Accounting Practices Followed by Bank Asia Limited
Bank Asia Limited
A scheduled commercial bank in the private sector established under the Banking Company Act 1991 and incorporated in Bangladesh as a public limited company under the Companies Act 1994 to carry out banking business in Bangladesh.
Bank Asia Limited acquired the business of Bank of Nova Scotia, Dhaka in the year 2001 and at the beginning of the year 2002 the Bank also acquired the Bangladesh Operation of Muslim Commercial Bank Limited (MCBL), a bank incorporated in Pakistan, having two branches at Dhaka and Chittagong with one booth at Dhaka.
The Bank at present carrying its banking activities through twenty two branches including ATM, Locker & Foreign Exchange services in the country. The paid up capital of the Bank is 930 million. It has five rural branches as well. They are going to introduce their 23rd branch in Sylhet on November 06, 2006.
Vision Statement:
Bank Asia’s vision is to have a poverty free Bangladesh in course of a generation in the new millennium, reflecting the national dream. Its vision is to build a society where human dignity and human rights receive the highest consideration along with reduction of poverty.
Mission Statement:
To assist in bringing high quality services to its customers and to participate in the growth and expansion of our national economy.
To set high standards of integrity and bring total satisfaction to its clients, shareholders and employees.
To become the most sought after bank in the country, rendering technology driven innovative services by its dedicated team of professionals.
Financial Performance at a Glance:
Capital Adequacy:
The authorized and paid up capital of the Bank are Tk. 1,200 million and Tk. 930 million respectively. The Bank ended the year 2005 with a total Shareholders’ Equity of Tk. 1,567 million and achieved a capital adequacy of 9.53% compared to the regulatory requirement of 9.0%.
Operating Profit Vs Net Profit Before Tax:
In 2001 operating profit was 126 million taka and net profit before tax was 107 million taka. Operating profit and net profit before tax in next years were 230 and 206 in 2002, 419 and 381 in 2003, 659 and 461 in 2004 respectively. In 2005, operating profit reaches at 801 million taka and net profit before tax reaches at 604 million taka. Here we can see that, the growing rate of operating profit is more than the growing rate of net profit before tax.
Advances Vs Deposits:
In 2001, advances were 3013 when deposits were 3849. In 2002, they were 5449 and 7008, in 2003, 8190 and 10431, in 2004, 11861 and 13471. In 2005 advances were 17870 and deposits were 18500. Here, the growing rate of advances and deposits were almost the same.
EPS Vs Dividend:
EPS was 29.33 taka in 2001, 48.51 taka in 2002, 35.97 taka in 2003, 39.48 taka in 2004 and 41.24 in 2005 respectively. EPS reaches at highest in 2002 and then it falls. But in last 3 years, it increases gradually. Dividend was 18% in 2001, 28% in 2002, 24% in 2003, and 25% in 2004. In 2005, dividend reaches its highest amount at 30%.
Return on Equity:
Return on equity was 22.61% in 2001, 30.44% in 2002, 24.26% in 2003, 24.82% in 2004 and 26.01% in 2005 respectively. The highest return on equity was in 2002 and then it falls. But last three years, it was rising gradually.
Deposit – Type Wise:
Bank Asia allows five types of deposits. The highest portion is fixed deposit which covers 81% of all deposits. The deposit which stays more than one year less than five years is about 39%, current deposit & other accounts are about 11%, saving bank deposit is about 6% and bills payable is about 2%.
Deposit- Maturity Wise:
Deposits which will mature within one month are about 1%, more than one month, less than six months are about 28%, more than six months, less than one year are about 18%, more than one year, less than five years are about 39% of the whole amount of deposits. Deposits payable on demand are about 14%.
