|Message from Managing Director & CEO|
At the outset, I extend a very warm welcome to each one of you to the 37th Annual General Meeting of Pubali Bank Limited.
I have great pleasure in placing before you the Annual Report of the bank for the year ended 31 December, 2019
along with the Audited Financial Statements for your review, comments and perusal.
The year 2019 is indeed a landmark for Pubali Bank Limited as this is the year the bank turns sixty (60).
We have had a series of celebratory events and far-reaching advertising campaigns to mark this significant year for the bank.
We also arranged a grand programme at Pan Pacific Sonargaon, Dhaka to celebrate diamond jubilee of the bank that became a platform for sincere engagement and better understanding among the customers and employees of the bank.
As we cross this milestone, there is pride and joy at what our bank has achieved over the years but more importantly, there is a sense of high expectation and promise that lies ahead.
In its endeavor to serve the nation over the years, the bank has evolved into a national champion in areas across innovation, governance, inclusion and financial excellence. As one of the oldest banks of Bangladesh,
Pubali Bank Limited has now successfully emerged as one of the top brands of the country.
It is satisfying to observe that Pubali Bank Limited remains as a trusted name owing to the faith that you have rested on us. We are thankful for this privilege and stand deeply committed to renewing and rebuilding our relationships.
The bank, with your support and co-operation, continued to receive compliments from national bodies for its excellent performance on various parameters encompassing business outcomes, sustainability, innovation, technology and human capital last year also.
You will be pleased to learn that the bank recorded a successful year in terms of both financial and non-financial performances. Despite the challenging economic environment we secured the second position in terms of profit earning amongst the operating banks in Bangladesh.
During the year 2019, the bank generated a consolidated operating profit of BDT 982.32 crore which was BDT 927.
34 crore in 2018 that means the bank registered an upward growth in profit of 5.93% while profit after tax reached to BDT 216.29 crore which was BDT 362.70 crore in 2018.
Its deposit reached to BDT 35,842.91 crore which is 16.37% higher than that of previous year. Return on Asset (RoA) and Return on Equity (RoE) are respectively 0.45% and 7.51%.
Our efficiency in cost management had also been reflected in minimal increase of cost to income ratio to 47.81% from around 47.66%. Through our strict evaluation and careful monitoring of lending portfolio we managed to reduce the number of NPL from 5.46% to 4.38%.
Our bank plays a vital role in the countryâ€™s export and import business. Last year we handled import and export business respectively worth BDT 52,656.90 million and BDT 100,379.90 million. Our total assets increased by 15.80% to BDT 47,504.79 crore and loans and advances increased to BDT 28,761.31 crore from BDT 27,149.46 crore in the year 2019 with a positive growth of 5.94%.
We are bent on keeping our customers at the core of our business strategy. We are committed to maintaining our excellence in customer service level by creating long-term value and effective ways to engage meaningfully with our customers, investors and stakeholders.
Our bank has already grown to become the largest commercial private bank in terms of branch network and online banking in Bangladesh. It has the largest real time gross settlement system in Bangladesh with 456 RTGS Inward Enabled branches. At the same time, we are working towards strengthening and revamping its digital infrastructure to incorporate best-in-class features in order to ensure seamless user experience and convenience.
We are all vigilant on keeping our branch network and online banking system into state-of-art condition by incorporating new and advanced technology. Security of digital banking on the part of both customers and banks has been a burning question in the recent years all over the world including Bangladesh.
So we pay particular attention to protecting the information of our organization, shareholders, investors, customers and stakeholders. We have introduced a series of initiatives to keep our system well protected against frauds and financial crimes.
Good deeds are good for business as well as for society. We strongly believe that as a financial institution, we have responsibilities towards the society we operate in beyond our economic and legal duties.
Along with pursing our profit making activities we also implement socially responsible behaviors by creating jobs and fair pay for employees, discovering new resources, promoting technological advancements.
We know our stakeholders comprised all those who stand to benefit or lose by our businessâ€™ behavior. So we are of the view that as a financial organization we have obligations towards society and also to its constituent groups.
As we assume the main goal of Corporate Social Responsibility is to create sustainable value to stakeholders, customers, clients, employees including the local community, we are committed to acting in a responsible way towards all of them.
As a part of our CSR activities we donated in various sectors including arts and culture, health, education and sports. We participated in the celebration of "Rabindranath Tagore in Sylhet: commemoration of hundred years"
with our financial contribution and other co-operation. Providing fund for research and education supportive instruments in educational institutions including some public universities is a regular activity of Pubali Bank Limited.
As we look forward to another exciting year ahead, I would like to thank all those who supported in our journey in various ways from their respective positions. My gratitude goes out to the Board of Directors for their confidence in the management.
I am also thankful to our valued shareholders, customers, investors and different regulatory bodies including Bangladesh Bank, DSE, CSE, and BSEC for their timely guidelines and support in the endeavors of the bank.
The management committee and the staff of the bank are indispensible to our success as they are the ones who execute the business strategies of the bank.
I also acknowledge the contributions of each and every employee of the bank as it is their sincerity and relentless efforts that takes the bank ahead.
The year ahead is no doubt going to be tough for any institution due to the global crisis created by COVID-19. So I look forward to strong and spirited teamwork from the Pubali Bank Limited team to make our collective vision a reality in 2020 as well.
with warm regards
|MD. Abdul Halim Chowdhury
Managing Director & CEO
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