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

  1. Acceptance and endorsements
  2. Bills for collection
  3. Letters of guarantee
  4. 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:

 

  1. First schedule of banking companies act 1991
  2. Bangladesh bank circulars
  3. International accounting standards[IAS]
  4. Institute of chartered accountants of Bangladesh [ICAB] standards
  5. Bangladesh accounting standards[BAS]
  6. Companies act 1994
  7. Securities and exchange ordinance1969
  8. 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 NameBuy RateSell RateDate of Update
USD68.3070.052006-10-15 00:14:49
GBP116.30126.502006-10-15 00:15:29
EUR0.000.002006-10-15 00:15:38

Investments

Value of investments has been stated as follows:

ItemsApplicable accounting
Government treasury billsIIDFC zero coupon bondsPrize bondsDebenturesUnquoted sharesAt 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 account1%2%2%5%

 

Specific provision on classified loans and advances
SubstandardDoubtfulBad/loss20%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 CategoryRate of Depreciation
Building (space)Furniture and FixturesEquipmentComputer and accessoriesMotor vehicles5%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

TypeMid RateMaximum Rate
Agriculture (including Jute)9.00%9.00%
Term Loan (Large & Medium Scale Industries)15.50%17.00%
Working Capital15.50%17.00%
Export7.00%7.00%
Other Commercial Lending16.00%17.50%
SMALL & COTTAGE INDUSTRIES a) With Govt. Refinance12.00%12.00%
SMALL & COTTAGE INDUSTRIES b) Without Govt. Refinance13.00%13.00%
Urban Housing16.00%17.50%
Overdraft (OD) against FDR i) Issued by Bank Asia Ltd15.00%16.00%
Overdraft (OD) against FDR ii) Issued by Other Bank16.00%17.00%
Overdraft (OD) against FDR iii) MB+, DB+ ,DG+ of Bank Asia Ltd.16.00%17.00%
Micro Credit a. Micro Credit Scheme12.00%12.50%
Micro Credit b. Personal Credit Scheme16.00%17.00%
Micro Credit c. Car Own Scheme16.00%17.00%
Micro Credit d. Consumer Credit Schemes16.00%17.00%
Others16.00%17.00%
Overdraft (OD) against FDR iv) Similar Instruments issued by other banks16.00%17.00%

 

Interest Rate on Deposit

TypeInterest 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 capitalTotalAt 31 Dec 2005At 31 Dec 2004
RequiredHoldingRequiredHolding
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 balance23110610912072019135182630013899496992111140231106109

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 share383,511,3789,300,00041.24293,747,9727,440,00039.48

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.