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Annual Report 2014 1 Contents ANNUAL REPORT 2014 1 CONTENTS BUSINESS DIVISION HIGHLIGHTS SME Banking Division 69 Retail Banking Division 70 Corporate Banking Division 72 Treasury and Financial Institutions 74 Corporate Governance 75 Green Banking Disclosure 92 Service Excellence 94 Corporate Social Responsibility 95 Risks and Concerns 97 Pattern of Shareholding 98 Board Audit Committee 99 Risk Management Committee 107 Financial Statements 111 Glimpses of Last AGM 235 Branch, Krishi Branch & SME Sales & Service Center Addresses 237 Attendance Slip & Proxy Form 247 CONTENTS Letter of Transmittal 02 Forward Looking Statement 03 Notice of the 16th Annual General Meeting 04 Corporate Vision, Mission and Core Values 05 Corporate Chronicle and information 06 Chairman’s Message 08 Managing Director & CEO’s Message 16 Directors' Report 21 Our Performance 40 Disclosures on Risk Based Capital (Basel II) 42 Board of Directors 53 Management Committee 64 BUSINESS DIVISION HIGHLIGHTS SME Banking Division 69 Retail Banking Division 70 Corporate Banking Division 72 Treasury and Financial Institutions 74 Corporate Governance 75 Green Banking Disclosure 92 Service Excellence 94 Corporate Social Responsibility 95 Risks and Concerns 97 Pattern of Shareholding 98 Board Audit Committee 99 Risk Management Committee 107 Financial Statements 111 Glimpses of Last AGM 235 Branch, Krishi Branch & SME Sales & Service Center Addresses 237 Attendance Slip & Proxy Form 247 LETTER OF TRANSMITTAL To All Shareholders Bangladesh Bank Bangladesh Securities and Exchange Commission Registrar of Joint Stock Companies & Firms Dhaka Stock Exchange Limited Chittagong Stock Exchange Limited Dear Sir(s), Annual Report for the year ended December 31, 2014 We are pleased to enclose a copy of the Annual Report, together with the Audited Financial Statements of BRAC Bank Limited as on December 31, 2014 for your kind information and record. Yours sincerely Rais Uddin Ahmad Company Secretary ANNUAL REPORT 2 2014 FORWARD-LOOKING STATEMENT Our public interactions frequently include spoken or written forward-looking statements. Statements of this type are based on hypothesis, ballpark figure. Statements with such considerations and future prospects are included in this document, and may be included in other filings with Securities and Exchange Commission, or in other communications. Forward-looking statements may include comments with respect to the Bank’s objectives, strategies to achieve those objectives, expected financial results (including those in the area of risk management), and the outlook for the Bank’s businesses. Such statements are typically identified by words or phrases such as “believe,” “expect,” “anticipate,” “intent,” “estimate,” “plan,” “may increase,” “may fluctuate,” and similar expressions of future or conditional verbs, such as “will,” “should,” “would” and “could.” Forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, and the risk that predictions and other forward-looking statements will not prove to be accurate. Do not unduly rely on forward-looking statements, as a number of important factors, many of which are beyond our control, could cause actual results to differ materially from the estimates and intentions expressed in such forward-looking statements. These factors include, but are not limited to: volatility of Interest rate, instability of capital market, changes of CRR and SLR of the Banks, changes of lending rate, changes of corporate tax, change in national political and economic conditions, changing government policy issues; changes in the demand for BRAC Bank Limited’s products; ups and downs in international prices of essentials which influence the foreign exchange market, changes in economic conditions generally or technology spending in particular; changes in the competitive markets of the country, changes in global capital markets activity, judicial and regulatory proceedings. The Bank’s ability to attract and retain key executives, risk management of lending portfolio often requires stresses which are based on sophisticated mathematical tools and cannot solely be dependent on existing MIS. The level of technology in banking industry is yet to acquire that sophistication. All the terms mentioned above in forward looking statements may be altered at any point of time. The Bank won’t be accountable to update the amended information in the annual report, which may be effected with a future progression. ANNUAL REPORT 2014 3 NOTICE OF THE SIXTEENTH ANNUAL GENERAL MEETING Notice is hereby given that the Sixteenth Annual General Meeting (AGM) of BRAC Bank Limited will be held on 23 April, 2015 at 10:00 a.m. at BRAC Centre for Development Management (B-CDM), Khagan, Savar to transact the following business: AGENDA