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Bank Limited, Better Known for Its Acronym EBL annual report 2018 Annual Report 2018 Organizational Overview 2 Better Equipped for Tomorrow It is a story of success, it is a story of rebirth and regeneration, it is a story of hope and aspiration, it is a story of tenacity and resolve, and it is a story of passion for performance of Eastern Bank Limited, better known for its acronym EBL. With a humble beginning in 1992, EBL moved forward with a small yet confident stride and a pledge to impacting lives positively. Today EBL stands for service excellence, product innovation and world class banking experience. The most awarded bank in the country, EBL is also the first bank in the country to be rated by the world’s top rating agency Moody’s and was awarded Ba3. The rating has been reaffirmed for the past three consecutive years. The long- cherished dream of having a permanent address of EBL became a reality after 26 years in 2018 when we moved to Gulshan corporate office. The slick, functional and intelligent fifteen-story head office of EBL is a new landmark of Dhaka. For us, the building is a symbol of pride and smart banking. For our customers, it is an emblem of modern, forward-looking and sustainable bank. The building tells the story of our dream: a dream to excel, a dream to impact lives positively, and a dream to contribute to the growth of Bangladesh. Standing tall, it also tells that we are now better equipped for tomorrow. 3 Annual Report 2018 Organizational Overview Letter of Transmittal 06 CONTENTS EBL at a Glance 07 Feathers in the Cap 08 ORGANIZATIONAL OVERVIEW Vision and Mission 12 Core Values 13 Strategic Priority 14 Corporate Directory 15 Organogram 18 Board of Directors 20 Management Committees 26 Products & Services 31 Timeline 34 STEWARDSHIP Chairman’s Message 38 Managing Director & CEO's Review 42 Directors' Report 2018 45 4 STAKEHOLDERS' INFORMATION Promoting Human Welfare 130 CONTENTS Our Engagement with Stakeholders 52 Contribution to National Exchequer 131 Financial Highlights 53 Women Empowerment 131 Five-Year Financial Progression 53 Environment-friendly Bank 131 Financial Goals and Performance (Bank) 55 Disaster Management 132 Market Value Added (MVA) Statement 55 Way Forward 132 Stock Performance 56 MANAGEMENT DISCUSSION AND ANALYSIS Graphical Presentation 57 Comparative Analysis of Financial 136 Statement of Wealth Creation & its Distribution 60 Performance Credit Rating 61 Business Review Financial Calender 62 Corporate Banking 137 Glimpses from the 26th AGM 64 Retail Banking 140 GOVERNANCE REPORTS Treasury 144 Directors’ Responsibility Statement 68 Review of EBL Subsidiaries 146 Report of the Audit Committee 70 Centralized Processing for Efficient Banking 153 Report of the Risk Management Committee Human Capital: We Do Care for Our People 154 (RMC) of the Board 72 Information Technology: The Business Enabler 157 Corporate Governance Report 74 We Provide "Quality Service" 158 Risk Management Report 96 FINANCIAL REPORTS Disclosures on Risk Based Capital (BASEL-III) 107 Statement on the Integrity of Financial 162 Management of Non-performing Loan (NPL) 120 Statements Recovery of Classfied and Write-off Loans 121 Auditor’s Report to the Shareholders 163 Going Concern and Viability 122 Consolidated & Separate Financial Statements 168 SUSTAINABILITY REPORT Financial Statements of Offshore Banking Unit (OBU) 251 Sustainability: An overview 126 Financial Statements of the Subsidiaries 258 Sustainability Governance 126 SUPPLEMENTARY INFORMATION Environmental Aspect 126 Branch Network 293 Economic Aspect 127 Correspondent Bank Network 296 Social Aspect 128 Abbreviations 300 Way Forward 129 Media Coverage 301 CORPORATE SOCIAL RESPONSIBILITY Notice of the 27th AGM 302 Our Corporate Citizenship Strategy 130 Proxy Form 303 Education: Key to Social and Economic Development 130 5 Annual Report 2018 Organizational Overview Letter of Transmittal All Shareholders of Eastern Bank Limited Bangladesh Bank Bangladesh Securities and Exchange Commission (BSEC) Registrar of Joint Stock Companies & Firms Dhaka Stock Exchange Limited (DSE) Chittagong Stock Exchange Limited (CSE) Dear Sir, Annual report of Eastern Bank Limited for the year ended 31 December 2018. We are pleased to present before you the Bank’s (EBL) Annual Report 2018 along with the audited Financial Statements (Consolidated and Separate) for the year ended 31 December 2018 and as on that date. Financial Statements of ‘The Bank’ comprise those of EBL On-shore (main operation) and Off-shore Banking Unit (presented separately) whereas consolidated Financial Statements comprise Financial Statements of ‘The Bank’ and those of its subsidiaries [EBL Securities Ltd., EBL Investments Ltd., EBL Finance (HK) Ltd. and EBL Asset Management Ltd.] presented separately. Analyses in this report, unless explicitly mentioned otherwise, are based on the financials of ‘The Bank’ not the consolidated