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Directors' Report Annual Report 2018 Leap of Glory | Governance and Risk Management IPDC Finance Limited 74 DIRECTORS’ REPORT However, China stayed fortified due to relieved monetary policy and ongoing economic reforms. Despite tightened financial conditions, most of the emerging economies Dear Shareholders, BDT mn, % remained buoyant, which continued to drive the growth of the global economy. The Board of Directors of IPDC Finance Limited takes great 28.6% 28.6% pleasure to welcome you to the 37th Annual General Meeting of the Company. 50,511 44,325 TOTAL ASSETS LOANS & ADVANCES On behalf of the Board of Directors, I am presenting the Directors’ Report on the operational and financial activities of your Company together with the Audited Financial Statements for the year ended 31 December 24.6% 50.5% 2018 which also includes reports on business and strategy 37,066 1,875 review, risk management, corporate governance, internal control system, financial and operational highlights for your DEPOSITS REVENUE valued consideration, approval and adoption. This report has been prepared in compliance with Section 184 of the Companies Act 1994, Financial Institutions Act 1993 and 66.9% 34.2% the guidelines issued by Bangladesh Securities and 1,123 450 Exchange Commission (BSEC), Bangladesh Bank and other regulatory authorities. OPERATING PROFIT NET PROFIT The year 2018 has been a challenging year for the financial industry which saw its ups and downs through-out the period due to tight liquidity situation and increasing 5.9% 1.13% trend of classified loans combined with initiatives to reduce 40.1% 14.01% interest rates. Defying many odds, the company once COST TO INCOME RATIO CAPITAL ADEQUACY RATIO again outperformed the industry and logged impressive growth in both balance sheet and profitability while keeping classified loan ratio in check and liquidity position intact. Global Economic Review % While your company continues to grow, the Board remains 3.74% extremely focused on ensuring that we have high 3.73% compliance standard and effective corporate governance, risk management framework and internal 3.58% control systems in place which are essential for the long-term sustainability of the business. 3.45% Key Performance Highlights 3.27% The Company reported a strong performance in 2018 with total Balance Sheet growing by 28.6% from BDT 39,289 million in 2017 to BDT 50,511 million in 2018, Loans and Advances increasing by 28.6%, Deposits rising by 24.6%. On profitability front, Revenue increased by 50.5%, Operating 2014 2015 2016 2017 2018 Profit by 66.9% and Net Profit by 34.2% during the year. Classified Loan Ratio increased to 2.14% in 2018 from 0.62% Global GDP Growth in 2017. Despite classified loan ratio remaining relatively low throughout the year, the ratio jumped significantly at the end of the year 2018 due to few large loan accounts The global economy continued to make strong recovery becoming classified. Capital adequacy ratio stood at with GDP growing by 3.73% in 2018 compared to 3.74% in 14.01% in 2018 against the minimum regulatory 2017. The growth, as per IMF’s recent forecast, is expected requirement of 10.00%. to decline during 2019-20 due to the impact of geopolitical tensions, Brexit development, tighter financial condition and increasing oil price. In addition, ongoing trade war between the United States and China can potentially damage the growth prospect of the global economy. Annual Report 2018 75 IPDC Finance Limited Leap of Glory | Governance and Risk Management However, China stayed fortified due to relieved monetary While the world economy continues its recovery journey, rapid growth was driven by boost in the manufacturing policy and ongoing economic reforms. Despite tightened the prospect of 2019 and beyond is again under serious and construction sector supported by strong domestic and financial conditions, most of the emerging economies pressure with the development of some geopolitical public investments and recovery pick-up in ready-made remained buoyant, which continued to drive the growth of events which may dampen cross-border investment and garment (RMG) exports. In addition, strong private sector the global economy. world’s trade volume, put inflationary pressure, spur credit growth together with a rebound in remittance instability in financial markets and volatility in exchange inflows helped boost aggregate demand of the economy. USD/bbl rates and commodity prices. Additionally, agriculture sector also witnessed strong growth as no major natural disaster hit the country during 96 Regional Economy Review the last fiscal year. Asian economies continue to be the major driver of the 68 world’s GDP growth. It is expected that the average GDP growth in Emerging Asian Economies will be 6.1% during 51 53 2019 to 2023. GDP in Southeast Asia is