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Annual Report of 2016

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Annual Report of 2016 MDB – on Track With an evolving banking landscape and varied consumer needs, Midland Bank is making fundamental shift towards digital - weaving networks, building alliances and finding new ways of customer solutions. A stream of fast delivery channels propped up by cutting-edge tools and technologies have branded the Bank a friendly financial service provider with a basket of customer friendly products, services and solutions. The speed of technology and centralized procedures, the wisdom of experts and the foresight of the Board are aptly combined in MDB to propel it to heights of success across regions and beyond borders. Over time, with steady focus on increasing profitability, sustainability, inclusive growth, capital strength and deep respect for the society, MDB has emerged as a major force in the Banking industry of the country. Banking through Technology... Digital technology is transforming the way we lead our lives today. The banking and financial services industry is a clear representation of this transformation. Consumers are more itinerant than ever before and expect services to be available at the time and place of their choice. At Midland Bank, we have always realized this need of our customers and developed technology-led offerings to deliver a seamless banking experience at all places of their choice, be it ‘their place’, ‘our place’ or while they are ‘on the move’. Our consistency and speed in introducing these offerings has been well received. Our zeal to improve the banking experience for customers continues to drive us to innovate and carry forward our leadership in delivering banking services using cutting-edge technology. ...at your Place Be it home or office, we have successfully brought banking closer to the customers, at their place of choice. From checking balance to transferring money anywhere in the country, the Bank’s technology solutions empower customers to fulfil their banking needs, without stepping out of their homes or offices. …at our Place We have state-of-the-art branches, booths, ATMs available around the country and recently launched Midland Bank Agent Banking that offers a complete suite of banking services and many other innovations are redefining the customer experience at our Bank today. ...on the Move Recent advances in telecommunications have made today’s world an ‘always connected world’ where people demand and consume products and services on the move. At Midland Bank, we have always leveraged technology effectively to stay ahead of customer needs. ‘midland online’, our mobile banking application was launched in 2016 for android smartphones, was embraced as the most comprehensive mobile banking app in the country. Letter of Transmittal All Shareholders of Midland Bank Limited Bangladesh Bank Bangladesh Securities and Exchange Commission (BSEC) Registrar of Joint Stock Companies and Firms Dhaka Stock Exchange Limited (DSE) Chittagong Stock Exchange Limited (CSE) Dear Sir/Madam, Annual Report of Midland Bank Limited for the year ended December 31, 2016 We are pleased to enclose a copy of the Bank’s Annual Report 2016, together with the Audited Financial Statements for the year ended December 31, 2016 for your kind information and record. Thank you. Sincerely, Md. Hasanul Haque Deputy Company Secretary Statement Regarding Forward Looking Approach The annual report contains some forward looking statements in regards to business environment and its likely effect in the financial position of Midland Bank Limited (MDB). Statements which are not historical facts including statement of MDB’s trust, expectation are forward looking statements. Words such as plan, anticipate are forward looking statements. Forward looking statement involves inherent risks and uncertainties. Some factors may actually cause to differ and some may significantly diverge from the forward looking methodology. Some of the factors that may distress the business environment are given below: Higher rate in Corporate Tax on Bank’s profit (40%). High rate of withholding tax and VAT on banking services. Changes in the overall economic condition resulting from natural calamities. Changes in government policy issues. Over burden of SLR as a PD Bank. Impact of high CRR and SLR of the Banks. Withdrawal / Decrease of incentive given to some thrust sectors which may make the projects slow moving. Directives to reduce the lending rates to finance essential items. Upsurge in provisioning requirement may reduce the ROA and ROE. Dropping the margin ratio for investment accounts. Impulsiveness in interest rate. Sluggish capital market arising from rumors. Compliance issues raised by the international forums which are likely to affect the export growth. Rise in international prices of essentials goods which may result to volatility in Foreign Exchange Market. Risk management of lending portfolio often requires sophisticated mathematical tools and cannot solely be dependent on existing MIS. The level of technology in banking industry is yet to acquire that sophistication. 