Financial Statements:
Balance Sheet at 31 December 2005
|
Amounts in Taka |
||
|
At 31 Dec 2005 |
At 31 Dec 2004 |
|
| PROPERTY AND ASSETSCashIn hand (including foreign currencies)With Bangladesh Bank (including foreign currencies)Balance with other banks and financial institutionsIn Bangladesh
Outside Bangladesh Money at call and at short notice Investments Government Others Loans and Advances Loans, cash credits, overdrafts etc Bills purchased and discounted Fixed assets including assets taken on lease Other assets Non-banking assets Total assets
LIABILITIES AND CAPITALS Liabilities Borrowing from other banks, financial institutions and agents Deposits and other accounts Current deposit and other accounts Bills payable Savings bank deposit Fixed deposits Other liabilities Total liabilities
Capital/Shareholders’ Equity Paid-up capital Statutory reserve Proposed issue of bonus share Proposed cash dividend Share premium Retained earnings Total shareholders’ equity Total liability and shareholder’s equity |
759561720
105054105 654507615 366819473 36659948 330159525 1104617231 2256278942 2152152008 104126934 17869844542 15252372045 2617472497 442167364 580675356 – 23379964628
1350000000 18500070655 1983287400 296085857 1176495618 15044201780 1962911904 21812982559
930000000 351826300 186000000 93000000 330 6155439 1566982069 23379964628 |
642612517
103310494 539302023 119921431 38380521 81540910 990467991 3240516524 3110985100 129531424 11861196096 10930096002 931100094 116288933 839530037 – 17810533529
1490000000 13470981849 1362942877 127702523 999076129 10981260320 1666080989 16627062838
744000000 231106109 186000000 – 330 22364252 1183470691 17810533529 |
|
Amounts in Taka |
||
|
At 31 Dec 2005 |
At 31 Dec 2004 |
|
| OFF-BALANCE SHEET ITEMSContingent liabilitiesAcceptances and endorsementsLetter of guaranteeIrrevocable letters of creditBills of collection
Other contingent liabilities
Total off-balance sheet items including contingent liabilities |
– 1513007722 2011380036 1437722959 5544112445 10506223162
10506223162 |
– 759164358 4796325629 353922472 467110291 6376522750
6376522750 |
Profit and Loss Account
For The Year Ended 31 December 2005
|
Amounts in Taka |
||
|
At 31 Dec 2005 |
At 31 Dec 2004 |
|
| OPERATING INCOMEInterest incomeInterest paid on deposits, borrowings etcNet interest incomeInvestment incomeCommission, exchange and brokerage
Other income
Total operating income
OPERATING EXPENSES Salaries and allowances Rent, taxes, insurance, electricity, etc Legal expenses Postage, stamps, telecommunications, etc Stationary, printing, advertisement, etc Chief executive’s salary and allowances Directors’ fees Auditors’ fees Depreciations and repair of bank’s asset other expenses Total operating expenses Profit before provision Provision against loans and advances Other provisions Total provisions Profit before taxation Provision for taxation Profit after taxation Balance of profit, brought forward Profit available for appropriation Appropriations Statutory reserve Proposed bonus share @ 1 share for 5 shares held Proposed cash dividend @ 10%
Retained surplus Earning per share (ESP) |
1804370886 (1359605568) 444765318 206647420 441299947 72579047 720526414 1165291732
153013087 52438644 887546 17280224 10297066 4892500 557490 190000 40247317 84769122 364572996 800718736 197117782 – 197117782 603600954 220089576 383511378 22364252 405875630
120720191 186000000 93000000 399720191 6155439 41.24 |
1291082809 (918599945) 372482864 202791142 338387296 35492183 576670621 949153485
113510677 42946280 915524 14641372 8275126 4500000 453375 173250 33964225 71074033 290453862 658699623 197205956 937967 198143923 460555700 166807728 293747972 6727420 300475392
92111140 186000000 – 278111140 22364252 39.48 |
Notes to Financial Statements:
(1) The external auditors of the Bank, S. F. Ahmed & Co, Charted accounts worked more than 800 man hour at the Bank’s Corporate Office and different branches. During their audit, they audited above 80% of the Bank’s risk weighted assets on the reporting date.
(2) Wherever considered necessary, previous year’s figures have been rearranged for the purpose of comparison with current year’s presentation without any impact on the profit and value of assets and liabilities as reported in the financial statements.
(3) No material events have bad occurred after the balance sheet date to the date of issue of these financial statements, which could affect the values stated in the financial statements.
(4) Earnings per share (EPS) have been computed by dividing the basic earnings by the number of ordinary shares outstanding as on 31 December 2005 as per Bangladesh Accounting Standard 33: “Earnings Per share”.
(5) Figures in these notes and in the annexed financial statements have been rounded off to the nearest Taka.
(6) A separate set of records for consolidating the statement of affairs and income and expenditure statements of the branches are maintained at the corporate office of the bank in Dhaka, based on which these financial statements have been prepared.
