NBL pioneer in private commercial banking
Sunday, 23 March 2008
FE Report
National Bank Ltd (NBL), a first generation private commercial bank (PCB), will complete 25 years of its operation today (Sunday).
"We feel proud that we have been able to successfully cross a milestone of 25 years with dedicated service and relentless efforts to contribute to the growth of the private sector-led economy of our country," NBL Managing Director Md Abdur Rahman Sarker told the FE Wednesday at a function organised to announce the silver jubilee celebration of the bank.
He said the bank is the pioneer in private commercial banking in Bangladesh.
"We are the first among the PCBs in Bangladesh to start financing ready-made garments (RMG), bringing remittance through banking channel, launching credit cards and also first in disbursing agro-credit in rural areas," the NBL managing director said.
The Bank, also a listed company, will hold its 25th annual general meeting March 30.
According to the latest annual report, the board of directors of the bank has recommended 55 per cent stock dividend for the year ended December 31, 2007 against 50 per cent stock dividend in 2006.
The bank's net profit crossed Tk 1.0 billion-mark for the first time in 2007 and surged to Tk 1.23 billion against Tk 507.49 million in 2006.
The bank's net profits in 2003, 2004 and 2005 were Tk 88.12 million, Tk 170.02 million and Tk 271.67 million respectively.
The bank's deposits, loans and advances, investments, import, export and remittance rose to Tk 47,961.22 million, Tk 36,475.74 million, Tk 7,760.38 million, Tk 62,759.00 million, Tk 31,824.00 and Tk 27,560.80 million respectively in 2007 against those of 2006.
Commenting on the bank's silver jubilee celebration, NBL chairman Parveen Haque Sikder in the latest annual report said: "We made the bank a model after giving continuous effort over the last 25 years.
The bank has now 101 branches and it has applied to the central bank to open 25 more branches across the country in 2008.
"We hope the Bangladesh Bank will allow us to open at least 10 branches in 2008," a senior executive of the bank said.
The bank's paid-up capital in 2007 rose to Tk 1.20 billion from Tk 805.47 million in 2006.
The paid-up capital was Tk 619.59 million in 2005, Tk 516.33 million in 2004 and Tk 430.27 million in 2003.
The bank has remittance arrangements with different banks and exchange houses in various countries of the world.
"It is our another key success to become the first agent of Western Union in Bangladesh in 1993 and since then, we are playing an important role in earning the remittances in Bangladesh," the NBL chief executive said.
He said realising the importance of inward foreign remittances for the economic growth of Bangladesh, the NBL has started establishing extensive drawing arrangement networks with the banks and exchange companies in the countries, where Bangladeshi expatriates live in large numbers.
"Our bank has owned 25 per cent equity of Gulf Overseas Exchange Company LLC, a joint venture exchange company in Oman, operating since November 1985 with four branches under our management," Abdur Rahman Sarker said.
The NBL has also acquired full ownership of Balaka Exchange Pte Ltd of Singapore as its subsidiary in July, 2007.
National Bank Ltd (NBL), a first generation private commercial bank (PCB), will complete 25 years of its operation today (Sunday).
"We feel proud that we have been able to successfully cross a milestone of 25 years with dedicated service and relentless efforts to contribute to the growth of the private sector-led economy of our country," NBL Managing Director Md Abdur Rahman Sarker told the FE Wednesday at a function organised to announce the silver jubilee celebration of the bank.
He said the bank is the pioneer in private commercial banking in Bangladesh.
"We are the first among the PCBs in Bangladesh to start financing ready-made garments (RMG), bringing remittance through banking channel, launching credit cards and also first in disbursing agro-credit in rural areas," the NBL managing director said.
The Bank, also a listed company, will hold its 25th annual general meeting March 30.
According to the latest annual report, the board of directors of the bank has recommended 55 per cent stock dividend for the year ended December 31, 2007 against 50 per cent stock dividend in 2006.
The bank's net profit crossed Tk 1.0 billion-mark for the first time in 2007 and surged to Tk 1.23 billion against Tk 507.49 million in 2006.
The bank's net profits in 2003, 2004 and 2005 were Tk 88.12 million, Tk 170.02 million and Tk 271.67 million respectively.
The bank's deposits, loans and advances, investments, import, export and remittance rose to Tk 47,961.22 million, Tk 36,475.74 million, Tk 7,760.38 million, Tk 62,759.00 million, Tk 31,824.00 and Tk 27,560.80 million respectively in 2007 against those of 2006.
Commenting on the bank's silver jubilee celebration, NBL chairman Parveen Haque Sikder in the latest annual report said: "We made the bank a model after giving continuous effort over the last 25 years.
The bank has now 101 branches and it has applied to the central bank to open 25 more branches across the country in 2008.
"We hope the Bangladesh Bank will allow us to open at least 10 branches in 2008," a senior executive of the bank said.
The bank's paid-up capital in 2007 rose to Tk 1.20 billion from Tk 805.47 million in 2006.
The paid-up capital was Tk 619.59 million in 2005, Tk 516.33 million in 2004 and Tk 430.27 million in 2003.
The bank has remittance arrangements with different banks and exchange houses in various countries of the world.
"It is our another key success to become the first agent of Western Union in Bangladesh in 1993 and since then, we are playing an important role in earning the remittances in Bangladesh," the NBL chief executive said.
He said realising the importance of inward foreign remittances for the economic growth of Bangladesh, the NBL has started establishing extensive drawing arrangement networks with the banks and exchange companies in the countries, where Bangladeshi expatriates live in large numbers.
"Our bank has owned 25 per cent equity of Gulf Overseas Exchange Company LLC, a joint venture exchange company in Oman, operating since November 1985 with four branches under our management," Abdur Rahman Sarker said.
The NBL has also acquired full ownership of Balaka Exchange Pte Ltd of Singapore as its subsidiary in July, 2007.