Sayeed H. Chowdhury, Chairman, Board of Directors, ONE Bank Limited, presides over 15th Annual General Meeting (AGM) of the bank at the Police Convention Centre in Dhaka on Thursday.
 ONE Bank Limited approved 10 percent stock dividend and 9 percent cash dividend for its shareholders.

The announcement came at the 15th Annual General Meeting (AGM) of the bank held at the Police Convention Centre in Dhaka recently.

Sayeed H. Chowdhury, Chairman of the Board of Directors of the bank chaired the AGM.

In the AGM, the bank announced 10 percent stock dividend and 9 percent cash dividend.

Asoke Das Gupta, Vice Chairman, Directors of the bank Zahur Ullah, ASM Shahidullah Khan, Kazi Rukunuddin Ahmed, Shawket Jaman, Salahuddin Ahmed, Syed Nurul Amin, Managing Director M. Fakhrul Alam and Company Secretary John Sarkar along with other senior executives of the bank were present.

A large number of shareholders were also present in the AGM.

UCB Managing Director Muhammed Ali (3rd from left) is seen along with other high officials at a Business Review Meeting and Press Meet at Banquet Hall of Chittagong Club in the port city on Saturday.
 CHITTAGONG: United Commercial Bank Limited (UCBL) has taken an initiative to improve its service further through introduction of more client-friendly products as a part of financial inclusion.

The initiative was taken after UCBL was selected as the best bank in Bangladesh in the category of Best Emerging Markets Banks in Asia Pacific Region for 2014 by finance magazine Global Finance.

As part of the initiative, UCB authority held a business conference for its branch managers in Chittagong zone at Chittagong Club in the port city on Saturday.

Participants at the business conference discussed different aspects of strategic development of the bank alongside total financial excellence, said UCB Managing Director (MD) Muhammed Ali at a press conference held following the conference. UCB offers services focusing on health, property development and SME sectors. It also provides assistance for promoting exports and flourishing tourism, he said.

The UCB MD at the press conference observed that selection of UCB as the best market bank by world famous finance magazine is undoubtedly an achievement of UCBL and the country as a whole.

Bangladesh Bank has requested the National Board of Revenue for not deducting tax at source at the rate of 10 per cent on commission commercial banks receive on sales of prize bonds and national savings certificates, BB officials said.
They said that deduction of tax at source would cause double taxation on same income of the banks.
In a letter to the revenue board, the debt management department of the central bank on May 6 requested the NBR to inform its decision on the issue as soon as possible.
The revenue board in March directed the central bank to deduct 10 per cent income tax at source on commission payable to commercial banks on sales of prize bonds and savings certificates.
The deduction of tax at source will be applicable to the commission the banks have been getting since July 1, 2011 on sales of those two investment schemes, according to the NBR decision.
The BB in its letter stated that the article 52AA of the Income Tax Ordinance-1984 would not be applicable to the sector on sales of prize bonds and savings certificates.
The article deals with some specific services and payment of commission on sales of prize bonds and savings certificates is not relevant with it, it said.
On the other hand, banks pay 42.5 per cent corporate tax on its annual income calculated including different types of commission and fees.
So deduction of tax at source will not be applicable to the commission, the letter stated.
Officials of the revenue board said that the article would applicable to the sector under other services category.
The NBR, however, will examine the request made by the central bank, they said.

NCC Bank boss says

Banks are failing to bring down the lending rates to a single digit because of high default loans, NCC Bank Managing Director Golam Hafiz Ahmed said yesterday.
The high default loans are preventing them from turning a big amount of interest into income, Ahmed said at a press briefing at the bank's headquarters in Dhaka on the occasion of its 31st anniversary.
The banks charge more interest rates on credit to increase their profitability, Ahmed said as he presented the future plans of the bank.
NCC Bank made an operating profit of Tk 82.3 crore in the first quarter and its annual profit was Tk 379.63 crore last year.
The economy came to a near shutdown last year due to unprecedented political turmoil, obstructing all business activities at a point of no return, he said.
Ahmed said a huge fall in credit demand compelled them to release some corporate deposits to keep the spread at a tolerable level and ensure an optimum profit at the end of the year. The bank has cooperated with the clients in the past so that they can start their business afresh overcoming losses, and will continue to do so in future, Ahmed said.
In the preceding years, NCC Bank launched crash programmes, which reduced default loans, he said, adding that such steps would continue.
The bank that has 101 branches across the country plans to reach out to more areas.
The bank is financing the most in power generation, water treatment plant, roads and highways, Ahmed said. It bankrolled the Tk 350 crore Nababganj Power Plant jointly with the World Bank.
The banks and the central bank have been working together to bring the lending rates down to a single digit, NCC Bank Chairman Nurun Newaz Salim said.

The state-owned Rupali Bank Limited has been able to maintain a steady progress in its business during last four years as most of the key indicators shown upward trend.

The bank kept its development pace during the period by reducing the number of loss-making branches, disbursing more loans, opening new branches, channeling increased funds from expatriate Bangladeshis, introducing online banking and launching a number of ATM booths across the country.

With all these initiatives, the bank has been regaining its image day-by-day, bank sources claimed. It was learnt that the bank’s total deposit in 2010 was Tk 9,112.38 crore, which rose to Tk 10,723.40 crore in 2011, Tk 13,659.88 crore in 2012 and Tk 17,795 crore in 2013. The growth rate in deposit was 30.27 percent.

The amount of total loan and advance of the bank was Tk 6,604.90 crore in 2010 while it was Tk 7,652.49 crore in 2011. The amount of classified loan was Tk 790.27 crore in 2010 while it fell to Tk 310.78 crore in 2011. The bank brought Tk 2,114 crore remittance in 2011, which increased to Tk 2476 crore in 2012, sources said. In 2010, the total profit of the bank was Tk 244.69 crore while it was Tk 360.36 in 2011, Tk 370.46 crore in 2012. The bank did not open any branch before 2011. Since 2011, about 40 new branches were opened in different districts across the country. Now the bank has been operating 38 ATM boots and 131 branches.

News:Daily Sun/18-May-2014