Special Items for Banking Company
Bank Asia Limited
Financial Report 2005
Balance Sheet
Property & Asset:
2 Balance with other bank and financial institutions
2 Money at call and short notice
2 Loans and advances
2 Non-banking assets
Liabilities and Capital:
2 Borrowing from other bank and financial institutions and agents
2 Deposits and other accounts
2 Statutory reserve
Off balance Sheet items:
2 Contingent liabilities
- Acceptance and endorsements
- Bills for collection
- Letters of guarantee
- Irrevocable letters of credit
2 Commitments
Profit and Loss Account
Main Sources of Operating Income:
2 Interest income
2 Investment income
2 Commission, exchange and brokerage
Basis of Preparation of the Financial Statements:
The financial statements, namely, balance sheet, profit and loss statement, cash flow statements, statement of change in equity, statement of liquidity analysis and relevant notes and disclosures thereto, of Bank Asia Ltd are prepared on a going concern basis under historical cost convention and in accordance with:
- First schedule of banking companies act 1991
- Bangladesh bank circulars
- International accounting standards[IAS]
- Institute of chartered accountants of Bangladesh [ICAB] standards
- Bangladesh accounting standards[BAS]
- Companies act 1994
- Securities and exchange ordinance1969
- Securities and exchange rules 1987
Bank Asia does not follow Bangladesh accounting standard 12 “income Taxes” where provision for deferred is required to be provided in the accounts which is not done as per the said standard.
Accounting Practices:
Cash:
Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR)
Cash Reserve Ratio and Statutory Reserve Ratio have been calculated and maintained in accordance with section 33 of Banking Companies Act 1991 and subsequent Bangladesh Bank BCD circular no. 13 dated 24 May 1992, BRPD circular no. 12 dated 20 September 1999 and BRPD circular no. 22 dated 06 November 2003 and circular nos. 11 and 12 dated 25 August 2005.
The statutory reserve ratio required on the bank’s time and demand liabilities at the rate of 5% has been calculated and maintained with Bangladesh Bank in current account and 18% statutory liquidity ratio, including CRR, on the same liabilities is also maintained in the form of treasury bills, bonds and debentures including balance with Bangladesh Bank. Both the reserves and maintained by the bank in excess of the statutory requirements, as shown below:
|
Amounts in Taka |
||
|
At 31 Dec 2005 |
At 31 Dec 2004 |
|
| (a) Cash reserve ratio (CRR)Required reserveActual reserve maintainedSurplus(b) Statutory liquid reserve (SLR)
Required reserve Actual reserve maintained Surplus
Total required reserve Total actual reserve held with Bangladesh Bank Total surplus |
700667000 852543000 151876000
3153001000 3517705000 364704000
3853668000 4370248000 516580000 |
350598000 462782000 112184000
1869858000 2713668000 843410000
2220456000 3176450000 955994000 |
Foreign Currency Transactions
(a) Foreign currency transactions are converted into equivalent Taka currency at the ruling exchange rates on the respective dates of such transactions.
(b) assets and liabilities in foreign currencies as at 31 December 2005 have been converted into Taka currency at the average of the prevailing buying and selling rates of the concerned foreign currencies at the date except “balances with other banks and financial institutions” which have been converted as per directives of Bangladesh Bank vide its circular no BRPD (R) 717/2004-959 dated 21 November 2004.
(C) Differences arising through buying and selling transactions of foreign currencies on different dates of the year have been adjusted by debiting/crediting exchange gain or loss account.
