	The Bank provide all kinds of commercial banking services to customers through its branches and small medium-size enterprizes (SME) centre/ Branches in Bangladesh.
No. of Employees :	2,544

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	A1	A1

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

Top of Form

Prime Bank Ltd

Adamjee Court Annex Building-2
119-120 Motijheel C/A
Motijheel C/A,
Dhaka, 1000
Bangladesh
Tel:	880-2-9567265
Fax:	880-2-9560977
www.primebank.com.bd

Employees:

2,544

Company Type:

Public Parent

Created

17.04.1995

Corporate Family:

4 Companies

Traded:

Dhaka Stock Exchange:

PRIMEBANK

Auditor:

Hoda Vasi Chowdhury & Co

Financials in	USD (mil)
Fiscal Year End:	31-Dec-2012
Reporting Currency:	Bangladesh Taka
Annual Sales:	171.0 ^1
Net Income:	33.0
Total Assets:	2,933.1 ^2
Market Value:	361.0
	(25-Jul-2013)

Business Description

Prime Bank Limited (the Bank) is a commercial bank. The Bank provide all kinds of commercial banking services to customers through its branches and small medium-size enterprizes (SME) centre/ Branches in Bangladesh. The Bank also provides Offshore banking services through three Off-shore Banking Units (OBU’s). The Bank’s segments consist of Conventional Banking including Off-shore Banking Units, Islamic Banking, Prime Bank Investment Limited and Prime Bank Securities Limited. The Bank’s services include retail banking, corporate banking,Islamic banking, SME/agri banking and Non-Resident Bangladeshi Nationals (NRB banking). Prime Bank Investment Ltd is a subsidiary company of Prime Bank Ltd. It provides merchant banking activities like issue management, portfolio management, underwriting, corporate advisory services. The Company’s subsidiary The Prime Bank Securities Limited provides the business of stock brokers / dealers in relation to shares and securities dealings. For the three months ended 31 March 2013, Prime Bank Ltd interest income increased 8% to BDT5.85B. Net interest loss after loan loss provision totaled BDT2.29B vs. income of BDT535.8M. Net loss totaled BDT1.52B vs. income of BDT477.5M. Net interest income after loan loss provision reflects increase in interest earning assets and decrease in interest bearing liabilities. Net loss reflects Specific Provison increase from BDT370M to BDT3.15B (expense).

Industry

Industry	Holding Companies
ANZSIC 2006:	6240 - Financial Asset Investing
ISIC Rev 4:	6420 - Activities of holding companies
NACE Rev 2:	6420 - Activities of holding companies
NAICS 2012:	551111 - Offices of Bank Holding Companies
UK SIC 2007:	64205 - Activities of financial services holding companies
US SIC 1987:	6712 - Offices of Bank Holding Companies

Key Executives

Name	Title
Md. Ehsan Khasru	Chief Executive Officer, Managing Director, Director
Md. Shirajul Islam Mollah	Chairman of the Board
Mizanur Rahman Bhuiyan	Vice Chairman of the Board
Mohammad Aslam Bhuiyan	Independent Director
Md. Shirajul Islam Mollah	Chairman

Significant Developments

Topic	#*	Most Recent Headline	Date
Mergers & Acquisitions	1	Prime Bank Ltd Decides To Purchase Land Measuring 7.00 Katha With 3 Storied Building	17-Dec-2012
Officer Changes	1	Prime Bank Ltd Appoints Mr. Md. Nader Khan As Chairman	9-Jun-2013
Dividends	2	Prime Bank Ltd Proposes Bonus Share	13-May-2013
Debt Ratings	2	Credit Rating Agency of Bangladesh Limited Announces Rating AA2 To Prime Bank Ltd	3-Jul-2013

Financial Summary

As of 31-Mar-2013

Key Ratios	Company	Industry
Debt to Equity (MRQ)	0.58
Sales 5 Year Growth	27.12	11.33
Net Profit Margin (TTM) %	4.92	42.82
Return on Assets (TTM) %	0.31	5.01
Return on Equity (TTM) %	3.58	3.28

Stock Snapshot

Traded: Dhaka Stock Exchange: PRIMEBANK

As of 25-Jul-2013

   Financials in: BDT

Recent Price	27.30	EPS	2.89
52 Week High	35.36	Price/Sales	2.01
52 Week Low	26.36	Dividend Rate	0.91
Avg. Volume (mil)	0.33	Price/Earnings	31.33
Market Value (mil)	28,101.22	Price/Book	2.44

	Price % Change	Rel S&P 500%
4 Week	-4.21%
13 Week	-9.30%
52 Week	-3.13%
Year to Date	-18.84%

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
Adamjee Court Annex Building-2
119-120 Motijheel C/A
Motijheel C/A,
Dhaka, 1000
Bangladesh

Tel:	880-2-9567265
Fax:	880-2-9560977

www.primebank.com.bd

Quote Symbol - Exchange
PRIMEBANK - Dhaka Stock Exchange
Sales BDT(mil):	14,002.2
Assets BDT(mil):	238,169.0
Employees:	2,544
Fiscal Year End:	31-Dec-2012

Industry:

Commercial Banks

Company Type:	Public Parent
Quoted Status:	Quoted

Chief Executive Officer, Managing Director, Director:

Md. Ehsan Khasru

Industry Codes

ANZSIC 2006 Codes:
6240	-	Financial Asset Investing
6221	-	Banking

ISIC Rev 4 Codes:
6420	-	Activities of holding companies
6419	-	Other monetary intermediation

NACE Rev 2 Codes:
6420	-	Activities of holding companies
6419	-	Other monetary intermediation

NAICS 2012 Codes:
551111	-	Offices of Bank Holding Companies
522190	-	Other Depository Credit Intermediation

US SIC 1987:
6712	-	Offices of Bank Holding Companies
6029	-	Commercial Banks, Not Elsewhere Classified

UK SIC 2007:
64205	-	Activities of financial services holding companies
64191	-	Banks

Business Description

Prime Bank Limited (the Bank) is a commercial bank. The Bank provide all kinds of commercial banking services to customers through its branches and small medium-size enterprizes (SME) centre/ Branches in Bangladesh. The Bank also provides Offshore banking services through three Off-shore Banking Units (OBU’s). The Bank’s segments consist of Conventional Banking including Off-shore Banking Units, Islamic Banking, Prime Bank Investment Limited and Prime Bank Securities Limited. The Bank’s services include retail banking, corporate banking,Islamic banking, SME/agri banking and Non-Resident Bangladeshi Nationals (NRB banking). Prime Bank Investment Ltd is a subsidiary company of Prime Bank Ltd. It provides merchant banking activities like issue management, portfolio management, underwriting, corporate advisory services. The Company’s subsidiary The Prime Bank Securities Limited provides the business of stock brokers / dealers in relation to shares and securities dealings. For the three months ended 31 March 2013, Prime Bank Ltd interest income increased 8% to BDT5.85B. Net interest loss after loan loss provision totaled BDT2.29B vs. income of BDT535.8M. Net loss totaled BDT1.52B vs. income of BDT477.5M. Net interest income after loan loss provision reflects increase in interest earning assets and decrease in interest bearing liabilities. Net loss reflects Specific Provison increase from BDT370M to BDT3.15B (expense).