financials. Yours Sincerely, Safiar Rahman, FCS DMD & Company Secretary 6 EBL at a Glance Figures in BDT million 2018 Growth 2017 282,451 + 11.6% 253,068 Balance sheet size 209,306 +13.7% 184,027 Loans & advances 199,629 + 19.3% 167,348 Deposits 7,144 +5.1% 6,796 Operating profit 3,081 +28.1% 2,405 Profit after tax 24,648 +5.8% 23,302 Regulatory capital 26,568 -29.5% 37,712 Market capitalization Key ratios Retern on Asset NPL 2018 2017 2018 2017 1.15% 1.04% 2.35% 2.50% Retern on Equity EPS (BDT) 2018 2017 2018 2017 13.83% 11.41% 4.17 3.26 Cost to Income ratio CRAR 2018 2017 2018 2017 45.63% 45.20% 12.16% 14.09% LCR NSFR 2018 2017 2018 2017 127.67% 113.35% 104.07% 102.82% 7 Annual Report 2018 Organizational Overview Feathers in the Cap Every year is unique in its challenges and dividends. The year 2018 this commendable feat. Moody's reaffirmed EBL the Ba3 rating in unlike any other year, will be remembered or cherished for a very 2017 and 2018. special reason and the reason is the team spirit demonstrated by EBL family. PCI DSS Certificate For the first time in the life of EBL all employees of EBL joined their PCI DSS certificate awarded to EBL in 2016 and reaffirmed in 2017 hands in bringing in deposits for the Bank to contribute positively by global leader in cyber security NCC Group of UK is a testimony to to the financial health of the Bank. The front and back office people our emphasis on card security. worked hand in hand, shoulder to shoulder. This is unique. The Euromoney Award sense of belongingness and camaraderie to work together towards a common goal gave EBL family a new sense of purpose and In 2016 the jury of Euromoney Awards for Excellence conferred meaning. There could not have been a better and apt example of the the Best Bank in Bangladesh for its professionalism, prudence, old adage: ‘united we stand, divided we fall.’ and growth. It also referred EBL's depleting NPL ratio as mark of health. In 2017 and 2018 EBL has been adjudged the Best Bank in There are a few other achievements that are noteworthy to mention Bangladesh making the tally to three consecutive years. After the and they also owe their success to our strong culture of passion introduction of the coveted Euromoney award for Bangladesh in for performance. The most important to get mentioned here is our 2013, EBL is the most successful bank to win maximum number financial performance in profit after tax (PAT). In 2018 we have of awards. attained 100 percent of our budget in PAT despite innumerable market challenges originating particularly around national election. A Leader in Retail Banking On the recognition of local and international front, we have had a In retail banking EBL has emerged as an undisputed leader. The decent year with our hand on the crowns of the Bangladesh’s Best Asian Banker International Excellence in Retail Financial Services Bank Award from Euromoney, The Asian Banker Best Retail Bank award has adjudged EBL as the Best Retail Bank in Bangladesh for of Bangladesh, IFC Awards for the Best Issuing Bank Partner-South the last six consecutive years from 2013-18. Asia and the Best Trade Operations Partner-South Asia and SME Bank of the Year-Asia, and the International Finance Award for Best The London-based International Finance magazine in 2018 Credit Card Offering in Bangladesh. awarded EBL for the Best Credit Card Offering in Bangladesh. ICSB National Award for Corporate Governance Best Transaction Bank in Bangladesh Excellence EBL has been awarded at the prestigious Asian Banker Business Achievement Awards 2018 held in Beijing. EBL is the only bank from Our system of corporate governance provides the basis for Bangladesh to win Best Transaction Bank in Bangladesh Awards in the responsible management, transparency of processes and two categories of Best Cash Management and Best Trade Finance. compliance to regulatory bodies with a focus on sustainable value creation. Our continuous effort to adopt and adapt to international IFC Award best practices in corporate governance has been recognized by Institute of Chartered Secretaries of Bangladesh (ICSB). Eastern In 2017 IFC of World Bank group recognized us as the Best Issuing Bank Limited has won the gold award at the ICSB National Award Bank Partner and Best Trade Operations Issuing Bank Partner in 2017 for Corporate Governance Excellence in banking category. South Asia. Since inception of the award in 2013, EBL is the most awarded FinanceAsia Award financial institution in the category. This is EBL's third gold award in last five years. The FinanceAsia magazine awarded the Best Bank in Bangladesh accolade in 2017. ISO Certification Asiamoney Award Our relentless effort to upgrade and update on every account of standardization is reflected in our Operations department's recent EBL was awarded the Best Corporate and Investment Bank in ISO 9001: 2015 certification. Bangladesh 2016, 2017 and 2018 by Asiamoney.
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