Arif Dowla, Chairman of Mutual Trust Bank, presides over the 13th Annual General Meeting of the Bank at the Bashundhara Convention Centre in Dhaka.

Mutual Trust Bank Limited declared 12 percent cash dividend to its shareholders for the year 2011.

The announcement came at the 13th Annual General Meeting (AGM) of the Bank held at the Bashundhara Convention Centre in Dhaka, said a press release Monday.

The annual general meeting approved 12 percent cash dividend for its shareholders at the meeting.

Arif Dowla, Chairman of Mutual Trust Bank Limited presided over the meeting.

Syed Manjur Elahi, founder chairman of MTBL, Masud Ahmed Chowdhury, vice-chairman, Anjan Chowdhury, Khwaja Nargis Hossain, Abdul Malek and Wakiluddin, directors of the Bank were also present.

Arif Dowla thanked the customers, patrons, well wishers, shareholders and staff members for rendering continuous support over the years.

In 2011, MTBL earned profit after paying the tax amounting to Tk 404.22 million, while the value of earning assets was Tk 66,660.79 million. Earning per share of the Bank was Tk 1.59, according to the release.

The Bank’s balance-sheet footing increased by 32.68pc, comparing to the previous year. State of the art ATM network with 100 ATMs has emerged within just one year.

As part of its corporate social responsibility, the Bank and its foundation sponsored a number of socio-cultural activities to promote education, healthcare.

The Daily Sun/ Bangladesh/ 30th May 2012

Alhaj Md. Nurul Islam, Chairman of Noman Group of Industries Limited and KS Tabrez, Managing Director of Dutch-Bangla Bank Limited, seen signing an agreement at the Bank's head office in Dhaka.

Dutch-Bangla Bank Limited singed an agreement with Noman Group of Industries on mobile banking services at the bank's head office in Dhaka.

Alhaj Md. Nurul Islam, Chairman of Noman Group of Industries Limited and KS Tabrez, Managing Director of Dutch-Bangla Bank Limited signed the agreement on behalf of their respective company, said a press release Tuesday.

Under the agreement, about 45,000 employees and workers of 28 industries of Noman Group will be able to get monthly salary through their DBBL mobile banking accounts.

The Daily Sun/ Bangladesh/ 30th May 2012

Seven women entrepreneurs and two journalists have been conferred with the BWCCI-EBL Progres- sive Award 2011-12 in recognition of their contributions to women entrepreneurship.

Bangladesh Women Chamber of Commerce and Industry (BWCCI), in partnership with Eastern Bank Ltd, handed over the awards to the recipients during a function at Institute of Diploma Engineers in the city on Tuesday.

Commerce Minister GM Quader distributed the awards as chief guest at the function.

Seven women entrepreneurs were picked up from each of the country’s seven divisions, while two reporters of daily Kaler kantho and ATN News were selected for the award.

The women entrepreneurs who received the awards are-- Musuma Khanom from Barisal, Kaniz Fatema Ahmed from Chittagong, Kam- run Nahar from Dhaka, Monowara Khatun from Khulna, Fatema Iasmin from Rangpur, Tahrima Begum from Rajshahi and Minara Chowdhury from Sylhet.

The journalists--Farzana Labobi of Kalerkantho and Golam Kader Robo of ATN News—were also honoured with the award.

While addressing the function, GM Quader said, “Women are doing well in all sectors, sometimes even better than men. If the country’s women advance in various respects, the country would definitely make faster progress.”

The Daily Sun/ Bangladesh/ 30th May 2012

Bangladesh Bank Governor Dr. Atiur Rahman presides over a meeting at the BB conference room Tuesday.

Bangladesh Bank has not extended deadline for raising paid-up capital of Non-Banking Financial Institutions (NBFIs) to Tk 1 billion, hence they must fulfill the condition by June 30.

BB Deputy Governor SK Sur Chowdhury said it to the journalists after a meeting with Bangladesh Leasing and Finance Companies Association (BLFCA) yesterday in the city.

President of BLFCA Asad Khan, however, told the journalists that increasing paid-up capital to Tk 1 billion is quite impossible by June 30 as some of NBFIs even have not got SEC approval yet to release IPO.

He also alleged that FIs are not getting loan from the banks at 15 percent interest rate. “Even most of the banks are now charging 18 percent interest on loans.”

Central bank Governor Dr. Atiur Rahman presided over the meeting held at the BB conference room.

BLFCA members and BB officials were also present at the meeting.

“We have not extended the deadline. Hence, the five NBFIs who are yet to increase their paid-up capital to Tk 1 billion must meet requirement by June 30 (today),” said SK Sur Chowdhury.

The NBFIs also need to start working on issuing IPO (Initial Public Offering) in the stock market, he added.

The Central bank deputy governor warned of tougher action against those who would fail to meet the requirements.

Sur Chowdhury said: “BB will be positive in its approach to support bringing back tax exemption facility for Zero Coupon Bond investment if NBR seeks any comment from us.” Commenting that the inflation rate of the country has come down to a satisfactory level, he said if the trend continues till September or October next, the Central bank will think of allowing the NBFIs to resume their home loan window.

The Daily Sun/ Bangladesh/ 30th May 2012

Bangladesh Bank (BB) yesterday refused to extend the deadline for non-bank financial institutions (NBFIs) to raise their capital base to a minimum of Tk 100 crore.

In a notice last year, the central bank asked the NBFIs to raise their paid-up capital to at least Tk 100 crore by June 30 this year from Tk 50 crore to minimise risks.

Of the 31 NBFIs operating in the country, five companies -- IIDFC, Fareast Finance, Hajj Finance, Reliance Finance and National Finance -- have asked the central bank for a time extension.

“There is no scope for the time extension. They failed to raise the capital despite repeated requests,” said SK Sur Chowdhury, deputy governor of the central bank.

“One year is enough time to raise paid-up capital,” said BB Governor Atiur Rahman.

“I hope the financial institutions which are yet to raise the capital to Tk 100 crore will do so by the deadline,” said Rahman, citing examples of banks that have raised their paid-up capital to Tk 400 crore in time.

The central bank advised the NBFIs to float initial public offers, issue rights or bonus shares to mobilise funds required to take their paid-up capital to the new floor.

The NBFIs, however, find it difficult to raise capital and pointed to the heavy-handed approach of the Securities and Exchange Commission (SEC) in approving their proposals.

“Fareast Finance submitted its IPO proposal two months ago, but the SEC is yet to tell the company when the clearance will be given,” said Asad Khan, president of Bangladesh Leasing and Finance Companies Association.

There are rights shares proposals of other NBFIs pending with the SEC, said Khan, also managing director of Prime Finance.

Twenty-two NBFIs are listed on the stock exchanges.

The Daily Star/ Bangladesh/ 30th May 2012