More Business Descriptions

Provision of a wide range of commercial, corporate and personal banking services

Commercial, Corporate & Personal Banking Services

Financial Data

Financials in:	BDT(mil)
Revenue:	14,002.2
Net Income:	2,700.4
Assets:	238,169.0
Long Term Debt:	0.0
Total Liabilities:	217,207.3
Date of Financial Data:	31-Dec-2012

1 Year Growth

12.6%

-26.8%

18.5%

Market Data

Quote Symbol:	PRIMEBANK
Exchange:	Dhaka Stock Exchange
Currency:	BDT
Stock Price:	27.3
Stock Price Date:	07-25-2013
52 Week Price Change %:	-3.1
Market Value (mil):	28,101,220.0
SEDOL:	6261771
ISIN:	BD0116PMBNK2
Equity and Dept Distribution:
shares held.06/2010, Rights Issue, 1 new share for every 1 share held @ BDT 300 (Factor: 1.117445).01/2011, 100-for-10 Stock split. 07/2011, 7-for-20 Stock split. 03/2012, Scrip Issue, 20 new shares for every 100 shares held. 03/2013, Scrip Issue, 10 new shares for every 100 shares held.

Subsidiaries

Company	Percentage Owned	Country
Prime Exchange Co Pte Ltd	100%	SINGAPORE
PBL Exchange (UK) Limited	100%	UK

Key Corporate Relationships

Auditor:	Hoda Vasi Chowdhury & Co
Auditor:	Hoda Vasi Chowdhury & Co, Hoda Vasi Chowdhury & Co, Howladar Yunus & Co

Corporate Structure News

Prime Bank Ltd
Total Corporate Family Members: 4

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Prime Bank Ltd	Parent	Dhaka	Bangladesh	Holding Companies	171.0	2,544
Prime Exchange Co. Pte Ltd.	Subsidiary	Singapore	Singapore	Banking		6
Pbl Exchange (UK) Ltd.	Subsidiary	London	United Kingdom	Investment Services		3
P B L Exchange UK Ltd.	UK Branch/Trading address	Oldham	United Kingdom	Banking		2