06 Midland Profile: Success and Promises 07 Corporate Information 08 Value Creation for Stakeholders during 2016 09 MDB Performance Dashboard 10 Mission & Vision 11 Corporate Values 12 Strategic Goals 13 Customer Charter/Ethical Preferences 14 Enhancing Cyber Security 15 Milestones 16 MDB Financial Performance and Ratios: 4 Years Overview 18 The Sponsor Shareholders 19 The Board of Directors 31 Committees of the Board of Directors 32 From the Desk of the Chairman 35 Report of the Executive Committee of the Board of Directors 37 Report of the Audit Committee of the Board of Directors 41 Report of the Risk Management Committee of the Board of Directors 44 Managing Director & CEO’s Review 47 Directors’ Report 61 Report on Economic Impact/ Value Added and Distribution 63 Corporate Governance 77 MDB Photo Gallery 92 Management Committees 98 Performance by Banking Segments 117 Report on Risk Management 137 Disclosure on Risk Based Capital Adequacy (Basel-III) 159 Sustainability Report, Green Banking & Corporate Social Responsibility 169 Financials 2016 (Auditors’ Report to the Shareholders) 170 Statement of Directors on Adequacy of the System of Internal Control 171 Directors Responsibility in relation to Financial Statements 172 Declaration of Managing Director & CEO and Chief Financial Officer to the Board of Directors 235 MDB Products and Services 239 MDB Service Network Midland Prole: Success and Promises Midland Bank came to the financial frontier of Bangladesh in 2013 as a fourth generation bank to serve people from all walks of life. The Bank was issued certificate of incorporation and certificate of commencement of business on March 20, 2013 under the Companies Act 1994 as a Public Limited Company by shares for conducting all types of banking activities. The Bank is led by a Board of Directors who are experienced and expert in their respective field of business. A highly competent and expert team of bankers steers the Bank’s everyday operations to the path of progress as envisioned by its Shareholders. MDB started commercial operation on June 20, 2013 with a corporate slogan “bank for inclusive growth”. The Bank’s business model has been evolving over time in response to significant changes in the operating environment – notably tightening of regulatory oversight, rapid development of new information and communication technologies and the more worth noticing, constantly changing customer behaviour. We have been reshaping our operations to be more customer-centric, developing a deeper insight of individual customer’s financial goals and needs. Besides, we have been searching for opportunity to add new products to our business line by conducting wide research and development to comply with varying and changing requirement of the customers. MDB is presenting its 2016 financial results as a fast growing fourth generation bank in Bangladesh with the pride of a solid capital base, quality assets and strong profitability. The year 2016 has seen us rise from 25,344 to 42,913 customer accounts, net profit after tax grew by 38% to BDT 668 million and balance sheet rose to BDT 35,352 million in less than four years. Total deposits hit near BDT 26,676 million in the reporting year, up from BDT 17,956 million a year earlier and the loan book almost doubled from BDT 13,888 million to BDT 21,045 million at the year end. By and large, this was most successful on our part to post return on equities (ROE) which is as high as 12.77% and Earnings per Share (EPS) as best as BDT 1.55. At the year end 2016, Bank’s paid up capital increased to BDT 4,320 million indicating a remarkable growth of 8%. Total capital base stood at BDT 5,408 million as at the balance sheet date. Bank’s capital adequacy stood at 23.30% at the year end which stayed much above required ceiling of 10.625% as per Basel III compliance. Total customer-base of Midland Bank grew to a total of 30,691 from 17,816 in 2016 with considerable growth in the rural customer- base. In our strategic action, we are giving priority to developing MSMEs placing special attention to extending finance to manufacturing sector. A total of 324 SME entrepreneurs were extended BDT 2,187 million in loan. We’re getting growth rates above the market benchmark which give us confidence for the future. Being committed to the clients, community and economy, the Bank is on the way to binding the nation together by including people from all across the frontiers - urban and rural, SME and agriculture, local and global. The Bank is forging ahead with a soaring ambition. We are convinced that Midland Bank will succeed in realizing its full potential to become the leading client-centric Bank of the country. 6 Corporate Information Name of the Company Authorized Capital Chairman Midland Bank Limited BDT 10,000 million Mr. M. Moniruzzaman Khandaker Legal Form Paid-up Capital Vice Chairman Public Limited Company BDT 4,320 million Mrs. Nilufer Zafarullah, MP Registered Oce Total Capital (Tier-i & ii) Managing Director & CEO N.B.
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