Foreign Currency Rate:
| Currency Name | Buy Rate | Sell Rate | Date of Update |
| USD | 68.30 | 70.05 | 2006-10-15 00:14:49 |
| GBP | 116.30 | 126.50 | 2006-10-15 00:15:29 |
| EUR | 0.00 | 0.00 | 2006-10-15 00:15:38 |
Investments
Value of investments has been stated as follows:
| Items | Applicable accounting |
| Government treasury billsIIDFC zero coupon bondsPrize bondsDebenturesUnquoted shares | At face value (including unearned interest)At face valueAt costAt redeemable valueFace value |
Valuation of Investment
| Government securitiesTreasury billsPrize bondsHouse Building Finance Corporation
Others Shares (Unquoted) Industrial and Infrastructure Development Finance Company Ltd. Central Depository Bangladesh Ltd Era-Infotech Ltd. Debentures Beximco Denims Ltd. Beximco Textiles Ltd. Bond Industrial and Infrastructure Development Finance Company Ltd. |
At 31 Dec 2005/ Taka
Cost price Realizable value |
|
|
2125333708 1818300 25000000
13800000 2000000 383700
18971617 18971617
50000000 2256278942 |
2125333708 1818300 25000000
13800000 2000000 383700
18971617 18971617
50000000 2256278942 |
|
Provision for Bad & Doubtful Loans:
Wherever required, the requirements of the said BCD/BRDP circulars of Bangladesh Bank. The rates of provision on various classes of loans &advances are given below
| General provision on unclassified loans and advances | |
| General loans and advancesSmall enterprise financingConsumer financingSpecial mention account | 1%2%2%5% |
| Specific provision on classified loans and advances | |
| SubstandardDoubtfulBad/loss | 20%50%100% |
Particulars of Provision Required Against Loans and Advances
| StatusUnclassified (general Provision)Special mention accountSub total (a)
Classified (specific Provision) Substandard Doubtful Bad/loss |
Base for provision17216897000154129000
45273000 40565000 288816000 |
Rate(%)1 to 25
20 50 100 |
Amounts in Taka |
||
|
At 31 Dec 2005 |
At 31 Dec 2004 |
||||
| 1720668107706451
179773261
9054600 20282500 288816000 318153100 497926361 497926361 – |
114282000-
114282000
22722197 3164892 160639490 186526579 300808579 300808579 – |
||||
| Sub total (b)Required provision for loans and advances (a+b)Total provision mentionedExcess / (short) provision at 31 December 2005 | |||||
Fixed Assets and Depreciations
Fixed assets including assets taken on lease are stated at cost less accumulated depreciation. Depreciation is charged on straight line method based on estimated useful life of each category of assets at the following rates:
| Asset Category | Rate of Depreciation |
| Building (space)Furniture and FixturesEquipmentComputer and accessoriesMotor vehicles | 5%20%20%20%20% |
Depreciation
| Building (space)Furniture and fixturesEquipmentComputers and accessories
Motor vehicles
|
Amounts in Taka |
|
|
At 31 Dec 2005 |
At 31 Dec 2004 |
|
| 8000001602221881634105969946
4284505 35239779 |
-1568289878911395632316
1640705 30847058 |
|
Fixed Assets Including Assets Taken on Lease
| LandBuildingFurniture and fixturesEquipment
Computer and accessories Motor vehicles
Less: Accumulated depreciation Net book value at the end of the year |
Amounts in Taka |
|
|
At 31 Dec 2005 |
At 31 Dec 2004 |
|
| 182443587160791018800110924081704829848228
21422525 515333498 73166134 442167364 |
–784144903945569528161578
8203525 154235288 37946355 116288933 |
|
INTEREST
Interest charged on loans and advances classified by Bangladesh Bank inspection Team and by the Bank management as special mention account, sub-standard, doubtful and bad are kept in interest suspense account as per Bangladesh Bank BCD circular nos. 34 dated 16 November 1989, 20 of 27 December 1994 and 12 of 04 September 1995 as amended by BRPD circular nos. 16 of 06 December 1998, 09 of 14 May 2001 and 09 dated 20 August 2005 and such interest is not accounted for as income until released from borrower. Interest is calculated on daily product basis but charged and accounted for quarterly on accrual basis.
General interest & rates are as Bank Asia declared with the honorable customers are shown bellow. We preserve different rates and interest on different product. Bellow you will see some tables that include most significant information. We have added here also some related links regarding interest and rates.