Executives Report

Board of Directors

Name	Title	Function
Md. Shirajul Islam Mollah	Chairman	Chairman
Md. Shirajul Islam Mollah	Chairman of the Board	Chairman
Biography: Mr. Md. Shirajul Islam Mollah is Chairman of the Board of Prime Bank Ltd., since August 24, 2011. He was Chairman of the Executive Committee prior to his election as Chairman. He was also the Chairman of the Executive Committee during May 2003 to May 2004. He is the Managing Director of China-Bangla Ceramic Industries Limited, Bengal Tiger Cement Industries Limited, Bajnabo Textile Mills Limited., United Shipping Lines Limited, and Sponsor Shareholder of People’s Leasing & Financial Services Limited. He is the founder of Bajnabo Abul Faiz Mollah High School, Shibpur, Narsingdi. He is a Member of Dhaka Stock Exchange Limited (Trustee Securities Ltd.). He is the Chairman, Trustee Board, Foundation for Peoples Education and also the Chairman of Trustee Board, The People’s University of Bangladesh. A philanthropic personality, Mr. Md. Shirajul Islam Mollah is also the Chairman of Shirajul Islam Mollah Samaj Seba Foundation.
Mizanur Rahman Bhuiyan	Vice Chairman of the Board	Vice-Chairman
Biography: Mr. Mizanur Rahman Bhuiyan is the Vice Chairman of the Board of Prime Bank Ltd.
Mohammad Abdul A. Khaleque	Vice Chairman of the Board	Vice-Chairman
Biography: Mr. Mohammad Abdul Khaleque is Vice Chairman of the Board of Prime Bank Ltd., since August 24, 2011. He is the founder and Sponsor Director of Prime Bank Limited, an apex institution in the banking arena. Since the last 25 years, he has set an enviable standard by numerous high end institutions ranging from banks, non-banks, life and general insurance in the country. Spanning a period of around 20 years, success came as a matter of choice through Prime Finance & Investment Ltd, Fareast Islami Life Insurance Company Ltd., Prime Insurance Ltd., Fareast Finance & Investment Ltd., PFI Securities Ltd., Fareast Stocks and Bonds Ltd., Prime Islami Securities Ltd., Prime Prudential Fund Ltd., Prime Financial Securities Ltd. some of which are already market leaders in their respective fields. Having set epoch making standards in the financial arena, he set his sight into the emerging information technology, booming property sector and promising Agro-based sector of the country and his dreams were fulfilled through promotion of GETCO Limited / GETCO Agrovision Ltd., GETCO Telecommunications Ltd., HRC Technologies Ltd., Prime Property Holdings Limited and PFI Properties Ltd. Apart from the above business arena he is a member of the Board of Governors, Primeasia University. His social contribution came through his foundation under the name and style of MAK Foundation through establishment of a number of educational institutions such as University, Degree College, Technical College, Krishi College, High School, Girls’ High School, Kindergartens and Madrasahs imparting quality education in the society. He is actively involved with SEBA, a benevolent organization in Bangladesh. He is currently the Chairman of Fareast Finance & Investment Limited, Fareast Stocks and Bonds Ltd., Prime Property Holdings Ltd. and PFI Properties Ltd. He holds M. Com. CA (CC) ICAB.
M. A. Khaleque	Board Member	Vice-Chairman
Firoja Amin	Director	Director/Board Member
Mohammed Aslam Bhuiyan	Director	Director/Board Member
Mohammad Aslam Bhuiyan	Independent Director	Director/Board Member
Biography: Prof. Mohammad Aslam Bhuiyan is an Independent Director of Prime Bank Ltd., since April 2009. He is Professor of Sociology, University of Chittagong is a educationist. He obtained his MS in Sociology on Rural Development at the Moscow University, erstwhile USSR in 1976. He was also educated in the USA & Germany. He did his Ph.D from Bombay University under the fellowship of Indian Council of Social Science Research (ICSSR). Mr. Bhuiyan is Ex. VC of The People’s University of Bangladesh and former Chairman of the Department of Sociology, University of Chittagong. He is also former Director CUCSU, Provost Shamsun Nahar Hall, Registrar (In charge), Senate Member (elected) Chittagong University, Member Finance Committee, Dhaka University, Syndicate Member of the Moulana Bhashani University of Science & Technology and member, Presidium, Bangladesh India Friendship Society. Prof. Bhuiyan wrote more than 100 academic papers published in National & Foreign Journals including Newspapers. Education: Moscow University, MS (Sociology) University of Bombay, PHD University of Dhaka, MA
Mafiz Ahmed Bhuiyan	Director	Director/Board Member
Biography: Mr. Mafiz Ahmed Bhuiyan is Director of Prime Bank Ltd. He was elected Chairman, Executive Committee of the Board of Directors of Prime Bank Limited in the 367th Meeting of the Board. A Sponsor Director, Mr. Bhuiyan was Vice Chairman of the Board prior to his present position. Mr. Bhuiyan is an entrepreneur and has the distinction of making substantial contribution in the Backward Linkage Industry setup in the RMG sector in its early years. He also pioneered in setting up joint-venture projects in the country with the collaboration of the developed countries like Taiwan and Korea. Currently, he is Director of Australian International School (International Holdings Ltd), Life Member & Vice Chairman of Eastern University Foundation (Eastern University), Life Member of South East Foundation (Southeast University) and Managing Director, Shepherd World Trade Ltd. He is also representing Shepherd World Trade Limited to the Board of Citizen Securities & Investment Limited as Chairman.
Azam J Chowdhury	Director	Director/Board Member
Education: Dhaka University, Masters (English Literature)
Tanjil Chowdhury	Director - Representative of East Coast Shipping Lines Limited	Director/Board Member
Biography: Mr. Tanjil Chowdhury is a Director -of Prime Bank Limited, Representative of East Coast Shipping Lines Limited and currently serves as the Vice Chairman of the Executive Committee. He is the Managing Director of East Coast Group of companies, a diversifi ed conglomerate with primary focus on Oil & Energy. Mr. Chowdhury is the Vice President of Bangladesh Merchant Bankers Association (BMBA). He is also Chairman of the Prime Exchange Singapore Pte Ltd, the bank’s remittance arm in Singapore. He is the Secretary General of Prime Bank Cricket Club, an initiative of Prime Bank Foundation (PBF). He is a regular guest lecturer at American International University Bangladesh (AIUB), Faculty of Business Administration. His lecture topics include Financial Derivatives and Investment Management for BBA students. Mr. Chowdhury did his BA (Hons) in Accounting and Finance, before completing MSc in International Management (Finance), from King’s College London, University of London. Mr. Chowdhury is an active member of BBC Film Society. Education: University of London, MS (International Management)
Marina Yasmin Chowdhury	Director	Director/Board Member
Biography: Mrs. Marina Yasmin Chowdhury is a Director of Prime Bank Ltd.
Nazma Haque	Director	Director/Board Member
Biography: Mrs. Nazma Haque is a Director of Prime Bank Ltd. She holds B.A. University of Rajshahi. Education: Rajshahi University, BA
Anwar Hossain	Director	Director/Board Member
Md. Shahadat Hossain	Director	Director/Board Member
Biography: Mr. Md. Shahadat Hossain is a Director of Prime Bank Ltd.
Nasim Anwar Hossain	Director	Director/Board Member
Biography: Mrs. Nasim Anwar Hossain is a Director of Prime Bank Ltd.
Qazi Saleemul Huq	Director	Director/Board Member
Education: IBA, MBA
Salma Huq	Director	Director/Board Member
Biography: Mrs. Salma Huq is a Director of Prime Bank Ltd.
Quazi Sirazul Sirazul Islam	Director	Director/Board Member
Biography: Mr. Quazi Sirazul Islam serves as a Director of Prime Bank Limited. He took part in country’s liberation war in 1971 and later elected as Member of Parliament in 1996 and 2001. Mr. Islam is the Managing Director of Amin Jewelers Limited, one of the famous Jewelry House in the country. He is also a Member of Federation of Bangladesh Chamber of Commerce & Industry and Senior Vice President of Bangladesh Jewelers Association. Mr. Islam is the Chairman of City Hospital (Burn Hospital), which is the only Private Sector Hospital of this kind in Bangladesh. He is a Member of the Board of Governors of People’s University of Bangladesh. A philanthropist by nature Mr. Islam was awarded Kabi Jasimuddin Gold Medal, Maulana Akram Khan Gold Medal, Sufi Motahar Hossain Gold Medal and Atish Dipankar Gold Medal for remarkable contribution in education. He was also awarded MJF (Melvin Jones Fellow) Medal by the Lions International Foundation for his contribution to the Society.
Khandker Mohammad Khaled	Director	Director/Board Member
Biography: Mr. Khandker Mohammad Khaled is a Director of Prime Bank Ltd. He is former Chairman and present Director of Prime Bank Limited is a BUET graduate in Mechanical Engineering. After graduation he joined the then Water & Power Development Authority (WAPDA), now Bangladesh Water Development Board (BWDB). After having served BWDB for thirteen years, he started his own business in 1975 establishing Greenland Engineers & Tractors Company Limited (GETCO) along with few associates which by now has attained an enviable position among the contemporary business houses in Bangladesh. He is currently Chairman & Managing Director of GETCO Telecommunications Limited, GETCO Agro Vision Limited and GETCO Limited. He is Vice- Chairman and Member, Board of Governor, Prime Asia University. Besides, he is associated with numerous Chamber Bodies and Societies in different capacities prominent among which are Institute of Engineers, Bangladesh, National Heart Foundation of Bangladesh, Diabetic Association of Bangladesh, AMCHAM, Bangladesh, CANCHAM, China- Bangladesh Friendship Association, Bangladesh Railway Spares and Accessories Suppliers’ Association, International WHO’s WHO Historical Society and 62-Engineers’ Club. Education: Bangladesh University of Engineering and Technology, BS (Mechanical Engineering)
Hasina Khan	Director	Director/Board Member
Md. Nader Khan	Director	Director/Board Member
Biography: Mr. Md. Nader Khan is a Director of Prime Bank Ltd.
Imran Khan	Director	Director/Board Member
Biography: Mr. Imran Khan is a Director of Prime Bank Ltd.
Md. Ehsan Khasru	Chief Executive Officer, Managing Director, Director	Director/Board Member
Biography: Mr. Md. Ehsan Khasru has been appointed as Chief Executive Officer, Managing Director, Director of Prime Bank Limited with effect from September 15, 2011. Prior to joining Prime Bank, he was Additional Managing Director of The City Bank Ltd. In his long 29 years banking career, he has held various responsible management positions in Credit Risk Management, Risk Management, Credit Administration and Relationship Management. Mr. Khasru started his banking career in 1983 as a Probationary Offi cer in National Bank Ltd. In 1985, he joined National Credit and Commerce Bank Ltd. After serving eight years, in 1992 he moved to American Express Bank in the Marketing Manager (Relationship) position in the Business & Corporate Banking Division and served there till 1999. Later on, in 2000, he went abroad and worked for Royal Bank of Canada and Bank of Montreal as a Senior Manager (Relationship) and Financial Services Manager respectively till 2007. Mr. Khasru returned to Bangladesh in 2007 and joined Eastern Bank Limited as Head of Credit Risk Management. Subsequently, in 2008, he joined the City Bank Ltd. as SEVP and Head of Credit Risk Management where he received elevation twice in three years. During this time he was also promoted to the rank of Additional Managing Director for his contribution as the Chief Risk Offi cer of the bank. An MBA in Marketing from the Institute of Business Administration (IBA), University of Dhaka in 1982, Mr. Khasru achieved his Bachelor (Hons) in Economics from Dhaka University in 1979. Education: Dhaka University, B (Economics)
Manzur Murshed	Depositor Director	Director/Board Member
Biography: Mr. Manzur Murshed is Depositor Director of Prime Bank Ltd., since 19th March 2009. He graduated in Engineering (Electrical) in 1961 from the University of Dhaka and MA (Public Admin) from American University, Beirut. He started his career in 1961 as Assistant Engineer in East Pakistan Water and Power Development Authority (EPWAPDA) and retired from services as member, Planning & Development in December 1995. He was also Director of Eastern Cables Ltd. He is a Fellow of IEB, Member of Dhaka Club and Kurmitola Golf Club. Education: University of Dhaka (Electrical Engineering) American University, MA (Public Administration)
Ainun Nishat	Depositor Director	Director/Board Member
Biography: Prof. Dr. Ainun Nishat is Depositor Director of Prime Bank Ltd., since March 19, 2009. Presently, he is Vice Chancellor of BRAC University, Dhaka. He obtained Ph.D. in Civil Engineering from University of Strathclyde, Glasgow, U.K. He is a graduate of Bangladesh University of Engineering and Technology (BUET). Earlier in his career he was Professor, Dept. of Water Resources Engineering, and Director, Institute of Water and Flood Modeling BUET, Dhaka. Education: University of Strathclyde, PHD (Civil Engineering) Bangladesh University of Engineering and Technology, MS (Civil Engineering) American University, MA (Public Administration)
Shahnaz Quashem	Director	Director/Board Member
Razia Rahman	Director	Director/Board Member
Muslima Shirin	Director	Director/Board Member
Biography: Mrs. Muslima Shirin is Director of Prime Bank Ltd. She is the Chairperson of MAWSONS Ltd., engaged in business. She is also engaged in real estate business in the name of Everest Homes Limited. She represents in the Board of Prime Finance & Investment Limited on behalf of MAWSONS Ltd.
Nafis Sikder	Board Member	Director/Board Member
Education: Washington University, BS (Business Administration)
Saheda Pervin Trisha	Director	Director/Board Member
Education: University of Dhaka , Ms., MBA
Muhammad Abdul Wahhab	Director	Director/Board Member

