BSRS pays Tk 10m as dividend to public exchequer
Wednesday, 19 March 2008
FE Report
Bangladesh Shilpa Rin Sangstha (BSRS) paid Tk 10 million (1.0 crore) to the government as dividend for the fiscal year 2006-07 after posting earnings significantly through proper utilisation of its limited manpower and resources, official sources said.
BSRS Managing Director FRM Hafizul Islam handed over the cheque to Finance and Planning Adviser AB Mirza Azizul Islam at a function in the Secretariat Tuesday.
The institution, the country's pioneering state-owned development financing institution to provide term loans for industrial growth, enhanced its net worth and net capital to Tk 2.55 billion and Tk 1.98 billion respectively until February, 2008 compared to Tk 1.50 billion and Tk 1.87 billion of the previous fiscal of 2006-07.
Accumulated resources of the BSRS also increased to Tk 4.57 billion until February 2008 compared to Tk 4.52 billion of the previous year, the statistics provided to the finance ministry revealed.
The written-off loan and classified loans of the BSRS also declined by Tk 40 million and Tk 60 million compared to that of the previous year.
"We have utilised our limited resources and manpower through efficient management to strengthen the financial strength of the institution," the BSRS managing director told the newsmen pointing to reasons behind its better financial performances after his meeting with the finance adviser.
The expenditure of the institution has been brought down significantly to Tk 59 million in first eight months of the current fiscal until February 2008 compared to Tk 100 million of the previous fiscal, he said.
Hafiz expressed the hope that the net profit might increase by at least Tk 160 million in the current fiscal compared to Tk 100 million in the previous fiscal.
Established in 1972, the BSRS got merchant banking licence from the Securities and Exchange Commission (SEC) in 1998 and subsequently floated its first mutual fund, which is now being traded in the country's stock market.
The institution has also a brokerage house for trading of shares of companies listed with the country's stock markets. The brokerage house was inaugurated by the SEC chairman last month.
To comply with the finance ministry recommendation to offload 20 per cent of its existing shares in the stock market, the BSRS has already raised its paid-up capital to Tk 1.0 billion from the previous amount of Tk 700 million.
It has also changed its memorandum of articles as per the finance ministry suggestions.
But the proposed merger of the BSRS with the debt-plagued Bangladesh Shilpa Bank (BSB) has stalled the process of offloading the BSRS shares.
To ensure smooth operation and persistent growth of the BSRS, offloading of shares would be a better option compared with its merger with the BSB, bankers observed.
Bangladesh Shilpa Rin Sangstha (BSRS) paid Tk 10 million (1.0 crore) to the government as dividend for the fiscal year 2006-07 after posting earnings significantly through proper utilisation of its limited manpower and resources, official sources said.
BSRS Managing Director FRM Hafizul Islam handed over the cheque to Finance and Planning Adviser AB Mirza Azizul Islam at a function in the Secretariat Tuesday.
The institution, the country's pioneering state-owned development financing institution to provide term loans for industrial growth, enhanced its net worth and net capital to Tk 2.55 billion and Tk 1.98 billion respectively until February, 2008 compared to Tk 1.50 billion and Tk 1.87 billion of the previous fiscal of 2006-07.
Accumulated resources of the BSRS also increased to Tk 4.57 billion until February 2008 compared to Tk 4.52 billion of the previous year, the statistics provided to the finance ministry revealed.
The written-off loan and classified loans of the BSRS also declined by Tk 40 million and Tk 60 million compared to that of the previous year.
"We have utilised our limited resources and manpower through efficient management to strengthen the financial strength of the institution," the BSRS managing director told the newsmen pointing to reasons behind its better financial performances after his meeting with the finance adviser.
The expenditure of the institution has been brought down significantly to Tk 59 million in first eight months of the current fiscal until February 2008 compared to Tk 100 million of the previous fiscal, he said.
Hafiz expressed the hope that the net profit might increase by at least Tk 160 million in the current fiscal compared to Tk 100 million in the previous fiscal.
Established in 1972, the BSRS got merchant banking licence from the Securities and Exchange Commission (SEC) in 1998 and subsequently floated its first mutual fund, which is now being traded in the country's stock market.
The institution has also a brokerage house for trading of shares of companies listed with the country's stock markets. The brokerage house was inaugurated by the SEC chairman last month.
To comply with the finance ministry recommendation to offload 20 per cent of its existing shares in the stock market, the BSRS has already raised its paid-up capital to Tk 1.0 billion from the previous amount of Tk 700 million.
It has also changed its memorandum of articles as per the finance ministry suggestions.
But the proposed merger of the BSRS with the debt-plagued Bangladesh Shilpa Bank (BSB) has stalled the process of offloading the BSRS shares.
To ensure smooth operation and persistent growth of the BSRS, offloading of shares would be a better option compared with its merger with the BSB, bankers observed.