Interest Rate on Lending
| Type | Mid Rate | Maximum Rate |
| Agriculture (including Jute) | 9.00% | 9.00% |
| Term Loan (Large & Medium Scale Industries) | 15.50% | 17.00% |
| Working Capital | 15.50% | 17.00% |
| Export | 7.00% | 7.00% |
| Other Commercial Lending | 16.00% | 17.50% |
| SMALL & COTTAGE INDUSTRIES a) With Govt. Refinance | 12.00% | 12.00% |
| SMALL & COTTAGE INDUSTRIES b) Without Govt. Refinance | 13.00% | 13.00% |
| Urban Housing | 16.00% | 17.50% |
| Overdraft (OD) against FDR i) Issued by Bank Asia Ltd | 15.00% | 16.00% |
| Overdraft (OD) against FDR ii) Issued by Other Bank | 16.00% | 17.00% |
| Overdraft (OD) against FDR iii) MB+, DB+ ,DG+ of Bank Asia Ltd. | 16.00% | 17.00% |
| Micro Credit a. Micro Credit Scheme | 12.00% | 12.50% |
| Micro Credit b. Personal Credit Scheme | 16.00% | 17.00% |
| Micro Credit c. Car Own Scheme | 16.00% | 17.00% |
| Micro Credit d. Consumer Credit Schemes | 16.00% | 17.00% |
| Others | 16.00% | 17.00% |
| Overdraft (OD) against FDR iv) Similar Instruments issued by other banks | 16.00% | 17.00% |
Interest Rate on Deposit
| Type | Interest Rate |
| Savings DepositShort Term DepositFIXED DEPOSITS: 1 Months tenorFIXED DEPOSITS: 2 Months tenorFIXED DEPOSITS: 3 Months tenorFIXED DEPOSITS: 6 Months tenor
FIXED DEPOSITS: 1 Year & Above |
8.00%6.00%Not ApplicableNot Applicable12.00%12.25%
12.50% |
Provision for Taxation
Provision for income tax is made on accounting income considering taxable allowances and disallowances at 45%.
Provision for Corporate Income Tax
| Opening balanceLess: settlement during the yearAdd: provision made during the year
Closing balance |
Amounts in Taka |
|
|
At 31 Dec 2005 |
At 31 Dec 2004 |
|
| 346295119
– 346295119 220089576 566384695 |
301576674
122089283 179487391 166807728 346295119 |
|
Provision for Gratuity
Gratuity payable to all eligible employees at the end of each year is determined on the basis of existing rules and regulations of the bank and paid to the trust of the Fund. As such actuarial valuation is not considered essential.
Provision for Gratuity
| Opening balanceAdd: Charge for the yearLess: Transfer to gratuity fund during the yearClosing balance |
Amounts in Taka |
|
|
At 31 Dec 2005 |
At 31 Dec 2004 |
|
| 7281374944822
5672959 – |
19912553628137
4891255 728137 |
|
Capital Adequacy Ratio (CAR)
In terms of section 13(2) of Banking Companies Act 1991 and Bangladesh Bank BRPD circular nos. 01, 14 and 10 dated 08 January 1996, 16 November 1996 and 25 November 2002 respectively, required capital of the Bank at the close of business on 31 December 2005 is Taka 1565027480 as against available core capital of Taka 1473982069 and supplementary capital of Taka 183112813, that is a total of Taka 1657094882 thereby showing surplus capital/equity of Taka 92067402 at that date. Details are given below:
| CORE CAPITAL (TIER 1)Paid-up capitalIssue of bonus shareProposed issue of bonus share
Share premium account Statutory reserve Retained earnings
SUPPLEMENTARY CAPITAL (TIER 2) General provision (on unclassified loans) Exchange equalization account
Total capital maintained (a)
Total assets (excluding off-balance sheet items) Total risk-weighted assets Required capital (9% of risk-weighted assets) (b) Surplus (a-b) Capital adequacy ratio |
Amounts in Taka |
|
|
At 31 Dec 2005 |
At 31 Dec 2004 |
|
| 930000000-186000000330351286300
6155439 1473982069
179773260 3339553 183112813 1657094882
23379964628 17389194224 1565027480 92067402 9.35 |
744000000186000000-330231106109
22364252 1183470691
114282000 3339553 117621553 1301092244
17810533529 11635898652 1047230879 253861365 11.18 |
|
Capital Requirement
| Core capitalSupplementary capitalTotal | At 31 Dec 2005 | At 31 Dec 2004 | ||
| Required | Holding | Required | Holding | |
| 4.5%4.5%9% | 8.48%1.05%9.53% | 4.5%4.5%9% | 10.17%1.01%11.18% | |
Statutory Reserve
| Opening balanceAddition during the year (20% of pre-tax profit)Closing balance | 231106109120720191351826300 | 13899496992111140231106109 |
OTHER PROVISION
This provision has been made on prepaid legal expenses and protested bills as per Bangladesh Bank BRPD Circular # 14 of 2001.
Earnings Per Share (EPS)
| Profit after taxationNumber of ordinary shares outstandingEarnings per share | 383,511,3789,300,00041.24 | 293,747,9727,440,00039.48 |
Earnings per share (EPS) has been computed by dividing the basic earnings by the number of ordinary shares outstanding as on 31 December 2005 as per Bangladesh Accounting Standard 33.
