Chairman's Message
Despite global recession and economic slow down we had a very successful year 2009. The Bank achieved record level of operating profit. This is an achievement in which we all take proud considering many difficulties and uncertainities in the financial world. The Bank marched ahead capitalizing the opportunities and overcoming the adversity and challenges. The strong performamnce and growth in all areas of business operation is a reflection of ban's strength in core business and management. The financial statements for 2009 bear testimony of the bank's excellent performance and sound health.
The Bank posted net profit of TK764 million for the year ended December 2009 registering a growth of 16% compared to the last year. The deposit and advances grew by 45% and 40% respectively while the market was very competitive. We have carefully progressed with our credit growth br managing various risk profiles and strict monitoring system. The bank is now adequately capitaliozed and the ratio stands at 13.47% against risk weighted assets. With all provisions made, classification stands at 1.83%.
The year 2010 will no doubt be another challenging year for the Bank. We will make every endeavor to maintain the quality of assets, keep a close eye on our balance sheet and the portfolio of investment. We shall focus more on improving profitability by bringing growth in loans and advances and deposit base. We shall try to achieve improved productivity in our operations, maintain sound ratings and practices in corporate governance, compliance process and strong capital base. We shall also put emphasis on return on assets, return on equity and other key performance indicators.
I am happy to announce that our IT infrastructure has already extended its reach across all our branches. Our own switching system is in place and we have already installed a few ATM booths. Our debit cards can be used not only in our own ATMs but also in other networks operating in Bangladesh. We have already taken associate membership from VISA International and we shall soon launch VISA credit card which can be used locally and internationally. Debit and credit card will add to our milestone of progress. In line with Bangladesh Bank's guidelines we want to deepen our stake in agriculture and agri based projects. We have undertaken initiatives to offer agriloan to marginal farmers under cluster arrangement. We have already included two villages under our branche's command area to enlist farmers and put them under bank's finance for farming or any other productive activities. Such project will be done under pilot scheme of 'ADARSHA GRAM' and we believe this will definitely alleviate poverty among those who are at the marginal level and have least access to bank's finance.
While doing all these, we have not lost sight of our commitment to the society we belong. We do share various state run activities by way of giving financial contribution and at times we undertake projects that are soley for disadvantage group in our society. We also offer scholarship and other financial assistance to meritorious students particularly in rural areas under corporate social responsibilty.
In conclusion, I on behalf of the Board of Directors and on my own behalf would like to thank our shareholders for their continued support. I also wish to acknowledge our customers' trust and confidence in the bank and hard work, dedication and loyalty of our employees. I extend my gratitude to all the members of the Board, regulatory agencies and Bangladersh Bank for their continued support and guidance. May Allah guide us for our continued prosperity and well being in the days to come.
