State-owned Janata Bank ltd has earned a net profit of Tk 4.9 billion in 2010 while it bagged Tk 12.04 billion as operating profit in the same year which is three times higher than Tk 4.21 billion in 2006.

The financial data was revealed on Monday at the 4th annual general meeting (AGM) of the state-owned commercial bank. Dr. Abul Barkat, chairman of the bank, presided over the meeting while SM Aminur Rahman, CEO and MD of the bank, delivered the welcome speech.

While addressing the AGM, Abul Barakat attributed the profit increase to the corporatisation of the bank. Despite a global economic recession for the last few years, Janata Bank has showed a satisfactory performance, Barakat said.

He mentioned that Janta Bank is witnessing a declining trend in classified loan, now at 5.3 percent which was 12 percent in 2006, adding that, the existing rate of classified loan is a bit normal for a commercial bank which is never possible to be less than 3 percent.

The Janata Bank chairman informed the AGM that the total deposit of the bank also jumped to Tk 286. 56 billion in 2010, posting a 16 percent rise compared to the previous year. The growth of the bank’s loans and advances also increased to Tk 225.73 billion from Tk 166.35 billion in the previous year, posting a 36-percent rise while foreign trade volume increased by 46 percent from Tk 207.17 billion to Tk 302.25 billion during the period, Abul Barakat added.

The AGM also revealed that availability of capital reserve of the bank was Tk 23.45 billion as against Tk 22.97 billion, while equity was Tk 20.39 billion and provision against loans and advances was Tk 8.98 billion.

The AGM also approved distribution of cash dividend of Tk 10 million and declaration of stock dividend at the rate of 57.05 percent on paid up capital Tk 5 billion to the tune of Tk 2.87 billion in favour of the government.

Shams Al-Mujahid, deputy secretary, Bank and Financial institutions division and representative of GoB, Directors of the Board-- Advocate Balram Poddar, Dr. Jamal Uddin Ahmed FCA, Md. Nazibar Rahman, Dabir Uddin Ahmed, Dr. Md. Abdur Rouf Sardar, Alhaj AKM Shahjahan Kamal and Dr. RM Debnath, DMD Mr.Golam Sarwar, were also present on the occasion.

News: Daily Sun/ Bangladesh/ 20-Sep-11