Revenue Recognition
Revenue during the year is recognized as follows which satisfies all conditions of revenue recognition prescribed by BAS 18 titled “Revenue”.
(1) Interest is calculated on daily product basis on unclassified loans and advances but charged on a quarterly basis.
(2) Interest is charged on classified loans and advances as per Bangladesh Bank’s BCD and BRPD circular and such interest is not taken into income.
(3) Dividend income is recognized at the time when realized.
(4) Commission and discount on bills purchased and discounted are recognized at the time of realization.
Provident Fund
The employees’ Provident fund of the bank is administered by a board of trustee and is funded by contribution of both the bank and employee at 10% of their basic pay. These contributions are invested separately.
Reporting Period
These financial statements cover one calendar year from 01 January to 31 2005.
Cash Flow Statement
Cash flow statement is prepared in accordance with BAS-7 titled “Cash flow statement” and the cash flows from operative activities have been presented under direct method as prescribed by the Securities and Exchange Commission Rules 1987.
Leased Assets
As per BAS 17 “Lease”, all assets taken on lease have been accounted for as finance lease from the previous year. Details of leased assets have been shown in note 9 to these financial statements.
Off-Balance Sheet Items
Off-balance sheet items have been disclosed under contingent liabilities and other commitments as per Bangladesh Bank’s guidelines.
At a Glance:
Earnings Per Share (EPS) has been computed as per Bangladesh Accounting Standard 33: “Earnings Per share”.
Off-Balance Sheet Items have been disclosed under contingent liabilities and other commitments as per Bangladesh Bank’s guidelines.
As per BAS 17 “Lease”, all assets taken on lease have been accounted for as finance lease from the previous year.
Revenue during the year is recognized as follows which satisfies all conditions of revenue recognition prescribed by BAS 18 titled “Revenue”.
Other provisions have been made on prepaid legal expenses and protested bills as per Bangladesh Bank BRPD Circular # 14 of 2001.
20% of pre-tax profit is transferred to statutory reserve as General Reserve is less than Paid up Capital.
Capital Adequacy Ratio (CAR) is calculated in terms of section 13(2) of Banking Companies Act 1991 and Bangladesh Bank BRPD circular no 01, 14 and 10 dated 08 January 1996, 16 November 1996 and 25 November 2002 respectively,
Provision for income tax is made on accounting income considering taxable allowances and disallowances at 45%.
Interest charged on loans and advances classified by Bangladesh Bank inspection Team and by the Bank management as special mention account, sub-standard, doubtful and bad are kept in interest suspense account as per Bangladesh Bank BCD circular no 34 dated 16 November 1989, 20 of 27 December 1994 and 12 of 04 September 1995 as amended by BRPD circular no 16 of 06 December 1998, 09 of 14 May 2001 and 09 dated 20 August 2005 and such interest is not accounted for as income until released from borrower.
Interest is calculated on daily product basis but charged and accounted for quarterly on accrual basis.
Depreciation is charged on straight line method
Provision for bad & doubtful debt is according to the requirements of the said BCD/BRDP circulars of Bangladesh Bank.
“Balances with other banks and financial institutions” which have been converted as per directives of Bangladesh Bank vide its circular no BRPD (R) 717/2004-959 dated 21 November 2004.
Cash Reserve Ratio and Statutory Reserve Ratio have been calculated and maintained in accordance with section 33 of Banking Companies Act 1991 and subsequent Bangladesh Bank BCD circular no. 13 dated 24 May 1992, BRPD circular no. 12 dated 20 September 1999 and BRPD circular no. 22 dated 06 November 2003 and circular nos. 11 and 12 dated 25 August 2005.
Conclusion
Bank Asia has been launched by a group of successful entrepreneurs with recognized standing in the society. The management of the Bank consists of a team led by senior bankers with decades of experience in national and international markets. The senior management team is ably supported by a group of professionals many of whom have exposure in the international market. In the year 2003 the Bank again came to the limelight with oversubscription of the Initial Public Offering of the shares of the Bank, which was a record (55 times) in our capital market’s history and its shares commands respectable premium. The asset and liability growth has been remarkable. By Dec 2005 the total asset of the Bank grew to Tk 23,380 million, increase of almost 31% comparing to 2004.