forecasted to grow 43 by 5.2% during 2019 to 2023, China to grow by 5.9% and India by 7.3% in the same period. Private consumption remains strong in the South Asian region supported by stability in the labor market, growing purchasing power and emergence of middle-class 2014 2015 2016 2017 2018 population. The momentum is expected to continue in the coming years. However, there are many challenges facing Average Crude Oil Price the region which includes inadequate infrastructure, insufficient supply of energy and power, lack of skilled and educated manpower, income disparity, slower adoption of newer technologies, inadequate framework for The falling trend of crude oil price rebounded in 2018 with managing market risks and combating cybersecurity price shooting up to USD 76 at one point of time in 2018 crimes and slower progress in social aspects of due to disruption in oil production in Venezuela and development. renewed US sanctions on Iran; the price subsequently fell-down following the decision by the oil exporters to Bangladesh Economy Review increase oil production. As a result, the average price % settled at USD 68 per barrel in 2018 compared to USD 53 in 2017. This led to an increase in production costs and 7.86% commodity prices, causing inflation to move up to 3.78% in 7.11% 7.28% 2018 from 3.20% in 2017 and the inflationary pressure is 6.55% expected to sustain in 2019. 6.06% % 3.78% 3.22% 3.20% 2.75% 2.75% 2013-14 2014-15 2015-16 2016-17 2017-18 GDP Growth The global economy continued to make strong recovery The resilience of Bangladesh economy against any with GDP growing by 3.73% in 2018 compared to 3.74% in external shocks and volatility has been proven over the 2017. The growth, as per IMF’s recent forecast, is expected years with GDP growth rate staying consistently above to decline during 2019-20 due to the impact of geopolitical 2014 2015 2016 2017 2018 6.0% over the last consecutive seven years. The economy tensions, Brexit development, tighter financial condition continued to remain buoyant and outperform many of its and increasing oil price. In addition, ongoing trade war Global Inflation Rate neighboring countries by logging a GDP growth rate of between the United States and China can potentially 7.86% in FY2017-18, the highest ever for the country. This damage the growth prospect of the global economy. Annual Report 2018 Leap of Glory | Governance and Risk Management IPDC Finance Limited 76 rapid growth was driven by boost in the manufacturing Current account deficit widened as imports outpaced and construction sector supported by strong domestic and exports. Balance of payment stood at a deficit of USD 885 public investments and recovery pick-up in ready-made million in FY2017-18 against a surplus of USD 3.25 billion in FY garment (RMG) exports. In addition, strong private sector 2016-17. However, the current account deficit is expected credit growth together with a rebound in remittance to narrow-down in the future with export growing at a inflows helped boost aggregate demand of the economy. steeper rate than import. Additionally, agriculture sector also witnessed strong USD mn growth as no major natural disaster hit the country during the last fiscal year. % 15,317 14,931 14,979 7.35% 14,228 6.40% 5.92% 5.78% 5.44% 12,769 2013-14 2014-15 2015-16 2016-17 2017-18 Remittance 2013-14 2014-15 2015-16 2016-17 2017-18 Inflation Inward remittance grew by 17.3% to USD 14,979 million in FY2017-18, after two consecutive years of decline. Although inflation has been showing a downward trend till Remittance recovery was combinedly driven by the FY2016-17, inflation in FY2017-18 increased to 5.78% from increased number of Bangladeshi workers working 5.44% in FY2016-17 mainly due to increase in food inflation. abroad, increase in minimum wage rate in Saudi Arabia, However, rates still remains within tolerable limit. depreciation of taka against USD and initiatives to USD mn encourage foreign workers to transfer money through formal channel. Remittance from Gulf countries accounted for around 56.0% of the total pie. Foreign Direct 58,865 Investment (FDI) increased by 5.1% to USD 2,580 million in FY2017-18 from USD 2,455 million in FY2016-17. 47,005 40,732 40,704 43,123 USD mn 33,493 32,943 34,257 34,847 36,668 30,187 31,209 30,168 25,025 2013-14 2014-15 2015-16 2016-17 2017-18 21,508 ––– Export ––– Import Exports saw a modest growth of 5.3% and stands at USD The resilience of Bangladesh economy against any 36,668 million in FY2017-18. Despite exports not meeting the external shocks and volatility has been proven over the target for FY2017-18, the growth in the RMG sector years with GDP growth rate staying consistently above exceeded the sectoral target of 7.1% and grew by 8.8% in 2013-14 2014-15 2015-16 2016-17 2017-18 6.0% over the last consecutive seven years.
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