Executives

Name	Title	Function
Md. Ehsan Khasru	Chief Executive Officer, Managing Director, Director	Chief Executive Officer
Biography: Mr. Md. Ehsan Khasru has been appointed as Chief Executive Officer, Managing Director, Director of Prime Bank Limited with effect from September 15, 2011. Prior to joining Prime Bank, he was Additional Managing Director of The City Bank Ltd. In his long 29 years banking career, he has held various responsible management positions in Credit Risk Management, Risk Management, Credit Administration and Relationship Management. Mr. Khasru started his banking career in 1983 as a Probationary Offi cer in National Bank Ltd. In 1985, he joined National Credit and Commerce Bank Ltd. After serving eight years, in 1992 he moved to American Express Bank in the Marketing Manager (Relationship) position in the Business & Corporate Banking Division and served there till 1999. Later on, in 2000, he went abroad and worked for Royal Bank of Canada and Bank of Montreal as a Senior Manager (Relationship) and Financial Services Manager respectively till 2007. Mr. Khasru returned to Bangladesh in 2007 and joined Eastern Bank Limited as Head of Credit Risk Management. Subsequently, in 2008, he joined the City Bank Ltd. as SEVP and Head of Credit Risk Management where he received elevation twice in three years. During this time he was also promoted to the rank of Additional Managing Director for his contribution as the Chief Risk Offi cer of the bank. An MBA in Marketing from the Institute of Business Administration (IBA), University of Dhaka in 1982, Mr. Khasru achieved his Bachelor (Hons) in Economics from Dhaka University in 1979. Education: Dhaka University, B (Economics)
Muhammad Yasin Ali	Deputy Managing Director	Managing Director
Md. Tabarak Hossain Bhuiyan	Deputy Managing Director	Managing Director
Ahmed Kamal Khan Chowdhury	Deputy Managing Director	Managing Director
Quazi A. S. M. Anisul Kabir	Deputy Managing Director	Managing Director
Kanti Kumar Saha	Deputy Managing Director	Managing Director

Significant Developments

Credit Rating Agency of Bangladesh Limited Announces Rating AA2 To Prime Bank Ltd

Jul 03, 2013

Credit Rating Agency of Bangladesh Limited (CRAB) has announced the initial rating of Prime Bank Ltd as AA2 in the long term and ST-2 in the short term based on audited financial statements of the Company up to December 2012 and other relevant quantitative as well as qualitative information up to the date of rating declaration.

Credit Rating Information and Services Limited Announces Rating AA To Prime Bank Ltd

Jul 03, 2013

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

Prime Bank Ltd Appoints Mr. Md. Nader Khan As Chairman

Jun 09, 2013

Prime Bank Ltd announced that Mr. Md. Nader Khan has been elected as Chairman of the Board of Directors of the Company effective from 1st June 2013.

Prime Bank Ltd Proposes Bonus Share

May 13, 2013

Prime Bank Ltd announced that it has proposed bonus share at 10% for the year 2012.

Prime Bank Ltd Recommends Cash Dividend And Stock Dividend

Mar 03, 2013

Prime Bank Ltd announced that the Board of Directors has recommended cash dividend at 10% (i.e. BDT1.00 per share of BDT10.00 each) and stock dividend at 10% for the year ended on December 31, 2012. Record date on March 12, 2013.

Prime Bank Ltd Decides To Purchase Land Measuring 7.00 Katha With 3 Storied Building

Dec 17, 2012

Prime Bank Ltd announced that the Board of Directors of the Company has decided to purchase a land measuring 7.00 Katha with 3 storied building at 146/3, Green Road, Dhaka at a total cost of BDT17.50 crore (at BDT2.50 crore per katha) excluding Registration cost, VAT, Tax and any other admissible cost for setting up the Company's IT Data Center. Bangladesh Bank has accorded necessary permission in this regard vide its letter dated 15.11.2012.

Annual Income Statement

Financials in: USD (mil)

