The New Nation - Internet Edition

BUSINESS REPORT

International Finance Investment and Commerce (IFIC) Bank Limited yesterday declared 100 per cent stock dividend or a bonus share against the each of the existing shares of the investors which will be given from the profits earned last year.

This was declared by Mohammad Lutfar Rahman, Chairman of IFIC Bank Limited, amid repeated clapping of the shareholders at the bank's 31st annual general meeting (AGM) held at BDR Darbar Hall, Peelkhana in the city.

Directors Abu Taher Mohammad Golam Maruf, Morshed Murad Ibrahim, Aminur Rahman, Md Yasin Ali (representing M/s Regent Textile Mills Ltd), Didarul Alam, Chowdhury Nafis Sharafat, Gulzar Alam Chowdhury (representing M/s Tamishna Dyeing Industries Ltd), Tanim Noman Sattar, Mahmud Ul Huq Bhuiyan, Arastu Khan, Syed Manzurul Islam and Mohammad Ali Khan, ndc were present.

Besides, Managing Director of IFIC Bank Ltd Mashiur Rahman and Deputy Managing Director Mohammad Abdullah, senior officials of the bank and a large number of shareholders were present at the AGM.

Presenting the highlights of 2007, Mohammad Lutfar Rahman who presided over the AGM, told that IFIC Bank Ltd's operating profit was increased by 67 per cent to Tk 3,299 million, while profit after tax was increased by 280 per cent to Tk 965 million from the preceding year.

Moreover, the shareholders' equity was increased by 60 per cent to Tk 2,614 million while return of assets improved from 0.70 per cent to 2.42 per cent and return of investment improved from 9.11 per cent to 13.56 per cent.

The chairman said the bank made wonderful achievements in 2007. Since its inception the IFIC Bank Ltd has been giving priorities to the rural sector and providing excellent banking services to the people of all strata of the society. The bank has been able to achieve unprecedented success by expanding its branch network for the flourishing of rural economy announced by the government. The bank has also undertaken multifarious programmes for ensuring its growing involvement in corporate social responsibility.

Mohammad Lutfar Rahman said that the IFIC Bank Ltd has been carrying out its business operations in a very transparent manner--both internally and externally.

"We believe that we have succeeded to establish the bank on a strong footing for future and we are determined to utilize the full potentials of it," he said.

Lutfar Rahman said professional skills and experiences have given the IFIC Bank an institutional shape. The bank has entered into a new and widened horizon utilizing its farsighted business policies, specially marketing, customer services and improved management system

Congratulating the directors, executives, officials and employees at all levels of the bank for their sincere support and cooperation, he also thanked the customers, the government, Bangladesh Bank, Finance Ministry, Securities and Exchange Commission, Dhaka Stock Exchange and Chittagong Stock Exchange, and others concerned for their overall support and cooperation.

Speaking at the AGM, Managing Director Mashiur Rahman said the operating income of the bank stood Tk 1,322.32 million in 2007, up 66.86 per cent from the preceding year. "We expect to make further progress in the years to come," he said.

It may be mentioned that IFIC Bank Ltd has now 69 branches across the country. Its total officials and employees stood at 1,996.