Bangladesh Development Bank Limited (BDBL) handed over Tk 50 million to the government as dividend from its profit earned during 2010.

BDBL chairman Nazem Ahmed Chowdhury handed over a cheque of Tk 50 million to Finance Minister AMA Muhith at a function at the latter’s secretariat yesterday.

The bank earned a net profit of Tk 644.5 million and disbursed Tk 902.3 million loan during in the year 2010.

During last year, the bank recovered loan amounting Tk 1.705 billion including Tk 1.41 billion long-term loan against the recovery target of Tk 1.63 billion.

The bank also provided Tk 577.7 million to the government, the Bangladesh Bank and different lending institutions last year.

The Finance Minister at the function said that BDBL will be turned into an investment banker as the government will provide it some funds this year. The bank demanded for a fund of Tk 3.00 billion.

The government would allow the bank enter the capital market, said the minister.

The BDBL started is journey through a merger between Bangladesh Shilpa Bank and Bangladesh Shilpa Rin Sangstha during January last year. The authorised capital of the bank was Tk 10 billion, while its paid-up capital was Tk 4 billion.

Banking and Financial Institution Division Secretary Shafiqur Rahman Patwari, BDBL managing director M Zillur Rahman, directors and other high officials of the Finance Ministry were present.

News: Daily Sun/ Bangladesh/ Aug-10-2011