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

Financial Glossary

	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	Reclassified Normal 31-Dec-2012	Restated Normal 31-Dec-2011	Reclassified Normal 31-Dec-2010	Updated Normal 31-Dec-2008
Filed Currency	BDT	BDT	BDT	BDT	BDT
Exchange Rate (Period Average)	81.86564	74.041708	69.60265	69.026932	68.582616
Auditor	Hoda Vasi Chowdhury & Co	Hoda Vasi Chowdhury & Co	Syful Shamsul Alam & Co	Syful Shamsul Alam & Co	S. F. Ahmed & Co
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Interest & Fees on Loans	290.8	237.0	182.4	157.6	132.8
Interest Income, Bank	290.8	237.0	182.4	157.6	132.8
Interest on Other Borrowings	219.7	176.2	115.6	122.1	104.0
Total Interest Expense	219.7	176.2	115.6	122.1	104.0
Net Interest Income	71.1	60.8	66.8	35.5	28.8
Loan Loss Provision	40.6	14.2	7.9	10.1	20.2
Net Interest Income after Loan Loss Provision	30.5	46.6	58.9	25.4	8.7
Fees & Commissions from Operations	32.1	39.4	39.1	26.0	21.4
Investment Securities Gains	54.4	57.1	39.0	48.9	25.4
Other Revenue	13.5	10.8	10.2	9.4	9.2
Non-Interest Income, Bank	99.9	107.2	88.3	84.2	56.0
Labor & Related Expenses	-34.2	-29.0	-24.9	-18.6	-13.4
Depreciation Expense	-4.2	-3.8	-3.2	-2.7	-2.2
Other Unusual Expense	-	-	0.0	-	-
Other Expense	-24.7	-25.3	-26.0	-21.1	-12.8
Non-Interest Expense, Bank	-63.1	-58.1	-54.2	-42.5	-28.5
Income Before Tax	67.4	95.7	93.0	67.1	36.2
Total Income Tax	34.4	45.9	40.7	26.2	18.0
Income After Tax	33.0	49.8	52.3	40.9	18.2
Net Income Before Extraord Items	33.0	49.8	52.3	40.9	18.2
Net Income	33.0	49.8	52.3	40.9	18.2
Income Available to Common Excl Extraord Items	33.0	49.8	52.3	40.9	18.2
Income Available to Common Incl Extraord Items	33.0	49.8	52.3	40.9	18.2
Basic/Primary Weighted Average Shares	934.4	936.3	1,029.3	676.0	676.0
Basic EPS Excl Extraord Items	0.04	0.05	0.05	0.06	0.03
Basic/Primary EPS Incl Extraord Items	0.04	0.05	0.05	0.06	0.03
Dilution Adjustment	-	-	-	0.0	0.0
Diluted Net Income	33.0	49.8	52.3	40.9	18.2
Diluted Weighted Average Shares	934.4	936.3	1,029.3	676.0	676.0
Diluted EPS Excl Extraord Items	0.04	0.05	0.05	0.06	0.03
Diluted EPS Incl Extraord Items	0.04	0.05	0.05	0.06	0.03
Dividends per Share - Common Stock Primary Issue	0.00	0.01	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	10.1	5.1	-	0.0
Depreciation, Supplemental	4.2	3.8	3.2	2.7	2.2
Total Special Items	-	-	0.0	-	-
Normalized Income Before Tax	67.4	95.7	93.0	67.1	36.2
Effect of Special Items on Income Taxes	-	-	0.0	-	-
Inc Tax Ex Impact of Sp Items	34.4	45.9	40.7	26.2	18.0
Normalized Income After Tax	33.0	49.8	52.3	40.9	18.2
Normalized Inc. Avail to Com.	33.0	49.8	52.3	40.9	18.2
Basic Normalized EPS	0.04	0.05	0.05	0.06	0.03
Diluted Normalized EPS	0.04	0.05	0.05	0.06	0.03
Rental Expenses	5.8	5.4	4.6	4.1	3.0
Bank Total Revenue	171.0	168.0	155.1	119.7	84.9
Current Tax - Domestic	32.1	42.8	37.1	25.1	14.8
Current Tax - Total	32.1	42.8	37.1	25.1	14.8
Deferred Tax - Domestic	2.3	3.0	3.6	1.0	3.2
Deferred Tax - Total	2.3	3.0	3.6	1.0	3.2
Income Tax - Total	34.4	45.9	40.7	26.2	18.0
Defined Contribution Expense - Domestic	-	-	-	0.5	0.4
Total Pension Expense	-	-	-	0.5	0.4

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
UpdateType/Date	Updated Normal 31-Dec-2012	Reclassified Normal 31-Dec-2012	Restated Normal 31-Dec-2011	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008
Filed Currency	BDT	BDT	BDT	BDT	BDT
Exchange Rate	81.199997	81.83	70.475	69.26	68.91
Auditor	Hoda Vasi Chowdhury & Co	Hoda Vasi Chowdhury & Co	Syful Shamsul Alam & Co	Syful Shamsul Alam & Co	S. F. Ahmed & Co
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Due from Banks	220.5	184.4	151.3	160.1	134.1
Other Short Term Investments	37.8	38.1	40.3	13.2	33.3
Total Investment Securities	553.4	420.3	274.8	274.6	302.0
Other Earning Assets, Total	591.2	458.5	315.1	287.8	335.3
Total Gross Loans	2,032.5	1,732.9	1,686.2	1,321.9	1,120.9
Loan Loss Allowances	-	-	-	-23.2	-23.8
Net Loans	2,032.5	1,732.9	1,686.2	1,298.7	1,097.1
Buildings	9.4	6.6	1.7	0.9	0.4
Land/Improvements	27.1	26.8	7.7	7.7	7.4
Machinery/Equipment	30.3	25.1	23.3	20.4	16.8
Other Property/Plant/Equipment	0.7	0.7	0.7	0.1	0.1
Property/Plant/Equipment - Gross	67.5	59.3	33.4	29.1	24.7
Accumulated Depreciation	-15.0	-11.9	-11.0	-8.8	-6.8
Property/Plant/Equipment - Net	52.5	47.4	22.4	20.3	17.9
Intangibles - Gross	3.1	2.8	3.0	2.9	2.3
Accumulated Intangible Amortization	-1.3	-0.9	-0.7	-0.4	-0.2
Intangibles, Net	1.9	1.8	2.3	2.5	2.1
Other Assets	34.5	31.3	25.1	35.2	17.2
Other Assets, Total	34.5	31.3	25.1	35.2	17.2
Total Assets	2,933.1	2,456.3	2,202.5	1,804.6	1,603.8
Interest Bearing Deposits	1,862.6	1,627.7	1,426.0	1,292.8	1,088.7
Other Deposits	336.1	288.7	305.8	230.0	173.1
Total Deposits	2,198.8	1,916.4	1,731.8	1,522.8	1,261.8
Total Short Term Borrowings	302.6	170.6	108.6	24.5	181.8
Total Long Term Debt	0.0	0.0	0.0	0.0	0.0
Total Debt	302.6	170.6	108.6	24.5	181.8
Minority Interest	0.0	0.0	0.0	0.0	-
Other Liabilities	173.6	133.8	114.3	87.0	62.8
Other Liabilities, Total	173.6	133.8	114.3	87.0	62.8
Total Liabilities	2,675.0	2,220.9	1,954.7	1,634.2	1,506.4
Common Stock	115.2	95.3	82.0	51.3	41.3
Common Stock	115.2	95.3	82.0	51.3	41.3
Additional Paid-In Capital	27.6	27.4	31.8	0.0	-
Retained Earnings (Accumulated Deficit)	111.6	106.4	110.3	80.2	49.8
Unrealized Gain (Loss)	3.6	6.2	23.7	38.8	6.3
Translation Adjustment	0.1	0.1	0.0	0.0	0.0
Other Equity, Total	0.1	0.1	0.0	0.0	0.0
Total Equity	258.2	235.4	247.8	170.3	97.3
Total Liabilities & Shareholders’ Equity	2,933.1	2,456.3	2,202.5	1,804.6	1,603.8
Shares Outstanding - Common Stock Primary Issue	1,871.5	1,029.3	762.5	469.2	506.8
Total Common Shares Outstanding	1,871.5	1,029.3	762.5	469.2	506.8
Employees	2,544	2,292	2,139	1,844	1,551
Number of Common Shareholders	23,964	26,030	19,748	10,339	9,180
Accumulated Intangible Amort, Suppl.	1.3	0.9	0.7	0.4	0.2
Total Risk-Weighted Capital	2.5	2.4	2.6	0.0	1.0
Tier 1 Capital %	10.14%	9.62%	8.59%	10.95%	8.67%
Total Capital %	12.73%	12.45%	11.69%	14.71%	10.88%
Interest Costs	0.0	0.0	-0.1	-0.1	0.0
Total Capital Leases, Supplemental	0.1	0.2	0.3	0.4	0.0
Capital Lease Payments Due in Year 1	0.1	0.1	0.1	0.1	0.0
Capital Lease Payments Due in Year 2	0.0	0.0	0.1	0.1	0.0
Capital Lease Payments Due in Year 3	0.0	0.0	0.1	0.1	0.0
Capital Lease Payments Due in Year 4	0.0	0.0	0.1	0.1	0.0
Capital Lease Payments Due in Year 5	0.0	0.0	0.1	0.1	0.0
Capital Lease Payments Due in 2-3 Years	0.0	0.1	0.1	0.2	0.0
Capital Lease Payments Due in 4-5 Years	0.0	0.1	0.1	0.2	0.0

