The New Nation - Internet Edition

BUSINESS REPORT

LankaBangla Finance Limited approved 15 per cent cash dividend and 10 per cent stock dividend for its shareholders for the year 2007.

The dividend was approved at the 11th Annual General Meeting of the company held in the city recently where the company also approved issuance of Zero Coupon Bond with total face value of Tk 1,000 million under private placement subject to the approval of the Securities and Exchange Commission and Bangladesh Bank. Mohammad A Moyeen, Chairman of the Board of LankaBangla Finance presided over the meeting.

LankaBangla posted a consolidated pre-tax profit of Tk 298.39 million in 2007, a 348.16 per cent increase from Tk 66.58 million of the year 2006 while consolidated post-tax profit increased from Tk 66.82 million to Tk 210.47 million registering a 215 per cent growth. Investment portfolio increased to Tk 4,717.46 million in 2007 from Tk 2,420.04 million of 2006 indicating a growth rate of over 94.93 per cent.

LankaBangla Finance is a joint venture financial institution established with multinational collaboration of foreign equity investors from Sri Lanka and Kingdom of Saudi Arabia with Bangladeshi entrepreneurs. LankaBangla has been offering diverse financial services including Lease Finance, Term Finance, Short Term Finance, Working Capital Finance, Work Order Finance, Car Finance, Domestic Factoring of Accounts Receivables, Real Estate Developers' Finance, Home Loan, Corporate Services like Syndication of Lease/Loan, Corporate Advisory Services, Investment Counseling, Credit Card under MasterCard brand, Merchant Banking Operations like Investors' Portfolio Management Services, IPO Advisory, Issue Management, Underwriting, ete.

The company has a fully owned subsidiary named LankaBangla Securities Limited which has been offering stock brokerage services.