The New Nation - Internet Edition

Social Investment Bank Ltd. (SIBL) has come out of problem bank list on November 05, Bangladesh Bank (BB) has informed that SIBL has earned remarkable progress in overall management and financial indexes. BB put SIBL in the problem bank list in October 2005 and asked SIBL to company with DOBBS (Directives Of Bangladesh Bank). SIBL Management with cooperation from all concerned has been successful to get desired progress in all the indexes of DOBBs.

A great change has occurred in the financial base of the bank. The capital of the bank as on September 2007 is Tk. 180.64 crore and 100% provision against debt has been preserved.

The bank has preserved provision of Tk. 40.24 crore against required 38.24 crore. Gross classified loan is 3.68 percent and net classified loan is 0.48 present. Thus the quality of assets of the bank has been improved significantly.

The adjusted capital shortfall of SIBL during its being listed as problem bank in 2005 was Tk. 64.71 crore and classified loan was 161.00 crore or 11.28 percent.

Bank's Chairman Abdul Awal Patwary has expressed hope that the management of the bank would continue their efforts to develop overall business in the days to come.

Managing Director K M Ashaduzzaman stated that because of release from problem bank list clients' confidence in the bank would increase and as such, in near future tremendous achievement would be possible in all business aspects.