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	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	Restated Normal 31-Dec-2011	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008
Filed Currency	BDT	BDT	BDT	BDT	BDT
Exchange Rate (Period Average)	81.86564	74.041708	69.60265	69.026932	68.582616
Auditor	Hoda Vasi Chowdhury & Co	Hoda Vasi Chowdhury & Co	Syful Shamsul Alam & Co	Syful Shamsul Alam & Co	S. F. Ahmed & Co
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash Receipts	328.2	256.6	186.6	170.1	140.2
Cash Payments	-217.1	-161.8	-97.5	-102.2	-80.6
Other Assets	-158.4	-137.6	-32.6	-88.0	-128.6
Other Liabilities	395.4	554.0	289.4	136.2	385.3
Other Assets & Liabilities, Net	5.2	7.5	11.9	5.3	1.4
Other Operating Cash Flow	-26.2	-20.7	0.0	13.0	-2.4
Investment Securities, Gains/Losses	14.1	-66.0	-3.4	97.1	-16.1
Loans, Gains/Losses	-288.9	-319.3	-415.1	-207.8	-259.8
Changes in Working Capital	-58.7	18.0	-149.7	-44.2	-20.2
Cash from Operating Activities	52.4	112.8	-60.6	23.7	39.5
Purchase of Fixed Assets	-8.3	-34.0	-5.0	-5.0	-7.9
Capital Expenditures	-8.3	-34.0	-5.0	-5.0	-7.9
Sale of Fixed Assets	0.0	0.0	0.0	0.0	0.0
Investment, Net	0.0	-5.6	-19.9	9.5	-8.9
Loans	-0.1	-0.1	-0.1	-0.1	0.0
Other Investing Cash Flow	0.1	0.1	0.1	0.1	0.1
Other Investing Cash Flow Items, Total	0.0	-5.6	-19.9	9.5	-8.9
Cash from Investing Activities	-8.3	-39.6	-24.9	4.5	-16.8
Cash Dividends Paid - Common	-9.5	-10.1	-5.1	0.0	-3.3
Total Cash Dividends Paid	-9.5	-10.1	-5.1	0.0	-3.3
Sale/Issuance of Common	0.0	0.0	48.8	0.0	-
Common Stock, Net	0.0	0.0	48.8	0.0	-
Issuance (Retirement) of Stock, Net	0.0	0.0	48.8	0.0	-
Long Term Debt Issued	0.0	0.0	35.9	0.0	-
Long Term Debt, Net	0.0	0.0	35.9	0.0	-
Issuance (Retirement) of Debt, Net	0.0	0.0	35.9	0.0	-
Cash from Financing Activities	-9.5	-10.1	79.6	0.0	-3.3
Foreign Exchange Effects	-0.2	-3.4	-0.2	0.0	0.0
Net Change in Cash	34.5	59.7	-6.1	28.3	19.4
Net Cash - Beginning Balance	184.3	144.1	159.3	132.4	113.9
Net Cash - Ending Balance	218.8	203.8	153.2	160.6	133.2

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	Reclassified Normal 31-Dec-2012	Restated Normal 31-Dec-2011	Reclassified Normal 31-Dec-2010	Updated Normal 31-Dec-2008
Filed Currency	BDT	BDT	BDT	BDT	BDT
Exchange Rate (Period Average)	81.86564	74.041708	69.60265	69.026932	68.582616
Auditor	Hoda Vasi Chowdhury & Co	Hoda Vasi Chowdhury & Co	Syful Shamsul Alam & Co	S. F. Ahmed & Co	S. F. Ahmed & Co
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Interest income / profit on investment	290.8	237.0	162.4	137.0	116.2
Interest income from credit card	-	-	1.7	1.4	0.8
Hire purchase	-	-	8.2	8.2	7.6
Lease finance /Izara	-	-	10.1	11.0	8.1
Total Revenue	290.8	237.0	182.4	157.6	132.8
borrowings, etc	219.7	176.2	115.6	122.1	104.0
Specific Provison	18.2	3.1	1.7	3.4	16.3
General Provision	2.9	4.1	1.7	3.8	2.1
Provision for Dimunation in Value of Inv	1.7	1.8	3.9	1.6	1.7
Provision for Off-Shore Banking Units	0.0	0.0	0.4	0.2	0.1
Provision for impairment of client margi	2.2	0.0	-	-	-
Provision for diminution in value of inv	-0.3	5.3	0.2	0.0	0.0
Other provisions	15.9	0.0	0.0	1.1	0.0
Total Operating Expense	260.3	190.4	123.5	132.2	124.1
Investment income	54.4	57.1	39.0	48.9	25.4
Commission, exchange and brokerage	32.1	39.4	39.1	26.0	21.4
Other operating income	13.5	10.8	10.2	9.4	9.2
Salaries and allowances	-34.0	-28.8	-24.7	-18.5	-13.3
Rent, taxes, insurance, electricity, etc	-5.8	-5.4	-4.6	-4.1	-3.0
Legal expenses	-0.4	-0.3	-0.3	-0.4	-0.2
Postage, stamps, telecommunication etc.	-1.6	-1.9	-1.8	-1.4	-1.2
Stationery, printing	-3.8	-4.1	-3.3	-3.7	-1.4
Managing Director & salary and fee	-0.1	-0.1	-0.1	-0.1	-0.1
Directors' fees	-0.1	0.0	-0.1	0.0	0.0
Auditors & fees	0.0	0.0	0.0	0.0	0.0
Charges on loan losses	0.0	0.0	0.0	-	-
Depreciation and repair of Bank’s	-4.2	-3.8	-3.2	-2.7	-2.2
Sale of Fixed Assets	-	-	0.0	-	-
Other expenses	-13.0	-13.7	-16.1	-11.5	-7.1
Total Non-Interest Revenue	99.9	107.2	88.3	84.2	56.0
Total Non-Interest Expense	-63.1	-58.1	-54.2	-42.5	-28.5
Net Income Before Taxes	67.4	95.7	93.0	67.1	36.2
Provision for Income Taxes	34.4	45.9	40.7	26.2	18.0
Net Income After Taxes	33.0	49.8	52.3	40.9	18.2
Net Income Before Extra. Items	33.0	49.8	52.3	40.9	18.2
Net Income	33.0	49.8	52.3	40.9	18.2
Income Available to Com Excl ExtraOrd	33.0	49.8	52.3	40.9	18.2
Income Available to Com Incl ExtraOrd	33.0	49.8	52.3	40.9	18.2
Basic Weighted Average Shares	934.4	936.3	1,029.3	676.0	676.0
Basic EPS Excluding ExtraOrdinary Items	0.04	0.05	0.05	0.06	0.03
Basic EPS Including ExtraOrdinary Items	0.04	0.05	0.05	0.06	0.03
Dilution Adjustment	-	-	-	0.0	0.0
Diluted Net Income	33.0	49.8	52.3	40.9	18.2
Diluted Weighted Average Shares	934.4	936.3	1,029.3	676.0	676.0
Diluted EPS Excluding ExtraOrd Items	0.04	0.05	0.05	0.06	0.03
Diluted EPS Including ExtraOrd Items	0.04	0.05	0.05	0.06	0.03
DPS-Common Stock	0.00	0.01	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	10.1	5.1	-	0.0
Normalized Income Before Taxes	67.4	95.7	93.0	67.1	36.2
Inc Tax Ex Impact of Sp Items	34.4	45.9	40.7	26.2	18.0
Normalized Income After Taxes	33.0	49.8	52.3	40.9	18.2
Normalized Inc. Avail to Com.	33.0	49.8	52.3	40.9	18.2
Basic Normalized EPS	0.04	0.05	0.05	0.06	0.03
Diluted Normalized EPS	0.04	0.05	0.05	0.06	0.03
Depreciation, Supplemental	4.2	3.8	3.2	2.7	2.2
Rental Expense, Supplemental	5.8	5.4	4.6	4.1	3.0
Current Tax	32.1	42.8	37.1	25.1	14.8
Current Tax - Total	32.1	42.8	37.1	25.1	14.8
Deferred Tax	2.3	3.0	3.6	1.0	3.2
Deferred Tax - Total	2.3	3.0	3.6	1.0	3.2
Income Tax - Total	34.4	45.9	40.7	26.2	18.0
Defined Contribution Expense - Domestic	-	-	-	0.5	0.4
Total Pension Expense	-	-	-	0.5	0.4

