The New Nation - Internet Edition

Staff Reporter

Janata Bank Ltd, the second largest commercial bank of the country, has been flourishing in all respect after its corporatisation. The recovery of big loans of the bank increased by 162.82 per cent last year. The bank achieved progress in different indicators during the last calendar year that ended in December.

Proper strategic planning of the board of directors of the bank helped it to develop in all respect, officials of the bank said.

Profit of the bank increased by Tk 120 crore ( 28.36 per cent) comparing previous year. The bank profited Tk 541 crore last year which was Tk 321 crore in the previous year (2006), its annual report says.

The amount of deposit stood at Tk 19654.80 crore with an increase of Tk 1516 .04 crore in the single year. The rate of growth here is Tk 8.36 year comparing the previous year.

The banks export business grew by 8.36 per cent (Tk 99.07 crore). The bank provided Tk 7188.73 crore export support to the businessmen.

The fees, commission and exchange earnings in total reached Tk 341.26 crore, which is an increase by 14.59 per cent. With Tk 752.07 crore increase, foreign remittance earning by the bank reached to Tk 3678.80 crore. The rate of growth in this field is 25.70 per cent. The recovery amount of the bank stood at 379 crore against the targeted amount of Tk 512 crore. According an MoU of Bangladesh Bank the targeted amount of recovery was Tk 27 crore fro, its top 20 borrowers.

The recovery position against this target was 43.96 crore which is an increase by 162.82 per cent. Board of directors quick decision-making, effective working plan, speedy disposal of business decisions and utmost efforts of its officers and employees is being attributed to this success.

Janata Bank has an authorized capital of US$ 145.45 million, paid up capital of US$ 47.16 million and reserve of US$ 6.67 million. The Bank has a total asset of US$ 1886.50 million. Immediately after the emergence of Bangladesh in 1971, the erstwhile United Bank Limited and Union Bank Limited were nationalized and renamed as Janata Bank.

Janata Bank operates through 847 branches including 4 overseas branches at United Arab Emirates. It is linked with 1221 foreign correspondents all over the world. The Bank employs more than sixteen thousand persons.

The mission of the bank is to actively participate in the socio- economic development of the nation by operating a commercially sound banking organization, providing credit to viable borrowers, efficiently delivered and competitively priced, simultaneously protecting depositors funds and providing a satisfactory return on equity to the owners.

The Board of Directors is composed of 7 (seven) members headed by a Chairman. The Directors are representatives from both public and private sectors. The Bank is headed by the Managing Director (Chief Executive), who is a reputed banker.