AGM-16-01-2015: To receive, consider and adopt the audited financial statements for the year ended December 31, 2014 and the Auditors’ and Directors’ Report; AGM-16-02-2015: To declare dividend for the year ended December 31, 2014; AGM-16-03-2015: To elect /re-elect Directors; AGM-16-04-2015: To appoint auditors of the Company for the year 2015 and to fix their remuneration; All the shareholders of the Company are requested to make it convenient to attend the meeting. By the order of the Board Rais Uddin Ahmad March 31, 2015 Company Secretary NOTES: a) The “Record Date” is March 30, 2015. b) The shareholders whose name would appear in the Register of Members of the company on the record date shall be entitled for the dividend. c) A member eligible to attend and vote at the Annual General Meeting may appoint a proxy to attend and vote on his/her behalf. Proxy form must be affixed with the revenue stamp of Taka 20.00 and submitted to the Registered Office of the company not later than 72 hours before the time fixed for the Annual General Meeting. d) Shareholders and proxies are requested to record their entry at the AGM well in time. No entry will be recorded after 10:30 a.m. ANNUAL REPORT 4 2014 CORPORATE VISION Building a profitable and socially responsible financial institution focused on Market and Business with growth potential, thereby assisting BRAC and stakeholders to build a “just, enlightened, healthy, democratic and poverty free Bangladesh”. CORPORATE MISSION • Sustained growth in ‘Small & Medium Enterprise” sector • Continuous low-cost deposit growth with controlled growth in retail assets • Corporate Assets to be funded through self-liability mobilization. Growth in assets through syndications and investment in faster growing sectors • Continuous endeavor to increase non-funded income • Keep our debt charges at 2% to maintain a steady profitable growth • Achieve efficient synergies between the bank’s branches, SME unit offices and BRAC field offices for delivery of remittance and Bank’s other products and services • Manage various lines of business in a fully controlled environment with no compromise on service quality • Keep a diverse, far flung team fully motivated and driven towards materializing the bank’s vision into reality CORE VALUES • Value the fact that we are a member of the BRAC family • Creating an honest, open and enabling environment • Have a strong customer focus and build relationships based on integrity, superior service and mutual benefit • Strive for profit & sound growth • Work as team to serve the best interest of our owners • Be relentless in the pursuit of business innovation and improvement • Value and respect people and make decisions based on merit • Base recognition and reward on performance • To be responsible, trustworthy and law-abiding in all that we do ANNUAL REPORT 2014 5 CORPORATE CHRONICLE & INFORMATION Registered Office: 1, Gulshan Avenue,Gulshan-1, Dhaka-1212 Company Registration Number: C-37782(2082) of 1999 Inauguration of Banking operations: 4th July, 2001 First SME unit Office: 1st January, 2002 First installation of ATM Booth: 3rd April, 2005 Signing with Infosys and 3i InfoTech for changing Bank’s IT 1st August, 2006 platform: Opening of 24x7 Phone Banking opening : 9th September, 2006 Initial Public offering of shares: 2006 Listing with CSE: 24th January, 2007 Listing with DSE: 28th January, 2007 Commencement of share trading in DSE and CSE: 31st January, 2007 Credit card service launching: 06th February, 2007 remittance delivery point 2500 Introduction of Probashi Banking : 14th April, 2007 Launching of Travel Related Services(TRS): 20th November, 2007 ANNUAL REPORT 6 2014 PDB collection via mobile banking: 15th October, 2009 Launching of Probashi Biniyog: 4th May, 2010 Off-shore banking launched: 21st June, 2010 Co-branded ATM booth launching with Rupali Bank Limited: 25th September, 2010 Launching of Planet Card: 23rd October, 2010 e-Commerce launching for online shopping facility: 8th December, 2010 M/s Hoda Vasi Chowdhury & Co. Chartered Accountants, Auditor BTMC Bhaban (7th & 8th Floor) 7-9 Karwan Bazar C/A, Dhaka 1215 M/s. B. Chakrborty & Co. Chartered Accountants, Tax Advisor House # 16 (3rd floor), Road # 12, Block # F Niketon, Gulshan 1, Dhaka-1212. ANNUAL REPORT 2014 7 CHAIRMAN’S MESSAGE Annual Report 8 2014 Sir Fazle Hasan Abed, KCMG Chairman ANNUAL REPORT 2014 9 Dear Shareholders, It is my great pleasure to welcome you all to protecting the environment and conserving the 16th Annual General Meeting of BRAC natural resources. BRAC Bank has taken several Bank Limited. At the outset, I would like significant initiatives, such as e-statements, to express our gratitude to you all for your online banking, online bill payments, e-business,
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