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	Reclassified Normal 31-Dec-2012	Restated Normal 31-Dec-2011	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008
Filed Currency	BDT	BDT	BDT	BDT	BDT
Exchange Rate	81.199997	81.83	70.475	69.26	68.91
Auditor	Hoda Vasi Chowdhury & Co	Hoda Vasi Chowdhury & Co	Syful Shamsul Alam & Co	S. F. Ahmed & Co	S. F. Ahmed & Co
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
In hand (including foreign currencies)	25.5	18.0	18.0	13.4	10.9
Balance with Bangladesh Bank and its age	173.9	147.0	117.9	134.7	93.6
Cash with other banks in Bangladesh	3.1	4.7	5.9	6.4	6.1
Cash with other banks Outside Bangladesh	18.1	14.6	9.5	5.6	23.5
Money at call and short notice	0.0	0.0	-	0.0	0.0
Investment Others	37.8	38.1	40.3	13.2	33.3
Investment Government Securities	-	-	-	0.0	97.3
Investment Government Bond	553.4	420.3	274.8	274.6	204.7
Loans and advances	1,925.8	1,642.5	1,581.3	1,252.6	1,050.0
Bills purchased and discounted	106.7	90.4	105.0	69.2	71.0
Required provision for loans and advance	-	-	-	-23.2	-23.8
Other Assets	34.5	31.3	25.1	35.2	17.2
Land	27.1	26.8	7.7	7.7	7.4
Building	9.4	6.6	1.7	0.9	0.4
Furniture & Fixtures	8.6	7.5	7.8	7.2	6.0
Office equipment and machinery	14.3	12.6	11.9	10.2	8.5
Banks Vehicle	4.0	2.6	1.4	1.1	0.9
Library Books	0.0	0.0	0.0	0.0	0.0
Leased vehicles	0.4	0.4	0.4	0.4	0.0
ATM	3.0	1.8	1.7	1.5	1.4
Off-Shore Banking Units	0.1	0.1	0.1	-	-
Depreciation	-15.0	-11.9	-11.0	-8.8	-6.8
Intangibles assets	3.1	2.8	3.0	2.9	2.3
Amortization	-1.3	-0.9	-0.7	-0.4	-0.2
Fixed assets including premises, furnitu	0.6	0.6	0.6	0.0	-
Fixed Assets-Prime Exchange Co. Pte. Ltd	0.1	0.0	0.0	0.0	0.0
Fixed Assets-Off-shore Banking Unit	0.0	0.1	0.0	0.0	0.0
Total Assets	2,933.1	2,456.3	2,202.5	1,804.6	1,603.8
Borrowings in Bangladesh	260.5	134.1	74.0	1.2	163.8
Borrowings Outside Bangladesh	-	-	-	0.0	1.6
Current deposits and other accounts	336.1	288.7	305.8	230.0	173.1
Bill Payable	42.1	36.6	34.6	23.2	18.0
Savings bank /Mudaraba savings deposits	236.3	219.3	217.1	174.9	98.6
Fixed deposits / Mudaraba fixed deposits	1,626.3	1,408.4	1,208.9	1,117.9	988.5
Other Liabilities	173.6	133.8	114.3	87.0	62.8
Minority Interest	0.0	0.0	0.0	0.0	-
Total Liabilities	2,675.0	2,220.9	1,954.7	1,634.2	1,506.4
Paid up Capital	115.2	95.3	82.0	51.3	41.3
Share premium	27.6	27.4	31.8	0.0	-
Statutory reserve	84.2	70.5	62.7	47.4	34.3
Retained earnings/Movement of Profit and	27.4	35.8	47.6	32.7	15.5
Revaluation Gain/Loss on Investment	0.5	3.2	20.2	35.2	2.6
Revaluation Reserves	3.1	3.1	3.6	3.6	3.7
Foreign Currency Translation	0.1	0.1	0.0	0.0	0.0
Total Equity	258.2	235.4	247.8	170.3	97.3
Total Liabilities & Shareholders' Equity	2,933.1	2,456.3	2,202.5	1,804.6	1,603.8
S/O-Common Stock	1,871.5	1,029.3	762.5	469.2	506.8
Total Common Shares Outstanding	1,871.5	1,029.3	762.5	469.2	506.8
Accumulated Intangible Amort, Suppl.	1.3	0.9	0.7	0.4	0.2
Total Risk-Weighted Capital	2,491.9	2,361.7	2,607.3	1.2	1,048.5
Tier 1 Capital %	10.14%	9.62%	8.59%	10.95%	8.67%
Total Capital %	12.73%	12.45%	11.69%	14.71%	10.88%
Number of Common Shareholders	23,964	26,030	19,748	10,339	9,180
Full-Time Employees	2,544	2,292	2,139	1,844	1,551
Capital Lease Payments Due within 1 Year	0.1	0.1	0.1	0.1	0.0
Capital Lease Payments Due in Year 5	0.0	0.1	0.3	0.4	0.0
Interest Costs	0.0	0.0	-0.1	-0.1	0.0
Total Capital Leases, Supplemental	0.1	0.2	0.3	0.4	0.0

