Pubali Bank vows to sustain its growth
Tuesday, 19 May 2009
FE Report
Bangladesh's banking sector has been able to dodge the global financial crisis as it stands on strong foundation, Hafiz Mazumder MP, chairman of Pubali Bank Limited said Monday.
"The banks here do businesses complying with the directives and regulations. So we have been able to escape the financial debacle," Mr Hafiz said while speaking at a press conference at the bank's head office in the city.
The press meet was organised on the occasion of the golden jubilee of the country's first commercial bank.
The bank celebrates its 50th anniversary today (Tuesday).
The Bank was initially emerged in the banking scenario of the then East Pakistan as Eastern Mercantile Bank Limited at the initiative of some Bangalee entrepreneurs in the year 1959 under Bank Companies Act, 1913.
After the Independence, the bank was nationalised as per policy of the government and renamed as Pubali Bank. Subsequently due to changed circumstances the bank was denationalised in the year 1983 as a private bank and renamed as Pubali Bank Limited.
Since then Pubali Bank Limited has been rendering all sorts of commercial banking services as the largest bank in private sector through its branch network all over the country, said Managing Director Helal Ahmed Chowdhury.
Mr Mazumder said: "The bank's deposit was Tk 5 billion when it was turned into a limited company in 1985. Now the amount of deposit stands around Tk 80 billion. This is all because of efficiency of the employees."
"We have computerised bank's transaction system to keep pace with the global advancement. We are using our own software, Pubali Integrated Banking System."
He said some 171 branches of the bank are now enjoing the online facilities. "The rest will follow the suit soon. Our target is to complete full automation of the bank within next three years."
He said that the bank is investing in agriculture so that they can contribute in alleviating poverty and thus fostering economic development.
"We are the highest lender in agriculture sector among the private commercial banks of the country. We are providing loans at marginal interest."
The bank in 2008 provided agricultural loans worth Tk 2 billion. The amount will be increased in the coming years, Mr Mazumder said.
"We are providing bulk loans to different micro financing organisations who are distributing them among the rural farmers."
The bank is also financing power generation projects through syndicate and bilateral loans, he said while replying to a question.
"The bank is trying to improve its services. Otherwise, we will not be able to survive in the highly competitive era. The number of branches will also be increased," the Pubali Bank chairman said.
"We do not only look at profit. Rather, we are providing huge financial support to many welfare projects as part of our corporate social responsibility."
"We have social commitments. We want to continue that."
The Pubali Bank management is now proud of its present strength earning a net profit of Tk 1.51 billion in 2008, one of the top scorers among all the private commercial banks.
According to the latest annual report of the bank, the net profit was Tk 134.70 million in 2004, Tk 573.45 million in 2005, Tk 845.53 million in 2006 and Tk 1.35 billion in 2007.
The total income rose to Tk 9.0 billion against the total expenditure of Tk 5.56 billion in the year ended December, 2008.
Bangladesh's banking sector has been able to dodge the global financial crisis as it stands on strong foundation, Hafiz Mazumder MP, chairman of Pubali Bank Limited said Monday.
"The banks here do businesses complying with the directives and regulations. So we have been able to escape the financial debacle," Mr Hafiz said while speaking at a press conference at the bank's head office in the city.
The press meet was organised on the occasion of the golden jubilee of the country's first commercial bank.
The bank celebrates its 50th anniversary today (Tuesday).
The Bank was initially emerged in the banking scenario of the then East Pakistan as Eastern Mercantile Bank Limited at the initiative of some Bangalee entrepreneurs in the year 1959 under Bank Companies Act, 1913.
After the Independence, the bank was nationalised as per policy of the government and renamed as Pubali Bank. Subsequently due to changed circumstances the bank was denationalised in the year 1983 as a private bank and renamed as Pubali Bank Limited.
Since then Pubali Bank Limited has been rendering all sorts of commercial banking services as the largest bank in private sector through its branch network all over the country, said Managing Director Helal Ahmed Chowdhury.
Mr Mazumder said: "The bank's deposit was Tk 5 billion when it was turned into a limited company in 1985. Now the amount of deposit stands around Tk 80 billion. This is all because of efficiency of the employees."
"We have computerised bank's transaction system to keep pace with the global advancement. We are using our own software, Pubali Integrated Banking System."
He said some 171 branches of the bank are now enjoing the online facilities. "The rest will follow the suit soon. Our target is to complete full automation of the bank within next three years."
He said that the bank is investing in agriculture so that they can contribute in alleviating poverty and thus fostering economic development.
"We are the highest lender in agriculture sector among the private commercial banks of the country. We are providing loans at marginal interest."
The bank in 2008 provided agricultural loans worth Tk 2 billion. The amount will be increased in the coming years, Mr Mazumder said.
"We are providing bulk loans to different micro financing organisations who are distributing them among the rural farmers."
The bank is also financing power generation projects through syndicate and bilateral loans, he said while replying to a question.
"The bank is trying to improve its services. Otherwise, we will not be able to survive in the highly competitive era. The number of branches will also be increased," the Pubali Bank chairman said.
"We do not only look at profit. Rather, we are providing huge financial support to many welfare projects as part of our corporate social responsibility."
"We have social commitments. We want to continue that."
The Pubali Bank management is now proud of its present strength earning a net profit of Tk 1.51 billion in 2008, one of the top scorers among all the private commercial banks.
According to the latest annual report of the bank, the net profit was Tk 134.70 million in 2004, Tk 573.45 million in 2005, Tk 845.53 million in 2006 and Tk 1.35 billion in 2007.
The total income rose to Tk 9.0 billion against the total expenditure of Tk 5.56 billion in the year ended December, 2008.