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	Restated Normal 31-Dec-2011	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008
Filed Currency	BDT	BDT	BDT	BDT	BDT
Exchange Rate (Period Average)	81.86564	74.041708	69.60265	69.026932	68.582616
Auditor	Hoda Vasi Chowdhury & Co	Hoda Vasi Chowdhury & Co	Syful Shamsul Alam & Co	S. F. Ahmed & Co	S. F. Ahmed & Co
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash Receipts	328.2	256.6	186.6	170.1	140.2
Cash Payments	-217.1	-161.8	-97.5	-102.2	-80.6
Dividend	0.2	6.3	0.2	0.6	0.3
Fee & Commission receipts in Cash	32.1	39.4	39.1	25.7	21.1
Recoveries of loans previously written o	1.0	1.5	4.3	0.3	1.2
Cash payments to employees	-32.4	-28.7	-15.3	-13.7	-11.0
Cash payments to suppliers	-8.4	-7.8	-7.8	-5.5	-4.5
Cash Taxes Paid	-24.3	-37.3	-25.8	-14.9	-13.7
Receipts from other operating activities	23.4	25.8	22.0	30.6	11.0
Payments for other operating activities	-17.8	-19.9	-16.6	-10.1	-6.8
Purchase of trading securities (Treasury	14.1	-66.0	-3.4	97.1	-16.1
Loans and advances to customers	-288.9	-319.3	-415.1	-207.8	-259.8
Other assets	-158.4	-137.6	-32.6	-88.0	-128.6
Deposits from other banks/borrowings	111.5	111.9	97.1	-163.9	163.9
Deposits from customers	275.6	421.1	253.2	269.8	245.0
Other liabilities account of customers	5.2	7.5	11.9	5.3	1.4
Other Liabilities	8.4	21.0	-60.9	30.2	-23.6
Cash from Operating Activities	52.4	112.8	-60.6	23.7	39.5
Debentures	0.1	0.1	0.1	0.1	0.1
Payments for purchases of securities	0.0	-5.6	-19.9	9.5	-8.9
Purchase/sale of property, plant and equ	-8.3	-34.0	-5.0	-5.0	-7.9
Payment against lease obligation	-0.1	-0.1	-0.1	-0.1	0.0
Proceeds from sale of property, plant &	0.0	0.0	0.0	0.0	0.0
Cash from Investing Activities	-8.3	-39.6	-24.9	4.5	-16.8
Receipts from issue of sub-ordinated bon	0.0	0.0	35.9	0.0	-
Receipts from issue of ordinary share in	0.0	0.0	48.8	0.0	-
Dividend Paid	-9.5	-10.1	-5.1	0.0	-3.3
Cash from Financing Activities	-9.5	-10.1	79.6	0.0	-3.3
Foreign Exchange Effects	-0.2	-3.4	-0.2	0.0	0.0
Net Change in Cash	34.5	59.7	-6.1	28.3	19.4
Cash Beginning of the Period	184.3	144.1	159.3	132.4	113.9
Cash End of the Period	218.8	203.8	153.2	160.6	133.2

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 (?)	40.7	6.95%	171.0	12.55%	19.22%	23.73%
Income Available to Common Excl Extraord Items1 (?)	-19.2	-	33.0	-26.80%	-1.47%	14.06%
Basic EPS Excl Extraord Items1 (?)	-0.02	-	0.04	-26.65%	-11.55%	6.91%
Capital Expenditures2 (?)	4.9	163.85%	8.3	-73.08%	25.27%	15.13%
Cash from Operating Activities2 (?)	-20.0	-	52.4	-48.61%	37.81%	31.35%
Free Cash Flow (?)	-25.2	-	44.5	-38.08%	40.78%	36.50%
Total Assets3 (?)	3,041.4	9.88%	2,933.1	18.49%	23.98%	24.50%
Total Liabilities3 (?)	2,792.5	10.92%	2,675.0	19.52%	24.27%	23.91%
Total Long Term Debt3 (?)	0.0	-	0.0	-	-	-
Employees3 (?)	-	-	2544	10.99%	11.32%	12.69%
Total Common Shares Outstanding3 (?)	1,871.5	81.82%	1,871.5	81.82%	58.59%	35.79%
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 (?)	290.8	237.0	182.4	157.6	132.8
Total Interest Expense1 (?)	219.7	176.2	115.6	122.1	104.0
Loan Loss Provision1 (?)	40.6	14.2	7.9	10.1	20.2
Cash & Due from Banks3 (?)	220.5	184.4	151.3	160.1	134.1
Total Deposits3 (?)	2,198.8	1,916.4	1,731.8	1,522.8	1,261.8
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 (?)	23.17%	40.38%	50.98%	42.54%	27.24%
Net Profit Margin (?)	11.34%	21.02%	28.68%	25.95%	13.71%
Financial Strength
Long Term Debt/Equity (?)	0.00	0.00	0.00	0.00	0.00
Total Debt/Equity (?)	1.17	0.72	0.44	0.14	1.87
Management Effectiveness
Return on Assets (?)	1.23%	2.07%	2.60%	2.40%	1.31%
Return on Equity (?)	13.43%	20.09%	24.88%	30.52%	20.86%
Efficiency
Receivables Turnover (?)	0.09	0.10	0.10	0.10	0.09
Asset Turnover (?)	0.06	0.07	0.08	0.07	0.06

Market Valuation USD (mil)
P/E (TTM) (?)	27.33	.	Enterprise Value2 (?)	298.2
Price/Sales (TTM) (?)	1.98	.	Price/Book (MRQ) (?)	2.63
Enterprise Value/EBITDA (TTM) (?)	1.08	.	Market Cap1 (?)	361.0
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 (?)	0.00	0.00	0.00	0.00	0.00
Total Debt/Equity (?)	1.17	0.72	0.44	0.14	1.87
Long Term Debt/Total Capital (?)	0.00	0.00	0.00	0.00	0.00
Total Debt/Total Capital (?)	1.17	0.72	0.44	0.14	1.87
Payout Ratio (?)	0.00%	14.42%	8.03%	6.94%	0.00%
Effective Tax Rate (?)	51.04%	47.94%	43.75%	39.01%	49.65%
Total Capital1 (?)	258.2	235.4	247.8	170.3	97.3
Efficiency
Asset Turnover (?)	0.06	0.07	0.08	0.07	0.06
Receivables Turnover (?)	0.09	0.10	0.10	0.10	0.09
Days Receivables Outstanding (?)	3,999.31	3,823.50	3,530.47	3,656.43	4,183.13
Revenue/Employee2 (?)	67,783	66,331	71,595	64,697	54,447
Profitability
Pretax Margin (?)	23.17%	40.38%	50.98%	42.54%	27.24%
Net Profit Margin (?)	11.34%	21.02%	28.68%	25.95%	13.71%
Management Effectiveness
Return on Assets (?)	1.23%	2.07%	2.60%	2.40%	1.31%
Return on Equity (?)	13.43%	20.09%	24.88%	30.52%	20.86%
Valuation
Free Cash Flow/Share2 (?)	0.02	0.07	-0.08	0.04	0.06
Operating Cash Flow/Share 2 (?)	0.03	0.10	-0.08	0.05	0.08
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) (?)	15.03
Market Cap/Equity (MRQ) (?)	1.44
Market Cap/Revenue (TTM) (?)	1.16
Market Cap/EBIT (TTM) (?)	1.32
Market Cap/EBITDA (TTM) (?)	1.30
Enterprise Value/Earnings (TTM) (?)	12.47
Enterprise Value/Equity (MRQ) (?)	1.20
Enterprise Value/Revenue (TTM) (?)	0.96
Enterprise Value/EBIT (TTM) (?)	1.10
Enterprise Value/EBITDA (TTM) (?)	1.08

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 :

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%)

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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.